LOS ANGELES, April 28, 2026 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective diagnostic imaging services and digital health solutions, announced today that it will host a conference call to discuss its first quarter 2026 financial results on Monday, May 11, 2026 at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time).
Investors are invited to listen to RadNet’s conference call by dialing 844-744-1280. International callers can dial 412-564-6465. There will also be simultaneous and archived webcasts available at https://viavid.webcasts.com/starthere.jsp?ei=1761306&tp_key=ea5d61284c. An archived replay of the call will also be available and can be accessed by dialing 844-512-2921 from the U.S., or 412-317-6671 for international callers, and using the passcode 10208825.
About RadNet, Inc.
RadNet, Inc. is a leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of owned and operated outpatient imaging centers. RadNet’s imaging center markets include Arizona, California, Delaware, Florida, Indiana, Maryland, New Jersey, New York, Texas and Virginia. In addition, RadNet provides radiology information technology and artificial intelligence solutions marketed under the DeepHealth brand, teleradiology professional services and other related products and services to customers in the diagnostic imaging industry globally. Together with contracted radiologists, and inclusive of full-time and per diem employees and technologists, RadNet has over 11,000 team members. Learn more at www.radnet.com.
CONTACTS:
RadNet, Inc.
Mark Stolper
Executive Vice President and Chief Financial Officer
310-445-2800
On April 29, 2026, RadNet Inc RDNT shares fell 3.5% to a current price of $55.89. Over the past week, the stock has declined by 3.4%, and it has decreased by 21.7% year-to-date. The shares have traded in a 52-week range from a low of $50.15 to a high of $85.84.
GF Value™ verdict: The current price is $55.89, indicating a 13.7% undervaluation compared to the GF Value™ of $64.75.GF Score™: RadNet has a GF Score™ of 84/100, suggesting it is a strong company with potential for long-term returns.Notable signal: Insider activity has been bearish, with insiders selling $1.9M worth of shares in the last three months and no buying activity reported. Is RDNT Overvalued or Undervalued? The current price of RadNet Inc is $55.89, which is below the GF Value™ estimate of $64.75. This represents a 13.7% margin of safety, indicating that the stock may be undervalued. The GF Valuation label classifies RadNet as modestly undervalued. While this suggests a potential buying opportunity, it is crucial to consider the underlying reasons for the stock's decline and the overall market conditions.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Investors should remain cautious, as the undervaluation does not guarantee immediate price appreciation; the stock could be facing headwinds that may impact its performance in the near term.
How Does RDNT's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 87.8x 118.7x RadNet's current forward P/E ratio of 87.8x is significantly lower than its 5-year median P/E ratio of 118.7x. This suggests that the stock is trading below its historical valuation, which is consistent with the GF Value™ verdict of being undervalued. The P/E analysis supports the idea that there may be an opportunity for potential price recovery, should the company navigate its challenges effectively.
What Does RDNT's GF Score™ Tell Us? Metric Rating GF Score™ 84/100 Financial Strength 5/10 Profitability 6/10 Growth 8/10 Valuation 10/10 Momentum 7/10 The GF Score™ of 84/100 indicates that RadNet is a strong company with a balanced profile. The highest rating comes from the Valuation category, where it scores 10/10, suggesting that the stock is attractively priced relative to its intrinsic value. However, financial strength ranks lower at 5/10, indicating potential concerns in that area. Overall, the scores suggest that while RadNet has promising growth potential, it may face challenges regarding its financial stability.
What Are Insiders Doing with RDNT Stock? Insider activity at RadNet has been notably bearish, with insiders selling $1.9 million worth of shares in the last three months and no reported buying. This pattern raises concerns about potential confidence issues among insiders regarding the company's future prospects. While insider selling can be a normal part of financial planning, the lack of buying may indicate hesitation about the company's short-term outlook.
What This Means for Investors Based on the analysis, RadNet Inc RDNT appears to be undervalued according to GF Value™, with a potential upside of 13.7% based on its current price compared to its intrinsic value estimate. However, investors should weigh this opportunity against the recent insider selling and the company's financial strength metrics.
For the complete analysis, visit the RadNet Inc RDNT 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 RDNT's GF Score™?
RadNet's GF Score™ is 84/100, indicating a strong company with potential for higher long-term returns based on various performance metrics.
Is RDNT overvalued or undervalued?
RadNet is considered undervalued, with a GF Value™ of $64.75 compared to its current price of $55.89, representing a 13.7% margin of safety.
What is RDNT's P/E ratio?
RadNet's current forward P/E ratio is 87.8x, which is significantly lower than its 5-year median P/E of 118.7x, indicating 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].
LOS ANGELES, April 30, 2026 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective outpatient diagnostic imaging services and a global developer of digital health solutions, announced today the formation of a joint venture with Saint Alphonsus Health System through the acquisition of a majority equity position in Intermountain Medical Imaging, LLC, the owner of five outpatient multi-modality imaging centers in Boise, Idaho.
The Idaho-based joint venture with Saint Alphonsus Health System, which is part of Trinity Health, operates three multimodality outpatient imaging centers in Meridian and Eagle, as well as facilities at two Saint Alphonsus medical centers. The existing contracted radiology practice for the joint venture, Gem State Radiology, will continue providing professional radiology services to the five locations through its network of nearly 30 radiologists. RadNet will assume management of the operations for each of the five locations. The centers currently offer a mix of MRI, CT, PET/CT, mammography, ultrasound, X-ray and other related procedures.
Through the relationship, Gem State Radiology will deliver radiology interpretation and reporting to Saint Alphonsus Health System using DeepHealth’s solutions, including:
Diagnostics Suite: a cloud-first clinical imaging management and viewing platform, enabling fast, intuitive and highly efficient clinical interpretation.Reporting Pro: an AI-powered radiology report-creation tool to improve radiologist productivity and consistency.AI Studio: an enterprise-grade AI orchestrator for managing, routing and monitoring a growing ecosystem of AI tools.Clinical AI: FDA-cleared solutions to enhance screening, detection and interpretation across various clinical specialties, including oncology, neurology and musculoskeletal health. In addition, the five joint venture imaging centers will benefit from improved operational efficiencies through DeepHealth’s Operations Suite, a cloud-first, AI-powered suite of solutions that unifies patient, clinical and operational workflows, including:
Radiology Information System: a unified imaging operations system seamlessly connecting teams and workflows across networks.Patient Engagement: a digital-first patient engagement platform that guides each patient from scheduling through preparation, registration and follow-up.Operational AI: a portfolio of agentic solutions that intelligently automate tasks and workflows to streamline operations, improve efficiencies, and monitor and optimize imaging centers’ performance.
Together, these solutions are expected to improve efficiency and facilitate quality care.
"This relationship with Saint Alphonsus Health System marks a pivotal moment for diagnostic imaging in Idaho," said Norman Hames, President and CEO of Western Operations for RadNet. "We are bringing together the best of what each organization offers — Saint Alphonsus’s deep community roots and clinical excellence and RadNet’s broad expertise in managing outpatient operations efficiently and profitably. In addition, the integration of DeepHealth solutions addresses key industry challenges, including fragmented IT systems, diagnostic variability and workforce shortages to deliver faster, more consistent and more scalable care."
David McFadyen, President & CEO, Saint Alphonsus Health System, Trinity Health, West Region, highlighted, “The relationship with RadNet allows us to bring best-in-class outpatient imaging management, efficient workflows and AI technologies to improve both the patient journey and the service we provide to our referring physician communities. This collaboration should streamline operations and enable our care teams to focus on what matters most — delivering exceptional, compassionate care to the communities we serve.”
Jane Turlo, Vice President Ambulatory Imaging, Trinity Health, “This relationship enhances our ability to equip providers with powerful tools to provide quality care to patients throughout the region.”
The new joint venture is projected to generate approximately $30 million in annual revenue for RadNet.
About RadNet, Inc.
RadNet, Inc. is a leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of owned and/or operated outpatient imaging centers. RadNet’s imaging center markets include Arizona, California, Delaware, Florida, Idaho, Indiana, Maryland, New Jersey, New York, Texas and Virginia. In addition, RadNet provides radiology information technology and artificial intelligence solutions marketed under the DeepHealth brand, teleradiology professional services and other related products and services to customers in the diagnostic imaging industry globally. Together with contracted radiologists, and inclusive of full-time and per diem employees and technologists, RadNet has over 11,000 team members. Learn more at radnet.com.
About DeepHealth
DeepHealth is a wholly owned subsidiary of RadNet, Inc. (NASDAQ: RDNT) and serves as the umbrella brand for RadNet’s Digital Health segment. DeepHealth provides AI-powered health informatics with the aim of empowering breakthroughs in care through imaging. DeepHealth leverages advanced AI for operational efficiency and improved clinical outcomes in breast, chest, musculoskeletal, neuro, prostate and thyroid health. At the heart of DeepHealth’s portfolio is a cloud-native operating system – DeepHealth OS – that unifies data across the clinical and operational workflow. Thousands of imaging centers and radiology departments around the world use DeepHealth solutions to enable earlier, more reliable and more efficient disease detection, including in large-scale cancer screening programs. DeepHealth’s human-centered, intuitive technology aims to push the boundaries of what’s possible in healthcare. Learn more at deephealth.com.
About Trinity Health
Trinity Health is one of the largest not-for-profit, faith-based health care systems in the nation. It is a family of 133,000 colleagues and more than 38,900 physicians and clinicians caring for diverse communities across 23 states. Nationally recognized for care and experience, the Trinity Health system includes 92 hospitals, 101 continuing care locations, the second largest PACE program in the country as well as many other health and well-being services. In fiscal year 2025, the Livonia, Michigan-based health system invested $2.9 billion in its communities in the form of charity care, community benefit and other programs and services.
About Saint Alphonsus Health System
Saint Alphonsus Health System is a Catholic, faith-based, not-for-profit health care system serving Idaho, eastern Oregon, and northern Nevada communities. The health system, which was named a 2025 Forbes Best Large Employers of America, includes 4 hospitals, 595 licensed beds, 86 medical group clinics, and 7 joint venture relationships. The health system employs more than 7,000 colleagues and providers. The Saint Alphonsus Health Alliance is comprised of over 3,400 employed and independent providers. The health system hospitals include Saint Alphonsus Regional Medical Center - Boise, ID; Saint Alphonsus Regional Rehabilitation Hospital – Boise, ID, a joint venture with Encompass Health; Saint Alphonsus Medical Center – Nampa, ID; Saint Alphonsus Medical Center – Ontario, OR; Saint Alphonsus Medical Center – Baker City, OR. Saint Alphonsus Health System reinvests in the communities we serve, through charity care and other benefits. Our goal is to improve the health and well-being of people by emphasizing care that is patient-centered, physician-led, innovative, and community-based. For more information, visit us at www.saintalphonsus.org. Saint Alphonsus is a proud member of Trinity Health.
About Gem State Radiology
Gem State Radiology (GSR) was established in 1974 and has served patients and providers in the Treasure Valley for more than five decades. In 1999, GSR expanded its outpatient imaging footprint by establishing Intermountain Medical Imaging, increasing access to high-quality diagnostic outpatient imaging across the region. GSR continues its longstanding commitment to physician-focused radiology services, supporting hospital and outpatient imaging needs throughout Idaho.
For more information, visit us at www.trinity-health.org or follow us on LinkedIn, Facebook and X.
Forward Looking Statements
This communication contains certain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by words such as: “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “possible,” “predict,” “project,” “seek, “should,” “target,” “will” or “would,” the negative of these words, and similar references to future periods. Examples of forward-looking statements include statements regarding the anticipated benefits of the acquisition, the impact of the acquisition on RadNet’s business and future financial and operating results and prospects, and the amount and timing of synergies from the acquisition are based on the current estimates, assumptions and projections of RadNet, and are qualified by the inherent risks and uncertainties surrounding future expectations generally, all of which are subject to change. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties, many of which are beyond RadNet’s control.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations and assumptions regarding the future of RadNet’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of RadNet’s control. RadNet’s actual results and financial condition may differ materially from those indicated in the forward-looking statements as a result of various factors. None of RadNet’s or Trinity Health’s respective directors, executive officers or advisors provide any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur, or if any of them do occur, what impact they will have on the business, results of operations or financial condition of RadNet. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on RadNet’s business and the ability to realize the expected benefits of the acquisition. Risks and uncertainties that could cause results to differ from expectations include, but are not limited to: (1) the ability to recognize the anticipated benefits of the acquisition, which may be affected by, among other things, the ability of RadNet or Trinity Health to maintain relationships with its vendors, customers and providers and retain its management and key employees, (2) the ability to achieve the synergies contemplated by the acquisition or such synergies taking longer to realize than expected, (3) costs related to the acquisition, (4) the ability of RadNet to execute successfully its strategic plans, (5) the diversion of management’s time and attention from ordinary course business operations to integration matters, and (6) the risk of legislative, regulatory, economic, competitive, and technological changes. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included elsewhere. Additional information concerning risks, uncertainties and assumptions can be found in RadNet’s filings with the Securities and Exchange Commission (the “SEC”), including the risk factors discussed in RadNet’s most recent Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and future filings with the SEC.
Forward-looking statements included herein are made only as of the date hereof and, except as required by applicable law, RadNet does not undertake any obligation to update any forward-looking statements, or any other information in this communication, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.
RadNet Media Contacts
Jane Mazur
Senior Vice President, Corporate Communications
+1 585-355-5978 [email protected]
Mark Stolper
Executive Vice President and Chief Financial Officer
+1 310-445-2800
RadNet (RDNT - Free Report) is expected 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 gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The earnings report, which is expected to be released on May 11, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis operator of medical diagnostic imaging centers is expected to post quarterly loss of $0.14 per share in its upcoming report, which represents a year-over-year change of +60%.
Revenues are expected to be $567.54 million, up 20.4% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has remained unchanged over the last 30 days. 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 the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
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 RadNet?For RadNet, 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 -100.00%.
On the other hand, the stock currently carries a Zacks Rank of #4.
So, this combination makes it difficult to conclusively predict that RadNet will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. 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 RadNet would post earnings of $0.19 per share when it actually produced earnings of $0.23, delivering a surprise of +21.05%.
Over the last four quarters, the company has beaten consensus EPS estimates two 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.
RadNet 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 Medical - Outpatient and Home Healthcare industry, Elanco Animal Health Incorporated (ELAN - Free Report) , is soon expected to post earnings of $0.34 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of -8.1%. This quarter's revenue is expected to be $1.28 billion, up 7.5% from the year-ago quarter.
Over the last 30 days, the consensus EPS estimate for Elanco Animal Health has been revised 0.4% down to the current level. Nevertheless, the company now has an Earnings ESP of -1.16%, reflecting a lower Most Accurate Estimate.
This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that Elanco Animal Health will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Total Company Revenue increased 22.1% to $575.6 million in the first quarter of 2026 from $471.4 million in the first quarter of 2025Revenue from the Digital Health reportable segment increased 51.5% to $29.1 million in the first quarter of 2026 from $19.2 million in the first quarter of 2025; Annual Recurring Revenue(4) (ARR) increased from $49.8 million at March 31, 2025 to $96.9 million at March 31, 2026Total Company Adjusted EBITDA(1) was $63.3 million in the first quarter of 2026 as compared with $46.4 million in the first quarter of 2025, an increase of 36.3%; Digital Health reportable segment Adjusted EBITDA(1) decreased to $1.3 million in the first quarter of 2026 from $3.7 million in the first quarter of 2025 resulting from continued intentional infrastructure investments to drive and support a growing sales pipelineIn the first quarter of 2026, aggregate advanced imaging (MRI, CT and PET/CT) procedural volumes increased 19.7% and same-center advanced imaging procedural volumes increased 8.2% as compared with the first quarter of 2025Adjusting for unusual or one-time items in the quarter, Adjusted Diluted Loss Per Share(3) was $(0.28) for the first quarter of 2026; This compares with Adjusted Diluted Loss Per Share(3) of $(0.34) for the first quarter of 2025 RadNet revises full-year 2026 Imaging Center guidance levels with increases to Revenue, Adjusted EBITDA(1) and Free Cash Flow(2) and reaffirms all Digital Health guidance ranges
LOS ANGELES, May 10, 2026 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services through a network of 435 outpatient imaging centers and a premier developer of radiology digital health solutions, today reported financial results for its first quarter of 2026.
Dr. Howard Berger, President and Chief Executive Officer of RadNet, commented, “After being impacted by severe winter weather conditions in the Northeast during January and February which reduced Revenue and Adjusted EBITDA(1) by an estimated $13 million and $9 million, respectively, our business strongly rebounded in March, resulting in a Total Company Revenue increase of 22.1% and a Total Company Adjusted EBITDA(1) increase of 36.3% from last year’s first quarter. The record first quarter performance was driven by aggregate advanced imaging (MRI, CT and PET/CT) growth of 19.7% and same-center advanced imaging growth of 8.2% as compared with the first quarter of last year. The growth in MR, CT and PET/CT contributed to a 235 basis point shift in RadNet’s advanced imaging procedural volume mix (relative to routine imaging) as compared with the same quarter last year, increasing from 26.9% in last year’s first quarter to 29.3% in the first quarter of 2026. Imaging Center Adjusted EBITDA(1) margin increased by 52 basis points, after adjusting for lost Revenue and Adjusted EBITDA(1) from the severe winter weather in this year’s first quarter and the severe winter weather and California wildfires in last year’s first quarter.”
Dr. Berger continued, “On April 30th, we announced the commencement of a new health system joint venture with Trinity Health’s Saint Alphonsus Health System initially with five outpatient imaging centers in Boise, Idaho. In conjunction with this new partnership, various modules of DeepHealth OS as well as AI-powered solutions for radiologist reporting, patient engagement and clinical interpretation will be implemented. This relationship is a blueprint for future health system partnerships, where RadNet can bring all of its operational, clinical and digital workflow solutions to bear to streamline the patient journey and improve medical care and outcomes. As a result of the strong operating trends during the first quarter which have continued through early May, we are increasing 2026 Imaging Center guidance for Revenue, Adjusted EBITDA(1) and Free Cash Flow(2).”
“The Digital Health division continues to gain momentum, which was further advanced with the March 2, 2026 acquisition of Gleamer SAS in France. DeepHealth’s clinical AI portfolio now includes interpretive solutions in virtually all imaging modalities. We estimate that by the end of this year, over 70% of RadNet studies could be running through clinical AI, and we expect that all of RadNet’s radiologist reports will be processed through DeepHealth’s Reporting Pro AI-powered auto-impression/summarization engine. When fully implemented, these initiatives should result in significant enhancement to patient care and workflow productivity intended to achieve a measurable improvement to RadNet’s operating expenses. Furthermore, the Digital Health sales pipeline with third-party customers continued to build during the first quarter, during which we signed over $16 million (Total Contract Value) of new DeepHealth business. These contracts span the full breadth of DeepHealth products including clinical AI, operating and diagnostic workflow and TechLive solutions,” added Dr. Berger.
“RadNet’s balance sheet continues to be among the strongest in the diagnostic imaging industry. At quarter end, which reflected the acquisition of Gleamer and recent imaging center transactions, we had a cash balance of $455.3 million and a leverage ratio of Net Debt to Adjusted EBITDA(1) of slightly below 2.0. Financial leverage and liquidity will continue to be carefully managed to maintain optimal future operating flexibility,” concluded Dr. Berger.
