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Semiconductor giant Broadcom NASDAQ: AVGO has made a name for itself as one of the leading players in AI chips. The industry behemoth, NVIDIA NASDAQ: NVDA, is still far and away the world's largest AI chip company. However, Broadcom’s AI sales tower over other top names like Advanced Micro Devices NASDAQ: AMD and Intel NASDAQ: INTC.

Broadcom Today

$401.62 +0.51 (+0.13%)

As of 09:50 AM Eastern

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52-Week Range$269.58▼

$495.00Dividend Yield0.65%

P/E Ratio66.87

Price Target$493.24

Broadcom is far more than just an AI chip company. Its latest deal with tech giant Apple NASDAQ: AAPL, which has an expected value of over $30 billion, clearly demonstrates this.

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With this long-term engagement, Broadcom is locking up sales from its most critical non-AI chip customer for years to come. Apple is also the world’s leading consumer device company, once again demonstrating Broadcom's prowess in attracting the world’s technology leaders.

The deal serves as a reminder that investors should not view Broadcom solely through the AI lens. Although heavily tied to the AI trade, investors would be remiss not to recognize its standing outside of AI when evaluating the company and its stock.

Apple: Broadcom’s Non-AI Chip EngineTo understand the significance of this deal, it is important to understand the breakdown of Broadcom’s revenue streams. Broadcom reports three key revenue lines: AI semiconductors, Infrastructure Software, and Non-AI Semiconductors. Its relationship with Apple falls squarely within the non-AI semiconductor segment, with the firm as an anchor customer. Apple has been a long-standing Broadcom customer, first using Broadcom chips back in 2009 for the iPhone 3GS.

While Non-AI Semiconductors is Broadcom’s smallest segment, it is still a key revenue stream for the company. At $4.2 billion last quarter, it represented approximately 19% of its total $22.19 billion in sales.

Past statements made by Broadcom seem to indicate the firm’s Q4 2024 revenue from Apple was near $2.2 billion. Considering this, it is plausible that Apple now represents around half of Broadcom’s non-AI chip revenue and around 10% of its total revenue.

In this context, the new agreement is significant. By extending the agreement through 2031, Broadcom secures its vital non-AI customer and a large, long-term revenue stream.

Notably, this marks the second time in recent years that the companies have extended their partnership, showing Broadcom’s ability to retain key customers. In 2023, the companies announced a deal in which Broadcom would produce 5G radio-frequency components for Apple.

Now, Broadcom and Apple are renewing their radio-frequency chip partnership. Apple notes, “Broadcom will produce advanced radio-frequency components—including FBAR filters—and advanced wireless connectivity technologies at the Fort Collins facility.”

Apple expects the agreement to exceed $30 billion, with Broadcom producing over 15 billion U.S.-made chips. To support the partnership, Broadcom will invest $1.5 billion to expand and upgrade its Fort Collins facility. While this is a cost to Broadcom, it is well worth the payoff, which is orders of magnitude larger.

Beyond AI Chips: Non-AI Semiconductors and Software Are Huge Revenue DriversWhile highlighting Broadcom’s relationship with Apple, it is also worth noting the importance of its other large segment outside of AI chips: Infrastructure Software. The company’s infrastructure software business is primarily attributed to VMware. VMware provides hypervisor software, which allows companies to use computing resources more efficiently.

In its latest quarter, Broadcom’s Infrastructure Software business generated $7.2 billion in revenue, or 32% of its total sales. This helps solidify the point that investors should not only view Broadcom as an AI chip company. Together, the firm’s Non-AI Semiconductor sales and Infrastructure Software sales came in at $11.4 billion. Thus, just over half of its total sales came from sources other than AI chips. This helps provide a real level of diversification from AI revenue sources.

Additionally, Broadcom expects both its non-AI chip revenue and infrastructure software growth to accelerate significantly next quarter. It forecasts non-AI chip growth of 12% year over year (YOY), compared to 6% YOY last quarter. Non-AI chip bookings also came in at $6 billion last quarter. Broadcom notes that the figure being significantly higher than sales is a “clear indication we're on a path towards a full cyclical recovery." Meanwhile, it sees infrastructure software sales rising 31% YOY, compared to 9% YOY last quarter.

Still, with AI Semiconductor growth expected to rise by over 200% YOY, up from 143% YOY last quarter, the AI Semiconductor segment is certainly Broadcom's main growth driver.

As AI contributes the vast majority of growth, it will continue to have an outsized impact on Broadcom’s share price.

Broadcom Keeps Chugging Away Amid Share WeaknessOverall, Broadcom’s Apple deal solidifies one of its largest relationships with a single customer. Meanwhile, the company expects all three parts of its business to experience accelerating growth next quarter.

Broadcom Inc. (AVGO) Price Chart for Friday, July, 10, 2026

With this, the world’s second-largest semiconductor company continues to fire on all cylinders, despite shares being down about 20% from their highs.

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Key Takeaways Roblox's payers jumped 52%, far outpacing user growth and signaling stronger platform monetization.Adult users monetized over 50% higher, driving Roblox to boost rewards for age-checked spending.Age checks, reduced communication and weaker sign-ups cut RBLX's 2026 bookings outlook to 8-12% from 22-26%. Roblox Corporation (RBLX - Free Report) sustained strong monetization momentum even as safety-related changes pressured new-user acquisition. In the first quarter of 2026, monthly unique payers increased 52% year over year to 31 million, well ahead of daily active user growth. Revenue rose 39% year over year to $1.4 billion, while bookings increased 43% to $1.7 billion.

Engagement also remained strong across the platform. Daily active users grew 35% year over year to 132 million, while hours engaged increased 43% to 31 billion. International markets remained a key growth driver, with DAUs outside the United States and Canada rising 40% and hours engaged increasing 50%. Japan and India also recorded strong user and engagement growth.

Older users represent an important monetization opportunity for Roblox. In the United States, users aged 18 and above monetized at a rate more than 50% higher than users under 18. To encourage more content for this audience, Roblox raised the DevEx rate for spending generated by age-checked adult users in the United States from 26.6% to 37.8%, effective June 8, 2026.

However, the global rollout of age checks has created short-term friction. Reduced communication activity and weaker organic sign-ups through app stores have pressured new-user acquisition. Roblox consequently lowered its full-year 2026 bookings-growth outlook to 8-12% from its prior expectation of 22-26%.

To address these pressures, Roblox plans to increase age-check adoption, improve communication features and refine discovery algorithms around long-term engagement. These efforts, along with stronger incentives for adult-focused content, could help support user growth and sustain monetization momentum over time.

RBLX’s Stock Price Performance, Valuation & EstimatesRoblox’s shares have declined 2.2% in the past three months against the industry’s 5.8% growth. In the same time frame, other industry players like DraftKings Inc. (DKNG - Free Report) and Monarch Casino & Resort, Inc. (MCRI - Free Report) have gained 16.8% and 28.5%, respectively.

RBLX Three-Month Price Performance
Image Source: Zacks Investment Research

RBLX stock is currently trading at a premium. It is currently trading at a forward 12-month price-to-sales (P/S) multiple of 4.61, well above the industry average of 2.20. DraftKings and Monarch Casino have P/S ratios of 1.78 and 3.89, respectively.

RBLX’s P/S Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Roblox’s 2026 loss per share has narrowed from $1.45 to $1.44 over the past 30 days.

EPS Trend of RBLX Stock
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for RBLX's 2026 loss per share suggests a 6.5% year-over-year improvement. Conversely, industry players like DraftKings and Monarch Casino are likely to witness growth of 74.2% and 30.2%, respectively, year over year in 2026 earnings.

RBLX Zacks RankRoblox has a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

MIAMI, July 10, 2026 (GLOBE NEWSWIRE) -- Wrap Technologies, Inc. (Nasdaq: WRAP) (“Wrap” or, the “Company”), a global public safety technology company, today issues a letter to stockholders from Founder, Chairman and Chief Executive Officer, Scot Cohen.

To Our Shareholders,

The past year has been one of the most important in WRAP’s history.

We are no longer building a company around a single product. We are aiming to build a public safety technology platform designed for the threats of tomorrow. Our mission remains unchanged—to help save lives through safer outcomes—but our vision has expanded significantly. Today, WRAP is positioning itself at the intersection of artificial intelligence, advanced sensing, autonomous decision support, and measured, non-lethal response.

We are transforming WRAP from a company known for a single breakthrough restraint device into a technology company building an intelligent operating architecture for public safety and security. Our goal is to create a connected system that enables agencies to detect threats earlier, understand them faster, and respond with appropriate, accountable force.

Every decision we have made over the past year supports that direction.

The first pillar is validation.

This year, the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) issued a ruling determining that the BolaWrap® 150 is not a firearm or “any other weapon” under federal law, but an instrument of restraint. We believe this decision removes regulatory uncertainty, may simplify procurement, and supports remote restraint as a distinct category within modern public safety.

