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Increases full year guidance July 23, 2026 06:55 ET  | Source: Roper Technologies, Inc.

SARASOTA, Fla., July 23, 2026 (GLOBE NEWSWIRE) -- Roper Technologies, Inc. (Nasdaq: ROP) reported financial results for the second quarter ended June 30, 2026.

Second quarter 2026 highlights

Revenue increased 9% to $2.11 billion; organic revenue was +5% and acquisition contribution was +3%GAAP DEPS increased 233% to $11.62; adjusted DEPS increased 10% to $5.38GAAP operating cash flow increased 16% to $469 million; adjusted free cash flow increased 11% to $447 millionRepurchased 3.6 million shares for $1.2 billion in Q2 (program to date: 9.0 million shares for $3.2 billion) "Roper delivered another solid quarter, with 9% total revenue growth, 5% organic revenue growth, and 11% free cash flow growth," said Neil Hunn, Roper Technologies' President and CEO. "We repurchased 3.6 million shares for $1.2 billion during the quarter, bringing our cumulative repurchase activity over the past three quarters to 9.0 million shares or more than 8% of shares outstanding, and rolling our share count back to 2013 levels."

"We continue to accelerate our pace of AI innovation, having launched multiple new products across the portfolio this quarter that expand our addressable markets. Early adopters are seeing the value of these solutions that address complex workflow challenges. This reinforces our conviction that Roper's vertical market-leading businesses, with deep domain expertise and proprietary data, are well positioned to create differentiated value for customers."

"Given the combination of our strong first half performance, share repurchases to date, and durable customer demand for our mission-critical solutions, we are raising our full year outlook. With significant capital deployment capacity, we are focused on attractive acquisition targets that will continue compounding free cash flow per share for our shareholders," concluded Mr. Hunn.

Increasing 2026 guidance

Roper now expects full year 2026 adjusted DEPS of $22.15 - $22.30, compared to previous guidance of $21.80 - $22.05. The Company increased its full year total revenue growth outlook to 8%+, compared to a previous outlook of ~8%, and increased its organic revenue growth outlook to ~6%, compared to a previous outlook of +5 - 6%.

For the third quarter of 2026, the Company expects adjusted DEPS of $5.75 - $5.80.

The Company’s guidance excludes the impact of unannounced future acquisitions or divestitures, proceeds from Indicor's pending divestiture of its instrumentation businesses, as well as potential share repurchases.

Conference call to be held at 8:00 AM (ET) today

A conference call to discuss these results has been scheduled for 8:00 AM ET on Thursday, July 23, 2026. The call can be accessed via webcast or by dialing +1 800-836-8184 (US/Canada) or +1 646-357-8785, using conference call ID 70538. Webcast information and conference call materials will be made available in the Investors section of Roper’s website (www.ropertech.com) prior to the start of the call. The webcast can also be accessed directly by using the following URL https://event.webcast. Telephonic replays will be available for up to two weeks and can be accessed by dialing +1 646-517-4150 with access code 70538 #.

Use of non-GAAP financial information

The Company supplements its consolidated financial statements presented on a GAAP basis with certain non-GAAP financial information to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. Reconciliation of non-GAAP measures to their most directly comparable GAAP measures are included in the accompanying financial schedules or tables. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated.

Minority interest

Following the sale of a majority stake in its industrial businesses to CD&R, Roper holds a minority interest in Indicor. The fair value of Roper’s equity investment in Indicor is updated on a quarterly basis and reported as "equity investment (gain) loss, net." Roper makes non-GAAP adjustments for the impacts associated with this investment.

Table 1: Revenue and adjusted EBITDA reconciliation ($M) Q2 2025 Q2 2026 V %GAAP revenue$      1,944  $      2,109  9 %
      Components of revenue growth     Organic    5 %
Acquisitions    3 %
Foreign exchange    — %
Total revenue growth    9 %
      Adjusted EBITDA reconciliation     GAAP net earnings$        378  $       1,168   Taxes           107             140   Interest expense             79               111   Depreciation             10               10   Amortization            213              221   EBITDA$        788  $      1,650  109 %
      Transaction-related expenses for completed
acquisitions              4               —   Financial impacts associated with minority
investments            (17)          (835)A Adjusted EBITDA$        775  $         815  5 %
Adjusted EBITDA margin 39.9%  38.6% (130 bps)
Table 2: Adjusted net earnings reconciliation ($M) Q2 2025 Q2 2026 V %GAAP net earnings$           378  $         1,168  209 %
Transaction-related expenses for completed
acquisitions                  3                  —   Financial impacts associated with minority
investments               (13)              (791)A Amortization of acquisition-related intangible
assets              160                164 B Adjusted net earnings C$           528  $           542  3 %
       Table 3: Adjusted DEPS reconciliation Q2 2025 Q2 2026 V %GAAP DEPS$          3.49  $          11.62  233 %
Transaction-related expenses for completed
acquisitions            0.03                  —   Financial impacts associated with minority
investments            (0.12)            (7.86)A Amortization of acquisition-related intangible
assets             1.48                1.63 B Adjusted DEPS C$          4.87  $          5.38  10 %
       Table 4: Adjusted cash flow reconciliation ($M) Q2 2025 Q2 2026 V %Operating cash flow$          404  $          469  16 %
Taxes paid in period related to divestiture               30                  —   Adjusted operating cash flow$          434  $          469  8 %
Capital expenditures               (16)                 (11)  Capitalized software expenditures               (14)                (16)  Outgo beneficial interest collections                —                   4 D Adjusted free cash flow$          403  $          447  11 %
       Table 5: Forecasted adjusted DEPS reconciliation Q3 2026 FY 2026 Low end High end Low end High endGAAP DEPS E$       4.07 $        4.12 $     24.78  $     24.93 YTD financial impacts associated with the
minority investment in Indicor ATBD TBD           (9.16)           (9.16)Amortization of acquisition-related
intangible assets B           1.68            1.68           6.53            6.53 Adjusted DEPS C$        5.75 $       5.80  $       22.15  $      22.30          Footnotes:

A.Adjustments related to the financial impacts associated with the minority investment in Indicor as shown below ($M, except per share data). Forecasted results do not include any future impacts associated with our minority investment in Indicor, as these future impacts cannot be reasonably predicted. These impacts will be excluded from all non-GAAP results in future periods.             Q2 2026A  Q3 2026E FY 2026E  YTD 2026 Pretax$           (835)  TBD TBD  $         (1,002) After-tax$            (791)  TBD TBD  $           (925) Per share$          (7.86)  TBD TBD  $           (9.16)           B.Actual results and forecast of estimated amortization of acquisition-related intangible assets as shown below ($M, except per share data).             Q2 2026A  Q3 2026E FY 2026E    Pretax$            208    $              211 $             835     After-tax$             164   $             167 $            660     Per share$             1.63   $            1.68 $            6.53              C.All actual and forecasted non-GAAP adjustments are taxed at 21% with the exception of the financial impacts associated with minority investments.           D.Cash collected on Outgo's beneficial interest, the residual amount owed to Outgo after it sells receivables to a third-party financial institution, classified within cash flows from investing activities.           E.Forecasted GAAP DEPS do not include any future impacts associated with our minority investment in Indicor. These impacts will be excluded from all non-GAAP results in future periods. Note: Numbers may not foot due to rounding.

About Roper Technologies

Roper Technologies is a constituent of the Nasdaq 100, S&P 500, and Fortune 500. Roper has a proven, long-term track record of compounding cash flow and shareholder value. The Company operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets. Roper utilizes a disciplined, analytical, and process-driven approach to redeploy its excess capital toward high-quality acquisitions. Additional information about Roper is available on the Company’s website at www.ropertech.com.

Contact information:
Investor Relations
941-556-2601
[email protected]

The information provided in this press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth, profit and cash flow expectations. Forward-looking statements may be indicated by words or phrases such as "anticipate," "estimate," "plans," "expects," "projects," "should," "will," "believes," "intends" and similar words and phrases. These statements reflect management's current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement. Such risks and uncertainties include our ability to identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies from, and manage other risks associated with, acquired businesses, including obtaining any required regulatory approvals with respect thereto, and our ability to develop, deploy, and use artificial intelligence in our platforms and offerings. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, including risks related to labor shortages and volatile interest rates, changes in foreign exchange rates, risks related to changing U.S. and foreign trade policies, including increased trade restrictions or tariffs, risks associated with our international operations, cybersecurity and data privacy risks, including litigation resulting therefrom, risks related to political instability, armed hostilities, incidents of terrorism, public health crises or natural disasters, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, including as a result of inflation and potential supply chain constraints, environmental compliance costs and liabilities, risks and cost associated with litigation, potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

Roper Technologies, Inc.   Condensed Consolidated Balance Sheets (unaudited)  (Amounts in millions)        June 30, 2026 December 31, 2025ASSETS:       Cash and cash equivalents$                          364.9  $                          297.4 Accounts receivable, net                              927.2                              1,001.0 Inventories, net                              145.4                                 141.7 Income taxes receivable                                73.3                                 128.2 Unbilled receivables                               153.8                                124.0 Prepaid expenses and other current assets                              253.9                                235.8 Total current assets                            1,918.5                              1,928.1     Property, plant and equipment, net                               158.7                                 156.9 Goodwill                         21,330.7                            21,341.2 Other intangible assets, net                          9,347.3                            9,764.2 Deferred taxes                                67.8                                   73.3 Equity investment                            1,792.2                                796.3 Other assets                              554.3                                 517.0 Total assets$                      35,169.5  $                     34,577.0     LIABILITIES AND STOCKHOLDERS’ EQUITY:       Accounts payable$                            174.1  $                           150.3 Accrued compensation                              232.0                                293.0 Deferred revenue                           1,707.8                             1,906.8 Other accrued liabilities                             588.9                                 642.3 Income taxes payable                                49.4                                   28.0 Current portion of long-term debt, net                               718.3                                705.2 Total current liabilities                          3,470.5                             3,725.6     Long-term debt, net of current portion                          10,601.1                            8,595.8 Deferred taxes                           1,897.4                              1,883.1 Other liabilities                             500.2                                 491.0 Total liabilities                         16,469.2                           14,695.5     Common stock, 350.0 shares authorized; 109.4 shares
issued and 98.9 outstanding at June 30, 2026 and 109.3
shares issued and 106.6 outstanding at December 31, 2025                                    1.1                                      1.1 Additional paid-in capital                            3,391.9                             3,292.2 Retained earnings                         18,697.6                           17,205.7 Accumulated other comprehensive loss                             (135.5)                              (101.4)Treasury stock, 10.5 shares at June 30, 2026 and 2.7 shares
at December 31, 2025                         (3,254.8)                               (516.1)Total stockholders’ equity                        18,700.3                            19,881.5 Total liabilities and stockholders’ equity$                      35,169.5  $                     34,577.0      Roper Technologies, Inc.     Condensed Consolidated Statements of Earnings (unaudited)    (Amounts in millions, except per share data)             Three months ended
June 30, Six months ended
June 30,  2026   2025   2026   2025Net revenues$       2,108.9  $       1,943.6  $      4,204.2   $      3,826.4Cost of sales             638.7               598.2            1,280.2             1,187.3Gross profit          1,470.2            1,345.4           2,924.0             2,639.1        Selling, general and administrative expenses             885.5                797.1             1,769.7            1,565.0Income from operations             584.7               548.3             1,154.3             1,074.1        Interest expense, net               111.4                  79.1                210.7               142.0Equity investment (gain) loss, net           (835.2)               (16.6)          (1,002.5)                27.8Other expense, net                 0.5                   0.5                     3.1                    1.0Earnings before income taxes          1,308.0               485.3            1,943.0               903.3        Income taxes              139.5               107.0               265.6                193.9Net earnings$        1,168.5  $          378.3  $       1,677.4  $         709.4        Net earnings per share:       Basic$           11.64  $            3.52  $          16.40  $            6.60Diluted$           11.62  $            3.49  $           16.35  $            6.55        Weighted average common shares outstanding:       Basic 100.4   107.6   102.3   107.5Diluted 100.6   108.4   102.6   108.3 Roper Technologies, Inc.        Selected Segment Financial Data (unaudited)        (Amounts in millions; percentages of net revenues)                         Three months ended June 30, Six months ended June 30,  2026   2025   2026   2025  Amount % Amount % Amount % Amount %Net revenues:               Application Software$   1,180.8   $  1,094.9   $  2,372.3   $    2,163.1  Network Software        430.9            385.4           858.5             761.3  Technology Enabled Products        497.2           463.3           973.4           902.0       Total$   2,108.9   $   1,943.6   $4,204.2    $  3,826.4                                  Gross profit:               Application Software$     823.7 69.8% $      753.3 68.8% $   1,646.3 69.4% $   1,474.1 68.1%Network Software        363.4 84.3%         320.8 83.2%          723.8 84.3%         636.4 83.6%Technology Enabled Products          283.1 56.9%           271.3 58.6%          553.9 56.9%          528.6 58.6%    Total$   1,470.2 69.7% $   1,345.4 69.2% $  2,924.0 69.5% $   2,639.1 69.0%                                Operating profit*:               Application Software$     324.0 27.4% $     294.6 26.9% $     643.2 27.1% $      571.4 26.4%Network Software         176.6 41.0%          169.3 43.9%         350.4 40.8%         336.0 44.1%Technology Enabled Products          165.7 33.3%           164.1 35.4%          320.1 32.9%           317.7 35.2%    Total$     666.3 31.6% $     628.0 32.3% $    1,313.7 31.2% $    1,225.1 32.0%                                * Segment operating profit is before unallocated corporate general and administrative expenses and enterprise-wide stock-based compensation. These expenses were $81.6 and $79.7 for the three months ended June 30, 2026 and 2025, respectively, and $159.4 and $151.0 for the six months ended June 30, 2026 and 2025, respectively. Roper Technologies, Inc. Condensed Consolidated Statements of Cash Flows (unaudited)(Amounts in millions) Six months ended
June 30,  2026   2025 Cash flows from operating activities:   Net earnings$    1,677.4  $      709.4 Adjustments to reconcile net earnings to cash flows from operating activities:   Depreciation and amortization of property, plant and equipment             20.1               19.6 Amortization of intangible assets         440.9             417.2 Amortization of deferred financing costs               6.3                 5.5 Non-cash stock compensation           108.2              82.7 Equity investment (gain) loss, net      (1,002.5)             27.8 Income tax provision          265.6            193.9 Changes in operating assets and liabilities, net of acquired businesses:   Accounts receivable             71.0              37.4 Unbilled receivables          (30.8)             (9.7)Inventories             (4.9)             (9.6)Prepaid expenses and other current assets           (23.3)           (22.9)Accounts payable            24.4                 7.0 Other accrued liabilities           (93.9)          (115.4)Deferred revenue         (193.6)          (132.7)Cash taxes paid for gain on disposal of equity investment                 —            (30.2)Cash income taxes paid, excluding tax associated with gain on disposal of equity investment         (190.2)         (233.7)Other, net             (13.1)            (13.5)Cash provided by operating activities        1,061.6            932.8     Cash flows from (used in) investing activities:   Acquisitions of businesses, net of cash acquired           (27.5)     (2,005.2)Capital expenditures           (25.3)           (26.0)Capitalized software expenditures           (30.9)           (26.8)Distributions from equity investment               6.7                 5.1 Cash receipts on beneficial interest in sold receivables               4.5                  — Other, net               0.2                 1.6 Cash used in investing activities           (72.3)       (2,051.3)    Cash flows from (used in) financing activities:   Borrowings under revolving credit facility, net      2,000.0         1,275.0 Debt issuance costs             (3.9)                 — Cash dividends to stockholders          (191.4)          (177.2)Repurchases of common stock     (2,726.7)                 — Proceeds from (tax withholding payments for) stock-based compensation, net             (8.6)             73.8 Treasury stock sales under employee stock purchase plan              12.7               12.5 Other, net             12.8            (43.9)Cash provided by (used in) financing activities         (905.1)         1,140.2     Effect of exchange rate changes on cash            (16.7)             32.5     Net increase in cash and cash equivalents             67.5              54.2     Cash and cash equivalents, beginning of period          297.4            188.2     Cash and cash equivalents, end of period$       364.9  $      242.4     

CompaniesJuly 23 (Reuters) - West Pharmaceutical Services (WST.N), opens new tab raised its annual profit and revenue forecasts on Thursday as strong demand for components used ​in injectable drugs, including diabetes and obesity treatments, ‌helped it beat second-quarter estimates.

Here are the details:

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West Pharma makes components such as stoppers, plungers and delivery systems used to package and administer ​vaccines, biologics and other injectable drugs.

Medical equipment makers ​such as West Pharma have benefited from surging demand ⁠for diabetes and obesity drugs such as Novo Nordisk's (NOVOb.CO), opens new tab ​Ozempic and Wegovy and Eli Lilly's (LLY.N), opens new tab Mounjaro, which rely on ​injection pens to deliver the therapies.

In May, West Pharma said it had restored operations across its sites after a cybersecurity attack and expects the incident ​to have no material impact on its 2026 financial outlook.

The ​Pennsylvania-based company reported second-quarter adjusted profit of $2.37 per share, above analysts' estimate ‌of $2.08 ⁠per share, according to LSEG data.

Its quarterly revenue came in at $872.3 million, above analysts' expectations of $838.6 million.

Revenue in its proprietary products unit came in at $722.6 million, beating analysts' average ​estimate of $688.8 million. ​The segment ⁠makes up more than half of the company's total revenues.

West Pharma now expects 2026 adjusted ​profit per share to be between $8.85 and $9.05, compared ​to ⁠prior view of $8.40 to $8.75 per share.

The company expects its annual sales to be in the range of $3.35 billion to $3.38 billion, up ⁠from ​its previous forecast of between $3.295 billion ​and $3.35 billion.

It expects third-quarter profit to be in the range of $2.14 to $2.24 per ​share, compared with estimates of $2.12.

Reporting by Siddhi Mahatole in Bengaluru

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

Aureus Asset Management LLC purchased a new stake in shares of Dell Technologies Inc. (NYSE:DELL – Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,186 shares of the technology company’s stock, valued at approximately $1,836,000.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Dell Technologies by 4.5% during the 4th quarter. Vanguard Group Inc. now owns 31,441,451 shares of the technology company’s stock worth $3,957,850,000 after buying an additional 1,355,841 shares during the period. State Street Corp boosted its stake in Dell Technologies by 1.8% in the fourth quarter. State Street Corp now owns 14,715,998 shares of the technology company’s stock valued at $1,852,450,000 after acquiring an additional 265,740 shares during the last quarter. Geode Capital Management LLC grew its holdings in Dell Technologies by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 7,478,732 shares of the technology company’s stock worth $939,808,000 after acquiring an additional 108,011 shares during the period. Invesco Ltd. grew its holdings in Dell Technologies by 50.4% during the 4th quarter. Invesco Ltd. now owns 7,301,008 shares of the technology company’s stock worth $919,051,000 after acquiring an additional 2,445,854 shares during the period. Finally, Deutsche Bank AG raised its position in shares of Dell Technologies by 24.6% during the 4th quarter. Deutsche Bank AG now owns 5,517,070 shares of the technology company’s stock valued at $694,489,000 after acquiring an additional 1,090,336 shares during the last quarter. Institutional investors own 76.37% of the company’s stock.

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

Positive Sentiment: Super Micro Computer reported more than $60 billion in new orders and gross margins well above expectations, signaling that AI server demand remains exceptionally strong and lifting Dell along with other AI hardware peers. Stock Market Today, July 22: Super Micro Computer Surges on Record Q4 Orders and Surprise Margin Beat Positive Sentiment: Wall Street commentary suggested Dell could be one of the next winners from the AI buildout, with traders treating Dell, Super Micro, and Hewlett Packard Enterprise as a group trade on server demand. Dell Stock Surges as Super Micro Signals Strong New Order Growth Positive Sentiment: Recent coverage highlighted Dell’s AI infrastructure business as a major growth driver, reinforcing investor expectations that the company is benefiting from the broader AI hardware cycle. Dell: AI Infrastructure Drives Massive Growth Neutral Sentiment: Analyst and media coverage also pointed to Dell’s recent earnings strength and elevated guidance, but these were already known to investors and are more of a background support than a fresh catalyst. Dell Technologies stock and earnings background Insider Activity at Dell Technologies In other news, Director Silver Lake Partners Iv, L.P. sold 189,805 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $457.99, for a total transaction of $86,928,791.95. Following the completion of the sale, the director owned 24,287 shares of the company’s stock, valued at $11,123,203.13. This represents a 88.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Spv-2 L.P. Sl sold 175,901 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $457.99, for a total transaction of $80,560,898.99. Following the sale, the director owned 36,659 shares in the company, valued at approximately $16,789,455.41. The trade was a 82.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 3,434,758 shares of company stock valued at $1,448,870,683 in the last quarter. Corporate insiders own 41.50% of the company’s stock.

Wall Street Analyst Weigh In A number of equities research analysts recently commented on DELL shares. Bank of America lifted their price objective on Dell Technologies from $280.00 to $500.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. Wolfe Research cut Dell Technologies from a “peer perform” rating to a “peer perform” rating in a report on Friday, May 29th. Piper Sandler boosted their target price on Dell Technologies from $167.00 to $497.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th. UBS Group set a $700.00 price target on Dell Technologies in a research note on Friday, May 29th. Finally, Daiwa Securities Group lifted their price objective on shares of Dell Technologies from $170.00 to $465.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $492.76.

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Dell Technologies Trading Up 9.3% NYSE:DELL opened at $441.81 on Thursday. Dell Technologies Inc. has a 1 year low of $110.22 and a 1 year high of $469.47. The stock has a 50-day moving average price of $382.63 and a two-hundred day moving average price of $235.36. The stock has a market cap of $286.34 billion, a price-to-earnings ratio of 35.09, a PEG ratio of 0.86 and a beta of 1.31.

Dell Technologies (NYSE:DELL – Get Free Report) last released its quarterly earnings results on Thursday, May 28th. The technology company reported $4.86 EPS for the quarter, topping analysts’ consensus estimates of $2.96 by $1.90. Dell Technologies had a negative return on equity of 366.90% and a net margin of 6.28%.The company had revenue of $43.84 billion for the quarter, compared to analyst estimates of $35.74 billion. During the same quarter last year, the firm posted $1.55 earnings per share. Dell Technologies’s revenue was up 87.5% compared to the same quarter last year. Dell Technologies has set its FY 2027 guidance at 17.900-17.900 EPS and its Q2 2027 guidance at 4.800-4.800 EPS. Sell-side analysts forecast that Dell Technologies Inc. will post 17.77 earnings per share for the current year.

