Shares of BlackBerry (NYSE:BB) are up 18% in midday trading Friday, leading a sharp rotation into automotive AI software names. Mobileye (NASDAQ:MBLY | MBLY Price Prediction) stock is higher by 4%, Aurora Innovation (NASDAQ:AUR) stock is climbing 2%, and NVIDIA (NASDAQ:NVDA) is down 1%.
The dispersion is striking. Year to date, BlackBerry stock has surged 107% and Aurora Innovation has climbed 90%, while Mobileye has slipped 2.5% and NVIDIA is up 16%.
For at least this session, the small-cap automotive software pure-plays are outrunning the mega-cap AI compute giant. The action centers on BlackBerry’s QNX embedded operating system, which the market is treating as the preferred way to play software-defined vehicles.
QNX Momentum Powers BlackBerry’s Breakout BlackBerry’s Q4 FY2026 report on April 9 delivered revenue of $156 million, up 8% year-over-year (YoY). The QNX segment posted record revenue of $78.7 million, up 20% YoY.
Moreover, BlackBerry’s adjusted EPS came in at $0.06 versus the $0.04 estimate. QNX is now embedded in more than 275 million vehicles, with royalty backlog near $950 million and fresh design wins at BMW Group and Volvo Cars. BlackBerry CEO John J. Giamatteo declared, “QNX is now a Rule of 40 business, and a clear leader in automotive.”
The long view remains humbling, however. BlackBerry stock is still down 22% over five years, a reminder that today’s move is a recovery, not a return to former glory. The catalyst now sits inside automotive software, not the handset business that once defined the brand.
Mobileye and Aurora Tag Along Mobileye’s Q1 2026 report on April 23 showed revenue of $558 million, up 27% YoY, with EyeQ system-on-chip shipments rising 28% to 10.8 million units. The company raised its FY26 revenue guidance to $1.94 billion to $2.02 billion.
Still, Mobileye shares remain the year-to-date laggard of the group, down 2.5%. The one-month gain of 29% shows sentiment turning, though the longer arc still reads as a rerating in progress.
Aurora Innovation has been the other 2026 winner. The autonomous trucking specialist logged record commercial miles for FedEx, Hirschbach, Werner, and Uber Freight in Q1 2026, and reaffirmed FY26 revenue guidance of $14 million to $16 million. Aurora CEO Chris Urmson asserted, “The future of freight is on the road, and Aurora is setting the pace.”
Today’s 2% gain in Aurora stock looks like consolidation after a powerful run. Aurora Innovation is still up 41% over the past month.
NVIDIA Sits Out Today’s Rotation NVIDIA’s Q1 FY2027 report on May 20 delivered revenue of $81.61 billion, up 85% YoY, with data center revenue of $75.25 billion. Guidance for Q2 FY27 landed at $91 billion, yet NVIDIA stock has cooled in the sessions since.
Polymarket traders are pricing in an 82% probability that NVIDIA closes lower today, with an 85.5% probability the stock finishes below $215. Automotive remains a small slice of NVIDIA’s revenue mix, so today’s specialist rotation simply doesn’t drag the mega-cap higher.
The scale context matters here. NVIDIA stock has returned 1,348% over five years, while BlackBerry, Mobileye, and Aurora Innovation are all in negative five-year territory. One session of small-cap leadership doesn’t erase that gap.
What to Watch The bull case for BlackBerry stock rests on QNX’s structural tailwind from software-defined vehicles and the design-win pipeline at BMW and Volvo. The composite prediction sentiment on BB reads bullish with a score of 72.7.
The bear case is that the consensus analyst target on BlackBerry stock sits at $4.81, well below current levels, and the forward P/E ratio of 37x leaves little margin for execution slips. Mobileye watchers will look for ADAS demand to firm, while Aurora Innovation followers will track the plan to exit the year with 200+ driverless trucks running.
For watchful investors, the takeaway is that the market is differentiating sharply within automotive AI rather than buying the basket as one trade. BlackBerry’s QNX story, Mobileye’s EyeQ ramp, and Aurora Innovation’s freight network are each running on their own clocks. Watch for whether BlackBerry holds its gains into the close, and whether NVIDIA stock stabilizes above the $215 level that Polymarket has flagged.
I rate Mobileye (MBLY) a buy due to its superior technology, broad physical AI applications, positive FCF, and reasonable valuation versus Ouster (OUST). MBLY's mobility-focused sensors and 25 years of experience position it for long-term demand and higher returns as AV and AI adoption accelerates. MBLY's growth inflects meaningfully in 2028+ when Chauffeur and Drive systems are deployed in robotaxis, potentially driving a valuation re-rating.
JERUSALEM--(BUSINESS WIRE)--Mobileye (Nasdaq: MBLY) has been named the 2026 Frost & Sullivan Global Company of the Year in the Passenger Vehicle ADAS Industry for the Excellence in Best Practices category. The recognition highlights Mobileye's position in AI-powered ADAS solutions that successfully address the evolving safety and scalability needs of global automakers. Frost & Sullivan's analysis found that Mobileye stands out in ADAS as the leading provider delivering across four criti.
Mobileye (Nasdaq: MBLY) has been named the 2026 Frost & Sullivan Global Company of the Year in the Passenger Vehicle ADAS Industry for the Excellence in Best Practices category. The recognition highlights Mobileye’s position in AI-powered ADAS solutions that successfully address the evolving safety and scalability needs of global automakers.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260601698665/en/
Graphic: Mobileye
Frost & Sullivan’s analysis found that Mobileye stands out in ADAS as the leading provider delivering across four critical requirements – scalable architecture, cost discipline, safety credibility, and real-world validation – across a shared technology backbone that spans base ADAS to full autonomy solutions. The report highlighted Mobileye’s ability to convert customer needs into practical execution through flexible collaborations that allow automakers to adopt its technology as a chip supplier, broad-stack collaborator or anywhere in between based on their specific requirements.
“Global automakers increasingly need systems that both improve safety and provide new automated driving services, and we tailor our strategy and execution to answer those challenges at scale,” said Kobi Ohayon, Chief Operating Officer at Mobileye. “We enable automakers to implement solutions that are tailored to local driving conditions and designed to work in real-world scenarios. This recognition from Frost & Sullivan affirms that our approach resonates across the industry.”
Success in emerging markets, like India, was cited by Frost & Sullivan as a prime example of Mobileye’s ability to operate effectively in complex driving environments that were previously considered too difficult for meaningful ADAS deployment. Backed by its safety-led design philosophy, and expanding beyond its presence as an established leader in major markets and penetrating developing markets, Mobileye has also pointed to growth opportunities across markets worldwide, like Vietnam, Thailand, South America, and Africa with products adapted to unique local driving scenarios. This geographic expansion demonstrates Mobileye’s commitment to testing and delivering advanced ADAS beyond standardized road systems in mature markets.
Mobileye’s technology foundation centers on its modular EyeQ6 system-on-chip portfolio, where EyeQ6 High and EyeQ6 Lite enable high-performance perception and sensor fusion across multiple ADAS levels. Mobileye’s Road Experience Management (REM) technology, which crowdsources data from over 8 million vehicles worldwide, continuously refines high-definition maps, creating one of the industry’s most comprehensive real-world validation and scalability platforms. Mobileye’s advancements in AI and chip design are driving innovation across its portfolio, including its proprietary Surround ADAS and driver monitoring system, providing automakers with cost-effective ADAS capabilities, a practical path to advanced automation and support for architecture consolidation goals.
Frost & Sullivan’s Company of the Year is its highest industry honor, awarded after benchmarking leading suppliers in the global passenger vehicle ADAS market across multiple criteria including visionary innovation, financial performance, and customer impact. The full report is available here.
About Mobileye
Mobileye (Nasdaq: MBLY) leads the mobility revolution with our autonomous driving and driver-assistance technologies, harnessing world-renowned expertise in artificial intelligence, computer vision and integrated software and hardware. Since our founding in 1999, Mobileye has enabled the global adoption of advanced driver-assistance systems that save countless lives and reduce crashes, while pioneering groundbreaking technologies such as REM™ crowdsourced road intelligence, Imaging Radar and Compound AI. These technologies drive the ADAS and AV fields towards the future of mobility – enabling self-driving vehicles and mobility solutions at scale, and powering industry-leading ADAS products. Through 2025, more than 230 million vehicles worldwide have been built with Mobileye’s EyeQ technology inside. In 2026, Mobileye acquired Mentee Robotics to pursue the future of physical AI and humanoid robots. Since 2022, Mobileye has been listed independently from Intel (Nasdaq: INTC), which retains majority ownership. For more information, visit https://www.mobileye.com.
“Mobileye,” the Mobileye logo and Mobileye product names are registered trademarks of Mobileye Global. All other marks are the property of their respective owners.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260601698665/en/
With numerous partnerships and widespread autonomous vehicle technology and services, these three stocks are poised to thrive as driverless vehicles and robotaxis take over the roads.
Robotics and industrial automation are in a classic consolidation cycle. Hyperscalers are pushing into physical AI, automakers need autonomy stacks they lack time to build, and semicap buyers want exposure to AI accelerators. The three names below are profitable and large enough to move the needle for a strategic buyer, and each has meaningful robotics exposure. None has announced a deal, but M&A math, ownership structure, and recent corporate behavior point to very different takeover odds.
The scoring framework includes: market cap and valuation versus revenue, EV/EBITDA and free cash flow profile, whether the company needs a strategic owner to scale, CEO and ownership dynamics (especially super-voting parents), active buybacks signaling independence, and credible acquirers with obvious stack fit. We count down from least likely to most likely.
3. Zebra Technologies Zebra Technologies (NASDAQ: ZBRA | ZBRA Price Prediction) is the cleanest example of an acquirer. Its Q1 2026 revenue came in at $1.495 billion, beating estimates, with non-GAAP EPS of $4.75 and an adjusted EBITDA margin of 23.2%. Management raised FY26 EPS guidance to $18.30 to $18.70 with free cash flow above $900 million.
Zebra bought Elo Touch and Photoneo (combined roughly $1.36 billion) and exited its robotics business with $76 million in charges, and the board authorized an additional $1 billion repurchase. With $2.5 billion in debt against $125 million in cash and market cap near $11.2 billion, the balance sheet and CEO Bill Burns’ “sharper focus” commentary read as a standalone roll-up plan. Forward earnings trade near 12x, cheap on paper, but the active checkbook and director buying at $247.15 in May suggest the board is defending its independence. Shares trade at $234.20.
2. Teradyne Teradyne (NASDAQ: TER) is the trickiest call. The semicap-test franchise is strong: Q1 2026 revenue of $1.28 billion grew 87% year over year, non-GAAP EPS of $2.56, and roughly 70% of revenue ties to AI demand. Shares are up 325.4% over the past year to $369.21, lifting market cap to roughly $57.8 billion, at 69x trailing earnings and 51x forward.
That price tag is the problem. A whole-company takeout by Applied Materials or Lam would be one of the largest semicap deals ever, and the AI-test multiple leaves little premium room. The more realistic outcome is a carve-out: the Robotics segment (Universal Robots and MiR) contributed just $91 million in Q1, CEO Greg Smith flagged its growth potential, and the company already executed a robotics restructuring affecting roughly 400 employees in 2025. Insider activity is neutral; CEO Smith’s May 15 mixed buy/sell transaction at $338.98 looks like routine option exercise mechanics. It remains a possible target, but the math favors divestiture over a full takeover.
