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Atlantic Union (AUB - Free Report) came out with quarterly earnings of $0.94 per share, beating the Zacks Consensus Estimate of $0.92 per share. This compares to earnings of $0.95 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +2.17%. A quarter ago, it was expected that this holding company for Atlantic Union Bank would post earnings of $0.88 per share when it actually produced earnings of $0.89, delivering a surprise of +1.14%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Atlantic Union, which belongs to the Zacks Banks - Northeast industry, posted revenues of $419.93 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 6.32%. This compares to year-ago revenues of $407.26 million. The company has topped consensus revenue estimates two 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.

Atlantic Union shares have added about 19.1% since the beginning of the year versus the S&P 500's gain of 8.7%.

What's Next for Atlantic Union?While Atlantic Union has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Atlantic Union 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 $0.96 on $394.02 million in revenues for the coming quarter and $3.74 on $1.56 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Northeast is currently in the top 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Carter Bankshares, Inc. (CARE - Free Report) , is yet to report results for the quarter ended June 2026.

This company is expected to post quarterly earnings of $0.41 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Carter Bankshares, Inc.'s revenues are expected to be $66.73 million, up 78.2% from the year-ago quarter.

Posted by Defense World Staff on Jul 21st, 2026

Baader Bank Aktiengesellschaft decreased its stake in shares of ResMed Inc. (NYSE:RMD – Free Report) by 61.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,768 shares of the medical equipment provider’s stock after selling 7,696 shares during the quarter. Baader Bank Aktiengesellschaft’s holdings in ResMed were worth $1,045,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in RMD. Jones Financial Companies Lllp raised its stake in shares of ResMed by 52.6% during the first quarter. Jones Financial Companies Lllp now owns 2,882 shares of the medical equipment provider’s stock valued at $645,000 after acquiring an additional 994 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in ResMed in the second quarter worth approximately $389,000. Brown Advisory Inc. increased its holdings in ResMed by 17.8% during the 2nd quarter. Brown Advisory Inc. now owns 1,586 shares of the medical equipment provider’s stock worth $409,000 after purchasing an additional 240 shares during the period. Cresset Asset Management LLC purchased a new position in ResMed during the 2nd quarter worth $206,000. Finally, Alliancebernstein L.P. raised its position in ResMed by 24.2% during the 2nd quarter. Alliancebernstein L.P. now owns 286,078 shares of the medical equipment provider’s stock valued at $73,808,000 after purchasing an additional 55,790 shares in the last quarter. 54.98% of the stock is owned by hedge funds and other institutional investors.

ResMed Trading Down 0.2% NYSE RMD opened at $198.55 on Tuesday. The company has a quick ratio of 2.33, a current ratio of 3.01 and a debt-to-equity ratio of 0.06. The firm has a market cap of $28.80 billion, a PE ratio of 19.15, a price-to-earnings-growth ratio of 1.19 and a beta of 0.78. The company has a 50 day moving average price of $199.39 and a 200 day moving average price of $226.21. ResMed Inc. has a 52 week low of $180.26 and a 52 week high of $293.81.

ResMed (NYSE:RMD – Get Free Report) last announced its earnings results on Thursday, April 30th. The medical equipment provider reported $2.86 earnings per share for the quarter, beating the consensus estimate of $2.79 by $0.07. ResMed had a net margin of 27.44% and a return on equity of 25.35%. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same period last year, the firm earned $2.37 earnings per share. ResMed’s revenue was up 10.8% compared to the same quarter last year. As a group, sell-side analysts forecast that ResMed Inc. will post 11.13 EPS for the current fiscal year.

ResMed Dividend Announcement The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, May 14th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Thursday, May 14th. ResMed’s dividend payout ratio is currently 23.14%.

Analyst Upgrades and Downgrades Several brokerages have weighed in on RMD. Mizuho lowered their target price on ResMed from $235.00 to $220.00 and set an “outperform” rating for the company in a report on Wednesday, July 15th. Evercore set a $255.00 price target on ResMed and gave the company an “outperform” rating in a research note on Monday, April 13th. The Goldman Sachs Group restated a “buy” rating on shares of ResMed in a report on Wednesday, July 1st. Royal Bank Of Canada lowered shares of ResMed from an “outperform” rating to a “sector perform” rating and set a $234.00 price objective for the company. in a research note on Thursday. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $230.00 target price (down from $286.00) on shares of ResMed in a report on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $250.00.

Get Our Latest Analysis on RMD

Insider Buying and Selling at ResMed In related news, CEO Michael J. Farrell sold 4,991 shares of the business’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $218.55, for a total transaction of $1,090,783.05. Following the transaction, the chief executive officer directly owned 466,223 shares in the company, valued at $101,893,036.65. The trade was a 1.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 14,973 shares of company stock valued at $3,096,067. 0.65% of the stock is owned by company insiders.

ResMed Company Profile (Free Report)

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.

Further Reading Five stocks we like better than ResMed The Ugliest Stocks in the Market Just Got a Very Expensive Vote of Confidence Is Domino’s Stock Serving Up a Buying Opportunity? A $1T Black Hole: SpaceX Eyes Pentagon AI to Break Free Why Gold Miners Could Be the Market’s Biggest Comeback Story

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AI chips are fueling the latest technology. For example, chatbots, autonomous vehicles, and humanoid robots all need powerful parallel processors that can process massive amounts of data rapidly so they can respond to questions or what's happening in the environment around them in real-time.

However, when they're working, those AI chips get extremely hot, which can result in reduced performance, component damage, shortened chip lifespans, and even fires. That's why liquid cooling systems are a part of every data center. They prevent the chips from overheating, and those systems are as vital to the AI boom as the chips themselves.

Vertiv (VRT +0.75%) is among the leaders in data center liquid cooling. Its stock is up by more than 60% year to date, soundly outperforming the S&P 500 over that period. Its key role in AI infrastructure suggests that its momentum could be sustainable.

Image source: Getty Images.

More data centers increase the demand for liquid cooling solutions Vertiv's revenue growth will depend on the success of Nvidia and the continuation of the data center build-out. The leading chipmaker's 85% year-over-year revenue growth in its fiscal 2027 first quarter shows that chips are still in high demand. Each of those chips will need liquid cooling to actually function.

Today's Change

(

0.75

%) $

2.16

Current Price

$

291.72

The data center narrative is even more compelling. Market intelligence company Cleanview asserts that there are 1,214 large-scale data centers operating in the U.S., with another 1,714 data centers planned. The site also lists 55,509 megawatts in operating capacity, compared to 369,555 megawatts in planned capacity.

Iren's Childress site tops the list as the largest operating data center in the U.S., at 750 megawatts. Meanwhile, the nine largest data centers in development will all exceed 5 gigawatts. That indicates just how huge the market is for liquid cooling solutions of the type that Vertiv provides.

Vertiv's pricing power is growing Naturally, all of the upcoming data centers have boosted demand for Vertiv's services, which has given it strong pricing power. The company reported 30% year-over-year revenue growth in the first quarter while more than doubling its net income.

Vertiv's net profit margins comfortably sit in the double digits and may continue to inch higher if current growth rate trends prevail. Given the soaring demand for new data center capacity, that's likely. However, Vertiv also benefits since its services are required to maintain the liquid cooling systems it installs. Every new data center site represents a potential customer and a potential recurring revenue source.

In its Q1 report, management did not mention the company's backlog, but Vertiv wrapped up 2025 with a book-to-bill backlog of $15 billion, which was a 109% year-over-year increase. And Vertiv recently opened a new manufacturing facility in Malaysia so it can serve more customers, evidence that it expects AI demand to keep growing.

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- The Timken Company (NYSE: TKR; www.timken.com), a leader in advanced motion technology, will release its 2026 second-quarter financial results on Tuesday, August 4, prior to the opening of the New York Stock Exchange. The company will host a conference call that day to discuss its financial performance with investors and securities analysts. The financial results and conference call materials will be available online at http://investors.timken.com.

Conference Call: 

Timken's Q2 2026 Earnings Results

Tuesday, August 4, 2026

11:00 a.m. Eastern Time

Live Dial-In: 1-888-880-3330

Conference ID: 2764753    

Live Webcast: 

http://investors.timken.com

Register in Advance:       

https://tmkn.biz/4b21FiY

Replay:  

https://tmkn.biz/4b21FiY

About The Timken Company
The Timken Company (NYSE: TKR; www.timken.com), a leader in advanced motion technology, designs and manufacturers highly engineered systems and components for customers in strategic end markets, including aerospace and defense, power and electrification, and automation and industrial solutions. With more than 125 years of specialized expertise and a multinational presence, Timken is a trusted partner worldwide, innovating and powering performance across the application lifecycle. The company posted $4.6 billion in sales in 2025 and employs approximately 19,000 people, operating from 45 countries. Learn more at www.timken.com or @TheTimkenCompany.

Media Relations:
Sarah Factor
234.262.4878
[email protected]

Investor Relations:
Neil Frohnapple
234.262.2310
[email protected] 

SOURCE The Timken Company

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Posted by Defense World Staff on Jul 21st, 2026

Andra AP fonden grew its holdings in DoorDash, Inc. (NASDAQ:DASH – Free Report) by 44.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 154,300 shares of the company’s stock after purchasing an additional 47,160 shares during the period. Andra AP fonden’s holdings in DoorDash were worth $23,168,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new stake in DoorDash in the 4th quarter valued at about $1,093,650,000. Wellington Management Group LLP boosted its stake in DoorDash by 593.1% during the fourth quarter. Wellington Management Group LLP now owns 5,481,693 shares of the company’s stock worth $1,241,494,000 after buying an additional 4,690,744 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of DoorDash by 32.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,958,114 shares of the company’s stock valued at $3,161,234,000 after acquiring an additional 3,447,754 shares during the last quarter. Coatue Management LLC increased its position in shares of DoorDash by 77.8% during the fourth quarter. Coatue Management LLC now owns 4,365,365 shares of the company’s stock valued at $988,668,000 after acquiring an additional 1,910,488 shares during the last quarter. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of DoorDash in the 4th quarter valued at approximately $372,128,000. 90.64% of the stock is owned by institutional investors and hedge funds.

DoorDash Price Performance Shares of DASH opened at $189.02 on Tuesday. The company has a market cap of $82.36 billion, a P/E ratio of 90.01 and a beta of 1.78. DoorDash, Inc. has a fifty-two week low of $143.30 and a fifty-two week high of $285.50. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.27. The firm’s 50 day moving average price is $170.39 and its 200 day moving average price is $177.02.

DoorDash (NASDAQ:DASH – Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.36 by $0.06. The company had revenue of $4.04 billion during the quarter, compared to analysts’ expectations of $4.15 billion. DoorDash had a net margin of 6.29% and a return on equity of 9.58%. The firm’s revenue was up 33.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.44 EPS. On average, research analysts forecast that DoorDash, Inc. will post 2.39 earnings per share for the current fiscal year.

Insiders Place Their Bets In related news, CFO Ravi Inukonda sold 19,095 shares of the business’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $188.04, for a total transaction of $3,590,623.80. Following the completion of the transaction, the chief financial officer directly owned 252,443 shares of the company’s stock, valued at $47,469,381.72. The trade was a 7.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stanley Tang sold 23,125 shares of the company’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $191.19, for a total value of $4,421,268.75. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 74,927 shares of company stock valued at $13,241,532. 5.83% of the stock is owned by company insiders.

Analysts Set New Price Targets DASH has been the topic of several recent analyst reports. Stifel Nicolaus decreased their price objective on shares of DoorDash from $215.00 to $185.00 and set a “hold” rating on the stock in a report on Monday, April 13th. BTIG Research decreased their price target on DoorDash from $280.00 to $225.00 and set a “buy” rating on the stock in a research note on Friday, June 12th. The Goldman Sachs Group set a $280.00 price target on DoorDash in a research report on Thursday, May 7th. Wedbush initiated coverage on DoorDash in a research note on Thursday, July 16th. They issued a “neutral” rating and a $205.00 price objective for the company. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $265.00 price objective on shares of DoorDash in a report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, DoorDash presently has an average rating of “Moderate Buy” and an average target price of $252.89.

View Our Latest Analysis on DoorDash

DoorDash Profile (Free Report)

DoorDash, Inc operates a technology-driven logistics and food-delivery marketplace that connects consumers, merchants and independent delivery contractors. The company’s core service enables customers to order from local restaurants and retailers through its app and website while DoorDash handles last-mile fulfillment via its network of drivers, known as “Dashers.” Over time the platform has broadened beyond restaurant deliveries to include groceries, convenience items and retail deliveries, positioning DoorDash as a broader on-demand logistics provider for consumer goods.

In addition to its marketplace, DoorDash offers a suite of products and services for consumers and businesses.

Featured Stories Five stocks we like better than DoorDash The Ugliest Stocks in the Market Just Got a Very Expensive Vote of Confidence Is Domino’s Stock Serving Up a Buying Opportunity? A $1T Black Hole: SpaceX Eyes Pentagon AI to Break Free Why Gold Miners Could Be the Market’s Biggest Comeback Story

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Hasbro (HAS - Free Report) came out with quarterly earnings of $1.28 per share, beating the Zacks Consensus Estimate of $1.17 per share. This compares to earnings of $1.3 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +9.40%. A quarter ago, it was expected that this toy maker would post earnings of $1.12 per share when it actually produced earnings of $1.47, delivering a surprise of +31.25%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Hasbro, which belongs to the Zacks Toys - Games - Hobbies industry, posted revenues of $1.14 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 8.93%. This compares to year-ago revenues of $980.8 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.

Hasbro shares have lost about 0.5% since the beginning of the year versus the S&P 500's gain of 8.7%.

What's Next for Hasbro?While Hasbro 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 Hasbro was favorable. 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 #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.87 on $1.5 billion in revenues for the coming quarter and $6.04 on $4.99 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Toys - Games - Hobbies is currently in the top 3% 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.

Jakks Pacific (JAKK - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 23.