Dell Technologies Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Tuesday, July 21st will be paid a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, July 21st. This represents a $2.52 dividend on an annualized basis and a yield of 0.6%. Dell Technologies’s payout ratio is presently 20.02%.

Dell Technologies Profile (Free Report)

Dell Technologies Inc is a multinational technology company that designs, manufactures and sells a broad range of information technology products, solutions and services. Its offerings span client computing devices (consumer and commercial laptops and desktops), enterprise infrastructure (servers, storage systems and networking equipment), software and cloud infrastructure, and a variety of professional services such as IT consulting, deployment, managed services and financing solutions. The company serves organizations of all sizes as well as individual consumers, with products and services aimed at enabling digital transformation and modern IT environments.

Founded by Michael Dell in 1984, the company grew from a direct-to-consumer PC business into a diversified IT provider through organic expansion and strategic acquisitions.

Read More Five stocks we like better than Dell Technologies 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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New capabilities will help 20% more customers with complex or chronic health needs access personalized clinical support earlier, reducing medical costs by $200M over three years

, /PRNewswire/ -- Cigna Healthcare®, the health benefits division of The Cigna Group (NYSE: CI), is significantly expanding its personalized care management programs through AI-enabled capabilities and predictive analytics that help identify customers who would benefit from earlier support and connect them with clinicians. The expansion will support 20% more customers with emerging, complex or chronic health needs – including cancer, heart disease, kidney disease, high-risk pregnancy, and behavioral health conditions.

AI-enabled capacities identify opportunities for personalized outreach and support, while experienced clinicians provide the guidance, care coordination, and expertise needed to help customers navigate their health journey with confidence. More than 1,250 Cigna Healthcare clinicians, including nurses and behavioral health specialists, guide customers as they navigate care, coordinate with multiple providers, and access additional resources. Through these new capabilities, clinicians will help customers address health needs earlier and manage conditions more effectively – reducing medical costs for engaged customers by $2,000 per year on average, resulting in an estimated $200 million in total savings over the next three years.

"As costs for hospital care, emergency services, and prescription drugs continue to rise, we are investing in tools and clinical programs that help customers avoid unnecessary hospitalizations, better manage chronic conditions, and reduce the likelihood of more serious and expensive health events later," said Bryan Holgerson, President, Cigna Healthcare U.S. and Executive Vice President, Customer Health Outcomes, The Cigna Group. "By combining predictive analytics, AI-enabled capabilities, and clinical expertise, we can identify health needs earlier and connect more customers with personalized support when it has the greatest impact."

Cigna Healthcare's care management programs have demonstrated meaningful results:

95% customer satisfaction among surveyed customers A 42% reduction in avoidable inpatient stays among customers who engage early with care management support Earlier identification of likely breast, colorectal, and lung cancer diagnoses by approximately 55, 46, and 37 days, respectively 72% of customers achieving clinically meaningful improvement in depression symptoms when connected to high-quality behavioral health providers "Health care can be difficult to navigate, especially when someone is facing a new diagnosis or complex condition. Our goal is to make it easier for customers to connect with an experienced Cigna Healthcare clinician who can help them understand their options and make the most of the support available through their health plan," said Dr. Stanley Crittenden, Chief Medical Officer, Cigna Healthcare. "With earlier guidance, we can help customers get the right care at the right time and avoid more serious and costly health complications." 

How These Enhancements Improve Customer Experience 
These AI-enabled capabilities help Cigna Healthcare identify opportunities to provide support earlier, personalize engagement, and connect more customers with experienced clinicians.

Earlier Identification of Support Opportunities: Advanced predictive models and AI-enabled insights help identify emerging health needs sooner, creating more opportunities to engage customers before a condition becomes more serious. More Personalized Engagement: Customers can connect with clinicians through the channels they prefer, including phone, text, email, and digital tools. These interactions create more opportunities to provide guidance, answer questions, and support healthier outcomes. Greater Access to Expert Clinical Support: AI-enabled capabilities help identify and prioritize engagement opportunities, allowing clinicians to focus more time on helping customers understand their options, coordinate care, and access resources. This work advances the company's commitments to create more connected, personalized health care experiences and complements services such as My Personal Champion, which helps customers navigate the administrative challenges that often accompany complex health conditions, including prior authorizations, claims, and continuity of care.

About Cigna Healthcare
Cigna Healthcare is a health benefits provider that advocates for better health through every stage of life. We guide our customers through the health care system, empowering them with the information and insight they need to make the best choices for improving their health and vitality. Products and services are provided exclusively by or through operating subsidiaries of The Cigna Group (NYSE:CI), including Cigna Health and Life Insurance Company, Connecticut General Life Insurance Company, Evernorth Health companies or their affiliates and Express Scripts companies or their affiliates. Such products and services include an integrated suite of health services, such as medical, dental, behavioral health, pharmacy, vision, supplemental benefits, and others.

Learn more at  www.cignahealthcare.com.

MEDIA CONTACT:
Gena Madow
[email protected] 
240.513.5986

SOURCE Cigna Healthcare

Posted by Defense World Staff on Jul 23rd, 2026

Andra AP fonden grew its position in D.R. Horton, Inc. (NYSE:DHI – Free Report) by 85.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 26,900 shares of the construction company’s stock after purchasing an additional 12,400 shares during the period. Andra AP fonden’s holdings in D.R. Horton were worth $3,691,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DHI. First Manhattan CO. LLC. increased its position in shares of D.R. Horton by 2.0% in the 4th quarter. First Manhattan CO. LLC. now owns 3,546 shares of the construction company’s stock valued at $511,000 after buying an additional 70 shares in the last quarter. Deseret Mutual Benefit Administrators lifted its holdings in D.R. Horton by 11.0% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 716 shares of the construction company’s stock worth $103,000 after acquiring an additional 71 shares in the last quarter. Cornerstone Planning Group LLC grew its stake in D.R. Horton by 27.9% in the first quarter. Cornerstone Planning Group LLC now owns 330 shares of the construction company’s stock valued at $48,000 after acquiring an additional 72 shares during the period. AMG National Trust Bank grew its stake in D.R. Horton by 0.7% in the fourth quarter. AMG National Trust Bank now owns 10,899 shares of the construction company’s stock valued at $1,570,000 after acquiring an additional 74 shares during the period. Finally, AdvisorShares Investments LLC increased its holdings in shares of D.R. Horton by 2.4% in the fourth quarter. AdvisorShares Investments LLC now owns 3,336 shares of the construction company’s stock worth $480,000 after acquiring an additional 77 shares in the last quarter. 90.63% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In Several equities analysts have recently weighed in on the company. Truist Financial lifted their price objective on D.R. Horton from $140.00 to $150.00 and gave the company a “hold” rating in a report on Wednesday, April 22nd. Wells Fargo & Company increased their target price on D.R. Horton from $147.00 to $170.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 22nd. Barclays raised their target price on shares of D.R. Horton from $140.00 to $141.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 14th. Citigroup reaffirmed a “neutral” rating on shares of D.R. Horton in a research note on Wednesday. Finally, Zacks Research upgraded shares of D.R. Horton from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Five research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, D.R. Horton presently has an average rating of “Hold” and a consensus price target of $168.17.

Get Our Latest Analysis on D.R. Horton

Key D.R. Horton News Here are the key news stories impacting D.R. Horton this week:

Positive Sentiment: D.R. Horton beat fiscal Q3 estimates, posting $3.20 EPS on $9.23 billion in revenue, which came in above Wall Street expectations and showed the business is still generating strong cash flow and home closings. Positive Sentiment: Analysts at some firms raised their forecasts after the results, suggesting the quarter was better than feared and that valuation still offers some support for the stock. Article Title Neutral Sentiment: Keefe, Bruyette & Woods lowered its price target to $167 from $175 but kept a market perform rating, while RBC nudged its target to $125 and maintained an underperform view, reinforcing a mixed analyst read on the stock. Neutral Sentiment: Commentary around the quarter emphasized affordability, inventory discipline, and ongoing mortgage-rate uncertainty, which suggests D.R. Horton is still navigating a challenging housing backdrop rather than seeing a clean demand recovery. Article Title Negative Sentiment: Management cut full-year revenue and home-closing guidance, and multiple headlines pointed to margin pressure from incentives and tariffs, which is weighing on investor sentiment despite the earnings beat. Article Title Negative Sentiment: Several reports noted that buyers are still hesitating and that the outlook remains sluggish, keeping pressure on shares as the market questions how quickly demand can improve. Article Title D.R. Horton Stock Performance Shares of DHI opened at $142.24 on Thursday. The stock has a market capitalization of $40.34 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 2.01 and a beta of 1.36. D.R. Horton, Inc. has a 12 month low of $131.75 and a 12 month high of $184.54. The firm has a fifty day simple moving average of $150.57 and a 200 day simple moving average of $150.42. The company has a current ratio of 2.64, a quick ratio of 0.97 and a debt-to-equity ratio of 0.27.

D.R. Horton (NYSE:DHI – Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The construction company reported $3.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.02 by $0.18. D.R. Horton had a net margin of 9.15% and a return on equity of 12.47%. The firm had revenue of $9.23 billion for the quarter, compared to analyst estimates of $9.10 billion. During the same period in the previous year, the business earned $3.36 EPS. The company’s revenue was up .0% compared to the same quarter last year. Research analysts forecast that D.R. Horton, Inc. will post 10.6 EPS for the current fiscal year.

D.R. Horton Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Thursday, August 13th. Investors of record on Thursday, August 6th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $1.80 annualized dividend and a yield of 1.3%. D.R. Horton’s dividend payout ratio is 17.13%.

About D.R. Horton (Free Report)

D.R. Horton, Inc is a national homebuilding company that designs, constructs and sells new residential properties across the United States. The company’s core operations focus on building single-family detached homes, townhomes and condominiums for a range of buyer segments. In addition to home construction and sales, D.R. Horton provides complementary services through subsidiaries that support the mortgage, title and closing processes for its customers, enabling integrated transaction workflows from inventory development to home delivery.

Founded in 1978 by Donald R.

Featured Stories Five stocks we like better than D.R. Horton 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 DHI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for D.R. Horton, Inc. (NYSE:DHI – Free Report).

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Memory stocks gained in premarket trading Thursday as investors continued to favor companies expected to benefit from strong artificial intelligence infrastructure spending and tight memory supply.

AI Spending Keeps Memory Demand HighAI servers require large amounts of high-bandwidth memory (HBM), DRAM, NAND flash and storage. As hyperscalers expand data-center capacity, investors expect memory makers to benefit from firmer pricing and sustained demand.

Morgan Stanley’s Andrew Slimmon said memory chips and compute power are likely to remain in short supply for the foreseeable future, reinforcing his positive view on artificial intelligence-related investments despite concerns about heavy data center spending.

Speaking on CNBC on Wednesday, Slimmon said Wall Street remains focused on the near-term cost of AI infrastructure, while technology companies are investing aggressively to capture long-term demand.

“There’s a scarcity of memory chips. There is a scarcity of compute power,” Slimmon said. “I don’t think that will be resolved in the near future.”

Slimmon said investors should focus on areas of scarcity, arguing that supply has yet to catch up with growing demand for AI infrastructure. While he acknowledged that some memory stocks became overhyped earlier this year, he said recent pullbacks have made valuations more attractive.

He also dismissed comparisons between the current AI spending cycle and past boom-and-bust periods such as the dot-com era or commodity cycles.

Slimmon said the dot-com bubble ended only after supply caught up with demand, noting that current industry conditions suggest the AI infrastructure buildout remains in its early stages.

Morgan Stanley Sees Multi-Year TailwindMorgan Stanley analyst Joseph Moore echoed that view, saying the recent pullback in memory stocks has created an attractive buying opportunity as AI spending continues to tighten industry supply.

Speaking on CNBC on Wednesday, Moore said memory remains “at the center of every methodology for AI training and inference” and argued that recent weakness reflects short-term concerns rather than a deterioration in long-term demand.

Moore said data center customers continue to view memory as a key constraint on expanding AI infrastructure. He expects that dynamic to support the sector for several years.

“We’re seeing these second-derivative sell-offs,” Moore said. “But the true north here is the strength of the data center and the belief from data center customers that memory’s going to be a binding constraint on the ability to ramp AI for really multiple years.”

Moore also said the industry is experiencing an unusual period of pricing power. He estimated memory inflation could total about $80 billion this year as demand for high-bandwidth memory, DRAM and NAND outpaces supply.

While higher prices are raising costs for electronics makers and cloud providers, Moore said there is no practical substitute for the memory required to train and run AI models.

Moore said he expects the shortage to ease only if AI spending slows materially, a scenario Morgan Stanley does not currently anticipate. He said the current supply-demand imbalance could last three to four years if AI investment remains strong.

Price Action: Sandisk shares were up 1.62% at $1625.11, Micron Technology shares were up 2.98% at $988.05 and SK hynix shares were up 6.55% at $176.10 during premarket trading on Thursday, according to Benzinga Pro data.

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A logo of Blackstone is pictured in Manhattan, New York City, U.S. July 29, 2025. REUTERS/Mike Segar/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesInflows boost assets under management to $1.35 trillionNine of Blackstone's 10 best-performing holdings are tied to AIBlackstone is deepening ties with AI innovators - CEO SchwarzmanJuly 23 (Reuters) - Blackstone (BX.N), opens new tab, the world's largest ​alternative asset manager, reported rising income for the second quarter on Thursday, buoyed by growing assets ‌under management and reaping profit from a mammoth bet on artificial intelligence.

The New York-based company said inflows in the quarter pushed total assets to $1.35 trillion, while distributable earnings, or profit available to shareholders, rose 26% on a per-share basis to $1.52.

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Blackstone shares rose 2.7% ​in premarket trading. The stock has slipped 20% this year through last close.

Deals to sell a ​stake in three data centers to Digital Realty and a majority holding in power infrastructure ⁠company Sabre Industries to TPG (TPG.O), opens new tab helped push its haul from monetizing assets to $31.8 billion.

Market volatility had hampered some ​deals in the first quarter, but Blackstone picked up the pace in the second.

It also benefited from the ​listings of advertising technology company Liftoff Mobile (LFTO.O), opens new tab, a data center investment vehicle called Blackstone Digital Infrastructure Trust (BXDC.N), opens new tab and Indian office REIT Bagmane (BAGM.NS), opens new tab.

Blackstone is betting heavily on the growth of AI and is joining peer Apollo (APO.N), opens new tab in a $35 billion financing for custom chips to ​be used by Claude Code creator Anthropic.

Nine of its top 10 best-appreciating investments are linked to AI, Blackstone ​said. These include a stake in Anthropic and its data center businesses. Blackstone took data center platform QTS private for $10 billion ‌in ⁠2021.

CEO Stephen Schwarzman said the firm had decided to "lean into the artificial intelligence megatrend". He said the company becoming "a trusted partner at scale to many of the key innovators" had positioned it well for the future.

Worries that AI will disrupt software businesses have weighed in recent months on private equity and credit firms that both invested ​in and lent to those ​companies in droves. This ⁠has contributed to scrutiny on how they value assets.

Amid the upset, wealthy individuals, whose assets represent almost a quarter of the total Blackstone manages, have sought to ​withdraw money from private credit funds in particular.

The retail flagship Blackstone Private Credit Fund ​BCRED raised $1 billion ⁠in the quarter, down from $1.9 billion in the previous quarter and $3.7 billion in the same period of 2025.

Net returns from private credit improved to 0.4% from flat in the first quarter, but remained below 2.2% from a year ⁠ago.

Blackstone Private ​Equity Strategies and infrastructure fund BXINFRA, which are also offered to ​wealthy individuals, raised $2.4 billion and $861 million, respectively. Real estate investment trust BREIT, which started exercising a right to block investor redemptions in 2022, ​pulled in $1.2 billion.

Reporting by Isla Binnie in New York and Arasu Kannagi Basil in Bengaluru; Editing by Arun Koyyur

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

Isla Binnie reports on how company directors and executives manage stakeholder and shareholder interests, with a focus on compensation, corporate crises, dealmaking and succession. She also covers how politics, regulation, environmental issues and the broader economy affect boardroom discussions. Isla previously covered business, politics and general news in Spain and Italy. She trained with Reuters in London and covered emerging markets debt for the International Financing Review (IFR).

Posted by Defense World Staff on Jul 23rd, 2026

Andra AP fonden raised its stake in shares of Steel Dynamics, Inc. (NASDAQ:STLD – Free Report) by 1,714.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 42,323 shares of the basic materials company’s stock after buying an additional 39,991 shares during the quarter. Andra AP fonden’s holdings in Steel Dynamics were worth $7,618,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. NewEdge Advisors LLC increased its holdings in Steel Dynamics by 307.5% during the 1st quarter. NewEdge Advisors LLC now owns 819 shares of the basic materials company’s stock worth $102,000 after acquiring an additional 618 shares during the period. Acadian Asset Management LLC grew its position in shares of Steel Dynamics by 82.7% during the 1st quarter. Acadian Asset Management LLC now owns 3,485 shares of the basic materials company’s stock valued at $435,000 after purchasing an additional 1,578 shares in the last quarter. Jump Financial LLC bought a new position in shares of Steel Dynamics in the second quarter worth $1,019,000. Qube Research & Technologies Ltd purchased a new stake in shares of Steel Dynamics in the second quarter worth $48,746,000. Finally, Sei Investments Co. boosted its stake in Steel Dynamics by 7.9% during the second quarter. Sei Investments Co. now owns 105,051 shares of the basic materials company’s stock valued at $13,447,000 after buying an additional 7,712 shares during the period. 82.41% of the stock is currently owned by institutional investors.

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

Positive Sentiment: Steel Dynamics reported Q2 results that beat expectations, with EPS topping estimates and revenue rising sharply year over year on record steel shipments, reinforcing momentum in its core steel business. Steel Dynamics’ Q2 Earnings Top Estimates, Revenues Increase Y/Y Positive Sentiment: Management highlighted record steel shipments and strong operating performance in the Q2 earnings call, which supports the view that demand and execution remain solid heading into the second half of 2026. Steel Dynamics Inc (STLD) Q2 2026 Earnings Call Highlights: Record Steel Shipments and Strong … Neutral Sentiment: JPMorgan raised its price target on Steel Dynamics to $260 from $256 but kept a neutral rating, suggesting upside is still seen, but not enough to turn outright bullish. Benzinga report on JPMorgan price target increase Neutral Sentiment: Bank of America also maintained a Hold/neutral view, noting the earnings beat was solid but valuation looks stretched after the rally. Steel Dynamics: Solid Near-Term Beat but Stretched Valuation Keeps Neutral Rating and $260 Price Target Unchanged Neutral Sentiment: New articles comparing STLD with Ternium and discussing its aluminum story keep investor attention on valuation and business mix, but do not appear to add a major new catalyst by themselves. TX or STLD: Which Is the Better Value Stock Right Now? Negative Sentiment: Some commentary says the stock’s valuation is now a concern after the post-earnings move, which may limit further near-term gains even after the strong results. Steel Dynamics (STLD) Earnings Put Its Aluminum Story And Valuation Back In Focus Insider Buying and Selling In related news, SVP James Stanley Anderson sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $268.70, for a total transaction of $2,687,000.00. Following the completion of the transaction, the senior vice president owned 102,837 shares in the company, valued at $27,632,301.90. This represents a 8.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Richard A. Poinsatte sold 2,300 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $234.11, for a total transaction of $538,453.00. Following the transaction, the senior vice president directly owned 28,618 shares in the company, valued at approximately $6,699,759.98. The trade was a 7.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 6.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth STLD has been the topic of a number of research analyst reports. Barclays upped their target price on Steel Dynamics from $270.00 to $272.00 and gave the stock an “overweight” rating in a research note on Wednesday. BMO Capital Markets upped their price objective on shares of Steel Dynamics from $195.00 to $240.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 22nd. Wall Street Zen upgraded shares of Steel Dynamics from a “hold” rating to a “buy” rating in a research report on Saturday, April 18th. Wells Fargo & Company cut their price target on shares of Steel Dynamics from $291.00 to $275.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Weiss Ratings raised shares of Steel Dynamics from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, June 18th. Seven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Steel Dynamics has a consensus rating of “Moderate Buy” and an average target price of $237.36.

Check Out Our Latest Report on STLD

Steel Dynamics Price Performance STLD stock opened at $238.64 on Thursday. The firm has a market cap of $34.54 billion, a P/E ratio of 21.64, a P/E/G ratio of 0.53 and a beta of 1.53. The firm’s fifty day moving average is $245.89 and its 200 day moving average is $210.41. Steel Dynamics, Inc. has a 52 week low of $119.89 and a 52 week high of $288.74. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.33 and a current ratio of 3.18.

Steel Dynamics (NASDAQ:STLD – Get Free Report) last announced its quarterly earnings data on Monday, July 20th. The basic materials company reported $3.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.63 by $0.06. The firm had revenue of $6.09 billion for the quarter, compared to analysts’ expectations of $5.56 billion. Steel Dynamics had a return on equity of 18.12% and a net margin of 7.83%.The company’s revenue for the quarter was up 33.4% compared to the same quarter last year. During the same period last year, the firm earned $2.01 earnings per share. Research analysts predict that Steel Dynamics, Inc. will post 14.28 earnings per share for the current year.

Steel Dynamics Announces Dividend The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Tuesday, June 30th were issued a $0.53 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $2.12 annualized dividend and a yield of 0.9%. Steel Dynamics’s dividend payout ratio (DPR) is 19.22%.

About Steel Dynamics (Free Report)

Steel Dynamics, Inc is a U.S.-based, diversified steel producer and metals recycler that operates an integrated network of mini-mills, finishing lines and fabrication facilities. Founded in 1993 and headquartered in Fort Wayne, Indiana, the company manufactures a broad range of steel products and provides downstream processing, coating and fabrication services to industrial customers. Its operations combine steelmaking using electric-arc furnaces with extensive metals recycling capabilities, allowing Steel Dynamics to convert scrap ferrous and nonferrous materials into finished steel products.