Financial Results
For the first quarter of 2026, RadNet reported Total Company Revenue of $575.6 million and Adjusted EBITDA(1) of $63.3 million. Revenue increased $104.2 million (or 22.1%) and Adjusted EBITDA(1) increased $16.9 million (or 36.3%) as compared with the first quarter of 2025.
For the first quarter of 2026, RadNet reported Digital Health Revenue (inclusive of intersegment revenue) of $29.1 million and Adjusted EBITDA(1) of $1.3 million. Revenue increased $9.9 million (or 51.5%) and Adjusted EBITDA(1) decreased $2.4 million as compared with the first quarter of 2025. At March 31, 2026, Annual Recurring Revenue(4) (ARR) for Digital Health was $96.9 million, as compared with $49.8 million as of March 31, 2025.
There were a number of unusual or one-time items impacting the first quarter including: $0.9 million expense related to leases for de novo facilities under construction that have yet to open their operations; $3.5 million of acquisition transaction costs; $2.6 million loss on the sale and disposal of equipment; $1.5 million of severance costs; $2.8 million change in contingent consideration related to past acquisitions; and $4.6 million of non-capitalized research and development expenses with respect to DeepHealth Cloud OS and generative AI. Adjusting for the above items, Total Company Adjusted Loss(3) was $21.6 million and diluted Adjusted Loss Per Share(3) was $(0.28) for the first quarter of 2026. This compares with Total Company Adjusted Loss(3) of $25.2 million and diluted Adjusted Loss Per Share(3) of $(0.34) during the first quarter of 2025.
Unadjusted for unusual or one-time items impacting the first quarter of 2026, Total Company Net Loss for the first quarter of 2026 was $33.5 million as compared with a Total Company Net Loss of $37.9 million for the first quarter of 2025. Net Loss Per Share for the first quarter of 2026 was $(0.43), compared with a Net Loss per share of $(0.51) in the first quarter of 2025, based upon a weighted average number of diluted shares outstanding of 77.1 million shares in 2026 and 74.4 million shares in 2025.
For the first quarter of 2026, as compared with the prior year’s first quarter, MRI volume increased 20.3%, CT volume increased 17.7% and PET/CT volume increased 35.2% on a systemwide basis (including unconsolidated joint venture centers). Overall volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased 10.1% over the prior year’s first quarter. On a same-center systemwide basis, including only those centers which were part of RadNet for both the first quarters of 2026 and 2025, MRI volume increased 10.0%, CT volume increased 4.7% and PET/CT volume increased 14.7%. Overall same-center volume, taking into account routine imaging exams, inclusive of x-ray, ultrasound, mammography and other exams, increased 2.4% over the prior year’s same quarter.
2026 Revised Guidance
RadNet amends its previously announced guidance levels as follows:
Imaging Center Segment
Original
Guidance Range
Revised
Guidance Range Total Net Revenue$2,325 - $2,375 million$2,355 - $2,405 millionAdjusted EBITDA(1)$335 - $348 million$340 - $353 millionCapital Expenditures(a)$165 - $175 million$165 - $175 millionCash Interest Expense(b)$45 - $50 million$45 - $50 millionFree Cash Flow(2)$105 - $115 million$112 - $122 million (a) Net of proceeds from the sale of equipment and New Jersey Imaging Network capital expenditures.
(b) Net of payments from counterparties on interest rate swaps and interest income from our cash balance recorded in Other Income.
Digital Health Segment
Original
Guidance Range
Revised
Guidance Range Total Net Revenue$135 - $145 million$135 - $145 million Adjusted EBITDA(1) Before Non-Capitalized R&D - DeepHealth Cloud OS & Generative AI$10 - $12 million$10 - $12 million Non-Capitalized R&D - DeepHealth Cloud OS & Generative AI$17 - $19 million$17 - $19 million Capital Expenditures$9 - $12 million$9 - $12 million Free Cash Flow(2) Before Non-Capitalized R&D - DeepHealth Cloud OS & Generative AI$(1) - $3 million$(1) - $3 million Free Cash Flow(2) After Non-Capitalized R&D - DeepHealth Cloud OS & Generative AI$(17) - $(19) million$(17) - $(19) million Financial Results Conference Call
Dr. Howard Berger, President and Chief Executive Officer, and Mark Stolper, Executive Vice President and Chief Financial Officer, will host a conference call to discuss its first quarter 2026 results on Monday, May 11th, 2026 at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time).
Conference Call Details:
Date: Monday, May 11, 2026
Time: 10:30 a.m. Eastern Time
Dial In-Number: 844-744-1280
International Dial-In Number: 412-564-6465
It is recommended that participants dial in approximately 5 to 10 minutes prior to the start of the 10:30 a.m. call. There will also be simultaneous and archived webcasts available at https://viavid.webcasts.com/starthere.jsp?ei=1761306&tp_key=ea5d61284c or http://www.radnet.com under the “Investors” menu section and “News Releases” sub-menu of the website. An archived replay of the call will also be available and can be accessed by dialing 844-512-2921 from the U.S., or 412-317-6671 for international allers, and using the passcode 10208825.
About RadNet, Inc.
RadNet, Inc. is a leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of owned and/or operated outpatient imaging centers. RadNet’s imaging center markets include Arizona, California, Delaware, Florida, Idaho, Indiana, Maryland, New Jersey, New York, Texas and Virginia. In addition, RadNet provides radiology information technology and artificial intelligence solutions marketed under the DeepHealth brand, teleradiology professional services and other related products and services to customers in the diagnostic imaging industry globally. Together with contracted radiologists, and inclusive of full-time and per diem employees and technologists, RadNet has over 11,000 team members. Learn more at radnet.com.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are expressions of our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, and anticipated future conditions, events and trends. Forward-looking statements can generally be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods.
Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:
the impact of a pandemic, significant deterioration in the broader economy, severe acts of nature or other exogenous factors on our business, suppliers, payors, customers, referral sources, partners, patients and employees;the availability and terms of capital to fund our business;our ability to service our indebtedness, make principal and interest payments as those payments become due and remain in compliance with applicable debt covenants, in addition to our ability to refinance such indebtedness on acceptable terms;changes in general economic conditions nationally and regionally in the markets in which we operate;the availability and terms of capital to fund the expansion of our business and improvements to our existing facilities;our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so;our ability to acquire, develop, implement and monetize artificial intelligence algorithms and applications;volatility in interest and exchange rates, or credit markets;the adequacy of our cash flow and earnings to fund our current and future operations;changes in service mix, revenue mix and procedure volumes;delays in receiving payments for services provided;increased bankruptcies among our partner physicians or joint venture partners;the impact of the political environment and related developments on the current healthcare marketplace and on our business, including with respect to the future of the Affordable Care Act;the extent to which the ongoing implementation of healthcare reform, or changes in or new legislation, regulations or guidance, enforcement thereof by federal and state regulators or related litigation result in a reduction in coverage or reimbursement rates for our services, or other material impacts to our business;closures or slowdowns and changes in labor costs and labor difficulties, including stoppages affecting either our operations or our suppliers' abilities to deliver supplies needed in our facilities;the occurrence of hostilities, political instability or catastrophic events;the emergence or reemergence of and effects related to future pandemics, epidemics and infectious diseases; andnoncompliance by us with any privacy or security laws or any cybersecurity incident or other security breach by us or a third party involving the misappropriation, loss or other unauthorized use or disclosure of confidential information.With respect to mergers and acquisitions: (1) the termination of or occurrence of any event, change or other circumstances that could give rise to the termination of the merger or acquisition agreement or the inability to complete the proposed transaction on the anticipated terms and timetable, (2) the inability to complete the proposed transaction due to any applicable regulatory approval that may be required for the proposed transaction that is delayed, that is not obtained or that is obtained subject to conditions that are not anticipated, (3) the ability to recognize the anticipated benefits of the proposed transaction, which may be affected by, among other things, the ability to maintain relationships with its customers, patients, payers, physicians, and providers and retain its management and key employees, (4) the ability of RadNet following the proposed transaction to achieve the synergies contemplated by the proposed transaction or such synergies taking longer to realize than expected, (5) costs related to the proposed transaction, (6) the ability of RadNet following the proposed transaction to execute successfully its strategic plans, (7) the ability of RadNet following the proposed transaction to promptly and effectively integrate the target into its business, (8) the risk of litigation related to the proposed transaction, (9) the diversion of management's time and attention from ordinary course business operations to completion of the proposed transaction and integration matters, (10) the risk of legislative, regulatory, economic, competitive, and technological changes, (11) risks relating to the value of RadNet's securities to be issued in the proposed merger, and (12) the effect of the announcement, pendency or completion of the proposed transactions on the market price of RadNet’s common stock.
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included elsewhere. Additional information concerning risks, uncertainties and assumptions can be found in RadNet's filings with the SEC, including the risk factors discussed in RadNet's most recent Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and future filings with the SEC.
Any forward-looking statement contained in this release is based on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of changed circumstances, new information, future developments or otherwise, except as required by applicable law.
Regulation G: GAAP and Non-GAAP Financial Information
This release contains certain financial information not reported in accordance with GAAP. The Company uses both GAAP and non-GAAP metrics to measure its financial results. The Company believes that, in addition to GAAP metrics, these non-GAAP metrics assist the Company in measuring its cash-based performance. The Company believes this information is useful to investors and other interested parties because it removes unusual and nonrecurring charges that occur in the affected period and provides a basis for measuring the Company's financial condition against other quarters. Such information should not be considered as a substitute for any measures calculated in accordance with GAAP, and may not be comparable to other similarly titled measures of other companies. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Reconciliation of this information to the most comparable GAAP measures is included in this release in the tables which follow.
CONTACTS:
RadNet, Inc.
Mark Stolper, 310-445-2800
Executive Vice President and Chief Financial Officer
RADNET, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA) March 31, 2026 December 31, 2025 (unaudited) ASSETS CURRENT ASSETS Cash and Cash equivalents$455,339 $767,215 Accounts receivable 209,090 200,317 Due from affiliates 11,033 12,592 Prepaid expenses and other current assets 65,313 52,003 Total current assets 740,775 1,032,127 PROPERTY, EQUIPMENT AND RIGHT-OF-USE ASSETS Property and equipment, net 862,057 807,702 Operating lease right-of-use assets 760,975 690,250 Total property, plant, equipment and right-of-use assets 1,623,032 1,497,952 OTHER ASSETS Goodwill 1,094,699 907,663 Other intangible assets 253,481 148,508 Deferred financing costs 1,538 1,684 Investment in joint ventures 131,409 130,340 Deposits and other 40,455 40,289 Total Assets$3,885,389 $3,758,563 LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable, accrued expenses and other$454,602 $422,029 Due to affiliates 75,960 70,104 Deferred revenue 11,975 7,272 Current operating lease liability 66,591 61,934 Current portion of notes payable 26,506 25,424 Total current liabilities 635,634 586,763 LONG-TERM LIABILITIES Long-term finance lease liability 4,016 - Long-term operating lease liability 777,268 707,001 Notes payable, net of current portion 1,059,977 1,064,495 Deferred tax liability, net 34,150 21,903 Other non-current liabilities 21,632 22,515 Total liabilities 2,532,677 2,402,677 EQUITY RadNet, Inc. stockholders' equity: Common stock - $0.0001 value, 200,000,000 shares authorized; 78,545,837 and 77,399,615 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 8 8 Additional paid-in-capital 1,211,912 1,180,434 Accumulated other comprehensive loss (2,466) 4,885 Accumulated deficit (128,903) (95,437)Total RadNet, Inc.'s Stockholders' equity: 1,080,551 1,089,890 Noncontrolling interests 272,161 265,996 Total Equity 1,352,712 1,355,886 Total liabilities and equity$3,885,389 $3,758,563 RADNET, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENT OF OPERATIONS(IN THOUSANDS EXCEPT FOR SHARE AND PER SHARE DATA)(unaudited) Three Months Ended March 31, 2026 2025 REVENUE Service fee revenue$545,218 $439,349 Revenue under capitation arrangements 30,413 32,050 Total service revenue 575,631 471,399 OPERATING EXPENSES Cost of operations, excluding depreciation and amortization 550,512 453,480 Lease abandonment charges - 5,388 Depreciation and amortization 44,967 35,483 Loss (gain) on sale and disposal of equipment and other 2,591 402 Severance costs 1,464 747 Total operating expenses 599,534 495,500 INCOME (LOSS) FROM OPERATIONS (23,903) (24,101)OTHER INCOME AND EXPENSES Interest expense 17,657 17,239 Equity in earnings of joint ventures (3,825) (2,599)Non-cash change in fair value of interest rate hedge - 2,106 Other (income) expenses (4,907) (7,712)Total other (income) expenses 8,925 9,034 INCOME (LOSS) BEFORE INCOME TAXES (32,828) (33,135)Provision for income taxes 8,096 3,398 NET INCOME (LOSS) (24,732) (29,737)Net income (loss) attributable to noncontrolling interests 8,734 8,189 NET INCOME (LOSS) ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS$ (33,466) $ (37,926) BASIC NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS$ (0.43) $ (0.51) DILUTED NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS$ (0.43) $ (0.51)WEIGHTED AVERAGE SHARES OUTSTANDING Basic 77,057,835 74,382,356 Diluted 77,057,835 74,382,356 RADNET, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASHFLOWS(IN THOUSANDS)(unaudited) Three Months Ended March 31, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES Net loss$(24,732) $(29,737)Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 44,967 35,483 Noncash operating lease expense 16,298 14,431 Equity in earnings of joint ventures, net of dividends (1,069) (2,599)Amortization of deferred financing costs and loan discount 779 728 Loss on sale and disposal of equipment 2,591 402 Lease abandonment charges - 5,388 Amortization of cash flow hedge - 1,033 Non-cash change in fair value of interest rate swap - 2,106 Stock-based compensation 31,375 28,494 Change in fair value of contingent consideration (2,764) - Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in purchase transactions: Accounts receivable 9,375 (14,306)Other current assets (6,172) (7,206)Other assets (660) (1,691)Deferred taxes (9,099) 5,137 Operating leases (13,299) (21,968)Deferred revenue 234 128 Accounts payable, accrued expenses and other 31,148 25,658 Net cash provided by operating activities 78,972 41,481 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of imaging facilities and other acquisitions, net of cash acquired (304,151) (3,794)Purchase of property and equipment and other (69,932) (48,833)Proceeds from sale of equipment 277 23 Equity contributions in existing and purchase of interest in joint ventures - (4,147)Collection of notes receivable 2,833 - Net cash used in investing activities (370,973) (56,751)CASH FLOWS FROM FINANCING ACTIVITIES Principal payments on notes and leases payable (9,953) (1,718)Payments on Term Loan Debt (5,252) (5,000)Distributions paid to noncontrolling interests (2,402) (913)Proceeds from issuance of common stock upon exercise of options 103 121 Net cash used in financing activities (17,504) (7,510)EFFECT OF EXCHANGE RATE CHANGES ON CASH (2,371) 83 NET DECREASE IN CASH AND CASH EQUIVALENTS (311,876) (22,697)CASH AND CASH EQUIVALENTS, beginning of period 767,215 740,020 CASH AND CASH EQUIVALENTS, end of period 455,339 717,323 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid during the period for interest$17,073 $18,010 Cash paid during the period for income taxes$519 $272 RADNET, INC. AND SUBSIDIARIESRECONCILIATION OF GAAP NET INCOME ATTRIBUTABLE TO RADNET, INC. COMMON SHAREHOLDERS TO ADJUSTED EBITDA(IN THOUSANDS) Three Months Ended March 31, 2026 2025 Net income (loss) attributable to Radnet, Inc. common stockholders$(33,466) $(37,926)Income taxes (8,096) (3,398)Interest expense 17,657 17,239 Severance costs 1,464 747 Depreciation and amortization 44,967 35,483 Non-cash employee stock-based compensation 31,376 28,494 Loss (gain) on sale and disposal of equipment and other 2,591 402 Non-cash change in fair value of interest rate hedge - 2,106 Other expenses (income) (4,907) (7,712)Non-Capitalized R&D - DeepHealth Cloud OS & Generative AI 4,560 3,562 Lease abandonment charges - 5,388 Non-cash change to contingent consideration 2,764 - Non-operational rent expenses 900 1,342 Acquisition transaction costs 3,454 672 Adjusted EBITDA - Radnet, Inc.$63,264 $46,399 NOTE Adjusted EBITDA - Imaging Center Segment 61,961 42,688 Adjusted EBITDA - Digital Health Segment 1,303 3,711 PAYMENTS BY PAYOR CLASS First Quarter
2026
Commercial Insurance 57.4% Medicare 23.8% Capitation 5.3% Medicaid 2.4% Workers Compensation/Personal Injury2.1% Other* 8.9% Total 100.0% * Includes management fee, Digital Health unit and Heart Lung Health revenue. RADNET PAYMENTS BY MODALITY First Quarter Full Year Full Year Full Year 2026
2025
2024
2023
MRI 37.6% 37.7% 37.1% 36.8% CT 15.1% 15.6% 15.9% 16.8% PET/CT 10.4% 8.8% 7.2% 6.4% X-ray 5.2% 5.5% 6.0% 6.5% Ultrasound 13.7% 13.5% 13.6% 12.9% Mammography 14.7% 15.6% 16.4% 16.0% Nuclear Medicine 0.9% 0.9% 1.0% 0.8% Other 2.5% 2.5% 2.7% 3.9% 100.0% 100.0% 100.0% 100.0% PROCEDURES BY MODALITY* First Quarter First Quarter 2026 2025 MRI 538,043 447,330 CT 319,201 271,170 PET/CT 27,572 20,389 Nuclear Medicine10,395 9,577 Ultrasound 718,006 656,427 Mammography504,761 476,378 X-ray and Other902,977 861,702 Total
3,020,955 2,742,973 * Volumes include wholy owned and joint venture centers. RADNET, INC. AND SUBSIDIARIESSCHEDULE OF ADJUSTED EARNINGS AND EARNINGS PER SHARE (3)(IN THOUSANDS EXCEPT SHARE DATA)(unaudited) Three Months Ended March 31, 2026 2025(iv) NET LOSS INCOME ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS $(33,466) $(37,926) Add Non-cash change in fair value of interest rate hedges (i) - 2,106 Add Non-operational rent expenses (iii) 900 1,342 Add Acquisition transaction costs 3,454 672 Add loss on sale and disposal of equipment and other 2,591 402 Add Severance costs 1,464 747 Add Lease abandonment charges - 5,388 Add Change to contingent consideration 2,764 - Add Non-capitalized R&D - DeepHealth cloud OS & generative AI 4,560 3,562 Total adjustments - loss (gain) 15,733 14,219 Subtract tax impact of Adjustments (ii) (3,880) (1,459) Tax effected impact of adjustments 11,853 12,760 TOTAL ADJUSTMENT TO NET INCOME (LOSS) ATTRIBUTABLE TO RADNET, INC. COMMON SHAREHOLDERS 11,853 12,760 ADJUSTED NET LOSS ATTRIBUTABLE TO RADNET, INC. (21,613) (25,166) COMMON STOCKHOLDERS WEIGHTED AVERAGE SHARES OUTSTANDING Diluted 77,057,835 74,382,356 ADJUSTED DILUTED NET LOSS PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS$(0.28) $(0.34) (i) Impact from the change in fair value of the hedges during the quarter. Excludes the amortization of the accumulation of the changes in fair value out of Other Comprehensive Income that existed prior to the hedgesbecoming ineffective. (ii) Tax effected using 10.26% and 24.66% blended federal and state effective tax rate for the first quarter of 2025 and 2026, respectively.(iii) Represents rent expense associated with de novo sites under construction prior to them becoming operational. (iv) Adjusted from what was reported during last year's fourth quarter for an additional addback of $402,000 Loss on the Sale andDisposal of Equipment and Other and $747,000 Severance Costs Footnotes
(1) The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, each from continuing operations and adjusted for losses or gains on the sale of equipment, other income or loss, debt extinguishments and non-cash equity compensation. Adjusted EBITDA includes equity earnings in unconsolidated operations and subtracts allocations of earnings to non-controlling interests in subsidiaries, and is adjusted for non-cash or extraordinary and one-time events taken place during the period.