This toymaker is expected to post quarterly earnings of $0.25 per share in its upcoming report, which represents a year-over-year change of +733.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Jakks Pacific's revenues are expected to be $129.62 million, up 8.8% from the year-ago quarter.

MILWAUKEE, July 21, 2026 (GLOBE NEWSWIRE) -- Ademi LLP is investigating Element Solutions (NYSE: ESI) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Solstice Advanced Materials.

Click here to learn how to join our investigation and obtain additional information or contact us at [email protected] or toll-free: 866-264-3995. There is no cost or obligation to you.

Element Solutions shareholders will receive $10.00 in cash and 0.500 shares of Solstice common stock, representing implied consideration of approximately $50.10 per Element share. Upon closing, Element shareholders are expected to own approximately 44% of the combined company.

Element Solutions insiders will receive substantial benefits as part of change of control arrangements.

The transaction agreement unreasonably limits competing transactions for Element Solutions by imposing a significant penalty if Element Solutions accepts a competing bid. We are investigating the conduct of the Element Solutions board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.

We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.

Contacts

Ademi LLP                
Guri Ademi
Toll Free: (866) 264-3995
Fax: (414) 482-8001

, /PRNewswire/ -- Equifax® (NYSE: EFX) today announced financial results for the quarter ended June 30, 2026.

Second quarter reported revenue of $1.700 billion, up a strong 11% with 10% local currency revenue growth. Diversified markets revenue up 7% on a reported basis, up 6% in local currency, with strong performances in Workforce Solutions and USIS. Workforce Solutions second quarter revenue up 7%. Verification Services revenue up 7% led by high double digit revenue growth in Talent Solutions and Consumer Lending. Strong execution in Government with agreements signed in First Half totaling about $300 million in annual contract value. USIS second quarter revenue up strong 17% with Diversified Markets revenue growth accelerating sequentially over 300 basis points to 6%. USIS Mortgage revenue up 40%. International second quarter revenue up 8% on a reported basis. Local currency revenue growth up 4% with high single digit revenue growth in Asia Pacific and mid single digit growth in Canada. Second quarter U.S. Mortgage revenue up very strong 25%. New Product Innovation leveraging the EFX Cloud, EFX.AI, and proprietary data delivered strong 16% new product Vitality Index. Doubling 2026-2028 AI-driven cost reduction target to $150 million. Returned $366 million in cash to shareholders through share repurchases and quarterly dividend. Signed a definitive agreement to acquire Círculo de Crédito, the fastest growing credit bureau in Mexico, for an enterprise value of $750 million. Expected to close in the fourth quarter of 2026. "Equifax delivered a strong second quarter performance executing on our EFX2028 Strategic Priorities with reported revenue of $1.700 billion, up 11% on a reported basis, with 10% local currency revenue growth enabled by a 16% new product Vitality Index, above our 10% long-term goal, with double digit Vitality across all business units. Diversified Markets local currency revenue growth of 6% reflects strong revenue growth in Workforce Solutions and USIS. U.S. Mortgage revenue grew 25% and in line with our expectations despite higher mortgage rates throughout the second quarter.

Workforce Solutions delivered 7% revenue growth, with Diversified Markets growth of 6% led by strong high double digit growth in Talent Solutions and Consumer Lending. The Workforce Solutions Government team continues to execute well, signing new contract wins and renewals totaling about $300 million in annual contract value in the first half of 2026 that will principally benefit 2027 and beyond. Workforce Solutions Mortgage revenue was up 8%. USIS delivered strong revenue growth of 17%, with Diversified Markets revenue growth of 6%, which was up over 300 basis points sequentially and very strong 40% Mortgage revenue growth. International delivered 4% local currency revenue growth with high single digit revenue growth in Asia Pacific and mid single digit growth in Canada.

Equifax is on offense deploying EFX.AI to deliver higher-performing products, models and scores while driving AI agents and tools across our operations, technology, and support teams for productivity. We are doubling our AI-driven cost reduction goal set earlier in the year to $150 million from 2026 to 2028, reflecting the accelerating momentum deploying AI across EFX to drive speed, accuracy, and productivity.

Equifax signed a definitive agreement to acquire Círculo de Crédito, the fastest growing credit bureau in Mexico, for an enterprise value of $750 million. The acquisition fits perfectly in our balanced capital allocation framework, with our focus on highly accretive bolt-on acquisitions while continuing significant ongoing return of capital to shareholders and maintaining our strong investment grade balance sheet. Equifax returned $366 million of cash to shareholders in the quarter, including repurchasing 1.8 million shares, or about 1% of shares outstanding, for $300 million and paying $66 million in quarterly dividends," said Mark W. Begor, Equifax Chief Executive Officer. 

"Equifax is fundamentally a different company on how we go to market from Technology to Data & Analytics, EFX.AI capabilities, product focus, and AI-driven Operations all leveraging our Cloud technology investment and patented EFX.AI products and D&A capabilities. Equifax's scale proprietary data is the foundation of our AI data moat and a big competitive advantage, and we are expanding our capabilities to leverage our unique, non-public data assets with EFX.AI and our Agentic AI capabilities to rapidly deliver higher-performing scores, models, and multi-market products to help our customers grow.

Our strong second quarter results reflect the resiliency of the broad-based Equifax business model in an increasingly uncertain economy. We are energized about the New Equifax and we expect to deliver higher growth, margins, and accelerating free cash flow, and returning cash to shareholders in the future."

Financial Results Summary

The Company reported revenue of $1,700.1 million in the second quarter of 2026, up 11% and 10% on a reported and local currency basis, respectively, compared to the second quarter of 2025.

Net income attributable to Equifax of $183.9 million was down 4% in the second quarter of 2026 compared to $191.3 million in the second quarter of 2025.

Diluted EPS attributable to Equifax was $1.54 per share in the second quarter of 2026, up 1% compared to $1.53 per share in the second quarter of 2025.

Workforce Solutions Second Quarter Results

Total revenue was $705.4 million in the second quarter of 2026, up 7% compared to the second quarter of 2025. Operating margin for Workforce Solutions was 44.9% in the second quarter of 2026 compared to 46.4% in the second quarter of 2025. Adjusted EBITDA margin for Workforce Solutions was 52.1% in the second quarter of 2026 compared to 53.3% in the second quarter of 2025. Verification Services revenue was $607.6 million, up 7% compared to the second quarter of 2025. Employer Services revenue was $97.8 million, up 3% compared to the second quarter of 2025. USIS Second Quarter Results

Total revenue was $611.6 million in the second quarter of 2026, up 17% compared to the second quarter of 2025. Operating margin for USIS was 22.5% in the second quarter of 2026 compared to 22.6% in the second quarter of 2025. Adjusted EBITDA margin for USIS was 32.8% in the second quarter of 2026 compared to 35.0% in the second quarter of 2025. Online Information Solutions revenue was $545.4 million, up 19% compared to the second quarter of 2025. Financial Marketing Services revenue was $66.2 million, up 4% compared to the second quarter of 2025. International Second Quarter Results

Total revenue was $383.1 million in the second quarter of 2026, up 8% and up 4% compared to the second quarter of 2025 on a reported and local currency basis, respectively. Operating margin for International was 12.1% in the second quarter of 2026 compared to 10.9% in the second quarter of 2025. Adjusted EBITDA margin for International was 27.6% in the second quarter of 2026 compared to 26.4% in the second quarter of 2025. Latin America revenue was $109.0 million, up 9% compared to the second quarter of 2025 on a reported basis and up 3% on a local currency basis. Europe revenue was $101.1 million, up 2% compared to the second quarter of 2025 on a reported basis and up 1% on a local currency basis. Asia Pacific revenue was $99.7 million, up 17% compared to the second quarter of 2025 on a reported basis and up 7% on a local currency basis. Canada revenue was $73.3 million, up 6% compared to the second quarter of 2025 on a reported and local currency basis. Adjusted EPS and Adjusted EBITDA Margin

Adjusted EPS attributable to Equifax was $2.25 in the second quarter of 2026, up 13% compared to the second quarter of 2025. Adjusted EBITDA margin was 32.5% in the second quarter of 2026, flat compared to the second quarter of 2025. These financial measures exclude certain items as described further in the Non-GAAP Financial Measures section below. 2026 Third Quarter and Full Year Guidance

Q3 2026

FY 2026

Low-End

High-End

Low-End

High-End

Reported Revenue

$1.680 billion

$1.710 billion

$6.710 billion

$6.780 billion

Reported Revenue Growth

8.7 %

10.7 %

10.5 %

11.6 %

Local Currency Growth (1)

8.4 %

10.4 %

9.8 %

10.9 %

Organic Local Currency Growth (1)

8.3 %

10.3 %

9.7 %

10.8 %

Adjusted Earnings Per Share

$2.15 per share

$2.25 per share

$8.39 per share

$8.69 per share

(1) Refer to page 9 for definitions. Additionally, the definitions can be found in the Non-GAAP Financial Measures below.

About Equifax

At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by approximately 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.

Earnings Conference Call and Audio Webcast

In conjunction with this release, Equifax will host a conference call on July 21, 2026 at 8:30 a.m. (ET) via a live audio webcast. To access the webcast and related presentation materials, go to the Investor Relations section of our website at www.equifax.com. The discussion will be available via replay at the same site shortly after the conclusion of the webcast. This press release is also available at that website.

Non-GAAP Financial Measures

This earnings release presents adjusted EPS attributable to Equifax which is diluted EPS attributable to Equifax adjusted (to the extent noted above for different periods) for acquisition-related amortization expense of certain acquired intangibles, accrual for legal and regulatory matters related to the 2017 cybersecurity incident, gain on sale of an equity investment, foreign currency impact of certain intercompany loans, acquisition-related costs other than acquisition amortization, income tax effect of stock awards recognized upon vesting or settlement, Argentina highly inflationary foreign currency adjustment, realignment of resources and other costs, antitrust litigation costs and an accrual for a legal settlement. All adjustments are net of tax, with a reconciling item with the aggregated tax impact of the adjustments. This earnings release also presents (i) adjusted EBITDA and adjusted EBITDA margin, which is defined as consolidated net income attributable to Equifax plus net interest expense, income taxes, depreciation and amortization, and also excludes certain one-time items, (ii) local currency revenue change, which is calculated by conforming 2026 results using 2025 exchange rates, (iii) organic local currency revenue growth, which is defined as local currency revenue growth, adjusted to reflect an increase in prior year Equifax revenue from the revenue of acquired companies in the prior year period, (iv) free cash flow, which is defined as cash provided by operating activities less capital expenditures, and (v) cash conversion, which is defined as the ratio of free cash flow to adjusted net income. These are important financial measures for Equifax but are not financial measures as defined by GAAP.

These non-GAAP financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as an alternative measure of net income or EPS as determined in accordance with GAAP.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures and related notes are presented in the Q&A. This information can also be found under "Investor Relations/Financial Information/Non-GAAP Financial Measures" on our website at www.equifax.com.

Forward-Looking Statements

This release contains forward-looking statements and forward-looking information. These statements can be identified by expressions of belief, expectation or intention, as well as statements that are not historical fact. These statements are based on certain factors and assumptions including with respect to foreign exchange rates, revenue growth, results of operations and financial performance, strategic initiatives, business plans, prospects and opportunities, the U.S. mortgage market, economic conditions and effective tax rates.

While Equifax believes these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Several factors could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These factors relate to (i) actions taken by us, including, but not limited to, restructuring actions, strategic initiatives (such as our cloud technology transformation), capital investments and asset acquisitions or dispositions, as well as (ii) developments beyond our control, including, but not limited to, changes in the U.S. mortgage market environment and changes more generally in U.S. and worldwide economic conditions (including resulting from changes in interest rates and inflation levels, the evolving impact of tariffs and geopolitical conflicts) that materially impact consumer spending, home prices, investment values, consumer debt, unemployment rates and the demand for Equifax's products and services. Deteriorations in economic conditions or increases in interest rates could lead to a decline in demand for our products and services and negatively impact our business. It may also impact financial markets and corporate credit markets, which could adversely impact our access to financing or the terms of any financing.

Other risk factors relevant to our business include: (i) any compromise of Equifax, customer or consumer information due to security breaches and other disruptions to our information technology infrastructure; (ii) the failure to achieve and maintain key industry or technical certifications; (iii) the failure to realize the anticipated benefits of our cloud technology transformation strategy; (iv) operational disruptions and strain on our resources caused by our transition to cloud-based technologies; (v) our ability to meet customer requirements for high system availability and response time performance; (vi) effects on our business if we provide inaccurate or unreliable data to customers; (vii) our ability to maintain access to credit, employment, financial and other data from external sources; (viii) the impact of competition; (ix) our ability to maintain relationships with key customers and business partners; (x) our ability to successfully introduce new products, services and analytical capabilities; (xi) the impact on the demand for some of our products and services due to the availability of free or less expensive consumer information; (xii) our ability to comply with our obligations under settlement agreements arising out of a material cybersecurity incident in 2017; (xiii) potential adverse developments in new and pending legal proceedings, government investigations and regulatory enforcement actions; (xiv) changes in, and the effects of, laws, regulations and government policies governing our business, including oversight by the Consumer Financial Protection Bureau in the U.S., the U.K. Financial Conduct Authority and Information Commissioner's Office in the U.K., and the Office of Australian Information Commission and the Australian Competition and Consumer Commission in Australia; (xv) the impact of privacy, cybersecurity, artificial intelligence or other data-related laws and regulations; (xvi) the economic, political and other risks associated with international sales and operations; (xvii) the impact on our reputation and business from our responsible business commitments and disclosures; (xviii) our ability to realize the anticipated strategic and financial benefits from our acquisitions, joint ventures and other alliances; (xix) any damage to our reputation due to our dependence on outsourcing certain portions of our operations; (xx) the termination or suspension of our government contracts; (xxi) the impact of infringement or misappropriation of intellectual property by us against third parties or by third parties against us; (xxii) an increase in our cost of borrowing and our ability to access the capital markets due to a credit rating downgrade; (xxiii) our ability to hire and retain key personnel; (xxiv) the impact of adverse changes in the financial markets and corresponding effects on our retirement and post-retirement pension plans; (xxv) the impact of health epidemics, pandemics and similar outbreaks on our business; and (xxvi) risks associated with our use of certain artificial intelligence and machine learning models and systems.