The company’s product portfolio includes flat-rolled steel (coiled and sheet products), structural steel and fabricated components, along with coated and painted steel used in consumer, industrial and construction applications.

Featured Articles Five stocks we like better than Steel Dynamics 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 holdings in Zscaler, Inc. (NASDAQ:ZS – Free Report) by 5.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 167,823 shares of the company’s stock after selling 9,636 shares during the quarter. California Public Employees Retirement System owned about 0.10% of Zscaler worth $23,544,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Binnacle Investments Inc purchased a new stake in Zscaler during the 3rd quarter worth approximately $25,000. AlphaCentric Advisors LLC purchased a new position in shares of Zscaler in the fourth quarter worth $29,000. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Zscaler in the fourth quarter worth $30,000. Mcguire Capital Advisors Inc. acquired a new stake in shares of Zscaler during the fourth quarter worth $32,000. Finally, Family CFO Inc acquired a new stake in shares of Zscaler during the fourth quarter worth $34,000. Institutional investors and hedge funds own 46.45% of the company’s stock.

Insider Activity In other Zscaler news, CFO Kevin Rubin sold 3,000 shares of the company’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $124.22, for a total value of $372,660.00. Following the completion of the transaction, the chief financial officer owned 41,901 shares in the company, valued at approximately $5,204,942.22. This represents a 6.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Adam Geller sold 2,817 shares of the firm’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $122.60, for a total value of $345,364.20. Following the sale, the insider owned 42,314 shares in the company, valued at $5,187,696.40. This trade represents a 6.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 15,766 shares of company stock valued at $1,978,587. 17.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades Several equities analysts recently issued reports on ZS shares. Wells Fargo & Company cut their target price on Zscaler from $210.00 to $180.00 and set an “overweight” rating on the stock in a research report on Thursday, May 28th. HC Wainwright raised Zscaler from a “buy” rating to a “buy” rating in a research report on Monday, May 18th. Royal Bank Of Canada reiterated an “outperform” rating and set a $200.00 price target on shares of Zscaler in a research note on Wednesday, June 10th. Wedbush reissued an “outperform” rating and issued a $220.00 price objective on shares of Zscaler in a report on Wednesday, June 10th. Finally, Stephens reissued an “overweight” rating and issued a $200.00 price objective on shares of Zscaler in a report on Friday, June 12th. Thirty-four investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $214.21.

Check Out Our Latest Report on ZS

Zscaler Stock Performance Shares of ZS stock opened at $142.26 on Thursday. Zscaler, Inc. has a 52-week low of $114.63 and a 52-week high of $336.99. The company has a quick ratio of 1.86, a current ratio of 1.86 and a debt-to-equity ratio of 0.72. The stock has a market cap of $23.00 billion, a PE ratio of -296.37, a price-to-earnings-growth ratio of 85.23 and a beta of 0.96. The business has a 50-day simple moving average of $143.71 and a 200-day simple moving average of $157.52.

Zscaler (NASDAQ:ZS – Get Free Report) last announced its quarterly earnings results on Tuesday, May 26th. The company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.07. Zscaler had a negative return on equity of 0.37% and a negative net margin of 2.44%.The company had revenue of $850.48 million during the quarter, compared to analysts’ expectations of $835.14 million. During the same period last year, the business earned $0.84 earnings per share. Zscaler’s quarterly revenue was up 25.4% on a year-over-year basis. Zscaler has set its Q4 2026 guidance at 1.080-1.090 EPS and its FY 2026 guidance at 4.100-4.110 EPS. On average, equities analysts expect that Zscaler, Inc. will post 0.12 EPS for the current year.

About Zscaler (Free Report)

Zscaler is a cloud security company that delivers a cloud-native platform to protect users, applications and data as organizations move away from traditional, network-centric security architectures. The company focuses on a zero trust approach that assumes no implicit trust for users or devices, providing secure access to the internet, SaaS applications and private applications regardless of where users are located. Zscaler positions its services as an alternative to legacy appliances and site-centric VPNs, aiming to simplify security while enabling modern, distributed workforces.

Key offerings are built around the Zscaler Zero Trust Exchange, a multi-tenant cloud platform that enforces security and access policies in-line.

Further Reading Five stocks we like better than Zscaler 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 lessened its position in shares of Agree Realty Corporation (NYSE:ADC – Free Report) by 7.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 276,624 shares of the real estate investment trust’s stock after selling 23,684 shares during the period. California Public Employees Retirement System owned about 0.23% of Agree Realty worth $20,852,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in ADC. Brummer Multi Strategy AB bought a new position in Agree Realty during the first quarter worth $6,568,000. State of Michigan Retirement System increased its stake in Agree Realty by 6.3% during the first quarter. State of Michigan Retirement System now owns 28,800 shares of the real estate investment trust’s stock valued at $2,171,000 after purchasing an additional 1,700 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Agree Realty by 5.4% during the first quarter. Principal Financial Group Inc. now owns 4,526,088 shares of the real estate investment trust’s stock worth $341,180,000 after purchasing an additional 232,532 shares during the period. Procyon Advisors LLC acquired a new stake in shares of Agree Realty during the first quarter worth $298,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of Agree Realty by 24.0% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 81,446 shares of the real estate investment trust’s stock valued at $6,139,000 after buying an additional 15,747 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

Wall Street Analyst Weigh In A number of brokerages recently weighed in on ADC. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Agree Realty in a research report on Thursday, July 2nd. Robert W. Baird lifted their target price on Agree Realty from $80.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, April 22nd. Wall Street Zen raised Agree Realty from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Royal Bank Of Canada increased their price target on Agree Realty from $81.00 to $82.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 22nd. Finally, Jefferies Financial Group started coverage on Agree Realty in a research report on Monday, June 1st. They set a “buy” rating and a $84.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Agree Realty currently has an average rating of “Moderate Buy” and a consensus target price of $83.88.

Check Out Our Latest Research Report on ADC

Agree Realty Stock Performance Shares of NYSE ADC opened at $80.16 on Thursday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. Agree Realty Corporation has a 12-month low of $69.56 and a 12-month high of $82.08. The stock has a 50 day simple moving average of $75.89 and a 200-day simple moving average of $76.08. The company has a market cap of $9.63 billion, a PE ratio of 43.33, a P/E/G ratio of 2.67 and a beta of 0.47.

Agree Realty (NYSE:ADC – Get Free Report) last released its quarterly earnings results on Tuesday, April 21st. The real estate investment trust reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.03. The company had revenue of $211.49 million during the quarter, compared to analysts’ expectations of $195.73 million. Agree Realty had a return on equity of 3.95% and a net margin of 29.25%.The company’s revenue for the quarter was up 18.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.42 earnings per share. On average, equities research analysts forecast that Agree Realty Corporation will post 4.45 EPS for the current year.

Agree Realty Dividend Announcement The business also recently announced a monthly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be given a $0.267 dividend. This represents a c) dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Friday, July 31st. Agree Realty’s dividend payout ratio is currently 172.97%.

Insider Buying and Selling at Agree Realty In related news, Director Greg Lehmkuhl purchased 750 shares of Agree Realty stock in a transaction dated Thursday, May 14th. The stock was bought at an average cost of $75.09 per share, with a total value of $56,317.50. Following the purchase, the director owned 34,465 shares in the company, valued at approximately $2,587,976.85. The trade was a 2.22% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Richard Agree acquired 5,000 shares of the firm’s stock in a transaction dated Thursday, June 4th. The stock was bought at an average price of $71.41 per share, with a total value of $357,050.00. Following the completion of the acquisition, the chairman directly owned 90,512 shares of the company’s stock, valued at approximately $6,463,461.92. This represents a 5.85% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have purchased 19,045 shares of company stock valued at $1,415,943. Company insiders own 1.80% of the company’s stock.

Agree Realty Company Profile (Free Report)

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.

Featured Stories Five stocks we like better than Agree Realty 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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Alamar Capital Management LLC bought a new stake in Williams-Sonoma, Inc. (NYSE:WSM – Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,325 shares of the specialty retailer’s stock, valued at approximately $1,153,000.

A number of other large investors have also added to or reduced their stakes in the company. State Street Corp grew its stake in shares of Williams-Sonoma by 2.5% during the third quarter. State Street Corp now owns 6,139,477 shares of the specialty retailer’s stock valued at $1,199,961,000 after acquiring an additional 147,780 shares in the last quarter. First Trust Advisors LP lifted its stake in shares of Williams-Sonoma by 9.2% in the first quarter. First Trust Advisors LP now owns 2,664,580 shares of the specialty retailer’s stock worth $485,833,000 after acquiring an additional 224,128 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Williams-Sonoma by 7.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,919,466 shares of the specialty retailer’s stock worth $342,797,000 after acquiring an additional 130,940 shares in the last quarter. Norges Bank purchased a new position in Williams-Sonoma in the fourth quarter valued at about $316,920,000. Finally, Invesco Ltd. boosted its holdings in Williams-Sonoma by 5.5% in the fourth quarter. Invesco Ltd. now owns 1,661,365 shares of the specialty retailer’s stock valued at $296,703,000 after purchasing an additional 86,807 shares during the last quarter. 99.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In WSM has been the topic of several analyst reports. Argus set a $230.00 price objective on Williams-Sonoma in a report on Friday, May 29th. KeyCorp increased their target price on Williams-Sonoma from $230.00 to $250.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Barclays set a $190.00 price target on shares of Williams-Sonoma and gave the stock an “equal weight” rating in a research report on Friday, May 22nd. Evercore set a $200.00 price target on shares of Williams-Sonoma in a research note on Tuesday, April 14th. Finally, The Goldman Sachs Group raised shares of Williams-Sonoma from a “neutral” rating to a “buy” rating and upped their price target for the company from $185.00 to $218.00 in a report on Monday, April 13th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $213.12.

View Our Latest Stock Report on WSM

Williams-Sonoma Trading Up 0.6% Shares of NYSE WSM opened at $222.35 on Thursday. The company has a market capitalization of $26.18 billion, a price-to-earnings ratio of 24.90, a price-to-earnings-growth ratio of 2.42 and a beta of 1.49. Williams-Sonoma, Inc. has a twelve month low of $165.51 and a twelve month high of $244.65. The business has a 50 day simple moving average of $213.74 and a 200-day simple moving average of $202.24.

Williams-Sonoma (NYSE:WSM – Get Free Report) last released its quarterly earnings data on Thursday, May 21st. The specialty retailer reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.80 by $0.13. Williams-Sonoma had a net margin of 13.81% and a return on equity of 53.29%. The firm had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the previous year, the company posted $1.85 earnings per share. The firm’s revenue was up 4.4% on a year-over-year basis. As a group, equities analysts predict that Williams-Sonoma, Inc. will post 9.39 earnings per share for the current year.

Williams-Sonoma Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Friday, July 17th will be paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, July 17th. Williams-Sonoma’s payout ratio is presently 34.04%.

Insider Activity at Williams-Sonoma In other news, CEO Laura Alber sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $172.61, for a total transaction of $3,452,200.00. Following the completion of the transaction, the chief executive officer directly owned 938,524 shares of the company’s stock, valued at approximately $161,998,627.64. This represents a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Karalyn Yearout sold 1,112 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $228.49, for a total value of $254,080.88. Following the sale, the executive vice president owned 21,717 shares in the company, valued at $4,962,117.33. The trade was a 4.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 36,634 shares of company stock valued at $6,812,283 over the last ninety days. Corporate insiders own 1.10% of the company’s stock.

Williams-Sonoma Profile (Free Report)

Williams‑Sonoma, Inc is a specialty retailer focused on the home and culinary markets, best known for premium cookware, kitchen tools and home furnishings. The company traces its roots to a single cookware store founded by Chuck Williams in 1956 in Sonoma, California, and has evolved into a multi‑brand home furnishings and housewares business. Its merchandise mix spans cookware and kitchen electrics, tabletop and food prep items, furniture, bedding, lighting and decorative accessories designed for both everyday use and higher‑end interiors.

The company operates a portfolio of consumer brands that target distinct segments of the home market.

Further Reading Five stocks we like better than Williams-Sonoma 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

Dimensional Fund Advisors LP grew its stake in shares of McKesson Corporation (NYSE:MCK – Free Report) by 1.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 356,397 shares of the company’s stock after acquiring an additional 4,311 shares during the period. Dimensional Fund Advisors LP owned about 0.29% of McKesson worth $308,388,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Parallel Advisors LLC grew its holdings in McKesson by 3.0% in the first quarter. Parallel Advisors LLC now owns 2,878 shares of the company’s stock valued at $2,491,000 after purchasing an additional 83 shares during the last quarter. Marshall & Sterling Wealth Advisors Inc. raised its stake in shares of McKesson by 41.1% during the 1st quarter. Marshall & Sterling Wealth Advisors Inc. now owns 508 shares of the company’s stock worth $440,000 after buying an additional 148 shares during the last quarter. SEB Asset Management AB acquired a new position in shares of McKesson during the 1st quarter worth $129,760,000. Swiss National Bank boosted its position in shares of McKesson by 6.3% in the 1st quarter. Swiss National Bank now owns 362,250 shares of the company’s stock worth $313,477,000 after buying an additional 21,360 shares in the last quarter. Finally, AIA Group Ltd purchased a new stake in shares of McKesson in the 1st quarter worth about $245,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.

McKesson Stock Performance Shares of MCK opened at $813.95 on Thursday. The company has a market capitalization of $95.30 billion, a price-to-earnings ratio of 21.16, a PEG ratio of 1.36 and a beta of 0.31. McKesson Corporation has a 1 year low of $637.00 and a 1 year high of $999.00. The company’s 50 day simple moving average is $776.87 and its 200 day simple moving average is $838.43.

McKesson (NYSE:MCK – Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $11.69 earnings per share for the quarter, beating the consensus estimate of $11.56 by $0.13. McKesson had a negative return on equity of 345.35% and a net margin of 1.18%.The company had revenue of $96.30 billion during the quarter, compared to the consensus estimate of $101.35 billion. During the same period in the previous year, the firm posted $10.12 EPS. McKesson’s revenue was up 6.0% on a year-over-year basis. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. Equities analysts expect that McKesson Corporation will post 44.28 EPS for the current fiscal year.

McKesson Increases Dividend The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 1st. This is a positive change from McKesson’s previous quarterly dividend of $0.82. McKesson’s dividend payout ratio is 8.53%.

Analysts Set New Price Targets MCK has been the subject of a number of research reports. JPMorgan Chase & Co. cut their target price on shares of McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Citigroup lowered their price target on shares of McKesson from $975.00 to $945.00 and set a “buy” rating on the stock in a research report on Thursday, May 14th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $875.00 price objective on shares of McKesson in a research note on Friday, May 8th. TD Cowen cut their price objective on McKesson from $1,012.00 to $989.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, Wells Fargo & Company reduced their target price on McKesson from $925.00 to $812.00 and set an “equal weight” rating on the stock in a research note on Tuesday, May 12th. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $959.00.

Check Out Our Latest Report on MCK

Key Stories Impacting McKesson Here are the key news stories impacting McKesson this week:

Positive Sentiment: McKesson raised its quarterly dividend by about 15% to $0.94 per share, signaling confidence in cash flow and capital returns. The increase was announced alongside a new payment schedule for shareholders of record on September 1. McKesson Corporation Raises Quarterly Dividend by 15% to $0.94 Per Share Positive Sentiment: Analysts remain constructive overall: TD Cowen lowered its price target slightly to $989 from $1,012 but kept a buy rating, implying meaningful upside from current levels. TD Cowen price target update via Benzinga Neutral Sentiment: Recent Zacks articles note that McKesson is drawing investor attention and is still viewed as a strong growth stock, but these pieces are largely commentary rather than new fundamental catalysts. Why McKesson Fell More Than Broader Market Neutral Sentiment: Other recent posts focus on stock performance over time and whether MCK is a buy now, but they do not appear to add a major new operational catalyst. Is Trending Stock McKesson Corporation (MCK) a Buy Now? Negative Sentiment: McKesson has been declining more than the broader market in recent sessions, reflecting near-term selling pressure even after strong longer-term fundamentals. Here’s Why McKesson (MCK) Fell More Than Broader Market Insiders Place Their Bets In other news, EVP Thomas L. Rodgers sold 699 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $735.27, for a total transaction of $513,953.73. Following the transaction, the executive vice president directly owned 2,268 shares in the company, valued at $1,667,592.36. This represents a 23.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michele Lau sold 3,550 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $761.09, for a total transaction of $2,701,869.50. Following the transaction, the executive vice president directly owned 3,247 shares in the company, valued at approximately $2,471,259.23. This represents a 52.23% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 28,748 shares of company stock valued at $22,262,035 in the last quarter. Corporate insiders own 0.06% of the company’s stock.

McKesson Profile (Free Report)

McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.

The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.

Featured Articles Five stocks we like better than McKesson 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 MCK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McKesson Corporation (NYSE:MCK – Free Report).

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Posted by Defense World Staff on Jul 23rd, 2026

Allspring Global Investments Holdings LLC trimmed its position in shares of Expedia Group, Inc. (NASDAQ:EXPE – Free Report) by 17.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,413 shares of the online travel company’s stock after selling 8,971 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Expedia Group were worth $9,884,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of EXPE. Motiv8 Investments LLC purchased a new position in shares of Expedia Group in the fourth quarter valued at about $25,000. Entrust Financial LLC purchased a new stake in shares of Expedia Group during the fourth quarter worth about $26,000. JFS Wealth Advisors LLC grew its position in shares of Expedia Group by 78.6% during the fourth quarter. JFS Wealth Advisors LLC now owns 100 shares of the online travel company’s stock worth $28,000 after purchasing an additional 44 shares in the last quarter. Lodestone Wealth Management LLC bought a new stake in Expedia Group during the 4th quarter valued at approximately $29,000. Finally, Sunbelt Securities Inc. raised its stake in Expedia Group by 970.6% during the 3rd quarter. Sunbelt Securities Inc. now owns 182 shares of the online travel company’s stock valued at $39,000 after purchasing an additional 165 shares during the period. Hedge funds and other institutional investors own 90.76% of the company’s stock.

Wall Street Analyst Weigh In EXPE has been the subject of several recent analyst reports. The Goldman Sachs Group restated a “buy” rating and issued a $330.00 price target on shares of Expedia Group in a research note on Monday. UBS Group reduced their price objective on shares of Expedia Group from $266.00 to $262.00 and set a “neutral” rating on the stock in a research report on Friday, May 8th. B. Riley Financial lowered their target price on shares of Expedia Group from $360.00 to $350.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Citigroup restated a “neutral” rating on shares of Expedia Group in a research report on Monday, May 18th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $255.00 target price on shares of Expedia Group in a research note on Monday. Seventeen investment analysts have rated the stock with a Buy rating and twenty-two have given a Hold rating to the stock. According to MarketBeat, Expedia Group has an average rating of “Hold” and a consensus price target of $288.64.

Read Our Latest Analysis on EXPE

Expedia Group Stock Performance Expedia Group stock opened at $261.08 on Thursday. The company has a market cap of $31.99 billion, a PE ratio of 22.98, a price-to-earnings-growth ratio of 0.70 and a beta of 1.23. Expedia Group, Inc. has a twelve month low of $174.05 and a twelve month high of $303.80. The company’s 50-day moving average price is $242.88 and its 200-day moving average price is $244.06. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 2.43.

Expedia Group (NASDAQ:EXPE – Get Free Report) last announced its earnings results on Thursday, May 7th. The online travel company reported $1.96 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.55. Expedia Group had a return on equity of 84.33% and a net margin of 9.81%.The firm had revenue of $3.43 billion during the quarter, compared to analysts’ expectations of $3.35 billion. During the same quarter in the previous year, the business earned $0.40 EPS. The company’s quarterly revenue was up 14.7% on a year-over-year basis. On average, equities research analysts forecast that Expedia Group, Inc. will post 16.98 EPS for the current fiscal year.

Expedia Group Announces Dividend The firm also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, May 28th were issued a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Thursday, May 28th. Expedia Group’s dividend payout ratio is presently 16.90%.

Insider Buying and Selling at Expedia Group In other news, insider Robert J. Dzielak sold 4,702 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $233.00, for a total transaction of $1,095,566.00. Following the completion of the sale, the insider directly owned 105,448 shares of the company’s stock, valued at approximately $24,569,384. The trade was a 4.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Lance A. Soliday sold 940 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $221.86, for a total transaction of $208,548.40. Following the completion of the transaction, the chief accounting officer owned 14,083 shares in the company, valued at approximately $3,124,454.38. The trade was a 6.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 5.20% of the company’s stock.

Expedia Group Profile (Free Report)

Expedia Group (NASDAQ: EXPE) is a global travel technology company that operates an online marketplace connecting consumers, travel suppliers and third‑party partners. The company’s platform enables search, comparison and booking of travel products and services, including hotels, airline tickets, vacation rentals, car rentals, cruises and packaged travel. Its portfolio comprises consumer-facing travel brands as well as corporate travel solutions and technology services that serve both leisure and business travelers.

Key offerings include consumer booking platforms and mobile apps that aggregate inventory from hotels, vacation rental managers, airlines and car rental companies, alongside ancillary travel services such as trip insurance and activities.

Featured Articles Five stocks we like better than Expedia Group 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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Warren Buffett built Berkshire Hathaway (BRKB -0.05%) by avoiding things he did not understand, and for the most part, that has kept the company on the sidelines of the AI stock frenzy.

Yet Berkshire may have more AI exposure than it appears, and it comes from an unlikely place: not a chipmaker, but one of its wholly owned subsidiaries, Berkshire Hathaway Energy. This sprawling collection of regulated utilities is quietly turning into a backdoor winner of the artificial intelligence boom.

Image source: Getty Images.

How a utility becomes an AI winner The connection is simple once you see it. AI data centers are astonishingly hungry for electricity, and someone has to generate and deliver that power. Berkshire Hathaway Energy owns utilities across the country, including MidAmerican in Iowa, NV Energy in Nevada, and PacifiCorp in the West, and they are watching demand surge.

In Iowa, a cluster of mega data centers now accounts for roughly 8% of peak electricity load, and management expects data center consumption to keep climbing for years.

