Vancouver, British Columbia--(Newsfile Corp. - May 12, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) ("New Found Gold" or the "Company") announces that it has filed its first quarter 2026 financial statements and the related Management's Discussion and Analysis (together, the "Q1 Financials"), with Canadian securities regulators and the U.S. Securities and Exchange Commission (the "SEC").
The Q1 Financials will be available under the Company's profile on SEDAR+ at www.sedarplus.ca, the EDGAR system of the SEC at www.sec.gov, and on the Company's website at www.newfoundgold.ca.
About New Found Gold Corp.
New Found Gold is an emerging Canadian gold producer with assets in Newfoundland and Labrador, Canada. The Company holds a 100% interest in the Queensway Gold Project ("Queensway") and Hammerdown Gold Project, which includes the Hammerdown deposit and Pine Cove milling and tailings facilities. The Company is currently focused on advancing its flagship Queensway to production and bringing the Hammerdown deposit into commercial gold production.
In July 2025, the Company completed a PEA at Queensway (see New Found Gold press release dated July 21, 2025). Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential that covers a +110 km strike extent along two prospective fault zones at Queensway.
Throughout 2025 New Found Gold built a new board of directors and management team and has a solid shareholder base which includes cornerstone investor Eric Sprott. The Company is focused on growth and value creation.
Keith Boyle, P.Eng.
Chief Executive Officer
New Found Gold Corp.
Contact
For further information on New Found Gold contact us through our investor inquiry form at https://newfoundgold.ca/contact/contact-us/ or contact:
Fiona Childe, Ph.D., P.Geo.
Vice President, Communications and Corporate Development
Phone: +1 (416) 775-2700
Email: [email protected]
Follow us on social media at https://www.linkedin.com/company/newfound-gold-corp and https://x.com/newfoundgold.
Qualified Person
The scientific and technical information disclosed in this press release was reviewed and approved by Keith Boyle, P.Eng., CEO, and a Qualified Person as defined under NI 43-101. Mr. Boyle consents to the publication of this press release by New Found Gold. Mr. Boyle certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This press release contains certain "forward-looking statements" within the meaning of Canadian and United States securities legislation, including statements regarding the availability of Q1 Financials under the Company's profile on SEDAR+ at www.sedarplus.ca, the EDGAR system of the SEC at www.sec.gov, and on the Company's website at www.newfoundgold.ca; the Company's focus on advancing Queensway to production and bringing the Hammerdown deposit into commercial gold production; statements regarding recent drilling results and the district-scale potential that covers a +110 km strike extent along two prospective fault zones at Queensway; and the Company's focus on grow and value creation. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "pending", "potential", "encouraging", "goal", "objective", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange and NYSE American, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company's ability to complete exploration and drilling programs as expected, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results and the results of the metallurgical testing program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management's Discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca and on the website of the United States Securities and Exchange Commission at www.sec.gov for a more complete discussion of such risk factors and their potential effects.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/297258
Source: New Found Gold Corp.
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The most oversold stocks in the utilities sector presents an opportunity to buy into undervalued companies.
Here's the latest list of major oversold players in this sector, having an RSI near or below 30.
Consolidated Water Co Ltd (NASDAQ:CWCO)Hawaiian Electric Industries Inc (NYSE:HE) National Fuel Gas Co (NYSE:NFG)Learn more about BZ Edge Rankings—click to see scores for other stocks in the sector and see how they compare.
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A month has gone by since the last earnings report for National Fuel Gas (NFG - Free Report) . Shares have lost about 7.4% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is National Fuel Gas due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.
National Fuel Gas Q2 Earnings Lag Estimates, Revenues Increase Y/Y
National Fuel Gas Company reported second-quarter fiscal 2026 adjusted operating earnings of $2.71 per share, which missed the Zacks Consensus Estimate of $2.85 by 4.91%. The bottom line increased 13.39% from the year-ago quarter’s reported figure of $2.39.
GAAP earnings for the quarter were $2.59 per share, up 9.28% from $2.37 in the year-ago quarter. The difference between GAAP and operating earnings in the reported quarter was primarily due to costs related to the pending Ohio gas utility acquisition and the impact of equity issuance due to Ohio acquisitions.
NFG’s Total RevenuesNFG reported sales of $858.4 million, which beat the Zacks Consensus Estimate of $830 million by 3.41%. The top line increased 17.59% from the prior-year recorded figure of $730 million.
NFG’s Segmental RevenuesUtility: Revenues totaled $425.8 million, up 23.93% from $343.6 million in the year-ago quarter.
Integrated upstream and Gathering and Other: Revenues totaled $358.8 million, up 13.84% from $315.19 million in the year-ago quarter.
Pipeline and Storage: Revenues amounted to $73.8 million, reflecting a 3.62% increase from $71.2 million recorded in the year-ago quarter.
Highlights of NFG’s Q2 ReleaseTotal operating expenses were $511.2 million, up 23.88% from $412.7 million in the year-ago quarter.
Operating income totaled $347.1 million, up 9.42% from $317.3 million in the year-ago quarter.
Interest expense on long-term debt totaled $30.08 million, down 24.15% from $39.7 million in the year-ago quarter.
During the fiscal second quarter, Seneca produced 102 billion cubic feet (Bcf) of natural gas, reflecting a decrease of 3.5 Bcf or 3%, from the prior-year level. The year-over-year decline in production volumes resulted from weather-related completion delays and a decrease in the natural output from producing gas wells.
NFG’s Q2 Financial HighlightsAs of March 31, 2026, National Fuel Gas had cash and temporary cash investments of $26.6 million compared with $43.2 million as of Sept. 30, 2025.
Net cash provided by operating activities for the first six months of fiscal 2026 totaled $657.3 million compared with $473.9 million in the previous year quarter.
Capital expenditures were $498.3 million in the first six months of fiscal 2026 compared with $434.3 million in the year-ago period.
NFG’s GuidanceNational Fuel Gas reiterated guidance for adjusted earnings per share for fiscal 2026 between $7.45 and $7.75 per share. The Zacks Consensus Estimate for fiscal 2026 is currently pegged at $7.79.
The company expects capital expenditure for fiscal 2026 to be in the $955-$1,065 million range.
Production for fiscal 2026 is expected to be in the range of 425-440 Bcf, down from the previous production guidance of 440-455 Bcf.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates review.
VGM ScoresAt this time, National Fuel Gas has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a score of B on the value side, putting it in the top 40% for value investors.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, National Fuel Gas has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Vancouver, British Columbia--(Newsfile Corp. - June 2, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) ("New Found Gold" or the "Company") is pleased to announce the expansion of a fully funded $44M work program (the "Program") on its 100%-owned Queensway Gold Project ("Queensway" or the "Project") in Newfoundland and Labrador, Canada.
Melissa Render, President of New Found Gold, stated "We are excited to announce the expanded scope of the Program at Queensway outlining a larger exploration program with an increased focus on discovery and resource growth. Two additional drill rigs are being mobilized to add to the four rigs active since January, marking the start of several targeted exploration drill campaigns."
"At the AFZ Core, previous deep drilling has confirmed the system is open below the current mineral resource to more than 1,000 metres. The Program will build on this success with the objective of further expanding the deposit at depth. In addition, we are looking forward to returning to the Dropkick Zone, where aggressive step-out drilling will test strike extensions and explore this zone where it is open east of the Appleton Fault Zone. Concurrently, our regional exploration team is looking to find the next deposit with the launch of an expansive trenching and drill campaign across multiple highly prospective targets throughout our extensive land package at Queensway. Since commencing in January, the Program has primarily focused on project-related drilling within the AFZ Core to support our development objectives as we advance Queensway toward first ore processed in late 2027 and now, we're focusing on discovery and resource growth", continued Ms. Render.
Program Overview
The Program will include 90,000 metres ("m") of diamond drilling, along with surface exploration in key areas across the Company's 100% owned 220,000 hectare Project (Figure 1). As announced in the January 21, 2026 New Found Gold press release, the Program commenced in January with four drills focused on resource conversion drilling at AFZ Core. In mid-June, the Program will expand to a total of six drills, with the 90,000 m of planned 2026 drilling allocated as follows:
45% Discovery and Growth Focus: Targeting expansion of the initial mineral resource estimate[1] ("MRE") and new discoveries, including:AFZ Core: Building on high-grade intercepts at depth below the initial MRE, drilling will target potential extensions to the Golden Dome and Dome zones, as well as the mineralized corridor below and between the Keats, Iceberg and Keats West zones, with the objective of further delineating and expanding the mineralized system in the AFZ Core,
AFZ Peripheral: Continue testing extensions of the Dropkick Zone ("Dropkick"), which is open along strike and to depth. Drilling in 2025 expanded this target from surface to a vertical depth of 300 metres ("m") and for 1.4 kilometres ("km") along strike, with a high-grade domain west of the Appleton Fault Zone ("AFZ") that demonstrates excellent continuity (see the New Found Gold new release dated April 22, 2026). Drilling at Dropkick east of the AFZ in 2025 returned encouraging results, highlighting the potential for new discoveries in this emerging target. Extensions immediately north, south and east of Dropkick will be tested, along with additional new targets northward along the AFZ, and
Regional Targets: Initial and follow-up exploration is planned at Pauls Pond, Greenwood, Gazeebow South, and other newly identified prospects across the Project (Figure 1). The Pauls Pond, Greenwood, and Gazeebow South priority target areas, which are defined by large-scale gold-in-soil, gold-in-till, and bedrock geochemical anomalies, represent compelling opportunities for additional discovery and highlight the potential scale of the mineralized systems being advanced on the Project outside of the initial MRE. Collectively, these target areas are situated along the projected trend of the AFZ, reinforcing the significance of this regional-scale structural corridor as a key control on gold mineralization and supports the broader exploration potential across the Project
Pauls Pond: In Queensway South, approximately 65 km south of the AFZ Core, trenching and drilling is planned at Paul's Pond to expand upon the success of earlier campaigns and test recently generated targets within the broader mineralized corridor.
Greenwood: South of Pauls Pond, past trenching at Greenwood has exposed gold-in-bedrock in multiple locations and outlined a robust mineralized footprint that extends over a 4.7 km x 2.0 km area. Across the Pauls Pond-Greenwood region, previous drill programs intersected visible gold in 32 diamond drill holes (See the New Found Gold Press Release dated May 25, 2023).
Gazeebow South: In Queensway North, 7 km north of Dropkick and on strike along the AFZ, this prospect is characterized by an expansive gold-in-till anomaly that follows the interpreted eastern side of the AFZ. This prospect, with a 2.4 km x 0.8 km footprint, represents a high-priority target for follow-up trenching.
55% Project Focus:Resource Conversion: Conversion of inferred to indicated mineral resources in Phase 2 open pits and Phase 3 underground as outlined in the Queensway Preliminary Economic Assessment[2] ("PEA"),
Grade Control: Leveraging results from the highly successful 2025 grade control program, drilling in the Program will optimize drill hole spacing and broaden the scope to continue to increase confidence in the distribution of gold mineralization and support mine planning as outlined for the PEA Phase 1 open pits, and
Geotechnical and Hydrogeological Drilling: Continued work to support mine planning.
The Program will also include an extensive surface exploration program throughout several areas of both Queensway North and Queensway South. This work will include regional-scale prospecting, regional and prospect-scale soil sampling, geological mapping, ground-based geophysics and an expansive trenching program to test geochemical targets across the Paul's Pond-Greenwood, Dog Bay Line North (Duder Lake) and Gazeebow South areas.
Looking Ahead
To date a total of 32,000 m of drilling has been completed in the 90,000 m Program. This primarily focused on project-related drilling, mostly infill drilling of inferred resources, within the AFZ Core to support the Company's development objectives for Queensway.
The 2025 Queensway drill program included 74,377 m of drilling in 614 diamond DDH, with approximately 75% of the drilling focused on the AFZ Core area to support advancement of the Phase 1 mine plan, as outlined in the Company's PEA, and 25% focused on exploration targets such as Dropkick. To date, approximately 8% of the results from 2025 drilling remain outstanding, as well as channel sampling results from the Lotto excavation. These results will be reported once available.
Figure 1: Queensway plan view map.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7337/299741_8c340fdb64ca4942_001full.jpg
Qualified Person
The scientific and technical information disclosed in this press release was reviewed and approved by Melissa Render, P. Geo., President, and a Qualified Person as defined under National Instrument 43-101. Ms. Render consents to the publication of this press release by New Found Gold. Ms. Render certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.
About New Found Gold
New Found Gold is an emerging Canadian gold producer with assets in Newfoundland and Labrador, Canada. The Company holds a 100% interest in Queensway and the Hammerdown Gold Project, which includes the Hammerdown deposit and fully permitted milling and tailings facilities. The Company is currently focused on advancing its flagship Queensway to production and bringing the Hammerdown deposit into commercial production.
In July 2025, the Company completed a PEA at Queensway (see New Found Gold press release dated July 21, 2025). Recent drilling continues to yield new discoveries along strike and down dip of known gold zones, pointing to the district-scale potential that covers a +110 km strike extent along two prospective fault zones at Queensway.
Through 2025, New Found Gold built a new board of directors and management team and has a solid shareholder base which includes cornerstone investor Eric Sprott. The Company is focused on growth and value creation.
Keith Boyle, P.Eng.
Chief Executive Officer
New Found Gold Corp.
Follow us on social media at https://www.linkedin.com/company/newfound-gold-corp and https://x.com/newfoundgold.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement Cautions
This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including relating to the Company's 2025 and 2026 drill programs on its Queensway Gold Project in Newfoundland and Labrador, Canada, and the timing, results, interpretation and use of the results; planned expansion of the Program to a total of six drills in mid-June, including expansion of the initial MRE, advanced exploration targeting conversion of inferred to indicated category mineralization in Phase 2 open pits and Phase 3 underground, drilling to support mine planning, and detailed drilling in the Keats, Iceberg and Lotto excavations; planned reporting of the remaining results from 2025 drilling and channel sampling from the Lotto excavation; the planned conversion of mineral resources; the planned resource expansions; planned filing of an updated Technical Report for Queensway, including an updated MRE, and the timing thereof; focus on growth and value creation; and the merits of Queensway. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "interpreted", "intends", "estimates", "projects", "aims", "suggests", "indicate", "often", "target", "future", "likely", "pending", "potential", "encouraging", "goal", "objective", "prospective", "possibly", "preliminary", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSXV, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with the Company's ability to complete exploration and drilling programs as expected, possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results and the results of the metallurgical testing program, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's Annual Information Form and Management's Discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.
[1] See New Found Gold's Press Release dated March 24, 2025 and Technical Report titled "NI 43-101 Technical Report, Queensway Gold Project, Newfoundland and Labrador, Canada", dated Sept. 2, 2025 prepared by SLR Consulting (Canada) Ltd.
[2] See New Found Gold's Technical Report titled "NI 43-101 Technical Report, Queensway Gold Project, Newfoundland and Labrador, Canada", dated Sept. 2, 2025 prepared by SLR Consulting (Canada) Ltd.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299741
Source: New Found Gold Corp.
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The high crude prices, although favorable for upstream operations, have been severely hurting the integrated energy company’s refining operations. The slowdown in production growth of crude oil will probably limit earnings from upstream operations. On top of that, rising demand for renewables will make the outlook of the Zacks Oil & Gas US Integrated industry gloomy.
ConocoPhillips (COP - Free Report) , Occidental (OXY - Free Report) and National Fuel Gas Company (NFG - Free Report) are the energy companies that could sail through the challenging business scenario.
About the Industry The Zacks Oil & Gas US Integrated industry comprises companies primarily involved in upstream and midstream energy businesses. The upstream operations involve oil and natural gas exploration and production in the prolific shale plays of the United States. The integrated energy companies are also engaged in midstream businesses through gathering and processing facilities, along with transportation pipeline networks and storage sites. Overall, the upstream business is positively correlated with oil and gas prices. The produced commodity volumes are transported through midstream assets, generating stable fee-based revenues. The integrated energy players in the United States also have access to downstream operations wherein the transported oil volumes are converted to finished products, comprising gasoline, natural gas liquids and diesel, through refining activities.
3 Trends Shaping the Future of the Industry High Crude Prices to Hurt Refining: The price of West Texas Intermediate (WTI) crude is trading at more than $85 per barrel, according to data from oilprice.com, owing to the ongoing tensions in the Middle East. Also, in its latest short-term energy outlook, the U.S. Energy Information Administration mentioned its expectation for the WTI oil price this year at $85.68 per barrel, higher than $65.40 last year. The high crude pricing environment is hurting the refining business of the integrated energy players.
Slowdown in Production Growth: Energy companies in the United States are increasingly focusing on returning capital to shareholders rather than allocating additional funds to production, which aligns with investors’ demands. This conservative capital spending is slowing down the integrated companies’ oil and gas production growth from their upstream operations.
Increasing Focus on Renewables: The world is gradually shifting to cleaner fuel and renewable energy to combat climate change. Thus, with solar and wind energy gaining prominence, demand for fossil fuels and petroleum products is likely to decline gradually, although the timeline is uncertain. The trend is not favorable for integrated players’ upstream and downstream operations.
Zacks Industry Rank Indicates Bearish Outlook The Zacks Oil & Gas US Integrated industry is a 13-stock group within the broader Zacks Oil - Energy sector. The industry currently carries a Zacks Industry Rank #200, which places it in the bottom 19% of more than 250 Zacks industries.
The group’s Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates gloomy near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Before we present a few stocks that you may want to consider, let’s take a look at the industry’s recent stock market performance and valuation picture.
Industry Lags S&P 500 & Sector The Zacks Oil & Gas US Integrated industry has underperformed the broader Zacks Oil - Energy sector and the Zacks S&P 500 composite over the past year.
The industry has rallied 21.9% over this period compared with the broader sector’s surge of 33.3% and the S&P 500’s rise of 26%.
One-Year Price Performance
Industry's Current Valuation Since oil and gas companies are debt-laden, it makes sense to value them based on the EV/EBITDA (Enterprise Value/ Earnings before Interest, Tax, Depreciation and Amortization) ratio. This is because the valuation metric takes into account not just equity but also the level of debt.
Based on the trailing 12-month enterprise value-to-EBITDA (EV/EBITDA), the industry is currently trading at 5.32X, lower than the S&P 500’s 18.40X. It is also lower than the sector’s trailing 12-month EV/EBITDA of 6.80X.
Over the past five years, the industry has traded as high as 13.82X and as low as 3.10X, with a median of 4.63X.
Trailing 12-Month Enterprise Value-to EBITDA (EV/EBITDA) Ratio
3 U.S. Integrated Oil & Gas Stocks to Keep a Close Eye On Occidental
In the United States, Occidental, sporting a Zacks Rank #1 (Strong Buy), is a major producer of oil and natural gas. In the domestic market, OXY has been experiencing efficiency improvements, including higher production volumes, while reducing capital spending and lowering operating costs. For creating long-term value for shareholders, Occidental has a strong focus on redirecting capital toward higher-return oil and gas projects.
Price and Consensus: OXY
ConocoPhillips
With operations in resources with low breakeven costs, ConocoPhillips is likely to capitalize on the high crude pricing environment. COP has operations in the Lower 48, which comprise the Permian, the most prolific basin in the United States. Other low-cost shale plays in the Lower 48 include Bakken and Eagle Ford. Thus, it is expected that upstream operations will now be highly profitable for COP, which carries a Zacks Rank #3 (Hold).
Price and Consensus: COP
National Fuel Gas
National Fuel Gas is well-poised to navigate a volatile energy business environment, owing to its integrated business model encompassing upstream, midstream, and downstream activities. Zacks Rank #3 NFG is likely to capitalize on clean energy demand, thanks to its presence in the natural gas-rich Appalachian basin. You can see the complete list of today’s Zacks #1 Rank stocks here.
Delivery to the Mill nearing steady-state requirements, with gold reconciling from the block model to the Mill Fully staffed with 40 new jobs created to date and over 90% of new hires from the province Project remains on schedule for commercial production in H2/26 Vancouver, British Columbia--(Newsfile Corp. - June 11, 2026) - New Found Gold Corp. (TSXV: NFG) (NYSE American: NFGC) ("New Found Gold" or the "Company") is pleased to provide an update on New Found Gold's 100% owned Hammerdown Gold Project ("Hammerdown" or the "Project"), currently advancing towards commercial production in Newfoundland and Labrador, Canada. Hammerdown, which includes the Hammerdown deposit and the Pine Cove Mill ("Pine Cove" or the "Mill") was acquired by the Company as a strategic acquisition of the permitted Mill to fast-track production at its 100% owned flagship Queensway Gold Project ("Queensway"; see the New Found Gold press release dated November 13, 2025).
WILLIAMSVILLE, N.Y., June 11, 2026 (GLOBE NEWSWIRE) -- The Board of Directors of National Fuel Gas Company (NYSE: NFG) today approved an increase in the dividend on the Company’s common stock, raising the quarterly rate from 53.5 cents per share as approved in June 2025 to 55.5 cents per share, an increase of 4%. This represents an annual rate of $2.22 per share.
National Fuel has paid dividends for 124 consecutive years and has increased its annual dividend for 56 straight years.
This dividend is payable July 15, 2026, to stockholders of record at the close of business on June 30, 2026. The Company has approximately 95.0 million shares of common stock outstanding. It has no preferred stock outstanding.