1. Mobileye Mobileye (NASDAQ: MBLY) is the cleanest takeover setup. Shares closed at $9.33, down 42.2% over the past year, putting market cap near $7.9 billion, digestible for virtually any large automaker or hyperscaler. The valuation collapse forced a $3.79 billion goodwill impairment in Q1 2026, yet the operating business is improving: Q1 revenue of $558 million grew 27.4% year over year, adjusted EPS of $0.12 beat expectations, EyeQ shipments hit 10.8 million, and management raised FY26 revenue guidance to $1.94 billion to $2.02 billion.
The strategic IP is the prize: EyeQ, SuperVision, REM mapping, the VW MOIA robotaxi platform, the Uber LA validation, and the newly acquired Mentee Robotics humanoid stack. CEO Amnon Shashua framed the ambition as “a comprehensive leader in Physical AI, encompassing both autonomous vehicles and humanoid robotics.” Mobileye sits on $1.836 billion in cash and authorized a $250 million buyback, so a buyer gets the technology with cash returning a chunk of the check. The decisive variable is Intel: it holds the majority economic and voting stake, and monetization has been openly signaled. A controlling shareholder under pressure to raise cash, paired with a depressed equity stub and uniquely strategic ADAS and robotaxi assets, is the textbook setup.
The Cleanest Setup Across the three criteria that matter most (small enough check, IP a strategic buyer cannot replicate, and a controlling owner with reason to sell), Mobileye checks every box. Zebra is buying, Teradyne is too expensive to swallow whole, and Mobileye is where a phone call from Intel could change the chart overnight. No deal has been announced, but on M&A math alone, it is the cleanest takeover candidate of the three.
DES MOINES, Iowa, March 16, 2026 /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) (F&G or the Company) a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, today announced that its Board of Directors has approved a new three-year stock repurchase program, effective March 16, 2026, under which the Company may repurchase up to $100 million of F&G common stock. Purchases may be made from time to time by the Company in the open market at prevailing market prices or in privately negotiated transactions through March 31, 2029.
Celina J. Wang Doka, a director at F&G Annuities & Life (FG 0.14%), reported an open-market purchase of 4,760 shares for a weighted-average price of $20.98 per share, according to a SEC Form 4 filing.
Transaction summaryMetricValueShares traded (direct)4,760Transaction value~$100KPost-transaction shares (direct)32,070Post-transaction value (direct ownership)~$672KTransaction value based on SEC Form 4 weighted average purchase price ($20.98); post-transaction value based on market close on March 13, 2026.
Key questionsHow does this purchase compare to the insider's prior transaction activity?
This 4,760-share acquisition is the largest individual purchase by Doka Celina J. Wang to date, surpassing her only other material buy of 3,000 shares in March 2025 and marking a 31.92% increase in holdings since late 2024.What is the impact on her overall ownership and direct stake in the company?
Her direct common stock holdings increased from 27,310 to 32,070 shares, boosting her direct ownership by 17.43% and reinforcing her commitment as an insider without introducing indirect or derivative exposure.Was this purchase executed at a discount or premium relative to recent trading levels?
The weighted-average purchase price of $20.98 per share was below the March 16, 2026 closing price of $22.14, during a period when the stock is down 46.43% over the past year.Does the transaction reflect a shift in insider trading patterns or capacity constraints?
With no historical sell transactions reported and a stable cadence of administrative trades, the current accumulation reflects the available capacity evident in her insider trading history.Company overviewMetricValueRevenue (TTM)$5.4 billionNet income (TTM)$265.00 millionDividend yield4%1-year price change-46.43%* 1-year price change calculated using March 13th, 2026 as the reference date.
Company snapshotF&G Annuities & Life offers fixed annuities and life insurance products, serving both retail and institutional clients.The firm targets individual consumers seeking retirement and life insurance solutions, as well as institutional partners.F&G Annuities & Life is a scaled provider of fixed annuities and life insurance, operating with a focus on both retail and institutional markets. Its competitive edge is supported by a longstanding presence in the insurance sector and alignment with Fidelity National Financial.
What this transaction means for investorsThis recent purchase might be a show of confidence during a period of market weakness, rather than just a hasty reaction. Notably, shares have bounced back about 15% since the buy just about two weeks ago. For long-term investors, this timing is crucial, indicating that this insider might have perceived a market dislocation rather than a genuine downturn.
At F&G Annuities & Life, the overall operating landscape is a bit mixed, yet still positive. The business is expanding, with record assets under management hitting approximately $73 billion, which is a 12% increase year-over-year. Full-year gross sales totaled $14.6 billion, highlighting ongoing demand for retirement products, even as net sales saw a slight dip mainly due to reinsurance movements. Meanwhile, adjusted net earnings for the segment stood at $412 million, down from $475 million the previous year, partially due to lower-than-expected investment income.
This context sheds light on the stock's roughly 46% decline over the past year, even with ongoing growth in assets and distribution capabilities, and the purchase price being below recent trading levels further supports the idea of opportunistic buying.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
JPMorgan Chase & Co. boosted its position in shares of F&G Annuities & Life, Inc. (NYSE:FG – Free Report) by 63.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 65,847 shares of the company’s stock after acquiring an additional 25,644 shares during the period. JPMorgan Chase & Co.’s holdings in F&G Annuities & Life were worth $2,059,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Denali Advisors LLC lifted its position in F&G Annuities & Life by 28.7% during the third quarter. Denali Advisors LLC now owns 223,161 shares of the company’s stock valued at $6,978,000 after acquiring an additional 49,728 shares during the last quarter. Wedge Capital Management L L P NC purchased a new stake in F&G Annuities & Life during the third quarter valued at approximately $1,434,000. Parkwood LLC lifted its position in F&G Annuities & Life by 32.0% during the second quarter. Parkwood LLC now owns 205,944 shares of the company’s stock valued at $6,586,000 after acquiring an additional 49,883 shares during the last quarter. New York State Common Retirement Fund lifted its position in F&G Annuities & Life by 457.7% during the second quarter. New York State Common Retirement Fund now owns 55,320 shares of the company’s stock valued at $1,769,000 after acquiring an additional 45,400 shares during the last quarter. Finally, Versor Investments LP purchased a new stake in F&G Annuities & Life during the third quarter valued at approximately $772,000. Hedge funds and other institutional investors own 95.86% of the company’s stock.
Analysts Set New Price Targets A number of research firms have issued reports on FG. Weiss Ratings reaffirmed a “hold (c)” rating on shares of F&G Annuities & Life in a report on Friday, March 27th. Wall Street Zen raised shares of F&G Annuities & Life from a “hold” rating to a “buy” rating in a report on Saturday, March 21st. Barclays set a $31.00 price target on shares of F&G Annuities & Life in a report on Thursday, January 8th. Finally, Zacks Research cut shares of F&G Annuities & Life from a “hold” rating to a “strong sell” rating in a report on Monday, February 23rd. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, F&G Annuities & Life presently has a consensus rating of “Reduce” and a consensus price target of $32.00.
Get Our Latest Research Report on FG
Insiders Place Their Bets In other F&G Annuities & Life news, CEO Christopher O. Blunt acquired 10,000 shares of the business’s stock in a transaction dated Friday, March 13th. The shares were purchased at an average price of $20.99 per share, for a total transaction of $209,900.00. Following the completion of the purchase, the chief executive officer directly owned 1,107,128 shares of the company’s stock, valued at $23,238,616.72. The trade was a 0.91% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Celina J. Wang Doka acquired 4,760 shares of the business’s stock in a transaction dated Friday, March 13th. The stock was acquired at an average price of $20.98 per share, for a total transaction of $99,864.80. Following the purchase, the director directly owned 32,071 shares of the company’s stock, valued at approximately $672,849.58. This trade represents a 17.43% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 2.10% of the stock is owned by corporate insiders.
F&G Annuities & Life Trading Up 1.1% NYSE FG opened at $26.34 on Tuesday. The company has a fifty day simple moving average of $25.36 and a two-hundred day simple moving average of $28.89. The stock has a market cap of $3.57 billion, a P/E ratio of 14.39 and a beta of 1.28. F&G Annuities & Life, Inc. has a 12-month low of $20.57 and a 12-month high of $37.01. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.45.
F&G Annuities & Life (NYSE:FG – Get Free Report) last released its quarterly earnings data on Thursday, February 19th. The company reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.43). The business had revenue of $739.00 million during the quarter, compared to analyst estimates of $1.55 billion. F&G Annuities & Life had a return on equity of 10.48% and a net margin of 4.62%. On average, analysts forecast that F&G Annuities & Life, Inc. will post 5.54 earnings per share for the current year.
F&G Annuities & Life Announces Dividend The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th were paid a $0.25 dividend. The ex-dividend date was Tuesday, March 17th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.8%. F&G Annuities & Life’s dividend payout ratio is presently 54.64%.
F&G Annuities & Life announced that its board has authorized a share buyback program on Monday, March 16th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
About F&G Annuities & Life (Free Report)
F&G Annuities & Life is the principal life insurance and annuity subsidiary of F&G Financial Group, Inc (NYSE: FG), a publicly traded financial services holding company headquartered in Des Moines, Iowa. The company focuses on designing and issuing retirement income solutions that address longevity risk, capital preservation, and wealth transfer for individual and institutional clients.
Its product suite includes fixed indexed annuities, which offer the potential for market-linked growth with downside protection; fixed-rate annuities, delivering guaranteed interest over a defined term; and a range of life insurance policies such as term, universal, and variable universal life.
Featured Articles Five stocks we like better than F&G Annuities & Life Want to see what other hedge funds are holding FG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for F&G Annuities & Life, Inc. (NYSE:FG – Free Report).
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Sumitomo Mitsui Trust Group Inc. bought a new stake in F&G Annuities & Life, Inc. (NYSE:FG – Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 39,266 shares of the company’s stock, valued at approximately $1,211,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of FG. Cubist Systematic Strategies LLC acquired a new position in F&G Annuities & Life in the 1st quarter valued at $89,000. AQR Capital Management LLC acquired a new position in F&G Annuities & Life in the 1st quarter valued at $521,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in F&G Annuities & Life by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,035 shares of the company’s stock valued at $398,000 after buying an additional 452 shares during the last quarter. Millennium Management LLC grew its stake in F&G Annuities & Life by 330.8% in the 1st quarter. Millennium Management LLC now owns 217,306 shares of the company’s stock valued at $7,834,000 after buying an additional 166,863 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new position in F&G Annuities & Life in the 1st quarter valued at $276,000. 95.86% of the stock is currently owned by institutional investors and hedge funds.
F&G Annuities & Life Stock Performance NYSE FG opened at $27.12 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.26 and a quick ratio of 0.26. The firm has a market capitalization of $3.68 billion, a price-to-earnings ratio of 14.82 and a beta of 1.28. The company’s fifty day moving average is $24.80 and its two-hundred day moving average is $28.50. F&G Annuities & Life, Inc. has a 52-week low of $20.57 and a 52-week high of $36.70.