Here is why that matters for profits. Regulated utilities make money in two reinforcing ways. They sell more electricity as demand rises, and, more importantly, they earn a regulated return on the capital they invest to serve that demand. Berkshire Hathaway Energy is in the middle of a roughly $34 billion capital plan to build out generation, storage, and transmission, and every dollar of approved investment becomes a base on which it earns steady profits for decades.

Berkshire's own CEO, Greg Abel, who ran this business, told shareholders that about half of its energy operations are now addressing AI-related power needs. That is a striking statement for a company usually associated with power lines and pipelines, not silicon.

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Some things to consider I would keep expectations measured. Utilities grow slowly and swallow enormous amounts of capital, and their returns depend on regulators approving rate increases, which is never guaranteed. Berkshire Hathaway Energy also carries real liabilities, including wildfire exposure at PacifiCorp that has cost it dearly. And because Berkshire is so vast, even a thriving energy unit will not move the overall stock the way a hot chip stock might. This is a slow, steady contributor, not a moonshot.

The lesson here is that AI's beneficiaries extend far beyond the obvious names. Berkshire may have barely touched AI stocks, but through Berkshire Hathaway Energy it owns a genuine stake in the electricity boom powering the entire movement. For shareholders, it is a reminder that Berkshire's famous caution does not mean missing the trend entirely. Sometimes the smartest AI exposure is not in the chips at all, but in the unglamorous business of keeping them running.

Posted by Defense World Staff on Jul 23rd, 2026

Andra AP fonden reduced its holdings in VICI Properties Inc. (NYSE:VICI – Free Report) by 73.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 159,784 shares of the company’s stock after selling 450,416 shares during the quarter. Andra AP fonden’s holdings in VICI Properties were worth $4,365,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the business. Johnson Financial Group Inc. grew its holdings in VICI Properties by 20.3% during the first quarter. Johnson Financial Group Inc. now owns 76,097 shares of the company’s stock worth $2,109,000 after acquiring an additional 12,851 shares during the period. Convergence Investment Partners LLC grew its stake in shares of VICI Properties by 77.7% during the 1st quarter. Convergence Investment Partners LLC now owns 58,828 shares of the company’s stock worth $1,607,000 after purchasing an additional 25,720 shares during the period. Dimensional Fund Advisors LP boosted its holdings in VICI Properties by 2.3% during the first quarter. Dimensional Fund Advisors LP now owns 15,457,602 shares of the company’s stock worth $422,294,000 after buying an additional 344,355 shares in the last quarter. Parallel Advisors LLC boosted its holdings in VICI Properties by 49.7% during the first quarter. Parallel Advisors LLC now owns 16,009 shares of the company’s stock worth $437,000 after buying an additional 5,315 shares in the last quarter. Finally, KBC Group NV grew its position in VICI Properties by 24.1% during the first quarter. KBC Group NV now owns 262,189 shares of the company’s stock worth $7,163,000 after buying an additional 50,865 shares during the period. 97.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth A number of equities research analysts recently weighed in on VICI shares. Deutsche Bank Aktiengesellschaft set a $31.00 price target on VICI Properties in a report on Monday, May 4th. Wells Fargo & Company dropped their price target on VICI Properties from $29.00 to $27.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 15th. Scotiabank cut their price target on VICI Properties from $32.00 to $29.00 and set a “sector perform” rating for the company in a research note on Thursday, June 18th. Weiss Ratings reiterated a “hold (c)” rating on shares of VICI Properties in a research report on Wednesday, June 24th. Finally, Royal Bank Of Canada initiated coverage on shares of VICI Properties in a research note on Thursday, June 25th. They issued a “sector perform” rating and a $29.00 price objective on the stock. Six analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, VICI Properties presently has an average rating of “Hold” and a consensus price target of $31.77.

Check Out Our Latest Report on VICI

VICI Properties Stock Performance VICI stock opened at $26.59 on Thursday. The company has a market cap of $28.43 billion, a P/E ratio of 9.11 and a beta of 0.65. The company has a debt-to-equity ratio of 0.59, a current ratio of 3.62 and a quick ratio of 3.62. VICI Properties Inc. has a 1 year low of $25.82 and a 1 year high of $34.01. The stock’s fifty day moving average price is $27.32 and its 200-day moving average price is $28.11.

VICI Properties (NYSE:VICI – Get Free Report) last announced its earnings results on Wednesday, April 29th. The company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.11. VICI Properties had a net margin of 76.83% and a return on equity of 11.05%. The company had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period in the previous year, the business posted $0.58 earnings per share. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. VICI Properties has set its FY 2026 guidance at 2.440-2.470 EPS. On average, equities analysts forecast that VICI Properties Inc. will post 2.46 earnings per share for the current year.

VICI Properties Dividend Announcement The business also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 6.8%. The ex-dividend date of this dividend was Thursday, June 18th. VICI Properties’s dividend payout ratio (DPR) is presently 61.64%.

About VICI Properties (Free Report)

VICI Properties (NYSE: VICI) is a publicly traded real estate investment trust (REIT) that specializes in experiential real estate, with a primary focus on gaming, hospitality and entertainment assets. The company acquires, owns and manages a portfolio of destination properties and leases those assets to operators under long-term agreements, generating rental income and partnering on property development and capital projects. VICI was formed in connection with the restructuring of Caesars Entertainment and has since grown through acquisitions and strategic transactions to expand its footprint in the gaming and leisure sector.

The company’s portfolio is concentrated in major U.S.

Featured Articles Five stocks we like better than VICI Properties 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 raised its holdings in Flowserve Corporation (NYSE:FLS – Free Report) by 5.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 285,607 shares of the industrial products company’s stock after buying an additional 15,455 shares during the quarter. California Public Employees Retirement System owned 0.22% of Flowserve worth $20,995,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in FLS. Atlas Capital Advisors Inc. bought a new stake in shares of Flowserve in the fourth quarter valued at approximately $36,000. BOKF NA bought a new position in Flowserve during the third quarter worth $28,000. Measured Wealth Private Client Group LLC bought a new position in Flowserve during the third quarter worth $36,000. IFP Advisors Inc raised its stake in Flowserve by 24.4% during the 3rd quarter. IFP Advisors Inc now owns 830 shares of the industrial products company’s stock valued at $46,000 after purchasing an additional 163 shares during the last quarter. Finally, Root Financial Partners LLC raised its stake in Flowserve by 96.7% during the 1st quarter. Root Financial Partners LLC now owns 944 shares of the industrial products company’s stock valued at $69,000 after purchasing an additional 464 shares during the last quarter. 93.93% of the stock is owned by institutional investors.

Analyst Ratings Changes FLS has been the topic of several research analyst reports. The Goldman Sachs Group restated a “neutral” rating and issued a $83.00 price target on shares of Flowserve in a research report on Thursday, April 30th. Jefferies Financial Group reaffirmed a “buy” rating and set a $90.00 price objective (down from $100.00) on shares of Flowserve in a research report on Tuesday, March 31st. Stifel Nicolaus set a $92.00 target price on shares of Flowserve in a research note on Friday, May 1st. Zacks Research downgraded Flowserve from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 15th. Finally, TD Cowen lowered Flowserve from a “buy” rating to a “hold” rating and lowered their price target for the company from $85.00 to $70.00 in a research note on Wednesday, June 24th. Seven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $86.70.

Check Out Our Latest Stock Analysis on FLS

Insider Activity at Flowserve In related news, Director Brian D. Savoy bought 1,000 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was acquired at an average price of $67.34 per share, for a total transaction of $67,340.00. Following the transaction, the director directly owned 1,000 shares of the company’s stock, valued at $67,340. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.71% of the stock is owned by company insiders.

Flowserve Trading Up 1.6% Shares of FLS stock opened at $68.63 on Thursday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.63 and a current ratio of 2.22. The firm has a fifty day moving average of $72.90 and a 200-day moving average of $76.89. Flowserve Corporation has a 52-week low of $48.71 and a 52-week high of $92.41. The stock has a market cap of $8.77 billion, a price-to-earnings ratio of 25.42, a P/E/G ratio of 1.52 and a beta of 1.23.

Flowserve (NYSE:FLS – Get Free Report) last posted its earnings results on Wednesday, April 29th. The industrial products company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.03. The business had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Flowserve had a net margin of 7.61% and a return on equity of 21.46%. The firm’s revenue for the quarter was down 6.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.72 earnings per share. Flowserve has set its FY 2026 guidance at 4.000-4.200 EPS. On average, equities research analysts forecast that Flowserve Corporation will post 4.04 earnings per share for the current fiscal year.

Flowserve Announces Dividend The business also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Friday, June 26th were issued a $0.22 dividend. The ex-dividend date of this dividend was Friday, June 26th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.3%. Flowserve’s dividend payout ratio is presently 32.59%.

Flowserve Company Profile (Free Report)

Flowserve Corporation (NYSE: FLS) is a leading provider of fluid motion and control products and services. The company designs, manufactures and services engineered and industrial pumps, mechanical seals, valves and related flow management equipment. Flowserve’s offerings are utilized across a broad spectrum of end markets, including oil and gas, power generation, chemical processing, water management, pharmaceutical and semiconductor manufacturing, as well as mining and general industrial applications.

Flowserve’s product portfolio encompasses a wide range of centrifugal and positive displacement pumps, high-performance control valves, butterfly and ball valves, as well as mechanical seals and seal support systems.

Featured Stories Five stocks we like better than Flowserve 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

Dimensional Fund Advisors LP lifted its holdings in shares of United Bankshares, Inc. (NASDAQ:UBSI – Free Report) by 0.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,661,331 shares of the financial services provider’s stock after buying an additional 56,808 shares during the period. Dimensional Fund Advisors LP owned approximately 5.49% of United Bankshares worth $317,327,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Ritholtz Wealth Management lifted its stake in United Bankshares by 2.6% during the 4th quarter. Ritholtz Wealth Management now owns 9,216 shares of the financial services provider’s stock valued at $354,000 after acquiring an additional 237 shares during the period. Inspire Investing LLC lifted its position in United Bankshares by 2.0% during the first quarter. Inspire Investing LLC now owns 12,389 shares of the financial services provider’s stock valued at $513,000 after purchasing an additional 245 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in United Bankshares by 24.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,492 shares of the financial services provider’s stock worth $57,000 after purchasing an additional 292 shares during the last quarter. Kestra Private Wealth Services LLC grew its position in United Bankshares by 1.1% in the 4th quarter. Kestra Private Wealth Services LLC now owns 27,609 shares of the financial services provider’s stock worth $1,060,000 after purchasing an additional 297 shares during the period. Finally, Root Financial Partners LLC grew its position in United Bankshares by 64.4% in the 1st quarter. Root Financial Partners LLC now owns 786 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 308 shares during the period. 70.80% of the stock is currently owned by institutional investors.

United Bankshares Stock Performance Shares of NASDAQ UBSI opened at $46.91 on Thursday. The firm has a fifty day moving average price of $44.88 and a 200-day moving average price of $43.11. United Bankshares, Inc. has a 1 year low of $34.10 and a 1 year high of $48.22. The stock has a market cap of $6.46 billion, a PE ratio of 13.14 and a beta of 0.71. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.98 and a quick ratio of 0.98.

United Bankshares (NASDAQ:UBSI – Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.04. United Bankshares had a return on equity of 9.26% and a net margin of 27.45%.The firm had revenue of $316.58 million during the quarter, compared to analyst estimates of $315.15 million. During the same quarter in the prior year, the company posted $0.59 earnings per share. Equities analysts anticipate that United Bankshares, Inc. will post 3.64 earnings per share for the current fiscal year.

United Bankshares Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 12th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Friday, June 12th. United Bankshares’s dividend payout ratio is 42.58%.

Analyst Ratings Changes UBSI has been the topic of several research analyst reports. Wall Street Zen cut United Bankshares from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Zacks Research cut United Bankshares from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 26th. Weiss Ratings reissued a “buy (b)” rating on shares of United Bankshares in a report on Monday, July 6th. Hovde Group initiated coverage on shares of United Bankshares in a research report on Wednesday, June 24th. They set a “market perform” rating and a $49.00 price target for the company. Finally, Raymond James Financial increased their price objective on shares of United Bankshares from $49.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, United Bankshares presently has a consensus rating of “Hold” and an average target price of $46.60.

Read Our Latest Research Report on UBSI

United Bankshares Company Profile (Free Report)

United Bankshares, Inc, headquartered in Charleston, West Virginia, is a bank holding company that provides a full range of financial services through its primary subsidiary, United Bank. The company’s core offerings include retail and commercial banking products such as checking and savings accounts, certificates of deposit, personal and business loans, mortgages, and treasury management services. In addition, United Bankshares delivers private banking, wealth management, trust and fiduciary solutions, and investment advisory services to meet the needs of individual, corporate, and institutional clients.

United Bankshares operates an extensive branch network across West Virginia, Virginia, Maryland, the District of Columbia, Ohio, Pennsylvania, and South Carolina.

Further Reading Five stocks we like better than United Bankshares 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 UBSI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for United Bankshares, Inc. (NASDAQ:UBSI – Free Report).

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Posted by Defense World Staff on Jul 23rd, 2026

California Public Employees Retirement System raised its position in Coca-Cola Consolidated, Inc. (NASDAQ:COKE – Free Report) by 7.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 113,281 shares of the company’s stock after purchasing an additional 7,631 shares during the quarter. California Public Employees Retirement System owned 0.17% of Coca-Cola Consolidated worth $21,720,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in COKE. Bessemer Group Inc. grew its stake in shares of Coca-Cola Consolidated by 19.1% during the first quarter. Bessemer Group Inc. now owns 331 shares of the company’s stock valued at $63,000 after buying an additional 53 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Coca-Cola Consolidated during the 1st quarter worth approximately $438,000. Independent Financial Group LLC purchased a new position in Coca-Cola Consolidated during the 1st quarter valued at $545,000. Wealthfront Advisers LLC boosted its holdings in Coca-Cola Consolidated by 4.1% during the 1st quarter. Wealthfront Advisers LLC now owns 1,869 shares of the company’s stock valued at $358,000 after acquiring an additional 73 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Coca-Cola Consolidated by 1.5% in the 1st quarter. Bank of New York Mellon Corp now owns 417,504 shares of the company’s stock valued at $80,052,000 after acquiring an additional 6,063 shares during the last quarter. Institutional investors own 48.24% of the company’s stock.

Coca-Cola Consolidated Trading Up 0.7% Shares of COKE stock opened at $184.36 on Thursday. Coca-Cola Consolidated, Inc. has a twelve month low of $110.40 and a twelve month high of $219.65. The stock has a market capitalization of $12.27 billion, a price-to-earnings ratio of 25.22 and a beta of 0.54. The stock has a fifty day simple moving average of $180.44 and a two-hundred day simple moving average of $180.33.

Coca-Cola Consolidated (NASDAQ:COKE – Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $1.79 earnings per share (EPS) for the quarter. The business had revenue of $1.71 billion for the quarter. Coca-Cola Consolidated had a return on equity of 138.44% and a net margin of 7.72%.

Coca-Cola Consolidated Announces Dividend The firm also recently announced a quarterly dividend, which will be paid on Friday, August 7th. Shareholders of record on Friday, July 24th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.5%. The ex-dividend date is Friday, July 24th. Coca-Cola Consolidated’s dividend payout ratio is presently 13.68%.

Wall Street Analyst Weigh In Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Coca-Cola Consolidated in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy”.

View Our Latest Stock Analysis on COKE

Coca-Cola Consolidated Company Profile (Free Report)

Founded in 1902 and headquartered in Charlotte, North Carolina, Coca-Cola Consolidated, Inc is the largest independent bottler of Coca-Cola products in the United States. The company manufactures, sells and distributes a broad portfolio of sparkling and still beverages under exclusive agreements with The Coca-Cola Company. Its brand lineup includes Coca-Cola, Diet Coke, Sprite and Fanta, as well as noncarbonated offerings such as Minute Maid juices, Gold Peak teas, Dasani water, Powerade sports drinks and vitaminwater.

Coca-Cola Consolidated’s operations span 14 states and the District of Columbia across the Southeastern, South Central and Mid-Atlantic regions.

Read More Five stocks we like better than Coca-Cola Consolidated 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 COKE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coca-Cola Consolidated, Inc. (NASDAQ:COKE – Free Report).

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FORT WORTH, Texas, July 23, 2026 (GLOBE NEWSWIRE) -- FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading international operator of more than 3,300 retail pawn stores, today announced record revenue and earnings results for the three and six month periods ended June 30, 2026. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.42 per share, which will be paid in August 2026. In addition, the Company has completed its previous $150 million share repurchase plan and the Board of Directors authorized a new $150 million share repurchase plan.

Mr. Rick Wessel, chief executive officer, stated, “FirstCash achieved record second quarter and year-to-date results, with revenue increases of 29% for the quarter and 28% year-to-date, driving exceptional growth in net income, EBITDA and earnings per share. Pawn demand remains extremely robust, with consolidated pawn receivables up 63% in total and 22% on a same-store basis over the prior year. We are again raising consolidated full year pawn revenue guidance given our second quarter results and continuing demand for pawn products and our deep-value retail sales model.

“The Company expects to complete its previously announced acquisition of Ramsdens Holdings plc (“Ramsdens”) by the end of 2026, subject to the approval of Ramsdens’ shareholders, receipt of the required anti-trust and regulatory approvals and satisfaction of other closing conditions. Ramsdens is a leading operator of pawn stores in the U.K. with 174 locations that will expand FirstCash’s geographic footprint in the U.K. to more than 450 locations. We also expect to see additional 2026 store expansion opportunities across each of our major geographic markets through acquisitions and new store openings.

“Additionally, during the second quarter, FirstCash successfully completed a $750 million bond offering and used the proceeds to pay down a significant portion of the revolving credit facility and to provide additional long-term funding capacity for further expansion of pawn operations and shareholder returns,” concluded Mr. Wessel.

This release contains adjusted financial measures, which exclude certain non-operating and/or non-cash income and expenses, that are non-GAAP financial measures. Please refer to the descriptions and reconciliations to GAAP of these and other non-GAAP financial measures at the end of this release.

 Three Months Ended June 30, As Reported (GAAP) Adjusted (Non-GAAP)In thousands, except per share amounts 2026  2025  2026  2025Revenue$             1,074,688  $                830,622 $             1,074,688  $                830,622Net income$                  93,467  $                  59,805 $                110,114   $                  79,620Diluted earnings per share$                      2.12  $                      1.34 $                      2.50  $                      1.79EBITDA (non-GAAP measure)$                194,727  $                132,753 $                201,431  $                145,129Weighted-average diluted shares                     44,036                       44,552                      44,036                       44,552  Six Months Ended June 30, As Reported (GAAP) Adjusted (Non-GAAP)In thousands, except per share amounts 2026  2025  2026  2025Revenue$             2,126,339  $             1,667,045 $             2,126,339  $             1,667,045Net income$                201,169  $                143,396 $                229,162  $                172,399Diluted earnings per share$                      4.56  $                      3.21 $                      5.19  $                      3.86EBITDA (non-GAAP measure)$                405,672  $                295,714 $                412,062  $                308,009Weighted-average diluted shares                     44,142                       44,670                      44,142                       44,670
Consolidated Operating Highlights

Diluted earnings per share for the second quarter increased 58% over the prior-year quarter on a GAAP basis while adjusted diluted earnings per share increased 40% compared to the prior-year quarter.Year-to-date diluted earnings per share increased 42% over the prior-year period on a GAAP basis and adjusted diluted earnings per share increased 34% compared to the prior-year period.Net income for the second quarter totaled $93 million, a 56% increase over the prior-year quarter on a GAAP basis, while adjusted net income increased 38% compared to the prior-year quarter.Year-to-date net income totaled $201 million, a 40% increase over the prior-year period on a GAAP basis, while adjusted net income increased 33% compared to the prior-year period.Adjusted EBITDA for the second quarter was $201 million, a 39% increase over the prior-year quarter. On a year-to-date basis, adjusted EBITDA increased 34% compared to the prior-year period.Consolidated revenue totaled $1.1 billion for the quarter and $2.1 billion year-to-date. Both total revenue and net revenue (gross profit) for the second quarter increased 29% over the prior-year quarter. Year-to-date revenue increased 28% over the prior-year period and net revenue increased 29% compared to the prior-year period.      Combined revenues from the Company’s pawn segments increased 44% in the second quarter over last year, while the combined pawn segment income increased 59% over the same period. Year-to-date revenues from the Company’s pawn segments increased 42% while pawn segment income increased 59% over the same prior-year period.Consolidated assets at June 30, 2026 totaled a record $5.5 billion, including record pawn receivables of $898 million. This compares to assets of $4.5 billion and pawn receivables of $551 million a year ago.For the trailing twelve month period ended June 30, 2026, the Company reported:
Revenues of $4.1 billionNet income of $388 million on a GAAP basis and adjusted net income of $447 millionAdjusted EBITDA of $802 millionOperating cash flows of $673 million and adjusted free cash flows (a non-GAAP measure) of $309 million Growth Platforms

During the second quarter, the Company added 20 retail pawn locations, including seven acquired stores and one new location in the U.S. and six de novo stores each in Latin America and the U.K. A total of 28 stores have been added year-to-date.Over the last twelve months, the Company has added 347 locations and as of June 30, 2026, the Company had 3,343 locations, comprised of 1,212 U.S. locations, 1,836 locations in Latin America and 295 U.K. locations.Subsequent to quarter end, the Company completed a one-store acquisition in the U.K. In addition to the Ramsdens transaction, the Company has an active pipeline of acquisition opportunities which could potentially add 35 to 40 additional acquired locations across its global footprint in the second half of 2026.Ramsdens acquisition update: On July 16, 2026, the Company agreed to revised offer terms with Ramsdens’ board of directors, increasing the cash price to be received by Ramsdens’ shareholders from 600 pence to 675 pence for each Ramsdens share held plus a permitted dividend of 9 pence per share due to be paid on October 9, 2026. The revised total equity value for the Ramsdens acquisition is approximately £232 million ($308 million USD using GBP/USD exchange rate as of the close of business on June 30, 2026), representing an aggregate increase of approximately £25 million ($34 million USD).Pending approvals by Ramsdens’ shareholders, receipt of the required anti-trust and regulatory approvals and satisfaction of other closing conditions, the Company still expects the transaction to close by the end of 2026.Upon closing, the addition of Ramsdens would add 174 U.K. locations and increase the Company’s store base to be in excess of 3,500 locations. The Company’s real estate portfolio of owned pawn locations now totals 466 properties, of which eight were acquired in the second quarter and 45 were acquired over the past twelve months. These are highly strategic investments which protect valuable store locations and reduce future operating expenses. Most of the owned properties are in the U.S. and now represent 38% of the total U.S. store base.AFF had approximately 16,700 active retail and e-commerce point-of-sale merchant partner locations at June 30, 2026, representing a 9% increase compared to a year ago. U.S. Pawn Segment Operating Results

Total segment revenue increased 22% in the second quarter and 19% year-to-date, reflecting especially strong same-store revenue growth coupled with contributions from the 2025 acquisitions.Segment pre-tax operating income increased 31% compared to the prior-year quarter. The resulting segment pre-tax operating margin increased to a record 26% for the second quarter of 2026 compared to 24% in the prior-year quarter. Year-to-date segment pre-tax operating income increased 28% compared to the prior-year period.Pawn receivables increased 20% in total at June 30, 2026 compared to last year. Same-store pawn receivables increased 19% and are up 32% on a two-year stacked basis. This represented the twelfth consecutive quarter of double-digit same-store receivables growth.Pawn loan fees increased 15% in the second quarter while retail merchandise sales increased 10%, both compared to the prior-year quarter. On a same-store basis, pawn fees increased 14% and retail sales increased 8%.Retail sales margins were 43% for the second quarter of 2026, which equaled the second quarter of 2025. Inventories aged greater than one year at June 30, 2026 remained low at 1.5% of total inventories, which excludes aged inventories from certain recently acquired stores, improving from 1.9% at June 30, 2025. Latin America Pawn Segment Operating Results

Note: Certain growth rates below are calculated on a constant or local currency basis, a non-GAAP financial measure defined at the end of this release. The average U.S. dollar to Mexican peso exchange rate for the second quarter of 2026 was 17.4 dollar / peso, a favorable change of 11% versus the comparable prior-year period, and for the six month period ended June 30, 2026 was 17.5 dollar / peso, a favorable change of 13% versus the prior-year period.