National Fuel is a diversified energy company headquartered in Western New York that operates an integrated collection of natural gas assets across three operating segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.
Key Takeaways National Fuel Gas raised its quarterly dividend 4% to 55.5 cents, payable July 15, 2026. NFG's annualized dividend rises to $2.22, with 56 straight years of annual dividend increases. NFG expects its CenterPoint Ohio deal to support 5-7% regulated adjusted EPS growth. National Fuel Gas Company (NFG - Free Report) announced that its board of directors has approved a 4% hike in the quarterly dividend payment, lifting the payout to 55.5 cents per share. The dividend is payable on July 15, 2026, and will be distributed to shareholders of record as of June 30, 2026.
The company’s new annualized dividend is $2.22 per share compared with the previous annual dividend of $2.14. Its current dividend yield is 2.79%, higher than the Zacks S&P 500 composite's average of 1.44%.
The company has paid dividends for 124 consecutive years and has increased its annual dividend for 56 straight years. NFG’s long history of dividend distribution reflects its strong operational performance and resilient cash-flow generation.
NFG's Dividend Sustainability OutlookAlthough dividend payments are never guaranteed from one quarter to the next, a company’s strategic efforts to improve earnings and operational performance can help assess the sustainability of its dividend policy.
National Fuel Gas benefits from rising natural gas demand driven by data center growth, extensive shale assets, enhanced well designs, strategic acquisitions and disciplined capital investments that support long-term production, earnings and dividend growth.
NFG in October 2025 announced that it has agreed to acquire CenterPoint’s Ohio natural gas utility business for $2.62 billion, expected to close in the fourth quarter of calendar 2026. The transaction is expected to enhance long-term regulated adjusted EPS growth of 5-7% and strengthen dividend prospects by increasing regulated earnings.
The company generated nearly $160 million in free cash flow in the second quarter of fiscal 2026. NFG plans to increase free cash flow through strategic investments and operational improvements in its production and gathering businesses, supporting future dividend increases and stronger shareholder returns.
The company plans capital investment of $0.96-$1.07 billion in fiscal 2026. Its systematic capital spending to strengthen its natural gas and oil operations is positively impacting total production.
Consistent Dividend-Paying HistoryNFG is not the only company with a long history of dividend distribution. Chevron Corporation (CVX - Free Report) , Exxon Mobil (XOM - Free Report) and Occidental Petroleum (OXY - Free Report) are the other players from the same sector that have a long history of dividend payment.
Chevron has been increasing shareholder value through consistent annual dividend hikes for 39 consecutive years. Currently, the company’s quarterly dividend is $1.78 per share, resulting in an annualized dividend of $7.12.
CVX's dividend yield is 3.83%. The Zacks Consensus Estimate for Chevron's 2026 earnings is pegged at $15.88 per share, suggesting year-over-year growth of 117.83%.
Exxon Mobil’s dividends per share have grown at an average annual rate of 5.8% over the last 43 years. The company’s board has approved a quarterly dividend of $1.03 per share, resulting in an annualized dividend of $4.12.
XOM's dividend yield is 2.81%. The Zacks Consensus Estimate for Exxon Mobil's 2026 earnings is pegged at $11.80 per share, suggesting year-over-year growth of 66.81%.
Occidental Petroleum also has a long history of paying dividends. On Feb. 18, 2026, the board approved an 8% increase in the quarterly dividend to 26 cents per share, raising the annualized payout to $1.04 per share.
OXY's dividend yield is 1.87%. The Zacks Consensus Estimate for Occidental Petroleum's 2026 earnings is pegged at $5.79 per share, suggesting year-over-year growth of 161.99%.
NFG's Stock Price PerformanceIn the past month, the company’s shares have plunged 3.7% compared with the industry’s 1.8% fall.
Image Source: Zacks Investment Research
NFG’s Zacks RankNFG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ROCKLAND, Mass.--(BUSINESS WIRE)--The Board of Directors of Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced a $0.64 per share dividend, representing an increase of $0.05 from the prior quarter. The dividend will be payable on April 9, 2026, to stockholders of record as of the close of business on March 30, 2026.
“We are pleased to announce an 8.5% increase in our annual dividend, reflecting improvement in the Company’s profitability and its commitment to providing sustainable levels of return on capital to our shareholders,” stated Jeffrey Tengel, Chief Executive Officer of Independent Bank Corp.
ABOUT INDEPENDENT BANK CORP.
Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. With retail branches in Eastern Massachusetts, Worcester County, and Southern New Hampshire as well as commercial banking and investment management offices in Massachusetts, New Hampshire, and Rhode Island, Rockland Trust offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender.
Key Takeaways Independent Bank raised its dividend to 64 cents per share, marking six increases in five years.Micron Technology, Elbit Systems and Applied Materials also announced recent dividend hikes.Dividend-paying stocks gain appeal as inflation, rates and geopolitical tensions drive volatility. The U.S. economy is navigating a period of heightened volatility, as economic and geopolitical uncertainties intensify. February’s nonfarm payrolls report delivered a surprise, showing a loss of 92,000 jobs instead of the expected growth. Unemployment edged up to 4.4% from 4.3% in January. Although wage growth slightly beat expectations, other labor indicators, such as the participation rate and workweek hours, softened.
Inflation remains sticky, with the Consumer Price Index relatively stable at around 2.4% annually. But the upward trend in the Producer Price Index (0.7% monthly and 3.4% annually), alongside rising oil prices, suggests that inflation is intensifying once again. As a result, the Federal Reserve has kept interest rates at 3.50-3.75%, with little indication of near-term cuts until inflation cools significantly. A sluggish labor market and high borrowing costs are weighing on investors' sentiment.
Geopolitical tensions are also adding to economic pressure. The conflict involving Iran and the closure of the Strait of Hormuz have pushed oil prices above $100 per barrel. This raises concerns about further inflation and supply chain risk. Though some companies continue to perform well, the overall sentiment remains fragile.
Amid such market conditions, investors who wish to diversify their portfolios can pick dividend-paying stocks. Some of the prominent names are: Independent Bank (INDB - Free Report) , Micron Technology, Inc. (MU - Free Report) , Elbit Systems (ESLT - Free Report) , Applied Materials (AMAT - Free Report) and Wheaton Precious Metals (WPM - Free Report) . Companies that pay out dividends consistently indicate a healthy business model. Stocks that have raised dividends recently exhibit a sound financial structure and can counter market upheavals. Moreover, stocks that tend to reward investors with a high dividend payout outperform non-dividend-paying entities in a highly volatile market.
Independent Bank
Independent Bank is a community-oriented commercial bank, providing products and services to individuals and small-to-medium sized businesses in the United States. This Rockland, MA-based company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
On March 19, INDB declared that its shareholders would receive a dividend of 64 cents a share on April 9, 2026. INDB has a dividend yield of 3.2%.
Over the past five years, INDB has increased its dividend six times, and its payout ratio presently sits at 42% of earnings. Check Independent Bank’s dividend history here.
Micron Technology
Micron Technology is headquartered in Boise, ID. This Zacks Rank #3 (Hold) company has established itself as one of the leading worldwide providers of semiconductor memory solutions.
On March 18, MU declared that its shareholders would receive a dividend of 15 cents a share on April 15, 2026. MU has a dividend yield of 0.1%.
In the past five years, MU has increased its dividend three times. Its payout ratio is currently 2% of earnings. Check Micron Technology’s dividend history here.
Elbit Systems
Elbit Systems is a worldwide leader in Night Vision Goggles Head-Up Displays (NVG-HUD). This Haifa, Israel-based company currently carries a Zacks Rank #2.
On March 16, ESLT announced that its shareholders would receive a dividend of 83 cents a share on April 27, 2026. ESLT has a dividend yield of 0.2%.
Over the past five years, ESLT has increased its dividend six times. Its payout ratio now sits at 18% of earnings. Check Elbit Systems' dividend history here.
Applied Materials
Applied Materials is one of the world’s largest suppliers of equipment for the fabrication of semiconductor, flat panel liquid crystal displays, and solar photovoltaic cells and modules. The Zacks Rank #1 (Strong Buy) company operates from Santa Clara, CA.
On March 12, AMAT declared that its shareholders would receive a dividend of 53 cents a share on June 11, 2026. AMAT has a dividend yield of 0.5%.
Over the past five years, AMAT has increased its dividend six times, and its payout ratio presently sits at 20% of earnings. Check Applied Materials' dividend history here.
Wheaton Precious Metals
Wheaton Precious Metals is headquartered in Vancouver, Canada. This Zacks Rank #3 company is one of the largest precious metal streaming companies in the world that generates its revenues from the sale of precious metals and cobalt.
On March 12, WPM declared that its shareholders would receive a dividend of 20 cents a share on April 10, 2026. WPM has a dividend yield of 0.6%.
In the past five years, WPM has increased its dividend six times. Its payout ratio is currently 22% of earnings. Check Wheaton Precious Metals’ dividend history here.
Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.
Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.
Based in Hanover, Independent Bank Corp. (INDB - Free Report) is in the Finance sector, and so far this year, shares have seen a price change of 0.68%. The holding company for Rockland Trust is currently shelling out a dividend of $0.59 per share, with a dividend yield of 3.48%. This compares to the Banks - Northeast industry's yield of 2.36% and the S&P 500's yield of 1.51%.
Looking at dividend growth, the company's current annualized dividend of $2.56 is up 8.5% from last year. Over the last 5 years, Independent Bank Corp. has increased its dividend 5 times on a year-over-year basis for an average annual increase of 5.67%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Independent Bank Corp.'s current payout ratio is 42%, meaning it paid out 42% of its trailing 12-month EPS as dividend.
INDB is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2026 is $7.33 per share, which represents a year-over-year growth rate of 29.96%.
From greatly improving stock investing profits and reducing overall portfolio risk to providing tax advantages, investors like dividends for a variety of different reasons. However, not all companies offer a quarterly payout.
For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. That said, they can take comfort from the fact that INDB is not only an attractive dividend play, but is also a compelling investment opportunity with a Zacks Rank of #2 (Buy).
ROCKLAND, Mass.--(BUSINESS WIRE)--Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, announced the following details for its first quarter 2026 earnings release and conference call:
Earnings Release: Thursday, April 16, 2026, after the market close
Conference Call (held via Webcast): Friday, April 17, 2026, at 10:00 AM Eastern Time
How to Join Webcast: Participants may join the webcast by registering prior to the call via this link: https://events.q4inc.com/attendee/279877279. A replay of the webcast will be made available on the Company’s website at https://indb.rocklandtrust.com by selecting First Quarter 2026 Earnings Call. The webcast replay will be available until April 17, 2027.
Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. With retail branches in Eastern Massachusetts, Worcester County, and Southern New Hampshire as well as commercial banking and investment management offices in Massachusetts, New Hampshire, and Rhode Island, Rockland Trust offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender.
The market expects Independent Bank Corp. (INDB - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on April 16. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis holding company for Rockland Trust is expected to post quarterly earnings of $1.70 per share in its upcoming report, which represents a year-over-year change of +60.4%.
Revenues are expected to be $253.92 million, up 42.6% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.37% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Independent Bank Corp.?For Independent Bank Corp., the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.10%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Independent Bank Corp. will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Independent Bank Corp. would post earnings of $1.65 per share when it actually produced earnings of $1.70, delivering a surprise of +3.03%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Independent Bank Corp. doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
An Industry Player's Expected ResultsAmong the stocks in the Zacks Banks - Northeast industry, FB Financial (FBK - Free Report) , is soon expected to post earnings of $1.13 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of +32.9%. This quarter's revenue is expected to be $176.05 million, up 34.7% from the year-ago quarter.
Over the last 30 days, the consensus EPS estimate for FB Financial has been revised 0.8% down to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate.
This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that FB Financial will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates two times.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Analysts on Wall Street project that Independent Bank Corp. (INDB - Free Report) will announce quarterly earnings of $1.70 per share in its forthcoming report, representing an increase of 60.4% year over year. Revenues are projected to reach $253.92 million, increasing 42.6% from the same quarter last year.
The current level reflects a downward revision of 0.4% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.
Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.
While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.
With that in mind, let's delve into the average projections of some Independent Bank Corp. metrics that are commonly tracked and projected by analysts on Wall Street.
The collective assessment of analysts points to an estimated 'Efficiency Ratio' of 55.0%. The estimate is in contrast to the year-ago figure of 59.5%.
Analysts forecast 'Net interest margin (FTE)' to reach 3.8%. Compared to the present estimate, the company reported 3.4% in the same quarter last year.
The combined assessment of analysts suggests that 'Average Balance - Total interest-earning assets' will likely reach $22.58 billion. The estimate compares to the year-ago value of $17.38 billion.
The average prediction of analysts places 'Total Non-Interest Income' at $41.00 million. The estimate is in contrast to the year-ago figure of $32.54 million.
According to the collective judgment of analysts, 'Net Interest Income' should come in at $212.47 million. The estimate is in contrast to the year-ago figure of $145.51 million.
Based on the collective assessment of analysts, 'Interchange and ATM fees' should arrive at $5.22 million. The estimate is in contrast to the year-ago figure of $4.62 million.
Analysts predict that the 'Deposit account fees' will reach $9.22 million. Compared to the current estimate, the company reported $7.05 million in the same quarter of the previous year.
Analysts' assessment points toward 'Other noninterest income' reaching $7.36 million. The estimate compares to the year-ago value of $5.80 million.
The consensus estimate for 'Investment management and advisory' stands at $14.00 million. Compared to the current estimate, the company reported $11.22 million in the same quarter of the previous year.
View all Key Company Metrics for Independent Bank Corp. here>>>
Shares of Independent Bank Corp. have experienced a change of +6.5% in the past month compared to the +0.6% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), INDB is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.
Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.
Independent Bank Corp. (INDB - Free Report) is headquartered in Hanover, and is in the Finance sector. The stock has seen a price change of 8.69% since the start of the year. The holding company for Rockland Trust is paying out a dividend of $0.64 per share at the moment, with a dividend yield of 3.22% compared to the Banks - Northeast industry's yield of 2.3% and the S&P 500's yield of 1.39%.
Looking at dividend growth, the company's current annualized dividend of $2.56 is up 8.5% from last year. Over the last 5 years, Independent Bank Corp. has increased its dividend 5 times on a year-over-year basis for an average annual increase of 5.67%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Independent Bank Corp.'s current payout ratio is 42%, meaning it paid out 42% of its trailing 12-month EPS as dividend.
INDB is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2026 is $7.33 per share, with earnings expected to increase 29.96% from the year ago period.
Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. But, not every company offers a quarterly payout.
High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more established companies that have more secure profits are often seen as the best dividend options. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, INDB is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).
ROCKLAND, Mass.--(BUSINESS WIRE)--Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced 2026 first quarter net income of $79.9 million, or $1.63 per diluted share, as compared to 2025 fourth quarter net income of $75.3 million, or $1.52 per diluted share. Excluding merger-related costs associated with the Company’s third quarter 2025 acquisition of Enterprise Bancorp, Inc. (“Enterprise”) and its subsidiary, Enterprise Bank, and their related tax effects, operating net income was $82.1 million, or $1.68 per diluted share for the first quarter of 2026, compared to operating net income of $84.4 million, or $1.70 per diluted share for the fourth quarter of 2025(1).
CEO STATEMENT
“Our first quarter results represent another step forward in driving improved profitability while remaining disciplined in our strategies during these uncertain times,” said Jeffrey Tengel, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company. “We are prioritizing our long-term relationship banking model while prudently investing in our future and returning capital to our shareholders.”
FINANCIAL HIGHLIGHTS
The Company generated a return on average assets and a return on average common equity of 1.31% and 9.02%, respectively, for the first quarter of 2026, as compared to 1.20% and 8.38%, respectively, for the prior quarter. On an operating basis, the Company generated a return on average assets and a return on average common equity of 1.35% and 9.27%, respectively, for the first quarter of 2026, as compared to 1.34% and 9.38%, respectively, for the prior quarter(1). The Company’s net interest margin of 3.90% increased 13 basis points compared to the prior quarter, while the adjusted margin increased 8 basis points to 3.72%(1). Deposit balances of $20.1 billion at March 31, 2026 decreased $29.3 million, or 0.1%, compared to the prior quarter. Loan balances of $18.4 billion at March 31, 2026 decreased $78.3 million, or 0.4%, compared to the prior quarter. The Company repurchased approximately 802,000 shares for $63.3 million during the first quarter of 2026. Tangible book value per share of $47.86 at March 31, 2026 grew by $0.31 from the prior quarter(1). The Company increased its quarterly dividend by 8.5% in the first quarter of 2026, from $0.59 to $0.64 per share. BALANCE SHEET
Total assets of $24.8 billion at March 31, 2026 decreased $129.3 million, or 0.5%, compared to the prior quarter, driven primarily by decreased loan and cash balances.
Total loans of $18.4 billion at March 31, 2026 decreased $78.3 million, or 0.4%, compared to the prior quarter:
The commercial and industrial portfolio grew $39.7 million, or 0.9% (3.5% annualized), despite runoff of $38.7 million attributable to the Company’s strategic exit from the dealer finance business. Commercial real estate and construction decreased $89.6 million, or 0.9%, due to elevated payoffs and amortization of balances, including a reduction of $55.9 million in the Company’s office portfolio. The total consumer portfolio decreased $28.3 million, or 0.7%, primarily attributable to a decline in the residential real estate portfolio of $31.3 million, or 1.1%, reflecting lower seasonal volume compared to the prior quarter. This decrease was partially offset by a modest increase in the home equity portfolio of $10.1 million, or 0.8% (3.2% annualized). Total deposits decreased by $29.3 million, or 0.1%, to $20.1 billion at March 31, 2026, as compared to the prior quarter:
Average deposits decreased $309.9 million, or 1.5%, compared to the prior quarter, driven primarily by seasonality in business operating balances. Overall core deposits comprised 83.8% of total deposits at March 31, 2026, as compared to 83.7% at December 31, 2025. Total noninterest bearing demand deposits were 28.0% and 27.8% of total deposits at March 31, 2026 and December 31, 2025, respectively. The total cost of deposits for the first quarter of 1.36% reflected a decrease of 10 basis points compared to the prior quarter. Total period end borrowings decreased by $49.6 million, or 6.0%, during the first quarter of 2026, reflecting approximately $100 million in net paydowns on Federal Home Loan Bank borrowings, partially offset by $50 million advanced on a working capital line of credit.
The Company’s total securities portfolio of $3.4 billion increased by $62.4 million, or 1.9% (7.6% annualized), from the prior quarter:
New purchases of $168.4 million in the available for sale portfolio were partially offset by maturities, calls, and paydowns in the combined available for sale and held to maturity portfolios during the quarter. Total securities represented 13.6% and 13.3% of total assets at March 31, 2026 and December 31, 2025, respectively. Stockholders’ equity at March 31, 2026 decreased $23.7 million, or 0.7%, compared to December 31, 2025, as strong earnings were offset by the impact of share repurchases, dividends, and unrealized losses on available for sale securities recognized in other comprehensive income during the quarter:
During the first quarter of 2026, the Company executed on its previously announced $150 million stock repurchase plan, buying back approximately 802,000 shares of common stock for $63.3 million at an average price per share of $78.85. The Company’s ratio of common equity to assets of 14.29% at March 31, 2026 represented a decrease of 2 basis points from December 31, 2025. The Company’s ratio of tangible common equity to tangible assets of 9.86% at March 31, 2026 represented a decrease of 2 basis points from the prior quarter and a decrease of 92 basis points from the year ago period(1). The Company’s book value per share increased by $0.51, or 0.7%, to $72.92 at March 31, 2026 as compared to the prior quarter. The Company’s tangible book value per share at March 31, 2026 grew by $0.31, or 0.7%, from the prior quarter to $47.86, and grew by 0.1% from the year ago period(1). NET INTEREST INCOME
Net interest income of $212.5 million for the first quarter of 2026 was flat compared to the prior quarter:
The net interest margin of 3.90% increased 13 basis points when compared to the prior quarter, benefitting from fixed rate asset repricing, lower deposit costs, and 17 basis points of purchase accounting accretion in the first quarter of 2026 as compared to 11 basis points in the prior quarter. Excluding purchase accounting accretion and other non-core items, the adjusted margin of 3.72%(1) increased 8 basis points. Total loan yields increased 3 basis points to 5.77% from 5.74%, driven primarily by fixed rate loan repricing and purchase accounting accretion, partially offset by the full quarter impact of Federal Reserve rate cuts made during the fourth quarter of 2025. Similarly, securities yields increased 12 basis points to 3.08% for the current quarter as compared to the prior quarter. The Company’s overall cost of funding decreased 8 basis points to 1.52% for the first quarter of 2026 as compared to 1.60% for the prior quarter, driven by a 10 basis point reduction in total cost of deposits. NONINTEREST INCOME
Noninterest income of $40.3 million for the first quarter of 2026 represented a decrease of $1.2 million, or 2.9%, as compared to the prior quarter. Significant changes in noninterest income for the first quarter of 2026 compared to the prior quarter included the following:
Interchange and ATM fees decreased by $363,000, or 6.7%, driven by seasonally lower transaction volumes. Overall investment and advisory income increased $372,000, or 2.7%, driven primarily by higher asset based fee revenue and insurance commissions compared to the prior quarter. Total assets under administration remained consistent at $9.2 billion as of March 31, 2026. Loan level derivative income decreased by $322,000, or 26.1%, reflecting volatility in customer demand. Other noninterest income decreased by $1.1 million, or 13.8%, driven primarily by a decrease in investment income on equity securities. NONINTEREST EXPENSE
Noninterest expense of $142.9 million for the first quarter of 2026 represented a decrease of $11.5 million, or 7.4%, as compared to the prior quarter. Significant changes in noninterest expense for the first quarter of 2026 compared to the prior quarter included the following:
The Company incurred merger and acquisition expenses of $3.0 million in the first quarter of 2026, compared to $12.3 million in the fourth quarter of 2025, all of which were related to the Company’s acquisition of Enterprise. The majority of the 2026 first quarter merger expenses related to final severance payments, and vendor and systems contract terminations. Salaries and employee benefits decreased by $843,000, or 1.0%, driven primarily by decreased incentive compensation, retirement benefits, and lower base salaries, partially offset by higher payroll taxes and medical plan insurance. Occupancy and equipment expenses increased by $1.7 million, or 10.9%, driven primarily by a $1.9 million increase in snow removal costs for the first quarter of 2026. FDIC assessment decreased $731,000, or 18.0%, due to quarterly timing differences. Other noninterest expense decreased by $2.4 million, or 7.8%, driven primarily by decreases in consultant fees of $790,000, legal fees of $755,000, and net valuation decreases on equity securities of $384,000. TAX RATE
The Company’s quarterly effective tax rate increased to 23.38% for the first quarter of 2026 from 20.54% for the prior quarter, due to one-time discrete adjustments combined with revised estimates based on full year results in the prior quarter.