Adjusted EBITDA is reconciled to its nearest comparable GAAP financial measure. Adjusted EBITDA is a non-GAAP financial measure used as analytical indicator by RadNet management and the healthcare industry to assess business performance, and is a measure of leverage capacity and ability to service debt. Adjusted EBITDA should not be considered a measure of financial performance under GAAP, and the items excluded from Adjusted EBITDA should not be considered in isolation or as alternatives to net income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted EBITDA is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as presented, may not be comparable to other similarly titled measures of other companies.
(2) As noted above, the Company defines Free Cash Flow as Adjusted EBITDA less total Capital Expenditures (whether completed with cash or financed) and Cash Interest paid. Free Cash Flow is a non-GAAP financial measure. The Company uses Free Cash Flow because the Company believes it provides useful information for investors and management because it measures our capacity to generate cash from our operating activities. Free Cash Flow does not represent total cash flow since it does not include the cash flows generated by or used in financing activities. In addition, our definition of Free Cash Flow may differ from definitions used by other companies.
Free Cash Flow should not be considered a measure of financial performance under GAAP, and the items excluded from Adjusted EBITDA should not be considered in isolation or as alternatives to net income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted EBITDA is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as presented, may not be comparable to other similarly titled measures of other companies.
(3) The Company defines Adjusted Earnings (Loss) Per Share as net income or loss attributable to RadNet, Inc. common stockholders and excludes losses or gains on the disposal of equipment, loss on debt extinguishments, bargain purchase gains, severance costs, loss on impairment, loss or gain on swap valuation, gain on extinguishment of debt, unusual or non-recurring entries that impact the Company’s tax provision and any other non-recurring or unusual transactions recorded during the period.
Adjusted Earnings (Loss) Per Share is reconciled to its nearest comparable GAAP financial measure. Adjusted Earnings (Loss) Per Share is a non-GAAP financial measure used as analytical indicator by RadNet management and the healthcare industry to assess business performance. Adjusted Earnings Per Share should not be considered a measure of financial performance under GAAP, and the items excluded from Adjusted Earnings Per Share should not be considered in isolation or as alternatives to net income, cash flows generated by operating, investing or financing activities or other financial statement data presented in the consolidated financial statements as an indicator of financial performance or liquidity. As Adjusted Earnings Per Share is not a measurement determined in accordance with GAAP and is therefore susceptible to varying methods of calculation, this metric, as presented, may not be comparable to other similarly titled measures of other companies.
(4) The Company defines Annual Recurring Revenue (ARR) as a key subscription economy metric representing the predictable, normalized annualized value of contracted recurring revenue generated from customers from active customer contracts. ARR includes subscription fees, recurring support fees, and contracted usage charges and excludes one-time, non-recurring fees such as, implementation, hardware sales, professional services, consulting and one-off training. ARR is a non-GAAP measure and does not represent GAAP revenue recognized over time.
RadNet (RDNT) has caught the attention of investors following its Q1 earnings report released today. Although the diagnostic imaging company reported a larger-t
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Jefferies, an investment banking and capital management firm, has updated its ‘Franchise Picks' list, which features the company's highest-conviction ‘Buy' rated stocks.
LOS ANGELES, May 28, 2026 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services through a network of over 440 outpatient imaging centers and a premier developer of radiology digital health solutions, today announced it will host a free webinar for patients and the general public on Saturday, June 13, 2026, in recognition of National Men’s Health Month. The event will feature presentations by radiologists on three of the most significant health conditions affecting American men today: coronary artery disease, prostate cancer and lung cancer.
The clinical case for increased attention to men's health is well established. Heart disease remains the leading cause of death for American men, with more than 52% of men over the age of 20 living with some form of cardiovascular disease.1 Prostate cancer — the second most commonly diagnosed cancer in men globally — affects 1 in 8 men, with more than 50% of risk tied to genetics.2 Lung cancer remains the leading cause of cancer-related death among men, yet only 28.1% of cases are diagnosed at an early stage, when treatment options are most effective.3 Across all three conditions, early detection is critical for improved outcomes. Men should talk to their physicians about potentially starting screening at 40 years for heart disease, 45 years for prostate cancer and 50 years for lung cancer.
The June 13 webinar will provide patients with accessible, physician-led education on risk factors, screening criteria and the role of diagnostic imaging in early detection. Attendees will also have the opportunity to participate in a live question and answer discussion with the physicians. Speakers include:
Michael G. Coords, MD, FSCCT, Medical Director, California, will present on coronary artery disease, offering a clinical overview of risk identification and the imaging tools available to detect disease before a cardiac event occurs.Randall Stenoien, MD, Medical Director, Texas, will present on advances in prostate MRI and AI for early detection of prostate cancer.Evan Kaminer, MD, FACR, Medical Director, New York, will present on low-dose CT for lung cancer screening and its benefits for high-risk asymptomatic patients. “Men's health is one of the most underdiscussed areas of preventive care, and we built this event specifically to close that gap,” said Gregory Sorensen, MD, Executive Vice President and Chief Strategy Officer, RadNet. “At RadNet, we believe that access to the latest information is just as important as access to the imaging technology itself. Early detection can save lives, and events like this are how we put that belief into action.”
RadNet operates more than 435 outpatient imaging centers across 11 states, providing patients with convenient access to advanced diagnostic imaging services, including cardiac CT, prostate MRI and low-dose lung CT screening. The company's AI-enhanced imaging technology and network of expert radiologists deliver accurate, timely results to support clinical decision-making and, where applicable, early intervention.
Event Details
The webinar is free to attend and open to all.
Date: Saturday, June 13, 2026Time: 10-11 a.m. PDT // 1-2 p.m. EDTRegister: www.radnet.com/webinars/mens-health About RadNet, Inc.
RadNet, Inc. is a leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of owned and/or operated outpatient imaging centers. RadNet’s imaging center markets include Arizona, California, Delaware, Florida, Idaho, Indiana, Maryland, New Jersey, New York, Texas and Virginia. In addition, RadNet provides radiology information technology and artificial intelligence solutions marketed under the DeepHealth brand, teleradiology professional services and other related products and services to customers in the diagnostic imaging industry globally. Together with contracted radiologists, and inclusive of full-time and per diem employees and technologists, RadNet has over 11,000 team members. Learn more at radnet.com.
These presentations are provided for educational and informational purposes only and do not constitute medical advice, diagnosis or treatment recommendations. Clinical decisions should be based on the independent judgment of qualified healthcare professionals, taking into account the specific circumstances of each patient.
RadNet Media Contact
Jane Mazur
Senior Vice President, Corporate Communications
+1 585-355-5978 [email protected]
References
1) Martin SS, et al., “2025 Heart Disease & Stroke Statistical Update Fact Sheet Males & Cardiovascular Diseases.” American Heart Association. January 2025.
2) “Key Statistics for Prostate Cancer.” American Cancer Society. January 2026.
Investors in RadNet, Inc. (RDNT - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the June 18, 2026 $40.00 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?Clearly, options traders are pricing in a big move for RadNet shares, but what is the fundamental picture for the company? Currently, RadNet is a Zacks Rank #3 (Hold) in the Medical - Outpatient and Home Healthcare industry that ranks in the Top 25% of our Zacks Industry Rank. Over the last 60 days, our Zacks Consensus Estimate for the current quarter has moved from 24 cents per share to 18 cents in that period.
Given the way analysts feel about RadNet right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
What happenedAccording to an SEC filing dated May 14, 2026, Alpha Wave Global, LP reduced its RadNet (RDNT +0.07%) position by 63,147 shares in the first quarter. The estimated value of this trade is approximately $4.31 million based on the period’s average closing price. The fund’s quarter-end stake was 478,304 shares, with a reported value of $26.73 million.
What else to knowAlpha Wave Global, LP reduced its exposure to RadNet and the position now represents 3.38% of its 13F AUM.
Top holding after the filing:
NASDAQ:LENZ: $33.05 million (4.2% of AUM)As of May 13, 2026, RadNet shares were priced at $52.98, down 12.5% over the past year, underperforming the S&P 500 by 38.9 percentage points.
Company OverviewMetricValueRevenue (TTM)$2.14 billionNet Income (TTM)$-14.19 millionPrice (as of market close 2026-05-13)$52.98One-Year Price Change-12.47%Company SnapshotRadNet, Inc. is a leading provider of outpatient diagnostic imaging services in the United States, operating a large network of imaging centers and leveraging advanced technology to enhance radiology workflows. The company combines traditional imaging services with proprietary IT and artificial intelligence solutions, supporting both clinical efficiency and diagnostic accuracy. RadNet's scale, diversified service offerings, and ongoing investment in AI-driven innovation position it as a key player in the evolving medical diagnostics sector.
RadNet Inc. provides outpatient diagnostic imaging services, including MRI, CT, PET, nuclear medicine, mammography, ultrasound, and related procedures, as well as AI-driven software solutions for radiology. It operates a network of imaging centers and generates revenue primarily through patient imaging services and the development and sale of diagnostic imaging IT systems and AI products.
RadNet Inc. serves referring physicians, healthcare systems, and patients across multiple U.S. states, focusing on outpatient care and enterprise imaging solutions.
What this transaction means for investorsRadNet combines one of the country’s largest outpatient imaging networks with DeepHealth, its AI-enabled radiology workflow and screening platform. The imaging-center business remains the foundation, driven by patient volume, demand for advanced imaging, health-system partnerships, and center-level efficiency. DeepHealth adds a higher-growth digital layer, but it still has to prove that rapid revenue growth can turn into scalable profit.
RadNet’s first quarter results reinforce the investment case for its imaging network. Revenue increased 22.1% to $575.6 million, and adjusted EBITDA rose 36.3% to $63.3 million, driven by higher advanced imaging volumes across MRI, CT, and PET/CT. Digital Health’s ARR grew to $96.9 million, though segment profitability declined due to infrastructure investments supporting a larger sales pipeline.
In the near term, investors should focus on RadNet’s execution in imaging. Sustained growth depends on advanced imaging volume, center productivity, and health-system partnerships. The longer-term opportunity is where DeepHealth becoming a larger recurring-revenue contributor without requiring disproportionate investment from the core imaging business.
LOS ANGELES, June 03, 2026 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ: RDNT) (“RadNet”), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services through a network of outpatient imaging centers and a premier developer of radiology digital health solutions, today announced that it seeks to secure an incremental term loan in the aggregate principal amount of $200 million (the “Proposed 2026 Incremental Term Loan”) pursuant to a proposed amendment (the “Proposed Amendment”) to its Third Amended and Restated First Lien Credit and Guaranty Agreement, as amended (the “Existing Credit Agreement” and, the transaction, the “Loan Transaction”).
If consummated, the Proposed 2026 Incremental Term Loan would be added to and form a part of the existing term loan under the Existing Credit Agreement (the “Existing Term Loan”). The Proposed 2026 Incremental Term Loan would mature on April 18, 2031—coincident with the maturity date of the Existing Term Loan under the Existing Credit Agreement.
The proceeds of the Proposed 2026 Incremental Term Loan are expected to be used to finance future acquisitions, organic expansion initiatives, health system partnerships and for other general corporate purposes, providing RadNet with additional flexibility to pursue strategic growth opportunities across its national imaging center network and technology platforms.
Mark Stolper, Executive Vice President and Chief Financial Officer of RadNet, commented: “We are seeking to opportunistically and proactively raise additional funds to support the future growth of our business. While the consummation of the Loan Transaction is subject to customary market and other conditions, if successful, we expect to consummate the Loan Transaction towards the middle of this month.”
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of RadNet and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration and qualification under the securities laws of such state or jurisdiction.
About RadNet, Inc.
RadNet, Inc. is a leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of owned and/or operated outpatient imaging centers. RadNet’s imaging center markets include Arizona, California, Delaware, Florida, Idaho, Indiana, Maryland, New Jersey, New York, Texas and Virginia. In addition, RadNet provides radiology information technology and artificial intelligence solutions marketed under its DeepHealth brand and teleradiology professional services and other related products and services to customers in the diagnostic imaging industry globally. Together with contracted radiologists, and inclusive of full-time and per diem employees and technologists, RadNet has over 11,000 team members. Learn more at radnet.com.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are expressions of RadNet’s current beliefs, expectations and assumptions regarding the future of RadNet’s business, future plans and strategies, projections, and anticipated future conditions, events and trends. Forward-looking statements can generally be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements in this press release include, among others, statements RadNet makes regarding its ability to reach mutually agreeable terms for the Proposed Amendment, to amend the Existing Credit Agreement and to consummate the Loan Transaction; the timing and ultimate terms of any such amendment and consummation; and its expected use of proceeds from the Loan Transaction.
Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of RadNet’s control, which may cause actual events to be materially different from those expressed or implied herein. Therefore, you should not place undue reliance on any of these forward-looking statements. Important factors that could impact RadNet’s ability to amend the Existing Credit Agreement and consummate the Loan Transaction include, among others, the following:
a decline or anticipated decline in RadNet’s operating results or financial position, as a result of operational issues, regulatory changes, litigation, casualty loss, or other factors;changes in general economic conditions nationally and regionally in the markets in which RadNet operates;volatility in interest and exchange rates, or credit markets;the occurrence of hostilities, political instability or catastrophic events; andthe emergence or reemergence of and effects related to future pandemics, epidemics and infectious diseases.
Any forward-looking statement contained in this press release is based on information currently available to RadNet and speaks only as of the date on which it is made. RadNet undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that it may make from time to time, whether as a result of changed circumstances, new information, future developments or otherwise, except as required by applicable law.
Contact:
RadNet, Inc.
Mark Stolper, 310-445-2800
Executive Vice President and Chief Financial Officer
SOMERVILLE, Mass., June 10, 2026 (GLOBE NEWSWIRE) -- DeepHealth, Inc., a global leader in AI-powered health informatics and a wholly owned subsidiary of RadNet, Inc. (NASDAQ: RDNT), today announced the launch of Reporting Pro, a next-generation AI-powered solution designed to transform the way radiologists generate clinical reports and findings for their referring physicians.
Reporting Pro was introduced at RSNA 2025 and is now available for commercial deployment. Reporting Pro includes capabilities that bring speech recognition, AI-generated clinical findings, measurements, AI-generated impressions, quality assurance and structured reporting into one seamless workflow.
“Radiology is entering a new era where AI supports the diagnostic journey from image analysis to reporting. Reporting Pro is a critical step forward, bringing intelligence into the reporting workflow so radiologists can focus on review and refinement, rather than manual documentation,” said Madhu Jahagirdar, Business and Product Leader, Enterprise Imaging, DeepHealth.
As imaging volumes continue to rise, radiology demand is expected to outpace workforce capacity. Radiologist shortage is projected to reach about 15% by 2029 in the United States,1 and approximately 40% by 2030 in certain European countries.2 Reporting remains one of the most time-intensive and cognitively demanding steps for radiologists, creating a crucial opportunity to help them work more efficiently and consistently.
Reporting Pro automates high-volume reporting tasks with key capabilities including:
Clinical AI integration: Reporting Pro integrates clinical AI findings and measurements from FDA-cleared and CE-marked DeepHealth and third-party AI tools into the reporting workflow, enabling clinically relevant results to flow directly into structured report creation.Generative AI-powered reporting: Reporting Pro uses generative AI to help organize findings and generate draft impressions. The platform adapts based on physician feedback to better support how findings are summarized and structured, helping accelerate reporting while maintaining a high level of clinical quality.
Fast migration, deployment and adoption: Reporting Pro integrates with existing workflows. The solution supports migration of existing templates and reporting preferences from legacy reporting systems, enabling radiologists to maintain familiar workflows while adopting a more intelligent, AI-native reporting experience.Streamlined and automated reporting workflow: Reporting Pro connects speech recognition, clinical AI findings, measurements, AI-generated impressions, quality assurance and structured reporting capabilities into one unified experience. With integration of DeepHealth’s native clinical AI solutions, radiologists can review AI-supported draft content, refine it as needed and finalize reports within a connected reporting environment without any manual data transfer. Reporting Pro is being deployed across RadNet at scale, providing real-world validation of its capability to support faster, consistent reporting across high-volume clinical environments. The first set of external customers for Reporting Pro have also been contracted, with deployments going live within the next quarter.
“With Reporting Pro, a structured report is already waiting when I open a case with findings populated, measurements in place and a preliminary report drafted. That significantly reduces reporting times, translating directly to faster turnaround times for patients and referring physicians who rely on receiving reports on a timely basis in order to make critical treatment decisions,” said Dr. Jason Sinner, Radiologist and Medical Director, RadNet.
Reporting Pro is designed to integrate with any existing picture archiving and communication system (PACS) and radiology information system (RIS). When deployed together with DeepHealth’s Diagnostic Suite,3 the solutions deliver a seamless reporting experience, connecting image management, AI findings, workflow orchestration and reporting. This helps route, prioritize, review and report cases more efficiently.
Reporting Pro is commercially available in the United States and the United Kingdom, with plans to release it in Australia, South Africa and select European markets by the end of the year. The platform is available across all imaging modalities, including X-ray, Ultrasound, CT, PET/CT and MRI.
DeepHealth will demonstrate Reporting Pro alongside its enterprise informatics portfolio of solutions at the Society of Imaging Informatics in Medicine (SIIM) Annual Meeting 2026 at booth #105-107.
About DeepHealth
DeepHealth is a wholly owned subsidiary of RadNet, Inc. (NASDAQ: RDNT) and serves as the umbrella brand for RadNet’s Digital Health segment. DeepHealth provides AI-powered health informatics with the aim of empowering breakthroughs in care through imaging. DeepHealth leverages advanced AI for operational efficiency and improved clinical outcomes in breast, chest, musculoskeletal, neuro, prostate and thyroid health. At the heart of DeepHealth’s portfolio is a cloud-native operating system – DeepHealth OS – that unifies data across the clinical and operational workflow. Thousands of imaging centers and radiology departments around the world use DeepHealth solutions to enable earlier, more reliable and more efficient disease detection, including in large-scale cancer screening programs. DeepHealth’s human-centered, intuitive technology aims to push the boundaries of what’s possible in healthcare. Learn more at deephealth.com.
About RadNet, Inc.