Total segment revenue in the second quarter of 2026 increased 42% on a U.S. dollar basis and 29% on a constant currency basis compared to the prior-year quarter. Year-to-date, segment revenue increased 41% on a U.S. dollar basis compared to the prior-year period and increased 26% on a local currency basis.Second quarter segment pre-tax operating income increased 42% on a U.S. dollar basis compared to last year and increased 36% on a local currency basis. Year-to-date, segment pre-tax operating income increased 51% on a U.S. dollar basis compared to the prior-year period and increased 42% on a local currency basis.Pawn receivables, both in total and on a same-store basis, as of June 30, 2026, increased 32% on a U.S. dollar basis while increasing 22% on a constant currency basis compared to the prior year. Two-year stacked same-store receivable growth increased 42% in total and 35% on a currency adjusted basis.Total and same-store pawn loan fees in the second quarter both increased 33% on a U.S. dollar basis and 19% on a constant currency basis compared to the prior-year quarter.Total and same-store retail merchandise sales in the second quarter increased 28% on a U.S. dollar basis compared to the prior-year quarter. On a constant currency basis, both total and same-store retail merchandise sales increased 15% in the second quarter compared to the prior-year quarter.Retail margins were 35% in the second quarter of 2026 versus 36% in the second quarter of 2025. Inventories aged greater than one year at June 30, 2026 remained extremely low, improving to 1.2% compared to 1.5% at June 30, 2025. U.K. Pawn Segment Operating Results

Total revenues in the second quarter were $95 million, with strong growth over the prior-year quarter (pre-acquisition) in both pawn fees and merchandise sales.Segment pre-tax operating income for the second quarter of 2026 was $34 million, resulting in a segment pre-tax operating margin of 35%. Year-to-date segment pre-tax operating income was $73 million, resulting in a segment pre-tax operating margin of 37%.Pawn receivables at June 30, 2026 totaled $217 million, an increase of 22% on a U.S. dollar basis. On a local currency basis, both total and same-store pawn receivables increased 26% compared to a year ago (pre-acquisition). American First Finance (AFF) - Retail POS Payment Solutions Segment Operating Results

Second quarter segment pre-tax operating income totaled $29 million. This represented a sequential increase over the first quarter of 2026 but an expected decrease compared to the second quarter of 2025, due primarily to loss of earnings from previously reported merchant partner bankruptcies. Year-to-date segment pre-tax operating income totaled $55 million.Gross transaction volume of lease and loan originations during the second quarter decreased 14% compared to the prior-year quarter, due primarily to continued weakness in the furniture industry coupled with an increased strategic focus on merchant quality. For the year-to-date period, overall gross transaction volume decreased 6% over the prior-year period.Net revenues in the second quarter decreased 15% compared to the prior-year quarter, representing a sequential improvement over the first quarter, while year-to-date decreased 26% compared to the prior-year period.The second quarter combined average monthly net charge-off rate for lease and finance products was 5.2%, which represented sequential improvement compared to 5.6% in the first quarter, and was consistent with the prior-year quarter. Cash Flow and Liquidity

Consolidated operating cash flows for the twelve month period ended June 30, 2026 totaled $673 million, an increase of 21% compared to the same prior-year period, driven by significant contributions from each of the Company’s four business segments.Adjusted free cash flows, which includes net fundings/repayments of pawn loans and finance receivables, increased 16% to $309 million in the twelve month period ended June 30, 2026 compared to the same prior-year period.The operating cash flows helped fund significant growth in earning assets, continued investments in the pawn store platform, real estate and shareholder returns over the past twelve months: A total of 313 pawn stores were acquired for a combined purchase price of $453 million. Excluding earning assets obtained through acquisitions over the past twelve months, pawn earning assets (pawn receivables and inventories) increased $282 million compared to last year.34 de novo pawn stores were opened with a combined investment of approximately $15 million in fixed assets and working capital.Strategic real estate purchases totaled $74 million as the Company purchased the underlying real estate at 45 of its existing pawn stores, bringing the number of Company-owned properties to 466 locations or 38% of its U.S. store base.Shareholder returns comprised of stock repurchases and cash dividends totaled $256 million. In May 2026, the Company successfully completed an offering of $750 million of 6.125% senior unsecured notes due in 2034. The Company used the proceeds to reduce the outstanding balance on the Company’s higher-rate, U.S. revolving credit facility and to repay in full and terminate other revolving credit facilities and secured term loans which were assumed as part of the H&T acquisition in 2025.Based on trailing twelve month actual results, the Company’s net debt to adjusted EBITDA ratio was 2.7x at June 30, 2026. Including the estimated pro forma EBITDA contributions from acquisitions and other lender permitted adjustments over the past twelve months, the ratio of net debt to adjusted EBITDA at June 30, 2026 was 2.6x, which is an improvement versus the same ratio nine months ago (post the acquisition of H&T) of 2.9x. Shareholder Returns

The Board of Directors declared a $0.42 per share third quarter cash dividend, which will be paid on August 28, 2026 to stockholders of record as of August 14, 2026. This represents an annualized dividend of $1.68 per share. Any future dividends are subject to approval by the Company’s Board of Directors.Through the date of this release, the Company repurchased 725,000 shares of common stock in 2026 at an average price of $206.73 per share for a total cost of $150 million. This completes, in less than nine months, the $150 million stock repurchase program authorized in October 2025.On July 22, 2026, the Board of Directors approved a new share repurchase authorization of up to $150 million, effective immediately. Future share repurchases are subject to expected liquidity, acquisition and other investment opportunities, debt covenant restrictions, market conditions and other relevant factors.Over the past twelve months, the Company has repurchased 1,005,000 shares of common stock at an average price of $180.96 per share for a total cost of $182 million and paid out $74 million in cash dividends, representing a payout ratio of approximately 66% of net income over the same period.The Company generated a 17% return on equity and an 8% return on assets for the twelve months ended June 30, 2026. Using adjusted net income for the twelve months ended June 30, 2026, the adjusted return on equity was 20% while the adjusted return on assets was 9%. 2026 Outlook

The outlook for the remainder of 2026 continues to be highly positive as the Company is again raising its overall expectations for year-over-year growth in consolidated pawn segment revenue. While the acquisition of Ramsdens and other prospective and in-process acquisitions are anticipated to close by the end of 2026, the estimates provided below do not include revenue and earnings contributions from such potential acquisitions.

Pawn Operations:

Pawn operations remain the primary earnings driver as the Company expects the combined U.S., Latin America and U.K. pawn segments to be over 90% of total net revenue and segment level pre-tax income for 2026.

U.S. Pawn

Pawn fees in the first half of 2026 were up 14% compared to a year ago. The Company continues to see strong results in July and expects mid-teen or better growth in pawn fees in second half and full year 2026.The Company expects retail merchandise sales to grow in a range of 10% to 15% in 2026 and will continue to target retail margins in a range of 42% to 43%. Additionally, the Company continues to anticipate increased gross profit from scrap jewelry sales.Store operating expenses are projected to grow at a mid-to-high single-digit range in 2026, primarily due to increased variable compensation expense and the significant 2025 store additions. Latin America Pawn

Pawn fees in the first half of 2026 were up 21% on a constant currency basis and 37% on a U.S. dollar basis due to a 13% favorable change in the peso exchange rate compared to the same period last year. The Company expects approximately 20% growth in pawn fees on a U.S. dollar basis in the second half of 2026, assuming an exchange rate equal to the first half of 2026.The Company expects second half retail merchandise sales to grow in a mid 20% range on a U.S. dollar basis, assuming an exchange rate equal to the first half of 2026, with consistent retail margins of approximately 35%. Similar to the U.S., Latin America expects a year-over-year increase in gross profit from scrap jewelry sales.Combined with increased store counts and increased variable compensation expense, operating expenses are expected to grow at a rate in the mid-teens on a U.S. dollar basis. U.K. Pawn

Based on first half of 2026 performance and increased full year revenue projections, 2026 segment income (before administrative expenses, interest expense and taxes) is now expected to be in a range of $135 million to $140 million assuming the current GBP exchange rate. Retail POS Payment Solutions (AFF) Operations:

Given continued softness in furniture and other large-ticket retail sales, gross transaction volumes for lease and loan originations for 2026 are now forecast to be down approximately 10% compared to 2025.Net revenue (after depreciation of leased merchandise and lease and loan loss provisioning) is expected to decrease in a range of 20% to 25% for the full year. The decrease is primarily due to the decrease in net revenue from the American Freight and Conn’s portfolios as a result of their bankruptcies at the end of 2024 and the expected decline in 2026 originations. Other Expenses, Tax Rates and Currency:

Corporate administrative expenses for the remainder of 2026 are expected to remain at a run rate which is similar to the first and second quarters of 2026, while interest expense is expected to increase for full year 2026 in a range of 15% to 20% over 2025 assuming current interest rates.The full year 2026 consolidated effective income tax rate is expected to range from 26% to 27% of net income.Each full point change in the exchange rate of the Mexican peso is projected to have an annual earnings impact of approximately $0.10 to $0.12 per share. A comparable percentage rate change in the exchange rate for the British pound sterling would have an annual earnings impact of approximately $0.07 to $0.09 per share. Additional Commentary and Analysis  

Mr. Wessel further commented on FirstCash’s exceptionally strong operating performance and its outlook for the remainder of 2026, “We are extremely excited to share outstanding second quarter results which clearly reflect continued consumer demand for our core pawn products and services coupled with outstanding execution on the part of our front-line associates, store operators and support teams. The record level of pawn receivables coupled with solid inventory positions at quarter end position us well for further revenue growth in the second half of the year from both pawn fees and merchandise sales.

“The strength of our pawn business is notable in its consistency and breadth across each of our pawn segments, both domestically and internationally. Every market continues to see record levels of customer transaction volumes and increased transaction amounts. In addition, the discipline in our lending practices and retail strategies continue to be reflected in optimized inventory positioning with strong turns, low levels of aged inventories and industry leading retail margins.

“From a store growth perspective, the second quarter saw continued global expansion in all pawn segments with the addition of 20 locations through a combination of store openings and acquisitions. We added 13 de novo locations spread across each of our pawn segments. The seven acquired U.S. locations were all in targeted and attractive U.S. growth markets including the states of Alabama, Georgia, Tennessee and Oklahoma. I am especially pleased to report that over the last twelve months, we have now added a total of almost 350 locations in four different countries.

“Our experienced operations and support teams have demonstrated capabilities and the necessary resources for successfully integrating the significant volume of acquired stores. As an example, we completed, in June, the integration of the acquired H&T store platform, representing almost 300 locations, into our proprietary FirstPawn POS system which was accomplished in less than nine months and well ahead of the original schedule. We believe this POS integration and future consolidation of other back office platforms will improve customer service, facilitate product enhancements and generate additional operating synergies for H&T.

“Equally as exciting is the especially large pipeline of pawn acquisitions anticipated for the second half of 2026. The opportunity to add the established Ramsdens brand represents a highly complementary strategic fit as one of the U.K.’s leading pawnbrokers. Operating with a network of 174 stores, Ramsdens will expand our geographic footprint, especially in the more northern regions of U.K., further providing additional scale, operating efficiencies and long-term growth opportunities. In addition, we have a number of other smaller acquisitions in process across multiple geographies which could add 35 to 40 additional locations between now and year end. These expected transactions continue to reinforce both the near and long-term opportunities for FirstCash’s continued growth of its store base, revenues and earnings.

“Our balance sheet and cash flows remain incredibly strong, as demonstrated by the successful $750 million bond offering completed in the second quarter which allowed us to pay down a significant portion of our U.S. credit facility and to pay off all of the assumed, higher-rate H&T debt. The bond issuance provides greater financial flexibility going forward for continued acquisitions, new store growth, real estate purchases and future shareholder returns. Furthermore, we continue to maintain the leverage ratio within our normal targeted range of 2.0x to 3.0x adjusted EBITDA.

“We are also pleased to report that during the second quarter, FirstCash repurchased $77 million of its common stock, bringing our year-to-date buybacks to $127 million at an average cost of $204.77. Subsequent to quarter end in early July 2026, we fully completed the $150 million share buyback authorization, and the Board of Directors has now authorized an additional $150 million for further potential share repurchases.

“A final highlight of the quarter was the shareholder approval of the reincorporation of FirstCash to become a Texas-domiciled company. The conversion from a Delaware to a Texas corporation was completed on June 18 and now aligns our corporate domicile with the state where we are headquartered and have the largest number of U.S. locations and employees.  

“In summary, we are very excited about the ongoing strength of our business model and the potential for further long-term growth and shareholder value creation,” concluded Mr. Wessel.

About FirstCash

FirstCash is the leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash operates more than 3,300 pawn stores in the U.S., Latin America and the U.K. Most of the stores buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash’s pawn operations account for approximately 90% of net revenue, with the remainder provided by its wholly owned subsidiary, AFF, a leading provider of customer payment solutions at the point-of-sale for retailers of consumer goods and services.

FirstCash is a component company in both the Standard & Poor’s MidCap 400 Index® and the Russell 2000 Index®. FirstCash’s common stock (ticker symbol “FCFS”) is traded on the Nasdaq, the creator of the world’s first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash’s websites located at http://www.firstcash.com, http://www.americanfirstfinance.com and http://www.handt.co.uk.

Forward-Looking Information   

This release contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the “Company”), including the Company’s outlook for 2026 and the Company’s previously announced Ramsdens acquisition. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “outlook,” “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. Such factors and risks may include, without limitation, risks related to the extensive regulatory environment in which the Company operates, including uncertainty involving the present regulatory environment in the jurisdictions in which the Company operates; risks associated with the legal and regulatory proceedings that the Company is a party to or may become a party to in the future; risks related to the Company’s acquisitions, including the failure of the Company’s acquisitions to deliver the estimated value and benefits expected by the Company and the ability of the Company to continue to identify and consummate acquisitions on favorable terms, if at all; risks related to the Ramsdens acquisition, in particular, the ability to obtain the necessary shareholder, anti-trust and regulatory approvals, and to satisfy the other closing conditions in the expected timeframe, if at all, and the ability to achieve the anticipated benefits from the acquisition of Ramsdens on the anticipated timeline, if at all; potential changes in consumer behavior and shopping patterns which could impact demand for the Company’s pawn loan, retail, lease-to-own (“LTO”) and retail finance products; labor shortages and increased labor costs; a deterioration in the economic conditions in the United States, Latin America and the United Kingdom, including as a result of geopolitical conflicts, inflation, elevated interest rates, increased energy costs and trade policy, which potentially could have an impact on discretionary consumer spending and demand for the Company’s products; currency fluctuations, primarily involving the Mexican peso and British pound sterling; competition the Company faces from other retailers and providers of retail payment solutions; the ability of the Company to successfully execute on its business strategies; risks related to the Company’s ability to prevent cyber attacks, other cybersecurity incidents, security breaches or other disruptions to its information technology systems; risks related to the Company’s ability to develop, operate and adapt its information technology infrastructure suitable for the nature of its business and to successfully transition acquired businesses to its information technology platform; contraction in sales activity or store closures at merchant partners of the Company’s retail point-of-sale (“POS”) payment solutions business; the ability of the Company’s retail POS payment solutions business to continue to grow its base of merchant partners; and other risks discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), including the risks described in Part I, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands)     Three Months Ended Six Months Ended June 30, June 30,  2026   2025   2026   2025 Revenue:       Retail merchandise sales$           471,263   $           385,125  $           936,097   $           756,181 Pawn loan fees              258,441                 190,822                525,139                 382,693 Leased merchandise income              115,499                 139,784                245,686                 296,702 Interest and fees on retail finance products                73,962                   76,075                148,297                 149,488 Wholesale scrap jewelry sales              152,132                   38,816                264,613                   81,981 Other revenue                  3,391                          —                    6,507                          — Total revenue           1,074,688                 830,622             2,126,339              1,667,045         Cost of revenue:       Cost of retail merchandise sold              285,619                 230,326                563,668                 454,450 Depreciation of leased merchandise                71,650                   78,272                152,709                 167,091 Provision for lease losses                24,439                   32,543                  54,183                   60,105 Provision for loan losses                39,930                   41,761                  82,774                   78,121 Cost of wholesale scrap jewelry sold              119,069                   34,904                195,796                   70,259 Other cost of revenue                     312                          —                    1,158                          — Total cost of revenue              541,019                 417,806             1,050,288                 830,026         Net revenue              533,669                 412,816             1,076,051                 837,019         Expenses and other income:       Operating expenses              267,738                 222,493                537,167                 437,079 Administrative expenses                66,825                   59,263                132,603                 107,786 Depreciation and amortization                32,440                   25,864                  63,956                   51,366 Interest expense                35,702                   26,337                  70,230                   53,808 Interest income                   (417)                    (527)                    (644)                 (1,756)Loss (gain) on foreign exchange                  1,738                   (1,271)                      636                   (1,285)Merger and acquisition expenses                  6,358                     2,777                    7,223                     3,239 Other income, net                (3,717)                 (3,199)                 (7,250)                 (5,514)Total expenses and other income              406,667                 331,737                803,921                 644,723         Income before income taxes              127,002                   81,079                272,130                 192,296         Provision for income taxes                33,535                   21,274                  70,961                   48,900         Net income$             93,467   $             59,805  $           201,169   $           143,396  FIRSTCASH HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)     June 30, December 31,  2026   2025   2025 ASSETS     Cash and cash equivalents$           172,298   $           101,467  $           125,197 Accounts receivable, net              120,884                   76,062                115,854 Pawn loans              897,555                 550,718                831,497 Finance receivables, net              131,002                 154,518                150,274 Inventories              570,493                 355,733                487,232 Leased merchandise, net                84,569                 100,689                114,283 Prepaid expenses and other current assets                41,911                   35,667                  32,131 Total current assets           2,018,712              1,374,854             1,856,468       Property and equipment, net              855,034                 750,862                808,050 Operating lease right of use asset              363,132                 342,859                365,621 Goodwill           2,030,563              1,826,184             2,023,426 Intangible assets, net              200,247                 204,643                231,140 Other assets                  9,639                     9,805                    9,796 Deferred tax assets, net                  8,246                     5,042                    6,262 Total assets$        5,485,573   $        4,514,249  $        5,300,763       LIABILITIES AND STOCKHOLDERS’ EQUITY     Accounts payable and accrued liabilities$           208,170   $           145,035  $           212,615 Customer deposits and prepayments                93,437                   80,848                  83,908 Lease liability, current              111,512                  100,845                111,291 Total current liabilities              413,119                 326,728                407,814       Revolving unsecured credit facility                69,000                 152,000                559,000 Other long-term debt           2,277,039              1,532,865             1,649,434 Deferred tax liabilities, net              159,158                 125,290                158,819 Lease liability, non-current              245,465                 237,198                248,934 Total liabilities           3,163,781              2,374,081             3,024,001       Stockholders’ equity:     Common stock                     575                        575                       575 Additional paid-in capital           1,761,131              1,760,179             1,771,379 Retained earnings           1,834,886              1,520,677             1,670,583 Accumulated other comprehensive loss              (55,746)               (96,267)               (64,835)Common stock held in treasury, at cost         (1,219,054)          (1,044,996)          (1,100,940)Total stockholders’ equity           2,321,792              2,140,168             2,276,762 Total liabilities and stockholders’ equity$        5,485,573   $        4,514,249  $        5,300,763  FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS
(unaudited)

The Company organizes its operations into four reportable segments as follows:

United States pawn (“U.S. pawn”)Latin America pawn (“LatAm pawn”)United Kingdom pawn (“U.K. pawn”)Retail POS payment solutions (American First Finance or “AFF”) Operating expenses of the three pawn segments include salary and benefit expenses of store-level employees, occupancy costs, bank and other treasury fees, security, insurance, utilities, supplies and other costs incurred by the pawn stores. Operating expenses of the AFF segment include salary and benefit expenses of operations-focused departments, payment processing charges, data analytics and decisioning costs, information technology costs, advertising costs and other operational costs incurred by AFF.

Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, loss (gain) on foreign exchange, merger and acquisition expenses, and other income, net, are presented on a consolidated basis and are not allocated between the segments. Intersegment transactions related to AFF’s LTO payment solution product offered in U.S. pawn stores are eliminated from consolidated totals.