ASSET QUALITY
During the first quarter, the Company’s key asset quality activity and metrics were as follows:
Nonperforming loans increased to $96.6 million at March 31, 2026, as compared to $83.6 million at December 31, 2025, representing 0.52% and 0.45% of total loans, respectively. Delinquencies as a percentage of total loans increased 9 basis points from the prior quarter to 0.41% at March 31, 2026. Net charge-offs decreased slightly to $4.8 million, as compared to $5.3 million for the prior quarter, representing 0.11% and 0.12%, respectively, of average loans annualized. The largest individual charge-off in the quarter was $4.2 million related to a commercial real estate loan that was partially reserved for in the prior quarter. The first quarter provision for credit losses increased to $5.5 million, as compared to $4.8 million for the prior quarter. Total criticized and classified commercial loans of $575.5 million, or 4.0% of total commercial loans, increased $102.7 million, or 21.7%, as compared to the prior quarter. The allowance for credit losses on total loans increased to $190.6 million at March 31, 2026, compared to $189.9 million at December 31, 2025 and represented 1.03% of total loans at both March 31, 2026 and December 31, 2025. CONFERENCE CALL INFORMATION
Jeffrey Tengel, Chief Executive Officer, and Mark Ruggiero, Chief Financial Officer and Executive Vice President of Consumer Lending, will host a conference call to discuss first quarter earnings at 10:00 a.m. Eastern Time on Friday, April 17, 2026.
Participants may join the webcast by registering prior to the call via this link: https://events.q4inc.com/attendee/279877279. A replay of the webcast will be made available on the Company’s website at https://indb.rocklandtrust.com by selecting First Quarter 2026 Earnings Call. The webcast replay will be available until April 17, 2027.
ABOUT INDEPENDENT BANK CORP.
Independent Bank Corp. (Nasdaq Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. With retail branches in Eastern Massachusetts, Worcester County, and Southern New Hampshire, as well as commercial banking and investment management offices in Massachusetts, New Hampshire, and Rhode Island, Rockland Trust offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender.
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations and business of the Company. These statements may be identified by such forward-looking terminology as “expect,” “achieve,” “plan,” “believe,” “future,” “positioned,” “continued,” “will,” “would,” “potential,” or similar statements or variations of such terms. Actual results may differ from those contemplated by these forward-looking statements.
Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:
adverse economic conditions in the regional and local economies within the New England region and the Company’s market area; events impacting the financial services industry, including high profile bank failures, and any resulting decreased confidence in banks among depositors, investors, and other counterparties, as well as competition for deposits and significant disruption, volatility and depressed valuations of equity and other securities of banks in the capital markets; the effects to the Company of an increasingly competitive labor market, including the possibility that the Company will have to devote significant resources to attract and retain qualified personnel; political and policy uncertainties, changes in U.S. and international trade policies, such as tariffs or other factors, and the potential impact of such factors on the Company and its customers, including the potential for decreases in deposits and loan demand, unanticipated loan delinquencies, loss of collateral and decreased service revenues; the instability or volatility in financial markets and unfavorable domestic or global general economic, political or business conditions, including international conflicts and hostilities, such as the ongoing conflict involving Israel, the U.S. and Iran; unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on the Company’s local economies or the Company’s business caused by adverse weather conditions and natural disasters, changes in climate, public health crises or other external events and any actions taken by governmental authorities in response to any such events; adverse changes or volatility in the local real estate market; changes in interest rates and any resulting impact on interest earning assets and/or interest bearing liabilities, the level of voluntary prepayments on loans and the receipt of payments on mortgage-backed securities, decreased loan demand or increased difficulty in the ability of borrowers to repay variable rate loans; risks related to the Company’s acquisition activities, including disruption to current plans and operations; difficulties in customer and employee retention; fees, expenses and charges related to these transactions being significantly higher than anticipated; impairment of goodwill and/or other intangibles; and the Company’s inability to achieve expected revenues, cost savings, synergies, and other benefits at levels or within the timeframes originally anticipated; the effect of laws, regulations, new requirements or expectations, or additional regulatory oversight in the highly regulated financial services industry, and the resulting need to invest in technology to meet heightened regulatory expectations, increased costs of compliance or required adjustments to strategy; changes in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; higher than expected tax expense, including as a result of failure to comply with general tax laws and changes in tax laws; increased competition in the Company’s market areas, including competition that could impact deposit gathering, retention of deposits and the cost of deposits, increased competition due to the demand for innovative products and service offerings, and competition from non-depository institutions which may be subject to fewer regulatory constraints and lower cost structures; a deterioration in the conditions of the securities markets; a deterioration of the credit rating for U.S. long-term sovereign debt or uncertainties surrounding the federal budget; inability to adapt to changes in information technology, including changes to industry accepted delivery models driven by a migration to the internet as a means of service delivery, including any inability to effectively implement new technology-driven products, such as artificial intelligence (“AI”); electronic or other fraudulent activity within the financial services industry, especially in the commercial banking sector; adverse changes in consumer spending and savings habits; the effect of laws and regulations regarding the financial services industry, including the need to invest in technology to meet heightened regulatory expectations or the introduction of new requirements or expectations resulting in increased costs of compliance or required adjustments to strategy; changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) generally applicable to the Company’s business and the associated costs of such changes; the Company’s potential judgments, claims, damages, penalties, fines and reputational damage resulting from pending or future litigation and regulatory and government actions; changes in accounting policies, practices and standards, as may be adopted by the regulatory agencies as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters; operational risks related to the Company and its customers’ reliance on information technology; cyber threats, attacks, intrusions, and fraud; and outages or other issues impacting the Company or its third party service providers which could lead to interruptions or disruptions of the Company’s operating systems, including systems that are customer facing, and adversely impact the Company’s business; risks related to the development and use of AI by the Company, its third-party vendors, clients and counterparties; and any unexpected material adverse changes in the Company’s operations or earnings. The Company cautions readers not to place undue reliance on any forward-looking statements as the Company’s business and its forward-looking statements involve substantial known and unknown risks and uncertainties described above and in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q (“Risk Factors”). Except as required by law, the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise. Any public statements or disclosures by the Company following this release which modify or impact any of the forward-looking statements contained in this release will be deemed to modify or supersede such statements in this release. In addition to the information set forth in this press release, you should carefully consider the Risk Factors.
This press release and the appendices attached to it contain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This information may include operating net income and operating earnings per share (“EPS”), operating return on average assets, operating return on average common equity, operating return on average tangible common equity, adjusted net interest margin (“adjusted margin”), tangible book value per share and the tangible common equity ratio.
Operating net income, operating EPS, operating return on average assets, and operating return on average common equity exclude items that management believes are unrelated to the Company’s core banking business such as merger and acquisition expenses, and other items, if applicable. Management uses operating net income and related ratios and operating EPS to measure the strength of the Company’s core banking business and to identify trends that may to some extent be obscured by such items. Management reviews its adjusted margin to determine any items that may impact the net interest margin that may be one-time in nature or not reflective of its core operating environment, such as significant purchase accounting adjustments or other adjustments such as nonaccrual interest reversals/recoveries and prepayment penalties. Management believes that adjusting for these items to arrive at an adjusted margin provides additional insight into the operating environment and how management decisions impact the net interest margin.
Management also supplements its evaluation of financial performance with analysis of tangible book value per share (which is computed by dividing stockholders’ equity less goodwill and identifiable intangible assets, or “tangible common equity,” by common shares outstanding), the tangible common equity ratio (which is computed by dividing tangible common equity by “tangible assets,” defined as total assets less goodwill and other intangibles), and return on average tangible common equity (which is computed by dividing net income by average tangible common equity). The Company has included information on tangible book value per share, the tangible common equity ratio and return on average tangible common equity because management believes that investors may find it useful to have access to the same analytical tools used by management. As a result of merger and acquisition activity, the Company has recognized goodwill and other intangible assets in conjunction with business combination accounting principles. Excluding the impact of goodwill and other intangibles in measuring asset and capital values for the ratios provided, along with other bank standard capital ratios, provides a framework to compare the capital adequacy of the Company to other companies in the financial services industry.
These non-GAAP measures should not be viewed as a substitute for operating results and other financial measures determined in accordance with GAAP. An item which management excludes when computing these non-GAAP measures can be of substantial importance to the Company’s results for any particular quarter or year. The Company’s non-GAAP performance measures, including operating net income, operating EPS, operating return on average assets, operating return on average common equity, adjusted margin, tangible book value per share and the tangible common equity ratio, are not necessarily comparable to non-GAAP performance measures which may be presented by other companies.
Category: Earnings Releases
INDEPENDENT BANK CORP. FINANCIAL SUMMARY
CONSOLIDATED BALANCE SHEETS
(Unaudited, dollars in thousands)
% Change
% Change
March 31
2026
December 31
2025
March 31
2025
Mar 2026 vs.
Mar 2026 vs.
Dec 2025
Mar 2025
Assets
Cash and due from banks
$
223,291
$
229,770
$
214,616
(2.82
)%
4.04
%
Interest-earning deposits with banks
505,687
542,132
502,228
(6.72
)%
0.69
%
Securities
Trading
5,525
4,720
4,816
17.06
%
14.72
%
Equities
21,518
21,581
21,250
(0.29
)%
1.26
%
Available for sale
2,088,365
2,004,247
1,283,767
4.20
%
62.67
%
Held to maturity
1,256,566
1,279,027
1,409,959
(1.76
)%
(10.88
)%
Total securities
3,371,974
3,309,575
2,719,792
1.89
%
23.98
%
Loans held for sale
16,758
35,909
8,524
(53.33
)%
96.60
%
Loans
Commercial and industrial
4,651,453
4,611,789
3,315,081
0.86
%
40.31
%
Commercial real estate
8,181,340
8,275,408
6,735,974
(1.14
)%
21.46
%
Commercial construction
1,403,613
1,399,193
796,162
0.32
%
76.30
%
Total commercial
14,236,406
14,286,390
10,847,217
(0.35
)%
31.24
%
Residential real estate
2,842,144
2,873,443
2,465,731
(1.09
)%
15.27
%
Home equity
1,307,746
1,297,662
1,143,966
0.78
%
14.32
%
Total consumer real estate
4,149,890
4,171,105
3,609,697
(0.51
)%
14.97
%
Other consumer
39,182
46,282
35,055
(15.34
)%
11.77
%
Total loans
18,425,478
18,503,777
14,491,969
(0.42
)%
27.14
%
Less: allowance for credit losses
(190,560
)
(189,877
)
(144,092
)
0.36
%
32.25
%
Net loans
18,234,918
18,313,900
14,347,877
(0.43
)%
27.09
%
Federal Home Loan Bank stock
17,752
21,835
25,804
(18.70
)%
(31.20
)%
Bank premises and equipment, net
217,695
218,190
190,007
(0.23
)%
14.57
%
Goodwill
1,090,610
1,090,610
985,072
—
%
10.71
%
Other intangible assets
126,687
133,576
10,941
(5.16
)%
1,057.91
%
Cash surrender value of life insurance policies
380,423
378,576
306,077
0.49
%
24.29
%
Other assets
597,785
638,823
577,271
(6.42
)%
3.55
%
Total assets
$
24,783,580
$
24,912,896
$
19,888,209
(0.52
)%
24.61
%
Liabilities and Stockholders’ Equity
Deposits
Noninterest-bearing demand deposits
$
5,633,079
$
5,600,955
$
4,409,878
0.57
%
27.74
%
Savings and interest checking
6,310,870
6,482,970
5,279,549
(2.65
)%
19.53
%
Money market
4,898,267
4,774,645
3,277,078
2.59
%
49.47
%
Time certificates of deposit
3,255,294
3,268,220
2,709,512
(0.40
)%
20.14
%
Total deposits
20,097,510
20,126,790
15,676,017
(0.15
)%
28.21
%
Borrowings
Federal Home Loan Bank and other borrowings
316,734
416,549
500,506
(23.96
)%
(36.72
)%
Line of credit, net
99,969
49,953
—
100.13
%
100.00
%
Junior subordinated debentures, net
62,863
62,862
62,861
—
%
—
%
Subordinated debentures, net
296,690
296,483
296,507
0.07
%
0.06
%
Total borrowings
776,256
825,847
859,874
(6.00
)%
(9.72
)%
Total deposits and borrowings
20,873,766
20,952,637
16,535,891
(0.38
)%
26.23
%
Other liabilities
367,773
394,531
318,926
(6.78
)%
15.32
%
Total liabilities
21,241,539
21,347,168
16,854,817
(0.49
)%
26.03
%
Stockholders’ equity
Common stock
483
490
424
(1.43
)%
13.92
%
Additional paid in capital
2,272,910
2,335,879
1,911,162
(2.70
)%
18.93
%
Retained earnings
1,317,946
1,269,113
1,192,008
3.85
%
10.57
%
Accumulated other comprehensive loss, net of tax
(49,298
)
(39,754
)
(70,202
)
24.01
%
(29.78
)%
Total stockholders' equity
3,542,041
3,565,728
3,033,392
(0.66
)%
16.77
%
Total liabilities and stockholders’ equity
$
24,783,580
$
24,912,896
$
19,888,209
(0.52
)%
24.61
%
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, dollars in thousands, except per share data)
Three Months Ended
% Change
% Change
March 31
2026
December 31
2025
March 31
2025
Mar 2026 vs.
Mar 2026 vs.
Dec 2025
Mar 2025
Interest income
Interest on federal funds sold and short-term investments
$
3,657
$
6,690
$
1,438
(45.34
)%
154.31
%
Interest and dividends on securities
25,374
24,924
15,297
1.81
%
65.88
%
Interest and fees on loans
260,982
265,582
195,093
(1.73
)%
33.77
%
Interest on loans held for sale
252
339
92
(25.66
)%
173.91
%
Total interest income
290,265
297,535
211,920
(2.44
)%
36.97
%
Interest expense
Interest on deposits
66,935
74,378
59,436
(10.01
)%
12.62
%
Interest on borrowings
10,871
10,671
6,979
1.87
%
55.77
%
Total interest expense
77,806
85,049
66,415
(8.52
)%
17.15
%
Net interest income
212,459
212,486
145,505
(0.01
)%
46.01
%
Provision for credit losses
5,500
4,750
15,000
15.79
%
(63.33
)%
Net interest income after provision for credit losses
206,959
207,736
130,505
(0.37
)%
58.58
%
Noninterest income
Deposit account fees
9,249
9,100
7,053
1.64
%
31.14
%
Interchange and ATM fees
5,018
5,381
4,622
(6.75
)%
8.57
%
Investment management and advisory
14,165
13,793
11,220
2.70
%
26.25
%
Mortgage banking income
1,270
1,274
741
(0.31
)%
71.39
%
Increase in cash surrender value of life insurance policies
2,712
2,702
2,065
0.37
%
31.33
%
Gain on life insurance benefits
346
315
—
9.84
%
100.00
%
Loan level derivative income
910
1,232
1,042
(26.14
)%
(12.67
)%
Other noninterest income
6,592
7,648
5,796
(13.81
)%
13.73
%
Total noninterest income
40,262
41,445
32,539
(2.85
)%
23.73
%
Noninterest expenses
Salaries and employee benefits
80,737
81,580
61,931
(1.03
)%
30.37
%
Occupancy and equipment expenses
17,306
15,604
13,859
10.91
%
24.87
%
Data processing and facilities management
3,259
2,967
2,642
9.84
%
23.35
%
FDIC assessment
3,328
4,059
2,988
(18.01
)%
11.38
%
Amortization of intangible assets
6,890
7,054
1,344
(2.32
)%
412.65
%
Merger and acquisition expense
3,024
12,348
1,155
(75.51
)%
161.82
%
Other noninterest expenses
28,374
30,758
21,959
(7.75
)%
29.21
%
Total noninterest expenses
142,918
154,370
105,878
(7.42
)%
34.98
%
Income before income taxes
104,303
94,811
57,166
10.01
%
82.46
%
Provision for income taxes
24,384
19,476
12,742
25.20
%
91.37
%
Net Income
$
79,919
$
75,335
$
44,424
6.08
%
79.90
%
Weighted average common shares (basic)
48,970,060
49,452,717
42,550,274
Common share equivalents
29,685
23,623
22,353
Weighted average common shares (diluted)
48,999,745
49,476,340
42,572,627
Basic earnings per share
$
1.63
$
1.52
$
1.04
7.24
%
56.73
%
Diluted earnings per share
$
1.63
$
1.52
$
1.04
7.24
%
56.73
%
Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP):
Net income
$
79,919
$
75,335
$
44,424
Noninterest expense components
Add - merger and acquisition expenses
3,024
12,348
1,155
Noncore increases to income before taxes
3,024
12,348
1,155
Net taxes associated with noncore items (1)
(830
)
(3,326
)
(325
)
Noncore increases to net income
2,194
9,022
830
Operating net income (Non-GAAP)
$
82,113
$
84,357
$
45,254
(2.66
)%
81.45
%
Diluted earnings per share, on an operating basis (Non-GAAP)
$
1.68
$
1.70
$
1.06
(1.18
)%
58.49
%
(1) The net taxes associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company’s combined marginal tax rate to only those items included in net taxable income.
Performance ratios
Net interest margin (FTE)
3.90
%
3.77
%
3.42
%
Return on average assets (calculated by dividing annualized net income by average assets) (GAAP)
1.31
%
1.20
%
0.93
%
Return on average assets on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average assets)
1.35
%
1.34
%
0.94
%
Return on average common equity (calculated by dividing annualized net income by average common equity) (GAAP)
9.02
%
8.38
%
5.94
%
Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average common equity)
9.27
%
9.38
%
6.05
%
Return on average tangible common equity (Non-GAAP) (calculated by dividing annualized net income by average tangible common equity)
13.67
%
12.77
%
8.85
%
Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average tangible common equity)
14.05
%
14.30
%
9.01
%
Noninterest income as a % of total revenue (GAAP) (calculated by dividing total noninterest income by net interest income plus total noninterest income)
15.93
%
16.32
%
18.28
%
Noninterest income as a % of total revenue on an operating basis (Non-GAAP) (calculated by dividing total noninterest income on an operating basis by net interest income plus total noninterest income)
15.93
%
16.32
%
18.28
%
Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue)
56.55
%
60.79
%
59.47
%
Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue)
55.36
%
55.93
%
58.82
%
ASSET QUALITY
(Unaudited, dollars in thousands)
Nonperforming Assets At
March 31
2026
December 31
2025
March 31
2025
Nonperforming loans
Commercial & industrial loans
$
8,453 $
9,160
$
9,839
Commercial real estate loans
64,851 50,515
65,840
Commercial construction loans
698
3,693
—
Residential real estate loans
15,593
15,043
10,966
Home equity
7,011
5,102
2,840
Other consumer
37
44
8
Total nonperforming loans
96,643
83,557
89,493
Other real estate owned
2,100
2,100
—
Total nonperforming assets
$
98,743
$
85,657
$
89,493
Nonperforming loans/gross loans
0.52
%
0.45
%
0.62
%
Nonperforming assets/total assets
0.40
%
0.34
%
0.45
%
Allowance for credit losses/nonperforming loans
197.18
%
227.24
%
161.01
%
Allowance for credit losses/total loans
1.03
%
1.03
%
0.99
%
Delinquent loans/total loans
0.41
%
0.32
%
0.47
%
Nonperforming Assets Reconciliation for the Three Months Ended
March 31
2026
December 31
2025
March 31
2025
Nonperforming assets beginning balance
$
85,657
$
88,697
$
101,529
New to nonperforming
24,714
29,374
41,777
Loans charged-off
(5,776
)
(5,768
)
(41,400
)
Loans paid-off
(5,272
)
(20,098
)
(10,932
)
Loans restored to performing status
(608
)
(4,350
)
(1,356
)
Other
28
(2,198
)
(125
)
Nonperforming assets ending balance
$
98,743
$
85,657
$
89,493
Net Charge-Offs (Recoveries)
Three Months Ended
March 31
2026
December 31
2025
March 31
2025
Net charge-offs (recoveries)
Commercial and industrial loans
$
311
$
4,555
$
152
Commercial real estate loans
4,034
28
39,996
Home equity
(12
)
(15
)
78
Other consumer
484
781
666
Total net charge-offs
$
4,817
$
5,349
$
40,892
Net charge-offs to average loans (annualized)
0.11
%
0.12
%
1.14
%
BALANCE SHEET AND CAPITAL RATIOS
March 31
2026
December 31
2025
March 31
2025
Gross loans/total deposits
91.68
%
91.94
%
92.45
%
Common equity tier 1 capital ratio (1)
12.87
%
12.86
%
14.52
%
Tier 1 leverage capital ratio (1)
10.23
%
10.15
%
11.43
%
Common equity to assets ratio GAAP
14.29
%
14.31
%
15.25
%
Tangible common equity to tangible assets ratio (2)
9.86
%
9.88
%
10.78
%
Book value per share GAAP
$
72.92
$
72.41
$
71.19
Tangible book value per share (2)
$
47.86
$
47.55
$
47.81
(1) Estimated number for March 31, 2026.