RadNet, Inc. is a leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of owned and/or operated outpatient imaging centers. RadNet’s imaging center markets include Arizona, California, Delaware, Florida, Idaho, Indiana, Maryland, New Jersey, New York, Texas and Virginia. In addition, RadNet provides radiology information technology and artificial intelligence solutions marketed under the DeepHealth brand, teleradiology professional services and other related products and services to customers in the diagnostic imaging industry globally. Together with contracted radiologists, and inclusive of full-time and per diem employees and technologists, RadNet has over 11,000 team members. Learn more at radnet.com.
Forward Looking Statements
This communication contains certain “forward-looking statements” within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by words such as: “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “possible,” “predict,” “project,” “seek,” “should,” “target,” “will” or “would,” the negative of these words, and similar references to future periods. Examples of forward-looking statements include statements regarding our technology’s ability to stage-shift disease through proactive, timely intervention and discussions regarding our product features. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties, many of which are beyond RadNet’s control.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations and assumptions regarding the future of RadNet’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of RadNet’s control. RadNet’s actual results and financial condition may differ materially from those indicated in the forward-looking statements as a result of various factors. Neither RadNet, nor any of its directors, executive officers, or advisors, provide any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur, or if any of them do occur, what impact they will have on the business, results of operations or financial condition of RadNet. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on RadNet’s business and the ability to realize the expected benefits of the technology. Risks and uncertainties that could cause results to differ from expectations include, but are not limited to: (1) the ability to recognize the anticipated benefits of the technology, and (2) the risk of legislative, regulatory, economic, competitive, and technological changes, and other risks and uncertainties described in the “Risk Factors,” “Management’s Discussion and Analysis,” and other sections of our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included elsewhere. Additional information concerning risks, uncertainties and assumptions can be found in RadNet’s filings with the Securities and Exchange Commission (the “SEC”), including the risk factors discussed in RadNet’s most recent Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and future filings with the SEC.
Forward-looking statements included herein are made only as of the date hereof and, except as required by applicable law, RadNet does not undertake any obligation to update any forward-looking statements, or any other information in this communication, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.
DeepHealth Media Contact
Andra Axente
Director of Communications
+31614440971 [email protected]
RadNet Media Contacts
Jane Mazur
Senior Vice President, Corporate Communications
+1 585-355-5978 [email protected]
Mark Stolper
Executive Vice President and Chief Financial Officer
+1 310-445-2800
References
Health Resources and Services Administration. "Workforce Projections." National Center for Health Workforce Analysis, n.d., data.hrsa.gov/topics/health-workforce/nchwa/workforce-projections. Accessed Sept 2025.Royal College of Radiologists Clinical Radiology Census 2024/25.Diagnostic Suite comprises multiple applications, including DeepHealth Viewer. DeepHealth Viewer is manufactured by eRAD, Inc. and distributed by DeepHealth, Inc. Any claims made about Diagnostic Suite may reference claims associated with its individual components. A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/36e18576-8f41-44a5-9d1c-cf1c7309d34a
DeepHealth Launches Reporting Pro, Bringing AI Automation to Radiology Reporting New solution integrates speech recognition, clinical AI findings, measurements, AI-generated impres...
LOS ANGELES, June 10, 2026 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ: RDNT) (“RadNet”), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services through a network of outpatient imaging centers and a premier developer of radiology digital health solutions, today announced that it has entered into Incremental Amendment No. 3 (the “Third Amendment”) to its Third Amended and Restated First Lien Credit and Guaranty Agreement, as amended (the “Existing Credit Agreement” and, as amended by the Third Amendment, the “Credit Agreement”).
Pursuant to the Third Amendment, certain term lenders under the Credit Agreement funded RadNet an incremental term loan in the aggregate principal amount of $250.0 million (the “2026 Incremental Term Loan”), which was added to and forms a part of the existing term loan under the Credit Agreement (the “Existing Term Loan,” together with the 2026 Incremental Term Loan, the “Term Loan”). The 2026 Incremental Term Loan will mature on April 18, 2031—coincident with the maturity date of the $958.7 million balance of the Existing Term Loan under the Existing Credit Agreement. Quarterly payments of principal on the Term Loan will be approximately $3.1 million compared to approximately $2.4 million prior to the entry of the Third Amendment. The proceeds of the 2026 Incremental Term Loan are expected to be used to finance future acquisitions, organic expansion initiatives, health system partnerships and for other general corporate purposes.
In addition, with the successful completion of the Third Amendment, the interest rate on the Term Loan was reduced by 0.25% to, at RadNet’s election, either Term SOFR plus 2.00% or the alternate base rate plus 1.00%. In addition, the interest rate on RadNet’s existing $282 million revolving credit facility (currently undrawn upon) was reduced by 0.25%. In connection with the Third Amendment, RadNet has provided call protection to the term loan lenders participating in the repricing of the Existing Term Loan for a period of six months following the Third Amendment.
Mark Stolper, Executive Vice President and Chief Financial Officer of RadNet, commented, “We appreciate the continued support of Barclays and our other relationship banks and term loan lenders. This amendment provides us with additional flexibility to pursue strategic growth opportunities across RadNet’s national imaging center network and technology platforms, while reducing the interest rate on our credit facilities. The proceeds of approximately $250 million adds to the $455 million cash balance as of March 31, 2026, positioning us to advance our growth strategy and create long-term value for our stockholders.”
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of RadNet and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration and qualification under the securities laws of such state or jurisdiction.
About RadNet, Inc.
RadNet, Inc. is a leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of owned and/or operated outpatient imaging centers. RadNet’s imaging center markets include Arizona, California, Delaware, Florida, Idaho, Indiana, Maryland, New Jersey, New York, Texas and Virginia. In addition, RadNet provides radiology information technology and artificial intelligence solutions marketed under its DeepHealth brand and teleradiology professional services and other related products and services to customers in the diagnostic imaging industry globally. Together with contracted radiologists, and inclusive of full-time and per diem employees and technologists, RadNet has over 11,000 team members. Learn more at radnet.com.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are expressions of RadNet’s current beliefs, expectations and assumptions regarding the future of RadNet’s business, future plans and strategies, projections, and anticipated future conditions, events and trends. Forward-looking statements can generally be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements in this press release include, among others, statements RadNet makes regarding its expected use of proceeds from the 2026 Incremental Term Loan and its ability and success in pursuing strategic growth opportunities.
Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of RadNet’s control, which may cause actual events to be materially different from those expressed or implied herein. Therefore, you should not place undue reliance on any of these forward-looking statements. Important factors that could impact RadNet’s expected use of proceeds from the 2026 Incremental Term Loan and its ability and success in pursuing strategic growth opportunities include, among others, the following:
a decline or anticipated decline in RadNet’s operating results or financial position, as a result of operational issues, regulatory changes, litigation, casualty loss, or other factors;changes in general economic conditions nationally and regionally in the markets in which RadNet operates;volatility in interest and exchange rates, or credit markets;the occurrence of hostilities, political instability or catastrophic events; andthe emergence or reemergence of and effects related to future pandemics, epidemics and infectious diseases. Any forward-looking statement contained in this press release is based on information currently available to RadNet and speaks only as of the date on which it is made. RadNet undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that it may make from time to time, whether as a result of changed circumstances, new information, future developments or otherwise, except as required by applicable law.
Contact:
RadNet, Inc.
Mark Stolper, 310-445-2800
Executive Vice President and Chief Financial Officer
On June 10, 2026, RadNet Inc RDNT shares rose 3.5% today, trading at $58.16. The stock has seen a 52-week range between $50.76 and $85.84, indicating significant volatility. Here are some key points regarding the current valuation of RadNet:
GF Value™ verdict: The current price of $58.16 is 12.1% below the GF Value™ of $66.18.GF Score™: RadNet has a strong GF Score™ of 80/100.Most notable signal: Insider activity shows that insiders sold $1.9 million worth of shares in the last three months, with no buying reported. Is RDNT Overvalued or Undervalued? Based on the GF Value™ assessment, RadNet is currently considered undervalued, with a price of $58.16 compared to an estimated fair value of $66.18. This provides a margin of safety of 12.1%, suggesting that there could be upside potential should the company's performance align more closely with its intrinsic value. The GF Valuation label indicates that RadNet is modestly undervalued, which presents an opportunity for investors willing to consider the inherent risks involved.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. While the undervaluation could be seen as an opportunity, potential investors should remain cautious, especially considering the company's recent stock performance and other fundamental indicators.
How Does RDNT's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 117.5x 114.0x RadNet's current forward P/E of 117.5x is slightly above its 5-year median P/E of 114.0x, indicating that the stock is trading at a premium relative to its historical valuation. This analysis aligns with the GF Value™ verdict of being undervalued, suggesting that while the stock may be considered high on a P/E basis, the overall valuation remains attractive when compared to its intrinsic value estimation.
What Does RDNT's GF Score™ Tell Us? Metric Rating GF Score™ 80/100 Financial Strength 4/10 Profitability 6/10 Growth 8/10 Valuation 10/10 Momentum 5/10 The GF Score™ of 80/100 indicates that RadNet is considered a strong investment based on its fundamental characteristics. The strongest area is its Valuation rank of 10/10, while the weakest area is its Financial Strength rank of 4/10. The growth potential is also notable with a rank of 8/10, showing that the company has avenues for further development, despite some concerns regarding its financial stability.
What Are Insiders Doing with RDNT Stock? In recent months, insiders have sold $1.9 million worth of RadNet stock, indicating a lack of confidence in the current price levels or future performance. The absence of any insider buying during this period raises further questions about the company's outlook from those closest to the business. This pattern can suggest that insiders may believe the stock is appropriately valued or could be overvalued at its current price.
What This Means for Investors Based on the GF Value™ analysis, RadNet Inc RDNT is currently undervalued with a margin of 12.1%, suggesting potential for price appreciation. However, investors should consider the mixed signals from insider activity and the company's financial strength before making any decisions.
For the complete analysis, visit the RadNet Inc RDNT 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 RDNT's GF Score™?
RadNet's GF Score™ is 80/100, indicating a strong investment based on its fundamental characteristics and potential for long-term returns.
Is RDNT overvalued or undervalued?
Based on the GF Value™ assessment, RadNet is currently undervalued by 12.1%, suggesting potential for price appreciation.
What is RDNT's P/E ratio?
RadNet's forward P/E ratio is currently 117.5x, which is above its historical median of 114.0x, indicating a premium valuation compared to its past performance.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Representative Gilbert Ray Cisneros, Jr. (Democratic-California) recently sold shares of Xiaomi Co. (OTCMKTS:XIACF). In a filing disclosed on March 09th, the Representative disclosed that they had sold between $1,001 and $15,000 in Xiaomi stock on February 20th. The trade occurred in the Representative's "150 MAIN STREET TRUST > BANK OF AMERICA" account. Representative Gilbert Ray
Representative Gilbert Ray Cisneros, Jr. (Democratic-California) recently sold shares of Primoris Services Co. (NASDAQ: PRIM). In a filing disclosed on March 09th, the Representative disclosed that they had sold between $1,001 and $15,000 in Primoris Services stock on February 18th. The trade occurred in the Representative's "150 MAIN STREET TRUST > BANK OF AMERICA" account. Representative
Representative Gilbert Ray Cisneros, Jr. (Democratic-California) recently bought shares of Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE). In a filing disclosed on March 09th, the Representative disclosed that they had bought between $1,001 and $15,000 in Ultragenyx Pharmaceutical stock on February 18th. The trade occurred in the Representative's "150 MAIN STREET TRUST > BANK OF AMERICA" account. Representative
As of March 12, 2026, two stocks in the consumer discretionary sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
Here's the latest list of major overbought players in this sector.
Tillys Inc (NYSE:TLYS)Tri Pointe Homes Inc (NYSE:TPH) On Feb. 25, Tri Pointe Homes posted upbeat quarterly earnings. The company's stock gained around 27% over the past month and has a 52-week high of $46.62. RSI Value: 81.5 TPH Price Action: Shares of Tri Pointe Homes fell 0.1% to close at $46.38 on Wednesday. Edge Stock Ratings: 85.48 Momentum score with Value at 88.33. 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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Dynamic Technology Lab Private Ltd lessened its stake in shares of Tri Pointe Homes Inc. (NYSE: TPH) by 77.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,230 shares of the construction company's stock after selling 31,901 shares during the quarter.
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, /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:
Tri Pointe Homes, Inc. (NYSE: TPH)'s sale to Sumitomo Forestry Co., Ltd. for $47.00 per share. If you are a Tri Pointe shareholder, click here to learn more about your legal rights and options.
Mission Produce, Inc. (NASDAQ: AVO)'s merger with Calavo Growers, Inc. Upon completion of the proposed transaction, Mission shareholders are expected to own approximately 80.3% of the combined company. If you are a Mission shareholder, click here to learn more about your rights and options.
Calavo Growers, Inc. (NASDAQ: CVGW)'s sale to Mission Produce, Inc. for $14.85 in cash and 0.9790 shares of Mission for each share of Calavo. If you are a Calavo shareholder, click here to learn more about your legal rights and options.
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NEW YORK CITY & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Tri Pointe Homes, Inc. (NYSE: TPH) to Sumitomo Forestry Co., Ltd. Under the terms of the proposed transaction, shareholders of Tri Pointe will receive $47.00 in cash for each share of Tri Pointe that they own. KSF is seeking to determine whether this consideration and the process that led to it.
BELLEVUE, Wash.--(BUSINESS WIRE)--Tri Pointe Homes® has sold its 20,000th home in Washington State, marking an achievement in a Pacific Northwest homebuilding legacy that began in 1969 and spans the company's Quadrant Homes® era under Weyerhaeuser. The milestone sale took place at Alterra in Newcastle, Wash., with returning Tri Pointe customers who previously purchased a home in the company's Aldea community in 2020. Their purchase offers a current-day example of the longstanding relationships.
Shares of Tri Pointe Homes Inc. (NYSE: TPH - Get Free Report) have been given an average rating of "Hold" by the eight research firms that are covering the company, Marketbeat.com reports. Five research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12
SALT LAKE CITY, March 26, 2026 (GLOBE NEWSWIRE) -- Tri Pointe Homes® (NYSE: TPH), one of the largest homebuilders in the U.S., today announced the launch of LivingWell™ in Holladay, Utah. Located within The Pavilions at Holladay Hills, LivingWell is an exclusive collection of six one-of-a-kind luxury estate homes by Tri Pointe Homes, featuring a fully merchandised model, now under construction, designed to demonstrate how whole-home wellness can support meaningful emotional, physical, and social experiences. The home builds on Tri Pointe’s LivingSmart® program – a long-standing commitment to sustainability, energy efficiency, and responsible building practices – by pairing it with LivingWell’s holistic approach to purposeful living. Where LivingSmart® focuses on how a home performs, LivingWell expands the conversation to how a home feels, integrating elements like light, flow, comfort, connection, and adaptability into the architecture, interiors, landscape, and products to support everyday life.
“LivingWell reflects Tri Pointe’s deliberate effort to explore how wellness can shape the way homes are designed and experienced,” said Tom Mitchell, Tri Pointe Homes president and chief operating officer. “As the demands of modern life evolve, homebuyers are seeking spaces that actively contribute to how they feel, and the home should serve as an anchor where wellness is found. We see an opportunity to strategically evolve the strong foundation of LivingSmart® and show how homes can better support the rhythms of daily life. LivingWell represents that next step, bringing together architecture, interiors, materials, and systems in a more integrated and design-forward approach to whole-home wellness. We’re putting a stake in the ground for what an intentional approach to wellness-driven living can be.”
Wellness-Driven Design Considerations
Located just 20 minutes from downtown Salt Lake City, the LivingWell model home at The Pavilions at Holladay Hills features approximately 7,772 square feet across three stories, with 6 bedrooms, 9 bathrooms (2 full, 5 three-quarter, and 2 half), and a 4-bay garage, including a carriage home above the garage for guests or multigenerational living. Designed as a contemporary English manor with year-round outdoor comfort features in mind, the home combines traditional estate-style elegance with modern innovation, highlighted by timeless transitional architecture and “Cotswolds Rustic” interior styling.
Centered around a private interior courtyard, the home is designed to draw natural light deeper into the home, create stronger sightlines to outdoor spaces, guide intuitive circulation between spaces, and shape a calmer interior experience through privacy, openness, and connection to the landscape. Planned outdoor amenities include a pool, spa, firepit, orchard, raised gardening beds, and a cabana with a cooktop, refrigerator, and sink.
“The LivingWell model home brings Tri Pointe’s vision for whole-home wellness to life in one of Utah’s most desirable locations,” said Ken Krivanec, division president of Tri Pointe Homes Utah and Washington. “We’re remaining true to Tri Pointe’s long-standing reputation for delivering premium homes rooted in thoughtful design and connection to place, but LivingWell takes it another step further. As we continue expanding in Utah, LivingWell will demonstrate how light, landscape, and wellness-driven spaces can create restorative environments that represent the future of living here.”
LivingWell’s wellness integration is expressed throughout the home in tangible ways through intentional design considerations:
Nutrition and Gathering: Chef-inspired kitchens and prep spaces support cooking, hosting, and daily connectionSocial Interaction and Movement: Open, connected living areas and the indoor-outdoor flow encourage social engagement and ease of movement throughout the homeMindfulness and Renewal: Quiet zones and restorative bathrooms create opportunities for reflection, relaxation, and restorationBalance and Adaptability: Flexible rooms make it easier to shift between work, rest, leisure, and personal growth over timeLight and Spatial Experience: Natural light, material selections, and spatial flow reinforce a sense of balance and calm throughout the residence The home’s finished basement is planned to feature a recreation room, wellness room/gym, kitchen area, flexible bedroom space, abundant storage, and dedicated cold storage, while light wells bring in added natural light and create visual connections to planted exterior spaces that feel more open and aesthetically pleasing below grade. A dedicated pet wellness station with an integrated pot filler also reflects the home’s attention to everyday routines, offering freshwater access while keeping the feeding area clean and organized. At the community level, the home is also designed to connect with the larger Holladay Hills lifestyle ecosystem, including walkable access to trails, plazas, dining, retail, and entertainment.
Engineering Wellness from the Inside Out
LivingWell distinguishes itself by viewing wellness through a whole-home design lens rather than limiting it to a single room, amenity, or aesthetic layer. The home extends wellness into the materials, mechanics, and behind-the-walls construction decisions that influence how the home operates day to day. Beyond the home design, integrated smart home technology is intended to support comfort, convenience, privacy, and efficiency. These systems include home control automation, as well as automated lighting and roller shades to encourage circadian-friendly daily rhythms, Wi-Fi thermostat integration, and remote monitoring capabilities that allow homeowners to manage key functions from virtually anywhere. LivingWell is also prepared for long-term resilience with prewiring for a generator, a conduit for future solar installation, and structured wiring that supports whole-home connectivity and systems integration.
Performance-focused building features include tankless water heaters for on-demand hot water, engineered ducting and duct sealing, blown-in insulation, as well as insulation between floors and walls for thermal performance and sound control, advanced framing techniques that support a stronger thermal envelope, and high-efficiency air conditioning. Indoor comfort and air quality are also supported by a whole-home humidifier, a heat recovery ventilator system that exchanges stale indoor air with fresh, filtered outdoor air while recycling up to 90% of heating and cooling energy, and a MERV 13 filtration system designed to capture fine particles, allergens, and pollutants. Low-VOC finishes, including paint and flooring selections, contribute to a healthier interior. Structural systems behind the walls also add to the experience by enabling open, connected spaces and quieter, more stable floors.