The Company completed the acquisition of H&T, the leading pawn operator in the United Kingdom, on August 14, 2025, the date which the balance sheet and operating results of H&T were included in the Company’s consolidated financial results.

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS
(unaudited, in thousands)
   Three Months Ended June 30, 2026 U.S.
Pawn LatAm
Pawn U.K.
Pawn AFF Intersegment
Eliminations ConsolidatedRevenue:           Retail merchandise sales$      275,676 $      174,316 $        21,467 $               — $           (196) $      471,263Pawn loan fees         150,062            79,572            28,807                   —                   —           258,441Leased merchandise income                  —                   —                   —          115,499                   —           115,499Interest and fees on retail finance products                  —                   —                   —            73,962                   —             73,962Wholesale scrap jewelry sales           72,334            38,154            41,644                   —                   —           152,132Other revenue                  —                   —              3,391                   —                   —               3,391Total revenue         498,072          292,042            95,309          189,461               (196)       1,074,688Cost of revenue:           Cost of retail merchandise sold         156,453          113,763            15,507                   —               (104)          285,619Depreciation of leased merchandise                  —                   —                   —            71,701                 (51)            71,650Provision for lease losses                  —                   —                   —            24,516                 (77)            24,439Provision for loan losses                  —                   —                   —            39,930                   —             39,930Cost of wholesale scrap jewelry sold           60,962            32,947            25,160                   —                   —           119,069Other cost of revenue                  —                   —                 312                   —                   —                  312Total cost of revenue         217,415          146,710            40,979          136,147               (232)          541,019Net revenue         280,657          145,332            54,330            53,314                   36           533,669Segment expenses:           Operating expenses         142,367            82,181            19,344            23,846                   —           267,738Depreciation             9,074              5,002              1,349                 730                   —             16,155Total segment expenses         151,441            87,183            20,693            24,576                   —           283,893Segment pre-tax operating income$      129,216 $        58,149 $        33,637 $        28,738 $               36  $      249,776  Three Months Ended June 30, 2025 U.S.
Pawn LatAm
Pawn U.K.
Pawn AFF Intersegment
Eliminations ConsolidatedRevenue:           Retail merchandise sales$      249,918 $      135,956 $               — $               — $           (749) $      385,125Pawn loan fees         130,948            59,874                   —                   —                   —           190,822Leased merchandise income                  —                   —                   —          139,784                   —           139,784Interest and fees on retail finance products                  —                   —                   —            76,075                   —             76,075Wholesale scrap jewelry sales           28,740            10,076                   —                   —                   —             38,816Total revenue         409,606          205,906                   —          215,859               (749)          830,622Cost of revenue:           Cost of retail merchandise sold         143,149            87,579                   —                   —               (402)          230,326Depreciation of leased merchandise                  —                   —                   —            78,529               (257)            78,272Provision for lease losses                  —                   —                   —            32,667               (124)            32,543Provision for loan losses                  —                   —                   —            41,761                   —             41,761Cost of wholesale scrap jewelry sold           26,265              8,639                   —                   —                   —             34,904Total cost of revenue         169,414            96,218                   —          152,957               (783)          417,806Net revenue         240,192          109,688                   —            62,902                   34           412,816Segment expenses:           Operating expenses         133,815            64,414                   —            24,264                   —           222,493Depreciation             8,091              4,294                   —                 699                   —             13,084Total segment expenses         141,906            68,708                   —            24,963                   —           235,577Segment pre-tax operating income$        98,286 $        40,980 $               — $        37,939 $               34  $      177,239 FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS
(unaudited, in thousands)
   Six Months Ended June 30, 2026 U.S.
Pawn LatAm
Pawn U.K.
Pawn AFF Intersegment
Eliminations ConsolidatedRevenue:           Retail merchandise sales$      559,505 $      334,157 $        43,312 $               — $           (877) $      936,097Pawn loan fees         307,870          156,218            61,051                   —                   —           525,139Leased merchandise income                  —                   —                   —          245,686                   —           245,686Interest and fees on retail finance products                  —                   —                   —          148,297                   —           148,297Wholesale scrap jewelry sales         119,703            58,786            86,124                   —                   —           264,613Other revenue                  —                   —              6,507                   —                   —               6,507Total revenue         987,078          549,161          196,994          393,983               (877)       2,126,339Cost of revenue:           Cost of retail merchandise sold         315,409          217,829            30,886                   —               (456)          563,668Depreciation of leased merchandise                  —                   —                   —          153,053               (344)          152,709Provision for lease losses                  —                   —                   —            54,447               (264)            54,183Provision for loan losses                  —                   —                   —            82,774                   —             82,774Cost of wholesale scrap jewelry sold           97,059            49,807            48,930                   —                   —           195,796Other cost of revenue                  —                   —              1,158                   —                   —               1,158Total cost of revenue         412,468          267,636            80,974          290,274            (1,064)       1,050,288Net revenue         574,610          281,525          116,020          103,709                 187        1,076,051Segment expenses:           Operating expenses         286,224          162,908            40,433            47,602                   —           537,167Depreciation           17,770              9,587              2,796              1,450                   —             31,603Total segment expenses         303,994          172,495            43,229            49,052                   —           568,770Segment pre-tax operating income$      270,616 $      109,030 $        72,791 $        54,657 $             187  $      507,281  Six Months Ended June 30, 2025 U.S.
Pawn LatAm
Pawn U.K.
Pawn AFF Intersegment
Eliminations ConsolidatedRevenue:           Retail merchandise sales$      501,143 $      256,488 $               — $               — $        (1,450) $      756,181Pawn loan fees         268,896          113,797                   —                   —                   —           382,693Leased merchandise income                  —                   —                   —          296,702                   —           296,702Interest and fees on retail finance products                  —                   —                   —          149,488                   —           149,488Wholesale scrap jewelry sales           62,232            19,749                   —                   —                   —             81,981Total revenue         832,271          390,034                   —          446,190            (1,450)       1,667,045Cost of revenue:           Cost of retail merchandise sold         288,907          166,318                   —                   —               (775)          454,450Depreciation of leased merchandise                  —                   —                   —          167,672               (581)          167,091Provision for lease losses                  —                   —                   —            60,271               (166)            60,105Provision for loan losses                  —                   —                   —            78,121                   —             78,121Cost of wholesale scrap jewelry sold           53,489            16,770                   —                   —                   —             70,259Total cost of revenue         342,396          183,088                   —          306,064            (1,522)          830,026Net revenue         489,875          206,946                   —          140,126                   72           837,019Segment expenses:           Operating expenses         262,766          125,831                   —            48,482                   —           437,079Depreciation           15,691              8,730                   —              1,404                   —             25,825Total segment expenses         278,457          134,561                   —            49,886                   —           462,904Segment pre-tax operating income$      211,418 $        72,385 $               — $        90,240 $               72  $      374,115 FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS
(unaudited)
 Pawn Operating Metrics
(dollars in thousands, except as otherwise noted)
   As of June 30, 2026 U.S.
Pawn LatAm
Pawn U.K.
Pawn Total
PawnEarning assets:           Pawn loans$      481,850  $      198,347  $      217,358  $      897,555 Inventories       324,120         161,013           85,360         570,493  $      805,970  $      359,360  $      302,718  $   1,468,048             Average outstanding pawn loan amount (in ones)$             322  $             104  $             877  $             245             Composition of pawn collateral:           Jewelry74% 51% 99% 75%General merchandise26% 49% 1% 25% 100% 100% 100% 100%            Composition of inventories:           Jewelry65% 54% 98% 66%General merchandise35% 46% 2% 34% 100% 100% 100% 100%            Percentage of inventory aged greater than one year1.5% 1.2% 13.7% 3.3%            Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)2.8 times 3.8 times 2.2 times 3.0 times  As of June 30, 2025 U.S.
Pawn LatAm
Pawn U.K.
Pawn Total
PawnEarning assets:           Pawn loans$      400,143  $      150,575  $               —  $      550,718 Inventories       252,885         102,848                  —         355,733  $      653,028  $      253,423  $               —  $      906,451             Average outstanding pawn loan amount (in ones)$             286  $               96  $               —  $             185             Composition of pawn collateral:           Jewelry72 %  43 %  —% 64 % General merchandise28 %  57 %  —% 36 %  100 %  100 %  —% 100 %             Composition of inventories:           Jewelry61 %  41 %  —% 55 % General merchandise39 %  59 %  —% 45 %  100 %  100 %  —% 100 %             Percentage of inventory aged greater than one year1.9 %  1.5 %  —% 1.8 %             Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)2.8 times 4.1 times —  3.1 times FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS
(unaudited) Retail POS Payment Operating Metrics
(dollars in thousands)  Three Months Ended Six Months Ended June 30, June 30,  2026  2025  2026  2025Gross transaction volume:       Leased merchandise$             85,977  $           110,516 $           182,679  $           204,822Finance receivables (1)              137,680                149,943               283,157                291,205Total gross transaction volume$           223,657  $           260,459 $           465,836  $           496,027 (1)During the third quarter of 2025, AFF began assisting certain customers in applying for a direct-to-consumer unsecured installment loan that is underwritten and fully retained by AFF’s bank partner (“OBS Loans”). OBS Loans are not reflected on the Company’s balance sheet as a finance receivable. For the three and six months ended June 30, 2026, gross transaction volume includes $13.2 million and $27.7 million, respectively, of OBS Loans originated by AFF’s bank partner through the assistance of AFF.  As of June 30,Earning assets: 2026   2025 Leased merchandise, net:   Leased merchandise, before allowance for lease losses$           141,691   $           170,824 Less allowance for lease losses              (57,112)               (69,972)Leased merchandise, net$             84,579   $           100,852     Finance receivables, net:   Finance receivables, before allowance for loan losses (1)$           236,008   $           277,392 Less allowance for loan losses            (105,006)             (122,874)Finance receivables, net$           131,002   $           154,518  (1)Does not include $35.2 million of outstanding OBS Loans held by AFF’s bank partner as of June 30, 2026. Combined finance receivables, before allowance for loan losses, and OBS Loans totaled $271.2 million as of June 30, 2026.  Three Months Ended Six Months Ended June 30, June 30, 2026  2025  2026  2025 Leased merchandise portfolio metrics:           Provision rate (1) 28.5  % 29.6 %  29.8  % 29.4 %Average monthly net charge-off rate (2) 6.4  % 6.2 %  6.5  % 6.2 %Delinquency rate (3) 25.6  % 23.2 %  25.6  % 23.2 %            Finance receivables portfolio metrics:           Provision rate (1) 29.0  % 27.9 %  29.2  % 26.8 %Average monthly net charge-off rate (2) 4.4  % 4.6 %  4.7  % 4.4 %Delinquency rate (3) 22.3  % 20.6 %  22.3  % 20.6 % (1)Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.(2)Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses. (3)Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due). FIRSTCASH HOLDINGS, INC.
PAWN STORE LOCATIONS AND MERCHANT PARTNER LOCATIONS

Pawn Operations

As of June 30, 2026, the Company operated 3,343 pawn store locations composed of 1,212 stores in 29 U.S. states and the District of Columbia, 1,729 stores in 32 states in Mexico, 77 stores in Guatemala, 18 stores in El Salvador, 12 stores in Colombia and 295 stores in the U.K.

The following tables detail pawn store count activity:

 Three Months Ended June 30, 2026 U.S. LatAm U.K. TotalTotal locations, beginning of period                      1,207                        1,838                           289                       3,334 New locations opened                             1                               6                               6                            13 Locations acquired                             7                             —                             —                              7 Consolidation of existing pawn locations (1)                           (3)                            (8)                            —                          (11)Total locations, end of period                      1,212                        1,836                           295                       3,343                  Six Months Ended June 30, 2026 U.S. LatAm U.K. TotalTotal locations, beginning of period                      1,207                        1,837                           286                       3,330 New locations opened                             1                             10                               9                            20 Locations acquired                             8                             —                             —                              8 Consolidation of existing pawn locations (1)                           (4)                          (11)                            —                          (15)Total locations, end of period                      1,212                        1,836                           295                       3,343  (1)Store consolidations, which include certain acquired locations that have been combined with overlapping stores, represent closings for which the Company expects to maintain a significant portion of the customer base in the consolidated location. Retail POS Payment Solutions

As of June 30, 2026, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 16,700 active retail merchant partner locations. This compares to the active door count of approximately 15,300 locations at June 30, 2025.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(unaudited)

The Company uses certain financial calculations such as adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, free cash flow, adjusted free cash flow, adjusted return on equity, adjusted return on assets and constant currency results as factors in the measurement and evaluation of the Company’s operating performance and period-over-period growth. The Company derives these financial calculations on the basis of methodologies other than generally accepted accounting principles (“GAAP”), primarily by excluding from a comparable GAAP measure certain items the Company does not consider to be representative of its actual operating performance. These financial calculations are “non-GAAP financial measures” as defined under the SEC rules. The Company uses these non-GAAP financial measures in operating its business because management believes they are less susceptible to variances in actual operating performance that can result from the excluded items, other infrequent charges and currency fluctuations. The Company presents these financial measures to investors because management believes they are useful to investors in evaluating the primary factors that drive the Company’s core operating performance and provide greater transparency into the Company’s results of operations. However, items that are excluded and other adjustments and assumptions that are made in calculating these non-GAAP financial measures are significant components in understanding and assessing the Company’s financial performance. These non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, the Company’s GAAP financial measures. Further, because these non-GAAP financial measures are not determined in accordance with GAAP, and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly-titled measures of other companies.

The Company has adjusted the applicable financial calculations to exclude merger and acquisition expenses, amortization of acquired intangible assets, the CFPB litigation settlement and certain other income and expenses. The Company does not consider these items to be related to the organic operations of the Company’s businesses or its continuing operations and are generally not relevant to assessing or estimating the long-term performance of the Company. In addition, excluding these items allows for more accurate comparisons of the financial results to prior periods. Merger and acquisition expenses include incremental costs directly associated with merger and acquisition activities, including professional fees, legal expenses, severance, retention and other employee-related costs, contract breakage costs, costs related to the consolidation of technology systems and corporate facilities and other integration costs, among others. 

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(unaudited)

Adjusted Net Income and Adjusted Diluted Earnings Per Share

Management believes the presentation of adjusted net income and adjusted diluted earnings per share provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance and prospects for the future by excluding items that management believes are non-operating in nature and are not representative of the Company’s core operating performance. In addition, management believes the adjustments shown below are useful to investors in order to allow them to compare the Company’s financial results for the current periods presented with the prior periods presented.

The following tables provide a reconciliation between net income and diluted earnings per share calculated in accordance with GAAP to adjusted net income and adjusted diluted earnings per share, which are shown net of tax (in thousands, except per share amounts):

         Trailing Twelve Three Months Ended Six Months EndedMonths Ended June 30, June 30,June 30,  2026  2025   2026 2025 2026   2025 In Thousands In Thousands In Thousands In Thousands In Thousands In ThousandsNet income, as reported$         93,467  $         59,805  $       201,169   $       143,396  $       388,148   $       291,770Adjustments, net of tax:           Merger and acquisition expenses              4,771                2,134                5,417                 2,488              15,200                 2,690Amortization of acquired intangible assets            11,554                9,258              23,108               18,516              45,647               37,660CFPB litigation settlement                   —                9,390                     —                 9,390                     —                 9,390Other expense (income), net                 322                 (967)                (532)             (1,391)             (2,090)               1,482Adjusted net income$       110,114   $         79,620  $       229,162   $       172,399  $       446,905   $       342,992  Three Months Ended Six Months Ended June 30, June 30,  2026  2025   2026   2025  Per Share Per Share Per Share Per ShareDiluted earnings per share, as reported$             2.12  $             1.34  $             4.56   $             3.21 Adjustments, net of tax:       Merger and acquisition expenses                0.11                  0.05                  0.12                   0.06 Amortization of acquired intangible assets                0.26                  0.21                  0.52                   0.41 CFPB litigation settlement                   —                  0.21                     —                   0.21 Other expense (income), net                0.01                (0.02)               (0.01)               (0.03)Adjusted diluted earnings per share$             2.50  $             1.79  $             5.19   $             3.86  FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(unaudited)

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA

The Company defines EBITDA as net income before income taxes, depreciation and amortization, interest expense and interest income and adjusted EBITDA as EBITDA adjusted for certain items, as listed below, that management considers to be non-operating in nature and not representative of its actual operating performance. The Company believes EBITDA and adjusted EBITDA are commonly used by investors to assess a company’s financial performance, and adjusted EBITDA is used as a starting point in the calculation of the consolidated total debt ratio as defined in the Company’s senior unsecured notes. The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA (in thousands):
               

             Trailing Twelve Three Months Ended Six Months Ended Months Ended June 30, June 30, June 30, 2026  2025  2026  2025  2026  2025 Net income$      93,467   $      59,805  $    201,169   $    143,396  $    388,148   $    291,770 Income taxes       33,535          21,274         70,961          48,900       139,249          95,239 Depreciation and amortization       32,440          25,864         63,956          51,366       124,396        103,733 Interest expense       35,702          26,337         70,230          53,808       137,715        108,429 Interest income          (417)           (527)           (644)        (1,756)        (1,823)        (2,687)EBITDA     194,727        132,753       405,672        295,714       787,685        596,484 Adjustments:                 Merger and acquisition expenses         6,358            2,777           7,223            3,239         18,353            3,506 CFPB litigation settlement              —          11,000                —          11,000                —          11,000 Other expense (income), net            346          (1,401)           (833)        (1,944)        (3,596)          1,982 Adjusted EBITDA$    201,431   $    145,129  $    412,062   $    308,009  $    802,442   $    612,972  FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(unaudited)

Free Cash Flow and Adjusted Free Cash Flow

For purposes of its internal liquidity assessments, the Company considers free cash flow and adjusted free cash flow. The Company defines free cash flow as cash flow from operating activities less purchases of furniture, fixtures, equipment and improvements and net fundings/repayments of pawn loan and finance receivables, which are considered to be operating in nature by the Company but are included in cash flow from investing activities. Adjusted free cash flow is defined as free cash flow adjusted for merger and acquisition expenses paid that management considers to be non-operating in nature.

Free cash flow and adjusted free cash flow are commonly used by investors as additional measures of cash generated by business operations that may be used to repay scheduled debt maturities and debt service or, following payment of such debt obligations and other non-discretionary items, that may be available to invest in future growth through new business development activities or acquisitions, repurchase stock, pay cash dividends or repay debt obligations prior to their maturities. These metrics can also be used to evaluate the Company’s ability to generate cash flow from business operations and the impact that this cash flow has on the Company’s liquidity. However, free cash flow and adjusted free cash flow have limitations as analytical tools and should not be considered in isolation or as a substitute for cash flow from operating activities or other income statement data prepared in accordance with GAAP. The following table reconciles cash flow from operating activities to free cash flow and adjusted free cash flow (in thousands):

         Trailing Twelve Three Months Ended Six Months Ended Months Ended June 30, June 30, June 30,  2026   2025   2026   2025   2026   2025 Cash flow from operating activities$       176,777   $       116,854  $       330,405   $       243,494  $       672,853   $       554,733 Cash flow from certain investing activities:           Pawn loans made        (667,577)         (471,331)      (1,329,288)         (893,706)      (2,529,810)      (1,770,554)Pawn loans repaid          372,464             257,218            776,118             531,098         1,442,058          1,026,859 Recovery of pawn loan principal through sale of forfeited collateral          193,646             164,081            405,124             332,016            832,441             661,991 Investments in finance receivables          (93,742)         (122,639)         (196,310)         (237,132)         (399,754)         (554,419)Proceeds from finance receivables            94,206               87,228            181,848             181,155            342,965             396,691 Purchases of furniture, fixtures, equipment and improvements          (17,748)           (12,952)           (37,864)           (25,866)           (66,904)           (51,447)Free cash flow            58,026               18,459            130,033             131,059            293,849             263,854 Merger and acquisition expenses paid, net of tax benefit              4,771                 2,134                5,417                 2,488              15,200                 2,690 Adjusted free cash flow$         62,797   $         20,593  $       135,450   $       133,547  $       309,049   $       266,544  FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(unaudited)

Adjusted Return on Equity and Adjusted Return on Assets

Management believes the presentation of adjusted return on equity and adjusted return on assets provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance by excluding items that management believes are non-operating in nature and not representative of the Company’s core operating performance.

Annualized adjusted return on equity and adjusted return on assets is calculated as follows (dollars in thousands):

 Trailing Twelve Months Ended June 30, 2026Adjusted net income (1)$                    446,905    Average stockholders’ equity (average of five most recent quarter-end balances)$                 2,247,290 Adjusted return on equity (trailing twelve months adjusted net income divided by average equity)20 %    Average total assets (average of five most recent quarter-end balances)$                 5,168,845 Adjusted return on assets (trailing twelve months adjusted net income divided by average total assets)9 %  (1) See detail of adjustments to net income in the “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section above.
Constant Currency Results

The Company’s reporting currency is the U.S. dollar, however, certain performance metrics discussed in this release are presented on a “constant currency” basis, which is considered a non-GAAP financial measure. The Company’s management uses constant currency results to evaluate operating results of business operations in Latin America and the U.K., which are transacted in local currencies in Mexico, Guatemala, Colombia and the U.K. The Company also has operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

The Company believes constant currency results provide valuable supplemental information regarding the underlying performance of its business operations in Latin America and the U.K., consistent with how the Company’s management evaluates such performance and operating results. Constant currency results reported herein are calculated by translating certain balance sheet and income statement items denominated in local currencies using the exchange rate from the prior-year comparable period, as opposed to the current comparable period, in order to exclude the effects of foreign currency rate fluctuations for purposes of evaluating period-over-period comparisons. 