We believe it may also expand our commercial opportunity by easing adoption across law enforcement and by supporting potential opportunities in corrections, healthcare, transportation, education, government, and private security. More broadly, it reflects growing recognition that agencies need response options aligned with today’s legal standards and operational realities.

The second pillar is intelligence.

Public safety increasingly depends on understanding threats before contact occurs.

This led to our investment in Frenel Imaging Ltd. and exclusive commercialization rights for its thermal-polarimetric sensing technology across the United States and NATO markets.

Advanced sensing is becoming foundational to modern security as the threats that burden society become increasingly more difficult to detect. Effective response begins with detection, classification, and understanding. We believe thermal-polarimetric imaging, artificial intelligence, and edge computing may play a central role in protecting cities, borders, infrastructure, and public spaces.

The third pillar is integration.

The market does not need more disconnected devices. It needs a unified system that brings together sensing, AI, command-and-control, and graduated response.

That system is WrapShield™.

WrapShield is our platform strategy, designed to integrate detection, classification, decision support, and proportionate response into a deployable system for diverse operational environments.

The Vision: A Deployable Defense Architecture for Every Domain

Recent policy developments are reshaping the landscape.

Authority is emerging. The supporting architecture is not. We intend to help build it.

Our objective is to develop WrapShield into a mobile, self-contained defense system deployable wherever public safety professionals operate. It is designed to integrate six operational layers—detect, identify, classify, direct, respond, and escalate only when authorized—with human decision-makers remaining in control.

This approach extends beyond counter-drone operations to critical infrastructure, border security, transportation, public venues, schools, corrections, emergency response, and defense support.

We believe the future of public safety lies in integrated systems that connect intelligence with measured, accountable response.

That is the company we are building.

Historically, WRAP was viewed through the lens of a single less-lethal product. Today, we are building an integrated technology company positioned across several markets that we believe offer long-term growth potential, including artificial intelligence, autonomous sensing, counter-UAS, critical infrastructure protection, and public safety modernization. Together, these represent what we believe is a substantial global opportunity.

We believe our addressable market has expanded significantly as we position WRAP at the intersection of these long-term trends.

Operational Momentum

Vision must be matched by execution.

We are seeing encouraging indicators of momentum across the business, including expanding customer adoption, stronger international partnerships, improved operational discipline, and increased bookings. At the same time, we are making targeted investments in technologies that support our long-term strategy.

We believe these efforts are supporting measurable progress, including revenue growth, improved efficiency, and deeper customer engagement. We remain focused on disciplined capital allocation while investing for long-term value.

While there is more work ahead, we believe the foundation we have built positions WRAP for sustainable growth and long-term leadership in an evolving market.

Looking Ahead

This year’s milestones reflect meaningful progress.

The ATF ruling provides regulatory clarity. Our investment in Frenel strengthens our sensing and intelligence capabilities. WrapShield defines our platform strategy. And our operational progress demonstrates disciplined execution.

Together, these developments mark a fundamental evolution of the company.

Public safety is undergoing a significant technological shift. Advances in artificial intelligence, sensing, and integrated systems are reshaping how governments protect people and infrastructure. Our goal is to play a leading role in that transformation.

Our mission remains clear: protecting life through better technology and measured response.

We are early in this journey, but our direction is clear and our confidence is strong.

On behalf of our Board of Directors and the entire WRAP team, thank you for your continued trust and support. We remain committed to creating long-term value while helping shape the future of public safety.

Sincerely,

Scot Cohen

Founder, Chairman and CEO

WRAP Technologies, Inc. 

About Wrap Technologies, Inc. 

Wrap Technologies, Inc. (Nasdaq: WRAP) a global leader in innovative public safety technologies and non-lethal tools, delivering cutting-edge technology with exceptional people to address the complex, modern day challenges facing public safety organizations. 

WRAP’s complete public safety portfolio includes the non-lethal BolaWrap® 150 device, Wrap Reality® immersive training platform, WrapVision™ body-worn camera system, WrapTactics™ training programs, and next-generation C-UAS solutions like the 1KC Kinetic Anti-Drone Cassette, all of which supports the Company's mission to provide safer, scalable, and cost-effective technologies for public safety, defense, and critical infrastructure markets.  

With a growing demand for non-lethal tools and techniques to create time, distance and tactical advantage in non-criminal calls, Wrap's BolaWrap® 150 incorporates a multi-sensory distraction of sight and sound as a first response, followed by a non-lethal restraint if further escalation is required. This approach reduces the risk of injury to officers, subjects, and the community.   

Wrap's BolaWrap® 150 solution is intended to provide law enforcement with a safer choice for nearly every phase of a critical incident. This innovative, patented device deploys a multi-sensory, cognitive disruption to expand the pre-escalation period and gives officers the advantage and critical time to manage non-compliant subjects before resorting to higher-force options. The BolaWrap® 150 is not pain-based compliance. It does not shoot, strike, shock, or incapacitate, instead, it helps officers strategically operate pre-escalation on the force continuum, reducing the risk of injury to both officers and subjects. Used by over 1,000 agencies across the U.S. and in 60 countries, BolaWrap® is backed by training certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST), reinforcing Wrap's commitment to public safety through cutting-edge technology and expert training. 

WrapReality™ VR is a fully immersive training simulator to enhance decision-making under stress. 

As a comprehensive public safety training platform, it provides first responders with realistic, interactive scenarios that reflect the evolving challenges of modern law enforcement. By offering a growing library of real-world situations,

WrapReality™ is intended to equip officers with the skills and confidence to navigate high stakes encounters effectively, which we believe leads to safer outcomes for both responders and the communities they serve. 

WrapVision is an all-new body-worn camera and evidence management system built for efficiency. 

Designed for efficiency, security, and transparency to meet the rigorous demands of modern law enforcement, WrapVision captures, stores, and helps manage digital evidence, ensuring operational security, regulatory compliance, and enhanced video picture quality and field of view. 

The WrapVision camera, powered by IONODES, boasts streamlined cloud integration and final North American assembly, with a critical made-in-America roadmap projected for early 2026. This track helps ensure data integrity and helps eliminate critical concerns over unauthorized access or foreign surveillance risks. 

Trademark Information 

WRAP, the Wrap logo, BolaWrap®, Non-Lethal Response™, WrapReality™, Wrap Training Academy, and Non-Lethal Response™ are trademarks of WRAP Technologies, Inc., some of which are registered in the U.S. and abroad. All other trade names used herein are either trademarks or registered trademarks of the respective holders. 

Cautionary Note on Forward-Looking Statements - Safe Harbor Statement 

This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “anticipate”, “should”, “believe”, “target”, “project”, “goals”, “estimate”, “potential”, “predict”, “may”, “will”, “could”, “intend”, and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements include, but are not limited to, statements relating to the Company’s strategic investment in Frenel; the expected benefits, effects, limitations, and implications of TPiCore® thermal-polarimetric imaging and WrapShield; expected commercialization, integration, deployment, market adoption, and expansion of WrapShield; the Company’s ability to develop, integrate, manufacture, sell, and support current and future products and technologies; the intended performance, benefits, and safety outcomes of the Company’s products and training solutions; expected market opportunities; and the Company's planned future products, technologies, integrations, product designs, and related benefits. The Company's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the Company's ability to maintain compliance with the Nasdaq Capital Market's listing standards; the Company's ability to successfully implement training programs for the use of its products; the Company's ability to manufacture and produce products for its customers; the Company's ability to develop sales for its products; market acceptance of existing and future products; changes in law enforcement budgets, policies, procurement practices, and use-of-force standards; the availability of funding to continue to finance operations; the complexity, expense, and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company's product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations and changes in regulatory classifications or interpretations; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for countries outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company's ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company's most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, or changes in its expectations.

Investor Relations Contact:
(800) 583-2652
[email protected]
wrap.com
frenel.ai

MCLEAN, VA / ACCESS Newswire / July 10, 2026 / Gladstone Investment Corporation (NASDAQ:GAIN) ("Gladstone Investment") is pleased to announce its acquisition of DHE Computer Systems, LLC ("DHE"). Gladstone Investment provided debt and equity financing to complete the transaction.

DHE (the "Company"), headquartered in Centennial, Colorado, is a leading full-service technology solutions provider serving the state, local, and education and commercial markets. DHE provides end-to-end IT products and lifecycle services, including hardware, software, device configuration and enrollment, deployment logistics, repair and warranty support, data recovery, and emerging managed services. DHE's existing management team, led by Chief Executive Officer Dan Hammack, will continue to lead the business following the transaction. The Company's founders, Dan Hammack and Elena "Annie" Hammack, will remain meaningful shareholders alongside Gladstone Investment.

"We are excited to partner with Dan, Annie and the entire DHE team as the Company continues its next phase of growth," said Michael Cueter, Managing Director at Gladstone Investment. "DHE has established itself as a trusted, high-touch technology partner to schools, government agencies and commercial customers by delivering the products, services and support needed to manage complex device fleets and broader IT service solutions. We believe DHE's strong customer relationships, OEM partnerships, service capabilities and expanding technology offerings create a compelling platform for continued growth."