The Collaborative Partners Behind the Home
To bring the LivingWell model home to life, Tri Pointe Homes teamed up with industry leaders that helped express the home’s wellness-driven design through their respective expertise, including:
Bobby Berk: The design expert, Emmy-winning TV host, and author led the interior design and merchandising to create a warm, modern, highly livable interior environment rooted in comfort and function. The approach reflects Bobby Berk’s signature aesthetic and supports the home’s broader LivingWell focus on everyday ease, emotional well-being, and intentional living through layered natural materials, restorative spaces, and design that feels refined while still comfortable for daily living.Bassenian Lagoni Architects: Developed the architectural concept with an emphasis on indoor–outdoor connectivity, abundant natural light (including strategies intended to support circadian rhythms), and cross-ventilation through operable doors and windows. The distinctive exterior features elevated rooflines, enhanced glazing, custom metal and wood accents, premium detailing, and a thoughtful orientation that maximizes natural light, privacy, and scenic mountains.PKJ Design Group: Crafted the landscape plan as an extension of the home’s LivingWell philosophy, with spaces of shade and refuge, pollinator-friendly and edible plantings, and a plant palette that incorporates two varieties of dwarf apple trees, two varieties of grapevines, and herbs like sage and lavender. Permeable paving and a smart irrigation approach, including a WaterSense controller, support a landscape designed to work with the site and seasons while reinforcing sensory connection to nature.Brizo®: Provided kitchen and bath fixtures that strengthen LivingWell’s focus on elevated design, wellness, and intentional daily rituals. In the chef-inspired kitchen and prep spaces, Brizo® fixtures serve as sculptural focal points that support gathering and everyday use. In the bathrooms, coordinated faucets, tub fillers, and shower systems help create spa-like environments centered on restoration. Together, these elements support the daily rituals of cooking, gathering, and renewal.James Hardie: Provided Hardie® fiber cement siding to support long-lasting beauty, personalized design, and trusted protection without sacrificing durability. This low-maintenance exterior helps resist damage from fire1, water, and extreme weather, holds little appeal for pests, and supports the home’s emphasis on durability and long-term resilience.Founding Sponsors: The LivingWell model home is also supported by founding sponsors The Sherwin-Williams Company, Shaw, Weyerhaeuser, and Builders FirstSource. “Our partners exemplify the high standards of quality, innovation, and craftsmanship that align with Tri Pointe Homes’ mission to create life-changing design and premium lifestyle experiences,” said Mitchell. “These partnerships allow us to explore new ideas and advance the way homes are designed and experienced. We believe LivingWell will help inspire a new evolution of wellness-focused design across Tri Pointe communities nationwide in the years ahead.”
As Tri Pointe continues its strategic evolution of LivingSmart®, the LivingWell model home serves as a design-forward benchmark for how wellness concepts and features can influence homes and communities across the company’s growing market portfolio. The model home is anticipated to be completed in Q2 2026, with sales for all six estate residences expected to begin at the same time. The Pavilions at Holladay Hills will include five additional one-of-a-kind homes, with residences ranging from approximately 4,600 to 7,800 square feet. Buyers will have the opportunity to personalize select options on the non-modeled homes, either by building from Bobby Berk’s pre-designed interior plans or by personalizing those designs through Tri Pointe’s Design Studio. For more information, please visit tripointehomes.com/livingwell-home.
About Tri Pointe Homes®
One of the largest homebuilders in the U.S., Tri Pointe Homes, Inc. (NYSE: TPH) is a publicly traded company operating in 12 states and the District of Columbia, and is a recognized leader in customer experience, innovative design, and environmentally responsible business practices. The company builds premium homes and communities with deep ties to the communities it serves—some for as long as a century. Tri Pointe Homes combines the financial resources, technology platforms and proven leadership of a national organization with the regional insights, longstanding community connections and agility of empowered local teams. Tri Pointe has won multiple Builder of the Year awards and was named 2024 Developer of the Year. The company is one of the 2026 Fortune World’s Most Admired Companies, 2023 and 2025 Fortune 100 Best Companies to Work For® and was designated as one of the PEOPLE Companies That Care® for three consecutive years (2023 through 2025). The company was also named as a Great Place To Work-Certified™ company for five years in a row (2021 through 2025) and was named on several Great Place To Work® Best Workplaces list (2022 through 2025). TriPointeHomes.com
About Bobby Berk
Bobby Berk is a design expert, Emmy-winning TV host, and author. He rose to prominence in 2018 for his work transforming lives and living spaces on Netflix’s Queer Eye, and has since established himself as a preeminent leader in the design industry. Bobby leads his eponymous multi-faceted brand, including comprehensive lifestyle destination BobbyBerk.com, while his design firm has become one of the most sought after in the home building industry. Berk is also the author of Right at Home: How Good Design Is Good For The Mind and the host of the TV series, Junk or Jackpot? on HGTV.
About Bassenian Lagoni Architects
Bassenian Lagoni Architects brings a unique vision and sense of aesthetics to the design, theming and planning of homes and neighborhoods. Since its founding nearly 50 years ago, our practice has become synonymous with design innovation; earning the firm a unique status as the go-to provider of market-leading architectural solutions to complex design challenges. A keen eye for detail has garnered the firm an unprecedented number of industry design awards. Our team prides itself on being on the leading edge of architecture, helping to define the trends rather than just replicating them, and designing the homes that enhance the lives of those that live in them. bassenianlagoni.com.
About PKJ Design Group
PKJ Design Group, L.L.C. is a Landscape Architecture, Planning, Environmental Engineering, and Graphic Innovation firm licensed in 11 states along the Rocky Mountains. Our positive relationships and efficient procedures produce more specialized, interactive, and award-winning designs that meet deadlines and budgets. We strive in each design to understand the appropriate plantings for specific areas with horticulturists and environmental engineers on staff to help provide a wholistic and intentional design. We understand how to utilize resources in appropriate and restorative ways, and we aim to be at the forefront of conversations for creating landscapes that are both beautiful and sustainable. pkjdesigngroup.com
About Brizo®
At Brizo®, we create statement pieces for those who live to make statements. Distinctive design, artful craftsmanship, and inspired innovation define every collection-all in service of self-expression and spaces that reflect your vision. We're proud to be a brand trusted by design leaders and recognized globally. Our collections don't just meet expectations-they earn recognition, with prestigious honors like ADEX Platinum, Luxe RED Awards, and Architectural Digest Great Design distinctions. We also collaborate with icons like the Frank Lloyd Wright Foundation and fashion designer Jason Wu, bringing architectural and fashion-forward influence to our designs-and to the spaces that specify us. brizo.com
About James Hardie
At James Hardie, we’re driven by a purpose of Building a Better Future For All™. As a global leader in durable home exterior and outdoor living products, we empower homeowners and professionals with solutions that deliver timeless beauty, reliable protection, and design freedom. James Hardie invented modern fiber cement siding over 30 years ago. Today, we continue to lead the charge with advancements on every front: product and design innovation, industry innovation, and organizational innovation. jameshardie.com.
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1 Hardie® fiber cement products are noncombustible and/or have a Class A fire rating when tested in accordance with ASTM E84. The use of noncombustible siding, combined with other fire mitigation measures, may help harden a home against external fire.
Photos accompanying this announcement are available at
Assenagon Asset Management S.A. trimmed its stake in Tri Pointe Homes Inc. (NYSE:TPH – Free Report) by 79.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 101,948 shares of the construction company’s stock after selling 403,392 shares during the period. Assenagon Asset Management S.A. owned about 0.12% of Tri Pointe Homes worth $3,208,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Harbor Capital Advisors Inc. boosted its stake in shares of Tri Pointe Homes by 45.2% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 1,108 shares of the construction company’s stock valued at $38,000 after purchasing an additional 345 shares in the last quarter. Fulcrum Asset Management LLP acquired a new stake in shares of Tri Pointe Homes during the 3rd quarter worth about $44,000. Farther Finance Advisors LLC increased its position in shares of Tri Pointe Homes by 306.8% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,383 shares of the construction company’s stock worth $47,000 after purchasing an additional 1,043 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in Tri Pointe Homes by 33.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,601 shares of the construction company’s stock valued at $54,000 after purchasing an additional 401 shares during the last quarter. Finally, Pinnacle Holdings LLC bought a new position in Tri Pointe Homes during the 3rd quarter valued at about $64,000. 97.01% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling In other Tri Pointe Homes news, Director Steven J. Gilbert sold 50,000 shares of the business’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $46.33, for a total transaction of $2,316,500.00. Following the completion of the sale, the director directly owned 30,330 shares of the company’s stock, valued at approximately $1,405,188.90. The trade was a 62.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.20% of the stock is currently owned by insiders.
Tri Pointe Homes Stock Up 0.1% NYSE:TPH opened at $46.72 on Monday. The company has a market cap of $3.98 billion, a price-to-earnings ratio of 17.17, a P/E/G ratio of 1.39 and a beta of 1.33. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.63 and a current ratio of 2.63. The stock’s fifty day moving average price is $41.98 and its two-hundred day moving average price is $36.12. Tri Pointe Homes Inc. has a 52-week low of $27.90 and a 52-week high of $46.76.
Tri Pointe Homes (NYSE:TPH – Get Free Report) last released its earnings results on Wednesday, February 25th. The construction company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.78 by $0.02. Tri Pointe Homes had a return on equity of 7.96% and a net margin of 7.09%.The company had revenue of $972.63 million during the quarter, compared to analysts’ expectations of $917.86 million. During the same period last year, the firm earned $1.37 EPS. The business’s revenue for the quarter was down 22.5% on a year-over-year basis. On average, analysts anticipate that Tri Pointe Homes Inc. will post 3.58 EPS for the current year.
Wall Street Analyst Weigh In Several analysts have weighed in on TPH shares. Citizens Jmp began coverage on shares of Tri Pointe Homes in a research note on Wednesday, January 7th. They set a “market outperform” rating and a $46.00 price objective on the stock. Citigroup began coverage on shares of Tri Pointe Homes in a research note on Wednesday, January 7th. They issued an “outperform” rating for the company. Oppenheimer lowered Tri Pointe Homes from an “outperform” rating to a “market perform” rating in a research report on Friday, February 13th. Royal Bank Of Canada raised their price target on Tri Pointe Homes from $31.00 to $47.00 and gave the company a “sector perform” rating in a report on Tuesday, February 17th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Tri Pointe Homes in a research report on Tuesday, January 27th. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $42.50.
Get Our Latest Analysis on Tri Pointe Homes
About Tri Pointe Homes (Free Report)
Tri Pointe Homes, Inc (NYSE: TPH) is a national homebuilder engaged in the acquisition, development, construction, marketing and sale of single-family detached homes and attached products. The company’s operations span a range of new residential communities, offering customizable floor plans in both tract and luxury segments. Its integrated business model encompasses land sourcing, entitlement, design, construction oversight and in-house customer care and warranty service.
Founded in 2009 through the combination of three regional builders, Tri Pointe Homes has grown into a prominent player across key western U.S.
Featured Stories Five stocks we like better than Tri Pointe Homes Want to see what other hedge funds are holding TPH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tri Pointe Homes Inc. (NYSE:TPH – Free Report).
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Tri Pointe Homes Inc. (NYSE:TPH – Get Free Report) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $46.81 and last traded at $46.7230, with a volume of 1047 shares traded. The stock had previously closed at $46.70.
Wall Street Analyst Weigh In TPH has been the subject of several recent research reports. Citizens Jmp began coverage on shares of Tri Pointe Homes in a research report on Wednesday, January 7th. They set a “market outperform” rating and a $46.00 target price for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tri Pointe Homes in a research note on Tuesday, January 27th. Oppenheimer downgraded Tri Pointe Homes from an “outperform” rating to a “market perform” rating in a report on Friday, February 13th. Royal Bank Of Canada increased their target price on Tri Pointe Homes from $31.00 to $47.00 and gave the company a “sector perform” rating in a research note on Tuesday, February 17th. Finally, Citigroup started coverage on Tri Pointe Homes in a report on Wednesday, January 7th. They set an “outperform” rating on the stock. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $42.50.
View Our Latest Stock Analysis on Tri Pointe Homes
Tri Pointe Homes Trading Down 0.1% The company’s fifty day simple moving average is $42.68 and its two-hundred day simple moving average is $36.34. The company has a market capitalization of $3.97 billion, a price-to-earnings ratio of 17.16, a price-to-earnings-growth ratio of 1.39 and a beta of 1.29. The company has a quick ratio of 2.63, a current ratio of 2.63 and a debt-to-equity ratio of 0.33.
Tri Pointe Homes (NYSE:TPH – Get Free Report) last announced its quarterly earnings results on Wednesday, February 25th. The construction company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.02. The company had revenue of $972.63 million during the quarter, compared to analyst estimates of $917.86 million. Tri Pointe Homes had a net margin of 7.09% and a return on equity of 7.96%. The firm’s revenue was down 22.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.37 EPS. Research analysts forecast that Tri Pointe Homes Inc. will post 3.58 earnings per share for the current fiscal year.
Insider Transactions at Tri Pointe Homes In other Tri Pointe Homes news, Director Steven J. Gilbert sold 50,000 shares of the stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $46.33, for a total value of $2,316,500.00. Following the completion of the sale, the director directly owned 30,330 shares in the company, valued at $1,405,188.90. This represents a 62.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 3.20% of the company’s stock.
Hedge Funds Weigh In On Tri Pointe Homes Several institutional investors have recently modified their holdings of TPH. Royal Bank of Canada increased its stake in Tri Pointe Homes by 19.1% during the 1st quarter. Royal Bank of Canada now owns 72,740 shares of the construction company’s stock worth $2,322,000 after purchasing an additional 11,668 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Tri Pointe Homes by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 54,879 shares of the construction company’s stock valued at $1,752,000 after buying an additional 2,398 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Tri Pointe Homes by 37.5% in the second quarter. JPMorgan Chase & Co. now owns 877,599 shares of the construction company’s stock valued at $28,039,000 after buying an additional 239,238 shares during the period. Legal & General Group Plc increased its position in shares of Tri Pointe Homes by 1.9% during the second quarter. Legal & General Group Plc now owns 265,762 shares of the construction company’s stock worth $8,491,000 after acquiring an additional 5,066 shares in the last quarter. Finally, Prudential Financial Inc. increased its position in shares of Tri Pointe Homes by 3.1% during the second quarter. Prudential Financial Inc. now owns 94,465 shares of the construction company’s stock worth $3,018,000 after acquiring an additional 2,826 shares in the last quarter. Institutional investors own 97.01% of the company’s stock.
About Tri Pointe Homes (Get Free Report)
Tri Pointe Homes, Inc (NYSE: TPH) is a national homebuilder engaged in the acquisition, development, construction, marketing and sale of single-family detached homes and attached products. The company’s operations span a range of new residential communities, offering customizable floor plans in both tract and luxury segments. Its integrated business model encompasses land sourcing, entitlement, design, construction oversight and in-house customer care and warranty service.
Founded in 2009 through the combination of three regional builders, Tri Pointe Homes has grown into a prominent player across key western U.S.
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O'Keefe Stevens Advisory, Inc. fully exited its position in Tri Pointe Homes (TPH +0.00%), according to an SEC filing dated April 7, 2026, selling 430,731 shares for an estimated $17.52 million based on quarterly average pricing.
What happenedAccording to an SEC filing dated April 7, 2026, O'Keefe Stevens Advisory, Inc. sold its entire holding of 430,731 shares in Tri Pointe Homes. The estimated transaction value was $17.52 million based on the average closing price for the quarter. This brings the fund’s post-trade position in Tri Pointe Homes to zero shares, eliminating its exposure to the stock.
What else to knowThis was a complete exit.Top holdings after the filing:NASDAQ: NVDA: $63.57 million (15.7% of AUM)NYSE: HCC: $27.26 million (6.7% of AUM)NYSE: GLW: $24.36 million (6.0% of AUM)NYSE: AER: $20.14 million (5.0% of AUM)NYSE: SPHR: $19.81 million (4.9% of AUM)As of April 6, 2026, Tri Pointe Homes shares were priced at $46.79, up 54.9% over the past year and outperforming the S&P 500 by 30.09 percentage pointsCompany OverviewMetricValueRevenue (TTM)$3.47 billionNet Income (TTM)$241.08 millionPrice (as of market close 2026-04-06)$46.79One-Year Price Change54.88%Company SnapshotTri Pointe Homes, Inc. designs, constructs, and sells single-family attached and detached homes across the United States, operating under six regional brands.The company generates revenue primarily through home sales and also offers mortgage financing, title and escrow, and property and casualty insurance services.Its primary customers are individual homebuyers in various U.S. markets.What this transaction means for investorsWith Tri Pointe shares up nearly 55% over the past year and a pending acquisition in play, this move looks more like locking in gains amid a defined catalyst window than a view on deteriorating fundamentals.
That context matters because Tri Pointe’s underlying business has been mixed even as the stock rallied. Full-year revenue declined to $3.4 billion from $4.4 billion, while net income fell to $241 million from $458 million. Orders and deliveries were also down double digits, and backlog value dropped 42% year over year, pointing to softer forward demand. Meanwhile, margins compressed as well, with homebuilding gross margin falling to 21.0% from 23.3%. This all comes as the announced acquisition by Sumitomo Forestry introduces a ceiling on near-term upside, effectively shifting the stock from a growth story to a merger-arbitrage trade.
Ultimately, the exit likely reflects positioning around a catalyst and not necessarily a judgment on long-term viability. The bigger question is whether housing demand and margins stabilize post-cycle, especially if the deal closes and resets valuation expectations.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AerCap, Corning, and Nvidia. The Motley Fool recommends the following options: long January 2027 $60 calls on AerCap. The Motley Fool has a disclosure policy.
SNOQUALMIE, Wash.--(BUSINESS WIRE)--The final community at Snoqualmie Ridge, one of the Eastside's largest and most influential planned communities, is now selling. This marks the end of a multi-decade buildout that has helped define residential growth in the Snoqualmie Valley. Tri Pointe Homes® has opened Timber Trails, a 46-home neighborhood that represents the last subdivision within the more than 1,300-acre Snoqualmie Ridge community. Development on “the Ridge” began in the late 1990s, and.
Shares of Tri Pointe Homes Inc. (NYSE:TPH – Get Free Report) crossed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $45.26 and traded as high as $46.81. Tri Pointe Homes shares last traded at $46.7950, with a volume of 1,978,496 shares.
Analysts Set New Price Targets TPH has been the topic of a number of research analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Tri Pointe Homes in a report on Tuesday, January 27th. Royal Bank Of Canada raised their price objective on shares of Tri Pointe Homes from $31.00 to $47.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 17th. Citigroup initiated coverage on shares of Tri Pointe Homes in a report on Wednesday, January 7th. They set an “outperform” rating on the stock. Oppenheimer cut shares of Tri Pointe Homes from an “outperform” rating to a “market perform” rating in a report on Friday, February 13th. Finally, Citizens Jmp initiated coverage on shares of Tri Pointe Homes in a report on Wednesday, January 7th. They set a “market outperform” rating and a $46.00 price objective on the stock. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Tri Pointe Homes has an average rating of “Hold” and an average target price of $42.50.