(2) See Appendix A for detailed reconciliation from GAAP to Non-GAAP ratios.
INDEPENDENT BANK CORP. SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited, dollars in thousands)
Three Months Ended
March 31, 2026
December 31, 2025
March 31, 2025
Interest
Interest
Interest
Average
Earned/
Yield/
Average
Earned/
Yield/
Average
Earned/
Yield/
Balance
Paid (1)
Rate
Balance
Paid (1)
Rate
Balance
Paid (1)
Rate
Interest-earning assets
Interest-earning deposits with banks, federal funds sold, and short term investments
$
415,532
$
3,657
3.57
%
$
673,878
$
6,690
3.94
%
$
141,410
$
1,438
4.12
%
Securities
Securities - trading
5,108
—
—
%
4,644
—
—
%
4,513
—
—
%
Securities - taxable investments
3,325,253
25,260
3.08
%
3,323,714
24,790
2.96
%
2,747,039
15,296
2.26
%
Securities - nontaxable investments (1)
11,634
144
5.02
%
14,047
169
4.77
%
195
1
2.08
%
Total securities
$
3,341,995
$
25,404
3.08
%
$
3,342,405
$
24,959
2.96
%
$
2,751,747
$
15,297
2.25
%
Loans held for sale
19,495
252
5.24
%
24,680
339
5.45
%
6,396
92
5.83
%
Loans
Commercial and industrial (1)
4,605,582
70,426
6.20
%
4,556,277
70,467
6.14
%
3,250,960
50,895
6.35
%
Commercial real estate (1)
8,240,241
112,466
5.54
%
8,263,339
115,746
5.56
%
6,804,605
86,086
5.13
%
Commercial construction (1)
1,404,278
23,926
6.91
%
1,397,668
24,618
6.99
%
785,312
13,167
6.80
%
Total commercial
14,250,101
206,818
5.89
%
14,217,284
210,831
5.88
%
10,840,877
150,147
5.62
%
Residential real estate
2,856,572
35,503
5.04
%
2,895,216
34,847
4.78
%
2,464,464
27,716
4.56
%
Home equity
1,300,202
19,429
6.06
%
1,288,744
20,498
6.31
%
1,140,190
17,774
6.32
%
Total consumer real estate
4,156,774
54,932
5.36
%
4,183,960
55,345
5.25
%
3,604,654
45,490
5.12
%
Other consumer
43,789
664
6.15
%
41,897
741
7.02
%
38,618
593
6.23
%
Total loans
$
18,450,664
$
262,414
5.77
%
$
18,443,141
$
266,917
5.74
%
$
14,484,149
$
196,230
5.49
%
Total interest-earning assets
$
22,227,686
$
291,727
5.32
%
$
22,484,104
$
298,905
5.27
%
$
17,383,702
$
213,057
4.97
%
Cash and due from banks
228,015
228,939
197,536
Federal Home Loan Bank stock
20,474
21,835
27,646
Other assets
2,226,216
2,230,165
1,852,073
Total assets
$
24,702,391
$
24,965,043
$
19,460,957
Interest-bearing liabilities
Deposits
Savings and interest checking accounts (4)
$
6,333,509
$
15,883
1.02
%
$
6,355,726
$
18,078
1.13
%
$
5,222,353
$
16,162
1.26
%
Money market (4)
4,862,134
24,672
2.06
%
4,829,717
26,989
2.22
%
3,178,879
17,710
2.26
%
Time deposits
3,269,232
26,380
3.27
%
3,336,280
29,311
3.49
%
2,723,975
25,564
3.81
%
Total interest-bearing deposits
$
14,464,875
$
66,935
1.88
%
$
14,521,723
$
74,378
2.03
%
$
11,125,207
$
59,436
2.17
%
Borrowings
Federal Home Loan Bank and other borrowings
380,062
3,596
3.84
%
416,368
3,973
3.79
%
547,713
5,566
4.12
%
Line of Credit
54,404
755
5.63
%
7,559
116
6.09
%
—
—
—
%
Junior subordinated debentures
62,863
874
5.64
%
62,862
936
5.91
%
62,860
974
6.28
%
Subordinated debentures
296,573
5,646
7.72
%
296,372
5,646
7.56
%
23,070
439
7.72
%
Total borrowings
$
793,902
$
10,871
5.55
%
$
783,161
$
10,671
5.41
%
$
633,643
$
6,979
4.47
%
Total interest-bearing liabilities
$
15,258,777
$
77,806
2.07
%
$
15,304,884
$
85,049
2.20
%
$
11,758,850
$
66,415
2.29
%
Noninterest-bearing demand deposits
5,498,339
5,751,348
4,345,631
Other liabilities
353,886
340,775
323,728
Total liabilities
$
21,111,002
$
21,397,007
$
16,428,209
Stockholders’ equity
3,591,389
3,568,036
3,032,748
Total liabilities and stockholders’ equity
$
24,702,391
$
24,965,043
$
19,460,957
Net interest income
$
213,921
$
213,856
$
146,642
Interest rate spread (2)
3.25
%
3.07
%
2.68
%
Net interest margin (3)
3.90
%
3.77
%
3.42
%
Supplemental Information
Total deposits, including demand deposits
$
19,963,214
$
66,935
$
20,273,071
$
74,378
$
15,470,838
$
59,436
Cost of total deposits
1.36
%
1.46
%
1.56
%
Total funding liabilities, including demand deposits
$
20,757,116
$
77,806
$
21,056,232
$
85,049
$
16,104,481
$
66,415
Cost of total funding liabilities
1.52
%
1.60
%
1.67
%
(1) The total amount of adjustment to present interest income and yield on a fully tax-equivalent basis was $1.5 million, $1.4 million, and $1.1 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively, determined by applying the Company’s marginal tax rates in effect during each respective quarter.
(2) Interest rate spread represents the difference between weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(3) Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.
(4) Interest paid amounts within the savings and interest checking and money market categories for the three months ended December 31, 2025 vary from amounts previously reported in the Company’s fourth quarter 2025 earnings release. These reported amounts reflect a reclassification of approximately $3.0 million in interest paid from the money market category to the savings and interest checking category. The corresponding yields presented above have also been revised to reflect this reclassification.
APPENDIX A: NON-GAAP Reconciliation of Balance Sheet Metrics
(Unaudited, dollars in thousands, except per share data)
The following table summarizes the calculation of the Company’s tangible common equity to tangible assets ratio and tangible book value per share, at the dates indicated:
March 31
2026
December 31
2025
March 31
2025
Tangible common equity
(Dollars in thousands, except per share data)
Stockholders’ equity (GAAP)
$
3,542,041
$
3,565,728
$
3,033,392
(a)
Less: Goodwill and other intangibles
1,217,297
1,224,186
996,013
Tangible common equity (Non-GAAP)
$
2,324,744
$
2,341,542
$
2,037,379
(b)
Tangible assets
Assets (GAAP)
$
24,783,580
$
24,912,896
$
19,888,209
(c)
Less: Goodwill and other intangibles
1,217,297
1,224,186
996,013
Tangible assets (Non-GAAP)
$
23,566,283
$
23,688,710
$
18,892,196
(d)
Common Shares
48,572,237
49,243,813
42,610,271
(e)
Common equity to assets ratio (GAAP)
14.29
%
14.31
%
15.25
%
(a/c)
Tangible common equity to tangible assets ratio (Non-GAAP)
9.86
%
9.88
%
10.78
%
(b/d)
Book value per share (GAAP)
$
72.92
$
72.41
$
71.19
(a/e)
Tangible book value per share (Non-GAAP)
$
47.86
$
47.55
$
47.81
(b/e)
APPENDIX B: Non-GAAP Reconciliation of Earnings Metrics
The following table summarizes the impact of noncore items on the Company’s calculation of noninterest income and noninterest expense, the impact of noncore items on noninterest income as a percentage of total revenue and the efficiency ratio, as well as the average tangible common equity used to calculate return on average tangible common equity and operating return on tangible common equity for the periods indicated, and the average assets used to calculate return on average assets and operating return on average assets:
(Unaudited, dollars in thousands)
Three Months Ended
March 31
2026
December 31
2025
March 31
2025
Net interest income (GAAP)
$
212,459
$
212,486
$
145,505
Noninterest income (GAAP)
$
40,262
$
41,445
$
32,539
Total revenue (GAAP)
$
252,721
$
253,931
$
178,044
Noninterest expense (GAAP)
$
142,918
$
154,370
$
105,878
Less:
Merger and acquisition expense
3,024
12,348
1,155
Noninterest expense on an operating basis (Non-GAAP)
$
139,894
$
142,022
$
104,723
Average assets
$
24,702,391
$
24,965,043
$
19,460,957
Average common equity (GAAP)
$
3,591,389
$
3,568,036
$
3,032,748
Less: Average goodwill and other intangibles
1,221,201
1,227,889
996,762
Average tangible common equity (Non-GAAP)
$
2,370,188
$
2,340,147
$
2,035,986
Reconciliation of Net Income (GAAP) to Operating Net Income (Non-GAAP)
Net income (GAAP)
$
79,919
$
75,335
$
44,424
Noninterest expense components
Add - merger and acquisition expenses
3,024
12,348
1,155
Noncore increases to income before taxes
3,024
12,348
1,155
Net taxes associated with noncore items (1)
(830
)
(3,326
)
(325
)
Noncore increases to net income
2,194
9,022
830
Operating net income (Non-GAAP)
$
82,113
$
84,357
$
45,254
(1) The net taxes associated with noncore items is determined by assessing whether each noncore item is included or excluded from net taxable income and applying the Company’s combined marginal tax rate to only those items included in net taxable income.
Ratios
Return on average assets (GAAP) (calculated by dividing annualized net income by average assets)
1.31
%
1.20
%
0.93
%
Return on average assets on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average assets)
1.35
%
1.34
%
0.94
%
Return on average common equity (GAAP) (calculated by dividing annualized net income by average common equity)
9.02
%
8.38
%
5.94
%
Return on average common equity on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average common equity)
9.27
%
9.38
%
6.05
%
Return on average tangible common equity (Non-GAAP) (calculated by dividing annualized net income by average tangible common equity)
13.67
%
12.77
%
8.85
%
Return on average tangible common equity on an operating basis (Non-GAAP) (calculated by dividing annualized operating net income by average tangible common equity)
14.05
%
14.30
%
9.01
%
Noninterest income as a % of total revenue (GAAP) (calculated by dividing total noninterest income by total revenue)
15.93
%
16.32
%
18.28
%
Noninterest income as a % of total revenue on an operating basis (Non-GAAP) (calculated by dividing total noninterest income on an operating basis by total revenue)
15.93
%
16.32
%
18.28
%
Efficiency ratio (GAAP) (calculated by dividing total noninterest expense by total revenue)
56.55
%
60.79
%
59.47
%
Efficiency ratio on an operating basis (Non-GAAP) (calculated by dividing total noninterest expense on an operating basis by total revenue)
55.36
%
55.93
%
58.82
%
APPENDIX C: Net Interest Margin Analysis & Non-GAAP Reconciliation of Adjusted Margin
Independent Bank Corp. (INDB - Free Report) came out with quarterly earnings of $1.68 per share, missing the Zacks Consensus Estimate of $1.7 per share. This compares to earnings of $1.06 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -0.98%. A quarter ago, it was expected that this holding company for Rockland Trust would post earnings of $1.65 per share when it actually produced earnings of $1.7, delivering a surprise of +3.03%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Independent Bank Corp., which belongs to the Zacks Banks - Northeast industry, posted revenues of $252.72 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 0.47%. This compares to year-ago revenues of $178.04 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Independent Bank Corp. shares have added about 8.7% since the beginning of the year versus the S&P 500's gain of 2.6%.
What's Next for Independent Bank Corp.?While Independent Bank Corp. has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Independent Bank Corp. was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.80 on $260.3 million in revenues for the coming quarter and $7.33 on $1.05 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Northeast is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Tompkins Financial (TMP - Free Report) , is yet to report results for the quarter ended March 2026.
This financial services company is expected to post quarterly earnings of $1.71 per share in its upcoming report, which represents a year-over-year change of +24.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Tompkins Financial's revenues are expected to be $82.99 million, up 1.6% from the year-ago quarter.
Independent Bank Corp. (INDB - Free Report) reported $252.72 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 42%. EPS of $1.68 for the same period compares to $1.06 a year ago.
The reported revenue represents a surprise of -0.47% over the Zacks Consensus Estimate of $253.92 million. With the consensus EPS estimate being $1.70, the EPS surprise was -0.98%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Independent Bank Corp. performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Efficiency Ratio: 56.6% compared to the 55% average estimate based on three analysts.Net interest margin (FTE): 3.9% versus the three-analyst average estimate of 3.8%.Average Balance - Total interest-earning assets: $22.23 billion versus the two-analyst average estimate of $22.58 billion.Total Non-Interest Income: $40.26 million versus the three-analyst average estimate of $41 million.Increase in cash surrender value of life insurance policies: $2.71 million versus the two-analyst average estimate of $2.67 million.Net Interest Income: $212.46 million versus the two-analyst average estimate of $212.47 million.Loan level derivative income: $0.91 million versus $1.12 million estimated by two analysts on average.Interchange and ATM fees: $5.02 million versus $5.22 million estimated by two analysts on average.Deposit account fees: $9.25 million compared to the $9.22 million average estimate based on two analysts.Other noninterest income: $6.59 million versus $7.36 million estimated by two analysts on average.Mortgage banking income: $1.27 million versus $1.14 million estimated by two analysts on average.Investment management and advisory: $14.17 million versus the two-analyst average estimate of $14 million.View all Key Company Metrics for Independent Bank Corp. here>>>
Shares of Independent Bank Corp. have returned +7.8% over the past month versus the Zacks S&P 500 composite's +6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Independent Bank Corp. delivered robust Q1 results, with revenues up 42% year-over-year, primarily from the Enterprise acquisition. INDB's net interest margin expanded to 3.90%, and adjusted EPS of $1.68 narrowly beat consensus, despite a slight sequential dip. Loan and deposit balances declined modestly, while asset quality softened as nonperforming loans rose to 0.52% of total loans.
Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.
While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.
Headquartered in Hanover, Independent Bank Corp. (INDB - Free Report) is a Finance stock that has seen a price change of 5.98% so far this year. The holding company for Rockland Trust is currently shelling out a dividend of $0.64 per share, with a dividend yield of 3.31%. This compares to the Banks - Northeast industry's yield of 2.34% and the S&P 500's yield of 1.39%.
Looking at dividend growth, the company's current annualized dividend of $2.56 is up 8.5% from last year. Over the last 5 years, Independent Bank Corp. has increased its dividend 5 times on a year-over-year basis for an average annual increase of 5.67%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Independent Bank Corp.'s current payout ratio is 41%, meaning it paid out 41% of its trailing 12-month EPS as dividend.
INDB is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2026 is $7.33 per share, with earnings expected to increase 29.96% from the year ago period.
Investors like dividends for many reasons; they greatly improve stock investing profits, decrease overall portfolio risk, and carry tax advantages, among others. But, not every company offers a quarterly payout.
High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more established companies that have more secure profits are often seen as the best dividend options. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, INDB is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).
On May 13, 2026, Channing Capital Management, LLC disclosed a new position in Independent Bank (INDB +1.24%), acquiring 939,667 shares in an estimated $73.65 million trade based on the quarterly average price.
What happenedAccording to a SEC filing dated May 13, 2026, Channing Capital Management, LLC initiated a new stake in Independent Bank, purchasing 939,667 shares. The estimated transaction value was $73.65 million, based on the average first-quarter 2026 closing price. At the end of the quarter, the position was valued at $70.67 million, reflecting both the purchase and subsequent price movement.
What else to knowThis new position accounts for 1.8098% of Channing Capital’s 13F assets under management as of March 31, 2026
Top five holdings after the filing:
NASDAQ:LFUS: $99.92 million (2.6% of AUM)NYSE:MSA: $99.59 million (2.6% of AUM)NYSE:VVV: $99.10 million (2.5% of AUM)NYSE:SWX: $96.18 million (2.5% of AUM)NYSE:TKR: $93.55 million (2.4% of AUM)As of May 13, 2026, shares of Independent Bank were priced at $76.17, up 20.87% over the past year, underperforming the S&P 500 by 5.60 percentage points in that period
Company OverviewMetricValueRevenue (TTM)$1.25 billionNet Income (TTM)$240.62 millionDividend Yield3.31%Price (as of market close May 13, 2026)$76.17Company SnapshotOffers a full suite of commercial banking products and services, including checking and savings accounts, commercial and consumer loans, investment management, and trust services.Generates revenue primarily through net interest income on loans and deposits, as well as fee-based income from wealth management and transaction services.Serves individuals, small-to-medium-sized businesses, and institutional clients, with a primary focus on the Eastern Massachusetts region.Independent Bank is a leading regional bank holding company, operating through Rockland Trust Company with a significant presence in Eastern Massachusetts. The company offers a diversified range of products and services, including commercial banking, wealth management, and trust services. The company provides comprehensive financial services to clients across Eastern Massachusetts.
What this transaction means for investorsChanning Capital Management, a Chicago-based investment firm, recently bought nearly 940,000 shares of Independent Bank Corp (INDB) during the first quarter (the three months ended March 31, 2026). Here are some important takeaways for investors.
To begin, INDB, a financial stock, has advanced about 89% over the past three years, equating to a compound annual growth rate (CAGR) of 23.6%. The S&P 500, on the other hand, has generated a total return of 89% and a CAGR of 23.6%. To put it another way, INDB has generated a solid return over the last three years — right on par with the broader market.
As for recent news, the company reported better-than-expected earnings. Management also gave the green light to a new $200 million share buyback plan. Finally, the stock boasts a solid 3.4% dividend yield, making it attractive to income-seeking investors.
Finally, INDB’s price-to-earnings (P/E) ratio is 15.2x, slightly below its 10-year average of 17.2x.
Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.
While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.
Based in Hanover, Independent Bank Corp. (INDB - Free Report) is in the Finance sector, and so far this year, shares have seen a price change of 6.02%. The holding company for Rockland Trust is currently shelling out a dividend of $0.64 per share, with a dividend yield of 3.3%. This compares to the Banks - Northeast industry's yield of 2.38% and the S&P 500's yield of 1.45%.
Looking at dividend growth, the company's current annualized dividend of $2.56 is up 8.5% from last year. Over the last 5 years, Independent Bank Corp. has increased its dividend 5 times on a year-over-year basis for an average annual increase of 5.67%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Independent Bank Corp.'s current payout ratio is 41%, meaning it paid out 41% of its trailing 12-month EPS as dividend.
Earnings growth looks solid for INDB for this fiscal year. The Zacks Consensus Estimate for 2026 is $7.33 per share, with earnings expected to increase 29.96% from the year ago period.
Investors like dividends for many reasons; they greatly improve stock investing profits, decrease overall portfolio risk, and carry tax advantages, among others. But, not every company offers a quarterly payout.
For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. Income investors must be conscious of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, INDB is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).
All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.
While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.
Independent Bank Corp. (INDB - Free Report) is headquartered in Hanover, and is in the Finance sector. The stock has seen a price change of 7.74% since the start of the year. Currently paying a dividend of $0.64 per share, the company has a dividend yield of 3.25%. In comparison, the Banks - Northeast industry's yield is 2.29%, while the S&P 500's yield is 1.44%.
Looking at dividend growth, the company's current annualized dividend of $2.56 is up 8.5% from last year. Over the last 5 years, Independent Bank Corp. has increased its dividend 5 times on a year-over-year basis for an average annual increase of 5.67%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Independent Bank Corp.'s current payout ratio is 41%, meaning it paid out 41% of its trailing 12-month EPS as dividend.
Looking at this fiscal year, INDB expects solid earnings growth. The Zacks Consensus Estimate for 2026 is $7.33 per share, which represents a year-over-year growth rate of 29.96%.
Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. However, not all companies offer a quarterly payout.