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(unaudited) Latin America Pawn Segment Constant Currency ResultsThe following table presents operating results for the Latin America pawn segment using the exchange rate from the prior-year comparable periods (in thousands):

      Three Months Ended June 30, 2026 Six Months Ended June 30, 2026   Currency Constant   Currency Constant U.S. Exchange Currency U.S. Exchange Currency Dollar Rate Basis Dollar Rate Basis Basis Fluctuations (Non-GAAP) Basis Fluctuations (Non-GAAP)Revenue:           Retail merchandise sales$       174,316 $       (18,115) $         156,201 $       334,157 $       (39,642) $         294,515Pawn loan fees            79,572             (8,291)               71,281           156,218           (18,579)             137,639Wholesale scrap jewelry sales            38,154                    —                38,154             58,786                    —                58,786Total revenue          292,042           (26,406)             265,636           549,161           (58,221)             490,940            Cost of revenue:           Cost of retail merchandise sold          113,763           (11,771)             101,992           217,829           (25,722)             192,107Cost of wholesale scrap jewelry sold            32,947             (3,515)               29,432             49,807             (6,058)               43,749Total cost of revenue          146,710           (15,286)             131,424           267,636           (31,780)             235,856            Net revenue          145,332           (11,120)             134,212           281,525           (26,441)             255,084            Segment expenses:           Operating expenses            82,181             (8,312)               73,869           162,908           (18,814)             144,094Depreciation              5,002                (495)                 4,507               9,587             (1,079)                 8,508Total segment expenses            87,183             (8,807)               78,376           172,495           (19,893)             152,602            Segment pre-tax operating income$         58,149 $         (2,313) $           55,836 $       109,030 $         (6,548) $         102,482 The following table presents earning assets for the Latin America pawn segment using the exchange rate from the prior-year comparable period (in thousands):  As of June 30, 2026   Currency Constant U.S. Exchange Currency Dollar Rate Basis Basis Fluctuations (Non-GAAP)Earning assets:     Pawn loans$       198,347 $       (14,261) $         184,086Inventories          161,013           (11,601)             149,412 $       359,360 $       (25,862) $         333,498 Exchange Rates for the Mexican Peso, Guatemalan Quetzal, Colombian Peso and British Pound Sterling     June 30, Favorable / 2026 2025 (Unfavorable)U.S. dollar / Mexican peso exchange rate:       End-of-period17.5 18.9  7%
 Three months ended17.4 19.5  11%
 Six months ended17.5 20.0  13%
         U.S. dollar / Guatemalan quetzal exchange rate:       End-of-period7.6 7.7  1%
 Three months ended7.6 7.7  1%
 Six months ended7.6 7.7  1%
         U.S. dollar / Colombian peso exchange rate:       End-of-period3,444 4,070  15%
 Three months ended3,611 4,199  14%
 Six months ended3,655 4,195  13%
         British pound sterling  / U.S. dollar exchange rate:       End-of-period1.33 1.37  (3)% Three months ended1.34 1.34  —%
 Six months ended1.35 1.30  4%
  For further information, please contact:
Gar Jackson Global IR Group Phone:(817) 886-6998Email:[email protected]  Doug Orr, Executive Vice President and Chief Financial OfficerPhone:(817) 258-2650Email:[email protected]:
investors.firstcash.com

SILVER SPRING, Md. & DURHAM, N.C.--(BUSINESS WIRE)--United Therapeutics Corporation (Nasdaq: UTHR), a public benefit corporation, announced today that the company's Board of Directors appointed Victor Dzau, M.D., to its Board on July 22, 2026.Dr. Dzau recently completed a 12-year tenure as President of the National Academy of Medicine (NAM) and formerly served as Chancellor for Health Affairs at Duke University, President and CEO of the Duke University Health System, and Chairman of Medicine at.

23.7.2026 12:45, GOOGL

Technologická konglomerát Alphabet zveřejnil výsledky hospodaření za druhý kvartál roku 2026. Trhy zaujaly především výsledky Google Cloud, jehož výnosy meziročně vzrostly o 82 %. Nicméně rostoucí poptávka po cloudových službách a umělé inteligenci má za následek růst kapitálových výdajů, které jsou v tomto roce projektovány v rozmezí 195-205 mld. USD. Volné hotovostní toky poprvé v historii dosáhly záporných hodnot, a to 5,9 mld. USD.

Výsledky společnosti Alphabet (GOOGL) za 2Q 2026   2Q 2026 Konsensus 2Q 2026 2Q 2025 Výnosy (mld. USD) 119,8 117,02 96,43 Čistý zisk (mld. USD) 112,11 -- 28,20 Zisk na akcii (EPS, USD/akcie) 2,75* 2,90 2,31 *Zisk na akcii je očištěn především o jednorázové vlivy z přecenění investic Alphabetu do společností Anthropic a SpaceX. 

Výsledky za 2Q Výnosy společnosti meziročně vzrostly o 24 % nebo o 23 % na konstantní měnové bázi na 112,11 mld. USD. Při očištění výnosů od Traffic Acquisition Costs - TAC (náklady na získání návštěvnosti) dosáhl Alphabet výnosů ve výši 103,62 mld. USD (meziroční růst o 27 %), přičemž analytický konsensus byl na úrovni 101,07 mld. USD.

Provozní zisk zaznamenal meziroční růst o 30 % na 40,77 mld. USD při očekávání analytiků 40,55 mld. USD. Provozní marže meziročně vzrostla o 2,0 p. b. na 34,0 % při očekávání 34,7 %.

Počet zaměstnanců vzrostl v meziročním srovnání o 6,3 % na 198,9 tis. Analytici v průměru predikovali 195,53 tis.

Výnosy Alphabetu ve 3Q dle segmentu
(mld. USD) Segment Výnosy Konsenzus Meziroční změna Google Advertising (Výnosy plynoucí z reklamy) 81,63 81,12 +14 % Vyhledávač Google & ostatní
63,27 63,28 +17 % YouTube reklamy 11,06 10,81 +13 % Google Network (AdMob, AdSense,..)
7,30 7,13 -0,7 % Google Subscriptions, Platforms, and Devices (Google Play, Fitbit, Google Nest, Google Pixel, YT Premium,..) 12,91 13,06 +15 % Google Cloud (Google Cloud Platform, Google Workspace,..) 24,77 22,46 +82 % Other Bets (Ostatní sázky - Waymo, Verily, GFiber,..) 0,38 0,40 +2,4 % Počet zaměstnanců vzrostl v meziročním srovnání o 6,3 % na 198,9 tis. Analytici v průměru predikovali 195,53 tis.

Zisk společnosti byl reportován ve výši 9,11 USD, jež byl pozitivně ovlivněn přeceněním investic do společností Anthropic, SpaceX ve výši 99,0 mld. USD, což navýšilo čistý zisk o 77,1 mld. USD, respektive o 6,26 USD na akcii.

Google Cloud, kapitálové výdaje (CAPEX) a jejich vliv na Free cash flow Google Cloud zaznamenal meziroční růst výnosů o 82 % na 24,77 mld. USD. Tržní konsensus byl nastaven na 22,46 mld. USD. Provozní zisk v tomto segmentu dosáhl 8,81 mld. USD. Ve stejném období činil 2,83 mld. USD. Analytici jej v průměru predikovali ve výši 6,91 mld. USD.

Nezpracované zakázky (backlog) v Google Cloud dosáhly 514 mld. USD, což indikuje mezikvartální nárůst o více než 11,7 %.

S rostoucí poptávkou po cloudu se zvyšují kapitálové výdaje společnosti, které v uplynulém kvartálu dosáhly 44,92 mld. USD. Ve stejném období činily 22,45 mld. USD. Analytici v průměru predikovali 44,15 mld. USD. Přibližně 60 % z těchto výdajů byly vynaloženy na servery společnosti, 40 % na datacentra a síťovou infrastrukturu.

Společnost také přistoupila k opětovnému zvýšení kapitálových výdajů, a to na 195-205 mld. USD z původních 180-190 mld. USD. Alphabet tento krok odůvodnil zrychlením dodávek kapacity kvůli poptávce. V následujícím roce společnost nadále očekává výrazný nárůst kapitálových výdajů, projektované hodnoty zatím Alphabet nezveřejnil.

Růst kapitálových výdajů má negativní vliv na volné hotovostní toky společnosti (Free cash flow). Poprvé v historii se hotovostní toky propadly do červených čísel, když dosáhly -5,9 mld. USD. Společnost v uplynulém kvartálu zpětně neodkoupila akcie, naopak přistoupila k navýšení kapitálu z emise akcií (včetně povinně konvertibilních prioritních akcií) o přibližně 49,6 mld. USD.

Komentář CEO „Naše investice do umělé inteligence mění možnosti napříč celým naším podnikáním.

Druhé čtvrtletí bylo mimořádně úspěšné. Tržby společnosti Alphabet meziročně vzrostly o 24 % a tržby divize Google Cloud zrychlily růst na 82 %, a to díky silné poptávce po AI infrastruktuře a řešeních založených na umělé inteligenci. Těší nás široké rozšíření služby Gemini Enterprise, kterou dnes využívá téměř 90 % společností z žebříčku Fortune 100.

Pozitivní dynamiku sledujeme napříč celou společností. Naše populární AI funkce podporují růst počtu vyhledávacích dotazů. Modely Gemini nyní zpracovávají 22 miliard API tokenů za minutu a aplikace Gemini má 950 milionů měsíčně aktivních uživatelů. Silnou poptávku zaznamenáváme také po našich bezpečnostních řešeních a nový model Gemini 3.5 Flash Cyber nabízí špičkový výkon v oblasti kybernetické bezpečnosti při velmi vysoké nákladové efektivitě. Platforma YouTube navíc zůstává hlavním místem pro sledování významných světových událostí. Během mistrovství světa ve fotbale FIFA 2026 sledovalo videa související s turnajem více než 1,7 miliardy unikátních diváků, uvedl Sundar Pichai, CEO společnosti Alphabet.

Komentář analytiků Analytik z EverCore ISI uvedl, že Google navzdory vysokým očekáváním většinu z nich splnil. Za největší překvapení označil výsledky divize Google Cloud, která vykázala meziroční růst tržeb o 82 % a rekordní provozní marži 36 %.

Analytik z Barclays komentoval výsledky takto: „Náklady na integraci umělé inteligence do všech služeb společnosti, trénování modelů a obsluhu zákazníků Google Cloud vedou k prudkému růstu provozních i kapitálových výdajů, což v krátkodobém horizontu vytváří tlak na marže.“

Akcie Alphabet Akcie společnosti Alphabet (GOOGL) před začátkem obchodování oslabují o 4,21 % na 327,7 USD.

Akcie Alphabet Inc (GOOGL) včera uzavřely poklesem o 1,5 % na 342,09 USD Ukazatel   Ukazatel   Kapitalizace (mld. USD) 4163,7 P/E 33,1 Vývoj za letošní rok (%) +9,3 Očekávané P/E 23,0 52týdenní minimum (USD) 187,8 Prům. cílová cena (USD) 432,0 52týdenní maximum (USD) 408,6 Dividendový výnos (%) 0,2 Zdroj: Bloomberg, Alphabet

Jakub Němec, Fio banka, a.s.

Western Alliance Bancorporation remains a 'buy' as revenue and profitability continue to climb, with shares trading at compelling valuation multiples. WAL's Q2 2026 results featured net interest income of $716.5M, revenue above expectations, and net profit growth, despite a slight EPS miss. Asset quality is robust, with ROA at 1.09% and ROE at 10.83%, though non-performing loans rose to 0.92%, exceeding preferred thresholds.

July 23, 2026 04:34 ET  | Source: InterDigital, Inc.

WILMINGTON, Del., July 23, 2026 (GLOBE NEWSWIRE) -- InterDigital, Inc. (Nasdaq: IDCC), a wireless, video and AI technology research and development company, today announced that it has been awarded another injunction against Disney by the Unified Patent Court (UPC). The UPC is a pan-European patent court which issues decisions that apply across multiple countries in the European Union (EU).

The Düsseldorf Local Division of the UPC ruled that InterDigital is entitled to an injunction over Disney’s infringement of an InterDigital patent covering certain video encoding techniques related to HEVC and confirmed the validity of this patent. The injunction against Disney spans 11 EU countries, including France, Germany and Italy. Disney can appeal the decision.

The judgment from the Düsseldorf court is the second injunction related to encoding for HEVC that InterDigital has received from the UPC against Disney.

Other injunctions have been issued by national courts in Germany and Brazil over Disney’s infringement of InterDigital’s intellectual property related to high dynamic range (HDR) technology, the dynamic overlaying of multiple video streams, casting video content over different devices, and additional compression technologies related to HEVC and AVC.

“Encoding for HEVC is a key component of the high-quality, premium viewing experience that streaming companies like Disney use to justify higher subscription prices,” said Josh Schmidt, Chief Legal Officer, InterDigital. “InterDigital has invested heavily in the development of advanced video encoding technologies and we remain committed to receiving a fair return for Disney’s ongoing use of our patented innovations.”

About InterDigital®

InterDigital is a global research and development company focused primarily on wireless, video, artificial intelligence (“AI”), and related technologies. We design and develop foundational technologies that enable connected, immersive experiences in a broad range of communications and entertainment products and services. We license our innovations worldwide to companies providing such products and services, including makers of wireless communications devices, consumer electronics, IoT devices, cars and other motor vehicles, and providers of cloud-based services such as video streaming. As a leader in wireless technology, our engineers have designed and developed a wide range of innovations that are used in wireless products and networks, from the earliest digital cellular systems to 5G and today’s most advanced Wi-Fi technologies. We are also a leader in video processing and video encoding/decoding technology, with a significant AI research effort that intersects with both wireless and video technologies. Founded in 1972, InterDigital is listed on Nasdaq.

InterDigital is a registered trademark of InterDigital, Inc.

For more information, visit: www.interdigital.com.

InterDigital Contact:
Richard Lloyd
Email: [email protected]
+1 (202) 349-1716

Revenue Growth of 9.5% (ex-FX) Year-over-Year Delivered Record Quarterly Revenue of $416 Million

2026 Full Year Guidance Raised

Board Authorized New Stock Repurchase Program of up to $400 Million

Strategic Medical Acquisition Broadens Product Portfolio and Expands Channel Access

NOVI, Mich., July 23, 2026 (GLOBE NEWSWIRE) -- Gentherm (NASDAQ:THRM), a global market leader of innovative thermal management and pneumatic comfort technologies, today announced its financial results for the second quarter ended June 30, 2026.

“The Gentherm team demonstrated strong commercial performance with record quarterly revenue, while also scaling our core technologies into new markets. Our growth initiatives in both home and office, and medical markets continued to accelerate.” said Bill Presley, the Company's President and CEO. “In addition, I was pleased with our execution during the quarter. The operating systems and key performance indicators we have put in place to drive more rigor and standardization throughout the business are yielding positive results.”

Second Quarter Highlights

Secured Automotive New Business Awards totaling $690 million in the quarter.Selected by two leading North American based furniture brands to supply climate and comfort solutions; fourth consecutive quarter securing new home and office customers.Product revenues of $416.2 million increased 11.0% from $375.1 million in the prior year. Excluding the impact of foreign currency translation, product revenues increased 9.5%, with Automotive increasing 9.8% and Medical decreasing 0.2%.Automotive Climate and Comfort Solutions revenue increased 14.1% year over year, or 12.7% excluding the impact of foreign currency translation, outperforming S&P Global’s mid-July light vehicle production report in our relevant markets by 14 percentage points.Gross margin was 23.2%, compared to 23.9% in the prior year. The decrease was primarily driven by higher material costs, including higher warranty accruals in Automotive and Medical, partially offset by strong operating leverage.Net income was $4.4 million, compared to $0.5 million in the prior year.Adjusted EBITDA was $48.8 million, or 11.7% of revenue, compared to $45.9 million, or 12.2% of revenue, in the prior year.GAAP diluted earnings per share was $0.14, compared to $0.02 in the prior year.Adjusted diluted earnings per share was $0.75, compared to $0.54 in the prior year.Cash flow from operations was $2.3 million, compared to $31.7 million in the prior year. The decrease was primarily driven by restructuring and merger and acquisition expenses.Second quarter ended with net leverage of ~0.3x and liquidity of $502.3 million. The Company provides various non-GAAP financial measures in this release. See “Use of Non-GAAP Measures” below for additional information, including definitions, usefulness for investors and limitations, as well as reconciliations below to the most directly comparable GAAP financial measures.

Guidance

The Company raised its guidance for full year 2026 which is provided below1:

 As of April 2026As of July 2026Product Revenues$1.5B – $1.6B$1.55B – $1.65BAdjusted EBITDA$175M – $195M$185M – $200MAdjusted Free Cash Flow$80M – $100M$85M – $100M 12026 guidance based on tariffs currently in effect as of today, our current forecast of customer orders and expectations of near-term conditions, light vehicle production in our relevant markets decreasing at a low single digit rate for full year 2026 versus 2025, and a EUR to USD exchange rate of $1.16/Euro. Assumes an effective tax rate of ~30%. Does not reflect any impact from the planned combination with Modine Performance Technologies.

Presley concluded, “Our strong first half performance puts us on track to deliver a solid year and gives us confidence in raising our 2026 guidance. We continue to transform the Company for profitable growth, margin expansion, and driving shareholder returns.”

M&A Updates

Completed key sign-to-close deliverables related to planned combination with Modine Performance Technologies. The transaction remains on track to close by early fourth quarter 2026.Acquired Innovative Medical Equipment, LLC, provider of the ThermaZone® thermal therapy device, expanding thermal management product portfolio and providing strong cross-selling opportunities by leveraging complementary customer bases across additional healthcare channels. New Stock Repurchase Authorization

The Board of Directors authorized a new stock repurchase program of up to $400 million of the Company’s issued and outstanding common stock.The new program will replace the Company's existing stock repurchase program effective July 27, 2026, and will remain in effect for a three-year period.As of June 30, 2026, the prior program had approximately $110 million of stock repurchase authorization remaining. “During the quarter, we secured financing that provides additional flexibility to support the long-term capital needs of the business. With a strong balance sheet and access to capital, we are well positioned to execute our strategic priorities while maintaining a disciplined approach to capital allocation.” said Jon Douyard, the Company’s Chief Financial Officer. “The Board's authorization of a new stock repurchase program underscores our confidence in the business's long-term cash flow generation and our commitment to creating value for shareholders.”

Conference Call

As previously announced, Gentherm will conduct a conference call today at 8:00 am Eastern Time to review these results. The dial-in number for the call is 1-877-407-4018 (callers in the U.S.) or +1-201-689-8471 (callers outside the U.S.). The passcode for the live call is 13761564.

A live webcast and one-year archived replay of the call, as well as a copy of the supplemental materials that will be used during the conference call, can be accessed on the Events page of the Investor section of Gentherm's website at www.gentherm.com.

A telephonic replay will be available approximately two hours after the call until 11:59 pm Eastern Time on August 6, 2026. The replay can be accessed by dialing 1-844-512-2921 (callers in the U.S.), or +1-412-317-6671 (callers outside the U.S.). The passcode for the replay is 13761564.

Investor Contact 
Gregory Blanchette
[email protected]  
248.308.1702 

Media Contact 
Haley Baur 
[email protected]  
248.289.9711

About Gentherm
Gentherm (NASDAQ: THRM) is a global market leader of innovative thermal management and pneumatic comfort technologies. Automotive products include Climate Control Seats (CCS®), Climate Control Interiors (CCI™), Lumbar and Massage Comfort Solutions, and Valve Systems. Medical products include patient temperature management systems. The Company is also developing a number of new technologies and products that will help enable improvements to existing products and to create new product applications for existing and new markets. Gentherm has more than 14,000 employees in facilities across 13 countries. In 2025, the company recorded annual sales of approximately $1.5 billion and secured $2.2 billion in automotive new business awards. For more information, go to www.gentherm.com. 

NO OFFER OR SOLICITATION
This release is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy or exchange any securities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. It does not constitute a prospectus or prospectus equivalent document. No offering or sale of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, and otherwise in accordance with applicable law.

Additional Information and Where to Find It
In connection with the proposed transaction (the “Proposed Transaction”) among Gentherm, Modine Manufacturing Company (“Modine”) and Modine’s Performance Technologies business (“SpinCo”), the parties have filed relevant materials with the SEC, including, among other filings, a registration statement on Form S-4 filed by Gentherm on July 2, 2026 (the “Form S-4”) that includes a preliminary proxy statement/prospectus of Gentherm, and a registration statement on Form 10 filed by SpinCo that incorporates by reference certain portions of the Form S-4 and serves as an information statement/prospectus in connection with the spin-off of SpinCo from Modine. Neither the Form S-4 nor the Form 10 have yet become effective. After the Form S-4 is declared effective by the SEC, a definitive proxy statement/prospectus will be mailed to shareholders of Gentherm. INVESTORS AND SECURITY HOLDERS OF GENTHERM AND MODINE ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS, THE INFORMATION STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS THAT ARE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT GENTHERM, MODINE, SPINCO, THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders are able to obtain free copies of the Form S-4 and the proxy statement/prospectus (when available) and other documents filed with the SEC by Gentherm, Modine or SpinCo through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by Gentherm are available free of charge on Gentherm’s website at ir.Gentherm.com under the tab “Financial Info” and under the heading “SEC Filings.” Copies of the documents filed with the SEC by Modine and SpinCo are available free of charge on Modine’s website at investors.Modine.com under the tab “Financials” and under the heading “SEC Filings.”

Participants in the Solicitation
Gentherm and Modine and their respective directors and executive officers and other members of management and employees may be considered participants in the solicitation of proxies from Gentherm’s shareholders in connection with the Proposed Transaction under the rules of the SEC. Information about the directors and executive officers of Gentherm is set forth in its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 19, 2026, and its proxy statement for its 2026 annual meeting of shareholders, which was filed with the SEC on April 1, 2026 and supplemented on April 10, 2026. To the extent holdings of Gentherm’s securities by its directors or executive officers have changed since the amounts set forth in such filings, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Beneficial Ownership on Form 4 filed with the SEC. Information about the directors and executive officers of Gentherm and other information regarding the potential participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the proxy statement/prospectus and other relevant materials filed with the SEC regarding the Proposed Transaction. Information about the directors and executive officers of Modine is set forth in its Annual Report on Form 10-K for the year ended March 31, 2026, which was filed with the SEC on May 27, 2026, and its proxy statement for its 2026 annual meeting of shareholders, which was filed with the SEC on July 10, 2026. To the extent holdings of Modine’s securities by its directors or executive officers have changed since the amounts set forth in such filings, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Beneficial Ownership on Form 4 filed with the SEC. You may obtain these documents (when they become available) free of charge through the website maintained by the SEC at www.sec.gov and from Gentherm’s website and Modine’s website as described above.