A summary of additional risks and uncertainties can be found in our Annual Report on Form 10-K for the year ended December 31, 2025 including without limitation under the captions "Item 1. Business -- Governmental Regulation," "-- Forward-Looking Statements" and "Item 1A. Risk Factors" and in our other filings with the U.S. Securities and Exchange Commission. Forward-looking statements are given only as at the date of this release and Equifax disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

EQUIFAX INC.

CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended June 30,

2026

2025

(In millions, except per share amounts)

Operating revenue

$           1,700.1

$           1,537.0

Operating expenses:

Cost of services (exclusive of depreciation and amortization below)

773.7

664.6

Selling, general and administrative expenses

422.5

384.2

Depreciation and amortization

189.7

177.4

Total operating expenses

1,385.9

1,226.2

Operating income

314.2

310.8

Interest expense

(59.8)

(53.1)

Other income, net

2.5

3.6

Consolidated income before income taxes

256.9

261.3

Provision for income taxes

(71.8)

(68.7)

Consolidated net income

185.1

192.6

Less: Net income attributable to noncontrolling interests including redeemable
noncontrolling interests

(1.2)

(1.3)

Net income attributable to Equifax

$             183.9

$             191.3

Basic earnings per common share:

Net income attributable to Equifax

$               1.55

$               1.54

Weighted-average shares used in computing basic earnings per share

118.4

124.0

Diluted earnings per common share:

Net income attributable to Equifax

$               1.54

$               1.53

Weighted-average shares used in computing diluted earnings per share

119.2

125.0

Dividends per common share

$               0.56

$               0.50

EQUIFAX INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, 2026

December 31, 2025

(In millions, except par values)

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$              170.1

$             180.8

Trade accounts receivable, net of allowance for doubtful accounts of $20.5 and $20.2 at June 30, 2026
and December 31, 2025, respectively

1,104.0

1,012.7

Prepaid expenses

166.5

144.2

Other current assets

140.7

74.5

Total current assets

1,581.3

1,412.2

Property and equipment:

Capitalized internal-use software and system costs

2,885.9

3,098.2

Data processing equipment and furniture

231.5

239.3

Land, buildings and improvements

296.7

299.6

Total property and equipment

3,414.1

3,637.1

Less accumulated depreciation and amortization

(1,484.9)

(1,704.7)

Total property and equipment, net

1,929.2

1,932.4

Goodwill

6,792.8

6,745.7

Indefinite-lived intangible assets

94.7

94.8

Purchased intangible assets, net

1,224.2

1,331.3

Other assets, net

359.6

347.8

Total assets

$           11,981.8

$          11,864.2

LIABILITIES AND EQUITY

Current liabilities:

Short-term debt and current maturities of long-term debt

$            1,410.3

$           1,038.0

Accounts payable

126.6

206.4

Accrued expenses

331.0

276.3

Accrued salaries and bonuses

165.9

286.1

Deferred revenue

101.2

101.2

Other current liabilities

490.5

427.4

Total current liabilities

2,625.5

2,335.4

Long-term debt

4,056.8

4,055.3

Deferred income tax liabilities, net

424.5

390.8

Long-term pension and other postretirement benefit liabilities

101.8

103.4

Other long-term liabilities

253.3

241.1

Total liabilities

7,461.9

7,126.0

Redeemable noncontrolling interests

121.5

114.4

Equifax shareholders' equity:

Preferred stock, $0.01 par value: Authorized shares - 10.0; Issued shares - none

—

—

Common stock, $1.25 par value: Authorized shares - 300.0;

Issued shares - 189.3 at June 30, 2026 and December 31, 2025;

Outstanding shares - 117.6 and 120.4 at June 30, 2026 and December 31, 2025, respectively

236.6

236.6

Paid-in capital

2,082.7

2,023.4

Retained earnings

6,666.3

6,445.1

Accumulated other comprehensive loss

(460.1)

(517.1)

Treasury stock, at cost, 71.1 and 68.3 shares at June 30, 2026 and December 31, 2025, respectively

(4,139.4)

(3,577.8)

Stock held by employee benefits trusts, at cost, 0.6 shares at June 30, 2026 and December 31, 2025

(5.9)

(5.9)

Total Equifax shareholders' equity

4,380.2

4,604.3

Noncontrolling interests

18.2

19.5

Total shareholders' equity

4,398.4

4,623.8

Total liabilities, redeemable noncontrolling interests, and shareholders' equity

$           11,981.8

$          11,864.2

EQUIFAX INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended June 30,

2026

2025

(In millions)

(Unaudited)

Operating activities:

Consolidated net income

$            358.4

$            326.4

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

Depreciation and amortization

376.2

355.7

Stock-based compensation expense

60.5

46.6

Deferred income taxes

38.0

(7.3)

Gain on sale of equity investment

—

(0.8)

Changes in assets and liabilities, excluding effects of acquisitions:

Accounts receivable, net

(91.2)

(69.0)

Other assets, current and long-term

(119.3)

(24.8)

Current and long term liabilities, excluding debt

(40.9)

(41.8)

Cash provided by operating activities

581.7

585.0

Investing activities:

Capital expenditures

(255.4)

(229.4)

Cash received from divestitures

—

0.8

Cash used in investing activities

(255.4)

(228.6)

Financing activities:

Net short-term borrowings (payments)

647.8

(115.9)

Payments on long-term debt

(276.4)

—

Treasury stock purchases

(560.0)

(127.4)

Payment of share repurchase excise tax

(8.3)

—

Dividends paid to Equifax shareholders

(133.5)

(110.5)

Distributions paid to noncontrolling interests

(5.6)

(4.2)

Proceeds from exercise of stock options and employee stock purchase plan

16.8

24.4

Payment of taxes related to settlement of equity awards

(15.4)

(13.2)

Debt issuance costs

(0.3)

—

Cash used in financing activities

(334.9)

(346.8)

Effect of foreign currency exchange rates on cash and cash equivalents

(2.1)

9.5

(Decrease) increase in cash and cash equivalents

(10.7)

19.1

Cash and cash equivalents, beginning of period

180.8

169.9

Cash and cash equivalents, end of period

$            170.1

$            189.0

Common Questions & Answers (Unaudited)

(Dollars in millions)

1.    Can you provide a further analysis of operating revenue by operating segment?

Operating revenue consists of the following components:

(In millions)

Three Months Ended June 30,

Local
Currency

Organic
Local
Currency

Operating revenue:

2026

2025

$ Change

% Change

% Change (1)

% Change (2)

Verification Services

$          607.6

$          567.1

$        40.5

7 %

7 %

Employer Services

97.8

95.0

2.8

3 %

3 %

Total Workforce Solutions

705.4

662.1

43.3

7 %

6 %

Online Information Solutions

545.4

457.8

87.6

19 %

19 %

Financial Marketing Services

66.2

63.7

2.5

4 %

4 %

Total U.S. Information Solutions

611.6

521.5

90.1

17 %

17 %

Latin America

109.0

99.6

9.4

9 %

3 %

3 %

Europe

101.1

99.2

1.9

2 %

1 %

1 %

Asia Pacific

99.7

85.3

14.4

17 %

7 %

7 %

Canada

73.3

69.3

4.0

6 %

6 %

6 %

Total International

383.1

353.4

29.7

8 %

4 %

4 %

Total operating revenue

$        1,700.1

$        1,537.0

$       163.1

11 %

10 %

9 %

(1)

Local currency revenue change is calculated by conforming 2026 results using 2025 exchange rates.

(2)

Organic local currency revenue growth is defined as local currency revenue growth, adjusted to reflect an increase in prior year Equifax revenue from the revenue of acquired companies in the prior year period. This adjustment is made for 12 months following the acquisition.

Reconciliations of Non-GAAP Financial Measures to the Comparable GAAP Financial Measures (Unaudited)

(Dollars in millions, except per share amounts)

A.    Reconciliation of net income attributable to Equifax to adjusted net income attributable to Equifax and adjusted diluted EPS attributable to Equifax, defined as net income and EPS, respectively, each adjusted for acquisition-related amortization expense of certain acquired intangibles, accrual for legal and regulatory matters related to the 2017 cybersecurity incident, gain on sale of an equity investment, foreign currency impact of certain intercompany loans, acquisition-related costs other than acquisition amortization, income tax effect of stock awards recognized upon vesting or settlement, Argentina highly inflationary foreign currency adjustment, realignment of resources and other costs, antitrust litigation costs, accrual for a legal settlement and aggregated tax impact of these adjustments:

Three Months Ended June 30,

(In millions, except per share amounts)

2026

2025

$ Change

% Change

Net income attributable to Equifax

$          183.9

$          191.3

$      (7.4)

(4) %

Acquisition-related amortization expense of certain acquired intangibles (1)

61.2

62.5

(1.3)

(2) %

Accrual for legal and regulatory matters related to the 2017 cybersecurity incident (2)

0.4

0.4

—

— %

Gain on sale of equity investment (3)

—

(0.8)

0.8

nm

Foreign currency impact of certain intercompany loans (4)

—

(0.1)

0.1

nm

Acquisition-related costs other than acquisition amortization (5)

7.0

6.1

0.9

15 %

Income tax effects of stock awards that are recognized upon vesting or settlement (6)

—

(0.7)

0.7

nm

Argentina highly inflationary foreign currency adjustment (7)

0.6

1.3

(0.7)

(54) %

Realignment of resources and other costs (8)

—

4.6

(4.6)

nm

Antitrust litigation costs (9)

0.6

—

0.6

nm

Accrual for a legal settlement (10)

40.0

—

40.0

nm

Tax impact of adjustments (11)

(25.1)

(14.9)

(10.2)

68 %

Adjusted net income attributable to Equifax

$          268.6

$          249.7

$      18.9

8 %

Adjusted diluted EPS attributable to Equifax

$           2.25

$           2.00

$      0.25

13 %

Weighted-average shares used in computing diluted EPS

119.2

125.0

nm - not meaningful

(1)

During the second quarter of 2026, we recorded acquisition-related amortization expense of certain acquired intangibles of $61.2 million ($48.9 million, net of tax). We calculate this financial measure by excluding the impact of acquisition-related amortization expense and including a benefit to reflect the significant cash income tax savings resulting from the income tax deductibility of amortization for certain acquired intangibles. The $12.3 million of tax is comprised of $16.3 million of tax expense, net of $4.0 million of a cash income tax benefit. During the second quarter of 2025, we recorded acquisition-related amortization expense of certain acquired intangibles of $62.5 million ($50.0 million, net of tax). The $12.5 million of tax is comprised of $16.6 million of tax expense, net of $4.1 million of a cash income tax benefit. See the Notes to this reconciliation for additional detail.

(2)

During the second quarter of 2026 and 2025, we recorded an accrual for legal and regulatory matters related to the 2017 cybersecurity incident of $0.4 million. See the Notes to this reconciliation for additional detail.
 

(3)

During the second quarter of 2025, we recorded a gain on sale of an equity investment of $0.8 million ($0.4 million), net of tax). The impact was recorded to the Other income, net line item within the Consolidated Statements of Income. See the Notes to this reconciliation for additional details.

(4)

During the second quarter of 2025, we recorded a foreign currency gain of $0.1 million on certain intercompany loans. The impact was recorded to the Other income, net line item within the Consolidated Statements of Income. See the Notes to this reconciliation for additional detail.

(5)

During the second quarter of 2026 and 2025, we recorded $7.0 million ($4.1 million, net of tax) and $6.1 million ($4.4 million, net of tax), respectively, for acquisition-related costs other than acquisition amortization. These costs primarily related to integration costs resulting from recent acquisition activity and were recorded in operating income. See the Notes to this reconciliation for additional detail.

(6)

During the second quarter of 2025, we recorded a tax benefit of $0.7 million related to the tax effects of deductions for stock compensation in excess of amounts recorded for compensation costs. See the Notes to this reconciliation for additional detail.

(7)

Argentina experienced multiple periods of increasing inflation rates, devaluation of the peso, and increasing borrowing rates. As such, Argentina was deemed a highly inflationary economy by accounting policymakers. During the second quarter of 2026 and 2025, we recorded a foreign currency loss of $0.6 million and $1.3 million, respectively, related to the impact of remeasuring the peso denominated monetary assets and liabilities as a result of Argentina being a highly inflationary economy. See the Notes to this reconciliation for additional detail.

(8)

During the second quarter of 2025, we recorded $4.6 million ($3.5 million, net of tax) of restructuring charges related to contract terminations, which relate to our efforts to complete our cloud technology transformation. See the Notes to this reconciliation for additional detail.

(9)

During the second quarter of 2026, we recorded costs related to antitrust litigation pertaining to our Workforce Solutions business unit in the amount of $0.6 million ($0.5 million, net of tax). See the Notes to this reconciliation for additional detail.

(10)

During the second quarter of 2026, we recorded an accrual of $100.0 million, which net of expected insurance proceeds of $60.0 million, resulted in a charge of $40.0 million ($30.2 million, net of tax), for a legal settlement associated with the resolution of claims related to a previously-disclosed coding issue. See the Notes to this reconciliation for additional detail.

(11)

During the second quarter of 2026, we recorded the tax impact of adjustments of $25.1 million comprised of (i) acquisition-related amortization expense of certain acquired intangibles of $12.3 million ($16.3 million of tax expense, net of $4.0 million of cash income tax benefit), (ii) a tax adjustment of $2.9 million related to acquisition-related costs other than acquisition amortization, (iii) a tax adjustment of $0.1 million related to antitrust litigation costs and (iv) a tax adjustment of $9.8 million related to an accrual for a legal settlement.

During the second quarter of 2025, we recorded the tax impact of adjustments of $14.9 million comprised of (i) acquisition-related amortization expense of certain acquired intangibles of $12.5 million ($16.6 million of tax expense, net of $4.1 million of cash income tax benefit), (ii) a tax adjustment of $0.4 million related to the gain on sale of an equity investments, (iii) a tax adjustment of $1.7 million related to acquisition-related costs other than acquisition amortization, and (iv) a tax adjustment of $1.1 million related to restructuring charges.