High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more established companies that have more secure profits are often seen as the best dividend options. Income investors must be conscious of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, INDB is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).
Representative Josh Gottheimer (Democratic-New Jersey) recently sold shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG). In a filing disclosed on April 08th, the Representative disclosed that they had sold between $1,001 and $15,000 in First Watch Restaurant Group stock on March 5th. The trade occurred in the Representative’s “MORGAN STANLEY – SELECT UMA ACCOUNT # 1” account.
Representative Josh Gottheimer also recently made the following trade(s):
Sold $1,001 – $15,000 in shares of ENN Energy (OTCMKTS:XNGSY) on 3/24/2026. Sold $1,001 – $15,000 in shares of Crown Castle (NYSE:CCI) on 3/24/2026. Purchased $1,001 – $15,000 in shares of Fabrinet (NYSE:FN) on 3/24/2026. Sold $1,001 – $15,000 in shares of Intapp (NASDAQ:INTA) on 3/12/2026. Sold $1,001 – $15,000 in shares of Alcon (NYSE:ALC) on 3/12/2026. Sold $1,001 – $15,000 in shares of La-Z-Boy (NYSE:LZB) on 3/12/2026. Sold $1,001 – $15,000 in shares of HDFC Bank (NYSE:HDB) on 3/12/2026. Sold $1,001 – $15,000 in shares of Infineon Technologies (OTCMKTS:IFNNY) on 3/12/2026. Purchased $1,001 – $15,000 in shares of SEA (NYSE:SE) on 3/10/2026. Purchased $1,001 – $15,000 in shares of ServiceNow (NYSE:NOW) on 3/6/2026. First Watch Restaurant Group Price Performance Shares of FWRG opened at $11.65 on Friday. The business’s 50-day moving average is $13.34 and its two-hundred day moving average is $15.48. The company has a market capitalization of $712.26 million, a P/E ratio of 37.58, a P/E/G ratio of 2.24 and a beta of 0.98. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.25 and a current ratio of 0.29. First Watch Restaurant Group, Inc. has a fifty-two week low of $10.09 and a fifty-two week high of $20.55.
First Watch Restaurant Group (NASDAQ:FWRG – Get Free Report) last posted its earnings results on Tuesday, February 24th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.16. First Watch Restaurant Group had a net margin of 1.59% and a return on equity of 3.20%. The business had revenue of $316.35 million for the quarter, compared to analyst estimates of $317.49 million. During the same period in the prior year, the company posted $0.01 EPS. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. Research analysts predict that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current year.
Insider Transactions at First Watch Restaurant Group In related news, insider Matthew Eisenacher sold 6,070 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $12.59, for a total value of $76,421.30. Following the transaction, the insider directly owned 69,983 shares of the company’s stock, valued at approximately $881,085.97. This trade represents a 7.98% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Christopher Anthony Tomasso sold 25,062 shares of the firm’s stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $12.52, for a total transaction of $313,776.24. Following the completion of the transaction, the chief executive officer directly owned 957,315 shares in the company, valued at $11,985,583.80. This trade represents a 2.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 74,178 shares of company stock worth $958,411 in the last three months. 6.00% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows A number of hedge funds and other institutional investors have recently bought and sold shares of FWRG. Woodline Partners LP purchased a new position in First Watch Restaurant Group in the 3rd quarter valued at about $20,318,000. The Manufacturers Life Insurance Company lifted its stake in First Watch Restaurant Group by 51.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,335,883 shares of the company’s stock valued at $37,468,000 after buying an additional 796,191 shares in the last quarter. Balyasny Asset Management L.P. lifted its stake in First Watch Restaurant Group by 2,796.3% in the 3rd quarter. Balyasny Asset Management L.P. now owns 813,051 shares of the company’s stock valued at $12,716,000 after buying an additional 784,979 shares in the last quarter. Fred Alger Management LLC lifted its stake in First Watch Restaurant Group by 183.9% in the 4th quarter. Fred Alger Management LLC now owns 1,036,560 shares of the company’s stock valued at $15,631,000 after buying an additional 671,455 shares in the last quarter. Finally, Millennium Management LLC lifted its stake in First Watch Restaurant Group by 2,382.9% in the 3rd quarter. Millennium Management LLC now owns 696,053 shares of the company’s stock valued at $10,886,000 after buying an additional 668,019 shares in the last quarter. 96.11% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth Several research firms have recently issued reports on FWRG. TD Cowen lowered their target price on shares of First Watch Restaurant Group from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday, February 24th. Barclays lowered their target price on shares of First Watch Restaurant Group from $19.00 to $17.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 25th. DA Davidson began coverage on shares of First Watch Restaurant Group in a research note on Friday, March 6th. They set a “buy” rating and a $17.00 target price on the stock. Citigroup lowered their target price on shares of First Watch Restaurant Group from $26.00 to $21.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. Finally, Zacks Research raised shares of First Watch Restaurant Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 10th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.75.
Get Our Latest Research Report on First Watch Restaurant Group
About Representative Gottheimer Josh Gottheimer (Democratic Party) is a member of the U.S. House, representing New Jersey’s 5th Congressional District. He assumed office on January 3, 2017. His current term ends on January 3, 2027.
Gottheimer (Democratic Party) is running for re-election to the U.S. House to represent New Jersey’s 5th Congressional District. He declared candidacy for the 2026 election.
Gottheimer is also running for election for Governor of New Jersey. He declared candidacy for the Democratic primary scheduled on June 10, 2025.
Gottheimer attended the University of Pennsylvania for his undergraduate degree. He became a Thouron Fellow at Oxford and attended Harvard Law School. Gottheimer worked as a speech writer under former President Bill Clinton (D), assisting with two State of the Union addresses, among other projects. Before running for Congress, he worked for Microsoft as a general manager for corporate strategy.
About First Watch Restaurant Group (Get Free Report)
First Watch Restaurant Group, Inc (NASDAQ: FWRG) operates a specialty daytime dining concept focused on breakfast, brunch and lunch. The company’s casual, full-service cafés emphasize fresh ingredients, made-to-order entrées and a seasonally driven menu that ranges from omelets and Benedicts to salads, skillets and afternoon sandwiches. First Watch positions itself as a daytime-only destination, with most locations opening early morning and closing by mid-afternoon.
Founded in 1983 by Ken Pendery and John Sullivan in Pacific Grove, California, First Watch began as a single café and gradually expanded through company-owned and select franchised locations.
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Representative Josh Gottheimer (Democratic-New Jersey) recently sold shares of Phreesia, Inc. (NYSE:PHR). In a filing disclosed on April 08th, the Representative disclosed that they had sold between $1,001 and $15,000 in Phreesia stock on March 5th. The trade occurred in the Representative’s “MORGAN STANLEY – SELECT UMA ACCOUNT # 1” account.
Representative Josh Gottheimer also recently made the following trade(s):
Sold $1,001 – $15,000 in shares of ENN Energy (OTCMKTS:XNGSY) on 3/24/2026. Sold $1,001 – $15,000 in shares of Crown Castle (NYSE:CCI) on 3/24/2026. Purchased $1,001 – $15,000 in shares of Fabrinet (NYSE:FN) on 3/24/2026. Sold $1,001 – $15,000 in shares of Intapp (NASDAQ:INTA) on 3/12/2026. Sold $1,001 – $15,000 in shares of Alcon (NYSE:ALC) on 3/12/2026. Sold $1,001 – $15,000 in shares of La-Z-Boy (NYSE:LZB) on 3/12/2026. Sold $1,001 – $15,000 in shares of HDFC Bank (NYSE:HDB) on 3/12/2026. Sold $1,001 – $15,000 in shares of Infineon Technologies (OTCMKTS:IFNNY) on 3/12/2026. Purchased $1,001 – $15,000 in shares of SEA (NYSE:SE) on 3/10/2026. Purchased $1,001 – $15,000 in shares of ServiceNow (NYSE:NOW) on 3/6/2026. Phreesia Stock Down 7.7% Shares of PHR stock opened at $8.08 on Friday. The stock has a market cap of $490.94 million, a P/E ratio of 269.33 and a beta of 0.86. Phreesia, Inc. has a 52 week low of $7.77 and a 52 week high of $32.76. The company has a quick ratio of 1.53, a current ratio of 1.53 and a debt-to-equity ratio of 0.41. The company’s fifty day simple moving average is $11.43 and its two-hundred day simple moving average is $16.92.
Phreesia (NYSE:PHR – Get Free Report) last announced its quarterly earnings results on Monday, March 30th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.05). The company had revenue of $127.07 million during the quarter, compared to analysts’ expectations of $126.75 million. Phreesia had a return on equity of 3.23% and a net margin of 0.48%.The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.11) EPS. Analysts predict that Phreesia, Inc. will post -1.1 EPS for the current fiscal year.
Insider Buying and Selling In related news, General Counsel Allison C. Hoffman sold 6,176 shares of the stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $11.97, for a total value of $73,926.72. Following the sale, the general counsel directly owned 163,485 shares of the company’s stock, valued at $1,956,915.45. This represents a 3.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Evan Roberts sold 6,268 shares of the stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $16.36, for a total transaction of $102,544.48. Following the completion of the sale, the insider directly owned 826,554 shares in the company, valued at $13,522,423.44. This trade represents a 0.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 40,367 shares of company stock worth $613,251 over the last three months. 5.50% of the stock is currently owned by company insiders.
Analyst Ratings Changes Several analysts have commented on PHR shares. Canaccord Genuity Group decreased their price target on shares of Phreesia from $33.00 to $22.00 and set a “buy” rating on the stock in a research note on Tuesday, March 31st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Phreesia in a research note on Wednesday, January 28th. Zacks Research cut shares of Phreesia from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 6th. Wells Fargo & Company decreased their target price on shares of Phreesia from $30.00 to $25.00 and set an “overweight” rating on the stock in a research report on Thursday, March 26th. Finally, Needham & Company LLC decreased their target price on shares of Phreesia from $35.00 to $14.00 and set a “buy” rating on the stock in a research report on Tuesday, March 31st. Twelve research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Phreesia currently has an average rating of “Moderate Buy” and an average target price of $22.00.
Read Our Latest Research Report on Phreesia
Institutional Trading of Phreesia A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PHR. Royal Bank of Canada raised its position in Phreesia by 208.8% in the 1st quarter. Royal Bank of Canada now owns 24,119 shares of the company’s stock worth $617,000 after purchasing an additional 16,309 shares during the period. AQR Capital Management LLC raised its position in Phreesia by 471.2% in the 1st quarter. AQR Capital Management LLC now owns 160,032 shares of the company’s stock worth $4,090,000 after purchasing an additional 132,015 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Phreesia by 3.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,557 shares of the company’s stock worth $1,599,000 after purchasing an additional 2,158 shares during the period. NewEdge Advisors LLC raised its position in Phreesia by 262.7% in the 1st quarter. NewEdge Advisors LLC now owns 15,437 shares of the company’s stock worth $395,000 after purchasing an additional 11,181 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in Phreesia by 0.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 600,012 shares of the company’s stock worth $15,336,000 after purchasing an additional 2,402 shares during the period. 92.10% of the stock is owned by hedge funds and other institutional investors.
About Representative Gottheimer Josh Gottheimer (Democratic Party) is a member of the U.S. House, representing New Jersey’s 5th Congressional District. He assumed office on January 3, 2017. His current term ends on January 3, 2027.
Gottheimer (Democratic Party) is running for re-election to the U.S. House to represent New Jersey’s 5th Congressional District. He declared candidacy for the 2026 election.
Gottheimer is also running for election for Governor of New Jersey. He declared candidacy for the Democratic primary scheduled on June 10, 2025.
Gottheimer attended the University of Pennsylvania for his undergraduate degree. He became a Thouron Fellow at Oxford and attended Harvard Law School. Gottheimer worked as a speech writer under former President Bill Clinton (D), assisting with two State of the Union addresses, among other projects. Before running for Congress, he worked for Microsoft as a general manager for corporate strategy.
Phreesia Company Profile (Get Free Report)
Phreesia, Inc (NYSE: PHR) is a provider of patient intake management solutions designed to streamline front-office workflows for healthcare organizations. The company’s cloud-based platform digitizes patient registration, appointment scheduling, insurance verification, consent documentation and payment collection through touchscreen kiosks, tablets and mobile devices. By replacing paper forms and manual processes, Phreesia enhances data accuracy, reduces administrative burden and improves the patient experience.
Founded in 2000 by Chaim Indig and headquartered in Burlington, Massachusetts, Phreesia offers a modular software suite that integrates with electronic medical record (EMR) and practice management systems.
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Representative Josh Gottheimer (Democratic-New Jersey) recently sold shares of HDFC Bank Limited (NYSE:HDB). In a filing disclosed on April 08th, the Representative disclosed that they had sold between $1,001 and $15,000 in HDFC Bank stock on March 12th. The trade occurred in the Representative’s “MORGAN STANLEY – SELECT UMA ACCOUNT # 1” account.
Representative Josh Gottheimer also recently made the following trade(s):
Sold $1,001 – $15,000 in shares of ENN Energy (OTCMKTS:XNGSY) on 3/24/2026. Sold $1,001 – $15,000 in shares of Crown Castle (NYSE:CCI) on 3/24/2026. Purchased $1,001 – $15,000 in shares of Fabrinet (NYSE:FN) on 3/24/2026. Sold $1,001 – $15,000 in shares of Intapp (NASDAQ:INTA) on 3/12/2026. Sold $1,001 – $15,000 in shares of Alcon (NYSE:ALC) on 3/12/2026. Sold $1,001 – $15,000 in shares of La-Z-Boy (NYSE:LZB) on 3/12/2026. Sold $1,001 – $15,000 in shares of Infineon Technologies (OTCMKTS:IFNNY) on 3/12/2026. Purchased $1,001 – $15,000 in shares of SEA (NYSE:SE) on 3/10/2026. Purchased $1,001 – $15,000 in shares of ServiceNow (NYSE:NOW) on 3/6/2026. Sold $1,001 – $15,000 in shares of Columbia Banking System (NASDAQ:COLB) on 3/5/2026. HDFC Bank Price Performance Shares of NYSE HDB opened at $26.78 on Friday. HDFC Bank Limited has a 1-year low of $23.91 and a 1-year high of $39.81. The business has a 50-day moving average of $29.62 and a 200-day moving average of $33.28. The company has a market capitalization of $136.63 billion, a price-to-earnings ratio of 16.09, a PEG ratio of 1.03 and a beta of 0.67.
Insider Buying and Selling In other HDFC Bank news, insider N Srinivasan sold 10,000 shares of the stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $8.21, for a total transaction of $82,100.00. Following the transaction, the insider owned 648,422 shares of the company’s stock, valued at $5,323,544.62. This trade represents a 1.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.00% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows A number of large investors have recently bought and sold shares of the company. GQG Partners LLC lifted its holdings in HDFC Bank by 1.5% during the 4th quarter. GQG Partners LLC now owns 52,962,709 shares of the bank’s stock worth $1,935,258,000 after buying an additional 777,977 shares during the last quarter. Royal Bank of Canada lifted its holdings in HDFC Bank by 31.0% during the 4th quarter. Royal Bank of Canada now owns 39,897,767 shares of the bank’s stock worth $1,457,865,000 after buying an additional 9,451,992 shares during the last quarter. Schroder Investment Management Group lifted its holdings in HDFC Bank by 4.1% during the 4th quarter. Schroder Investment Management Group now owns 26,264,726 shares of the bank’s stock worth $959,713,000 after buying an additional 1,043,596 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in HDFC Bank by 6.8% during the 4th quarter. JPMorgan Chase & Co. now owns 20,504,634 shares of the bank’s stock worth $749,239,000 after buying an additional 1,299,851 shares during the last quarter. Finally, Franklin Resources Inc. lifted its holdings in HDFC Bank by 106.1% during the 3rd quarter. Franklin Resources Inc. now owns 13,884,943 shares of the bank’s stock worth $474,310,000 after buying an additional 7,147,440 shares during the last quarter. Institutional investors own 17.61% of the company’s stock.
Wall Street Analysts Forecast Growth Several equities research analysts have recently weighed in on the company. Wall Street Zen raised HDFC Bank from a “sell” rating to a “hold” rating in a research report on Friday, January 23rd. Weiss Ratings cut HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, March 6th. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce”.
Get Our Latest Analysis on HDFC Bank
About Representative Gottheimer Josh Gottheimer (Democratic Party) is a member of the U.S. House, representing New Jersey’s 5th Congressional District. He assumed office on January 3, 2017. His current term ends on January 3, 2027.
Gottheimer (Democratic Party) is running for re-election to the U.S. House to represent New Jersey’s 5th Congressional District. He declared candidacy for the 2026 election.
Gottheimer is also running for election for Governor of New Jersey. He declared candidacy for the Democratic primary scheduled on June 10, 2025.
Gottheimer attended the University of Pennsylvania for his undergraduate degree. He became a Thouron Fellow at Oxford and attended Harvard Law School. Gottheimer worked as a speech writer under former President Bill Clinton (D), assisting with two State of the Union addresses, among other projects. Before running for Congress, he worked for Microsoft as a general manager for corporate strategy.
HDFC Bank Company Profile (Get Free Report)
HDFC Bank Limited is one of India’s leading private sector banks, headquartered in Mumbai. Incorporated in 1994 and promoted by Housing Development Finance Corporation (HDFC), the bank provides a full range of banking and financial services to retail, small and medium-sized enterprises, and corporate customers. It is publicly listed and also accessible to international investors through American Depositary Receipts (ADRs) trading on the New York Stock Exchange under the symbol HDB.
The bank’s core activities include retail banking (deposit accounts, personal loans, home loans, auto loans, and credit cards), commercial and corporate banking (working capital finance, term lending, trade finance and treasury services), and transaction banking (cash management and payment solutions).
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Representative Josh Gottheimer (Democratic-New Jersey) recently sold shares of Infineon Technologies AG (OTCMKTS:IFNNY). In a filing disclosed on April 08th, the Representative disclosed that they had sold between $1,001 and $15,000 in Infineon Technologies stock on March 12th. The trade occurred in the Representative’s “MORGAN STANLEY – SELECT UMA ACCOUNT # 1” account.
Representative Josh Gottheimer also recently made the following trade(s):
Sold $1,001 – $15,000 in shares of ENN Energy (OTCMKTS:XNGSY) on 3/24/2026. Sold $1,001 – $15,000 in shares of Crown Castle (NYSE:CCI) on 3/24/2026. Purchased $1,001 – $15,000 in shares of Fabrinet (NYSE:FN) on 3/24/2026. Sold $1,001 – $15,000 in shares of Intapp (NASDAQ:INTA) on 3/12/2026. Sold $1,001 – $15,000 in shares of Alcon (NYSE:ALC) on 3/12/2026. Sold $1,001 – $15,000 in shares of La-Z-Boy (NYSE:LZB) on 3/12/2026. Sold $1,001 – $15,000 in shares of HDFC Bank (NYSE:HDB) on 3/12/2026. Purchased $1,001 – $15,000 in shares of SEA (NYSE:SE) on 3/10/2026. Purchased $1,001 – $15,000 in shares of ServiceNow (NYSE:NOW) on 3/6/2026. Sold $1,001 – $15,000 in shares of Columbia Banking System (NASDAQ:COLB) on 3/5/2026. Infineon Technologies Price Performance Shares of OTCMKTS IFNNY opened at $50.05 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.94 and a current ratio of 1.72. The company has a market cap of $61.49 billion, a PE ratio of 53.82, a P/E/G ratio of 0.94 and a beta of 1.83. The business has a 50-day simple moving average of $48.58 and a two-hundred day simple moving average of $44.40. Infineon Technologies AG has a fifty-two week low of $28.26 and a fifty-two week high of $56.19.
Infineon Technologies (OTCMKTS:IFNNY – Get Free Report) last issued its quarterly earnings results on Wednesday, February 4th. The technology company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.05. Infineon Technologies had a return on equity of 11.12% and a net margin of 7.51%.The business had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $3.65 billion. As a group, equities analysts expect that Infineon Technologies AG will post 1.61 EPS for the current fiscal year.
Analysts Set New Price Targets A number of equities research analysts recently commented on IFNNY shares. JPMorgan Chase & Co. raised Infineon Technologies from a “neutral” rating to an “overweight” rating in a report on Friday, March 20th. Zacks Research downgraded Infineon Technologies from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 11th. Wall Street Zen raised Infineon Technologies from a “hold” rating to a “buy” rating in a report on Thursday, February 12th. Finally, UBS Group downgraded Infineon Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, March 6th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy”.
View Our Latest Report on IFNNY
About Representative Gottheimer Josh Gottheimer (Democratic Party) is a member of the U.S. House, representing New Jersey’s 5th Congressional District. He assumed office on January 3, 2017. His current term ends on January 3, 2027.
Gottheimer (Democratic Party) is running for re-election to the U.S. House to represent New Jersey’s 5th Congressional District. He declared candidacy for the 2026 election.
Gottheimer is also running for election for Governor of New Jersey. He declared candidacy for the Democratic primary scheduled on June 10, 2025.
Gottheimer attended the University of Pennsylvania for his undergraduate degree. He became a Thouron Fellow at Oxford and attended Harvard Law School. Gottheimer worked as a speech writer under former President Bill Clinton (D), assisting with two State of the Union addresses, among other projects. Before running for Congress, he worked for Microsoft as a general manager for corporate strategy.