Forward-Looking Statements 
Except for historical information contained herein, statements in this release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Gentherm Incorporated's goals, beliefs, plans and expectations about its prospects for the future and other future events. The forward-looking statements included in this release are made as of the date hereof or as of the date specified herein and are based on management's reasonable expectations and beliefs. In making these statements we rely on assumptions and analysis based on our experience and perception of historical trends, current conditions and expected future developments, third party information and projections from sources that management believes to be reputable, as well as other factors we consider appropriate under the circumstances. Such statements are subject to a number of important assumptions, significant risks and uncertainties (some of which are beyond our control) and other factors that may cause actual results or performance to differ materially from that described in or indicated by the forward-looking statements, including but not limited to:

macroeconomic, geopolitical and similar global factors in the cyclical Automotive industry;the impact of, and our ability to mitigate the effects of, global economic and trade policies, including increases in duties, tariffs and taxation on the import or export of our products related to U.S. trade disputes;increasing U.S. and global competition, including with non-traditional entrants;our ability to effectively manage new product launches and research and development, and the market acceptance of such products and technologies;the evolution and challenges of the automotive industry towards electric vehicles, autonomous vehicles and mobility on demand services, and related consumer behaviors and preferences;our ability to convert automotive new business awards into product revenues;the constraints in the supply chain environment, and inflationary and other cost pressures;the production levels of our major customers and OEMs in our relevant markets and sudden fluctuations in such production levels;our business in China, which is subject to unique operational, competitive, geopolitical, regulatory and economic risks;the impact of our global operations, including our cost structure and global manufacturing footprint, operations within Ukraine, and foreign currency and exchange risk;our product quality and safety and impact of product safety recalls and alleged defects in products;our ability to attract and retain highly skilled employees and wage inflation;a tightening labor market, labor shortages or work stoppages impacting us, our customers or our suppliers, such as recent labor strikes among certain OEMs and suppliers;our achievement of product cost reductions to offset customer-imposed price reductions or other pricing pressures;our ability to execute efforts to optimize our global supply chain and manufacturing footprint, including opening new facilities and transferring production;our ability to source, consummate, integrate and achieve planned benefits of strategic acquisitions, investments and, as applicable, exits;any security breaches and other disruptions to our information technology networks and systems, as well as privacy, data security and data protection risks, including risks associated with use of artificial intelligence capabilities in our business operations;any loss or insolvency of our key customers and OEMs, or key suppliers;our ability to project future sales volume based on third-party information, based on which we manage our business;the protection of our intellectual property in certain jurisdictions;our compliance with global anti-corruption laws and regulations;legal and regulatory proceedings and claims involving us or one of our major customers;the extensive regulation of our patient temperature management business;risks associated with our manufacturing processes;the effects of climate change and regulatory and stakeholder-imposed requirements to address climate change and other sustainability issues;our product quality and safety;our borrowing availability under our revolving credit facility, as well as the ability to access the capital markets, to support our planned growth; andour indebtedness and compliance with our debt covenants. Furthermore, important factors related to the Proposed Transaction could cause actual results to differ materially from those currently anticipated, including:

that one or more closing conditions to the Proposed Transaction, including certain regulatory approvals, may not be satisfied or waived, on a timely basis or otherwise, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the Proposed Transaction, may require conditions, limitations or restrictions in connection with such approvals or that the required approval by the shareholders of Gentherm may not be obtained;the risk that the Proposed Transaction may not be completed on the terms or in the time frame expected by Gentherm, Modine and SpinCo, or at all;unexpected costs, charges or expenses resulting from the Proposed Transaction;uncertainty of the expected financial performance of the combined company following completion of the Proposed Transaction;failure to realize the anticipated benefits of the Proposed Transaction, including as a result of delay in completing the Proposed Transaction or integrating the businesses of Gentherm and SpinCo, on the expected timeframe or at all;the ability of the combined company to implement its business strategy;difficulties and delays in the combined company achieving revenue and cost synergies;inability of the combined company to retain and hire key personnel;the occurrence of any event that could give rise to termination of the Proposed Transaction;the risk that shareholder litigation in connection with the Proposed Transaction or other litigation, settlements or investigations may affect the timing or occurrence of the Proposed Transaction or result in significant costs of defense, indemnification and liability;evolving legal, regulatory and tax regimes;changes in general economic and/or industry specific conditions or any volatility resulting from the imposition of and changing policies, including those policies with respect to tariffs;actions by third parties, including government agencies;the risk that the anticipated tax treatment of the Proposed Transaction is not obtained;the risk of greater than expected difficulty in separating the business of SpinCo from the other businesses of Modine; andrisks related to the disruption of management time from ongoing business operations due to the pendency of the Proposed Transaction, or other effects of the pendency of the Proposed Transaction on the relationship of any of the parties to the Proposed Transaction with their employees, customers, suppliers, or other counterparties. The foregoing risks should be read in conjunction with the Company's reports filed with or furnished to the Securities and Exchange Commission (the “SEC”), including “Risk Factors,” in its most recent Annual Report on Form 10-K and subsequent SEC filings, for a discussion of these and other risks and uncertainties. In addition, with reasonable frequency, we have entered into business combinations, acquisitions, divestitures, strategic investments and other significant transactions. Such forward-looking statements do not include the potential impact of any such transactions that may be completed after the date hereof (except the Proposed Transaction to the extent specified), each of which may present material risks to the Company’s future business and financial results. Moreover, we operate in a very competitive and rapidly changing environment and new risks emerge from time to time.

Except as required by law, the Company expressly disclaims any obligation or undertaking to update any forward-looking statements to reflect any change in its strategies or expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. 

Use of Non-GAAP Financial Measures
In addition to the results reported in accordance with GAAP throughout this release, the Company has provided here or elsewhere information regarding: adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”); Adjusted EBITDA margin; Adjusted net income; Adjusted earnings per share (“Adjusted earnings per share” or “Adjusted EPS”); Quarter-to-date Operating Cash Flow; Free Cash Flow; Adjusted Free Cash Flow; Adjusted Free Cash Flow Conversion rate; net capital expenditures (“net CAPEX”); Net Debt; Liquidity; Net Leverage Ratio (“Net Leverage”); revenue, segment revenue and product revenue excluding foreign currency translation and other specified gains and losses; Adjusted operating expenses; Pro Forma Revenue; Pro Forma Adjusted EBITDA; and Pro Forma Adjusted EBITDA Margin, each a non-GAAP financial measure. The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, deferred financing cost amortization, non-cash stock based compensation expenses, restructuring expenses, net, unrealized currency gain or loss and other gains and losses not reflective of the Company’s ongoing operations and related tax effects. The Company defines Adjusted EBITDA margin as Adjusted EBITDA divided by product revenues. The Company defines Adjusted net income as earnings adjusted by restructuring expenses, net, unrealized currency gain or loss and other gains and losses not reflective of the Company’s ongoing operations and related tax effects. The Company defines Adjusted EPS as Adjusted net income divided by the Company’s weighted average shares outstanding. The Company defines Quarter-to-date Operating Cash Flow as Net cash provided by/(used in) operating activities for the current period, less that of the immediately preceding period. The Company defines Free Cash Flow as Net cash provided by/(used in) operating activities plus Proceeds from the sale of property and equipment less Purchases of property and equipment. The Company defines net CAPEX as Purchases of property and equipment less Proceeds from the sale of property and equipment. The Company defines Adjusted Free Cash Flow as Net cash provided by/(used in) operating activities, excluding cash restructuring expenses, net and other gains and losses not reflective of the Company’s ongoing operations, less net CAPEX. The Company defines Adjusted Free Cash Flow Conversion rate as Adjusted Free Cash Flow divided by Adjusted EBITDA. The Company defines Net Debt as the principal amount of all Consolidated Funded Indebtedness (as defined in the Credit Agreement) less cash and cash equivalents. The Company defines Liquidity as the sum of cash and cash equivalents and availability under the Company’s revolving line of credit. The Company defines Net Leverage as Net Debt divided by Adjusted EBITDA for the trailing four fiscal quarters. The Company defines revenue, segment revenue or product revenue excluding foreign currency translation and other specified gains and losses as such revenue, excluding the estimated effects of foreign currency exchange on revenue by translating actual revenue using the prior period foreign currency exchange rates and excluding the other items specified. The Company defines Adjusted operating expenses as operating expenses excluding related non-cash stock based compensation, restructuring expenses, net, and other gains and losses not reflective of the Company’s ongoing operations. The Company defines Pro Forma Revenue as Gentherm’s product revenues for the trailing four fiscal quarters (from the date specified), plus Modine Performance Technologies’ Net sales for the trailing four fiscal quarters (from the date specified), as reported by Modine Manufacturing Company, adjusted to reflect the latest business structure. The Company defines Pro Forma Adjusted EBITDA as Gentherm’s Adjusted EBITDA for the trailing four fiscal quarters (from the date specified), plus Modine Performance Technologies’ Adjusted EBITDA for the trailing four fiscal quarters (from the date specified), as reported by Modine Manufacturing Company, adjusted to reflect the latest business structure and go-forward operational alignment. The Company defines Pro Forma Adjusted EBITDA Margin as Pro Forma Adjusted EBITDA divided by Pro Forma Revenue.

The Company’s reconciliations are included in this release or can be found in the supplemental materials for this reporting period on the Company’s website.

In evaluating its business, the Company considers and uses Quarter-to-date Operating Cash Flow, Free Cash Flow, Adjusted Free Cash Flow, Adjusted Free Cash Flow Conversion rate, Net Debt, Net Leverage and Liquidity as supplemental measures of its liquidity and the other non-GAAP financial measures as supplemental measures of its operating performance. Management provides such non-GAAP financial measures so that investors will have the same financial information that management uses with the belief that it will assist investors in properly assessing the Company's performance on a period-over-period basis by excluding matters not indicative of the Company’s ongoing operating or liquidity results and therefore enhance the comparability of the Company's results and provide additional information for analyzing trends in the business. In evaluating our non-GAAP financial measures, you should be aware that in the future we may incur revenues, expenses, and cash and non-cash obligations that are the same as or similar to some of the adjustments in our presentation of non-GAAP financial measures. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. There also can be no assurance that we will not modify the presentation of our non-GAAP financial measures in the future, and any such modification may be material. Other companies in our industry may define and calculate these non-GAAP financial measures differently than we do and those calculations may not be comparable to our metrics. These non-GAAP measures have limitations as analytical tools, and when assessing the Company's operating performance or liquidity, investors should not consider these non-GAAP measures in isolation, or as a substitute for net income/(loss), revenue or other consolidated income/(loss) statement or cash flow statement data prepared in accordance with GAAP.

Non-GAAP measures referenced in this release and other public communications may include estimates of future Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Free Cash Flow, Adjusted Free Cash Flow Conversion rate, Adjusted EPS, Pro Forma Revenue, Pro Forma Adjusted EBITDA and Pro Forma Adjusted EBITDA Margin. The Company has not reconciled the non-GAAP forward-looking guidance included in this release to the most directly comparable GAAP measures because this cannot be done without unreasonable effort due to the variability and low visibility with respect to taxes and non-recurring items, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.

  GENTHERM INCORPORATEDCONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)

          Three Months Ended June 30,  Six Months Ended June 30,   2026  2025  2026  2025 Product revenues $416,166  $375,090  $809,872  $728,944 Cost of sales  319,739   285,328   616,218   552,717 Gross margin  96,427   89,762   193,654   176,227 Operating expenses:            Net research and development expenses  24,069   22,558   48,015   46,774 Selling, general and administrative expenses  55,705   41,087   111,010   79,565 Restructuring expenses, net  5,964   2,108   12,655   6,622 Loss on sale of land and building, net  —   —   —   2,196 Total operating expenses  85,738   65,753   171,680   135,157 Operating income  10,689   24,009   21,974   41,070 Interest expense, net  (3,290)  (4,043)  (5,923)  (7,598)Foreign currency loss  (237)  (17,432)  (1,297)  (27,730)Other income (loss)  162   —   184   (1,124)Earnings before income tax  7,324   2,534   14,938   4,618 Income tax expense  2,904   2,057   6,300   4,269 Net income $4,420  $477  $8,638  $349 Basic earnings per share $0.14  $0.02  $0.28  $0.01 Diluted earnings per share $0.14  $0.02  $0.28  $0.01 Weighted average number of shares – basic  30,650   30,600   30,584   30,687 Weighted average number of shares – diluted  31,054   30,652   30,947   30,781    GENTHERM INCORPORATEDREVENUE BY PRODUCT CATEGORY AND RECONCILIATION OF FOREIGN CURRENCY TRANSLATION IMPACT
(Dollars in thousands)
(Unaudited)

          Three Months Ended June 30,  Six Months Ended June 30,   2026  2025  % Change  2026  2025  % Change Climate Control Seats $217,465  $200,020   8.7 % $424,053  $391,173   8.4 %Lumbar and Massage Comfort Solutions  72,588   52,530   38.2 %  134,849   97,843   37.8 %Climate Control Interiors  52,538   49,585   6.0 %  103,302   94,926   8.8 %Climate and Comfort Electronics  8,746   5,906   48.1 %  17,906   13,621   31.5 %Automotive Climate and Comfort Solutions  351,337   308,041   14.1 %  680,110   597,563   13.8 %Valve Systems  25,102   25,143   (0.2)%  51,675   48,316   7.0 %Other Automotive  28,376   30,668   (7.5)%  55,196   59,847   (7.8)%Subtotal Automotive segment  404,815   363,852   11.3 %  786,981   705,726   11.5 %Medical segment  11,351   11,238   1.0 %  22,891   23,218   (1.4)%Total Company $416,166  $375,090   11.0 % $809,872  $728,944   11.1 %                   Foreign currency
translation impact (a)  5,298   —      19,592   —    Total Company, excluding foreign currency translation impact $410,868  $375,090   9.5 % $790,280  $728,944   8.4 %                   (a) Foreign currency translation impacts for the Automotive segment and Medical segment were $5,161 and $137 respectively, for the three months ended June 30, 2026. Foreign currency translation impacts for Automotive Climate and Comfort Solutions were $4,298 for the three months ended June 30, 2026. Foreign currency translation impacts for the Automotive segment and Medical segment were $19,140 and $452 respectively, for the six months ended June 30, 2026. Foreign currency translation impacts for Automotive Climate and Comfort Solutions were $15,218 for the six months ended June 30, 2026.    GENTHERM INCORPORATEDRECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
AND ADJUSTED EBITDA MARGIN
(Dollars in thousands)
(Unaudited)

          Three Months Ended June 30,  Six Months Ended June 30,   2026  2025  2026  2025 Net income $4,420  $477  $8,638  $349 Add back:            Depreciation and amortization  14,310   13,058   28,383   25,846 Income tax expense  2,904   2,057   6,300   4,269 Interest expense, net  3,290   4,043   5,923   7,598 Adjustments:            Non-cash stock based compensation  4,735   3,992   7,446   6,589 Restructuring expenses, net  5,964   2,108   12,655   6,622 Unrealized currency (gain) loss  (644)  18,877   174   28,484 Merger and acquisition expenses  12,862   —   27,659   — Leadership transition expenses  1,107   1,260   1,410   2,158 Loss on sale of land and building, net  —   —   —   2,196 Other (a)  (163)  25   (458)  1,127 Adjusted EBITDA $48,785  $45,897  $98,130  $85,238              Product revenues $416,166  $375,090  $809,872  $728,944 Net income margin  1.1%  0.1%  1.1%  0.0%Adjusted EBITDA margin  11.7%  12.2%  12.1%  11.7%             (a) Includes a $1,294 decrease in fair value of an equity investment for the six months ended June 30, 2025.    GENTHERM INCORPORATEDRECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME
AND ADJUSTED EARNINGS PER SHARE
(Dollars in thousands, except per share data)
(Unaudited)

          Three Months Ended June 30,  Six Months Ended June 30,   2026  2025  2026  2025 Net income $4,420  $477  $8,638  $349 Amortization of acquisition related intangibles  1,686   1,638   3,375   3,197 Restructuring expenses, net  5,964   2,108   12,655   6,622 Unrealized currency (gain) loss  (644)  18,877   174   28,484 Merger and acquisition expenses  12,862   —   27,659   — Leadership transition expenses  1,107   1,260   1,410   2,158 Loss on sale of land and building, net  —   —   —   2,196 Other  (163)  25   (458)  1,127 Tax effect of above  (2,058)  (7,709)  (4,461)  (11,840)Adjusted net income $23,174  $16,676  $48,992  $32,293              Weighted average shares outstanding:            Basic  30,650   30,600   30,584   30,687 Diluted  31,054   30,652   30,947   30,781              Earnings per share, as reported:            Basic $0.14  $0.02  $0.28  $0.01 Diluted $0.14  $0.02  $0.28  $0.01              Adjusted earnings per share:            Basic $0.76  $0.54  $1.60  $1.05 Diluted $0.75  $0.54  $1.58  $1.05               GENTHERM INCORPORATEDCONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands, except share data)
(Unaudited)

     June 30, 2026  December 31, 2025 ASSETS      Current Assets:      Cash and cash equivalents $213,173  $160,833 Accounts receivable, net  338,851   281,083 Inventory:      Raw materials  116,549   128,314 Work in process  37,913   35,429 Finished goods  90,076   88,959 Inventory, net  244,538   252,702 Other current assets  83,451   82,332 Total current assets  880,013   776,950 Property and equipment, net  268,780   270,614 Goodwill  107,111   108,918 Other intangible assets, net  49,703   52,796 Operating lease right-of-use assets  50,794   56,524 Deferred income tax assets  92,957   93,552 Other non-current assets  43,846   37,075 Total assets $1,493,204  $1,396,429 LIABILITIES AND SHAREHOLDERS’ EQUITY      Current Liabilities:      Accounts payable $270,382  $260,487 Current lease liabilities  8,199   9,646 Current maturities of long-term debt  868   73 Other current liabilities  146,832   134,104 Total current liabilities  426,281   404,310 Long-term debt, less current maturities  272,390   189,000 Non-current lease liabilities  43,623   48,105 Pension benefit obligation  3,313   3,748 Other non-current liabilities  24,479   30,943 Total liabilities $770,086  $676,106 Shareholders’ Equity:      Common Stock:      No par value; 55,000,000 shares authorized 30,705,208 and 30,526,231 issued and outstanding at June 30, 2026 and December 31, 2025, respectively  10,709   5,611 Paid-in capital  1,590   1,590 Accumulated other comprehensive loss  (11,905)  (964)Accumulated earnings  722,724   714,086 Total shareholders’ equity  723,118   720,323 Total liabilities and shareholders’ equity $1,493,204  $1,396,429      GENTHERM INCORPORATED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)

       Six Months Ended June 30,   2026  2025 Operating Activities:      Net income $8,638  $349 Adjustments to reconcile net income to net cash provided by operating activities:      Depreciation and amortization  28,744   26,089 Deferred income taxes  (8,676)  (12,202)Stock based compensation  7,446   6,604 Loss on disposition of property and equipment  246   2,444 Provisions for inventory  2,425   3,213 Other non-cash items, including unrealized foreign currency (gain) loss  1,456   31,364 Changes in assets and liabilities:      Accounts receivable, net  (58,121)  (23,690)Inventory  (4,379)  (13,430)Other assets  (3,816)  (23,102)Accounts payable  16,224   20,522 Other liabilities  12,085   13,540 Net cash provided by operating activities  2,272   31,701 Investing Activities:      Purchases of property and equipment  (14,203)  (23,728)Proceeds from the sale of property and equipment  70   3,745 Proceeds from deferred purchase price of factored receivables  —   744 Cost of technology investments  (250)  (590)Net cash used in investing activities  (14,383)  (19,829)Financing Activities:      Borrowings on debt  142,000   52,000 Repayments of debt  (71,072)  (63,076)Cash paid for financing new loans  (2,761)  — Taxes withheld and paid on employees' stock based compensation  (2,302)  (1,238)Cash paid for the repurchase of Common Stock  —   (10,015)Net cash provided by (used in) financing activities  65,865   (22,329)Foreign currency effect  (1,414)  4,620 Net increase (decrease) in cash and cash equivalents  52,340   (5,837)Cash and cash equivalents at beginning of period  160,833   134,134 Cash and cash equivalents at end of period $213,173  $128,297    GENTHERM INCORPORATEDOTHER NON-GAAP RECONCILIATIONS
(Dollars in thousands)
(Unaudited)

          Three Months Ended June 30,  Six Months Ended June 30,   2026  2025  2026  2025 Total operating expenses $85,738  $65,753  $171,680  $135,157 Restructuring expense, net  (5,964)  (2,108)  (12,655)  (6,622)Non-cash stock based compensation  (4,536)  (3,883)  (6,954)  (6,232)Merger and acquisition expenses  (12,862)  —   (27,659)  — Leadership transition expenses  (1,107)  (1,260)  (1,410)  (2,158)Loss on sale of land and building, net  —   —   —   (2,196)Adjusted operating expenses $61,269  $58,502  $123,002  $117,949    June 30, 2026  June 30, 2025 Cash and cash equivalents $213,173  $128,297 Revolving line of credit availability  289,137   287,970 Total liquidity $502,310  $416,267    June 30, 2026  June 30, 2025 Current maturities of long-term debt $868  $146 Long-term debt, less current maturities  272,390   209,000 Total Debt  273,258   209,146 Cash and cash equivalents  213,173   128,297 Net Debt $60,085  $80,849        Adjusted EBITDA for the trailing four fiscal quarters $187,712  $174,714 Net Leverage  0.3   0.5    Three Months Ended June 30,  Six Months Ended June 30,   2026  2025  2026  2025 Net cash provided by operating activities $7,315  $45,045  $2,272  $31,701 Purchases of property and equipment  (8,552)  (8,857)  (14,203)  (23,728)Proceeds from the sale of property and equipment  69   2   70   3,745 Free Cash Flow  (1,168)  36,190   (11,861)  11,718 Cash effect of adjustments:            Restructuring expenses, net  4,464   1,933   6,618   4,340 Merger and acquisition expenses  15,153   —   21,052   — Leadership transition expenses  26   206   26   6,061 Other  —   (2,143)  —   (1,399)Adjusted Free Cash Flow $18,475  $36,186  $15,835  $20,720 

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