Check Out Our Latest Stock Report on TPH
Tri Pointe Homes Stock Down 0.0% The business’s fifty day moving average price is $45.26 and its 200 day moving average price is $37.22. The firm has a market capitalization of $3.98 billion, a price-to-earnings ratio of 17.20, a PEG ratio of 1.36 and a beta of 1.30. The company has a current ratio of 2.63, a quick ratio of 2.63 and a debt-to-equity ratio of 0.33.
Tri Pointe Homes (NYSE:TPH – Get Free Report) last announced its earnings results on Wednesday, February 25th. The construction company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.02. The business had revenue of $972.63 million for the quarter, compared to analysts’ expectations of $917.86 million. Tri Pointe Homes had a net margin of 7.09% and a return on equity of 7.96%. The company’s quarterly revenue was down 22.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.37 EPS. On average, equities analysts expect that Tri Pointe Homes Inc. will post 3.58 EPS for the current year.
Insider Activity at Tri Pointe Homes In other news, Director Steven J. Gilbert sold 50,000 shares of Tri Pointe Homes stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $46.33, for a total value of $2,316,500.00. Following the transaction, the director directly owned 30,330 shares of the company’s stock, valued at $1,405,188.90. The trade was a 62.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 3.20% of the stock is owned by insiders.
Hedge Funds Weigh In On Tri Pointe Homes Institutional investors have recently modified their holdings of the business. Summit Securities Group LLC acquired a new position in shares of Tri Pointe Homes in the 4th quarter valued at $27,000. Harbor Capital Advisors Inc. increased its stake in Tri Pointe Homes by 45.2% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 1,108 shares of the construction company’s stock valued at $38,000 after buying an additional 345 shares during the period. Fulcrum Asset Management LLP acquired a new position in Tri Pointe Homes in the 3rd quarter valued at $44,000. Farther Finance Advisors LLC increased its stake in Tri Pointe Homes by 306.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,383 shares of the construction company’s stock valued at $47,000 after buying an additional 1,043 shares during the period. Finally, Rockefeller Capital Management L.P. increased its stake in Tri Pointe Homes by 29.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,615 shares of the construction company’s stock valued at $51,000 after buying an additional 367 shares during the period. 97.01% of the stock is owned by institutional investors and hedge funds.
About Tri Pointe Homes (Get Free Report)
Tri Pointe Homes, Inc (NYSE: TPH) is a national homebuilder engaged in the acquisition, development, construction, marketing and sale of single-family detached homes and attached products. The company’s operations span a range of new residential communities, offering customizable floor plans in both tract and luxury segments. Its integrated business model encompasses land sourcing, entitlement, design, construction oversight and in-house customer care and warranty service.
Founded in 2009 through the combination of three regional builders, Tri Pointe Homes has grown into a prominent player across key western U.S.
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Tri Pointe Homes Inc. (NYSE:TPH – Get Free Report) shares hit a new 52-week high during trading on Friday . The stock traded as high as $46.91 and last traded at $46.8850, with a volume of 782972 shares traded. The stock had previously closed at $46.76.
Wall Street Analysts Forecast Growth TPH has been the subject of several research analyst reports. Royal Bank Of Canada lifted their price objective on Tri Pointe Homes from $31.00 to $47.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 17th. Citizens Jmp initiated coverage on Tri Pointe Homes in a research report on Wednesday, January 7th. They issued a “market outperform” rating and a $46.00 price objective for the company. Citigroup initiated coverage on Tri Pointe Homes in a research report on Wednesday, January 7th. They issued an “outperform” rating for the company. Weiss Ratings reissued a “hold (c)” rating on shares of Tri Pointe Homes in a research report on Tuesday, January 27th. Finally, Oppenheimer lowered Tri Pointe Homes from an “outperform” rating to a “market perform” rating in a research report on Friday, February 13th. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Tri Pointe Homes has an average rating of “Hold” and an average target price of $42.50.
Get Our Latest Stock Analysis on TPH
Tri Pointe Homes Stock Performance The company has a 50-day moving average price of $45.72 and a two-hundred day moving average price of $37.40. The company has a current ratio of 2.63, a quick ratio of 2.63 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $3.99 billion, a P/E ratio of 17.23, a price-to-earnings-growth ratio of 1.36 and a beta of 1.30.
Tri Pointe Homes (NYSE:TPH – Get Free Report) last posted its quarterly earnings data on Wednesday, February 25th. The construction company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.02. Tri Pointe Homes had a return on equity of 7.96% and a net margin of 7.09%.The firm had revenue of $954.59 million during the quarter, compared to analyst estimates of $917.86 million. During the same period last year, the company posted $1.37 EPS. The business’s quarterly revenue was down 22.5% on a year-over-year basis. On average, equities analysts forecast that Tri Pointe Homes Inc. will post 3.58 earnings per share for the current year.
Insider Buying and Selling In related news, Director Steven J. Gilbert sold 50,000 shares of the business’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $46.33, for a total value of $2,316,500.00. Following the completion of the sale, the director directly owned 30,330 shares of the company’s stock, valued at $1,405,188.90. The trade was a 62.24% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 3.20% of the stock is owned by insiders.
Institutional Trading of Tri Pointe Homes Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Summit Securities Group LLC bought a new stake in Tri Pointe Homes in the 4th quarter valued at about $27,000. Harbor Capital Advisors Inc. increased its position in Tri Pointe Homes by 45.2% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 1,108 shares of the construction company’s stock valued at $38,000 after buying an additional 345 shares in the last quarter. Fulcrum Asset Management LLP bought a new stake in Tri Pointe Homes in the 3rd quarter valued at about $44,000. Farther Finance Advisors LLC increased its position in Tri Pointe Homes by 306.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,383 shares of the construction company’s stock valued at $47,000 after buying an additional 1,043 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its position in Tri Pointe Homes by 33.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,601 shares of the construction company’s stock valued at $54,000 after buying an additional 401 shares in the last quarter. 97.01% of the stock is owned by institutional investors.
Tri Pointe Homes Company Profile (Get Free Report)
Tri Pointe Homes, Inc (NYSE: TPH) is a national homebuilder engaged in the acquisition, development, construction, marketing and sale of single-family detached homes and attached products. The company’s operations span a range of new residential communities, offering customizable floor plans in both tract and luxury segments. Its integrated business model encompasses land sourcing, entitlement, design, construction oversight and in-house customer care and warranty service.
Founded in 2009 through the combination of three regional builders, Tri Pointe Homes has grown into a prominent player across key western U.S.
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SAN RAMON, Calif.--(BUSINESS WIRE)--Tri Pointe Homes, Inc. (NYSE: TPH), one of the nation's largest homebuilders, proudly marks the 15th anniversary of its Bay Area division, celebrating a decade and a half of building thoughtfully designed homes and vibrant communities across the region. Since launching in 2010, the Bay Area division has developed 48 communities and closed more than 4,000 homes across 21 cities—and counting. Beyond these milestones, the division has remained focused on creatin.
INCLINE VILLAGE, Nev., April 29, 2026 (GLOBE NEWSWIRE) -- Tri Pointe Homes, Inc. (the “Company”) (NYSE:TPH) today announced results for the first quarter ended March 31, 2026. As previously announced on February 13, 2026, the Company entered into the Agreement and Plan of Merger, dated February 13, 2026 (the “Merger Agreement”), with Sumitomo Forestry Co., Ltd., a Japanese corporation (kabushiki kaisha) (“Sumitomo Forestry”), and Teton NewCo, Inc., a Delaware corporation and an indirect wholly owned subsidiary of Sumitomo Forestry (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company, with the Company continuing as the surviving corporation and an indirect wholly owned subsidiary of Sumitomo Forestry (the “Merger”). As of the date hereof, the portions of the conditions to the Merger relating to stockholder approval of the Merger and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, have been satisfied. The Merger continues to be subject to the remaining conditions set forth in the Merger Agreement.
Results and Operational Data for First Quarter 2026 and Comparisons to First Quarter 2025
Net income available to common stockholders was $6.8 million, or $0.08 per diluted share, compared to $64.0 million, or $0.70 per diluted shareHome sales revenue of $506.5 million compared to $720.8 million New home deliveries of 736 homes compared to 1,040 homesAverage sales price of homes delivered of $688,000 compared to $693,000 Homebuilding gross margin percentage of 18.8% compared to 23.9% Excluding interest and impairments and lot option abandonments, adjusted homebuilding gross margin percentage was 22.3%* SG&A expense as a percentage of home sales revenue of 17.9% compared to 14.0%Net new home orders of 1,234 compared to 1,238Active selling communities averaged 158.0 compared to 145.5 Net new home orders per average selling community were 7.8 orders (2.6 monthly) compared to 8.5 orders (2.8 monthly)Cancellation rate of 9% compared to 10% Backlog units at quarter end of 1,360 homes compared to 1,715 Dollar value of backlog at quarter end of $989.9 million compared to $1.3 billionAverage sales price of homes in backlog at quarter end of $728,000 compared to $763,000 Ratios of homebuilding debt-to-capital and net homebuilding debt-to-net capital of 25.0% and 7.2%*, respectively, as of March 31, 2026Ended the first quarter of 2026 with total liquidity of $1.7 billion, including cash and cash equivalents of $847.9 million and $827.5 million of availability under our revolving credit facility. *See “Reconciliation of Non-GAAP Financial Measures”
About Tri Pointe Homes, Inc.
One of the largest homebuilders in the U.S., Tri Pointe Homes, Inc. (NYSE: TPH) is a publicly traded company operating in 12 states and the District of Columbia, and is a recognized leader in customer experience, innovative design, and environmentally responsible business practices. The company builds premium homes and communities with deep ties to the communities it serves—some for as long as a century. Tri Pointe Homes combines the financial resources, technology platforms and proven leadership of a national organization with the regional insights, longstanding community connections and agility of empowered local teams. Tri Pointe has won multiple Builder of the Year awards and was named 2024 Developer of the Year. The company is one of the 2026 Fortune World’s Most Admired Companies, 2023 and 2025 Fortune 100 Best Companies to Work For® and was designated as one of the PEOPLE Companies That Care® for three consecutive years (2023 through 2025). The company was also named as a Great Place To Work-Certified™ company for five years in a row (2021 through 2025) and was named on several Great Place To Work® Best Workplaces list (2022 through 2025). For more information, please visit TriPointeHomes.com.
Forward-Looking Statements
Various statements contained in this press release, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may include, but are not limited to, statements regarding our strategy, projections and estimates concerning the timing and success of specific projects and our future production, land and lot sales, operational and financial results, including our estimates for growth, financial condition, sales prices, prospects, and capital spending, as well as the expected timetable for completing the proposed transactions contemplated by the Merger Agreement, future opportunities for the combined businesses and the expected benefits of the Merger. Forward-looking statements that are included in this press release are generally accompanied by words such as “anticipate,” “assuming,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “guidance,” “intend,” “likely,” “may,” “might,” “outlook,” “plan,” “potential,” “predict,” “project,” “projection,” “should,” “strategy,” “target,” “will,” “would,” or other words that convey future events or outcomes. The forward-looking statements in this press release speak only as of the date of this press release, and we disclaim any obligation to update these statements unless required by law, and we caution you not to rely on them unduly. These forward-looking statements are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. The following factors, among others, may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements: the effects of general economic conditions, including employment rates, housing starts, interest rate levels, home affordability, inflation, consumer sentiment, availability of financing for home mortgages and strength of the U.S. dollar; market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions; the availability of desirable and reasonably priced land and our ability to control, purchase, hold and develop such parcels; access to adequate capital on acceptable terms; geographic concentration of our operations; levels of competition; the successful execution of our internal performance plans, including restructuring and cost reduction initiatives; the prices and availability of supply chain inputs, including raw materials, labor and home components; oil and other energy prices; the effects of U.S. trade policies, including the imposition of tariffs and duties on homebuilding products and retaliatory measures taken by other countries; the effects of weather, including the occurrence of drought conditions in parts of the western United States; the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and the risk of delays, reduced consumer demand, and shortages and price increases in labor or materials associated with such natural disasters; the risk of loss from acts of war, terrorism, civil unrest or public health emergencies, including outbreaks of contagious diseases, such as COVID-19; transportation costs; federal and state tax policies; the effects of land use, environment and other governmental laws and regulations; legal proceedings or disputes and the adequacy of reserves; risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, synergies, indebtedness, financial condition, losses and future prospects; changes in accounting principles; risks related to unauthorized access to our computer systems, theft of our homebuyers’ confidential information or other forms of cyber-attack; risks related to the failure to consummate the Merger and the transactions contemplated thereby; risks related to any litigation arising out of or as a result of the Merger and the transactions contemplated thereby; and additional factors discussed under the sections captioned “Risk Factors” included in our annual and quarterly reports filed with the Securities and Exchange Commission. The foregoing list is not exhaustive. New risk factors may emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risk factors on our business.
KEY OPERATIONS AND FINANCIAL DATA
(dollars in thousands)
(unaudited)
Three Months Ended March 31, 2026 2025 Change % ChangeOperating Data:(unaudited)Home sales revenue$506,496 $720,786 $(214,290) (29.7)%Homebuilding gross margin$95,430 $172,513 $(77,083) (44.7)%Homebuilding gross margin % 18.8% 23.9% (5.1)% Adjusted homebuilding gross margin %* 22.3% 27.3% (5.0)% SG&A expense$90,846 $100,617 $(9,771) (9.7)%SG&A expense as a % of home sales revenue 17.9% 14.0% 3.9% Net income available to common stockholders$6,786 $64,036 $(57,250) (89.4)%Adjusted EBITDA*$39,857 $125,698 $(85,841) (68.3)%Interest incurred$18,585 $21,319 $(2,734) (12.8)%Interest in cost of home sales$16,470 $23,035 $(6,565) (28.5)% Other Data: Net new home orders 1,234 1,238 (4) (0.3)%New homes delivered 736 1,040 (304) (29.2)%Cancellation rate 9% 10% (1)% Average selling price of homes delivered$688 $693 $(5) (0.7)%Average selling communities 158.0 145.5 12.5 8.6%Selling communities at end of period 161 147 14 9.5%Backlog (estimated dollar value)$989,906 $1,307,786 $(317,880) (24.3)%Backlog (homes) 1,360 1,715 (355) (20.7)%Average selling price in backlog$728 $763 $(35) (4.6)% March 31, December 31, 2026 2025 Change % ChangeBalance Sheet Data:(unaudited) Cash and cash equivalents$847,903 $982,814 $(134,911) (13.7)%Real estate inventories$3,302,319 $3,178,248 $124,071 3.9%Lots owned or controlled 32,937 32,219 718 2.2%Homes under construction(1) 1,855 1,392 463 33.3%Homes completed, unsold 469 681 (212) (31.1)%Total homebuilding debt$1,104,326 $1,104,054 $272 0.0%Stockholders’ equity$3,307,043 $3,315,834 $(8,791) (0.3)%Book capitalization$4,411,369 $4,419,888 $(8,519) (0.2)%Ratio of homebuilding debt-to-capital 25.0% 25.0% 0.0% Ratio of net homebuilding debt-to-net capital* 7.2% 3.5% 3.7% __________
(1)Homes under construction included 56 and 48 models as of March 31, 2026 and December 31, 2025, respectively.*See “Reconciliation of Non-GAAP Financial Measures” CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
March 31, December 31, 2026 2025Assets(unaudited) Cash and cash equivalents$847,903 $982,814Receivables 144,641 147,250Real estate inventories 3,302,319 3,178,248Investments in unconsolidated entities 217,019 183,075Mortgage loans held for sale 66,152 98,514Goodwill and other intangible assets, net 156,603 156,603Deferred tax assets, net 43,132 43,132Other assets 184,555 187,899Total assets$4,962,324 $4,977,535 Liabilities Accounts payable$63,155 $41,693Accrued expenses and other liabilities 428,366 425,289Loans payable 456,468 456,468Senior notes 647,858 647,586Mortgage repurchase facilities 59,315 90,570Total liabilities 1,655,162 1,661,606 Commitments and contingencies Equity Stockholders’ equity: Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively — —Common stock, $0.01 par value, 500,000,000 shares authorized; 85,135,803 and 84,478,836 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 851 844Additional paid-in capital — —Retained earnings 3,306,192 3,314,990Total stockholders’ equity 3,307,043 3,315,834Noncontrolling interests 119 95Total equity 3,307,162 3,315,929Total liabilities and equity$4,962,324 $4,977,535 CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended March 31, 2026 2025 Homebuilding: Home sales revenue $506,496 $720,786 Land and lot sales revenue 575 1,821 Other operations revenue 825 820 Total revenues 507,896 723,427 Cost of home sales 411,066 548,273 Cost of land and lot sales 979 1,741 Other operations expense 813 794 Sales and marketing 37,887 42,942 General and administrative 52,959 57,675 Homebuilding income from operations 4,192 72,002 Equity in (loss) income of unconsolidated entities (88) 495 Transaction expense (5,877) — Other income, net 7,236 9,129 Homebuilding income before income taxes 5,463 81,626 Financial Services: Revenues 13,493 17,501 Expenses 12,065 12,617 Financial services income before income taxes 1,428 4,884 Income before income taxes 6,891 86,510 Provision for income taxes (81) (22,493)Net income 6,810 64,017 Net (income) loss attributable to noncontrolling interests (24) 19 Net income available to common stockholders $6,786 $64,036 Earnings per share Basic $0.08 $0.70 Diluted $0.08 $0.70 Weighted average shares outstanding Basic 84,796,116 91,638,960 Diluted 85,176,744 92,077,680 MARKET DATA BY REPORTING SEGMENT & GEOGRAPHY
(dollars in thousands)
(unaudited)
Three Months Ended March 31, 2026 2025 New
Homes
Delivered Average
Sales
Price New
Homes
Delivered Average
Sales
PriceWest342 $778 521 $769Central274 563 377 558East120 719 142 773Total736 $688 1,040 $693 Three Months Ended March 31, 2026 2025 Net New
Home
Orders Average
Selling
Communities Net New
Home
Orders Average
Selling
CommunitiesWest605 72.3 644 66.3Central436 61.7 413 60.5East193 24.0 181 18.7Total1,234 158.0 1,238 145.5 As of March 31, 2026 As of March 31, 2025 Backlog Units Backlog Dollar Value Average Sales Price Backlog Units Backlog Dollar Value Average Sales PriceWest687 $564,180 $821 930 $757,952 $815Central422 251,486 596 508 296,636 584East251 174,240 694 277 253,198 914Total1,360 $989,906 $728 1,715 $1,307,786 $763 As of March 31, 2026 As of December 31, 2025 Lots Owned Lots Controlled (1) Lots Owned or Controlled Lots Owned Lots Controlled (1) Lots Owned or ControlledWest8,690 4,010 12,700 8,629 3,864 12,493Central5,157 8,576 13,733 5,188 8,017 13,205East2,055 4,449 6,504 2,137 4,384 6,521Total15,902 17,035 32,937 15,954 16,265 32,219 (1)As of March 31, 2026 and December 31, 2025, lots controlled included lots that were under land option contracts or purchase contracts. As of March 31, 2026 and December 31, 2025, lots controlled for Central include 5,709 and 5,356 lots, respectively, which represent our expected share of lots owned by our investments in unconsolidated land development joint ventures. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited)
In this press release, we utilize certain financial measures that are non-GAAP financial measures as defined by the Securities and Exchange Commission. We present these measures because we believe they and similar measures are useful to management and investors in evaluating the Company’s operating performance and financing structure. We also believe these measures facilitate the comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not calculated in accordance with Generally Accepted Accounting Principles (“GAAP”), they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP.