B.    Reconciliation of net income attributable to Equifax to adjusted EBITDA, defined as net income excluding income taxes, interest expense, net, depreciation and amortization expense, accrual for legal and regulatory matters related to the 2017 cybersecurity incident, gain on sale of an equity investment, foreign currency impact of certain intercompany loans, acquisition-related costs other than acquisition amortization, Argentina highly inflationary foreign currency adjustment, realignment of resources and other costs, antitrust litigation costs, accrual for a legal settlement and presentation of adjusted EBITDA margin: 

Three Months Ended June 30,

 (In millions)

2026

2025

$ Change

% Change

Revenue

$      1,700.1

$      1,537.0

$     163.1

11 %

Net income attributable to Equifax

$       183.9

$        191.3

$      (7.4)

(4) %

Income taxes

71.8

68.7

3.1

5 %

Interest expense, net*

58.1

50.4

7.7

15 %

Depreciation and amortization

189.7

177.4

12.3

7 %

Accrual for legal and regulatory matters related to 2017 cybersecurity incident (1)

0.4

0.4

—

— %

Gain on sale of equity investment (2)

—

(0.8)

0.8

nm

Foreign currency impact of certain intercompany loans (3)

—

(0.1)

0.1

nm

Acquisition-related costs other than acquisition amortization (4)

7.0

6.1

0.9

15 %

Argentina highly inflationary foreign currency adjustment (5)

0.6

1.3

(0.7)

(54) %

Realignment of resources and other costs (6)

—

4.6

(4.6)

nm

Antitrust litigation costs (7)

0.6

—

0.6

nm

Accrual for a legal settlement (8)

40.0

—

40.0

nm

Adjusted EBITDA, excluding the items listed above

$       552.1

$        499.3

$      52.8

11 %

Adjusted EBITDA margin

32.5 %

32.5 %

nm - not meaningful

*Excludes interest income of $1.7 million in the second quarter of 2026 and $2.7 million in the second quarter of 2025.

(1)

During the second quarter of 2026 and 2025, we recorded an accrual for legal and regulatory matters related to the 2017 cybersecurity incident of $0.4 million. See the Notes to this reconciliation for additional detail.

(2)

During the second quarter of 2025, we recorded a gain on sale of an equity investment of $0.8 million ($0.4 million), net of tax). The impact was recorded to the Other income, net line item within the Consolidated Statements of Income. See the Notes to this reconciliation for additional details.

(3)

During the second quarter of 2025, we recorded a foreign currency gain of $0.1 million on certain intercompany loans. The impact was recorded to the Other income, net line item within the Consolidated Statements of Income. See the Notes to this reconciliation for additional detail.

(4)

During the second quarter of 2026 and 2025, we recorded $7.0 million ($4.1 million, net of tax) and $6.1 million ($4.4 million, net of tax), respectively, for acquisition-related costs other than acquisition amortization. These costs primarily related to integration costs resulting from recent acquisition activity and were recorded in operating income. See the Notes to this reconciliation for additional detail.

(5)

Argentina experienced multiple periods of increasing inflation rates, devaluation of the peso, and increasing borrowing rates. As such, Argentina was deemed a highly inflationary economy by accounting policymakers. During the second quarter of 2026 and 2025, we recorded a foreign currency loss of $0.6 million and $1.3 million, respectively, related to the impact of remeasuring the peso denominated monetary assets and liabilities as a result of Argentina being a highly inflationary economy. See the Notes to this reconciliation for additional detail.

(6)

During the second quarter of 2025, we recorded $4.6 million ($3.5 million, net of tax) of restructuring charges related to contract terminations, which relate to our efforts to complete our cloud technology transformation. See the Notes to this reconciliation for additional detail.

(7)

During the second quarter of 2026, we recorded costs related to antitrust litigation pertaining to our Workforce Solutions business unit in the amount of $0.6 million ($0.5 million net of tax). See the Notes to this reconciliation for additional detail.

(8)

During the second quarter of 2026, we recorded an accrual of $100.0 million, which, net of expected insurance proceeds of $60.0 million, resulted in a charge of $40.0 million ($30.2 million, net of tax), for a legal settlement associated with the resolution of claims related to a previously-disclosed coding issue. See the Notes to this reconciliation for additional detail.

C.    Reconciliation of operating income by segment to Adjusted EBITDA, excluding depreciation and amortization expense, other income, net, noncontrolling interest, accrual for legal and regulatory matters related to the 2017 cybersecurity incident, gain on sale of an equity investment, foreign currency impact of certain intercompany loans, acquisition-related costs other than acquisition amortization, Argentina highly inflationary foreign currency adjustment, realignment of resources and other costs, antitrust litigation costs, accrual for a legal settlement and presentation of adjusted EBITDA margin for each of the segments:

(In millions)

Three Months Ended June 30, 2026

Workforce

Solutions

U.S.
Information
Solutions

International

General

Corporate
Expense

Total

Revenue

$       705.4

$       611.6

$       383.1

—

$     1,700.1

Operating income

316.7

137.8

46.3

(186.6)

314.2

Depreciation and amortization

49.6

61.9

53.5

24.7

189.7

Other income (expense), net*

—

0.5

1.5

(1.2)

0.8

Noncontrolling interest

—

—

(1.2)

—

(1.2)

Adjustments (1)

1.2

0.2

5.8

41.4

48.6

Adjusted EBITDA

$       367.5

$       200.4

$       105.9

$        (121.7)

$       552.1

Operating margin

44.9 %

22.5 %

12.1 %

nm

18.5 %

Adjusted EBITDA margin

52.1 %

32.8 %

27.6 %

nm

32.5 %

nm - not meaningful

*Excludes interest income of $1.1 million in International and $0.6 million in General Corporate Expense.

(In millions)

Three Months Ended June 30, 2025

Workforce
Solutions

U.S.
Information
Solutions

International

General
Corporate

Expense

Total

Revenue

$       662.1

$        521.5

$        353.4

—

$      1,537.0

Operating income

307.3

118.0

38.6

(153.1)

310.8

Depreciation and amortization

44.8

62.8

46.1

23.7

177.4

Other (expense) income, net*

(0.1)

0.7

1.4

(1.1)

0.9

Noncontrolling interest

—

—

(1.3)

—

(1.3)

Adjustments (1)

1.1

0.9

8.6

0.9

11.5

Adjusted EBITDA

$       353.1

$        182.4

$         93.4

$        (129.6)

$        499.3

Operating margin

46.4 %

22.6 %

10.9 %

nm

20.2 %

Adjusted EBITDA margin

53.3 %

35.0 %

26.4 %

nm

32.5 %

nm - not meaningful

*Excludes interest income of $2.3 million in International and $0.4 million in General Corporate Expense.

(1)

During the second quarter of 2026, we recorded pre-tax expenses of $0.4 million for an accrual for legal and regulatory matters related to the 2017 cybersecurity incident, $7.0 million for acquisition-related costs other than acquisition amortization, $0.6 million for a foreign currency loss related to the impact of remeasuring the peso denominated monetary assets and liabilities as a result of Argentina being a highly inflationary economy, $0.6 million of antitrust litigation costs, and $40.0 million for an accrual for a legal settlement, net of expected insurance proceeds.

During the second quarter of 2025, we recorded pre-tax expenses of $0.4 million for an accrual for legal and regulatory matters related to the 2017 cybersecurity incident, an $0.8 million gain on sale of an equity investment, a $0.1 million foreign currency gain on certain intercompany loans, $6.1 million for acquisition-related costs other than acquisition amortization, a foreign currency loss of $1.3 million related to the impact of remeasuring the peso denominated monetary assets and liabilities as a result of Argentina being a highly inflationary economy, and $4.6 million of restructuring charges for the realignment of resources and other costs.

Notes to Reconciliations of Non-GAAP Financial Measures to the Comparable GAAP Financial Measures

Diluted EPS attributable to Equifax is adjusted for the following items:

Acquisition-related amortization expense - During the second quarter of 2026 and 2025, we recorded acquisition-related amortization expense of certain acquired intangibles of $61.2 million ($48.9 million, net of tax) and $62.5 million ($50.0 million, net of tax), respectively. We calculate this financial measure by excluding the impact of acquisition-related amortization expense and including a benefit to reflect the material cash income tax savings resulting from the income tax deductibility of amortization for certain acquired intangibles. These financial measures are not prepared in conformity with GAAP. Management believes excluding the impact of amortization expense is useful because excluding acquisition-related amortization, and other items that are not comparable, allows investors to evaluate our performance for different periods on a more comparable basis. Certain acquired intangibles result in material cash income tax savings which are not reflected in earnings. Management believes that including a benefit to reflect the cash income tax savings is useful as it allows investors to better value Equifax. Management makes these adjustments to earnings when measuring profitability, evaluating performance trends, setting performance objectives and calculating our return on invested capital.

Accrual for legal and regulatory matters related to the 2017 cybersecurity incident - Accrual for legal and regulatory matters related to the 2017 cybersecurity incident includes legal fees to respond to subsequent litigation and government investigations for both periods presented. During the second quarter of 2026 and 2025, we recorded an accrual for legal and regulatory matters related to the 2017 cybersecurity incident of $0.4 million. Management believes excluding these charges is useful as it allows investors to evaluate our performance for different periods on a more comparable basis. Management makes these adjustments to net income when measuring profitability, evaluating performance trends, setting performance objectives and calculating our return on invested capital. This is consistent with how management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.

Gain on sale of equity investment - During the second quarter of 2025 we recorded a gain on sale of an equity investment of $0.8 million ($0.4 million, net of tax). Management believes excluding this charge from certain financial results provides meaningful supplemental information regarding our financial results for the three months ended June 30, 2025, since the non-operating gain is not comparable among the periods. This is consistent with how our management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.

Foreign currency impact of certain intercompany loans - During the second quarter of 2025, we recorded a gain of $0.1 million related to foreign currency impact of certain intercompany loans. Management believes excluding this charge is useful as it allows investors to evaluate our performance for different periods on a more comparable basis. This is consistent with how management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.

Acquisition-related costs other than acquisition amortization - During the second quarter of 2026 and 2025, we recorded $7.0 million ($4.1 million, net of tax) and $6.1 million ($4.4 million, net of tax), respectively, for acquisition-related costs other than acquisition amortization. These costs primarily related to transaction and integration costs resulting from recent acquisitions and were recorded in operating income. Management believes excluding this charge from certain financial results provides meaningful supplemental information regarding our financial results, since a charge of such an amount is not comparable among the periods. This is consistent with how our management reviews and assesses Equifax's historical performance and is useful when planning, forecasting, and analyzing future periods.

Income tax effects of stock awards that are recognized upon vesting or settlement - During the second quarter of 2025, we recorded a tax benefit of $0.7 million related to the tax effects of deductions for stock compensation in excess of amounts recorded for compensation costs. Management believes excluding this tax effect from financial results provides meaningful supplemental information regarding our financial results for the three months ended June 30, 2025 because these amounts are non-operating and relate to income tax benefits or deficiencies for stock awards recognized when tax amounts differ from recognized stock compensation cost. This is consistent with how management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.

Argentina highly inflationary foreign currency adjustment - Argentina experienced multiple periods of increasing inflation rates, devaluation of the peso, and increasing borrowing rates. As such, Argentina was deemed a highly inflationary economy by accounting policymakers. We recorded a foreign currency loss of $0.6 million and $1.3 million during the second quarter of 2026 and 2025, respectively, as a result of remeasuring the peso denominated monetary assets and liabilities due to Argentina being highly inflationary. Management believes excluding this charge is useful as it allows investors to evaluate our performance for different periods on a more comparable basis. This is consistent with how management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.

Charge related to the realignment of resources and other costs - During the second quarter of 2025, we recorded $4.6 million ($3.5 million, net of tax) of restructuring charges related to contract terminations, which relate to our efforts to complete our cloud technology transformation. Management believes excluding these charges from certain financial results provides meaningful supplemental information regarding our financial results since a charge of such an amount is not comparable among the periods. This is consistent with how our management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.

Antitrust litigation costs - Antitrust litigation costs include legal fees to respond to antitrust litigation pertaining to our Workforce Solutions business unit. During the second quarter of 2026, we recorded costs related to antitrust litigation pertaining to our Workforce Solutions business unit in the amount of $0.6 million ($0.5 million, net of tax). Management believes excluding these charges is useful as it allows investors to evaluate our performance for different periods on a more comparable basis, as these legal matters are outside of the normal course of Equifax's continuing business operations. Management makes these adjustments to net income when measuring profitability, evaluating performance trends, setting performance objectives and calculating our return on invested capital. This is consistent with how management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.

Accrual for a legal settlement -  During the second quarter of 2026, we recorded an accrual of $100.0 million, which net of expected insurance proceeds of $60.0 million, resulted in a charge of $40.0 million ($30.2 million, net of tax) for a legal settlement associated with the resolution of claims related to a previously-disclosed coding issue, which represents our best estimate of the liability related to settlement of this matter. Management believes excluding this charge from certain financial results provides meaningful supplemental information regarding our financial results for the three months ended June 30, 2026, because a charge of such an amount is not comparable among the periods. This is consistent with how our management reviews and assesses Equifax's historical performance and is useful when planning, forecasting and analyzing future periods.

Adjusted EBITDA and EBITDA margin - Management defines adjusted EBITDA as consolidated net income attributable to Equifax plus net interest expense, income taxes, depreciation and amortization, and also excludes certain one-time items. Management believes the use of adjusted EBITDA and adjusted EBITDA margin allows investors to evaluate our performance for different periods on a more comparable basis.

SOURCE Equifax Inc.