F&G Annuities & Life (NYSE:FG – Get Free Report) last posted its quarterly earnings results on Thursday, February 19th. The company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.34 by ($0.43). The company had revenue of $739.00 million during the quarter, compared to analyst estimates of $1.55 billion. F&G Annuities & Life had a return on equity of 10.48% and a net margin of 4.62%. Equities research analysts forecast that F&G Annuities & Life, Inc. will post 5.54 EPS for the current year.
F&G Annuities & Life Dividend Announcement The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Tuesday, March 17th. F&G Annuities & Life’s dividend payout ratio (DPR) is presently 54.64%.
F&G Annuities & Life declared that its board has approved a stock buyback program on Monday, March 16th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
Wall Street Analyst Weigh In A number of research analysts recently issued reports on FG shares. Wall Street Zen lowered shares of F&G Annuities & Life from a “buy” rating to a “hold” rating in a research note on Saturday, April 11th. Weiss Ratings restated a “hold (c)” rating on shares of F&G Annuities & Life in a research report on Friday, March 27th. Zacks Research lowered shares of F&G Annuities & Life from a “hold” rating to a “strong sell” rating in a research report on Monday, February 23rd. Finally, Barclays decreased their price target on shares of F&G Annuities & Life from $31.00 to $27.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 8th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, F&G Annuities & Life currently has an average rating of “Reduce” and a consensus target price of $30.00.
Read Our Latest Research Report on F&G Annuities & Life
Insider Activity In other F&G Annuities & Life news, Director Celina J. Wang Doka bought 4,760 shares of the firm’s stock in a transaction dated Friday, March 13th. The shares were acquired at an average cost of $20.98 per share, for a total transaction of $99,864.80. Following the transaction, the director owned 32,071 shares in the company, valued at approximately $672,849.58. The trade was a 17.43% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Christopher O. Blunt bought 10,000 shares of the firm’s stock in a transaction dated Friday, March 13th. The shares were acquired at an average price of $20.99 per share, for a total transaction of $209,900.00. Following the completion of the transaction, the chief executive officer owned 1,107,128 shares in the company, valued at $23,238,616.72. This represents a 0.91% increase in their position. The SEC filing for this purchase provides additional information. 2.10% of the stock is currently owned by insiders.
About F&G Annuities & Life (Free Report)
F&G Annuities & Life is the principal life insurance and annuity subsidiary of F&G Financial Group, Inc (NYSE: FG), a publicly traded financial services holding company headquartered in Des Moines, Iowa. The company focuses on designing and issuing retirement income solutions that address longevity risk, capital preservation, and wealth transfer for individual and institutional clients.
Its product suite includes fixed indexed annuities, which offer the potential for market-linked growth with downside protection; fixed-rate annuities, delivering guaranteed interest over a defined term; and a range of life insurance policies such as term, universal, and variable universal life.
See Also Five stocks we like better than F&G Annuities & Life
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JACKSONVILLE, Fla., April 22, 2026 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE: FNF) (FNF), a leading provider of title insurance and transaction services to the real estate and mortgage industries and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority-owned, publicly traded subsidiary F&G Annuities & Life, Inc. (NYSE:FG) (F&G), will release first quarter 2026 earnings after the close of regular market trading on Wednesday, May 6, 2026.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) (F&G), a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, will release first quarter 2026 earnings after the close of regular market trading on Wednesday, May 6, 2026.
A webcast and conference call to discuss the results will follow at 9:00 a.m. Eastern Time on Thursday, May 7, 2026. Additional information about the quarterly financial results, including the earnings release, will be available on F&G's Investor Relations website at investors.fglife.com.
Webcast, Conference Call and Replay Information
The event can be accessed in the following ways:
Live Webcast: Register and access the webcast on F&G's Investor Relations website at investors.fglife.com Conference Call: Dial 1-877-407-3982 (U.S.) or 1-201-493-6780 (International) Replay: A webcast replay will be available on F&G's Investor Relations website after the live event About F&G
F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit www.fglife.com.
Contact:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
[email protected]
515.330.3307
DES MOINES, Iowa, May 6, 2026 /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) (F&G or the Company) a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, today reported financial results for the first quarter ended March 31, 2026. Net earnings attributable to common shareholders for the first quarter of $244 million, or $1.78 per diluted share (per share), compared with a net loss attributable to common shareholders of $25 million, or $0.20 per share, for the first quarter of 2025.
, /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE:FNF) (FNF or the Company), a leading provider of title insurance and transaction services to the real estate and mortgage industries and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority-owned, publicly traded subsidiary F&G Annuities & Life, Inc. (NYSE:FG) (F&G), today reported financial results for the three months ended March 31, 2026.
Net earnings attributable to common shareholders for the first quarter were $243 million, or $0.90 per diluted share (per share), compared with net earnings of $83 million, or $0.30 per share, for the first quarter of 2025. Net earnings attributable to common shareholders include mark-to-market effects and non-recurring items; all of which are excluded from adjusted net earnings attributable to common shareholders.
Adjusted net earnings attributable to common shareholders (adjusted net earnings) for the first quarter were $249 million, or $0.93 per share, compared with $213 million, or $0.78 per share, for the first quarter of 2025.
The Title Segment contributed $197 million for the first quarter, compared with $158 million for the first quarter of 2025 The F&G Segment contributed $80 million for the first quarter, which reflects our approximately 70% ownership stake following the stock distribution at year-end, compared with $80 million for the first quarter of 2025, which reflected our approximately 84% ownership stake The Corporate Segment adjusted net earnings were $0 for the first quarter, before eliminating dividend income from F&G in the consolidated financial statements, compared with adjusted net earnings of $3 million for the first quarter of 2025 FNF's consolidated adjusted net earnings include significant income and expense items in the F&G Segment, as well as alternative investment portfolio short-term returns that differ from long-term return expectations. Please see "Segment Financial Results" for F&G, as well as the "Non-GAAP Measures and Other Information" section for further explanation Company Highlights
Title Segment delivered outstanding operating performance and industry leading margin: For the Title Segment, total revenue was $2.0 billion for the first quarter, compared with $1.8 billion for the first quarter of 2025. Total revenue, excluding recognized gains and losses, was $2.1 billion for the first quarter, a 14% increase over the first quarter of 2025. Our industry leading adjusted pre-tax title margin was 13.1% for the first quarter F&G Segment generated strong growth in assets under management before reinsurance: F&G achieved record assets under management before reinsurance of $74.5 billion at the end of the first quarter, an increase of 11% over the first quarter of 2025. F&G's gross sales were $3.2 billion and net sales were $2.2 billion for the first quarter Robust return of capital to shareholders: FNF returned approximately $222 million of capital to shareholders in the first quarter through $140 million of common stock dividends and $82 million of share repurchases. FNF ended the quarter with $495 million in cash and short-term liquid investments at the holding company William P. Foley, II, Chairman, commented, "The first quarter was an outstanding start to 2026 for our Title and F&G businesses. Our Title business delivered an industry leading adjusted pre-tax Title margin of 13.1% in the first quarter, up 140 basis points over the first quarter of 2025, reflecting continued strong performance across the business with strength in commercial, continued momentum in refinance and disciplined expense management."
Mr. Foley added, "F&G continues to provide an important complement to our Title business and remains a meaningful contributor to FNF's adjusted net earnings. F&G's operating performance from its underlying spread-based and fee-based businesses continues to be strong, and we remain confident in F&G's strategy. Together, our complementary businesses are executing well, our strong and consistent cash generation continues to support a balanced and disciplined capital allocation strategy and we are well positioned to deliver long-term shareholder value."
Summary Financial Results
(In millions, except per share data)
Three Months Ended
March 31,
2026
March 31,
2025
Total revenue
$ 3,226
$ 2,729
F&G gross sales1
$ 3,173
$ 2,902
F&G net sales1
$ 2,245
$ 2,181
F&G assets under management (AUM)1
$ 56,436
$ 54,546
F&G AUM before reinsurance1
$ 74,454
$ 67,398
Total assets
$ 111,499
$ 98,209
Adjusted pre-tax title margin
13.1 %
11.7 %
Net earnings attributable to common shareholders
$ 243
$ 83
Net earnings per share attributable to common shareholders
$ 0.90
$ 0.30
Adjusted net earnings1
$ 249
$ 213
Adjusted net earnings per share1
$ 0.93
$ 0.78
Weighted average common diluted shares
269
273
Total common shares outstanding
269
275
____________________________
1 See definition of non-GAAP measures below
Segment Financial Results
Title Segment
This segment consists of the operations of the Company's title insurance underwriters and related businesses, which provide core title insurance and escrow and other title-related services including loan sub-servicing, valuations, default services and home warranty.
Mike Nolan, Chief Executive Officer, added, "Our Title business delivered outstanding results in the first quarter, generating adjusted pre-tax Title earnings of $268 million, up 27% over the first quarter of 2025, and an industry leading adjusted pre-tax Title margin of 13.1%. This performance reflects the strength of our direct commercial business, continued momentum in refinance with orders opened up more than 50% over the prior year, and our disciplined approach to expense management driving strong incremental margins. These results demonstrate that our scale, technology investments and operating model continue to support the earnings power of our business even in the current historically low transactional environment."
Mr. Nolan added, "While we are poised to benefit from an eventual recovery in the residential housing market, we also see a second driver in our technology and AI investments. The productivity gains we have already achieved through automation and data at scale are a key reason we continue to deliver industry leading margins. We believe FNF is well positioned to benefit from advances in AI, given our scale, proprietary data, embedded workflows and financial strength, enabling us to not only remain an industry leader, but also lead innovation in a way that continues to protect our customers."
First Quarter 2026 Highlights
Total revenue was $2.0 billion, compared with $1.8 billion for the first quarter of 2025 Total revenue, excluding recognized gains and losses, was $2.1 billion, a 14% increase over the first quarter of 2025 Direct title premiums were $583 million, a 14% increase over the first quarter of 2025 Agency title premiums were $788 million, a 16% increase over the first quarter of 2025 Commercial revenue was $338 million, a 15% increase over the first quarter of 2025 Purchase orders opened increased 2% on a daily basis and purchase orders closed decreased 1% on a daily basis compared with the first quarter of 2025 Refinance orders opened increased 52% on a daily basis and refinance orders closed increased 75% on a daily basis over the first quarter of 2025 Commercial orders opened increased 5% and commercial orders closed increased 8% over the first quarter of 2025 Total fee per file was $3,655 for the first quarter, a 3% decrease from the first quarter of 2025 First Quarter 2026 Financial Results
Pre-tax title margin was 10.5% and industry leading adjusted pre-tax title margin was 13.1% for the first quarter, compared with 9.6% and 11.7%, respectively, for the first quarter of 2025 Pre-tax earnings in Title for the first quarter were $211 million, compared with $171 million for the first quarter of 2025 Adjusted pre-tax earnings in Title was $268 million for the first quarter, compared with $211 million for the first quarter of 2025 F&G Segment
This segment consists of operations of FNF's majority-owned subsidiary F&G, a leading provider of insurance solutions serving retail annuity and life customers and funding agreement and pension risk transfer institutional clients.