The following table reconciles the homebuilding gross margin percentage, as reported and prepared in accordance with GAAP, to the non-GAAP measure adjusted homebuilding gross margin percentage. We believe this information is meaningful as it isolates the impact that leverage has on homebuilding gross margin and permits investors to make better comparisons with our competitors, who adjust gross margins in a similar fashion.
Three Months Ended March 31, 2026 % 2025 % (dollars in thousands)Home sales revenue$506,496 100.0% $720,786 100.0%Cost of home sales 411,066 81.2% 548,273 76.1%Homebuilding gross margin 95,430 18.8% 172,513 23.9%Add: interest in cost of home sales 16,470 3.3% 23,035 3.2%Add: impairments and lot option abandonments 1,068 0.2% 1,073 0.1%Adjusted homebuilding gross margin$112,968 22.3% $196,621 27.3%Homebuilding gross margin percentage 18.8% 23.9% Adjusted homebuilding gross margin percentage 22.3% 27.3% RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued)
(unaudited)
The following table reconciles the Company’s ratio of homebuilding debt-to-capital to the non-GAAP ratio of net homebuilding debt-to-net capital. We believe that the ratio of net homebuilding debt-to-net capital is a relevant financial measure for management and investors to understand the leverage employed in our operations and as an indicator of the Company’s ability to obtain financing.
March 31, 2026 December 31, 2025Loans payable$456,468 $456,468 Senior notes 647,858 647,586 Mortgage repurchase facilities 59,315 90,570 Total debt 1,163,641 1,194,624 Less: mortgage repurchase facilities (59,315) (90,570)Total homebuilding debt 1,104,326 1,104,054 Stockholders’ equity 3,307,043 3,315,834 Total capital$4,411,369 $4,419,888 Ratio of homebuilding debt-to-capital(1) 25.0% 25.0% Total homebuilding debt$1,104,326 $1,104,054 Less: Cash and cash equivalents (847,903) (982,814)Net homebuilding debt 256,423 121,240 Stockholders’ equity 3,307,043 3,315,834 Net capital$3,563,466 $3,437,074 Ratio of net homebuilding debt-to-net capital(2) 7.2% 3.5% __________
(1)The ratio of homebuilding debt-to-capital is computed as the quotient obtained by dividing total homebuilding debt by the sum of total homebuilding debt plus stockholders’ equity.(2)The ratio of net homebuilding debt-to-net capital is computed as the quotient obtained by dividing net homebuilding debt (which is total homebuilding debt less cash and cash equivalents) by the sum of net homebuilding debt plus stockholders’ equity. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued)
(unaudited)
The following table calculates the non-GAAP financial measures of EBITDA and Adjusted EBITDA and reconciles those amounts to net income available to common stockholders, as reported and prepared in accordance with GAAP. EBITDA means net income available to common stockholders before (a) interest expense, (b) expensing of previously capitalized interest included in costs of home sales, (c) income taxes and (d) depreciation and amortization. Adjusted EBITDA means EBITDA before (e) amortization of stock-based compensation and (f) impairments and lot option abandonments. Other companies may calculate EBITDA and Adjusted EBITDA (or similarly titled measures) differently. We believe EBITDA and Adjusted EBITDA are useful measures of the Company’s ability to service debt and obtain financing.
Three Months Ended March 31, 2026 2025 (in thousands)Net income available to common stockholders $6,786 $64,036 Interest expense: Interest incurred 18,585 21,319 Interest capitalized (18,585) (21,319)Amortization of interest in cost of sales 16,470 23,153 Provision for income taxes 81 22,493 Depreciation and amortization 7,618 7,387 EBITDA 30,955 117,069 Amortization of stock-based compensation 1,957 7,556 Impairments and lot option abandonments 1,068 1,073 Transaction expense 5,877 — Adjusted EBITDA $39,857 $125,698
Supports expansion of U.S. housing supply while accelerating growth of Tri Pointe Homes’ high-quality operations May 14, 2026 08:50 ET | Source: Tri Pointe Homes, Inc.
TOKYO and INCLINE VILLAGE, Nev., May 14, 2026 (GLOBE NEWSWIRE) -- Sumitomo Forestry Co., Ltd. (“Sumitomo Forestry”) (TSE: 1911) and Tri Pointe Homes, Inc. (“Tri Pointe Homes”) today announced the successful completion of Sumitomo Forestry’s acquisition of Tri Pointe Homes for US$47.00 per share.
With the closing of the transaction, Tri Pointe Homes is now a wholly owned subsidiary of Sumitomo Forestry America, Inc., which is a wholly owned subsidiary of Sumitomo Forestry Group, and will cease trading on the New York Stock Exchange.
Through this acquisition, Tri Pointe Homes’ premium lifestyle brand, more than 160 active communities, and operations across 13 high-growth states will be added, making the Sumitomo Forestry Group a homebuilder equivalent to the 5th largest in the U.S.1, delivering approximately 15,000 units annually across 18 states. Both companies will leverage the homebuilding expertise, technologies, and operational expertise that they have each cultivated to deliver high-quality homes tailored to greater diverse customer needs. The Sumitomo Forestry Group will continue to strengthen its presence in the U.S. housing market while pursuing sustainable growth.
Toshiro Mitsuyoshi, President and Executive Officer of Sumitomo Forestry, stated, “Today marks a meaningful new beginning with Tri Pointe Homes and an important milestone in advancing our group’s U.S. single-family homes business into a new stage of growth. Tri Pointe Homes’ premium brand, robust governance and financial expertise cultivated as a publicly listed U.S. company, and its deeply rooted local operating platform add significant strength to our group. Together with Tri Pointe Homes and our existing five U.S. homebuilders, we are well positioned to expand scale, enhance management efficiency and improve profitability toward our Mission TREEING 2030 goal of supplying 23,000 homes annually in the U.S. by 2030. We look forward to working closely with Doug Bauer, Chief Executive Officer, Tom Mitchell, President and Chief Operating Officer, and the entire Tri Pointe Homes team to drive long-term growth and value creation.”
Doug Bauer, Tri Pointe Homes’ Chief Executive Officer, said, “Joining the Sumitomo Forestry Group marks an exciting new chapter for Tri Pointe Homes, building on the past 17 years of standalone growth delivering over 58,000 homes to U.S. families and communities. With a shared strategic vision, values and culture, we are well positioned to accelerate our growth while continuing to deliver design-driven homes and exceptional customer experiences.”
Tom Mitchell, President and Chief Operating Officer of Tri Pointe Homes, added, “Partnering with Sumitomo Forestry Group provides our customers, partners and team members with greater resources and strategic alignment to support the continued evolution of the Tri Pointe Homes premium brand. We are excited to partner with an organization that shares our commitment to our people, differentiated business strategy and our long-term growth.”
Advisors
Mitsubishi UFJ Morgan Stanley and its affiliates including Morgan Stanley & Co. LLC acted as exclusive financial advisor and Morrison & Foerster LLP acted as legal counsel to Sumitomo Forestry.
Moelis & Company LLC acted as exclusive financial advisor and Paul Hastings LLP acted as legal counsel to Tri Pointe Homes. Collected Strategies acted as strategic communications advisor to Tri Pointe Homes.
About Sumitomo Forestry
Sumitomo Forestry Group is engaged in a broad range of global businesses centered on wood, including forestry management, the manufacture and distribution of wood building materials, the contracting of single-family homes and medium- to large-scale wooden buildings, real estate development, and wood biomass power generation. In the Sumitomo Forestry Group’s long-term vision Mission TREEING 2030, the group is seeking to promote the Sumitomo Forestry Wood Cycle, a value chain to contribute to decarbonization for the whole of society by increasing the CO2 absorption of forests and popularizing wooden buildings that store carbon for long periods of time. With the promotion of global expansion as one of the business policies in the group’s long-term vision, it is also working to accelerate decarbonization initiatives in the United States.
About Tri Pointe Homes
One of the largest homebuilders in the U.S., Tri Pointe Homes, Inc. has a presence in 13 states and the District of Columbia, and is a recognized leader in customer experience, innovative design, and environmentally responsible business practices. The company builds premium homes and communities with deep ties to the communities it serves—some for as long as a century. Tri Pointe Homes combines the financial resources, technology platforms and proven leadership of a national organization with the regional insights, longstanding community connections and agility of empowered local teams. The company is one of the 2026 Fortune World’s Most Admired Companies, 2026 Fortune 100 Best Companies to Work For®, and recognized as a PEOPLE Companies That Care® (2023-2025) organization. The company was also named as a Great Place To Work-Certified™ company for five years in a row and named on several Great Place To Work® Best Workplaces lists. Tri Pointe has also won multiple Builder of the Year and Developer of the Year awards. For more information, please visit TriPointeHomes.com.
Contacts:
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1 Calculated by aggregating the combined number of units delivered by Sumitomo Forestry’s existing homebuilders in FY2025 with Tri Pointe Homes’s FY2025 number of units delivered, with reference to Builder Online 2026 Builder 100
Item 1 of 2 Jim Zelter of Apollo Asset Managemen, speaks during the Global Financial Leaders' Investment Summit in Hong Kong, China November 3, 2022. REUTERS/Tyrone Siu/File Photo
[1/2]Jim Zelter of Apollo Asset Managemen, speaks during the Global Financial Leaders' Investment Summit in Hong Kong, China November 3, 2022. REUTERS/Tyrone Siu/File Photo Purchase Licensing Rights, opens new tab
CompaniesNEW YORK, May 28 (Reuters) - Apollo Global Management (APO.N), opens new tab President Jim Zelter said on Thursday he expects wealthy individuals to keep trying to withdraw their money from some private credit funds after several months of outflows from the vehicles.
Investors pulled out more money than they put in early this year from a type of fund that is mainly aimed at the retail market and lends to midsized companies. This came as doubts arose over private credit broadly, linked to loan valuations, and how borrowers would manage disruption from artificial intelligence.
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"I don't think it was a one-shot," Zelter said at the Bernstein Strategic Decisions Conference in New York, referring to the redemptions.
While the funds' underlying performance was "solid" in March, April and May, he said he would not expect a "dramatic decrease" in the rate of people trying to exit, as managers of those funds typically offer to buy back up to 5% per quarter.
He said there "may be even a little bit of an increase if people want to game the system," and added, "we are not through the turbulence yet."
Zelter said investors in certain parts of the world, who access the funds through different channels, were proving "stickier" than others.
"We're learning ... who are our longer-term friends and who are the shorter-term tourists," he said.
Reporting by Isla Binnie in New York; Editing by Matthew Lewis
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Isla Binnie reports on how company directors and executives manage stakeholder and shareholder interests, with a focus on compensation, corporate crises, dealmaking and succession. She also covers how politics, regulation, environmental issues and the broader economy affect boardroom discussions. Isla previously covered business, politics and general news in Spain and Italy. She trained with Reuters in London and covered emerging markets debt for the International Financing Review (IFR).
Investors have watched Nvidia (NASDAQ:NVDA | NVDA Price Prediction) ride the AI wave to extraordinary heights, with data center revenue exploding in recent years. Yet amid the hype, one of Wall Street’s sharpest skeptics keeps raising red flags about its financing arrangements.
Michael Burry, the investor who foresaw the 2008 housing crisis, took to his Cassandra Unchained Substack and X to label a major Nvidia chip transaction with xAI “fugazi” — his term for something fake or contrived.
But is it as much of a concern as Burry contends, or much ado about nothing?
The Deal That Sparked the Critique In January 2026, Valor Equity Partners — a longtime backer of Elon Musk’s ventures — raised $5.4 billion through a new entity called Valor Compute Infrastructure (VCI). The money funded the purchase of thousands of Nvidia’s powerful GB200 GPUs plus supporting data center equipment. These chips were then leased, under a triple-net lease structure, to a subsidiary of Elon Musk’s xAI for training its Grok AI models at one of the world’s most powerful compute clusters.
Apollo Global Management (NYSE: APO) funds led $3.5 billion of the financing, providing debt capital in a deal designed to be downside-protected. Nvidia itself stepped in as an anchor limited partner, investing roughly $1.9 billion in equity alongside other institutional investors.
This setup let xAI gain immediate access to cutting-edge hardware without booking the full multi-billion-dollar purchase on its own balance sheet. Instead, VCI owns the assets legally, and xAI pays ongoing lease and operating expenses over time. Nvidia, meanwhile, recorded the full $5.4 billion as revenue right away.
Let’s be clear: structures like this are legal and increasingly common in big AI infrastructure builds. But they add layers that smart investors should understand. They also invite comparisons to troubling circular financing arrangements.
Here’s how it works: Nvidia sells the GPUs to Valor and books the revenue right away while xAI gets to use the powerful chips without adding billions in debt or assets to its own books. Apollo provides the debt financing, but packages those loans into securities, and routes much of the credit risk to its insurance affiliate, Athene, that goes on to sell annuities to small investors retirees. They think they’ve bought a “safe” investment, but it’s been loaded with substantial risk.
This is what caught Burry’s eye. Athene holds $74.2 billion in U.S. reserves, yet it has shifted $217 billion in assets into a Bermuda-based captive insurer, outside standard U.S. regulatory oversight. Of its total portfolio, 34.7% — some $103 billion — sits in Level 3 assets, which don’t have observable market prices, instead relying on internal models for valuation. Basically, the assets are worth whatever the company says they’re worth. On top of those hard-to-price holdings sits roughly 16x leverage.
In short, the GPUs effectively “disappear” from the main balance sheets of both Nvidia and xAI through 8 to 12 carefully engineered steps. Demand looks strong and organic on paper. But part of the capital circles back because Nvidia itself put in about $1.9 billion as an anchor equity investor in the SPV.
Nvidia is Not Alone Burry has flagged Nvidia’s aggressive revenue booking in deals like this for months. He doesn’t call it Enron — there’s no outright fraud here. Instead, he compares Nvidia more to Cisco Systems (NASDAQ:CSCO) in the late 1990s dot-com boom: a legitimate pick-and-shovel provider whose gear fueled massive hype, only for valuations to detach from sustainable fundamentals. Cisco’s stock later fell more than 80% from its peak and took 20 years to recover.
Granted, sale-leaseback structures and SPVs aren’t new or illegal. Meta Platforms (NASDAQ:META), Microsoft (NASDAQ:MSFT), and other hyperscalers use similar approaches to scale infrastructure faster. But their proliferation doesn’t make them risk-less. In fact, quite the opposite, Burry questions the long-term transparency and sustainability when these layered deals multiply across tens of billions in AI buildout.
The setup gives Nvidia a clean revenue pop today, Apollo earns structuring fees, and xAI gains compute power without ballooning its capex. But the credit risk quietly lands with annuity holders — often retirees — who thought they were buying safe, fixed-income-like retirement products.
Cassandra or Boy Who Cried Wolf? Burry has critiqued Nvidia’s circular deals before, yet the company delivered massive growth. While AI demand is real today, if utilization dips or newer chips make these GB200s quickly obsolete, the leverage in these structures could amplify pain — especially for retail investors indirectly exposed via pensions or annuities.
Still, Burry’s warning should not be a panic signal. Nvidia’s tech moat is formidable, and the numbers aren’t necessarily fake — but they may not tell the whole story. He’s questioning whether the financial plumbing behind the AI boom is becoming too complex for investors — and that’s a warning you shouldn’t ignore.
June 02, 2026 08:00 ET | Source: Apollo Global Management, Inc.
NEW YORK, June 02, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that John Zito, Co-President, Apollo Asset Management, will participate in a fireside chat at the Morgan Stanley 2026 US Financials Conference on Wednesday, June 10, 2026 at 9:00 am EDT.
A live webcast of the event will be available on Apollo’s Investor Relations website at ir.apollo.com. For those unable to join live, a replay will be available shortly after the event.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.
Contacts
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540 [email protected]
Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491 [email protected]
SALT LAKE CITY, June 02, 2026 (GLOBE NEWSWIRE) -- Bridge Investment Group (“Bridge”) today announced that it has completed fundraising for the Bridge Logistics Value Fund II (“BLV II” or the “Fund”), raising nearly $1.4 billion in equity commitments for the Fund and parallel vehicles, exceeding their $1 billion target.
The Bridge Logistics Value strategy is focused on acquiring and repositioning high-quality logistics real estate assets in supply-constrained U.S. infill and global gateway markets. The strategy emphasizes disciplined basis, off-market and selectively marketed opportunities, and operational value creation through leasing, asset management, and targeted capital improvements. BLV II is designed to capitalize on long-term demand drivers within the industrial sector, including supply chain modernization, e-commerce growth, and increasing tenant preference for modern, well-located distribution facilities.
“We are incredibly proud to announce the successful close of BLV II and deeply grateful for the trust and partnership of our investors,” said Jay Cornforth, Chief Executive Officer of BLP. “This milestone reflects the strength of our team, the durability of the logistics sector, and our conviction that disciplined investing in high-quality industrial real estate continues to present compelling long-term opportunities.”
“BLV II was built around a highly-selective investment approach focused on acquiring well-located assets at an attractive basis in markets with strong long-term demand fundamentals,” said Brian Gagne, Chief Investment Officer of BLP. “We believe the current market environment continues to create compelling opportunities for experienced operators with local market expertise, deep sourcing relationships, and the ability to execute operationally through multiple market cycles.”
About Bridge Investment Group
Bridge Investment Group is an affiliate of Apollo (NYSE: APO) and a leading alternative investment manager, diversified across specialized asset classes. Powered by Apollo, Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select real estate verticals.
Media:
Charlotte Morse
Bridge Investment Group Holdings Inc.
(877) 866-4540 [email protected]
June 02, 2026 19:00 ET | Source: Apollo Global Management, Inc.
TOKYO and NEW YORK, June 03, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) announced that Apollo-managed funds (the “Apollo Funds”) completed the sale of their interest in ALTEMIRA Holdings Co., Ltd. (“ALTEMIRA” or the “Company”), a leading pan-Asian aluminum packaging company, to funds managed by MBK Partners.
ALTEMIRA was established in April 2022, through the combination of the aluminum can and foil business formerly operated by Showa Denko K.K. (now named Resonac Holdings Corporation) and the aluminum can and rolled and extruded products business of Mitsubishi Materials Corporation. ALTEMIRA is one of the first successful examples of sponsor-led industry consolidation in the Japanese industrials sector, demonstrating Apollo’s ability to execute a complex carve-out and support the subsequent transition to a fully independent, standalone enterprise and drive broader transformation and industry consolidation through M&A.
As a result, ALTEMIRA has emerged as a differentiated platform with scale, operating one of the world’s only vertically integrated, closed-loop aluminum recycling ecosystems—spanning used beverage can collection, processing, slab casting, rolling into coils and fabrication into beverage cans. Apollo Fund’s investment in ALTEMIRA also highlights its role as a trusted partner to Japan’s leading corporations, offering differentiated solutions to help businesses execute their strategic priorities in sectors that have historically been difficult for outside capital to access.