"The Hammack family is excited to partner with Gladstone Investment as we begin DHE's next chapter," said Dan Hammack. "Since founding DHE, our focus has always been on serving as a trusted technology partner to our customers and helping them solve complex IT needs with responsive service and practical solutions. We believe Gladstone Investment is the right partner to help us build on that foundation, continue investing in our team and expanding capabilities, and pursue the next phase of growth for the business."

"DHE represents another strong example of Gladstone Investment's strategy of partnering with successful founder- and management-owned lower middle market businesses," said David Dullum, Chief Executive Officer and President of Gladstone Investment. "This investment represents our dedication to our ultimate goal of investing in quality companies that will produce stable income for dividends to Gladstone Investment's shareholders, as well as longer-term capital appreciation resulting in capital gains."

Gladstone Investment is a publicly traded business development company that seeks to make equity and secured debt investments in lower middle market businesses in connection with acquisitions, changes in control, and recapitalizations. Additional information on the transaction can be found at www.gladstoneinvestment.com.

For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com.

Forward-looking Statements:

The statements in this press release regarding the longer-term prospects of Gladstone Investment and DHE and its management team, and the ability of Gladstone Investment and DHE to grow and expand are "forward-looking statements." These forward-looking statements inherently involve certain risks and uncertainties in predicting future results and conditions. Although these statements are based on Gladstone Investment's current plans that are believed to be reasonable as of the date of this press release, a number of factors could cause actual results and conditions to differ materially from these forward-looking statements, including those factors described from time to time in Gladstone Investment's filings with the Securities and Exchange Commission. Gladstone Investment undertakes no obligation to update or revise these forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

For further information: Gladstone Investment Corporation, (703) 287-5893

SOURCE: Gladstone Investment Corporation

, /PRNewswire/ -- InMode Ltd. (NASDAQ: INMD) (the "Company") confirmed that its Board of Directors (the "Board") has received the unsolicited letter and acquisition proposal from Steel Partners Holdings L.P. dated July 9, 2026.

The Special Committee comprised solely of the independent directors of the Board (the "Special Committee"), together with its legal and financial advisors, will carefully review the proposal consistent with its fiduciary duties.

The Special Committee remains committed to acting in the best interests of all shareholders. The Special Committee does not intend to comment further at this time.

About InMode Ltd.

The Company is a leading global provider of innovative medical technologies. The Company develops, manufactures and markets devices harnessing novel radiofrequency ("RF") technology. The Company strives to enable new emerging surgical procedures as well as improve existing treatments. The Company has leveraged its medically accepted minimally invasive RF technologies to offer a comprehensive line of products across several categories for plastic surgery, gynecology, dermatology, otolaryngology and ophthalmology. For more information about the Company and its wide array of medical technologies, visit www.inmodemd.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. In some cases, forward-looking statements can be identified by terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or the negative of those terms or other comparable terminology. Forward-looking statements in this press release include, but are not limited to, statements regarding the Proposal, the special committee's review and evaluation of the Proposal, the potential consummation of any transaction and the Company's future plans, objectives, expectations and intentions. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied. Such factors include, among others: uncertainties as to whether the special committee will determine that the Proposal or any alternative transaction is in the best interests of the Company and its shareholders; the risk that the Proposal may be withdrawn or modified; the possibility that competing offers or alternatives may or may not emerge; the risk that any transaction may not be consummated on the terms or timeline currently contemplated, or at all; and the other risks described in the Company's filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise except as required by law.

Contacts

Miri Segal-Scharia
MS-IR LLC
[email protected]

Logo: https://mma.prnewswire.com/media/1064477/InMode_Logo.jpg

SOURCE InMode Ltd.

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Milestone enables institutional custody services

NEW YORK--(BUSINESS WIRE)--Circle Internet Group, Inc. (NYSE: CRCL), one of the world’s leading internet financial platform companies, today announced that it has received approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank, N.A., a national trust bank. The bank will operate under the name Circle National Trust.

OCC approval of a national trust bank charter represents a major U.S. regulatory milestone and strengthens the infrastructure of USDC1 – the world’s largest regulated stablecoin – through federally-regulated custody, with reserve management planned as a future capability. It places Circle National Trust under direct federal oversight by the OCC, the primary regulator for national banks and national trust banks.

As a federally regulated national trust bank, Circle National Trust aligns digital asset infrastructure with the longstanding role of national trust banks in safeguarding client assets under strict fiduciary standards. This brings USDC infrastructure into a proven federal banking framework designed to ensure safety, soundness, and transparency.

Upon opening, Circle National Trust will offer fiduciary digital asset custody services for Circle and its affiliates. As per its business plan, which was approved by the OCC, "depending on demand, FNDCB may eventually offer its digital asset custody service to a limited number of institutional customers directly, focusing on banks and other financial institutions, such as regulated derivatives organizations." The charter is also designed to enable future capabilities, including management of the USDC Reserve, which would bring those operations under federal regulatory oversight and further enhance the safety, transparency, and trust of USDC.

“OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system,” said Jeremy Allaire, Co-Founder, Chairman, and CEO of Circle. “Federal oversight of our trust bank sets a new standard for transparency, governance, and scale for Circle’s infrastructure and unlocks a new phase of adoption, where leading financial institutions can build on public blockchains with clarity and confidence.”

As an OCC-chartered national trust bank, Circle National Trust advances USDC’s role as trusted, federally regulated digital dollar infrastructure for payments, settlement, and capital markets activity, supporting the role of the U.S. dollar in an increasingly digital global economy.

Circle submitted its application to the OCC on June 30, 2025 and received a conditional approval in December, 2025, building on its long-standing commitment to regulatory engagement. In 2015, Circle became the first company to receive a BitLicense from the New York Department of Financial Services and remains engaged with the leading U.S. state digital asset regulator. In 2024, Circle became the first global stablecoin issuer to comply with the European Union’s Markets in Crypto-Assets framework. Circle also holds licenses in the UK, Singapore, and Bermuda, and has met Canadian Value-Referenced Crypto Asset requirements. In 2025, Circle secured a license from Abu Dhabi Global Market’s Financial Services Regulatory Authority.

ABOUT CIRCLE

Circle (NYSE: CRCL) is one of the world’s leading internet financial platform companies, building the foundation of a more open, global economy through digital assets, payment applications, and programmable blockchain infrastructure. Circle’s platform includes the world’s largest regulated stablecoin network anchored by USDC, Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain designed to become the Economic OS for the internet. Enterprises, financial institutions, and developers use Circle to power trusted, internet-scale financial innovation. Learn more at circle.com.

1 USDC is issued by regulated affiliates of Circle. A list of Circle’s regulatory authorizations can be found here.

More News From Circle Internet Group, Inc.

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New Hampshire’s Executive Council voted 3-2 to reject a proposed $100 million Bitcoin-backed municipal bond, preventing what would have been the first state-authorized issuance of its kind.

The decision comes despite the bond receiving a provisional Ba2 credit rating from Moody’s earlier this year.

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The decision came months after the state’s Business Finance Authority (BFA) approved the groundbreaking bond structure, which aimed to bring Bitcoin-backed financing to the municipal bond market.

The proposed financing, developed by Wave Digital Assets in partnership with Rosemawr Management and the BFA, would have seen the BFA issue taxable municipal bonds backed by $175 million in Bitcoin collateral provided by CleanSpark, with BitGo Trust acting as custodian.

If Bitcoin’s value dropped below $140 million, the collateral would have been liquidated to ensure bondholders were repaid in full, without exposing taxpayers to losses.

Council members said the proposal failed to demonstrate meaningful benefits for New Hampshire and raised concerns about lending state legitimacy to a transaction tied to a highly volatile asset class.

Meanwhile, backers argued that the decision was a missed opportunity and urged officials to revisit the proposal.

“It was an extremely short-sighted decision,” New Hampshire House Majority Floor Leader Keith Ammon, who has long championed crypto initiatives in the state, said in a post on X. “They should gather all relevant facts and information and reconsider their vote at a future meeting.”

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Strategy, the company formerly known as MicroStrategy, sold 3,588 BTC for approximately $216 million between July 1 and July 5. That’s the largest single Bitcoin liquidation in the company’s history, and it came from the man who once made “never sell” sound like a blood oath.

Michael Saylor’s firm still holds 843,775 BTC after the sale.

From diamond hands to dynamic allocation Strategy didn’t sell Bitcoin because Saylor suddenly lost faith in his thesis. The company sold to replenish USD reserves earmarked for preferred-stock dividends on its Digital Credit securities.

The board authorized potential sales of up to $1.25 billion in Bitcoin on June 29, giving management room to sell significantly more if cash needs escalate. The goal, according to the company’s filings, is to avoid issuing additional equity, which would dilute existing shareholders.