Chris Blunt, F&G's Chief Executive Officer, commented, "The first quarter was a solid start to the year, highlighted by record assets under management before reinsurance of nearly $75 billion fueled by $3.2 billion of gross sales in the quarter, including $2 billion of core sales from indexed annuities, indexed universal life and pension risk transfer, and $1.2 billion of opportunistic funding agreements and multiyear guaranteed annuities. Our high quality, diversified investment portfolio continues to perform extremely well, including our private origination portfolio, with total credit-related impairments stable and below our pricing assumptions."
Mr. Blunt continued, "Our diversified, self-funding capital model is supported by our annual inforce capital generation and third party capital through our reinsurance sidecar and our strategic flow reinsurance partnerships. Together, these sources of capital provide financial strength and flexibility to invest for growth in our core business, while consistently returning capital to shareholders through dividends and opportunistic share repurchases. During the first quarter, we returned $67 million of capital to shareholders through dividends and share repurchases. We are executing on our strategy toward a more fee-based, higher margin and less capital intensive business model to drive long-term growth and shareholder value."
First Quarter 2026
AUM before flow reinsurance was $74.5 billion at the end of the first quarter, an increase of 11% over the first quarter of 2025. This included retained AUM of $56.4 billion, an increase of 3% over the first quarter of 2025 Gross sales were $3.2 billion for the first quarter, compared with $2.9 billion for the first quarter of 2025; reflects continued strong demand for retirement savings products Core sales were $2.0 billion for the first quarter, compared with $1.8 billion for the first quarter of 2025; reflects higher core retail indexed annuity and indexed universal life sales and pension risk transfer sales Opportunistic sales were $1.2 billion for the first quarter, compared with $1.1 billion for the first quarter of 2025; reflects higher funding agreements, partially offset by lower multiyear guaranteed annuities sales. Opportunistic volumes vary quarter to quarter depending on economics and market opportunity Net sales were $2.2 billion for the first quarter, in-line with the first quarter of 2025; reflects flow reinsurance in line with capital targets for multiyear guaranteed annuities and fixed indexed annuities F&G Segment net earnings attributable to common shareholders were $175 million for the first quarter which included favorable mark-to-market movement, compared to a net loss of $18 million for the first quarter of 2025 which included unfavorable mark-to-market movement F&G Segment adjusted net earnings attributable to common shareholders were $80 million for the first quarter which reflects our approximately 70% ownership stake following the stock distribution at year-end, compared with $80 million for the first quarter of 2025, which reflected our approximately 84% ownership stake Effective January 1, 2026, our presentation of investment income from alternative investments does not include fixed income assets. Prior periods are presented on a comparable basis to reflect the new definition of investment income from alternative investments F&G Segment adjusted net earnings of $80 million for the first quarter of 2026 included $4 million, or $0.01 per share, of expense from investment and other income true-up adjustments. Investment income from alternative investments was $31 million, or $0.12 per share, below the midpoint of management's long-term expected return of approximately 12% to 14% F&G Segment adjusted net earnings of $80 million for the first quarter of 2025 included $13 million of income from a reinsurance true-up adjustment. Investment income from alternative investments was $37 million below the midpoint of management's long-term expected return of approximately 12% to 14% As compared with the prior year quarter and excluding the above items, adjusted net earnings reflect asset growth, growing fees from accretive flow reinsurance, steady owned distribution margin and disciplined expense management driving scale benefit Please see "Segment Financial Results" for F&G under "Non-GAAP Measures and Other Information" for further explanation Conference Call
We will host a call with investors and analysts to discuss FNF's first quarter of 2026 results on Thursday, May 7, 2026, beginning at 11:00 a.m. Eastern Time. A live webcast of the conference call will be available on the Events and Multimedia page of the FNF Investor Relations website at fnf.com. The conference call replay will be available via webcast through the FNF Investor Relations website at fnf.com.
About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE: FNF) is a leading provider of title insurance and transaction services to the real estate and mortgage industries. FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States. More information about FNF can be found at fnf.com.
About F&G
F&G is part of the FNF family of companies. F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit fglife.com.
Use of Non-GAAP Financial Information
Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, this earnings release includes non-GAAP financial measures, which the Company believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include adjusted net earnings per share, adjusted pre-tax title earnings, adjusted pre-tax title earnings as a percentage of adjusted title revenue (adjusted pre-tax title margin), adjusted net earnings attributable to common shareholders (adjusted net earnings), assets under management (AUM), average assets under management (AAUM) and sales.
Management believes these non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. Our non-GAAP measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP measures in the same manner as we do.
The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. By disclosing these non-GAAP financial measures, FNF believes it offers investors a greater understanding of, and an enhanced level of transparency into, the means by which the Company's management operates the Company.
Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings, net earnings attributable to common shareholders, net earnings per share, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Further, FNF's non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided below.
Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business, political crisis, war and pandemic conditions, including ongoing geopolitical conflicts; consumer spending; government spending; the volatility and strength of the capital markets; investor and consumer confidence; foreign currency exchange rates; commodity prices; inflation levels; changes in trade policy; tariffs and trade sanctions on goods; trade wars; supply chain disruptions; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U.S. economy; our potential inability to find suitable acquisition candidates; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that F&G and our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries, including regulation of title insurance and services and privacy and data protection laws; systems damage, failures, interruptions, cyberattacks and intrusions, or unauthorized data disclosures; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of FNF's Form 10-K and other filings with the Securities and Exchange Commission.
FNF-E
CONTACT:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
[email protected]
515.330.3307
FIDELITY NATIONAL FINANCIAL, INC.
FIRST QUARTER SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
Consolidated
Title
F&G
Corporate and
Other
Elimination
Three Months Ended
March 31, 2026
Direct title premiums
$ 583
$ 583
$ —
$ —
$ —
Agency title premiums
788
788
—
—
—
Escrow, title related and other fees
1,111
588
496
27
—
Total title and escrow
2,482
1,959
496
27
—
Interest and investment income
822
91
723
36
(28)
Recognized gains and losses, net
(78)
(46)
(32)
—
—
Total revenue
3,226
2,004
1,187
63
(28)
Personnel costs
827
748
60
19
—
Agent commissions
608
608
—
—
—
Other operating expenses
398
340
33
25
—
Benefits & other policy reserve changes
484
—
484
—
—
Market risk benefit (gains) losses
73
—
73
—
—
Depreciation and amortization
215
35
173
7
—
Provision for title claim losses
62
62
—
—
—
Interest expense
61
—
41
20
—
Total expenses
2,728
1,793
864
71
—
Pre-tax earnings (loss)
$ 498
$ 211
$ 323
$ (8)
$ (28)
Income tax expense (benefit)
175
69
74
32
—
(Loss) earnings from equity investments
(2)
(2)
—
—
—
Non-controlling interests
78
4
74
—
—
Net earnings (loss) attributable to common shareholders
$ 243
$ 136
$ 175
$ (40)
$ (28)
EPS attributable to common shareholders - basic
$ 0.90
EPS attributable to common shareholders - diluted
$ 0.90
Weighted average shares - basic
269
Weighted average shares - diluted
269
FIDELITY NATIONAL FINANCIAL, INC.
FIRST QUARTER SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
Consolidated
Title
F&G
Corporate and
Other
Elimination
Three Months Ended
March 31, 2026
Net earnings (loss) attributable to common shareholders
$ 243
$ 136
$ 175
$ (40)
$ (28)
Pre-tax earnings (loss)
$ 498
$ 211
$ 323
$ (8)
$ (28)
Non-GAAP Adjustments
Recognized (gains) and losses, net
(117)
46
(163)
—
—
Market related liability adjustments
(37)
—
(37)
—
—
Purchase price amortization
27
11
15
1
—
Transaction and other costs
5
—
5
—
—
Adjusted pre-tax earnings (loss)
$ 376
$ 268
$ 143
$ (7)
$ (28)
Total non-GAAP, pre-tax adjustments
$ (122)
$ 57
$ (180)
$ 1
$ —
Income taxes on non-GAAP adjustments
34
(14)
48
—
—
Non-controlling interest on non-GAAP adjustments
37
—
37
—
—
Deferred tax asset valuation allowance
18
18
—
—
—
Tax expense related to change in FG tax basis
39
—
—
39
—
Total non-GAAP adjustments
$ 6
$ 61
$ (95)
$ 40
$ —
Adjusted net earnings (loss) attributable to common shareholders
$ 249
$ 197
$ 80
$ —
$ (28)
Adjusted EPS attributable to common shareholders - diluted
$ 0.93
FIDELITY NATIONAL FINANCIAL, INC.
FIRST QUARTER SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
Consolidated
Title
F&G
Corporate and
Other
Elimination
Three Months Ended
March 31, 2025
Direct title premiums
$ 510
$ 510
$ —
$ —
$ —
Agency title premiums
681
681
—
—
—
Escrow, title related and other fees
1,065
525
505
35
—
Total title and escrow
2,256
1,716
505
35
—
Interest and investment income
760
83
666
39
(28)
Recognized gains and losses, net
(287)
(25)
(263)
1
—
Total revenue
2,729
1,774
908
75
(28)
Personnel costs
770
672
67
31
—
Agent commissions
528
528
—
—
—
Other operating expenses
377
313
41
23
—
Benefits & other policy reserve changes
524
—
524
—
—
Market risk benefit (gains) losses
109
—
109
—
—
Depreciation and amortization
196
36
153
7
—
Provision for title claim losses
54
54
—
—
—
Interest expense
60
—
40
20
—
Total expenses
2,618
1,603
934
81
—
Pre-tax earnings (loss)
$ 111
$ 171
$ (26)
$ (6)
$ (28)
Income tax expense (benefit)
29
42
(5)
(8)
—
Earnings from equity investments
1
1
—
—
—
Non-controlling interests
—
3
(3)
—
—
Net earnings (loss) attributable to common shareholders
$ 83
$ 127
$ (18)
$ 2
$ (28)
EPS attributable to common shareholders - basic
$ 0.30
EPS attributable to common shareholders - diluted
$ 0.30
Weighted average shares - basic
273
Weighted average shares - diluted
273
FIDELITY NATIONAL FINANCIAL, INC.
FIRST QUARTER SEGMENT INFORMATION
(In millions, except per share data)
(Unaudited)
Consolidated
Title
F&G
Corporate and
Other
Elimination
Three Months Ended
March 31, 2025
Net earnings (loss) attributable to common shareholders
$ 83
$ 127
$ (18)
$ 2
$ (28)
Pre-tax earnings (loss)
$ 111
$ 171
$ (26)
$ (6)
$ (28)
Non-GAAP Adjustments
Recognized (gains) and losses, net
53
25
29
(1)
—
Market related liability adjustments
103
—
103
—
—
Purchase price amortization
32
15
15
2
—
Transaction costs
1
—
1
—
—
Adjusted pre-tax earnings (loss)
$ 300
$ 211
$ 122
$ (5)
$ (28)
Total non-GAAP, pre-tax adjustments
$ 189
$ 40
$ 148
$ 1
$ —
Income taxes on non-GAAP adjustments
(40)
(10)
(30)
—
—
Non-controlling interest on non-GAAP adjustments
(20)
—
(20)
—
—
Deferred tax asset valuation allowance
1
1
—
—
—
Total non-GAAP adjustments
$ 130
$ 31
$ 98
$ 1
$ —
Adjusted net earnings (loss) attributable to common shareholders
$ 213
$ 158
$ 80
$ 3
$ (28)
Adjusted EPS attributable to common shareholders - diluted
$ 0.78
FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY BALANCE SHEET INFORMATION
(In millions)
March 31,
2026
December 31,
2025
(Unaudited)
(Unaudited)
Cash and investment portfolio
$ 75,699
$ 75,831
Goodwill
5,216
5,272
Title plant
424
424
Total assets
111,499
109,014
Notes payable
4,402
4,400
Reserve for title claim losses
1,704
1,700
Secured trust deposits
802
731
Accumulated other comprehensive (loss) earnings
(1,895)
(1,678)
Non-controlling interests
1,465
1,548
Total equity and non-controlling interests
8,719
8,972
Total equity attributable to common shareholders
7,254
7,424
Non-GAAP Measures and Other Information
Title Segment
The table below reconciles pre-tax title earnings to adjusted pre-tax title earnings.