Infineon Technologies Company Profile (Get Free Report)
Infineon Technologies AG (OTCMKTS:IFNNY) is a global semiconductor manufacturer that develops, manufactures and markets a broad range of semiconductor and system solutions. The company’s product portfolio includes power semiconductors and modules, microcontrollers and system-on-chip (SoC) solutions, analog and mixed-signal components, sensors and security controllers. Infineon’s technologies are used to enable energy-efficient power conversion, electrification, connectivity and secure data processing across multiple end markets.
Infineon was formed as a spin-off from Siemens AG in 1999 and is headquartered near Munich in Neubiberg, Germany.
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Representative Josh Gottheimer (Democratic-New Jersey) recently sold shares of ENN Energy Holdings Ltd. (OTCMKTS:XNGSY). In a filing disclosed on April 08th, the Representative disclosed that they had sold between $1,001 and $15,000 in ENN Energy stock on March 24th. The trade occurred in the Representative’s “MORGAN STANLEY – SELECT UMA ACCOUNT # 1” account.
Representative Josh Gottheimer also recently made the following trade(s):
Sold $1,001 – $15,000 in shares of Crown Castle (NYSE:CCI) on 3/24/2026. Purchased $1,001 – $15,000 in shares of Fabrinet (NYSE:FN) on 3/24/2026. Sold $1,001 – $15,000 in shares of Intapp (NASDAQ:INTA) on 3/12/2026. Sold $1,001 – $15,000 in shares of Alcon (NYSE:ALC) on 3/12/2026. Sold $1,001 – $15,000 in shares of La-Z-Boy (NYSE:LZB) on 3/12/2026. Sold $1,001 – $15,000 in shares of HDFC Bank (NYSE:HDB) on 3/12/2026. Sold $1,001 – $15,000 in shares of Infineon Technologies (OTCMKTS:IFNNY) on 3/12/2026. Purchased $1,001 – $15,000 in shares of SEA (NYSE:SE) on 3/10/2026. Purchased $1,001 – $15,000 in shares of ServiceNow (NYSE:NOW) on 3/6/2026. Sold $1,001 – $15,000 in shares of Columbia Banking System (NASDAQ:COLB) on 3/5/2026. ENN Energy Price Performance Shares of ENN Energy stock opened at $33.52 on Friday. The stock has a 50-day moving average price of $34.20 and a 200 day moving average price of $34.83. ENN Energy Holdings Ltd. has a 1 year low of $29.50 and a 1 year high of $39.40.
Analyst Ratings Changes Separately, Zacks Research upgraded ENN Energy to a “hold” rating in a research note on Wednesday, March 4th. One analyst has rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of “Hold”.
View Our Latest Stock Report on XNGSY
About Representative Gottheimer Josh Gottheimer (Democratic Party) is a member of the U.S. House, representing New Jersey’s 5th Congressional District. He assumed office on January 3, 2017. His current term ends on January 3, 2027.
Gottheimer (Democratic Party) is running for re-election to the U.S. House to represent New Jersey’s 5th Congressional District. He declared candidacy for the 2026 election.
Gottheimer is also running for election for Governor of New Jersey. He declared candidacy for the Democratic primary scheduled on June 10, 2025.
Gottheimer attended the University of Pennsylvania for his undergraduate degree. He became a Thouron Fellow at Oxford and attended Harvard Law School. Gottheimer worked as a speech writer under former President Bill Clinton (D), assisting with two State of the Union addresses, among other projects. Before running for Congress, he worked for Microsoft as a general manager for corporate strategy.
ENN Energy Company Profile (Get Free Report)
ENN Energy Holdings Limited is a leading city gas distribution and integrated energy services provider in the People’s Republic of China. The company’s core business spans the purchase, transmission and sale of natural gas, liquefied natural gas (LNG), compressed natural gas (CNG) and liquefied petroleum gas (LPG) through an extensive pipeline network. In addition to its traditional piped gas operations, ENN Energy offers installation and maintenance of gas appliances, emergency response services and energy consulting for residential, commercial and industrial customers.
Building on its gas distribution platform, ENN Energy has expanded into integrated energy projects that combine multiple energy sources such as gas, electricity, thermal energy and renewable fuels.
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For those looking to find strong Medical stocks, it is prudent to search for companies in the group that are outperforming their peers. Alcon (ALC - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? By taking a look at the stock's year-to-date performance in comparison to its Medical peers, we might be able to answer that question.
Alcon is one of 891 individual stocks in the Medical sector. Collectively, these companies sit at #7 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. Alcon is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for ALC's full-year earnings has moved 3.5% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
According to our latest data, ALC has moved about 1.2% on a year-to-date basis. Meanwhile, the Medical sector has returned an average of -5.8% on a year-to-date basis. This shows that Alcon is outperforming its peers so far this year.
Another Medical stock, which has outperformed the sector so far this year, is Brainsway Ltd. Sponsored ADR (BWAY - Free Report) . The stock has returned 51.3% year-to-date.
In Brainsway Ltd. Sponsored ADR's case, the consensus EPS estimate for the current year increased 5.7% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).
To break things down more, Alcon belongs to the Medical - Instruments industry, a group that includes 77 individual companies and currently sits at #87 in the Zacks Industry Rank. This group has lost an average of 12.9% so far this year, so ALC is performing better in this area.
On the other hand, Brainsway Ltd. Sponsored ADR belongs to the Medical - Products industry. This 78-stock industry is currently ranked #157. The industry has moved -13.4% year to date.
Going forward, investors interested in Medical stocks should continue to pay close attention to Alcon and Brainsway Ltd. Sponsored ADR as they could maintain their solid performance.
On April 21, 2026, Alcon Inc ALC shares fell 3.1% today to a current price of $77.82. This decline comes amid a 52-week range of $71.55 to $99.20, reflecting volatility in the stock's performance. The stock has seen a year-to-date decline of 1.3% and a more significant drop of 14.5% over the past year.
GF Value™ verdict: Current price of $77.82 is 13.0% below the GF Value™ of $89.46.GF Score™ of 80/100 indicates a strong overall rating based on key financial metrics.No insider transactions have occurred in the last 3 months, suggesting stability in insider confidence. Is ALC Overvalued or Undervalued? Currently, Alcon Inc's shares are valued at $77.82, which is 13.0% below the GF Value™ estimate of $89.46. This suggests that the stock is undervalued, presenting a potential opportunity for investors. The margin of safety is significant, as the current price is well below the intrinsic value calculated by GuruFocus. The GF Valuation label indicates that the stock is considered "Modestly Undervalued," which implies that there is room for price appreciation based on intrinsic value.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. While being undervalued can indicate a favorable entry point for potential investors, it is essential to consider market conditions and company-specific risks that may affect future performance.
How Does ALC's Valuation Compare to Its History? MetricCurrentHistorical P/E (TTM)39.5x54.9x Forward P/E22.8x- Alcon Inc's current P/E (TTM) ratio of 39.5x is significantly lower than its 5-year median P/E of 54.9x, indicating that the stock is trading below its historical valuation levels. The forward P/E of 22.8x further supports the notion that the stock may be undervalued compared to its historical performance. This P/E analysis aligns with the GF Value™ verdict, reinforcing the argument that ALC shares are currently undervalued.
What Does ALC's GF Score™ Tell Us? MetricRating GF Score™80/100 Financial Strength8/10 Profitability5/10 Growth7/10 Valuation10/10 Momentum4/10 The GF Score™ of 80/100 for Alcon Inc indicates a strong overall performance based on critical financial metrics. The company excels in Valuation with a perfect score of 10/10, suggesting that its shares are attractively priced relative to its intrinsic value. Financial Strength is also robust at 8/10, indicating good stability. However, the weakest area is Momentum, with a score of 4/10, indicating potential volatility in recent performance. This combination of scores provides a balanced picture of the company’s strengths and weaknesses.
What Are Insiders Doing with ALC Stock? In the last three months, there have been no insider transactions reported for Alcon Inc. This lack of activity suggests a period of stability among insiders, indicating their confidence in the company's future performance. It can be interpreted that insiders are not currently looking to buy or sell shares, which might reflect a wait-and-see approach given the current market conditions.
What This Means for Investors Based on the analysis, Alcon Inc ALC is currently undervalued according to GF Value™, presenting a potential opportunity for investors looking for stocks with intrinsic value that exceeds market price. However, it is essential to consider the company's performance trends, industry conditions, and broader market factors.
For the complete analysis, visit the Alcon Inc ALC stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is ALC's GF Score™?
ALC's GF Score™ is 80/100, indicating strong overall performance based on key financial metrics.
Is ALC overvalued or undervalued?
ALC is currently undervalued, with a GF Value™ of $89.46 compared to its market price of $77.82.
What is ALC's P/E ratio?
ALC's P/E (TTM) ratio is 39.5x, which is significantly below its 5-year median P/E of 54.9x, indicating that it is trading below its historical valuation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Alcon Inc. (SIX/NYSE: ALC), the global leader in eye care dedicated to helping people see brilliantly, today announced the approval of all proposed resolutions at its 2026 Annual General Meeting (“AGM”).
A total of 283,222,421 shares with a nominal value of CHF 0.04 each, representing an aggregate nominal value of CHF 11,328,896.84, were represented at today's AGM.
Shareholders re-elected F. Michael Ball as member and Chair of the Board of Directors, and the other members of the Board who stood for re-election, namely Lynn Bleil, Arthur Cummings, Deborah Di Sanzo, David Endicott, Thomas Glanzmann, D. Keith Grossman, Karen May, Ines Pöschel and Dieter Spälti, for a term of office of one year. Shareholders also elected R. Scott Herren to the Board.
In addition, shareholders re-elected Thomas Glanzmann, Karen May and Ines Pöschel to form the Compensation Committee for a period of one year.
Discharge was granted to the members of the Board of Directors and the members of the Executive Committee for the 2025 financial year.
In two separate binding votes, shareholders approved the maximum aggregate amount of compensation of the Board of Directors for the next term of office ending at the 2027 Annual General Meeting, and the Executive Committee for the 2027 financial year.
Shareholders also accepted the 2025 Report on Non-Financial Matters and the 2025 Compensation Report in separate, non-binding, consultative votes.
Alcon shareholders approved the operating and financial review of Alcon Inc., the annual financial statements of Alcon Inc. and the consolidated financial statements for 2025.
Shareholders also approved that a gross dividend of CHF 0.28 per dividend-bearing share be declared, and that, after appropriation of the dividend, the remaining amount of available earnings be carried forward.
PricewaterhouseCoopers SA, Geneva, was re-elected as statutory auditors for the 2026 financial year. Hartmann Dreyer Attorneys-at-Law was also re-elected as the independent representative for a term of one year extending until the 2027 AGM.
About Alcon
Alcon helps people see brilliantly. As the global leader in eye care with a heritage spanning over 75 years, we offer the broadest portfolio of products to enhance sight and improve people’s lives. Our Surgical and Vision Care products touch the lives of people in over 140 countries and territories each year living with conditions like cataracts, glaucoma, retinal diseases and refractive errors. Our more than 25,000 associates are enhancing the quality of life through innovative products, partnerships with Eye Care Professionals and programs that advance access to quality eye care. Learn more at www.alcon.com.
Investors with an interest in Medical - Instruments stocks have likely encountered both Alcon (ALC - Free Report) and Penumbra (PEN - Free Report) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.
Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.
Alcon and Penumbra are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. This means that ALC's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is just one factor that value investors are interested in.
Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.
The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.
ALC currently has a forward P/E ratio of 21.21, while PEN has a forward P/E of 63.86. We also note that ALC has a PEG ratio of 1.91. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. PEN currently has a PEG ratio of 1.99.
Another notable valuation metric for ALC is its P/B ratio of 1.65. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, PEN has a P/B of 8.91.
Based on these metrics and many more, ALC holds a Value grade of B, while PEN has a Value grade of D.
ALC sticks out from PEN in both our Zacks Rank and Style Scores models, so value investors will likely feel that ALC is the better option right now.
Alcon (SIX/NYSE:ALC), the global leader in eye care, reported its financial results for the three months ending March 31, 2026. For the first quarter of 2026, sales were $2.7 billion, up 10% on a reported basis and up 6% on a constant currency basis1, as compared to the same quarter of the previous year. Alcon reported diluted earnings per share of $0.39 and core diluted earnings per share2 of $0.85 in the first quarter of 2026.
“2026 is off to a solid start, driven by strong performance from our new product launches, including Unity VCS and CS, PanOptix Pro, Tryptyr and Precision7. Combined with the resilience of our balanced portfolio, we are well positioned to navigate market variability and maintain consistent performance,” said David J. Endicott, Alcon's Chief Executive Officer. “Our innovation remains a key growth engine, delivering differentiated technologies that reinforce our leadership in eye care and support sustained revenue growth and margin expansion.”
First-quarter 2026 key figures
Three months ended March 31
2026
2025
Net sales ($ millions)
2,685
2,451
Operating margin (%)
10.9%
19.1%
Diluted earnings per share ($)
0.39
0.70
Core results (non-IFRS measure)2
Core operating margin (%)
21.2%
20.8%
Core diluted earnings per share ($)
0.85
0.73
Cash flows ($ millions)
Net cash flows from operating activities
418
384
Free cash flow (non-IFRS measure)3
279
278
First-quarter 2026 results
Reported net sales for the first quarter of 2026 were $2.7 billion, up 10% versus the first quarter of 2025. Excluding favorable currency impacts of 4%, sales were up 6% on a constant currency basis.
The following table highlights net sales by segment for the first quarter of 2026:
Three months ended
March 31
Change %
($ millions unless indicated otherwise)
2026
2025
$
cc1
(non-IFRS
measure)
Surgical
Implantables
438
420
4
1
Consumables
769
712
8
4
Equipment/other
253
199
27
23
Total Surgical
1,460
1,331
10
6
Vision Care
Contact lenses
738
688
7
4
Ocular health
487
432
13
10
Total Vision Care
1,225
1,120
9
6
Net sales
2,685
2,451
10
6
Net sales by segment
Surgical
Surgical net sales, which include implantables, consumables and equipment/other, were $1.5 billion, an increase of 10% on a reported basis and 6% on a constant currency basis versus the first quarter of 2025.
Implantables net sales were $438 million, an increase of 4%. Excluding favorable currency impacts of 3%, Implantables net sales increased 1% constant currency. This growth reflects strong performance by PanOptix Pro, continued competitive pressures in international markets and lower sales in surgical glaucoma. Consumables net sales were $769 million, an increase of 8%. Excluding favorable currency impacts of 4%, Consumables net sales increased 4% constant currency, reflecting soft cataract market conditions and price increases. Equipment/other net sales were $253 million, an increase of 27%. Excluding favorable currency impacts of 4%, Equipment/other net sales increased 23% constant currency. This growth was led by recent equipment launches, including the Unity platform. Vision Care
Vision Care net sales, which include contact lenses and ocular health, were $1.2 billion, an increase of 9% on a reported basis and 6% on a constant currency basis versus the first quarter of 2025.
Contact lenses net sales were $738 million, an increase of 7%. Excluding favorable currency impacts of 3%, Contact lenses net sales increased 4% constant currency. This growth reflects product innovation and price increases, partially offset by declines in legacy products. Ocular health net sales were $487 million, an increase of 13%. Excluding favorable currency impacts of 3%, Ocular health net sales increased 10% constant currency. Growth was led by our portfolio of dry eye products, including Tryptyr and Systane. Operating income
Operating income was $292 million (-38%, -42% cc), compared to $468 million in the prior year period. Operating margin decreased 8.2 percentage points. The prior year period included gains on fair value remeasurements of investments in associated companies. The current year period included costs associated with efficiency initiatives, impairment charges related to an intangible asset, incremental tariffs, sales and marketing behind new product launches and increased research and development ("R&D"), partially offset by improved operating leverage from higher sales and manufacturing efficiencies. Excluding a positive 0.5 percentage point impact from currency, operating margin decreased 8.7 percentage points on a constant currency basis.
Adjustments to arrive at core operating income in the current year period were $277 million, mainly due to $129 million of amortization, $88 million of costs associated with efficiency initiatives, $38 million of impairment charges related to an intangible asset and $21 million of acquisition and integration related items. Adjustments to arrive at core operating income in the prior year period were $43 million, mainly due to $172 million of amortization and $13 million of acquisition and integration related items, partially offset by gains of $142 million on fair value remeasurements of investments in associated companies.
Core operating income was $569 million (+11%, +6% cc), compared to $511 million in the prior year period. Core operating margin increased 0.4 percentage points as the current year period included improved operating leverage from higher sales and manufacturing efficiencies, partially offset by incremental tariffs, sales and marketing behind new product launches and increased R&D. Excluding a positive 0.4 percentage point impact from currency, core operating margin was in line with the prior year period on a constant currency basis.
Taxes
Reported tax expense was $51 million, compared to $64 million in the prior year period, and the average reported tax rate was 21.3%, compared to 15.5% in the prior year period. The prior year period included a non-taxable gain on the fair value remeasurement of an investment in an associated company.
Core tax expense was $102 million, compared to $97 million in the prior year period, and the average core tax rate was 19.7%, compared to 21.0% in the prior year period. The decrease in average core tax rate is primarily driven by a more favorable mix of pre-tax income/(loss) across geographical tax jurisdictions and the tax effect of an increase of inventory in certain international markets, partially offset by discrete tax expenses in the current year period.
Diluted earnings per share
Diluted earnings per share of $0.39 decreased 44%, or 50% on a constant currency basis, versus the prior year period. The prior year period included gains of $142 million on fair value remeasurements of investments in associated companies. Core diluted earnings per share of $0.85 increased 16%, or 10% on a constant currency basis, versus the prior year period.
Cash flow highlights
Net cash flows from operating activities amounted to $418 million for the first three months of 2026, compared to $384 million in the prior year period. Free cash flow was $279 million for the first three months of 2026, compared to $278 million in the prior year period.
Capital allocation
Dividend
On April 30, 2026, at the Company's Annual General Meeting, shareholders approved a dividend of CHF 0.28 per share, which is expected to be paid on or around May 7, 2026. The total dividend payments will amount to a maximum of $177 million using the CHF/USD exchange rate as of April 30, 2026.
Share repurchase authorization
On May 5, 2026, the Board authorized the repurchase of up to $1.5 billion of the Company’s common shares, par value of CHF 0.04 per share, on a second trading line with the SIX Swiss Exchange. The shares to be acquired under this share buyback program will be cancelled as a return of capital to shareholders.
Alcon expects to fund the program through cash generated from operations. The program is subject to customary safe harbor conditions and authorization of the Swiss Takeover Board. The timing and total amount of share repurchases and cancellations will depend upon a variety of factors. The program is expected to be completed over a three-year period, but may be suspended or discontinued at any time.
Further information (including official publications in English, German and French) will be available as of May 6, 2026 at https://investor.alcon.com/stock-information/share-repurchase-history/default.aspx.
2026 outlook
The Company updated its 2026 outlook as per the table below.
2026 outlook4
as of February
as of May
Comments
Net sales growth vs. prior year (cc)1
(non-IFRS measure)
+5% to +7%
+5% to +7%
Maintained
Core operating margin2 change vs. prior year (cc)1
(non-IFRS measure)
+70 to +170 bps
+70 to +170 bps
Maintained
Core diluted EPS2 growth vs. prior year (cc)1
(non-IFRS measure)
+9% to +12%
+10% to +13%
Updated
This outlook assumes the following:
Aggregated markets grow approximately 3% to 4%. A full-year tariff impact, net of mitigating actions, of approximately $100 to $150 million, which is expected to pressure cost of net sales. This reduction in tariff expense versus Alcon's February outlook is expected to be reinvested in the business. This estimate excludes any potential refunds. Exchange rates as of the end of April 2026 prevail through year-end, which remain in line with the Company's February outlook. Non-operating expense5 for FY 2026 is expected to be between $200 and $220 million. The core effective tax rate6 for FY 2026 is expected to be approximately 20%. Capital expenditures are expected to be mid-single digits as a percentage of sales. Approximately 492 million weighted-averaged diluted shares.7 Webcast and Conference Call Instructions
The Company will host a conference call on May 6, 2026 at 8:00 a.m. Eastern Time / 2:00 p.m. Central European Time to discuss its first-quarter 2026 earnings results. The webcast can be accessed online through Alcon's Investor Relations website, i.e. investor.alcon.com. Listeners should log on approximately 10 minutes in advance. A replay will be available online within 24 hours after the event. To listen the Company's conference call, click on the link:
The Company's first-quarter 2026 press release, interim financial report and supplemental presentation materials can be found online through Alcon's Investor Relations website, or by clicking on the link:
This press release contains, and our officers and representatives may from time to time make, certain “forward-looking statements” within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “commitment,” “look forward,” “maintain,” “plan,” “goal,” “seek,” “target,” “assume,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding our 2026 outlook, liquidity, revenue, revenue growth, gross margin, operating margin, core operating margin, core operating margin growth, effective tax rate, foreign currency exchange movements, tariff impact, nonoperating expenses, earnings per share, earnings per share growth, operating cash flow, free cash flow, our plans and decisions relating to various capital expenditures, capital allocation priorities and other discretionary items such as our market growth assumptions, our social impact and sustainability plans, targets, goals and expectations, and generally, our expectations concerning our future performance.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties and risks that are difficult to predict such as: cybersecurity breaches and technology failures that could disrupt operations; our ability to effectively manage the risks associated with transformational information technology changes such as the ethical use of artificial intelligence and disruptive technologies and the migration to cloud-based platforms; compliance with data privacy, identity protection and information security laws, particularly with the increased use of artificial intelligence; the impact of a disruption in our global supply chain, including the effect of tariffs, or important facilities, particularly when we single-source or rely on limited sources of supply; our reliance on outsourcing key business functions; the increasingly challenging economic, political and legal environment in China; global and regional economic, financial, monetary, legal, tax, political and social change; our ability to comply with anti-corruption, anti-bribery, export control, trade sanction, or similar laws; our ability to attract and retain qualified personnel; our ability to manage the risks associated with operating as a third party contract manufacturer; our success in completing strategic acquisitions, including equity investments in early-stage companies, on favorable terms or at all, and in integrating acquired businesses; the success of our research and development efforts, including our ability to innovate to compete effectively; our ability to manage the rapid evolution and adoption of artificial intelligence; terrorism, war and similar events; our ability to forecast sales demand and manage our inventory levels and the changing buying patterns of our customers; pricing pressure from changes in third party payor coverage and reimbursement methodologies; our ability to comply with all laws to which we may be subject; the ability to obtain regulatory clearance and approval of our products as well as compliance with any post-approval obligations, including quality control of our manufacturing; the effect of product recalls or voluntary market withdrawals; our ability to manage social impact and sustainability matters; our ability to properly educate and train healthcare providers on our products; our ability to protect our intellectual property; the accuracy of our accounting estimates and assumptions, including pension and other post-employment benefit plan obligations and the carrying value of intangible assets, and the adequacy of our financial reporting, accounting practices and internal controls; our ability to service our debt obligations; the need for additional financing through the issuance of debt or equity; the effects of litigation, including product liability lawsuits and governmental investigations; legislative, tax and regulatory reform; the impact of being listed on two stock exchanges; the ability to declare and pay dividends; the different rights afforded to our shareholders as a Swiss corporation compared to a US corporation; the effect of maintaining or losing our foreign private issuer status under US securities laws; and the ability to enforce US judgments against Swiss corporations.