The transaction follows Apollo Funds’ successful exit of MAFTEC announced in June 2025. Apollo Funds’ private equity investments in Japan include Panasonic Automotive Systems and Nippon Sheet Glass (pending closing).
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.
Contacts
Noah Gunn
Global Head of Investor Relations
(212) 822-0540 [email protected]
Joanna Rose
Global Head of Corporate Communications
(212) 822-0491 [email protected]
Apollo Global remains a 'buy' despite sector pressures, with a fair value estimate of $154, nearly 25% above current levels. APO is largely insulated from private credit and software sector risks, with only 2% credit exposure to software and no private equity software exposure. Q1 results showed $1.94 EPS (beat by $0.06), $1.03T AUM (+$90B sequentially), 30% FRE growth, and $74B in dry powder supporting future fee growth.
It has been about a month since the last earnings report for Apollo Global Management Inc. (APO - Free Report) . Shares have added about 0.5% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Apollo Global Management due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Apollo Global Management Inc. before we dive into how investors and analysts have reacted as of late.
Apollo Global Q1 Earnings Miss Estimates, AUM Surpasses $1TApollo Global first-quarter 2026 adjusted net income (ANI) per share of $1.94 missed the Zacks Consensus Estimate of $1.98. The metric increased from the year-ago adjusted net income of $1.82.
Results were adversely affected by rising expenses. However, record fee-related earnings and an increased assets under management balance were positive.
The results include certain items. After considering those, the net loss attributable to Apollo Global (GAAP basis) was $1.93 billion against net income of $418 million in the prior-year quarter.
Quarterly Revenues & Expenses RiseTotal segment revenues were $1.26 billion, surpassing the Zacks Consensus Estimate by 3.39%. The metric rose from $978 million in the year-ago quarter.
Total expenses for combined segments rose 27.4% year over year to $534 million in the reported quarter.
AUM Balance RisesFee-generating AUM increased 40% on a year-over-year basis to $836 billion. The rise was driven by strong capital formation across institutional and global wealth channels, $65 billion from Athora’s acquisition of Pension Insurance Corporation and $42 billion from a fee basis adjustment related to Redding Ridge, partially offset by outflows and realization activity.
As of March 31, 2026, total AUM was $1.03 trillion, up 31% on a year-over-year basis. Total AUM benefited from $222 billion of inflows from Asset Management and $78 billion of gross inflows from Retirement Services, as well as mark-to-market appreciation. This was partially offset by $64 billion of outflows, primarily driven by normal course run-off at Athene, and $26 billion of realization activity.
Capital & Liquidity PositionAs of March 31, 2026, Apollo Global had cash and cash equivalents of $3.56 billion, and debt of $6.26 billion.
Capital Distribution UpdateThe company announced a quarterly cash dividend of 56.25 cents per share with its earnings release. This dividend will be paid out on May 29, 2026, to shareholders of record as of May 19.
Apollo Global repurchased $866 million of shares in the first quarter, including shares bought to substantially offset dilution from seasonally elevated share issuances under equity incentive plans and opportunistic share repurchases. Over the last 12 months, the company repurchased $1.5 billion of common stock and distributed more than $1 billion of common stock dividends.
How Have Estimates Been Moving Since Then?It turns out, estimates revision have trended downward during the past month.
VGM ScoresCurrently, Apollo Global Management has a subpar Growth Score of D, a score with the same score on the momentum front. Charting a somewhat similar path, the stock has a score of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. 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. It's no surprise Apollo Global Management has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
Performance of an Industry PlayerApollo Global Management is part of the Zacks Financial - Investment Management industry. Over the past month, T. Rowe Price (TROW - Free Report) , a stock from the same industry, has gained 3.3%. The company reported its results for the quarter ended March 2026 more than a month ago.
T. Rowe reported revenues of $1.86 billion in the last reported quarter, representing a year-over-year change of +5.3%. EPS of $2.52 for the same period compares with $2.23 a year ago.
T. Rowe is expected to post earnings of $2.31 per share for the current quarter, representing a year-over-year change of +3.1%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.2%.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for T. Rowe. Also, the stock has a VGM Score of B.
Platform Launches with $35 Billion Transaction for More Than 1 Gigawatt Led by Apollo in Partnership with Blackstone
, /PRNewswire/ -- Broadcom Inc. (NASDAQ: AVGO), a global technology leader that designs, develops, and supplies semiconductor and infrastructure software solutions, today announced the establishment of the AI XPV Platform with Apollo (NYSE: APO) and Blackstone's (NYSE: BX) Credit & Insurance Business as initial anchor investors. The Platform is designed to enable more than 20 gigawatts in compute capacity using Broadcom's XPUs and networking solutions customized for leading frontier AI labs, including Anthropic and OpenAI, through 2028.
The Platform launches today with an initial tranche of $35 billion led by Apollo, in partnership with Blackstone, to facilitate Anthropic's previously-announced capacity expansion of more than 1 gigawatt of compute infrastructure expected to deploy in Fluidstack-based sites starting in mid-2026. This builds upon the deep strategic relationship between Broadcom and Anthropic and illustrates the immediate size and capabilities of the Platform.
It also establishes a scalable framework for future deployments of XPU-based compute capacity and networking to enable frontier model training and inference at the lowest cost and lowest power, significantly lowering per-token delivery costs.
"We are at a historic inflection point where the demand for AI compute is fundamentally reshaping the global economic landscape," said Hock Tan, President and CEO, Broadcom Inc. "This strategic Platform with Apollo and Blackstone synchronizes the world's most sophisticated capital with Broadcom's advanced technological roadmap to meet this once-in-a-lifetime opportunity by enabling our rapidly scaling customers, starting with Anthropic, to realize their most ambitious AI visions with speed and certainty."
"The sheer scale of the global AI opportunity requires a bold, collaborative model," said Jim Zelter, President, Apollo. "Our investment in this Platform reflects our conviction in Broadcom's technology leadership and Anthropic's frontier roadmap. We are proud to deliver the capital foundation that allows this ecosystem to scale efficiently."
Jon Gray, President, Blackstone, added: "The demand for compute has created an unprecedented opportunity to invest at scale across the AI infrastructure ecosystem, including providing financing through our credit and insurance business. We are proud to support this powerful combination of Broadcom's exceptional technology and Anthropic's pioneering models."
About Broadcom
Broadcom Inc. (NASDAQ: AVGO) is a technology leader that designs, develops, and supplies semiconductors and infrastructure software for global organizations' complex, mission-critical needs. Broadcom combines long-term R&D investment with superb execution to deliver the best technology, at scale. Broadcom is a Delaware corporation headquartered in Palo Alto, CA. For more information, visit www.broadcom.com.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.
About Blackstone
Blackstone is the world's largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone's over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com.
Contacts
For Broadcom:
[email protected]
Ji Yoo
Investor Relations
650-427-6000
[email protected]
For Apollo:
Noah Gunn
Global Head of Investor Relations
(212) 822-0540
[email protected]
Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
[email protected]
This announcement contains forward-looking statements (including within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended) concerning Broadcom. These statements include, but are not limited to, statements regarding Broadcom's establishment of the AI XPV Platform with Apollo and Blackstone to enable gigawatts in compute capacity using Broadcom's XPUs and networking solutions customized for leading frontier AI labs and the timing of the enablement. These forward-looking statements are based on current expectations and beliefs of Broadcom's management, current information available to Broadcom's management, and current market trends and market conditions, and involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. Accordingly, undue reliance should not be placed on such statements.
Particular uncertainties that could materially affect future results include risks associated with: global political and economic conditions and uncertainty; government regulations, trade restrictions and trade tensions; fluctuations in the timing and volume of significant customer demand; ability to make successful investments in research and development and successfully expand Broadcom's business strategy or adopt Broadcom's new business models; ability to continue winning business and the timing of such wins; dependence on contract manufacturing and outsourced supply chain; dependency on a limited number of suppliers; dependence on senior management and the ability to attract and retain qualified personnel; ability to protect against cybersecurity threats and a breach of security systems; ability to accurately estimate customers' demand and adjust the manufacturing and supply chain accordingly; ability to improve manufacturing capacity and quality; involvement in legal proceedings; quarterly and annual fluctuations in operating results; Broadcom's competitive performance; ability to maintain or improve gross margin; ability to protect Broadcom's intellectual property and the unpredictability of any associated litigation expenses; significant indebtedness and the need to generate sufficient cash flows to service and repay such debt; and other events and trends on a national, regional, industry-specific and global scale, including those of a political, economic, business, competitive and regulatory nature.
Broadcom's filings with the Securities and Exchange Commission (SEC) are available without charge at the SEC's website at https://www.sec.gov and include some important risk factors that may affect future results. Broadcom undertakes no intent or obligation to publicly update or revise the forward-looking statements made in this announcement, except as required by law.
Initial Investment to Accelerate Anthropic’s Compute Capacity as Part of Broader Global AI Infrastructure Platform June 09, 2026 09:00 ET | Source: Apollo Global Management, Inc.
NEW YORK, June 09, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Apollo-managed funds and affiliates are leading an initial $35 billion capital solution as part of Broadcom’s new AI XPV Platform (the “Platform”), in partnership with Blackstone (NYSE: BX) and leading global banks. The Platform is designed to enable over 20GW in compute capacity for leading frontier AI labs through 2028. The initial transaction is the product of a deeply collaborative relationship between Apollo and Broadcom, designed to deliver committed, certain capital across a multi-year draw schedule. It will facilitate Anthropic's previously announced capacity expansion of more than 1GW of compute infrastructure for training and inference starting in mid-2026.
The Platform represents a new model for mobilizing institutional capital at the scale required to meet the infrastructure demands of AI innovation, pairing some of the world's most advanced silicon and networking solutions with long-term, flexible capital to accelerate compute deployment across the frontier AI ecosystem. Apollo and Blackstone's participation as primary capital partners reflects the growing role that private capital is playing in financing the digital infrastructure buildout underpinning the broader Global Industrial Renaissance.
Apollo Partner Jamshid Ehsani said, “Broadcom and Anthropic are world-class companies operating at the frontier of technological innovation, and we are proud to have led the largest private financing ever executed. Committing significant investment grade capital as a principal investor alongside our partners, this transaction reflects the scale and flexibility of Apollo's balance sheet and the power of our integrated platform across High-Grade Capital Solutions, Apollo Capital Solutions and ATLAS SP Partners to structure a solution that met the needs of every party involved. AI compute is rapidly emerging as one of the most compelling new asset classes in finance, characterized by contracted cash flows, mission-critical utility and a supply-demand dynamic that continues to intensify. As hyperscalers and frontier AI labs work to secure the computing power necessary to train and deploy next-generation models, the demand for flexible, large-scale financing requires new capital solutions. We look forward to building on this model as companies advancing AI infrastructure come to market with their most ambitious capital needs."
Won Kim, Head of Corporate Development and AI Infrastructure Partnerships at Broadcom, said, “The demand for AI compute is growing faster than traditional capital markets can accommodate, and this initial transaction, led by Apollo, demonstrates what becomes possible when world-class technology is paired with a partner of that caliber.
“Built on a deeply collaborative relationship, this transaction serves as the first pillar of the XPV Platform. We look forward to scaling it alongside Apollo, Blackstone and our broader partner group as the AI infrastructure buildout accelerates.”
Advisors
Apollo was advised by Goldman Sachs, Wells Fargo and Citi on the transaction. With respect to the A1 tranche, Wells Fargo is serving as Global Coordinator, Joint Bookrunner and Joint Lead Arranger and BNP Paribas, Citi and UBS are serving as Joint Bookrunners and Joint Lead Arrangers. Goldman Sachs, Bank of America and Morgan Stanley are serving as Joint Placement Agents on the A2 tranche. Latham & Watkins LLP is serving as lead legal counsel to Apollo, with Paul, Weiss, Rifkind, Wharton & Garrison LLP as special counsel to Apollo, and PwC providing accounting advisory to Apollo. Milbank LLP is serving as investors’ counsel for the transaction.
Morgan Stanley is serving as lead advisor to Broadcom; JPMorgan Chase is serving as co-advisor. Sullivan & Cromwell LLP is serving as legal counsel to Broadcom.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.
Contacts
For Apollo:
Noah Gunn
Global Head of Investor Relations
(212) 822-0540 [email protected]
Joanna Rose
Global Head of Corporate Communications
(212) 822-0491 [email protected]
Item 1 of 2 A logo of Blackstone is pictured in Manhattan, New York City, U.S. July 29, 2025. REUTERS/Mike Segar/File Photo
[1/2]A logo of Blackstone is pictured in Manhattan, New York City, U.S. July 29, 2025. REUTERS/Mike Segar/File Photo Purchase Licensing Rights, opens new tab
June 9 (Reuters) - Apollo (APO.N), opens new tab and Blackstone (BX.N), opens new tab are financing a $35 billion expansion of AI computing capacity for Anthropic using Broadcom's (AVGO.O), opens new tab custom chips and networking solutions as part of a tie-up between the asset managers and the chipmaker.
The initial commitment will expand the Claude Code creator's AI computing capacity by one gigawatt, the companies said on Tuesday. One gigawatt is enough to power about 750,000 homes.
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The capacity is expected to be deployed at Fluidstack-operated sites beginning mid-2026, with the cloud computing company providing the physical data-center infrastructure that will run Anthropic's AI systems.
Overall, the partnership plans to enable more than 20 GW in computing capacity for leading AI labs, including OpenAI, through 2028.
Private-equity firms have emerged as a crucial source of funding for AI companies strained by a shortage of costly and supply-constrained AI infrastructure needed to meet rising demand.
Meta (META.O), opens new tab in October struck a $27 billion financing deal with Blue Owl Capital (OWL.N), opens new tab to fund its biggest data-center project.
Tuesday's deal also bodes well for Broadcom's push to grow its AI business, which has drawn demand from tech companies looking to reduce their reliance on Nvidia (NVDA.O), opens new tab with in-house chips.
The partnership aims to scale the deployment of custom AI chips and computing systems while cutting the cost and power needed to train AI models, Broadcom said.
Apollo is leading the initial investment tranche for the platform, alongside Blackstone's Credit & Insurance business.
In April, Broadcom signed a long-term agreement with Alphabet's (GOOGL.O), opens new tab Google to develop and supply future generations of custom AI chips for the company's AI racks through 2031.
It also signed a deal to give Anthropic access to about 3.5 GW of AI computing capacity drawing on Google's processors, starting next year.
Reporting by Anhata Rooprai in Bengaluru; Editing by Shilpi Majumdar
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Broadcom AVGO , Apollo APO , and Blackstone BX have joined forces on the AI XPV Platform, putting $35 billion to work in a first tranche to fund Anthropic's 1 GW compute expansion at Fluidstack sites, with a broader target of more than 20 gigawatts through 2028. Blackstone rose 5.34% intraday, Apollo gained 1.49%, Broadcom slipped 0.43%.
Anthropic and OpenAI are named as the initial customers. The $35 billion goes toward Anthropic's buildout first, at Fluidstack-based sites starting mid-2026, with the platform designed to keep funding rounds coming as demand scales. Broadcom will supply the XPUs and networking, while Apollo and Blackstone supply the capital, and together they aim at lowering per-token delivery costs for frontier model training and inference.
Broadcom CEO Hock Tan called it a once-in-a-generation opportunity. Apollo President Jim Zelter cited conviction in both Broadcom's technology leadership and Anthropic's frontier roadmap, while Blackstone President Jon Gray said compute demand is too big to ignore.
June 10, 2026 01:00 ET | Source: Apollo Global Management, Inc.
Huw van Steenis to Join as European Economic & Policy Strategist
Sarah Jenkins to Join as Head of Government Affairs, Europe
LONDON and NEW YORK, June 10, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Huw van Steenis will join the firm as a Partner and European Economic & Policy Strategist, and that Sarah Jenkins will join the firm as a Managing Director and Head of Government Affairs for Europe. Both newly created positions start in August and are based in London, Apollo’s European headquarters.
Van Steenis has spent more than 25 years in leadership and senior advisory roles for global financial institutions, with a focus on strategy, policy and economic research. He was most recently the Vice Chair of Oliver Wyman, and before that served as a senior advisor to the CEO of UBS as well as to the Bank of England’s then-Governor Mark Carney.
Jenkins has more than two decades of experience in public affairs, most recently at CPP Investments where she successfully led public affairs across Europe. Jenkins also worked in the UK government, including HM Treasury and the Department for Business, as well as in the European Parliament.
“Huw and Sarah bring differentiated expertise and significant European experience to Apollo, and I am confident will be valuable additions to our growing franchise,” said David Krone, Apollo Partner and Global Head of Policy. “Huw is one of the industry’s most authoritative voices on financial markets, economics and policy, while Sarah has an impressive record of building and managing highly effective government affairs programs across Europe.”
Apollo Partner and CIO, EMEA, Tristram Leach added: “With nearly $240 billion of regional AUM and as we continue to scale our investment activity, we’re highly focused on deepening our enterprise leadership in tandem. We’re thrilled to soon welcome Huw and Sarah to Apollo.”
Apollo has been an active investor in Europe for decades with significant growth in the last few years. Its Funds have committed to more than $60 billion of high-grade investments for large corporates and assets in EMEA, including AB InBev, Air France, BP, EDF, Intel’s Irish Fab 34, Orsted, SOCAR, Vonovia and more – providing long-term funding for semi-conductor manufacturing, aviation, real estate and critical energy infrastructure that spans offshore wind, nuclear, gas pipelines and grid expansion.
Biographies
Huw van Steenis
Previous to Apollo, Huw van Steenis has served as a Partner and Vice Chair of Oliver Wyman (2022-2026); Senior Advisor to the CEO, UBS (2019-2022); Senior Advisor to the BOE Governor (2018-2019); Global Head of Strategy, Schroders (2016-2018); Managing Director, Global Head of Banks and Financial Research, Morgan Stanley (2002-2016); in addition to research and consulting roles with JP Morgan and the BCG. Van Steenis currently serves on the climate advisory board of Norges Bank Investment Management and the Investment Committee of Oxford University’s Endowment. He was a member of multiple councils and initiatives for the World Economic Forum for a decade, from 2014-2024. Van Steenis is a graduate of the University of Oxford and holds an MBA from INSEAD.
Sarah Jenkins
Previous to Apollo, Sarah Jenkins served as Managing Director, Global Public Affairs EMEA for CPP Investments (2014-2026). Before that Jenkins was an Account Director, Fleishman-Hillard (2012-2014); a member of the Lord Heseltine Review Team on UK competitiveness in the Department for Business, Innovation and Skills (2012); Private Secretary to the Commercial Secretary and to the Economic Secretary, HM Treasury (2009-2012); Parliamentary and Public Affairs Manager, now-Cabinet Office (2007-2009); Parliamentary Affairs and Governance Manager, Ofsted (2005-2007), and a Parliamentary Research Assistant for Liz Lynne MEP (2004-2005). She is a graduate of the University of London and received her Master’s in International Relations from the University of East Anglia.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.
Contacts
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540 [email protected]
Apollo Global Management Co-President Scott Kleinman discusses the outlook for the private equity industry. Speaking to Bloomberg's Dani Burger on the sidelines of the SuperReturn conference in Berlin, Kleinman says longer hold periods are hurting internal rates of return (IRRs) and “folks are going to have to start capitulating for sure” on valuations.