Three Months Ended
(Dollars in millions)
March 31,
2026
March 31,
2025
Pre-tax earnings
$ 211
$ 171
Non-GAAP adjustments before taxes
Recognized (gains) and losses, net
46
25
Purchase price amortization
11
15
Total non-GAAP adjustments
57
40
Adjusted pre-tax earnings
$ 268
$ 211
Adjusted pre-tax margin
13.1 %
11.7 %
FIDELITY NATIONAL FINANCIAL, INC.
QUARTERLY OPERATING STATISTICS
(Unaudited)
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Quarterly Opened Orders ('000's except % data)
Total opened orders*
389
332
370
366
343
299
352
344
Total opened orders per day*
6.4
5.3
5.8
5.8
5.6
4.7
5.5
5.5
Purchase % of opened orders
67 %
65 %
70 %
76 %
75 %
72 %
73 %
80 %
Refinance % of opened orders
33 %
35 %
30 %
24 %
25 %
28 %
27 %
20 %
Total closed orders*
234
259
250
246
201
232
232
229
Total closed orders per day*
3.8
4.1
3.9
3.9
3.3
3.7
3.6
3.6
Purchase % of closed orders
63 %
65 %
74 %
75 %
75 %
72 %
77 %
81 %
Refinance % of closed orders
37 %
35 %
26 %
25 %
25 %
28 %
23 %
19 %
Commercial (millions, except orders in '000's)
Total commercial revenue
$ 338
$ 479
$ 389
$ 333
$ 293
$ 376
$ 290
$ 273
Total commercial opened orders
55.2
51.4
54.8
54.1
52.6
47.5
50.8
50.7
Total commercial closed orders
28.0
32.9
30.8
29.6
26.0
28.9
25.9
25.7
National commercial revenue
$ 182
$ 277
$ 209
$ 178
$ 149
$ 208
$ 151
$ 145
National commercial opened orders
23.7
22.5
24.3
23.7
22.7
20.7
21.9
21.4
National commercial closed orders
11.7
14.2
13.1
12.0
10.2
11.8
10.4
9.8
Total Fee Per File
Fee per file
$ 3,655
$ 4,099
$ 3,994
$ 3,894
$ 3,761
$ 3,909
$ 3,708
$ 3,759
Residential fee per file
$ 2,776
$ 2,722
$ 2,908
$ 3,001
$ 2,776
$ 2,772
$ 2,881
$ 2,995
Total commercial fee per file
$ 12,100
$ 14,600
$ 12,600
$ 11,300
$ 11,300
$ 13,000
$ 11,200
$ 10,600
National commercial fee per file
$ 15,500
$ 19,500
$ 16,000
$ 14,900
$ 14,600
$ 17,600
$ 14,500
$ 14,800
Total Staffing
Total field operations employees
10,700
10,600
10,600
10,500
10,200
10,300
10,400
10,300
Actual title claims paid ($ millions)
$ 57
$ 80
$ 58
$ 66
$ 65
$ 75
$ 64
$ 70
Title Segment (continued)
FIDELITY NATIONAL FINANCIAL, INC.
MONTHLY TITLE ORDER STATISTICS
Direct Orders Opened *
Direct Orders Closed *
Month
/ (% Purchase)
/ (% Purchase)
January 2026
119,000
65 %
67,000
63 %
February 2026
124,000
65 %
75,000
62 %
March 2026
146,000
69 %
92,000
63 %
First Quarter 2026
389,000
67 %
234,000
63 %
Direct Orders Opened *
Direct Orders Closed *
Month
/ (% Purchase)
/ (% Purchase)
January 2025
107,000
76 %
62,000
74 %
February 2025
108,000
75 %
64,000
76 %
March 2025
128,000
74 %
75,000
75 %
First Quarter 2025
343,000
75 %
201,000
75 %
* Includes an immaterial number of non-purchase and non-refinance orders
F&G Segment
The table below reconciles net earnings (loss) attributable to common shareholders to adjusted net earnings attributable to common shareholders. The F&G Segment is reported net of noncontrolling minority interest.
Three Months Ended
(Dollars in millions)
March 31,
2026
March 31,
2025
Net earnings (loss) attributable to common shareholders
$ 175
$ (18)
Non-GAAP adjustments(1):
Recognized (gains) losses, net
(163)
29
Market related liability adjustments
(37)
103
Purchase price amortization
15
15
Transaction and other costs
5
1
Income taxes on non-GAAP adjustments
48
(30)
Non-controlling interest on non-GAAP adjustments
37
(20)
Adjusted net earnings (loss) attributable to common shareholders(1)
$ 80
$ 80
Effective January 1, 2026, our presentation of investment income from alternative investments does not include fixed income assets. Prior periods are presented on a comparable basis to reflect the new definition of investment income from alternative investments.
F&G Segment adjusted net earnings of $80 million for the first quarter of 2026 included $4 million, or $0.01 per share, of expense from investment and other income true-up adjustments. Investment income from alternative investments was $31 million, or $0.12 per share, below the midpoint of management's long-term expected return of approximately 12% to 14% F&G Segment adjusted net earnings of $80 million for the first quarter of 2025 included $13 million, or $0.05 per share, of income from a reinsurance true-up adjustment. Investment income from alternative investments was $37 million, or $0.14 per share, below the midpoint of management's long-term expected return of approximately 12% to 14% Footnotes:
1.
Non-GAAP financial measure. See the Non-GAAP Measures section below for additional information.
F&G Segment (continued)
The table below provides a summary of sales highlights.
Three months ended
(In millions)
March 31,
2026
March 31,
2025
Indexed annuities ("FIA/RILA")
$ 1,579
$ 1,461
Indexed universal life ("IUL")
44
43
Pension risk transfer ("PRT")
317
311
Subtotal: Core sales
1,940
1,815
Fixed rate annuities ("MYGA")
183
562
Funding agreements ("FABN/FHLB")
1,050
525
Subtotal: Opportunistic sales(2)
1,233
1,087
Gross sales(1)
3,173
2,902
Sales attributable to flow reinsurance to third parties(3)
(928)
(721)
Net sales(1)
2,245
2,181
Footnotes:
1.
Non-GAAP financial measure. See the Non-GAAP Measures section below for additional information.
2.
Opportunistic sales volumes fluctuate quarter to quarter depending on economics and market opportunity as we prioritize allocating capital to the highest return opportunities
3.
Sales attributable to flow reinsurance to third parties includes the reinsurance sidecar
DEFINITIONS
The following represents the definitions of non-GAAP measures used by the Company.
Adjusted Net Earnings attributable to common shareholders
Adjusted net earnings attributable to common shareholders (ANE) is a non-GAAP economic measure used to evaluate financial performance each period.
ANE eliminates the impact of specific items that are not indicative of the underlying economics of our business, including certain market volatility, asymmetrical and noneconomic accounting, nonrecurring items and other income and expense adjustments. These items are volatile in our reported GAAP earnings and are not indicative of the underlying profitability drivers reflected in the design and pricing of our products and/or our investment and hedging strategy, as such items fluctuate from period to period in a manner inconsistent with these drivers.
ANE provides information to enhance an investor's understanding of our results and underlying profitability drivers by removing the impact of short-term market volatility (i.e. recognized gains and losses, market risk benefits remeasurement gains and losses, derivative gains and losses), asymmetrical and non-economic accounting (i.e. derivatives and investment hedges that do not qualify for hedge accounting, deferred pension risk transfer deferred profit liability losses), and other adjustments.
ANE is calculated by adjusting net earnings or loss attributable to common shareholders to eliminate:
i.
Recognized (gains) and losses, net: the impact of net investment gains/losses, including changes in allowance for expected credit losses and other than temporary impairment ("OTTI") losses, recognized in operations; and the effects of changes in fair value of the reinsurance related embedded derivative and other derivatives, including interest rate swaps and forwards;
ii.
Market related liability adjustments: the impacts related to changes in the fair value, including both realized and unrealized gains and losses, of index product related derivatives and embedded derivatives, net of hedging cost; the impact of initial pension risk transfer deferred profit liability losses, including amortization from previously deferred pension risk transfer deferred profit liability losses; and the changes in the fair value of market risk benefits by deferring current period changes and amortizing that amount over the life of the market risk benefit;
iii.
Purchase price amortization: the impacts related to the amortization of certain intangibles (internally developed software, trademarks and value of distribution asset and the change in fair value of liabilities recognized as a result of acquisition activities);
iv.
Transaction costs: the impacts related to acquisition, integration and merger related items;
v.
Other and "non-recurring," "infrequent" or "unusual items": Other adjustments include removing any charges associated with U.S. guaranty fund assessments as these charges neither relate to the ordinary course of the Company's business nor reflect the Company's underlying business performance, but result from external situations not controlled by the Company. Further, Management excludes certain items determined to be "non-recurring," "infrequent" or "unusual" from adjusted net earnings when incurred if it is determined these expenses are not a reflection of the core business and when the nature of the item is such that it is not reasonably likely to recur within two years and/or there was not a similar item in the preceding two years;
vi.
Non-controlling interest on non-GAAP adjustments: the portion of the non-GAAP adjustments attributable to the equity interest of entities that FNF does not wholly own; and
vii.
Income taxes: the income tax impact related to the above-mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction
Recognized gains and losses are excluded from ANE as part of both adjustments (i) and (ii). As part of those two adjustments to ANE, all material recognized gains and losses are removed except for periodic settlements of interest rate swaps used to economically hedge floating rate investments.
While these adjustments are an integral part of the overall performance of FNF, market conditions and/or the non-operating nature of these items can overshadow the underlying performance of the core business. Accordingly, management considers this to be a useful measure internally and to investors and analysts in analyzing the trends of our operations. Adjusted net earnings should not be used as a substitute for net earnings (loss). However, we believe the adjustments made to net earnings (loss) in order to derive adjusted net earnings provide an understanding of our overall results of operations.
Assets Under Management (AUM)
AUM is comprised of the following components and is reported net of reinsurance assets ceded in accordance with GAAP:
i.
total invested assets at amortized cost, excluding investments in unconsolidated affiliates, owned distribution and derivatives;
ii.
investments in unconsolidated affiliates at carrying value;
iii.
related party loans and investments;
iv.
accrued investment income;
v.
the net payable/receivable for the purchase/sale of investments; and
vi.
cash and cash equivalents excluding derivative collateral at the end of the period.
Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio that is retained.