A logo on the exterior of a Stellantis office building in Poissy, near Paris, France, May 4, 2026. REUTERS/Benoit Tessier Purchase Licensing Rights, opens new tab

CompaniesJuly 21 (Reuters) - Mobileye Global (MBLY.O), opens new tab will supply Stellantis with cloud-driven advanced driver-assistance technology, the Israeli company ​said on Tuesday, as automakers race to meet rising ‌demand for connected safety systems.

The ADAS hardware maker's shares were up about 6% in premarket trading.

Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here.

The companies said select models from ​Stellantis, the parent of Jeep and Chrysler, will integrate ​Mobileye's Road Experience Management technology from 2027, using ⁠crowdsourced road data to improve lane keeping and hands-free ​driving.

ADAS has become one of the auto industry's fastest-growing technologies ​as carmakers race to offer increasingly sophisticated safety and convenience features and generate higher-margin software revenue.

The technology is widely seen as a ​step toward fully autonomous driving, though regulators still require ​drivers to remain attentive when using hands-free systems.

The first applications are expected ‌in ⁠select U.S. Stellantis models next year, with wider rollout subject to vehicle platform and configuration.

Stellantis will be the fifth of the world's 10 largest automakers to contribute data to ​Mobileye's REM ​platform, which covers ⁠more than 95% of public roads in the United States and Europe. More than ​8 million vehicles logged 34 billion miles ​of data ⁠on the platform last year, Mobileye said.

Jerusalem-based Mobileye's system collects road data through front-facing cameras in EyeQ-equipped vehicles and combines ⁠it ​with cloud-based mapping intelligence. That allows ​vehicles to receive real-time updates on lane markings, road layouts and construction ​zones.

Reporting by Akash Sriram in Bengaluru; Editing by Tasim Zahid

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

Distraction-free design provides comprehensive 24/7 health monitoring and activity tracking—no subscription required

, /PRNewswire/ -- Garmin (NYSE: GRMN) today announced CIRQA™ Smart Band, its first screen-free smart band that tracks advanced fitness and wellness features—all without the need for a subscription. Designed to help users make improvements toward a healthier lifestyle without commanding all their attention, this smart band gets up to 10 days of battery life and provides around-the-clock health and fitness monitoring with data that can instantly be accessed through the Garmin Connect™ app.

CIRQA Smart Band is Garmin's first screenless smart band that provides comprehensive 24/7 health monitoring and activity tracking - no subscription required. "We purposefully created CIRQA Smart Band for those who are passionate about staying healthy and active. With its discreet design and trusted health and fitness tracking tools Garmin is known for, this smart band complements our lineup of popular smartwatches and wellness monitors, allowing users to transition smoothly between their Garmin devices throughout the day. Plus, with no subscription required, CIRQA Smart Band helps you stay on top of your health and fitness goals—and makes a thoughtful gift for others who want to do the same."
—Susan Lyman, Garmin Vice President of Consumer Sales and Marketing 

Comfortable and distraction-free

Inconspicuous design helps minimize distractions while tracking important health and performance metrics. Automatically detect and record a variety of activities, even without a screen. The activities can be viewed and edited afterwards in Garmin Connect and, as users confirm or edit their activities, the smart band will adapt to more accurately classify them in the future. Fabric band provides maximum comfort for all-day wear and is available in both fun and neutral colors like Citron Gray, Mauve, French Gray, Dark Olive, Captain Blue, French Blue and Black. Can be worn around the wrist or as an arm band based on activity or sleeping preferences. Health monitoring

When worn day and night, CIRQA Smart Band helps provide a more complete picture of overall health1. Users can track metrics like wrist-based heart rate, Body Battery™ energy monitoring, Pulse Ox2, stress, skin temperature and more and immediately see their data in Garmin Connect. Women can also track their menstrual cycle and pregnancy, get better period predictions and past ovulation estimates by tracking skin temperature while sleeping3 and sync their data with the FDA-cleared Natural Cyclesº birth control app4 (Natural Cycles subscription required).

Comfortable without compromise, CIRQA Smart Band can help users log a better night's sleep and understand how well they've recovered. This smart band provides comprehensive sleep data, including a detailed breakdown of sleep stages, a sleep score, guidance on optimal sleep duration, heart rate variability, respiration and nap detection—all readily available within the Garmin Connect app.

Fitness tracking

In addition to tracking daily steps, calories burned and more, CIRQA Smart Band includes popular fitness features to help users make the most of their workouts.

Manual activity tracking: Track more than 80 different activities – including running, walking, yoga and more – or select a favorite activity to track by simply tapping the single side button. Advanced training metrics: Dial in with performance features like training readiness to know whether it's a good day to go hard or take it easy and track progress with HRV status, VO2 max and training status to get insights into training effectiveness. Workout benefit and recovery time: Better understand how each workout affects the body and how much time is needed to recover. Connected GPS: Connect to a compatible iPhone® or Android™ smartphone's GPS to accurately track outdoor walks, rides and runs. LiveTrack location sharing: Let friends and family follow along in real-time when using a smartphone and the Garmin Connect app. Available now, CIRQA Smart Band has a suggested retail price of $199.99.

Engineered on the inside for life on the outside, Garmin products have revolutionized the aviation, automotive, fitness, marine and outdoor markets. Dedicated to helping people make the most of the time they spend pursuing their passions, Garmin believes every day is an opportunity to innovate and a chance to beat yesterday. Visit the Garmin Newsroom, email our media team, connect with @garmin on social, or follow our blog.

1 Activity tracking accuracy.
2 This is not a medical device and is not intended for use in the diagnosis or monitoring of any medical condition; see Garmin.com/ataccuracy. Pulse Ox not available in all countries.
3 This feature is not intended to support conception, contraception or birth control. This is not a medical device and is not intended for diagnosing or monitoring any medical condition. See Garmin.com/ataccuracy.
4 Compatible Garmin smartwatches are consumer wellness devices and are not medical devices intended to diagnose, treat, prevent or monitor medical conditions. The Natural Cycles app independently determines fertility status based on skin temperature and other data when worn on the wrist. 

About Garmin International, Inc. Garmin International, Inc. is a subsidiary of Garmin Ltd. (NYSE: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin is a registered trademark and CIRQA, Garmin Connect, Body Battery and Garmin Active Intelligence are trademarks of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved. iPhone is a trademark of Apple Inc., registered in the U.S. and other countries. Android is a trademark of Google LLC.

Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management's current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 27, 2025, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). Copies of such Form 10-K are available at https://www.garmin.com/en-US/investors/sec/. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

MEDIA CONTACTS: Stephanie Kelner, Natalie Miller and Adrieanna Norse / 913-397-8200 / [email protected]

SOURCE Garmin International, Inc.

Six weeks ago, Elon Musk's artificial intelligence (AI) and space infrastructure conglomerate, Space Exploration Technologies (SpaceX) (SPCX 3.20%), was the talk of Wall Street.

On June 12, SpaceX raised $85.7 billion from its initial public offering (IPO), including the underwriters' overallotment. This nearly tripled the previous largest-ever IPO capital raise of $29.4 billion from overseas oil giant Saudi Aramco.

Image source: Getty Images.

But IPO buzz fades quickly on Wall Street, and reality can hit even the most-hyped stocks like a ton of bricks. Since peaking at $225.64 per share intra-day on June 16, SpaceX stock has plunged 45% to less than $124 per share (as of the July 17 close).

Some investors will undoubtedly see a bargain, given Elon Musk's track record at Tesla and SpaceX's opportunity amid the two hottest trends on Wall Street: AI and the space economy. I see far more pain to come for shareholders as historical precedent takes hold.

The accelerated unlock period is quickly approaching For starters, SpaceX's insiders (high-ranking executives, board members, and early investors) are set to enjoy the greatest wealth transfer in history. In a matter of weeks, most insiders will be able to sell a portion of their shares to retail investors.

Whereas most newly public companies adhere to a 180-day lockup period, in which insiders can't sell their shares, SpaceX offers a staggered and accelerated unlock schedule that begins two days after the company's first quarterly operating report as a public company. SpaceX is currently estimated to report its latest quarterly operating results on Aug. 6.

Great look at the SpaceX shares unlock schedule as well as the potential passive buying schedule from @JSeyff @FrancisSharoon Depending on the early post-IPO returns, this could really play with and disperse the returns of "passive" funds (which is why there's arguably no such... pic.twitter.com/KOuEkJlngF

-- Eric Balchunas (@EricBalchunas) May 28, 2026 The company's float is set to grow every few weeks through mid-December, adding downside pressure on SpaceX stock.

Historically, SpaceX's valuation is a nightmare Although it's not uncommon for investors to place high premiums on companies at the forefront of game-changing technologies, SpaceX's valuation is historical nightmare fuel.

No company heralding the charge of a leading innovation has ever sustained a price-to-sales ratio above 30 for any lengthy period. SpaceX is currently trading at 42 times Wall Street's consensus sales estimate for this year. In other words, Musk's company would need to fall nearly 30% more from its current level just to push below historic bubble territory.

Furthermore, the company isn't particularly close to recurring profits, and its capital-intensive operating model leaves virtually no margin for error or delays.

Image source: Getty Images.

Debt and equity offerings are coming To round things out, SpaceX's prospectus made clear that, in addition to its IPO capital raise, debt and equity offerings would be used to fund the company's AI infrastructure expansion, among other corporate initiatives.

Less than two weeks after going public, the company priced a $25 billion bond offering, with maturities from 2031 to 2056. The price of these bonds has been falling steadily since issuance, signifying concern from bondholders that SpaceX may be unable to meet its obligations.

Additionally, equity offerings would be dilutive to existing shareholders. Given that SpaceX is spending a small fortune on its AI data center build-out, capital-raising activity that weighs on the company's shares is a near-certainty.

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Speculation is growing among investors that Elon Musk will merge his rocket and EV companies. SERGIO FLORES/AFP via Getty Images Whispers that Elon Musk might combine Tesla and SpaceX are growing — and investors want answers.

Shareholders took to an online Tesla investor forum to submit questions for executives ahead of the company's second-quarter earnings and clamor for more details about a rumored merger with SpaceX.

"Will SpaceX merge with Tesla?" asked one retail investor, in a question representing around 100,000 Tesla shares. Others asked if investors would get a vote on any proposed merger and how executives would ensure that a tie-up treats Tesla investors fairly.

One retail investor asked how Musk would balance his compensation plan, which requires the Tesla CEO to hit a series of ambitious goals to unlock the full $1 trillion payout, with a SpaceX merger.

"To reward long-term Tesla retail shareholders for their loyalty, can you commit to achieving at least half of the goals outlined in your 2025 compensation plan before considering any offers to acquire or merge Tesla?" they wrote in a post that has received nearly 300 votes.

Musk's goals include passing 20 million EV sales, 10 million Full Self-Driving subscriptions, and deploying 1 million robotaxis and Optimus robots.

While the majority of questions on the Q&A platform were focused on Tesla's sluggish robotaxi rollout and plans for Optimus, Business Insider counted at least 20 questions about the potential merger, making it one of the most-discussed topics among investors.

It's a sign that Tesla investors are increasingly responding to rampant speculation about a mega-merger with SpaceX, which raised a record $86 billion in a blockbuster IPO last month.

Musk is the CEO of two public companies that are worth more than $1 trilion.  Bloomberg/Getty Images Longtime Tesla investor Ross Gerber told Business Insider he expected the merger to come up in Tesla's Q2 earnings call on Wednesday.

"I expect management to downplay it, because on the surface it does not create obvious value for either company. It would be complicated, distracting, and difficult to structure in a way that makes everyone happy," said Gerber, who is the CEO of wealth management firm Gerber Kawasaki.

Gerber added that the slow pace of Tesla's robotaxi expansion, which he said underpinned the company's $1.4 trillion valuation, is investors' main focus right now. However, he still expects a tie-up with SpaceX to happen eventually.

"SpaceX is where much of the innovation and excitement is right now, while Tesla's core EV business is under increasing pressure," Gerber said.

"If investor interest continues shifting away from EVs and toward SpaceX's growth story, a merger may become a way to reframe Tesla around Elon's stronger innovation platform," he added.

Tesla and SpaceX's share prices have both languished in the past month. Tesla's stock is down nearly 8%, while SpaceX has fallen 35% as the rocket maker's shares tumbled from their post-IPO peak.

SpaceX's IPO broke records, but it has had a bumpy landing.  TIMOTHY A. CLARY / AFP via Getty Images Investors and Tesla bulls previously told Business Insider that a combination would make it easier for the two companies, which are already heavily intertwined, to work together.

SpaceX and Tesla are already collaborating on Musk's Terafab chip-building moonshot, and SpaceX president Gwynne Shotwell didn't rule out a merger last month.

"That might make Elon's life a little easier, actually," Shotwell said.

"There's no question that there's synergies between Tesla and SpaceX in our futures, definitely, there's a convergence of a kind of what we're all trying to accomplish in the future," she added.

Read next

Tom Carter You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

Tesla SpaceX Elon Musk More Earnings

Shares of Netflix (NFLX 1.96%) recently closed at approximely $69, putting the streaming giant down 26% in 2026. The slide is part of a longer and more painful 48% decline over the past year or so. Netflix has generated life-changing returns for investors, so it has a strong reputation on Wall Street and hasn't fallen this far very often in the past decade.

But catching falling knives can be a dangerous game. What seems like the ultimate buying opportunity can easily punish overeager buyers. Here's what to make of the company after its latest plunge following its second-quarter earnings report release last week.

Image source: The Motley Fool.

Wall Street is sounding the alarm on slowing growth The market saw Netflix as a fast-growing darling for years. However, those days might be over. Netflix's revenue growth is suddenly slowing. Revenue grew by 17.6% in the fourth quarter of 2025, followed by 16.2% in the first quarter of 2026, and 13.4% in the second quarter. Making matters worse, management guided for only 11.7% growth in the current quarter, yet another deceleration. Wall Street tends to emphasize quarterly performance, which is working against Netflix at the moment, to be sure.

That's not always healthy, especially for long-term investors. That said, Netflix's slowing growth is definitely becoming a trend. It's worth considering the competitive landscape Netflix must contend with, which includes video games and social media, not just other streaming services. Unfortunately, it's not yet clear whether this is a blip for Netflix or if the business has peaked. Making that distinction will be even harder due to Netflix's decision to offer less transparency into subscriber and viewership data.