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Strategy had already broken the seal in late May 2026, selling 32 BTC for $2.5 million. Selling 3,588 coins at roughly $60,000 each is not a rounding error.

The average sale price of approximately $60,000 per Bitcoin is worth noting because Strategy’s overall cost basis sits above that level — they sold at a loss relative to what they paid for much of their stack. The company reported an $8.32 billion loss in Q2 2026 related to digital assets.

Strategy is now framing this shift as “dynamic capital allocation” designed to improve Bitcoin-per-share metrics.

Why the market cares more than the math suggests 3,588 BTC represents roughly 0.4% of Strategy’s total holdings.

MSTR shares declined several percent intraday on July 6, though they stabilized afterward. Bitcoin itself saw modest selling pressure.

The board authorized up to $1.25 billion in potential Bitcoin sales. That’s roughly 20,800 BTC at current prices, or about 2.5% of the company’s total stack.

The institutional contagion risk The $8.32 billion quarterly loss on digital assets underscores how painful this Bitcoin winter has been for corporate holders who bought aggressively during the bull market. Strategy accumulated the vast majority of its 843,775 BTC at prices that now look elevated compared to current trading levels.

The Bitcoin-per-share metric that Strategy is now optimizing for could actually benefit remaining shareholders if executed well, since selling Bitcoin to avoid equity dilution preserves each share’s claim on the remaining stack.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

EU regulators have accused Meta, the company behind Facebook and Instagram, of failing to tackle the risks of its “addictive design” on the physical and mental health of users.

In an official charge sheet against Meta released on Friday, the European Commission said features such as video autoplay and infinite scroll, which provides an endless stream of content, “shift the brain into autopilot mode, contributing to unhealthy habits and compulsive use”.

In a significant finding, as the EU considers a social media ban for minors, the commission said Meta had disregarded available information about the time children spend on Instagram and Facebook at night, and how features, such as reels and stories, could lead to “excessive or even compulsive use of its services”.

The commission said the addictive design of Facebook and Instagram was a breach of the EU’s Digital Services Act, which aims to protect users from a wide range of internet harms, including shopping scams, disinformation and illegal content.

A Meta spokesperson said: “We disagree with these preliminary findings, which don’t accurately take into account the significant steps we’ve taken to protect teens. Since this investigation began, we rolled out ‘Teen Accounts’ that automatically protect teens and put parents in control – allowing them to block access to Instagram at night and cap daily screen time at just 15 minutes.”

The findings are part of a wide-ranging investigation into Meta launched in May 2024. EU officials continue to assess other charges, notably “rabbit hole” effects, where an algorithm feeds young people negative content, such as on unrealistic body images. In another strand of the investigation, the commission said Meta had broken EU law – and its own terms and conditions – by failing to prevent children under 13 from using Facebook and Instagram.

EU officials want Meta to change the design of Instagram and Facebook by, for instance, scrapping autoplay and infinite scroll as default settings, implementing screen breaks and changing its algorithm, so users are offered less personal content.

Meta has the right to mount a defence and may examine the commission’s investigation files. If the ruling is confirmed, the company could be fined up to 6% of its total annual turnover.

The charges come days before a long-awaited report from an expert panel convened by the European Commission president, Ursula von der Leyen, examining social media bans for children. The special panel for child safety online is due to present recommendations on Monday.

Von der Leyen has already revealed her thinking, telling an AI safety conference in May: “We must consider a social media delay.” The commission president, a mother of seven who trained as a doctor, said: “The question is not whether young people should have access to social media, the question is whether social media should have access to young people.”

At least 10 EU member states are already drawing up plans for a social media ban, including France, Italy and Spain, putting pressure on the commission to come up with an EU-wide solution or risk a hotchpotch of different rules.

Announcing the latest charges against Meta, the commission’s lead official on tech policy, Henna Virkkunen, said: “The Digital Services Act provides a clear framework to hold platforms accountable for the addictive design and effects of their services. We are fully committed to enforcing our legislation in Europe.”

Bitmine Immersion Technologies (NYSE: $BMNR), chaired by Fundstrat's Tom Lee, has purchased another 20,500 $ETH worth approximately $35.9 million from Galaxy Digital, according to onchain data cited by Lookonchain. The transaction is the company's second major Ethereum buy in as many days and adds further momentum to what has become one of the most closely watched corporate accumulation stories in crypto.

Back-to-Back Buys Push Holdings Higher The latest purchase follows a reported acquisition of 40,000 ETH on July 8, executed through FalconX and Kraken. Combined, the two transactions total roughly 60,500 ETH acquired within days. As of July 5, 2026, Bitmine's holdings stood at 5,742,237 ETH, representing approximately 4.8% of the total ETH supply of 120.7 million tokens. The latest buys reported on July 10 would push that figure higher still, bringing the company closer to its stated target.

The "Alchemy of 5%" and What's at Stake Guided by its philosophy of "the alchemy of 5%," Bitmine is committed to ETH as its primary treasury reserve asset, leveraging native protocol-level activities including staking and decentralised finance mechanisms. A 3.5 million share 9.50% Series A Perpetual Preferred (BMNP) deal raised about $273.8 million to fund additional digital assets, validator growth, and strategic ETH-ecosystem investments.

Chairman Thomas Lee attributed Ethereum's recent outperformance of Bitcoin and Bitmine's continued accumulation to rising investor optimism that the proposed Clarity Act will pass and bring greater regulatory certainty to crypto, especially Ethereum. Lee also believes Ethereum is undervalued, citing tokenization and rising demand from artificial intelligence applications as long-term catalysts.

Annualized staking revenues are projected at $235 million, with 4.9 million ETH representing 85% of the 5.74 million ETH held by Bitmine. Bitmine's crypto holdings rank it as the number one Ethereum treasury and number two global treasury, behind Strategy Inc. (NASDAQ: MSTR).

Sources:
Bitmine official press release via PR Newswire, July 6, 2026
CoinDesk: Bitmine adds $74 million in Ether as Tom Lee bets on Clarity Act boost
Yahoo Finance: Bitmine Purchases Another $74 Million of Ethereum

Cardano founder Charles Hoskinson has confirmed that the ecosystem is close to launching a political party.

He made the announcement during his latest broadcast, where he also dismissed rumors that he plans to retire or leave the Cardano ecosystem. Reaffirming his long-term commitment to the network, Hoskinson revealed that preparations for the political party are already underway. He said the initiative is expected to launch soon, allowing ADA community members to participate.

“We are working on a political party, and we’ll imminently be launching that soon, and give people an opportunity to participate,” Hoskinson remarked.  

His commentary signals that the initiative has progressed from a proposal to an active project, although Hoskinson did not provide a specific launch date.

A New Governance Structure for Cardano Hoskinson’s latest remarks build on his earlier proposal to establish a political party that would operate as a large, Delegate Representative (DRep) within Cardano’s on-chain governance system.

The idea emerged after months of governance disputes across the ecosystem. Several treasury proposals, including some associated with Hoskinson, failed to secure DRep approval. The resulting governance tensions eventually contributed to the cancellation of Cardano Summit 2026. In response, Hoskinson first suggested becoming a DRep before unveiling plans to create a political party.

In his view, the proposed organization would coordinate decision-making on ecosystem growth, treasury allocations, and long-term strategic priorities. The initiative would also give ADA holders and ecosystem participants a structured way to engage in governance by joining the organization and voting on key initiatives. 

Hoskinson Backs the Cardano PRIME Proposal Meanwhile, Hoskinson has publicly endorsed the Cardano PRIME proposal. He expressed his support by replying “LFG” after AlphaGrowth announced that on-chain community voting for PRIME had officially begun.

PRIME is a 12-month initiative led by AlphaGrowth to accelerate Cardano’s decentralized finance (DeFi) ecosystem through protocol security audits, responsible liquidity incentive programs, and market expansion. The proposal seeks 120 million ADA in treasury funding, valued at approximately $19.2 million at an assumed ADA price of $0.16. If successful, the initiative aims to increase Cardano’s total value locked (TVL) by more than $200 million.

Such growth would represent a significant expansion from Cardano’s current TVL of roughly $73 million, with stablecoins currently accounting for most of the capital locked on the network.

Hoskinson has repeatedly emphasized that expanding Cardano’s DeFi ecosystem is one of the network’s highest priorities. He has previously described 2026 as a “do-or-die” year for Cardano’s DeFi ambitions, underscoring the need to attract more liquidity, users, and decentralized applications to the blockchain.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

June quarter earnings topped guidance on broad demand strength and strong execution, generating a double-digit return on invested capital

Expect continued momentum in September quarter with mid-teens revenue growth and double-digit margin

Affirming full-year guidance for adjusted EPS of $6.50 to $7.50 and free cash flow of $3 to $4 billion

Further strengthened investment grade balance sheet through debt paydown, and announced a 15 percent increase to dividend payment beginning in September quarter

, /PRNewswire/ -- Delta Air Lines (NYSE: DAL) today reported financial results for the June quarter and provided its outlook for the September quarter and full year 2026. Highlights of the June quarter, including both GAAP and adjusted metrics, are on page five and incorporated here.