AUM before Flow Reinsurance
AUM before Flow Reinsurance is comprised of components consistent with AUM, but also includes flow reinsured assets.
Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio including reinsured assets.
Average Assets Under Management (AAUM)
AAUM is calculated as AUM at the beginning of the period and the end of each month in the period, divided by the total number of months in the period plus one.
Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the rate of return on retained assets.
Sales
Annuity, IUL, funding agreement and non-life contingent PRT sales are not derived from any specific GAAP income statement accounts or line items and should not be viewed as a substitute for any financial measure determined in accordance with GAAP. Sales from these products are recorded as deposit liabilities (i.e., contractholder funds) within the Company's consolidated financial statements in accordance with GAAP. Life contingent PRT sales are recorded as premiums in revenues within the consolidated financial statements. Management believes that presentation of sales, as measured for management purposes, enhances the understanding of our business and helps depict longer term trends that may not be apparent in the results of operations due to the timing of sales and revenue recognition.
DES MOINES, Iowa, May 7, 2026 /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) ("F&G") today announced that its Board of Directors has declared a quarterly cash dividend in the amount of $0.25 per common share. The dividend will be payable on June 30, 2026, to stockholders of record as of June 16, 2026.
F&G Annuities & Life NYSE: FG reported a “solid start” to the year, with management highlighting record assets under management, higher sales and continued movement toward a more fee-based, capital-light business model during the company's first-quarter earnings call.
NEW YORK, May 13, 2026 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P MidCap 400, S&P SmallCap 600: SharkNinja (NYSE: SN) will replace Flowers Foods Inc. (NYSE: FLO) in the S&P MidCap 400, and Flowers Foods will replace CSG Systems Intl Inc. (NASD: CSGS) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, May 18. NEC Corporation (TSE: 6701) is acquiring CSG Systems Intl in a deal expected to close soon, pending final closing conditions.
F&G Annuities & Life remains deeply undervalued, trading well below book value despite manageable private credit and alternative investment risks. FG's investment portfolio is conservatively structured, with 97% investment-grade fixed income and limited software sector exposure, supporting downside protection. Strategic alternatives for the Peak unit and a shift toward fee-based earnings could unlock additional value and diversify revenue streams.
In its upcoming report, JFrog Ltd. (FROG - Free Report) is predicted by Wall Street analysts to post quarterly earnings of $0.22 per share, reflecting an increase of 10% compared to the same period last year. Revenues are forecasted to be $147.33 million, representing a year-over-year increase of 20.4%.
Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.
Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.
That said, let's delve into the average estimates of some JFrog metrics that Wall Street analysts commonly model and monitor.
According to the collective judgment of analysts, 'Revenue- License- self-managed' should come in at $7.36 million. The estimate suggests a change of +23.1% year over year.
The consensus estimate for 'Revenue- Subscription- self-managed and SaaS' stands at $139.90 million. The estimate indicates a change of +20.2% from the prior-year quarter.
It is projected by analysts that the 'Revenue- Subscription- SaaS' will reach $72.22 million. The estimate suggests a change of +37.3% year over year.
The combined assessment of analysts suggests that 'Revenue- Self-managed subscription- Subscription' will likely reach $67.71 million. The estimate suggests a change of +6.1% year over year.
The consensus among analysts is that 'Revenue- Self-managed subscription' will reach $75.12 million. The estimate indicates a change of +7.6% from the prior-year quarter.
View all Key Company Metrics for JFrog here>>>
Over the past month, JFrog shares have recorded returns of +10.9% versus the Zacks S&P 500 composite's +10.3% change. Based on its Zacks Rank #3 (Hold), FROG will likely exhibit a performance that aligns with the overall market in the upcoming period. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
SUNNYVALE, Calif.--(BUSINESS WIRE)--JFrog Ltd. (“JFrog”) (Nasdaq: FROG), the creators of the JFrog Software Supply Chain Platform, the system of record for trusted software artifacts, binaries, and AI assets, today announced financial results for its first quarter 2026, ended March 31, 2026.
“Q1 was a solid quarter, with strong performance across revenue, cloud growth, and all key metrics, reflecting consistent execution by our global team,” said Shlomi Ben Haim, CEO and Co-founder of JFrog.
Share “Q1 was a solid quarter, with strong performance across revenue, cloud growth, and all key metrics, reflecting consistent execution by our global team,” said Shlomi Ben Haim, CEO and Co-founder of JFrog. “Our cloud business acceleration was fueled by surging demand from development organizations leveraging AI-powered coding agents to build and ship software at increasing scale. At the same time, we are seeing powerful momentum in our security business, as customers standardize on JFrog as their end-to-end platform, built on Artifactory as the system of record to govern, manage, and secure binaries at scale in the face of escalating software supply chain threats.”
First Quarter 2026 Financial Highlights
Revenue for the first quarter of 2026 was $154.0 million, up 26% year-over-year. GAAP Gross Profit was $120.4 million; GAAP Gross Margin was 78.2%. Non-GAAP Gross Profit was $129.0 million; Non-GAAP Gross Margin was 83.8%. GAAP Operating Loss was ($12.9) million; GAAP Operating Margin was (8.4%). Non-GAAP Operating Income was $32.9 million; Non-GAAP Operating Margin was 21.4%. GAAP Net Loss Per Share was ($0.07); Non-GAAP Diluted Earnings Per Share was $0.27. Operating Cash Flow was $38.4 million; Free Cash Flow of $37.3 million. Cash, Cash Equivalents and Investments were $741.2 million as of March 31, 2026. Remaining performance obligations were $574.9 million as of March 31, 2026. Recent Business & Product Highlights
Cloud revenue equaled $78.9 million during the first quarter of 2026, an increase of 50% year-over-year. Cloud revenue represented 51% of total revenue, compared to 43% in the year-ago period. Net Dollar Retention rate for the trailing four quarters was 120%. Customers with greater than $1 million ARR increased to 80, up from 54 in the year-ago period. Customers with greater than $100K ARR increased to 1,225 compared with 1,051 in the year-ago period. Customers adopting the end-to-end JFrog Platform Enterprise+ subscription represented 58% of total revenue during the first quarter of 2026, versus 55% in the year-ago period. Announced board authorization of up to $300 million share repurchase program. Launched JFrog MCP Registry as the first enterprise-grade registry for MCP servers. Launched JFrog Skills Registry alongside NVIDIA to bring a trust layer to AI agent skills. Second Quarter and Fiscal Year 2026 Outlook
Second Quarter 2026 Outlook: Revenue between $154 million and $156 million Non-GAAP operating income between $28 million and $30 million Non-GAAP net income per diluted share between $0.23 and $0.25, assuming approximately 126 million weighted average diluted shares outstanding Fiscal Year 2026 Outlook: Revenue between $628 million to $632 million Non-GAAP operating income between $112 million and $116 million Non-GAAP net income per diluted share between $0.93 and $0.97, assuming approximately 128 million weighted average diluted shares outstanding The section titled "Non-GAAP Financial Information" below describes our usage of non-GAAP financial measures. Reconciliations between historical GAAP and non-GAAP information are contained at the end of this press release following the accompanying financial data.
Conference Call Details
Event: JFrog’s First Quarter 2026 Financial Results Conference Call Date: Thursday, May 7, 2026 Time: 2:00 p.m. PT (5:00 p.m. ET) A live webcast of the conference call will be accessible from the investor relations website at https://investors.jfrog.com/events-and-presentations.
About JFrog
JFrog Ltd. (Nasdaq: FROG), the creators of the unified DevOps, DevSecOps, DevGovOps and MLOps platform, is on a mission to create a world of software delivered without friction from development to production. Driven by a “Liquid Software” vision, the JFrog Platform is a software supply chain system of record that is designed to power organizations as they build, manage, and distribute secure software with speed and scale. Holistic security features help identify, protect, and remediate against threats and vulnerabilities. The universal, hybrid, multi-cloud JFrog Platform is available as both SaaS services across major cloud service providers and self-hosted. Millions of users and approximately 6,600 organizations worldwide, including a majority of the Fortune 100, depend on JFrog solutions to securely embrace digital transformation in the AI era. Learn more at www.jfrog.com or follow us on X @JFrog.
Disclosure Information
JFrog routinely posts important information for investors on its website (https://investors.jfrog.com and, more specifically, under the News tab at https://investors.jfrog.com/news). JFrog intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation Fair Disclosure promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor JFrog’s investor relations web site, in addition to following JFrog’s press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, JFrog’s website is not incorporated by reference into, and is not a part of, this document.
Forward-Looking Statements:
This press release and the earnings call referencing this press release contain “forward-looking” statements, as that term is defined under the U.S. federal securities laws, including but not limited to statements regarding JFrog’s future financial performance, including our outlook for the second quarter and for the full year of 2026, expectations regarding the market and revenue potential for the JFrog Platform, including JFrog Artifactory, JFrog Xray, JFrog Curation, JFrog Advanced Security, JFrog ML, JFrog AppTrust, JFrog AI Catalog and JFrog Runtime Security, and including the efficacy and benefit of integrating of any of the foregoing with other products and platform, our expectations regarding the mission-critical nature of the “JFrog Platform” to our customers’ infrastructure and its growth potential, expectations regarding the adoption of AI and the use of AI agents, the growth potential of our cloud business, including hybrid and multi-cloud, our expectations regarding potential for growth in and market opportunities within DevOps, DevSecOps, DevGovOps, Security, AI, and MLOps, our ability to provide effective tools and solutions to detect and remediate security vulnerabilities, our expectations regarding our strategic integrations and collaborations, the ability of our strategic sales team to grow the business across top-tier accounts, our ability to expand usage of our platform in the government and commercial sectors, our ability to contribute data to global security standards bodies, our ability to innovate and meet market demands and the software supply chain needs of our customers and our expectations regarding the integration and adoption of MLOps technologies into our business, including our ability to successfully integrate into our business operations, and expectations regarding customer expansions.
These forward-looking statements are based on JFrog’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause JFrog’s actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement.
There are a significant number of factors that could cause actual results to differ materially from statements made in this press release and our earnings call, including but not limited to: risks associated with managing our rapid growth; our history of losses; our limited operating history; our ability to retain and upgrade existing customers; our ability to attract new customers; our ability to effectively develop and expand our sales and marketing capabilities; our ability to integrate and realize anticipated synergies from acquisitions of complementary businesses and our strategic collaborations; risk of a security breach incident or product vulnerability; risk of interruptions or performance problems associated with our products and platform capabilities; our ability to adapt and respond to rapidly changing technology or customer needs; our ability to compete in the markets in which we participate; our ability to successfully integrate technology from acquisitions into our offerings; our ability to provide continuity to our respective customers and realize innovation following our acquisitions; and general market, political, economic, and business conditions, including uncertainty in the current macroeconomic environment. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our filings with the Securities and Exchange Commission, including in our annual report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 13, 2026, our quarterly reports on Form 10-Q, and other filings and reports that we may file from time to time with the Securities and Exchange Commission. Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. We disclaim any obligation to update forward-looking statements, except as required by law.