Additional factors are discussed in our filings with the United States Securities and Exchange Commission, including our Form 20-F. Should one or more of these uncertainties or risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements in this press release speak only as of the date of its filing, and we assume no obligation to update forward-looking statements as a result of new information, future events or otherwise. We also undertake no obligation to update the 2026 outlook as circumstances evolve.
Intellectual Property
This report may contain references to our proprietary intellectual property. All product names appearing in italics or ALL CAPS are trademarks owned by or licensed to Alcon Inc. Product names identified by a "®" or a "™" are trademarks that are not owned by or licensed to Alcon or its subsidiaries and are the property of their respective owners.
Non-IFRS measures as defined by the Company
Alcon uses certain non-IFRS metrics when measuring performance, including when measuring current period results against prior periods, including core results, percentage changes measured in constant currency, EBITDA, free cash flow and net (debt)/liquidity.
Because of their non-standardized definitions, the non-IFRS measures (unlike IFRS measures) may not be comparable to the calculation of similar measures of other companies. These supplemental non-IFRS measures are presented solely to permit investors to more fully understand how Alcon management assesses underlying performance. These supplemental non-IFRS measures are not, and should not be viewed as, a substitute for IFRS measures.
Core results
Alcon core results, including core operating income and core net income, exclude all amortization and impairment charges of intangible assets, excluding software, product discontinuation charges, net gains and losses on fund investments and equity securities valued at fair value through profit and loss ("FVPL"), fair value adjustments of financial assets in the form of options to acquire a company carried at FVPL, fair value remeasurements of investments in associated companies and certain acquisition related items. The following items that exceed a threshold of $10 million, are not operating expenses necessary to the operation of the business and have costs that will vary over periods are also excluded from core results: integration and divestment related income and expenses, divestment gains and losses, restructuring charges/releases and related items, legal related items, gains/losses on early extinguishment of debt or debt modifications, past service costs for post-employment benefit plans, impairments of property, plant and equipment and software, as well as income and expense items that management deems exceptional and that are or are expected to accumulate within the year to be over a $10 million threshold.
Taxes on the adjustments between IFRS and core results take into account, for each individual item included in the adjustment, the tax rate that will finally be applicable to the item based on the jurisdiction where the adjustment will finally have a tax impact. Generally, this results in amortization and impairment of intangible assets and acquisition-related restructuring and integration items having a full tax impact. There is usually a tax impact on other items, although this is not always the case for certain items such as legal settlements in certain jurisdictions.
Alcon believes that investor understanding of its performance is enhanced by disclosing core measures of performance because, since they exclude items that can vary significantly from period to period, the core measures enable a helpful comparison of business performance across periods. For this same reason, Alcon uses these core measures in addition to IFRS and other measures as important factors in assessing its performance.
A limitation of the core measures is that they provide a view of Alcon operations without including all events during a period, such as the effects of an acquisition, divestment, or amortization/impairments of purchased intangible assets and restructurings.
Constant currency
Changes in the relative values of non-US currencies to the US dollar can affect Alcon's financial results and financial position. To provide additional information that may be useful to investors, including changes in sales volume, we present information about changes in our net sales and various values relating to operating and net income that are adjusted for such foreign currency effects.
Constant currency calculations have the goal of eliminating two exchange rate effects so that an estimate can be made of underlying changes in the Consolidated Income Statement excluding:
the impact of translating the income statements of consolidated entities from their non-US dollar functional currencies to the US dollar; and the impact of exchange rate movements on the major transactions of consolidated entities performed in currencies other than their functional currency. Alcon calculates constant currency measures by translating the current year's foreign currency values for sales and other income statement items into US dollars, using the average exchange rates from the historical comparative period and comparing them to the values from the historical comparative period in US dollars.
EBITDA
Alcon defines earnings before interest, tax, depreciation and amortization ("EBITDA") as net income excluding income taxes, depreciation of property, plant and equipment (including any related impairment charges), depreciation of right-of-use assets, amortization of intangible assets (including any related impairment charges), interest expense and other financial income and expense. Alcon management primarily uses EBITDA together with net (debt)/liquidity to monitor leverage associated with financial debts.
Free cash flow
Alcon defines free cash flow as net cash flows from operating activities less cash flow associated with the purchase or sale of property, plant and equipment. Free cash flow is presented as additional information because Alcon management believes it is a useful supplemental indicator of Alcon's ability to operate without reliance on additional borrowing or use of existing cash. Free cash flow is not intended to be a substitute measure for net cash flows from operating activities as determined under IFRS.
Net (debt)/liquidity
Alcon defines net (debt)/liquidity as current and non-current financial debt less cash and cash equivalents, current investments, including time deposits, and derivative financial instruments. Net (debt)/liquidity is presented as additional information because management believes it is a useful supplemental indicator of Alcon's ability to pay dividends, to meet financial commitments and to invest in new strategic opportunities, including strengthening its balance sheet.
Growth rate and margin calculations
For ease of understanding, Alcon uses a sign convention for its growth rates such that a reduction in operating expenses or losses compared to the prior year is shown as a positive growth.
Gross margins, core gross margins, operating income margins and core operating income margins are calculated based upon net sales unless otherwise noted.
Reconciliation of guidance for forward-looking non-IFRS measures
The forward-looking guidance included in this press release cannot be reconciled to the comparable IFRS measures without unreasonable efforts, because we are not able to predict with reasonable certainty the ultimate amount or nature of exceptional items in the fiscal year. These items are uncertain, depend on many factors and could have a material impact on our IFRS results for the guidance period.
Financial tables
Net sales by region
Three months ended March 31
($ millions unless indicated otherwise)
2026
2025
United States
1,228
46
%
1,137
46
%
International
1,457
54
%
1,314
54
%
Net sales
2,685
100
%
2,451
100
%
Consolidated Income Statement (unaudited)
Three months ended March 31
($ millions except earnings per share)
2026
2025
Net sales
2,685
2,451
Other revenues
21
22
Net sales and other revenues
2,706
2,473
Cost of net sales
(1,163
)
(1,071
)
Cost of other revenues
(18
)
(19
)
Gross profit
1,525
1,383
Selling, general & administration
(882
)
(813
)
Research & development
(245
)
(222
)
Other income
11
149
Other expense
(117
)
(29
)
Operating income
292
468
Interest expense
(52
)
(49
)
Other financial income & expense
2
9
Share of (loss) from associated companies
(2
)
(14
)
Income before taxes
240
414
Taxes
(51
)
(64
)
Net income
189
350
Net income attributable to:
Shareholders of Alcon Inc.
189
350
Non-controlling interests
—
—
Earnings per share ($)(1)
Basic
0.39
0.71
Diluted
0.39
0.70
Weighted average number of shares outstanding (millions)
Basic
487.2
495.1
Diluted
490.2
498.0
Segment contribution
Three months ended March 31
Change %
($ millions unless indicated otherwise)
2026
2025
$
cc(1)
(non-IFRS
measure)
Surgical segment contribution
367
336
9
4
As % of net sales
25.1
25.2
Vision Care segment contribution
294
281
5
2
As % of net sales
24.0
25.1
Not allocated to segments
(369
)
(149
)
(148
)
(145
)
Operating income
292
468
(38
)
(42
)
Core adjustments (non-IFRS measure)(1)
277
43
Core operating income (non-IFRS measure)(1)
569
511
11
6
Operating income
Three months ended March 31
Change %
($ millions unless indicated otherwise)
2026
2025
$
cc(1)
(non-IFRS
measure)
Cost of net sales
(1,163
)
(1,071
)
(9
)
(6
)
Gross profit
1,525
1,383
10
6
Gross margin (%)
56.8
56.4
Selling, general & administration
(882
)
(813
)
(8
)
(5
)
Research & development
(245
)
(222
)
(10
)
(8
)
Other income
11
149
(93
)
(92
)
Other expense
(117
)
(29
)
nm
nm
Operating income
292
468
(38
)
(42
)
Operating margin (%)
10.9
19.1
Core results (non-IFRS measure)(1)
Core gross profit
1,691
1,550
9
5
Core gross margin (%)
63.0
63.2
Core operating income
569
511
11
6
Core operating margin (%)
21.2
20.8
Non-operating income & expense
Three months ended March 31
Change %
($ millions unless indicated otherwise)
2026
2025
$
cc(1)
(non-IFRS
measure)
Operating income
292
468
(38
)
(42
)
Interest expense
(52
)
(49
)
(6
)
(4
)
Other financial income & expense
2
9
(78
)
(83
)
Share of (loss) from associated companies
(2
)
(14
)
86
85
Income before taxes
240
414
(42
)
(48
)
Taxes
(51
)
(64
)
20
28
Net income
189
350
(46
)
(51
)
Net income attributable to:
Shareholders of Alcon Inc.
189
350
(46
)
(51
)
Non-controlling interests
—
—
—
—
Basic earnings per share ($)(2)
0.39
0.71
(45
)
(50
)
Diluted earnings per share ($)(2)
0.39
0.70
(44
)
(50
)
Core results (non-IFRS measure)(1)
Core taxes
(102
)
(97
)
(5
)
—
Core net income
415
365
14
8
Core net income attributable to:
Shareholders of Alcon Inc.
415
365
14
8
Non-controlling interests
—
—
—
—
Core basic earnings per share ($)(2)
0.85
0.74
15
10
Core diluted earnings per share ($)(2)
0.85
0.73
16
10
Reconciliation of IFRS results to core results (non-IFRS measure)
Three months ended March 31, 2026
($ millions except earnings per share)
IFRS
results
Amortization
of certain
intangible
assets(1)
Impairments(2)
Acquisition and
integration
related items(4)
Efficiency
measures(5)
Other
items(6)
Core results
(non-IFRS
measure)
Gross profit
1,525
127
38
1
—
—
1,691
Operating income
292
129
38
21
88
1
569
Income before taxes
240
129
38
21
88
1
517
Taxes(7)
(51
)
(23
)
(6
)
(4
)
(17
)
(1
)
(102
)
Net income
189
106
32
17
71
—
415
Net income attributable to:
Shareholders of Alcon Inc.
189
106
32
17
71
—
415
Non-controlling interests
—
—
—
—
—
—
—
Basic earnings per share ($)(8)
0.39
0.85
Diluted earnings per share ($)(8)
0.39
0.85
Basic - weighted average shares outstanding (millions)(8)
487.2
487.2
Diluted - weighted average shares outstanding (millions)(8)
490.2
490.2
Three months ended March 31, 2025
($ millions except earnings per share)
IFRS
results
Amortization of
certain intangible
assets(1)
Gains on
investments in
associated
companies(3)
Acquisition and
integration
related items(4)
Other
items(6)
Core results
(non-IFRS
measure)
Gross profit
1,383
167
—
—
—
1,550
Operating income
468
172
(142
)
13
—
511
Income before taxes
414
172
(142
)
13
5
462
Taxes(7)
(64
)
(30
)
—
(3
)
—
(97
)
Net income
350
142
(142
)
10
5
365
Net income attributable to:
Shareholders of Alcon Inc.
350
142
(142
)
10
5
365
Non-controlling interests
—
—
—
—
—
—
Basic earnings per share ($)(8)
0.71
0.74
Diluted earnings per share ($)(8)
0.70
0.73
Basic - weighted average shares outstanding (millions)(8)
495.1
495.1
Diluted - weighted average shares outstanding (millions)(8)
498.0
498.0
Explanatory footnotes to IFRS to core reconciliation tables
(1)
Includes amortization for all intangible assets other than software.
(2)
Includes impairment charges related to intangible assets.
(3)
For the three months ended March 31, 2025, includes gains on fair value remeasurements of investments in associated companies.
(4)
For the three months ended March 31, 2026, Gross profit includes the amortization of inventory fair value adjustments related to an acquisition. Operating income also includes $20 million of direct acquisition costs. Acquisition costs include third party professional services for legal fees and other transaction related costs.
For the three months ended March 31, 2025, Operating income includes $7 million of direct acquisition costs and $6 million of integration related costs related to acquisitions. Acquisition costs include third party professional services for banker, legal, accounting and due diligence fees. Integration related costs include severance of $3 million, accelerated equity-based compensation expense of $2 million and third party professional services of $1 million.
(5)
For the three months ended March 31, 2026, includes restructuring costs, third party consulting fees and other direct costs related to efficiency initiatives. These efficiency measures were announced in February 2026 and implementation is expected to be completed this year.
(6)
For the three months ended March 31, 2026, Operating income primarily includes the amortization of option rights.
For the three months ended March 31, 2025, Income before taxes includes core adjustments recognized for Aurion in Share of (loss) from associated companies. The expenses were incurred upon change in control from Alcon's acquisition of a majority interest in Aurion and include accelerated equity-based compensation expense of $2 million, third party professional services of $2 million for legal and accounting fees and third party bank fees of $1 million.
(7)
For the three months ended March 31, 2026, total tax adjustments of $51 million include tax associated with operating income core adjustments and discrete tax items. Tax associated with operating income core adjustments of $277 million totaled $50 million with an average tax rate of 18.1%. Core tax adjustments for discrete tax items totaled $1 million.
For the three months ended March 31, 2025, operating income core adjustments totaled $43 million. Excluding the non-taxable gain of $136 million on fair value remeasurement of Alcon's investment in Aurion, the core adjustments totaled $179 million. The associated tax effect amounted to $33 million with an average tax rate of 18.4%.
(8)
Core basic earnings per share is calculated using core net income attributable to shareholders of Alcon Inc. and the weighted-average shares of common stock outstanding during the period. Core diluted earnings per share also contemplate dilutive shares associated with unvested equity-based awards as described in Note 5 to the Condensed Consolidated Interim Financial Statements.
EBITDA (non-IFRS measure)
Three months ended March 31
($ millions)
2026
2025
Net income
189
350
Taxes
51
64
Depreciation of property, plant & equipment
108
98
Depreciation of right-of-use assets
24
21
Amortization of intangible assets
152
191
Impairments of property, plant & equipment and intangible assets
38
—
Interest expense
52
49
Other financial income & expense
(2
)
(9
)
EBITDA
612
764
Cash flow and net (debt)/liquidity (non-IFRS measure)
Three months ended March 31
($ millions)
2026
2025
Net cash flows from operating activities
418
384
Net cash flows used in investing activities
(218
)
(578
)
Net cash flows used in financing activities
(133
)
(96
)
Effect of exchange rate changes on cash and cash equivalents
(16
)
26
Net change in cash and cash equivalents
51
(264
)
Change in derivative financial instrument assets
13
(7
)
Change in time deposits with original maturity greater than three months
1
(153
)
Change in current and non-current financial debts
3
(60
)
Change in net (debt)
68
(484
)
Net (debt) at January 1
(3,125
)
(2,802
)
Net (debt) at March 31
(3,057
)
(3,286
)
Net (debt)/liquidity (non-IFRS measure)
($ millions)
At March 31, 2026
At December 31, 2025
Current financial debt
(577
)
(575
)
Non-current financial debt
(4,157
)
(4,162
)
Total financial debt
(4,734
)
(4,737
)
Less liquidity:
Cash and cash equivalents
1,578
1,527
Time deposits with original maturity greater than three months
81
80
Derivative financial instruments
18
5
Total liquidity
1,677
1,612
Net (debt)
(3,057
)
(3,125
)
Free cash flow (non-IFRS measure)
The following is a summary of free cash flow for the three months ended March 31, 2026 and 2025, together with a reconciliation to net cash flows from operating activities, the most directly comparable IFRS measure:
Three months ended March 31
($ millions)
2026
2025
Net cash flows from operating activities
418
384
Purchase of property, plant & equipment
(139
)
(106
)
Free cash flow
279
278
About Alcon
Alcon helps people see brilliantly. As the global leader in eye care with a heritage spanning over 75 years, we offer the broadest portfolio of products to enhance sight and improve people’s lives. Our Surgical and Vision Care products touch the lives of people in over 140 countries and territories each year living with conditions like cataracts, glaucoma, retinal diseases and refractive errors. Our more than 25,000 associates are enhancing the quality of life through innovative products, partnerships with Eye Care Professionals and programs that advance access to quality eye care. Learn more at www.alcon.com.
Focused fleet growth, strategic opportunities, and built-in adaptability across domestic and international operations drove a resilient first quarter
ST. CATHARINES, Ontario--(BUSINESS WIRE)--Algoma Central Corporation (TSX: ALC) ("Algoma", the "Company") today reported its results for the three months ended March 31, 2026. Algoma reported first quarter revenues of $127,781, compared to revenues of $107,201 in 2025. Net earnings for the first quarter were $2,224 compared to a loss of $23,280 in 2025. Earnings in 2026 include one-time net gains totaling $18,881 in the period. Due to the closing of the canal system and the winter weather conditions on the Great Lakes – St. Lawrence Seaway, the majority of the Domestic Dry-Bulk fleet does not operate for most of the first quarter and earnings in the quarter are not indicative of results for the other three quarters of the year. All amounts reported below are in thousands of Canadian dollars, except for per share data and where the context dictates otherwise.
"Across North America and around the world, industry continues to experience heightened geopolitical uncertainty, shifting trade dynamics, and global economic pressures. At Algoma we continue to remain focused on what we can control: delivering strong customer service, continuing to invest in fleet renewal and strategic growth, and improving operational efficiencies," said Gregg Ruhl, President & CEO of Algoma Central Corporation. "During the quarter, we delivered on our priorities and welcomed the Algoma Celebration to our ocean self-unloader fleet. Demand is strengthening across the Great Lakes and East Coast, with capacity in place to meet it. Internationally, rates are strong and many long-term contracts are in place. With the 2026 navigation season well underway, I want to wish all our crews safe passage. Thank you for continuing to deliver the raw materials essential to industries and businesses across both Canada, United States, and around the world," concluded Mr. Ruhl.
Financial Highlights: First Quarter 2026 Compared to First Quarter 2025
Net earnings increased to $2,224 compared to a loss of $23,280 in 2025. Basic and diluted earnings per share were $0.05 in 2026 compared to a loss of $0.57 in 2025. Earnings in 2026 include one-time net gains totaling $18,881 recorded in the period. Excluding these items, net loss decreased 28.3% to $16,689 compared to $23,280 in 2025. Domestic Dry-Bulk segment revenue increased 21% to $37,134 compared to $30,551 in 2025, reflecting 23% higher volumes driving a 13% rise in revenue days. Operating losses for the segment decreased 4.1% to $35,622 compared to $37,160 in 2025. Revenue for the Product Tankers segment increased 40% to $46,739 compared to $33,291 in 2025, driven primarily by the larger fleet size. Operating earnings increased to $4,796 compared to a loss of $378 in 2025. Revenue in the Ocean Self-Unloaders segment increased to $43,286 compared to $42,725 in 2025. Operating earnings increased 34% to $8,667 compared to $6,445 in 2025, mainly as a result of reduced off-hire days. Joint venture equity earnings increased in the quarter to $7,209 compared to $4,689 for the prior year period. International product tankers drove earnings growth, supported by higher daily rates due to current favourable market conditions and fleet expansion from five vessels at the start of the prior year to eight in the current period. “Algoma experienced a strong first quarter with higher volumes and additional capacity,” said Christopher Lazarz, Chief Financial Officer. “In Domestic Dry-Bulk, de-icing salt volumes increased as a result of harsher winter conditions and consequently demand for replenishment drove increased revenue days. We are expecting agriculture volumes to rise in 2026 and construction activity to remain flat as market uncertainty in this sector continues. In the Product Tanker segment, performance continues to be strong, driven by fleet growth and customer demand. Internationally, we continue to see steady rates and demand. Although our ownership structure changed in our cement fleet, the global short sea segment continues to perform well. The quarter was capped off with taking delivery of our second, more efficient newbuild Ocean self-unloader, the Algoma Celebration, and we look forward to her joining the Pool in the second quarter," concluded Mr. Lazarz.