Here's why the selling might be overdone Multiple things can be true. Netflix absolutely deserves a lower valuation if its growth is stalling. At the same time, the market might be taking things too far. Even as parts of the business mature, Netflix could still have a very long runway to monetize its users. The company has delved into live sports over the past few years and is monetizing price-sensitive subscribers through ad-supported memberships.

Today's Change

(

-1.96

%) $

-1.35

Current Price

$

67.60

It's also worth mentioning that Netflix hasn't had very many blockbuster hits recently. That's not ideal, but the next Squid Game or KPop Demon Hunters sensation could suddenly reignite growth at any given moment.

In the meantime, the stock has fallen to just 19 times 2026 earnings estimates. Analysts still see Netflix growing earnings by an average of 21% to 22% annually over the next three to five years. Buying Netflix here is probably a home run if the company grows even close to that. Even assuming annualized growth comes in closer to 10%-12%, the stock could still deliver solid long-term returns from its current price point.

Is this the ultimate buying opportunity? Perhaps not; the stock could easily go lower. But it's easy to like Netflix stock here.

, /PRNewswire/ -- General Motors (NYSE: GM) today reported second-quarter 2026 revenue of $48.0 billion, net income attributable to stockholders of $1.3 billion, and EBIT-adjusted of $3.9 billion.

The company is raising its full-year 2026 EBIT-adjusted guidance for the second time this year. The company expects net income attributable to stockholders to be $8.4 billion to $9.8 billion; Automotive operating cash flow to be $15.4 billion to $19.4 billion; and EPS-diluted to be $8.98 to $10.98 based on its updated guidance and the impact of adjustments recorded year to date. These expected financial results do not include the potential impact of future adjustments related to special items.

The table below shows the revised guidance and how it compares to prior guidance.

Updated 2026 guidance

Previous 2026 guidance

EBIT-adjusted

$14.0 billion - $16.0 billion

$13.5 billion - $15.5 billion

Adjusted automotive free cash flow     

$9.5 billion - $11.5 billion

$9.0 billion - $11.0 billion

EPS-diluted-adjusted

$12.00 - $14.00

$11.50 - $13.50

GM announced today that its Board of Directors has declared a quarterly cash dividend on the company's outstanding common stock of $0.18 per share, payable September 17, 2026, to holders of the company's common stock at the close of trading on September 4, 2026.

An overview of quarterly results and financial highlights appears below. Visit the GM Investor Relations website to download the company's earnings deck and GM Chair and CEO Mary Barra's Letter to Shareholders.

Conference call for investors and analysts

Mary Barra and GM Chief Financial Officer Paul Jacobson will host a conference call for the investment community at 8:30 a.m. ET today to discuss these results.

Conference call details are as follows:

1-800-857-9821 (U.S.) 1-517-308-9481 (international/caller-paid) Conference call passcode: General Motors An audio replay will be available on the GM Investor Relations website in the Events section. Results Overview

Three Months Ended

($M) except per share amounts

June 30, 2026

June 30, 2025

Change

% Change

Revenue

$    48,026

$    47,122

$        904

1.9 %

Net income (loss) attributable to stockholders

$     1,305

$     1,895

$       (590)

(31.1) %

EBIT-adjusted

$     3,943

$     3,037

$        906

29.8 %

Net income margin

2.7 %

4.0 %

(1.3) ppts

(32.5) %

EBIT-adjusted margin

8.2 %

6.4 %

1.8 ppts

28.1 %

Automotive operating cash flow

$     5,071

$     4,653

$        418

9.0 %

Adjusted automotive free cash flow

$     5,033

$     2,827

$      2,206

78.0 %

EPS-diluted

$       1.41

$       1.91

$       (0.50)

(26.0) %

EPS-diluted-adjusted

$      3.57

$      2.53

$        1.04

41.3 %

GMNA EBIT-adjusted

$     3,446

$     2,415

$       1,030

42.7 %

GMNA EBIT-adjusted margin

8.6 %

6.1 %

2.5 ppts

41.0 %

GMI EBIT-adjusted

$       190

$      204

$         (13)

(6.6) %

China equity income (loss)

$        83

$        71

$         12

16.9 %

GM Financial EBT-adjusted

$      605

$      704

$         (99)

(14.0) %

Six Months Ended

($M) except per share amounts

June 30, 2026

June 30, 2025

Change

% Change

Revenue

$    91,650

$     91,141

$        509

0.6 %

Net income (loss) attributable to stockholders

$     3,932

$     4,680

$        (747)

(16.0) %

EBIT-adjusted

$     8,196

$     6,527

$       1,669

25.6 %

Net income margin

4.3 %

5.1 %

(0.8) ppts

(15.7) %

EBIT-adjusted margin

8.9 %

7.2 %

1.7 ppts

23.6 %

Automotive operating cash flow

$     5,604

$     7,057

$      (1,453)

(20.6) %

Adjusted automotive free cash flow

$     6,302

$     3,639

$       2,663

73.2 %

EPS-diluted

$      4.25

$      5.28

$       (1.03)

(19.6) %

EPS-diluted-adjusted

$      7.27

$      5.31

$        1.96

36.9 %

GMNA EBIT-adjusted

$      7,107

$     5,702

$       1,405

24.6 %

GMNA EBIT-adjusted margin

9.3 %

7.4 %

1.9 ppts

25.7 %

GMI EBIT-adjusted

$       314

$      234

$         80

34.4 %

China equity income (loss)(a)

$      248

$       116

$        132

n.m.

GM Financial EBT-adjusted

$     1,294

$     1,389

$         (95)

(6.9) %

__________

(a)     

n.m. = not meaningful

General Motors (NYSE:GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM's Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry's widest range of EVs, as we move to an all-electric future. Learn more at GM.com.

Cautionary Note on Forward-Looking Statements: This press release and related comments by management may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and represent our current judgment about possible future events. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results, and our actual results may differ materially due to a variety of factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.

Guidance Reconciliations
The following table reconciles expected Net income attributable to stockholders to expected EBIT-adjusted (dollars in billions):

Year Ending December 31, 2026

Updated(a)

Previous

Net income attributable to stockholders

$ 8.4-9.8

$ 9.9-11.4

Income tax expense

2.2-2.8

2.6-3.1

Automotive interest (income) expense, net

(0.1)

—

Adjustments

3.5

1.0

EBIT-adjusted

$ 14.0-16.0

$ 13.5-15.5

__________

(a)     

Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.

The following table reconciles expected EPS-diluted to expected EPS-diluted-adjusted:

Year Ending December 31, 2026

Updated(a)

Previous

Diluted earnings per common share

$ 8.98-10.98

$ 10.62-12.62

Adjustments

3.02

0.88

EPS-diluted-adjusted

$ 12.00-14.00

$ 11.50-13.50

__________

(a)     

Refer to the reconciliation of diluted earnings per common share to EPS-diluted-adjusted for adjustment details. These expected financial results do not include the potential impact of future adjustments related to special items.

The following table reconciles expected automotive net cash provided by operating activities to expected adjusted automotive free cash flow (dollars in billions):

Year Ending December 31, 2026

Updated(a)

Previous

Net automotive cash provided by operating activities

$ 15.4-19.4

$ 16.8-20.8

Less: Capital expenditures

10.0-12.0

10.0-12.0

Adjustments

4.1

2.2

Adjusted automotive free cash flow

$ 9.5-11.5

$ 9.0-11.0

__________

(a)     

These expected financial results do not include the potential impact of future adjustments related to special items.

General Motors Company and Subsidiaries1

Combining Income Statement Information

(In millions) (Unaudited)

Three Months Ended June 30, 2026

Three Months Ended June 30, 2025

Automotive

GM
Financial

Reclassifications
/Eliminations

Combined

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Net sales and revenue

Automotive

$ 43,762

$     —

$                —

$ 43,762

$ 42,869

$      —

$     —

$                —

$ 42,869

GM Financial

—

4,267

(3)

4,264

—

—

4,255

(2)

4,253

Total net sales and revenue

43,762

4,267

(3)

48,026

42,869

—

4,255

(2)

47,122

Costs and expenses

Automotive and other cost of sales

40,696

—

—

40,696

39,289

—

—

(1)

39,289

GM Financial interest, operating, and
   other expenses

—

3,674

(1)

3,674

—

—

3,567

—

3,567

Automotive and other selling, general, and
   administrative expense

2,199

—

(2)

2,197

2,141

—

—

(2)

2,139

Total costs and expenses

42,896

3,674

(3)

46,567

41,431

—

3,567

(2)

44,995

Operating income (loss)

867

593

—

1,459

1,438

—

688

—

2,127

Automotive interest expense

151

—

—

151

199

—

—

(1)

198

Interest income and other non-operating
   income, net

223

—

—

223

367

—

—

(1)

366

Equity income (loss)

24

13

—

36

64

—

16

—

80

Income (loss) before income taxes

$      963

$   605

$                —

$   1,568

$   1,671

$      —

$   704

$                —

$   2,375

Income tax expense (benefit)

214

481

Net income (loss)

1,354

1,894

Net loss (income) attributable to
   noncontrolling interests

(48)

1

Net income (loss) attributable to
   stockholders

$   1,305

$   1,895

Net income (loss) attributable to
   common stockholders

$   1,287

$   1,865

Six Months Ended June 30, 2026

Six Months Ended June 30, 2025

Automotive

GM
Financial

Reclassifications
/Eliminations

Combined

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Net sales and revenue

Automotive

$ 83,111

$     —

$                —

$ 83,111

$ 82,729

$        1

$     —

$               —

$ 82,730

GM Financial

—

8,543

(4)

8,539

—

—

8,419

(7)

8,412

Total net sales and revenue

83,111

8,543

(4)

91,650

82,729

1

8,419

(7)

91,141

Costs and expenses

Automotive and other cost of sales

75,723

—

1

75,724

74,318

163

—

(1)

74,480

GM Financial interest, operating, and
   other expenses

—

7,276

(1)

7,275

—

—

7,058

—

7,058

Automotive and other selling, general, and
   administrative expense

4,270

—

(3)

4,266

4,016

111

—

(2)

4,124

Total costs and expenses

79,993

7,276

(4)

87,265

78,334

274

7,058

(4)

85,662

Operating income (loss)

3,118

1,267

—

4,385

4,395

(273)

1,361

(4)

5,479

Automotive interest expense

309

—

—

309

351

30

—

(30)

350

Interest income and other non-operating
   income, net

530

(1)

—

530

701

2

—

(26)

676

Equity income (loss)

282

27

—

309

114

—

28

—

142

Income (loss) before income taxes

$   3,621

$  1,294

$                —

$   4,915

$   4,859

$  (301)

$  1,389

$                —

$   5,946

Income tax expense (benefit)

856

1,199

Net income (loss)

4,058

4,747

Net loss (income) attributable to
   noncontrolling interests

(126)

(68)

Net income (loss) attributable to
   stockholders

$   3,932

$   4,680

Net income (loss) attributable to common
   stockholders

$   3,901

$   5,224

________

     1

Certain columns and rows may not add due to rounding.

The following table summarizes basic and diluted earnings per share (in millions, except per share amounts):

Three Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Basic earnings per share

Net income (loss) attributable to stockholders

$               1,305

$               1,895

$               3,932

$               4,680

Adjustments(a)

(18)

(30)

(31)

544

Net income (loss) attributable to common stockholders

$               1,287

$               1,865

$               3,901

$               5,224

Weighted-average common shares outstanding

896

963

904

976

Basic earnings per common share

$                 1.44

$                 1.94

$                 4.32

$                 5.35

Diluted earnings per share

Net income (loss) attributable to common stockholders –
   diluted

$               1,287

$               1,865

$               3,901

$               5,224

Weighted-average common shares outstanding – diluted

910

976

918

989

Diluted earnings per common share

$                 1.41

$                 1.91

$                 4.25

$                 5.28

Potentially dilutive securities(b)

—

6

—

6

__________

(a)      

Includes a $593 million return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the six months ended June 30, 2025.

(b) 

Potentially dilutive securities attributable to Performance Stock Units (PSUs) and Restricted Stock Units (RSUs) at June 30, 2026 and outstanding stock options, PSUs, and RSUs at June 30, 2025 were excluded from the computation of diluted earnings per share (EPS) because the securities would have had an antidilutive effect.