"Today, we reported our June quarter results, and it is clear that Delta's brand and industry position are stronger than ever. We delivered $1.4 billion in pre-tax profit while absorbing the highest quarterly fuel expense in our history, reflecting broad demand strength, growing brand preference and momentum across our diversified revenue base. This industry-leading performance is powered by the best people in the business," said Ed Bastian, Delta's chief executive officer.

"Delta is executing from a position of strength, and we expect momentum to carry into the second half with double-digit margins and a return to earnings growth. For the full year, we are affirming the guidance we set at the start of the year to grow earnings by 20 percent, overcoming a multi-billion dollar fuel headwind. This reinforces Delta's durability while positioning us to continue our momentum into 2027."

June Quarter 2026 GAAP Financial Results

Operating revenue of $19.8 billion Operating income of $1.9 billion with an operating margin of 9.4 percent Pre-tax income of $2.0 billion with a pre-tax margin of 10.2 percent Earnings per share of $2.44 Operating cash flow of $1.6 billion June Quarter 2026 Non-GAAP Financial Results

Operating revenue of $17.7 billion Operating income of $1.6 billion with an operating margin of 8.8 percent Pre-tax income of $1.4 billion with a pre-tax margin of 7.7 percent Earnings per share of $1.56 Operating cash flow of $1.7 billion Financial Guidance1

FY 2026

Earnings Per Share

$6.50 - $7.50

Free Cash Flow ($B)

$3 - $4

Gross Leverage2

Approx. 2x

3Q26

Total Revenue YoY (%)

Up Mid-Teens

Operating Margin

11% - 13%

Earnings Per Share

$2.00 - $2.50

Guidance for the September quarter assumes fuel at the forward curve as of July 2, 2026, and includes a refinery benefit of 5-cents per gallon. This results in a projected all-in fuel price for the quarter of approximately $3.15 per gallon.

Revenue Environment and Outlook

"Revenue grew 14 percent in the June quarter, at the high end of our expectations, increasing more than $2 billion over last year on broad demand strength," said Joe Esposito, Delta's chief commercial officer.

"With continued momentum across customer segments and diverse revenue streams, we are confident in the sustainability of yield and revenue strength. For the September quarter, we expect revenue to grow mid-teens over prior year on modest capacity growth, with unit revenue growth improving sequentially. While still early, current trends provide a constructive setup for this strength to extend into the December quarter."

Record June quarter revenue reflects broad demand strength and growing brand preference: June quarter total revenue increased 14 percent over the same period last year to a record $17.7 billion on approximately 1 percent capacity growth. Adjusted total unit revenue (TRASM) grew 12.4 percent over prior year. Main cabin unit revenue grew double-digits, marking the second consecutive quarter of positive main cabin growth. Domestic unit revenue grew 12 percent year-over-year and international unit revenue increased 8 percent, led by Latin. Diversified, high-margin revenue streams continue to differentiate Delta's performance: Diverse revenue streams accounted for 61 percent of total revenue, up 2 points versus the same period last year. Premium revenue grew 17 percent year-over-year on yield strength and continued investment in premium seats. MRO revenue growth of 32 percent was primarily on legacy engine platforms. Cargo revenue increased 39 percent, driven largely by volume. Loyalty momentum powered by growing member engagement across ecosystem: Loyalty and related revenue grew 19 percent, with SkyMiles member engagement continuing to expand beyond air travel within the partner ecosystem. American Express remuneration of $2.4 billion grew 16 percent over last year, supported by accelerating card acquisitions and the seventh consecutive quarter of double-digit year-over-year growth in cardholder spend. Travel products and non-air partnership revenue increased nearly 20 percent over prior year. Corporate sales3 grew double-digits in all sectors: Corporate sales accelerated in the June quarter, led by Aerospace & Defense, Banking, and Automotive, with strong performance in coastal and core hubs. Sustained strength in premium product demand drove a more than 25 percent increase in premium corporate sales, benefiting from recent investments in Delta Comfort and Delta Premium Select.

1 Non-GAAP measures; Refer to Non-GAAP reconciliations for historical comparison figures

2 Adjusted debt to EBITDAR

3 Corporate travel sales represent the revenue from tickets sold to corporate contracted customers, including tickets for travel during and beyond the referenced time period

Cost Performance and Outlook

"Delta delivered June quarter results above guidance, with an operating margin of 8.8 percent and earnings of $1.56 per share. In the September quarter, we expect earnings per share to grow over prior year to $2.00 to $2.50 on an operating margin of 11 to 13 percent," said Erik Snell, Delta's chief financial officer. "Non‑fuel unit cost performance is expected to improve modestly from the June quarter with further progression in the December quarter as capacity growth begins to normalize. This puts us back on a path toward our long-term framework of low-single-digit non-fuel unit cost growth."

June Quarter 2026 Cost Performance

Operating expense of $17.9 billion and adjusted operating expense of $16.1 billion Adjusted non-fuel costs of $11.1 billion Non-fuel CASM was 14.09¢, an increase of 6.8 percent year-over-year Adjusted fuel expense of $4.4 billion was up 77 percent year-over-year Adjusted fuel price of $3.93 per gallon increased 75 percent year-over-year with a refinery benefit of 11¢ per gallon inclusive of a 5¢ discrete impact from a temporary refinery outage Fuel efficiency, defined as gallons per 1,000 ASMs, was 14.3 Balance Sheet, Cash and Liquidity

"Through the first half, we generated $4.1 billion of operating cash flow and delivered $1.4 billion of free cash flow. The durability of our cash generation enables us to consistently reinvest in the business, strengthen our balance sheet and grow shareholder returns. Debt reduction remains a top priority, and we expect to reach gross leverage of approximately 2x by year-end," Snell said.

Adjusted net debt of $13.6 billion at June quarter end, a reduction of $709 million from the end of 2025 Payments on debt and finance lease obligations for the June quarter of $536 million Weighted average interest rate of 4.9 percent with 78 percent fixed rate debt and 22 percent variable rate debt Adjusted operating cash flow in the June quarter of $1.7 billion, and with gross capital expenditures of $1.4 billion, free cash flow was $209 million Air Traffic Liability ended the quarter at $10.0 billion Liquidity4 of $7.7 billion at quarter-end, including $3.1 billion in undrawn revolver capacity

4 Includes cash and cash equivalents, short-term investments and undrawn revolving credit facilities

June Quarter 2026 Highlights

Operations, Network and Fleet

Led all carriers5 in on-time arrival and departure performance for the quarter and set an all-time6 Delta record for domestic mishandled baggage rate (MBR). Implemented proprietary Baggage AI technology in Atlanta which has driven improvement in Atlanta's year-to-date MBR by over 25 percent versus last year's strong baseline, with June improving 50 percent. Took delivery of 11 aircraft in the June quarter, including A350-900, A321neo, and A220-300 aircraft. Launched daily non-stop service from Los Angeles to Hong Kong and Chicago O'Hare, adding connectivity to key business markets from Los Angeles. Launched service to Porto, Malta, and Sardinia while adding service to Madrid, Nice, Rome, and Barcelona. Grew MRO presence and partnership portfolio with IndiGo (CFM56 engines) & LATAM (A320 components). Culture and People

Continued to invest in the Delta people with a 4 percent pay raise for eligible employees worldwide. Accrued nearly $500 million in profit sharing year-to-date towards next February's payout. Named to Points of Light's Civic 50 list for the ninth year in a row, the only commercial airline recognized among companies noted for their corporate social responsibility and civic engagement. Transported more than two dozen WWII veterans from Atlanta to Normandy, France to participate in D-Day remembrance ceremonies, honoring the 82nd anniversary of the Allied landings. Ranked No. 1 in Talent Readiness among the Wall Street Journal Leadership Institute's Best Companies for the Future index. Recognized as the No. 1 corporate blood drive sponsor with the American Red Cross for the ninth consecutive year with 15,911 units of blood collected at 392 blood drives in the last 12 months. Customer Experience and Loyalty

Ranked No. 1 best U.S. airline for eighth consecutive year by The Points Guy. Unveiled Delta's next-generation Delta One suite for the A350-1000 fleet and announced an expanded suite offering for the A330ceo fleet, extending Delta's lead with the most business class suites of any U.S. airline. Enhanced Delta - American Express co-brand card portfolio with new travel benefits including a Delta exclusive benefit allowing card Members to check a second bag free on domestic Delta flights with no increase to the annual fee. Over 95 percent of aircraft are already equipped with fast, free Wi-Fi for SkyMiles members, and will reach 100 percent by year-end. New satellite upgrades are also coming online soon to deliver faster speeds and broader global coverage. Expanded Delta Sync partnerships, including new collaborations with The Wall Street Journal and Fox ONE to further enhance the onboard experience. Enhanced the partnership with T-Mobile, now offering T-Mobile customers who link their SkyMiles membership a complimentary premium beverage on board. Relaunched and expanded the decade-long partnership with Airbnb allowing SkyMiles members to earn miles on where they stay and on experiences once they arrive. Continued Delta Concierge rollout to over 50 percent of SkyMiles members, offering expanded self‑service and messaging during travel through an AI-enabled digital assistant in the Fly Delta app. Opened a second Delta One Lounge at LAX, growing system to five Delta One Lounges and 55 Sky Clubs. Environmental Sustainability

Issued the 2025 Delta Difference Report, highlighting Delta's continued commitment to a sustainable future. Began installation of innovative finlet aerodynamic devices on 737 fleet reducing emissions and fuel burn.