About Non-GAAP Financial Measures:
JFrog discloses the following non-GAAP financial measures in this release and the earnings call referencing this press release: non-GAAP operating income (loss), non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses (research and development, sales and marketing, general and administrative), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per diluted share, non-GAAP net income (loss) per basic share, and free cash flow. JFrog uses each of these non-GAAP financial measures internally to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short- and long-term operating plans, and to evaluate JFrog’s financial performance. JFrog believes they are useful to investors, as a supplement to GAAP measures, in evaluating its operational performance, as further discussed below. JFrog’s non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in its industry, as other companies in its industry may calculate non-GAAP financial results differently, particularly related to non-recurring and unusual items. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on JFrog’s reported financial results.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, reconciling items that may be incurred in the future such as share-based compensation, the effect of which may be significant.
JFrog defines non-GAAP gross profit, non-GAAP operating expenses (research and development, sales and marketing, general and administrative), non-GAAP gross margin, non-GAAP operating margin, non-GAAP operating income (loss) and non-GAAP net income (loss) as the respective GAAP balances, adjusted for, as applicable: (1) share-based compensation expense; (2) the amortization of acquired intangibles; (3) acquisition-related costs; and (4) income tax effects. JFrog defines free cash flow as Net cash provided by (used in) operating activities, minus capital expenditures. Investors are encouraged to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measures.
Management believes these non-GAAP financial measures are useful to investors and others in assessing JFrog’s operating performance due to the following factors:
Share-based compensation. JFrog utilizes share-based compensation to attract and retain employees. It is principally aimed at aligning their interests with those of its shareholders and at long-term retention, rather than to address operational performance for any particular period. As a result, share-based compensation expenses vary for reasons that are generally unrelated to financial and operational performance in any particular period.
Amortization of acquired intangibles. JFrog views amortization of acquired intangible assets as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are evaluated for impairment regularly, amortization of the cost of acquired intangibles is an expense that is not typically affected by operations during any particular period.
Acquisition-related costs. Acquisition-related costs include expenses related to acquisitions of other companies. JFrog views acquisition-related costs as expenses that are not necessarily reflective of operational performance during a period.
Income tax effects. JFrog’s non-GAAP financial results are adjusted for income tax effects related to these non-GAAP adjustments and changes in our assessment regarding the realizability of our deferred tax assets, if any. Excluding income tax effects of non-GAAP adjustments provides a more accurate view of JFrog’s operating results.
Non-GAAP weighted average share count. Diluted GAAP and non-GAAP weighted-average shares are the same, except in periods that there is a GAAP loss and a non-GAAP income. The non-GAAP weighted-average shares used to compute the non-GAAP net income per share - diluted are adjusted to reflect dilution equal to the dilutive impact had there been GAAP income.
Additionally, JFrog’s management believes that the non-GAAP financial measure, free cash flow, is meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures due to the fact that these expenditures are considered to be a necessary component of ongoing operations.
Operating Metrics
JFrog’s number of customers with annual recurring revenue (“ARR”) of $100,000 or more is based on the ARR of each customer, as of the last month of the quarter. JFrog’s number of customers with ARR of $1 million or more is based on the ARR of each customer, as of the last month of the quarter. JFrog defines ARR as the annualized revenue run-rate of subscription agreements from all customers as of the last month of the quarter. The ARR includes monthly subscription customers, so long as JFrog generates revenue from these customers. JFrog annualizes its monthly subscriptions by taking the revenue it would contractually expect to receive from such customers in a given month and multiplying it by 12.
JFrog’s net dollar retention rate compares its ARR from the same set of customers across comparable periods. JFrog calculates net dollar retention rate by first identifying customers (the “Base Customers”), which were customers in the last month of a particular quarter (the “Base Quarter”). JFrog then calculates the contracted ARR from these Base Customers in the last month of the same quarter of the subsequent year (the “Comparison Quarter”). This calculation captures upsells, contraction, and attrition since the Base Quarter. JFrog then divides total Comparison Quarter ARR by total Base Quarter ARR for Base Customers. JFrog’s net dollar retention rate in a particular quarter is obtained by averaging the result from that particular quarter with the corresponding results from each of the prior three quarters.
JFROG LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data; unaudited)
Three Months Ended March 31,
2026
2025
Revenue:
Subscription—self-managed and SaaS
$
146,282
$
116,425
License—self-managed
7,695
5,982
Total subscription revenue
153,977
122,407
Cost of revenue:
Subscription—self-managed and SaaS(1)(3)
33,600
30,065
License—self-managed(3)
—
116
Total cost of revenue—subscription
33,600
30,181
Gross profit
120,377
92,226
Operating expenses:
Research and development(1)(2)
51,812
43,335
Sales and marketing(1)(2)(3)
57,752
52,812
General and administrative(1)(2)
23,744
19,049
Total operating expenses
133,308
115,196
Operating loss
(12,931
)
(22,970
)
Interest and other income, net
7,152
5,965
Loss before income taxes
(5,779
)
(17,005
)
Income tax expense
2,488
1,498
Net loss
$
(8,267
)
$
(18,503
)
Net loss per share - basic and diluted
$
(0.07
)
$
(0.16
)
Weighted-average shares used in computing net loss per share, basic and diluted
120,159
113,447
(1) Includes share-based compensation expense as follows:
Cost of revenue: subscription—self-managed and SaaS
$
4,093
$
4,201
Research and development
14,210
13,977
Sales and marketing
12,809
12,730
General and administrative
8,515
5,937
Total share-based compensation expense
$
39,627
$
36,845
(2) Includes acquisition-related costs as follows:
Research and development
$
1,086
$
1,180
Sales and marketing
466
463
General and administrative
19
15
Total acquisition-related costs
$
1,571
$
1,658
(3) Includes amortization of acquired intangibles as follows:
Cost of revenue: subscription–self-managed and SaaS
$
4,498
$
4,499
Cost of revenue: license—self-managed
—
116
Sales and marketing
175
1,202
Total amortization of acquired intangible assets
$
4,673
$
5,817
JFROG LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands; unaudited)
March 31, 2026
December 31, 2025
Assets
Current assets:
Cash and cash equivalents
$
60,966
$
75,840
Short-term investments
680,278
628,574
Accounts receivable, net
113,708
119,948
Deferred contract acquisition costs
23,011
22,259
Prepaid expenses and other current assets
26,844
26,390
Total current assets
904,807
873,011
Property and equipment, net
6,504
5,536
Deferred contract acquisition costs, noncurrent
34,293
34,304
Operating lease right-of-use assets
16,163
12,063
Intangible assets, net
35,235
39,908
Goodwill
371,512
371,512
Other assets, noncurrent
4,694
5,043
Total assets
$
1,373,208
$
1,341,377
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable
$
16,627
$
14,168
Accrued expenses and other current liabilities
67,183
77,970
Operating lease liabilities
5,220
5,780
Deferred revenue
311,135
309,604
Total current liabilities
400,165
407,522
Deferred revenue, noncurrent
30,336
32,400
Operating lease liabilities, noncurrent
11,227
6,676
Other liabilities, noncurrent
7,482
7,332
Total liabilities
449,210
453,930
Shareholders’ equity:
Ordinary shares
340
335
Additional paid-in capital
1,361,165
1,312,833
Accumulated other comprehensive income
2,247
5,766
Accumulated deficit
(439,754
)
(431,487
)
Total shareholders’ equity
923,998
887,447
Total liabilities and shareholders’ equity
$
1,373,208
$
1,341,377
JFROG LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands; unaudited)
Three Months Ended March 31,
2026
2025
Cash flows from operating activities:
Net loss
$
(8,267
)
$
(18,503
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
5,561
6,714
Share-based compensation expense
39,627
36,845
Non-cash operating lease expense
2,063
2,118
Net amortization of premium or discount on investments
(923
)
(1,559
)
Gains on foreign exchange
(74
)
(82
)
Changes in operating assets and liabilities:
Accounts receivable
6,335
6,495
Prepaid expenses and other assets
(2,405
)
184
Deferred contract acquisition costs
(741
)
(751
)
Accounts payable
1,578
(628
)
Accrued expenses and other liabilities
(1,768
)
(1,134
)
Operating lease liabilities
(2,097
)
(2,207
)
Deferred revenue
(533
)
1,300
Net cash provided by operating activities
38,356
28,792
Cash flows from investing activities:
Purchases of short-term investments
(165,647
)
(148,968
)
Maturities of short-term investments
113,638
103,833
Purchases of property and equipment
(1,070
)
(647
)
Net cash used in investing activities
(53,079
)
(45,782
)
Cash flows from financing activities:
Proceeds from exercise of share options
554
3,752
Proceeds from employee share purchase plan
8,156
6,294
Proceeds from employee equity transactions, net of payments to tax authorities and employees
(8,860
)
1,459
Net cash provided by (used in) financing activities
(150
)
11,505
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(1
)
(34
)
Net decrease in cash, cash equivalents, and restricted cash
(14,874
)
(5,519
)
Cash, cash equivalents, and restricted cash—beginning of period
76,551
50,627
Cash, cash equivalents, and restricted cash—end of period
$
61,677
$
45,108
Reconciliation of cash, cash equivalents, and restricted cash within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows above:
Cash and cash equivalents
$
60,966
$
44,350
Restricted cash included in prepaid expenses and other current assets
711
758
Total cash, cash equivalents, and restricted cash
$
61,677
$
45,108
JFROG LTD.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(in thousands except per share data; unaudited)
Three Months Ended March 31,
2026
2025
Reconciliation of gross profit and gross margin
GAAP gross profit
$
120,377
$
92,226
Plus: Share-based compensation expense
4,093
4,201
Plus: Amortization of acquired intangibles
4,498
4,615
Non-GAAP gross profit
$
128,968
$
101,042
GAAP gross margin
78.2
%
75.3
%
Non-GAAP gross margin
83.8
%
82.5
%
Reconciliation of operating expenses
GAAP research and development
$
51,812
$
43,335
Less: Share-based compensation expense
(14,210
)
(13,977
)
Less: Acquisition-related costs
(1,086
)
(1,180
)
Non-GAAP research and development
$
36,516
$
28,178
GAAP sales and marketing
$
57,752
$
52,812
Less: Share-based compensation expense
(12,809
)
(12,730
)
Less: Acquisition-related costs
(466
)
(463
)
Less: Amortization of acquired intangibles
(175
)
(1,202
)
Non-GAAP sales and marketing
$
44,302
$
38,417
GAAP general and administrative
$
23,744
$
19,049
Less: Share-based compensation expense
(8,515
)
(5,937
)
Less: Acquisition-related costs
(19
)
(15
)
Non-GAAP general and administrative
$
15,210
$
13,097
Reconciliation of operating income (loss) and operating margin
GAAP operating loss
$
(12,931
)
$
(22,970
)
Plus: Share-based compensation expense
39,627
36,845
Plus: Acquisition-related costs
1,571
1,658
Plus: Amortization of acquired intangibles
4,673
5,817
Non-GAAP operating income
$
32,940
$
21,350
GAAP operating margin
(8.4
)%
(18.8
)%
Non-GAAP operating margin
21.4
%
17.4
%
Reconciliation of net income (loss)
GAAP net loss
$
(8,267
)
$
(18,503
)
Plus: Share-based compensation expense
39,627
36,845
Plus: Acquisition-related costs
1,571
1,658
Plus: Amortization of acquired intangibles
4,673
5,817
Less: Income tax effects
(3,420
)
(2,540
)
Non-GAAP net income
$
34,184
$
23,277
Net income per share - basic
$
0.28
$
0.21
Net income per share - diluted
$
0.27
$
0.20
Shares used in non-GAAP net income per share calculations:
GAAP weighted-average shares used to compute net loss per share - basic and diluted
120,159
113,447
Add: Dilutive ordinary share equivalents
5,178
5,027
Non-GAAP weighted-average shares used to compute net income per share - diluted
125,337
118,474
JFROG LTD.