General Motors Company and Subsidiaries1

Combining Balance Sheet Information

(In millions, except per share amounts) (Unaudited)

June 30, 2026

December 31, 2025

Automotive

GM
Financial

Reclassifications
/Eliminations

Combined

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

ASSETS

Current Assets

Cash and cash equivalents

$   15,147

$  4,987

$                 —

$   20,134

$   15,062

$      56

$  5,826

$                 —

$   20,945

Marketable debt securities

4,503

82

—

4,585

6,685

—

39

—

6,724

Accounts and notes receivable, net(a)

16,001

1,559

(790)

16,770

12,199

76

1,506

(727)

13,054

GM Financial receivables, net(b)

—

45,262

(393)

44,870

—

—

45,661

(395)

45,266

Inventories

15,955

—

(5)

15,950

14,472

—

—

(5)

14,467

Other current assets

2,767

4,929

4

7,700

3,167

9

5,130

6

8,312

Total current assets

54,374

56,818

(1,184)

110,008

51,585

141

58,162

(1,120)

108,767

Non-current Assets

GM Financial receivables, net

—

44,454

—

44,454

—

—

44,384

—

44,384

Equity in net assets of nonconsolidated affiliates

4,485

1,178

—

5,663

4,564

—

1,117

—

5,681

Property, net

53,179

138

—

53,316

51,458

99

126

—

51,683

Goodwill and intangible assets, net

2,954

1,351

—

4,305

3,018

—

1,348

—

4,366

Equipment on operating leases, net

—

32,881

—

32,881

—

—

33,686

—

33,686

Deferred income taxes

24,190

(1,547)

—

22,643

24,446

—

(1,486)

—

22,960

Other assets

7,804

1,668

—

9,472

8,226

47

1,483

—

9,756

Total non-current assets

92,612

80,121

—

172,733

91,712

147

80,658

—

172,517

Total Assets

$ 146,986

$  136,939

$           (1,184)

$ 282,742

$ 143,297

$    288

$  138,820

$           (1,120)

$ 281,284

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable (principally trade)(a)

$   28,974

$     657

$             (791)

$   28,840

$   24,075

$       1

$     491

$             (649)

$   23,919

Short-term debt and current portion of long-term
     debt

Automotive(b)

907

—

(393)

514

1,120

7

—

(471)

656

GM Financial

—

36,498

—

36,498

—

—

35,012

—

35,012

Cruise

—

—

—

—

—

—

—

—

—

Accrued liabilities

26,280

4,701

—

30,982

28,956

54

4,744

—

33,754

Total current liabilities

56,162

41,856

(1,184)

96,834

54,151

63

40,248

(1,120)

93,342

Non-current Liabilities

Long-term debt

Automotive

15,465

—

—

15,465

15,522

70

—

—

15,591

GM Financial

—

75,220

—

75,220

—

—

79,018

—

79,018

Cruise

—

—

—

—

—

—

—

—

—

Postretirement benefits other than pensions

3,939

—

—

3,939

4,025

—

—

—

4,025

Pensions

4,528

13

—

4,541

4,977

—

11

—

4,988

Other liabilities

19,541

3,560

—

23,101

17,495

281

3,375

—

21,151

Total non-current liabilities

43,473

78,793

—

122,267

42,019

351

82,404

—

124,775

Total Liabilities

99,635

120,650

(1,184)

219,101

96,170

414

122,652

(1,120)

218,116

Equity

Common stock, $0.01 par value

9

—

—

9

9

—

—

—

9

Additional paid-in capital(c)

19,184

1,018

(1,017)

19,185

18,086

1,842

1,077

(1,076)

19,928

Retained earnings

36,466

16,523

1

52,990

37,024

(1,968)

16,467

1

51,524

Accumulated other comprehensive loss

(8,932)

(1,251)

—

(10,183)

(8,966)

—

(1,377)

—

(10,343)

Total stockholders' equity

46,726

16,290

(1,016)

62,000

46,153

(126)

16,167

(1,075)

61,119

Noncontrolling interests(c)

625

—

1,016

1,641

974

—

—

1,075

2,049

Total Equity

47,351

16,290

—

63,641

47,127

(126)

16,167

—

63,168

Total Liabilities and Equity

$ 146,986

$  136,939

$           (1,184)

$ 282,742

$ 143,297

$    288

$  138,820

$           (1,120)

$ 281,284

__________

(a)      

Eliminations primarily include GM Financial accounts and notes receivable of $0.6 billion due from Automotive; and Automotive accounts receivable of $0.2 billion due from GM Financial at June 30, 2026; and GM Financial accounts and notes receivable of $0.5 billion due from Automotive; and Automotive accounts receivable of $0.1 billion primarily due from GM Financial at December 31, 2025.

(b) 

Eliminations primarily related to GM Financial accounts receivable due from Automotive.

(c) 

Primarily reclassification of GM Financial Cumulative Perpetual Preferred Stock, Series A, B, and C. The preferred stock is classified as noncontrolling interests in our consolidated balance sheets.

General Motors Company and Subsidiaries1

Combining Cash Flow Information

(In millions) (Unaudited)

Six Months Ended June 30, 2026

Six Months Ended June 30, 2025

Automotive

GM
Financial

Reclassifications
/Eliminations

Combined

Automotive

Cruise

GM
Financial

Reclassifications
/Eliminations

Combined

Cash flows from operating activities

Net income (loss)

$    3,117

$     941

$                 —

$    4,058

$    4,040

$  (302)

$  1,008

$                 —

$    4,747

Depreciation and impairment of Equipment on
     operating leases, net

—

2,647

—

2,647

—

—

2,438

—

2,438

Depreciation, amortization, and impairment
     charges on Property, net

3,468

18

—

3,486

3,511

9

17

—

3,537

Foreign currency remeasurement and transaction
     (gains) losses

37

(7)

—

30

251

—

11

—

262

Undistributed earnings of nonconsolidated
     affiliates, net

120

(27)

—

93

611

—

(28)

—

583

Pension contributions and OPEB payments

(431)

(1)

—

(432)

(308)

—

(1)

—

(309)

Pension and OPEB (income) expense, net

21

1

—

22

31

—

1

—

32

Provision (benefit) for deferred taxes

209

79

—

289

(3)

—

208

—

205

Change in other operating assets and
     liabilities(a)(c)

(937)

(70)

117

(891)

(1,077)

(432)

410

2,573

1,473

Net cash provided by (used in) operating
     activities

5,604

3,582

117

9,304

7,057

(725)

4,065

2,573

12,969

Cash flows from investing activities

Expenditures for property

(3,425)

(29)

—

(3,454)

(3,940)

(2)

(10)

—

(3,953)

Available-for-sale marketable securities,
     acquisitions

(1,391)

(120)

—

(1,511)

(1,248)

—

—

—

(1,248)

Available-for-sale marketable securities,
     liquidations

3,566

77

—

3,644

1,719

—

—

—

1,719

Purchases of finance receivables

—

(18,727)

(8)

(18,736)

—

—

(19,270)

(6)

(19,275)

Principal collections and recoveries on finance
     receivables(a)(b)

—

18,725

(1,011)

17,713

—

—

20,902

(3,616)

17,286

Purchases of leased vehicles

—

(6,591)

—

(6,591)

—

—

(8,591)

—

(8,591)

Proceeds from termination of leased vehicles

—

5,549

—

5,549

—

—

5,326

—

5,326

Other investing activities(b)

(103)

—

6

(97)

(3,320)

—

—

898

(2,422)

Net cash provided by (used in) investing
     activities

(1,352)

(1,117)

(1,014)

(3,483)

(6,790)

(2)

(1,642)

(2,724)

(11,158)

Cash flows from financing activities

Net increase (decrease) in short-term debt

1

(18)

—

(16)

(13)

—

41

—

29

Proceeds from issuance of debt (original
     maturities greater than three months)(b)

124

23,226

—

23,350

2,018

499

28,650

(499)

30,668

Payments on debt (original maturities
     greater than three months)

(300)

(25,392)

(3)

(25,696)

(571)

(3)

(26,722)

(20)

(27,316)

Payment to purchase common stock

(2,800)

—

—

(2,800)

(2,012)

—

—

—

(2,012)

Issuance (redemption) of subsidiary stock(b)

—

—

—

—

—

—

—

(29)

(29)

Dividends paid(c)

(771)

(959)

900

(831)

(260)

—

(759)

700

(319)

Other financing activities

(379)

(73)

—

(452)

(227)

—

(95)

—

(322)

Net cash provided by (used in) financing
     activities

(4,125)

(3,217)

897

(6,445)

(1,064)

496

1,115

152

699

Effect of exchange rate changes on cash, cash
     equivalents, and restricted cash

(96)

13

—

(83)

261

1

64

—

327

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

31

(738)

—

(708)

(536)

(230)

3,602

—

2,836

Cash, cash equivalents, and restricted cash at
     beginning of period

15,241

9,043

—

24,284

14,561

322

8,081

—

22,964

Cash, cash equivalents, and restricted cash at
     end of period

$   15,271

$  8,305

$                 —

$   23,576

$   14,025

$      92

$ 11,683

$                 —

$   25,800

__________

(a)      

Includes eliminations of $1.0 billion and $3.3 billion in the six months ended June 30, 2026 and 2025 primarily driven by purchases/collections of wholesale finance receivables resulting from vehicles sold by GM to dealers that have arranged their inventory floor plan financing through GM Financial.

(b) 

Eliminations include intercompany funding activity from Automotive and GM Financial to Cruise in the six months ended June 30,  2025.

(c) 

Eliminations include dividends issued by GM Financial to Automotive in the six months ended June 30, 2026 and 2025.

Note: Certain intercompany transactions that are eliminated in consolidation are presented on a net basis.

The following tables summarize key financial information (dollars in millions):

GMNA

GMI

Corporate

Eliminations

Total

Automotive

Cruise

GM

Financial

Reclassifications/
Eliminations

Total

Three Months Ended June 30, 2026

Net sales and revenue

$ 39,912

$   3,691

$      159

$           —

$     43,762

$        —

$   4,267

$                  (3)

$   48,026

Expenditures for property

$   1,834

$        61

$        30

$           —

$       1,924

$        —

$       18

$                  —

$     1,942

Depreciation and amortization

$   1,649

$      122

$          6

$           —

$       1,777

$        —

$   1,325

$                  —

$     3,102

Impairment charges

$         1

$        —

$        —

$           —

$             1

$        —

$        —

$                  —

$            1

Equity income (loss)(a)(b)(c)

$    (383)

$        82

$       (37)

$           —

$        (337)

$        —

$       13

$                  —

$      (324)

GMNA

GMI

Corporate

Eliminations

Total

Automotive

Cruise

GM

Financial

Reclassifications/
Eliminations

Total

Three Months Ended June 30, 2025

Net sales and revenue

$ 39,486

$   3,326

$        57

$           —

$     42,869

$        —

$   4,255

$                  (2)

$   47,122

Expenditures for property

$   2,014

$       89

$        28

$           —

$       2,131

$       —

$         6

$                  —

$     2,137

Depreciation and amortization

$   1,642

$      131

$          9

$           —

$       1,782

$        —

$   1,243

$                  —

$     3,026

Impairment charges

$        —

$       18

$        —

$           —

$           18

$        —

$        —

$                  —

$          18

Equity income (loss)(a)(b)

$       12

$       77

$       (14)

$           —

$           75

$        —

$       16

$                  —

$          91

GMNA

GMI

Corporate

Eliminations

Total

Automotive

Cruise

GM

Financial

Reclassifications/
Eliminations

Total

Six Months Ended June 30, 2026

Net sales and revenue

$ 76,312

$   6,550

$      249

$           —

$     83,111

$        —

$   8,543

$                  (4)

$   91,650

Expenditures for property

$   3,260

$      113

$        51

$           —

$       3,425

$        —

$       29

$                  —

$     3,454

Depreciation and amortization

$   3,190

$      241

$        11

$           —

$       3,442

$        —

$   2,665

$                  —

$     6,107

Impairment charges

$       26

$        —

$        —

$           —

$           26

$        —

$        —

$                  —

$         26

Equity income (loss)(a)(b)(c)

$    (247)

$      243

$       (82)

$           —

$          (85)

$        —

$       27

$                  —

$        (58)

GMNA

GMI

Corporate

Eliminations

Total

Automotive

Cruise

GM

Financial

Reclassifications/
Eliminations

Total

Six Months Ended June 30, 2025

Net sales and revenue

$ 76,873

$   5,753

$      103

$           —

$     82,729

$         1

$   8,419

$                  (7)

$   91,141

Expenditures for property

$   3,719

$      182

$        39

$           —

$       3,940

$         2

$       10

$                  —

$     3,953

Depreciation and amortization

$   3,230

$      233

$        36

$           —

$       3,499

$         5

$   2,456

$                  —

$     5,959

Impairment charges

$        —

$       18

$        —

$           —

$           18

$        —

$        —

$                  —

$         18

Equity income (loss)(a)(b)

$      255

$      125

$       (14)

$           —

$          366

$        —

$       28

$                  —

$        394

__________

(a)      

Includes Automotive China joint ventures (Automotive China JVs) equity income (loss) of $83 million and $248 million in the three and six months ended June 30, 2026 and $71 million and $116 million in the three and six months ended June 30, 2025.

(b) 

Equity income (loss) related to Ultium Cells Holdings LLC, an equally owned joint venture with LG Energy Solution, is presented in Automotive and other cost of sales as this entity has historically been integral to the operations of our business by providing battery cells for our electric vehicles (EVs).  Equity income (loss) related to Ultium Cell Holdings LLC was insignificant in the three and six months ended June 30, 2026 and insignificant and $252 million in the three and six months ended June 30, 2025.

(c) 

Equity income (loss) in GMNA includes impacts of our portion of impairment charges for EV strategic realignment.

General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)

General Motors Company (GM) uses both generally accepted accounting principles (GAAP) and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. Our non-GAAP measures include: earnings before interest and taxes (EBIT)-adjusted, presented net of noncontrolling interests; earnings before income taxes (EBT)-adjusted for our General Motors Financial Company, Inc. (GM Financial) segment; earnings per share (EPS)-diluted-adjusted; effective tax rate-adjusted (ETR-adjusted); return on invested capital-adjusted (ROIC-adjusted) and adjusted automotive free cash flow. GM's calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.

These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons, and benchmark performance between periods and among geographic regions to understand operating performance without regard to items we do not consider a component of our core operating performance. Furthermore, these non-GAAP measures allow investors the opportunity to measure and monitor our performance against our externally communicated targets and evaluate the investment decisions being made by management to improve ROIC-adjusted. Management uses these measures in its financial, investment, and operational decision-making processes, for internal reporting, and as part of its forecasting and budgeting processes. Further, our Board of Directors uses certain of these and other measures as key metrics to determine management performance under our performance-based compensation plans. For these reasons, we believe these non-GAAP measures are useful for our investors. 

EBIT-adjusted (Most comparable GAAP measure: Net income attributable to stockholders)  EBIT-adjusted is presented net of noncontrolling interests and is used by management and can be used by investors to review our consolidated operating results because it excludes automotive interest income, automotive interest expense, and income taxes as well as certain additional adjustments that are not considered part of our core operations. Examples of adjustments to EBIT include, but are not limited to, impairment charges on long-lived assets and other exit costs resulting from strategic shifts in our operations or discrete market and business conditions, and certain costs arising from legal matters. For EBIT-adjusted and our other non-GAAP measures, once we have made an adjustment in the current period for an item, we will also adjust the related non-GAAP measure in any future periods in which there is an impact from the item. Our corresponding measure for our GM Financial segment is EBT-adjusted because interest income and interest expense are an integral part of its financial performance. 