5 FlightStats preliminary data for Delta flights system wide. All carriers is defined as competitive set (AA, AS, B6, DL, UA, and WN) from Apr 1 - Jun 30, 2026. On-time performance includes A0, and A14. Departure performance defined as D0

6 Excludes COVID years

June Quarter 2026 Results

June quarter results have been adjusted primarily for third-party refinery sales, gains/losses on investments and Monroe hedge results as described in the reconciliations in Note A.

GAAP

$
Change

%
Change

($ in millions except per share and unit costs)

2Q26

2Q25

Operating income

1,864

2,102

(238)

(11) %

Operating margin

9.4 %

12.6 %

 (3.2) pts

(25) %

Pre-tax income

2,009

2,574

(565)

(22) %

Pre-tax margin

10.2 %

15.5 %

 (5.3) pts

(34) %

Net income

1,604

2,130

(526)

(25) %

Diluted earnings per share

2.44

3.27

(0.83)

(25) %

Operating revenue

19,757

16,648

3,109

19 %

Total revenue per available seat mile (TRASM) (cents)

25.11

21.44

3.67

17 %

Operating expense

17,893

14,546

3,347

23 %

Cost per available seat mile (CASM) (cents)

22.74

18.73

4.01

21 %

Fuel expense

4,109

2,458

1,651

67 %

Average fuel price per gallon

3.66

2.21

1.45

66 %

Operating cash flow

1,596

1,856

(260)

(14) %

Capital expenditures

1,458

1,209

249

21 %

Total debt and finance lease obligations

13,952

15,056

(1,104)

(7) %

Adjusted

$
Change

%
Change

($ in millions except per share and unit costs)

2Q26

2Q25

Operating income

1,563

2,064

(501)

(24) %

Operating margin

8.8 %

13.3 %

 (4.5) pts

(34) %

Pre-tax income

1,359

1,820

(461)

(25) %

Pre-tax margin

7.7 %

11.7 %

 (4.0) pts

(34) %

Net income

1,027

1,385

(358)

(26) %

Diluted earnings per share

1.56

2.12

(0.56)

(26) %

Operating revenue

17,666

15,507

2,159

13.9 %

TRASM (cents)

22.45

19.97

2.48

12.4 %

Operating expense

16,102

13,443

2,659

20 %

Non-fuel cost7

11,091

10,247

844

8 %

Non-fuel unit cost (CASM-Ex) (cents)

14.09

13.20

0.89

6.8 %

Fuel expense

4,410

2,497

1,913

77 %

Average fuel price per gallon

3.93

2.25

1.68

75 %

Operating cash flow

1,651

1,844

(193)

(10) %

Free cash flow

209

733

(524)

(71) %

Gross capital expenditures

1,442

1,168

274

23 %

Adjusted net debt

13,591

16,316

(2,725)

(17) %

7 Updated definition excludes aircraft fuel and related taxes, Third-party refinery sales, MRO expense, and profit sharing

About Delta Air Lines Through exceptional service and the power of innovation, Delta Air Lines (NYSE: DAL) never stops looking for ways to make every trip feel tailored to every customer. 

There are 100,000 Delta people leading the way to deliver a world-class customer experience on up to 5,500 daily Delta and Delta Connection flights to more than 300 destinations on six continents, connecting people to places and to each other.

Delta served more than 200 million customers in 2025 – safely, reliably and with industry-leading customer service innovation – and was recognized by Cirium for being the top on-time airline in North America for the fifth consecutive year.

We remain committed to ensuring that the future of travel is connected, personalized and enjoyable. Our people's genuine, enduring motivation is to make every customer feel welcomed and cared for across every point of their journey with us.

Headquartered in Atlanta, Delta operates significant hubs and key markets in Amsterdam, Atlanta, Bogota, Boston, Detroit, Lima, London-Heathrow, Los Angeles, Mexico City, Minneapolis-St. Paul, New York-JFK and LaGuardia, Paris-Charles de Gaulle, Salt Lake City, Santiago (Chile), Sao Paulo, Seattle, Seoul-Incheon and Tokyo.

As the leading global airline, Delta's mission to connect the world creates opportunities, fosters understanding and expands horizons by connecting people and communities to each other and to their own potential. 

A founding member of the SkyTeam alliance and powered by innovative and strategic partnerships throughout the world with Aeromexico, Air France-KLM, China Eastern, Korean Air, LATAM, Virgin Atlantic and WestJet, Delta brings more choice and competition to customers worldwide. Delta's premium product line is elevated by its unique partnership with Wheels Up Experience.

Delta is America's most-awarded airline thanks to the dedication, passion and professionalism of its people. In addition to the award from Cirium, Delta has been recognized as the World's Most Admired Airline and one of the Best 100 Companies to Work For according to Fortune; the top carrier for business travelers by Business Travel News; and best U.S. airline by Forbes Travel Guide's Verified Air Travel Awards. In addition, Delta has been named to the Civic 50 by Points of Light as one of the most community minded companies in the U.S.

Forward Looking Statements
Statements made in this press release that are not historical facts, including statements regarding our estimates, expectations, beliefs, intentions, projections, goals, aspirations, commitments or strategies for the future, should be considered "forward-looking statements" under the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements are not guarantees or promised outcomes and should not be construed as such. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the estimates, expectations, beliefs, intentions, projections, goals, aspirations, commitments and strategies reflected in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the possible effects of serious accidents involving our aircraft or aircraft of our airline partners; breaches or lapses in the security of technology systems we use and rely on, which could compromise the data stored within them, as well as failure to comply with evolving global privacy and security regulatory obligations or adequately address increasing customer focus on privacy issues and data security; disruptions in our information technology infrastructure; failure of the technology we use or depend on to perform effectively, including new and emerging technologies; increases in the price of aircraft fuel; extended disruptions in the supply of aircraft fuel, including from Monroe Energy, LLC ("Monroe"), our wholly-owned subsidiary that operates the Trainer refinery; failure to achieve expected results or returns from our commercial relationships with airlines in other parts of the world and the investments we have in certain of those airlines; the effects of a significant disruption in the operations or performance of third parties on which we rely; failure to comply with the financial or other covenants in our financing agreements; labor-related disruptions; the effects on our business of seasonality and other factors beyond our control, such as changes in value in our equity investments, severe weather conditions, natural disasters or other environmental events, including from the impact of climate change; failure or inability of insurance to cover a significant liability at Monroe's refinery; failure to comply with existing and future environmental regulations to which Monroe's refinery operations are subject, including those relating to the discharge of materials into the environment, waste management, pollution prevention measures and greenhouse gas emissions; significant damage to our reputation and brand, including from exposure to significant adverse publicity or inability to achieve certain sustainability goals; our ability to retain senior management and other key employees, and to maintain our company culture; disease outbreaks or other public health threats, and measures implemented to combat them; the effects of terrorist attacks, geopolitical conflict or security events; competitive conditions in the airline industry; extended interruptions or disruptions in service at major airports where we operate; significant problems associated with types of aircraft or engines we operate; the effects of extensive regulatory and legal compliance requirements we are subject to; the impact of laws and regulations governing environmental protection, including but not limited to regulation of hazardous substances, increased regulation to reduce emissions and other risks associated with climate change, and the cost of compliance with more stringent environmental regulations; and unfavorable economic or political conditions in the markets in which we operate or volatility in currency exchange rates.

Additional information concerning risks and uncertainties that could cause differences between actual results and forward-looking statements is contained in our Securities and Exchange Commission (SEC) filings, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other filings filed with the SEC from time to time. Caution should be taken not to place undue reliance on our forward-looking statements, which represent our views only as of the date of this press release, and which we undertake no obligation to update except to the extent required by law.