RECONCILIATION OF GAAP CASH FLOW FROM OPERATING ACTIVITIES TO FREE CASH FLOW
JFrog raised its full-year outlook after first-quarter earnings and revenue topped Wall Street expectations, with the company saying AI coding agents are driving cloud demand.
JFrog Ltd. (FROG - Free Report) came out with quarterly earnings of $0.27 per share, beating the Zacks Consensus Estimate of $0.22 per share. This compares to earnings of $0.2 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +24.60%. A quarter ago, it was expected that this company would post earnings of $0.19 per share when it actually produced earnings of $0.22, delivering a surprise of +15.79%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
JFrog, which belongs to the Zacks Internet - Software industry, posted revenues of $153.98 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 4.51%. This compares to year-ago revenues of $122.41 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
JFrog shares have lost about 13.9% since the beginning of the year versus the S&P 500's gain of 7.6%.
What's Next for JFrog?While JFrog has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for JFrog was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.21 on $151.79 million in revenues for the coming quarter and $0.90 on $626.53 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Software is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, uCloudlink Group Inc. Sponsored ADR (UCL - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on May 13.
This company is expected to post quarterly loss of $0.07 per share in its upcoming report, which represents a year-over-year change of -250%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
uCloudlink Group Inc. Sponsored ADR's revenues are expected to be $16 million, down 14.7% from the year-ago quarter.
The headline numbers for JFrog (FROG) give insight into how the company performed in the quarter ended March 2026, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
JFrog is outperforming peers, driven by clear AI tailwinds and robust usage-based growth. FROG's revenue rose 26% y/y in Q1, with net retention at 120% and pro forma margins above 21%. Valuation is stretched at 11.3x EV/FY26 revenue and 47.7x EV/FY26 FCF, with significant stock-based comp diluting cash flow quality.
Budget carriers like Breeze, Allegiant and Frontier are swooping in on Spirit's former routes as well as circling its valuable takeoff and landing slots at bigger airports.
Alex Sacerdote doesn’t chase trends. He positions ahead of them, then waits for everyone else to catch up. His firm, Whale Rock Capital Management, built a reputation doing exactly that — calling the cloud computing boom early, loading up on AI infrastructure before it was a consensus trade, and posting 54% returns in 2024 while most investors were still arguing about whether the AI rally had legs.
Now Whale Rock’s latest 13-F filing reveals five stocks Sacerdote was quietly buying in Q1 — and none of them are the household names you’d expect from a fund with a $10 billion AI thesis. No Nvidia. No Microsoft. Instead, Sacerdote is moving into the less-covered infrastructure layer: the test equipment makers, the semiconductor tool suppliers, the DevOps platforms — the companies that don’t make the headlines but don’t miss the upside either.
This matters because Whale Rock has a track record of being early and right. When the firm builds a new position, it’s not a diversification play — it’s a conviction bet built on thousands of management meetings and a research process that traces back to Sacerdote’s years as a Fidelity sector portfolio manager. These five stocks represent where one of the most closely watched technology investors on Wall Street thinks the next S-curve begins.
Who Is Whale Rock — and Why Does It Matter What They Buy?
Few hedge funds embody concentrated conviction investing quite like Whale Rock Capital Management. Founded in 2006 by Alex Sacerdote, the Boston-based firm built its reputation doing one thing exceptionally well: identifying massive technological shifts early and betting aggressively on the companies most likely to dominate them.
Sacerdote didn’t come from nowhere. Before launching Whale Rock, he spent years at Fidelity Investments as both an analyst and sector portfolio manager focused on technology stocks. Before Fidelity, he worked in technology, media, and telecommunications investment banking at Citigroup, and held an operating role at an internet advertising startup during the first dot-com era.
The core intellectual framework is what Sacerdote calls the “S-curve” approach. Technological adoption tends to move slowly at first, then accelerates dramatically as it reaches critical mass, before eventually flattening out. The trick is identifying where an industry or company sits on that curve before Wall Street fully appreciates the magnitude of the coming growth. Sacerdote built Whale Rock around finding those inflection points.
The returns have been exceptional, though not without volatility. Institutional Investor reported that Whale Rock’s long-only fund gained 59.3% in 2023. The flagship hedge fund followed with a roughly 54% gain in 2024 as AI-related positions surged, propelling Sacerdote onto Institutional Investor’s annual list of the highest-earning hedge fund managers.
Whale Rock also differentiates itself through research intensity. The investment team reportedly conducts thousands of meetings annually with company management teams, suppliers, customers, and industry experts to identify durable competitive advantages before they show up in earnings estimates.
In many ways, Whale Rock represents the evolution of the old Fidelity growth-investing culture into the modern AI era — deep fundamental research discipline married to a concentrated hedge fund structure focused almost entirely on technological disruption. When Sacerdote and his team build a large position, Wall Street pays attention.
The Five Stocks Whale Rock Was Buying in Q1
1. Viavi Solutions (VIAV)
Viavi Solutions is the kind of technology infrastructure company that rarely generates excitement — and quietly becomes indispensable. The company dominates niche areas of optical networking test equipment, network monitoring, and communications infrastructure diagnostics. As hyperscale data centers, AI clusters, telecom networks, and cloud infrastructure grow more complex, the need to test and validate those systems grows with them.
2. Advanced Energy Industries (AEIS)
Advanced Energy Industries sits at the center of several secular growth trends Whale Rock has aggressively pursued for years. The company provides highly engineered power conversion systems used in semiconductor manufacturing, industrial applications, data centers, and precision manufacturing environments.
3. MKS Instruments (MKSI)
MKS Instruments fits naturally alongside AEIS in the Whale Rock framework. MKS supplies critical process technologies, lasers, vacuum systems, photonics components, and advanced manufacturing tools tied heavily to semiconductor fabrication and industrial automation. After its acquisition of Atotech expanded its electronics and specialty manufacturing footprint, MKSI became even more deeply embedded in the advanced electronics supply chain.
4. Klaviyo (KVYO)
Whale Rock has historically excelled at identifying software businesses sitting at the intersection of data, automation, and recurring revenue growth. KVYO’s strong organic growth, high gross margins, and expanding enterprise opportunity fit naturally within Sacerdote’s S-curve investing framework. The company also carries the operating leverage growth investors love to see as software firms mature and scale.
5. JFrog (FROG)
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Key Takeaways: Anthropic's Project Glasswing, an industry-wide initiative built around the restricted-access Claude Mythos Preview model, is bringing frontier AI into vulnerability discovery at scale, with 12 launch partners and more than 40 additional organizations participating.
SUNNYVALE, Calif.--(BUSINESS WIRE)---- $FROG #AI--JFrog delivers its 2026 Software Supply Chain Security State of the Union report, which details the hidden costs of AI at scale.
JFrog NASDAQ: FROG executives said the company's cloud business is benefiting from rising software usage tied in part to artificial intelligence experimentation, but management emphasized that it is maintaining a conservative forecasting approach because customer usage patterns remain uncertain.
JFrog NASDAQ: FROG is seeing continued demand from enterprise artificial intelligence activity, with cloud usage benefiting from experimentation around coding agents and model development, Jeff Schreiner, the company's head of investor relations, said during a conference discussion with analyst Andrew Sherman.
On CNBC's “Mad Money Lightning Round,” Jim Cramer said about JFrog Ltd (NASDAQ:FROG) that the multiple "is too high," although software development "is a good business." The stock has risen more than 40% year-to-date, against the backdrop of exploding demand for AI coding agents and LLMs (large language models).
SUNNYVALE, Calif.--(BUSINESS WIRE)---- $FROG #AI--JFrog and Anthropic Bring Enterprise-Grade Software Supply Chain Governance and Security to Claude Code.
As Wall Street pours billions into artificial intelligence (AI) infrastructure, Oxbow Advisors founder Ted Oakley says investors are ignoring the massive energy and commodity demand needed to power the AI boom — creating an opportunity in beaten-down energy stocks.
A 64-year-old retiree with $475,000 who wants to generate $2,800 per month, or $33,600 annually, from dividends alone needs a portfolio yield of roughly 7%. That is simply the arithmetic. With the S&P 500 yielding well under 2%, a traditional index-fund portfolio falls far short of producing that level of income without selling shares. The... A $475,000 Portfolio That Quietly Pays $2,800 a Month From Just Two Sectors Most Investors Ignore
MLPs remain highly attractive for income investors due to defensive cash flows, CPI-linked contracts, and yields averaging ~7.5%. Recent MLP price surges do not signal overvaluation; current valuations are not detached given sector fundamentals and macro risks. MLPs have deleveraged, consolidated, and now benefit from higher inflation expectations and a flight-to-quality dynamic.
Pulling in $9,800 a month from a portfolio without selling a single share is the kind of math that can completely reshape a retirement plan. That works out to $117,600 a year, roughly four times the median U.S. monthly mortgage payment of about $2,200 for principal and interest. For a 64-year-old couple with a paid-off... A $1.7 Million Portfolio That Quietly Pays $9,800 a Month and Outpaces the Median U.S. Mortgage Payment Twice Over
MPLX LP stands out as my top MLP pick, offering a compelling combination of high yield, robust distribution growth, and lower risk relative to peers. MPLX units yield nearly 8%, trade at ~12x earnings, and management guides to 12.5% annual distribution growth through 2027, outpacing Enterprise Products Partners. The company's fee-based, long-term contracts and strategic ties to Marathon Petroleum Corporation provide stable, predictable cash flows and strong downside protection.
MPLX stands out as a leading midstream MLP, driven by steady natural gas and NGL expansion and robust distribution growth. With a 1.3X distribution coverage and a 12.5% Y/Y distribution increase, MPLX offers compelling yield and growth for income-focused investors. MPLX trades at an attractive 11.2X forward EV/EBITDA, comparable to peers like EPD, and is well-positioned for accretive pipeline acquisitions.
MPLX LP offers a 7.5% yield, with management targeting 12.5% distribution growth in 2026 and 2027. Strong cash flow visibility, disciplined capital allocation, and a robust balance sheet support the distribution growth thesis. I estimate MPLX's fair value at $64.5/unit, implying 14% upside if leverage moderates and growth materializes as planned.
MPLX LP offers a near 8% yield with a multi-year plan for 12.5% distribution growth, but units now trade just above fair value. I downgrade MPLX to a "Hold," as major growth projects are on schedule but back-weighted to late 2026, with leverage expected to normalize to 3.5x by 2027. Distribution coverage remains robust at 1.3x, with management reiterating double-digit distribution growth through 2027 and a stable investment-grade balance sheet.
Investors with an interest in Oil and Gas - Production and Pipelines stocks have likely encountered both Transportadora De Gas Sa Ord B (TGS) and MPLX LP (MPLX). But which of these two stocks is more attractive to value investors?