Consolidated Statement of Earnings
For the three months ended March 31
2026
2025
(unaudited, in thousands of dollars, except per share data)
Revenue
$
127,781
$
107,201
Operating expenses
(122,938
)
(113,258
)
Selling, general and administrative expenses
(13,735
)
(10,989
)
Depreciation and amortization
(21,115
)
(18,630
)
Operating loss
(30,007
)
(35,676
)
Interest expense
(6,830
)
(4,628
)
Interest income
153
135
Gain on business acquisition
3,665
—
Gain on sale of assets
20,702
—
Foreign exchange loss
(1,145
)
(177
)
(13,462
)
(40,346
)
Income tax recovery
8,477
12,377
Net earnings from investments in joint ventures
7,209
4,689
Net earnings (loss)
$
2,224
$
(23,280
)
Basic and diluted earnings (loss) per share
$
0.05
$
(0.57
)
EBITDA
The Company uses EBITDA as a measure of the cash generating capacity of its businesses. The following table provides a reconciliation of net earning (loss) in accordance with GAAP to the non-GAAP EBITDA measure for the three months ended March 31, 2026 and 2025 and presented herein:
For the three months ended March 31
2026
2025
Net earnings (loss)
$
2,224
$
(23,280
)
Depreciation and amortization
25,657
25,622
Net interest and tax recoveries
931
(4,947
)
Foreign exchange loss
387
234
Gain on business acquisition
(3,665
)
—
Net loss (gain) on sale of assets
(20,702
)
1
EBITDA(1)
$
4,832
$
(2,370
)
Select Financial Performance by Business Segment
For the three months ended March 31
2026
2025
Domestic Dry-Bulk
Revenue
$
37,134
$
30,551
Operating loss
(35,622
)
(37,160
)
Product Tankers
Revenue
46,739
33,291
Operating earnings (loss)
4,796
(378
)
Ocean Self-Unloaders
Revenue
43,286
42,725
Operating earnings
8,667
6,445
Corporate
Revenue
622
634
Operating loss
(7,848
)
(4,583
)
The MD&A for the three months ended March 31, 2026 and 2025 includes further details. Full results for the three months ended March 31, 2026 and 2025 can be found on the Company’s website at www.algonet.com/investor-relations and on SEDAR at www.sedarplus.ca.
Business Outlook(2)
In the Domestic Dry-Bulk segment, grain and salt volumes are expected to increase, partially offset by reductions in the iron and steel sectors. Higher grain volumes are anticipated to add revenue days and support continued strength in the agriculture segment. Salt volumes are also expected to increase, with a rise in shipment volumes anticipated as depleted inventories are replenished following the harsher winter weather around the Great Lakes - St. Lawrence region. Construction activity is expected to remain relatively flat as it continues to be influenced by broader economic conditions.
In the Product Tanker segment, customer demand is anticipated to remain steady and fuel distribution patterns should support strong utilization for the vessels trading under Canadian flag. We expect all ten Canadian vessels to remain in full employment for the balance of the year.
In the Ocean Self-Unloader segment, vessel supply is expected to increase with fewer assets scheduled for dry-docking. Volumes are expected to improve modestly for the remainder of the year. Algoma took delivery of the second of three newbuild self-unloader that will join the Pool in the second quarter of 2026.
In our global joint ventures, we anticipate steady rates across the fleets, with most assets committed to long-term time charter contracts. The remaining two FureBear newbuild tankers are expected to be delivered in 2026; the Company is anticipating a continued steady rate environment for these tankers.
Global tariffs could increase operating costs and reduce trade volumes, potentially leading to shifts in global supply chain routes. Earnings could be impacted by on-going conflicts in Europe and the Middle East, however nearly all of our operations are outside these high risk areas. While Algoma is closely monitoring these situations, we do not anticipate major changes in cargo volumes at this time; however, we are expecting continued higher costs across our supply chains, and are exploring ways to mitigate potential impacts.
Normal Course Issuer Bid
Effective March 23, 2026, the Company renewed its normal course issuer bid (the "2026 NCIB") to purchase up to 2,028,391 of its common shares ("Shares"), representing approximately 5% of the 40,567,816 Shares issued and outstanding as of the close of business on March 9, 2026. Under the 2026 NCIB and previous expiring NCIB, no Shares were purchased and cancelled for the period ended March 31, 2026.
Cash Dividends
The Company's Board of Directors authorized payment of a quarterly dividend to shareholders of $0.21 per common share. The dividend will be paid on June 1, 2026 to shareholders of record on May 15, 2026.
Notes
(1) Use of Non-GAAP Measures
The Company uses several financial measures to assess its performance including earnings before interest, income taxes, depreciation, and amortization (EBITDA), free cash flow, return on equity, and adjusted performance measures. Some of these measures are not calculated in accordance with Generally Accepted Accounting Principles (GAAP), which are based on International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), are not defined by GAAP, and do not have standardized meanings that would ensure consistency and comparability among companies using these measures. From Management’s perspective, these non-GAAP measures are useful measures of performance as they provide readers with a better understanding of how management assesses performance. Further information on Non-GAAP measures please refer to page 2 in the Company's Management's Discussion and Analysis for the three months ended March 31, 2026 and 2025.
(2) Forward Looking Statements
Algoma Central Corporation’s public communications often include written or oral forward-looking statements. Statements of this type are included in this document and may be included in other filings with Canadian securities regulators or in other communications. All such statements are made pursuant to the safe harbour provisions of any applicable Canadian securities legislation. Forward-looking statements may involve, but are not limited to, comments with respect to our objectives and priorities for 2026 and beyond, our strategies or future actions, our targets, expectations for our financial condition or share price and the results of or outlook for our operations or for the Canadian, U.S. and global economies. The words "may", "will", "would", "should", "could", "expects", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "predicts", "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements.
By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that our assumptions may not be correct and that actual results may differ materially from such predictions, forecasts, conclusions or projections. We caution readers of this document not to place undue reliance on our forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.
Algoma Central Corporation is a global provider of marine transportation, owning and operating dry and liquid bulk carriers that serve critical industries throughout the Great Lakes - St. Lawrence Region and internationally. Focused on delivering exceptional customer service, utilizing fuel efficient vessels, and advancing innovative technologies, Algoma drives productivity while contributing to economic growth, strengthening communities, and supporting its people. Algoma truly is Your Marine Carrier of Choice™. Learn more at algonet.com.
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Stock to Watch: Alcon (ALC - Free Report) Headquartered in Geneva, Switzerland Alcon Inc. (ALC - Free Report) researches, develops, manufactures, distributes, and sells a full suite of eye care products. Founded in 1945, Alcon was first acquired by a Swiss subsidiary of Nestlé S.A. and began operating as a wholly owned subsidiary of Nestlé until 2002. From Mar 20, 2002 until its 2011-merger into Novartis, Alcon was publicly listed and traded on the NYSE. In 2011, Novartis completed the acquisition of 100% stake in Alcon.
ALC is a #2 (Buy) on the Zacks Rank, with a VGM Score of B.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 18.85; value investors should take notice.
Three analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.18 to $3.47 per share. ALC boasts an average earnings surprise of +3.7%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, ALC should be on investors' short list.
Key Takeaways ALC posted Q1 2026 sales gains: Surgical $1.46B and Vision Care $1.23B, both up 6% cc. Alcon's Unity launch helped equipment sales jump, with an expanding installed base and post-ASCRS orders. ALC flagged $33M Q1 tariffs and 120 bps gross-margin drag; 2026 net tariff hit seen at $100-$150M. Alcon’s (ALC - Free Report) Vision Care business continues to gain from its diverse portfolio of contact lenses and ocular health products. Growth momentum within the Surgical business is poised to boost the top line in the upcoming quarters. Meanwhile, adverse macroeconomic conditions and intense competition may harm the company’s operations.
In the past year, this Zacks Rank #3 (Hold) stock has dipped 22.3% compared with the industry’s 7.3% decline. The S&P 500 composite has risen 31.8% in the same time frame.
The renowned pharmaceutical and medical device manufacturer has a market capitalization of $32.77 billion. ALC’s earnings surpassed estimates in three of the trailing four quarters and missed in one, delivering an average surprise of 3.7%.
Let’s delve deeper.
Upsides for ALCSurgical Business Momentum: Alcon continues to refresh its cataract workflow and intraocular lens lineup, which supports share gains even as procedure growth remains uneven. In the first quarter of 2026, Surgical sales were $1.46 billion, up 6% at constant currency, with equipment up 23% and supported by the recent Unity launch.
Management highlighted expansion of the Unity installed base and pointed to a strong post-ASCRS order pipeline, which should support equipment growth as more sites convert. Consumables sales were up 4% at constant currency, aided by price increases despite softer cataract market conditions.
Within implantables, first-quarter sales were $438 million, up 1% at constant currency, reflecting the U.S. performance of PanOptix Pro and competitive pressures internationally. The company also launched TruPlus with a toric option, which broadens its monofocal plus offering.
Vision Care Returns to Growth: Vision Care continues to benefit from a shift toward newer contact lens offerings and expansion in dry eye, which supports a steadier growth profile over time.
In the first quarter of 2026, Vision Care sales were $1.23 billion, up 6% at constant currency, with contact lenses up 4% and ocular health up 10% at constant currency. After expanding the TOTAL 30 family last year to cover all major modalities — sphere, toric and multifocal — in February 2026, the company introduced a multifocal toric lens for presbyopes patients with astigmatism.
Alcon’s PRECISION7 remains a key weekly platform for patients who are not candidates for daily disposables. In ocular health, Systane delivered high single-digit growth in the quarter, and multi-dose preservative-free formats grew more than 20% year over year.
Image Source: Zacks Investment Research
Downsides for ALCMacroeconomic Pressure Stays: Alcon remains exposed to geopolitical and trade volatility that can disrupt supply chains and raise input costs, particularly as tariffs continue to evolve. In the first quarter of 2026, incremental tariffs in the U.S. and China totaled $33 million, and management cited a 120 basis points drag on core gross margin. For 2026, management’s outlook assumes a net tariff impact of about $100 million to $150 million and excludes any potential refunds.
The company disclosed that it has paid approximately $64 million under invalidated IEEPA tariffs, though no refunds have been recorded due to uncertainty surrounding timing and recoverability.
Tough Competitive Landscape: Competition remains intense across both segments and is showing up most clearly where Alcon is defending share outside the United States and managing mix transitions. In the first quarter of 2026, implantables grew 1% at constant currency as PanOptix Pro's strength was offset by competitive pressure in international markets and lower sales in surgical glaucoma. In Vision Care, contact lenses grew 4% at constant currency, but management cited declines in legacy products as it reduced promotional activity.
ALC Stock Estimate Trend The Zacks Consensus Estimate for 2026 earnings per share has moved north 2 cents to $3.48 in the past 30 days.
The Zacks Consensus Estimate for 2026 revenues is pegged at $11.05 billion, suggesting a 7.1% rise from the year-ago reported number.
Key PicksSome better-ranked stocks in the broader medical space are Globus Medical (GMED - Free Report) , Integra LifeSciences (IART - Free Report) and Phibro Animal Health (PAHC - Free Report) .
Globus Medical has an earnings yield of 5.5%, well ahead of the industry’s -3% yield. Its earnings surpassed estimates in each of the trailing four quarters, the average surprise being 26.3%. The company’s shares have rallied 43.8% against the industry’s 4.8% decline over the past year.
GMED sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Integra LifeSciences, carrying a Zacks Rank #2 (Buy) at present, has an earnings yield of 16% against the industry’s -3% yield. Shares of the company have gained 22.8% compared with the industry’s 4.8% growth. IART’s earnings topped estimates in each of the trailing four quarters, the average surprise being 16.8%.
Phibro Animal Health, carrying a Zacks Rank #2 at present, has an earnings yield of 9.2% compared with the industry’s 2.8% yield. Shares of the company have climbed 43.1% against the industry’s 27.9% decline. PAHC’s earnings beat estimates in each of the trailing four quarters, the average surprise being 16.3%.
Alcon receives a buy rating, driven by the launch of Tryptyr in the mature dry eye disease market. Tryptyr's unique mechanism and rapid tear production differentiate it, but commercial adoption hinges on refill rates, payer coverage, and patient persistence. ALC's robust commercial footprint and strong balance sheet support ongoing R&D, M&A, dividends, and buybacks, mitigating financing risks.
On June 04, 2026, Alcon Inc ALC shares rose 3.7% today, closing at $66.58. The stock has seen considerable volatility over the past year, with a 52-week high of $92.55 and a low of $61.84.
GF Value™ verdict: ALC is currently trading at $66.58, which is 28.2% below its estimated fair value of $92.75.GF Score™ of 78/100 indicates that the stock is above average regarding its overall quality and performance metrics.No insider transactions have been reported in the last three months, suggesting a lack of significant insider confidence or activity. Is ALC Overvalued or Undervalued? Currently, Alcon Inc ALC is trading at $66.58, which represents a substantial 28.2% discount to its GF Value™ of $92.75. This undervaluation indicates a potential opportunity for long-term investors, as the margin of safety offers a buffer against market volatility. The GF Valuation label categorizes this stock as "Modestly Undervalued," suggesting that it may have room for price appreciation based on its fundamentals.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The current price being significantly lower than the GF Value™ implies that the stock is undervalued; however, investors should consider potential risks such as market conditions and company performance fluctuations when making investment decisions.
How Does ALC's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 40.1x 53.3x (5-Year Median) Forward P/E 19.4x - ALC's current P/E ratio of 40.1x is significantly below its 5-year median P/E of 53.3x, indicating that the stock is trading at a more attractive valuation compared to its historical performance. This aligns with the GF Value™ verdict of being undervalued, suggesting that current pricing may not fully reflect the company's potential growth and profitability.
What Does ALC's GF Score™ Tell Us? Metric Rating GF Score™ 78 Financial Strength 6/10 Profitability 5/10 Growth 8/10 Valuation 8/10 Momentum 4/10 The GF Score™ of 78/100 indicates that Alcon Inc ALC is positioned well in terms of its overall quality and performance. The strongest area is its Growth Rank of 8/10, reflecting favorable prospects for future earnings and expansion. However, the weakest area is the Momentum Rank of 4/10, suggesting that the stock has experienced some turbulence in price performance, which could be a concern for short-term investors.
What Are Insiders Doing with ALC Stock? Over the past three months, there have been no reported insider transactions for Alcon Inc ALC . This absence of insider buying or selling may indicate a lack of confidence or a wait-and-see approach among company executives regarding future performance. It could also suggest that insiders are aligning with broader market sentiments rather than taking decisive actions based on their expectations for the company's future.
What This Means for Investors Based on the current analysis, Alcon Inc ALC is classified as undervalued according to the GF Value™ metric. The significant gap between its market price and intrinsic value suggests potential for appreciation, although investors should be cautious of market fluctuations and performance risks that could impact future valuations.
For the complete analysis, visit the Alcon Inc ALC stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is ALC's GF Score™?
ALC has a GF Score™ of 78, indicating an above-average stock quality that is likely to produce better long-term returns.
Is ALC overvalued or undervalued?
ALC is currently undervalued with a GF Value™ estimate of $92.75, suggesting that there is significant upside potential based on its fundamentals.
What is ALC's P/E ratio?
The current P/E ratio for ALC is 40.1x, which is notably lower than its 5-year median P/E of 53.3x, indicating that the stock is trading at a more attractive valuation in comparison to its historical range.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Representative Gilbert Ray Cisneros, Jr. (Democratic-California) recently sold shares of Tri Pointe Homes Inc. (NYSE: TPH). In a filing disclosed on March 09th, the Representative disclosed that they had sold between $1,001 and $15,000 in Tri Pointe Homes stock on February 23rd. The trade occurred in the Representative's "150 MAIN STREET TRUST > BANK OF AMERICA"
Xiaomi founder and CEO Lei Jun speaks at the Chinese smartphone maker's launch event in Beijing, China May 22, 2025. REUTERS/Florence Lo/File Photo Purchase Licensing Rights, opens new tab
CompaniesBEIJING, March 19 (Reuters) - Chinese smartphone and electric vehicle giant Xiaomi (1810.HK), opens new tab will invest at least 60 billion yuan ($8.70 billion) in artificial intelligence over the next three years, CEO Lei Jun said on Thursday.
The announcement came a day after the company officially unveiled its new flagship AI model MiMo-V2-Pro, a large language model originally uploaded anonymously onto OpenRouter last week.
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The model has shot up the AI gateway platform's leaderboard rankings, so far processing more than 1.5 trillion tokens or units of data, a sign that it has been well received by developers worldwide.
Lei, speaking at a company event in Beijing, highlighted MiMo-V2-Pro's global reception, saying it would rapidly improve, and revealed Xiaomi's budget for AI research this year had exceeded the previously announced 16 billion yuan figure.
"So you will see that we will advance faster and faster in many core technologies," he said.
Xiaomi's increased investment in AI comes as competition in China's cutthroat chatbot space is being redirected to agents, which require far less prompting and can execute more complex tasks.
While AI chatbots in China have faced intense downward price pressures, particularly since DeepSeek's ascent in the past two years, tech firms are eyeing the much higher token consumption required by agents as a potentially new lucrative revenue stream.
MiMo-V2-Pro was created to handle agent workloads, according to Lei, as agent frameworks like OpenClaw take China by storm, prompting Chinese tech giants from Alibaba to Tencent to jump on the trend in the hopes of generating new streams of revenue.
"Developers around the world have commented that V2-Pro has a high IQ, also a high EQ, and crucially its task execution ability is both fast and accurate... underscoring its huge global impact," Lei said.
Lei also noted the youthfulness of the team behind MiMo-V2-Pro, boasting an average age of 25, and with over half of its members holding doctorate degrees or hailing from China's top two universities, PKU and Tsinghua. MiMo is led by ex-DeepSeek researcher and PKU graduate Luo Fuli, who was born in 1995.
($1 = 6.8998 Chinese yuan renminbi)
Reporting by Ju-min Park and Eduardo Baptista; Editing by Andrew Heavens and Jan Harvey
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Ju-min Park is a senior correspondent for Reuters based in Beijing, covering the automobile industry. She began her career at Reuters since 2010 and previously reported on the Korean peninsula and Japan.
Eduardo Baptista is a Senior Correspondent for Reuters based in Beijing, covering China’s technology, space, and automotive industries. He has led enterprise and investigative reporting on China’s military-linked companies, artificial intelligence and semiconductor supply chains, as well as macroeconomic and industrial policy. Baptista has reported from China for nearly a decade and holds a BA in History from the University of Cambridge.
Xiaomi is transitioning from a smartphone-centric business to a diversified digital goods and EV company, with EV deliveries tripling in 2025. Despite impressive EV execution and segment profitability, Xiaomi faces margin pressure in smartphones due to surging DRAM costs and subsidy phase-outs for appliances. Q4 2025 earnings are expected to show modest revenue growth (~7.5% Y/Y) and flat adjusted net income, with EV as the key growth engine.
Xiaomi reported a slump in quarterly net profit, caught between soaring memory-chip prices and subdued consumption in one of the world's largest consumer markets.
Xiaomi transitioning from smartphones to EV, physical robotics, and other AI initiatives can impact near-term revenue and earnings outlook. The smartphone's share of total gross profit has declined from 40.9% to 15.1% over the past two years, while the EV and AI segment has increased from 0% to 34.7%. Due to a spike in memory prices, the smartphone segment's gross profit has declined significantly, and management expects cost pressures to persist.
A Xiaomi SU7 Ultra electric vehicle (EV) is displayed during a media day for the Auto Shanghai show in Shanghai, China April 23, 2025. REUTERS/Go Nakamura Purchase Licensing Rights, opens new tab
CompaniesBEIJING, April 24 (Reuters) - Xiaomi, a well-known maker of smart consumer electronics in China, said on Friday that it had delivered 26,000 units of its upgraded SU7 series, which launched in March.
Xiaomi CEO Lei Jun told media at an event at the Beijing Autoshow that the company had received 60,000 locked orders as of April 23 for the new generation SU7 sedans and planned to launch its YU7 GT series at the end of May.
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With a huge following in China, the Chinese electronic giant is taking on Tesla and pursuing premium strategy in the EV market. It is planning to enter the European market next year, as its first overseas destination.
Reporting by Ju-min Park; Editing by Jacqueline Wong
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Hurtling around a race track outside Beijing, Xiaomi's SU7 Ultra is as disconcerting as it's quick. The company is preparing its expansion abroad, where it could pose a threat in the EV market.
Hurtling around a race track outside Beijing, Xiaomi's SU7 Ultra is as disconcerting as it's quick. The company is preparing its expansion abroad, where it could pose a threat in the EV market.