DELTA AIR LINES, INC

Consolidated Statements of Operations

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

(in millions, except per share data)

2026

2025

$ Change

% Change

2026

2025

$ Change

% Change

Operating Revenue:

Passenger

$    15,607

$    13,867

$     1,740

13 %

$    27,909

$    25,347

$     2,562

10 %

Cargo

294

212

82

39 %

521

421

100

24 %

Other

3,856

2,569

1,287

50 %

7,181

4,920

2,261

46 %

Total operating revenue

19,757

16,648

3,109

19 %

35,611

30,688

4,923

16 %

Operating Expense:

Salaries and related costs

4,762

4,402

360

8 %

9,302

8,485

817

10 %

Aircraft fuel and related taxes

4,109

2,458

1,651

67 %

6,851

4,869

1,982

41 %

Refinery expense

2,091

1,141

950

83 %

3,745

2,203

1,542

70 %

Contracted services

1,263

1,155

108

9 %

2,452

2,276

176

8 %

Landing fees and other rents

978

878

100

11 %

1,891

1,729

162

9 %

Aircraft maintenance materials and outside repairs

689

591

98

17 %

1,397

1,237

160

13 %

Regional carrier expense

673

651

22

3 %

1,322

1,264

58

5 %

Passenger commissions and other selling expenses

726

673

53

8 %

1,316

1,224

92

8 %

Depreciation and amortization

656

602

54

9 %

1,291

1,209

82

7 %

Passenger service

489

482

7

1 %

918

912

6

1 %

MRO expense

273

229

44

19 %

601

369

232

63 %

Profit sharing

328

470

(142)

(30) %

493

594

(101)

(17) %

Aircraft rent

168

137

31

23 %

311

274

37

14 %

Other

688

677

11

2 %

1,356

1,372

(16)

(1) %

Total operating expense

17,893

14,546

3,347

23 %

33,246

28,017

5,229

19 %

Operating Income

1,864

2,102

(238)

(11) %

2,365

2,671

(306)

(11) %

Non-Operating Income/(Expense):

Interest expense, net

(144)

(172)

28

(16) %

(296)

(350)

54

(15) %

Gain/(loss) on investments, net

349

735

(386)

(53) %

(202)

696

(898)

NM

Loss on extinguishment of debt

(1)

(20)

19

(95) %

(5)

(20)

15

(75) %

Miscellaneous, net

(59)

(71)

12

(17) %

(68)

(102)

34

(33) %

Total non-operating income/(expense), net

145

472

(327)

(69) %

(571)

224

(795)

NM

Income Before Income Taxes

2,009

2,574

(565)

(22) %

1,794

2,895

(1,101)

(38) %

Income Tax Provision

(405)

(444)

39

(9) %

(479)

(525)

46

(9) %

Net Income

$     1,604

$     2,130

$      (526)

(25) %

$     1,315

$     2,370

$    (1,055)

(45) %

Basic Earnings Per Share

$      2.45

$      3.28

$      2.01

$      3.66

Diluted Earnings Per Share

$      2.44

$      3.27

$      2.00

$      3.63

Basic Weighted Average Shares Outstanding

654

649

653

647

Diluted Weighted Average Shares Outstanding

658

652

657

652

DELTA AIR LINES, INC

Passenger Revenue

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

(in millions)

2026

2025

$ Change

% Change

2026

2025

$ Change

% Change

Ticket - Main cabin

$    6,851

$    6,347

$      504

8 %

$   12,256

$   11,709

$      547

5 %

Ticket - Premium products

6,920

5,899

1,021

17 %

12,282

10,605

1,677

16 %

Loyalty travel awards

1,247

1,092

155

14 %

2,277

2,033

244

12 %

Travel-related services

589

529

60

11 %

1,094

1,000

94

9 %

Passenger revenue

$   15,607

$   13,867

$    1,740

13 %

$   27,909

$   25,347

$    2,562

10 %

DELTA AIR LINES, INC

Other Revenue

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

(in millions)

2026

2025

$ Change

% Change

2026

2025

$ Change

% Change

Refinery

$    2,091

$    1,141

$      950

83 %

$    3,745

$    2,203

$    1,542

70 %

Loyalty and related

1,344

1,127

217

19 %

2,565

2,209

356

16 %

MRO

315

239

76

32 %

695

390

305

78 %

Miscellaneous

106

62

44

71 %

176

118

58

49 %

Other revenue

$    3,856

$    2,569

$    1,287

50 %

$    7,181

$    4,920

$    2,261

46 %

DELTA AIR LINES, INC

Total Revenue

(Unaudited)

Increase (Decrease)

2Q26 vs 2Q25

Revenue

2Q26 ($M)

Change

Unit Revenue

Yield

Capacity

Domestic

$         10,673

15 %

12 %

13 %

2 %

Atlantic

3,112

8 %

7 %

9 %

1 %

Latin America

990

4 %

12 %

13 %

(7) %

Pacific

832

15 %

7 %

7 %

8 %

Passenger Revenue

$         15,607

13 %

11 %

12 %

1 %

Cargo Revenue

294

39 %

Other Revenue

3,856

50 %

Total Revenue

$         19,757

19 %

17 %

       Third Party Refinery Sales

(2,091)

Total Revenue, adjusted (See Note A)

$         17,666

13.9 %

12.4 %

DELTA AIR LINES, INC.

Statistical Summary

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

Change

2026

2025

Change

Revenue passenger miles (millions)

66,767

66,417

1

%

123,236

122,095

1

%

Available seat miles (millions)

78,694

77,645

1

%

147,857

146,045

1

%

Passenger mile yield (cents)

23.38

20.88

12

%

22.65

20.76

9

%

Passenger revenue per available seat mile (cents)

19.83

17.86

11

%

18.88

17.36

9

%

Total revenue per available seat mile (cents)

25.11

21.44

17

%

24.08

21.01

15

%

TRASM, adjusted - see Note A (cents)

22.45

19.97

12.4

%

21.55

19.50

10

%

Cost per available seat mile (cents)

22.74

18.73

21

%

22.48

19.18

17

%

CASM-Ex  - see Note A (cents)

14.09

13.20

6.8

%

14.58

13.68

7

%

Passenger load factor

84.8 %

85.5 %

(1)

pt

83.3 %

83.6 %

—

pts

Fuel gallons consumed (millions)

1,122

1,112

1

%

2,110

2,088

1

%

Average price per fuel gallon

$     3.66

$     2.21

66

%

$      3.25

$      2.33

39

%

Average price per fuel gallon, adjusted - see Note A

$     3.93

$     2.25

75

%

$      3.32

$      2.34

42

%

DELTA AIR LINES, INC

Consolidated Statements of Cash Flows

(Unaudited)

Three Months Ended

June 30,

(in millions)

2026

2025

Cash Flows From Operating Activities:

Net income

$           1,604

$           2,130

Depreciation and amortization

656

602

(Gain) loss on fair value investments

(337)

(731)

Changes in air traffic liability

(721)

(1,129)

Changes in profit sharing

325

469

Changes in balance sheet and other, net

69

516

     Net cash provided by operating activities

1,596

1,856

Cash Flows From Investing Activities:

Property and equipment additions:

Flight equipment, including advance payments

(1,244)

(996)

Ground property and equipment, including technology

(214)

(213)

Acquisition of strategic investments and related

(51)

—

Other, net

(3)

10

     Net cash used in investing activities

(1,512)

(1,199)

Cash Flows From Financing Activities:

Proceeds from long-term obligations

103

1,998

Payments on debt and finance lease obligations

(536)

(2,941)

Cash dividends

(123)

(97)

Other, net

10

(29)

     Net cash used in financing activities

(546)

(1,069)

Net Decrease in Cash, Cash Equivalents and Restricted Cash Equivalents

(462)

(412)

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

5,235

3,941

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

$           4,773

$           3,529

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total of the
same such amounts shown above:

Current assets:

     Cash and cash equivalents

$           4,665

$           3,331

     Restricted cash included in prepaid expenses and other

86

96

Other assets:

     Restricted cash included in other noncurrent assets

22

102

Total cash, cash equivalents and restricted cash equivalents

$           4,773

$           3,529

DELTA AIR LINES, INC

Consolidated Balance Sheets

(Unaudited)

June 30,

December 31,

(in millions)

2026

2025

ASSETS

Current Assets:

Cash and cash equivalents

$                4,665

$                4,310

Accounts receivable, net

4,307

2,850

Fuel, expendable parts and supplies inventories, net

2,558

1,601

Prepaid expenses and other

2,706

2,207

     Total current assets

14,236

10,968

Noncurrent Assets:

Property and equipment, net

41,544

39,743

Operating lease right-of-use assets

6,162

6,244

Goodwill

9,753

9,753

Identifiable intangibles, net

5,962

5,966

Equity investments

4,041

4,222

Other noncurrent assets

4,623

4,421

     Total noncurrent assets

72,085

70,349

Total assets

$               86,321

$               81,317

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:

Current maturities of debt and finance leases

$                3,442

$                1,605

Current maturities of operating leases

869

809

Air traffic liability

10,020

7,157

Accounts payable

6,738

5,226

Accrued salaries and related benefits

3,935

4,906

Loyalty program deferred revenue

5,243

4,876

Fuel card obligation

1,100

1,100

Other accrued liabilities

2,257

1,945

     Total current liabilities

33,604

27,624

Noncurrent Liabilities:

Debt and finance leases

10,510

12,507

Noncurrent operating leases

5,163

5,353

Pension, postretirement and related benefits

3,066

3,156

Loyalty program deferred revenue

4,327

4,386

Deferred income taxes, net

3,916

3,444

Other noncurrent liabilities

3,920

3,994

     Total noncurrent liabilities

30,902

32,840

Commitments and Contingencies

Stockholders' Equity:

21,815

20,853

Total liabilities and stockholders' equity

$               86,321

$               81,317

Note A: The following tables show reconciliations of non-GAAP financial measures. The reasons Delta uses these measures are described below. Reconciliations may not calculate exactly due to rounding.