EPS-diluted-adjusted (Most comparable GAAP measure: Diluted earnings per common share)  EPS-diluted-adjusted is used by management and can be used by investors to review our consolidated diluted EPS results on a consistent basis. EPS-diluted-adjusted is calculated as net income attributable to common stockholders-diluted less adjustments noted above for EBIT-adjusted and certain income tax adjustments divided by weighted-average common shares outstanding-diluted. Examples of income tax adjustments include the establishment or release of significant deferred tax asset valuation allowances.

ETR-adjusted (Most comparable GAAP measure: Effective tax rate)  ETR-adjusted is used by management and can be used by investors to review the consolidated effective tax rate for our core operations on a consistent basis. ETR-adjusted is calculated as Income tax expense less the income tax related to the adjustments noted above for EBIT-adjusted and the income tax adjustments noted above for EPS-diluted-adjusted divided by Income before income taxes less adjustments. When we provide an expected adjusted effective tax rate, we cannot provide an expected effective tax rate without unreasonable efforts because the U.S. GAAP measure may include significant adjustments that are difficult to predict. 

ROIC-adjusted (Most comparable GAAP measure: Return on equity)  ROIC-adjusted is used by management and can be used by investors to review our investment and capital allocation decisions. We define ROIC-adjusted as EBIT-adjusted for the trailing four quarters divided by ROIC-adjusted average net assets, which is the average equity balances adjusted for average automotive debt and interest liabilities, exclusive of finance leases; average automotive net pension and other postretirement benefits (OPEB) liabilities; and average automotive net income tax assets during the same period.

Adjusted automotive free cash flow (Most comparable GAAP measure: Net automotive cash provided by operating activities)  Adjusted automotive free cash flow is used by management and can be used by investors to review the liquidity of our automotive operations and to measure and monitor our performance against our capital allocation program and evaluate our automotive liquidity against the substantial cash requirements of our automotive operations. We measure adjusted automotive free cash flow as automotive operating cash flow from operations less capital expenditures adjusted for management actions. Management actions can include voluntary events such as discretionary contributions to employee benefit plans or nonrecurring specific events such as a closure of a facility that are considered special for EBIT-adjusted purposes.

The following table reconciles Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) (dollars in millions):

Three Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Net income (loss) attributable to stockholders

$                   1,305

$                   1,895

$                   3,932

$                   4,680

Income tax expense (benefit)

214

481

856

1,199

Automotive interest expense

151

198

309

350

Automotive interest income

(183)

(200)

(356)

(391)

Adjustments

EV strategic realignment(a)

2,279

330

3,356

330

China restructuring actions(b)

177

140

99

140

Separation costs(c)

—

87

—

87

Cruise restructuring(d)

—

65

—

65

GMI exit costs(e)

—

33

—

33

Headquarters relocation(f)

—

8

—

34

Total adjustments

2,456

663

3,455

689

EBIT-adjusted

3,943

3,037

8,196

6,527

Operating segments

GM North America (GMNA)

3,446

2,415

7,107

5,702

GM International (GMI)

190

204

314

234

Cruise

—

—

—

(273)

GM Financial(g)

605

704

1,294

1,389

Total operating segments

4,241

3,323

8,714

7,051

Corporate and eliminations(h)

(298)

(286)

(518)

(524)

EBIT-adjusted

$                   3,943

$                   3,037

$                   8,196

$                   6,527

__________

(a)      

These adjustments were excluded because they relate to our strategic realignment of our EV capacity and manufacturing footprint, including Ultium's strategic realignment.

(b)

These adjustments were excluded because they relate to restructuring activities associated with our operations in China, including an other-than-temporary impairment and restructuring charges recorded in equity earnings associated with our Automotive China JVs.

(c) 

These adjustments were excluded because they relate to employee separation charges.

(d) 

These adjustments were excluded because they relate to restructuring charges resulting from the plan to combine the Cruise and GM technical efforts to advance autonomous and assisted driving. The adjustments primarily consist of non-cash restructuring charges, supplier-related charges, and employee separation costs.

(e) 

These adjustments were excluded because they primarily relate to the wind down of our manufacturing operations in Columbia and Ecuador.

(f) 

These adjustments were excluded because they relate to the GM headquarters relocation, primarily consisting of accelerated depreciation and other relocation expenditures.

(g) 

GM Financial amounts represent EBT-adjusted.

(h) 

GM's automotive interest income and interest expense, corporate expenditures, legacy costs from the Opel / Vauxhall Business (primarily pension costs), and certain revenues and expenses that are not part of a reportable segment are recorded centrally in Corporate.

The following table reconciles diluted earnings per common share to EPS-diluted-adjusted (dollars in millions, except per share amounts):

Three Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Amount

Per Share

Amount

Per Share

Amount

Per Share

Amount

Per Share

Diluted earnings per common share

$  1,287

$    1.41

$  1,865

$    1.91

$  3,901

$    4.25

$  5,224

$    5.28

Adjustments(a)

2,456

2.70

663

0.68

3,455

3.76

689

0.70

Tax effect on adjustments(b)

(496)

(0.54)

(64)

(0.07)

(679)

(0.74)

(70)

(0.07)

Return from preferred shareholders(c)

—

—

—

—

—

—

(593)

(0.60)

EPS-diluted-adjusted

$  3,247

$    3.57

$  2,464

$    2.53

$  6,677

$    7.27

$  5,250

$    5.31

__________

(a)      

Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details.

(b) 

The tax effect of each adjustment is determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

(c) 

This adjustment consists of a return from the preferred shareholders related to the redemption of Cruise preferred shares from noncontrolling interest holders in the six months ended June 30, 2025.

The following table reconciles our effective tax rate to ETR-adjusted (dollars in millions):

Three Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Income
before
income
taxes

Income
tax
expense
(benefit)

Effective
tax rate

Income
before
income
taxes

Income
tax
expense
(benefit)

Effective
tax rate

Income
before
income
taxes

Income
tax
expense
(benefit)

Effective
tax rate

Income
before
income
taxes

Income
tax
expense
(benefit)

Effective
tax rate

Effective tax rate

$ 1,568

$   214

13.7 %

$  2,375

$   481

20.2 %

$  4,915

$  856

17.4 %

$ 5,946

$  1,199

20.2 %

Adjustments(a)

2,456

496

663

64

3,455

679

689

70

ETR-adjusted

$ 4,024

$   710

17.6 %

$  3,038

$   545

17.9 %

$  8,370

$  1,535

18.3 %

$ 6,635

$  1,269

19.1 %

__________

(a)      

Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details.
These adjustments include Net income attributable to noncontrolling interests where applicable. The tax effect of each adjustment is
determined based on the tax laws and valuation allowance status of the jurisdiction to which the adjustment relates.

We define return on equity (ROE) as Net income (loss) attributable to stockholders for the trailing four quarters divided by average equity for the same period. Management uses average equity to provide comparable amounts in the calculation of ROE.  The following table summarizes the calculation of ROE (dollars in billions):

Four Quarters Ended

June 30, 2026

June 30, 2025

Net income attributable to stockholders

$                   1.9

$                   4.8

Average equity(a)

$                 63.0

$                 66.8

ROE

3.1 %

7.1 %

__________

(a)      

Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in Net income attributable to stockholders.

The following table summarizes the calculation of ROIC-adjusted (dollars in billions): 

Four Quarters Ended

June 30, 2026

June 30, 2025

EBIT-adjusted(a)

$                 14.4

$                 13.2

Average equity(b)

$                 63.0

$                 66.8

Add: Average automotive debt and interest liabilities (excluding finance leases)

16.0

16.2

Add: Average automotive net pension and OPEB liability

7.9

8.9

Less: Average automotive net income tax asset

(24.1)

(22.8)

ROIC-adjusted average net assets

$                 62.8

$                 69.1

ROIC-adjusted

22.9 %

19.0 %

__________

(a)      

Refer to the reconciliation of Net income (loss) attributable to stockholders to EBIT-adjusted and segment profit (loss) for adjustment details.

(b) 

Includes equity of noncontrolling interests where the corresponding earnings (loss) are included in EBIT-adjusted.

The following table reconciles Net automotive cash provided by operating activities to adjusted automotive free cash flow (dollars in millions):

Three Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Net automotive cash provided by operating activities

$              5,071

$              4,653

$              5,604

$              7,057

Less: Capital expenditures

(1,924)

(2,131)

(3,425)

(3,940)

Add: EV strategic realignment

1,871

—

4,103

—

Add: Legal Matters

13

—

13

—

Add: GMI exit costs

2

8

6

12

Add: Buick dealer strategy

—

305

—

465

Add: Separation costs

—

86

—

139

Add: China restructuring actions

—

9

—

9

Less: Ultium strategic realignment

—

(103)

—

(103)

Adjusted automotive free cash flow

$              5,033

$              2,827

$              6,302

$              3,639

General Motors Company and Subsidiaries
Supplemental Material1
(Unaudited)

Vehicle Sales

GM presents both wholesale and total vehicle sales data to assist in the analysis of our revenue and market share. Wholesale vehicle sales data consists of sales to GM's dealers and distributors as well as sales to the U.S. Government, and excludes vehicles sold by our joint ventures. Wholesale vehicle sales data correlates to GM's revenue recognized from the sale of vehicles, which is the largest component of Automotive net sales and revenue. In the six months ended June 30, 2026, 26.8% of GM's wholesale vehicle sales volume was generated outside the U.S. The following table summarizes wholesale vehicle sales by our Automotive operations (vehicles in thousands):

Three Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

GMNA

848

849

1,641

1,676

GMI

142

125

248

209

Total

990

974

1,889

1,885

Total vehicle sales data represents: (1) retail sales (i.e., sales to consumers who purchase new vehicles from dealers or distributors); (2) fleet sales (i.e., sales to large and small businesses, governments, and daily rental car companies); and (3) certain vehicles used by dealers in their business, including but not limited to courtesy transportation vehicles previously used by dealers that were sold to the end consumer. Total vehicle sales data includes all sales by joint ventures on a total vehicle basis, not based on our percentage ownership interest in the joint venture, including vehicle sales of non-GM trademarked vehicles, which are included in the total vehicle sales we report for China. While total vehicle sales data does not correlate directly to the revenue GM recognizes during a particular period, we believe it is indicative of the underlying demand for GM's vehicles. Total vehicle sales data represents management's good faith estimate based on sales reported by our dealers, distributors, and joint ventures; commercially available data sources, such as registration and insurance data; and internal estimates and forecasts when other data is not available.

The following table summarizes industry and GM total vehicle sales and GM's related competitive position by geographic region (vehicles in thousands):

Three Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Industry

GM

Market
Share

Industry

GM

Market
Share

Industry

GM

Market
Share

Industry

GM

Market
Share

North America

United States

4,310

715

16.6 %

4,294

747

17.4 %

8,056

1,341

16.7 %

8,323

1,440

17.3 %

Other

1,059

133

12.6 %

1,052

131

12.5 %

1,987

250

12.6 %

1,992

257

12.9 %

Total North America

5,369

848

15.8 %

5,345

878

16.4 %

10,042

1,592

15.8 %

10,315

1,697

16.5 %

Asia/Pacific, Middle East,
     and Africa

China(a)

5,434

357

6.6 %

6,587

448

6.8 %

10,346

706

6.8 %

12,398

890

7.2 %

Other

5,611

106

1.9 %

5,442

118

2.2 %

11,497

213

1.9 %

11,291

220

1.9 %

Total Asia/Pacific, Middle
     East, and Africa

11,044

464

4.2 %

12,028

565

4.7 %

21,842

919

4.2 %

23,690

1,110

4.7 %

South America

Brazil

795

79

10.0 %

647

64

9.9 %

1,419

141

9.9 %

1,199

120

10.0 %

Other

464

35

7.6 %

411

31

7.6 %

921

69

7.5 %

811

60

7.4 %

Total South America

1,259

115

9.1 %

1,058

95

9.0 %

2,340

209

8.9 %

2,010

180

8.9 %

Total in GM markets

17,672

1,427

8.1 %

18,432

1,538

8.3 %

34,225

2,720

7.9 %

36,015

2,987

8.3 %

Total Europe

4,591

—

— %

4,372

—

— %

8,972

1

— %

8,609

1

— %

Total Worldwide(b)

22,263

1,427

6.4 %

22,804

1,538

6.7 %

43,197

2,721

6.3 %

44,623

2,988

6.7 %

United States

Cars

720

13

1.8 %

712

15

2.1 %

1,322

25

1.9 %

1,415

32

2.3 %

Trucks

1,163

378

32.5 %

1,223

401

32.8 %

2,170

702

32.4 %

2,277

746

32.8 %

Crossovers

2,428

324

13.4 %

2,359

330

14.0 %

4,564

615

13.5 %

4,631

662

14.3 %

Total United States

4,310

715

16.6 %

4,294

747

17.4 %

8,056

1,341

16.7 %

8,323

1,440

17.3 %

China(a)

SGMS

94

132

210

251

SGMW

263

315

496

639

Total

5,434

357

6.6 %

6,587

447

6.8 %

10,346

706

6.8 %

12,398

890

7.2 %

__________ 

(a)      

Includes sales by the Automotive China JVs: SAIC General Motors Sales Co., Ltd. (SGMS) and SAIC GM Wuling Automobile Co., Ltd. (SGMW).

(b) 

Cuba, Iran, North Korea, and Sudan have been subject to broad economic sanctions. Accordingly, these countries are excluded from industry sales data and corresponding calculation of market share.

As discussed above, total vehicle sales and market share data provided in the table above includes fleet vehicles. Certain fleet transactions, particularly sales to daily rental car companies, are generally less profitable than retail sales to end customers. The following table summarizes estimated fleet sales and those sales as a percentage of total vehicle sales (vehicles in thousands): 

Three Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

GMNA

207

178

391

350

GMI

111

96

193

164

Total fleet sales

318

274

584

514

Fleet sales as a percentage of total vehicle sales

22.3 %

17.8 %

21.5 %

17.2 %

SOURCE General Motors