Delta sometimes uses information ("non-GAAP financial measures") that is derived from the Consolidated Financial Statements, but that is not presented in accordance with accounting principles generally accepted in the U.S. ("GAAP"). Under the Securities and Exchange Commission rules, non-GAAP financial measures may be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. The tables below show reconciliations of non-GAAP financial measures used in this release to the most directly comparable GAAP financial measures.

Forward Looking Projections. Delta is not able to reconcile forward looking non-GAAP financial measures without unreasonable effort because the adjusting items such as those used in the reconciliations below will not be known until the end of the period and could be significant.

Adjustments. These reconciliations include certain adjustments to GAAP measures that are made to provide comparability between the reported periods, if applicable, and for the reasons indicated below:

Third-party refinery sales. Refinery sales to third parties, and related expenses, are not related to our airline segment. Excluding these sales therefore provides a more meaningful comparison of our airline operations to the rest of the airline industry.

MTM adjustments and settlements on hedges. Mark-to-market ("MTM") adjustments are defined as fair value changes recorded in periods other than the settlement period. MTM fair value changes are not necessarily indicative of the actual settlement value of the underlying hedge in the contract settlement period, and therefore we remove this impact to allow investors to better understand and analyze our core performance. Settlements represent cash received or paid on hedge contracts closed (i.e., settled) during the applicable period. With respect to hedges related to Monroe's inventory, settlements often occur before the related refinery inventory is sold. Beginning in 2026, settlement gains and losses related to Monroe's inventory that remains on-hand at period end are excluded from our adjusted results. These settlement gains and losses will be reflected in adjusted results during the period the inventory is sold. This change was made to match the timing of expense and revenue recognition and we have similarly adjusted the presentation of reconciliations for prior periods included here.

MTM adjustments on investments. Unrealized MTM gains/losses result from our equity investments that are accounted for at fair value in non-operating expense. The gains/losses are driven by changes in stock prices, foreign currency fluctuations and other valuation techniques for investments in certain companies, particularly those without publicly-traded shares. Adjusting for these gains/losses allows investors to better understand and analyze our core operational performance in the periods shown.

Loss on extinguishment of debt. This adjustment relates to early termination of a portion of our debt. Adjusting for these losses allows investors to better understand and analyze our core operational performance in the periods shown.

Operating Revenue, adjusted and Total Revenue Per Available Seat Mile ("TRASM"), adjusted

Three Months Ended

2Q26 vs 2Q25
% Change

2Q26 vs 2Q25
$ Change

(in millions)

June 30, 2026

September 30, 2025

June 30, 2025

Operating revenue

$               19,757

$             16,673

$               16,648

Adjusted for:

Third-party refinery sales

(2,091)

(1,476)

(1,141)

Operating revenue, adjusted

$               17,666

$             15,197

$               15,507

14 %

$2,159

Three Months Ended

% Change

June 30, 2026

September 30, 2025

June 30, 2025

TRASM (cents)

25.11

21.09

21.44

Adjusted for:

Third-party refinery sales

(2.66)

(1.87)

(1.47)

TRASM, adjusted

22.45

19.22

19.97

12.4 %

Six Months Ended

June 30, 2026

June 30, 2025

TRASM (cents)

24.08

21.01

Adjusted for:

Third-party refinery sales

(2.53)

(1.51)

TRASM, adjusted

21.55

19.50

Operating Income, adjusted

Three Months Ended

(in millions)

June 30, 2026

June 30, 2025

Operating income

$                1,864

$                2,102

Adjusted for:

MTM adjustments and settlements on hedges

(301)

(39)

Operating income, adjusted

$                1,563

$                2,064

Operating Margin, adjusted

Three Months Ended

June 30, 2026

June 30, 2025

Operating margin

9.4 %

12.6 %

Adjusted for:

Third-party refinery sales

0.9

0.9

MTM adjustments and settlements on hedges

(1.5)

(0.2)

Operating margin, adjusted

8.8 %

13.3 %

Pre-Tax Income, Net Income, and Diluted Earnings per Share, adjusted

Three Months Ended

Three Months Ended

June 30, 2026

June 30, 2026

Pre-Tax

Income

Net

Earnings

(in millions, except per share data)

Income

Tax

Income

Per Diluted Share

GAAP

$           2,009

$            (405)

$           1,604

$                2.44

Adjusted for:

MTM adjustments on investments

(349)

MTM adjustments and settlements on hedges

(301)

Loss on extinguishment of debt

1

Non-GAAP

$           1,359

$            (332)

$           1,027

$                1.56

Three Months Ended

Three Months Ended

September 30, 2025

September 30, 2025

Pre-Tax

Income

Net

Earnings

(in millions, except per share data)

Income

Tax

Income

Per Diluted Share

GAAP

$           1,777

$            (360)

$           1,417

$                2.17

Adjusted for:

MTM adjustments on investments

(311)

MTM adjustments and settlements on hedges

5

Loss on extinguishment of debt

6

Non-GAAP

$           1,477

$            (363)

$           1,114

$                1.70

Three Months Ended

Three Months Ended

June 30, 2025

June 30, 2025

Pre-Tax

Income

Net

Earnings

(in millions, except per share data)

Income

Tax

Income

Per Diluted Share

GAAP

$           2,574

$            (444)

$           2,130

$                3.27

Adjusted for:

MTM adjustments on investments

(735)

MTM adjustments and settlements on hedges

(39)

Loss on extinguishment of debt

20

Non-GAAP

$           1,820

$            (435)

$           1,385

$                2.12

Year Ended

Year Ended

December 31, 2025

December 31, 2025

Pre-Tax

Income

Net

Earnings

(in millions, except per share data)

Income

Tax

Income

Per Diluted Share

GAAP

$           6,185

$          (1,180)

$           5,005

$                  7.66

Adjusted for:

MTM adjustments on investments

(1,212)

MTM adjustments and settlements on hedges

(21)

Loss on extinguishment of debt

26

Non-GAAP

$           4,977

$          (1,179)

$           3,798

$                  5.81

Pre-Tax Margin, adjusted

Three Months Ended

June 30, 2026

June 30, 2025

Pre-tax margin

10.2 %

15.5 %

Adjusted for:

Third-party refinery sales

0.8

0.8

MTM adjustments on investments

(1.8)

(4.4)

MTM adjustments and settlements on hedges

(1.5)

(0.2)

Loss on extinguishment of debt

—

0.1

Pre-tax margin, adjusted

7.7 %

11.7 %

Operating Cash Flow, adjusted. We present operating cash flow, adjusted because management believes adjusting for the following item provides a more meaningful measure for investors:

Net cash flows related to certain airport construction projects and other. Cash flows related to certain airport construction projects are included in our GAAP operating activities. We adjust for these items, which were primarily funded by cash restricted for airport construction, to provide investors a better understanding of the company's operating cash flow that is core to our operations in the periods shown.

Three Months Ended

(in millions)

June 30, 2026

June 30, 2025

Net cash provided by operating activities

$                1,596

$                1,856

Adjusted for:

Net cash flows related to certain airport construction projects and other

55

(12)

Operating cash flow, adjusted

$                1,651

$                1,844

Six Months Ended

(in millions)

June 30, 2026

Net cash provided by operating activities

$                4,027

Adjusted for:

Net cash flows related to certain airport construction projects and other

38

Net cash provided by operating activities, adjusted

$                4,065

Operating revenue, adjusted related to premium products and diverse revenue streams

Three Months Ended

% Change

(in millions)

June 30, 2026

June 30, 2025

Operating revenue

$             19,757

$             16,648

Adjusted for:

     Third-party refinery sales

(2,091)

(1,141)

Operating revenue, adjusted

$             17,666

$             15,507

Less: main cabin revenue

(6,851)

(6,347)

Operating revenue, adjusted related to premium products and diverse revenue streams

$             10,815

$              9,160

18 %

Percent of operating revenue, adjusted related to premium products and diverse revenue streams

61 %

59 %

 2 pts

Operating Expense, adjusted

Three Months Ended

(in millions)

June 30, 2026

June 30, 2025

Operating expense

$               17,893

$               14,546

Adjusted for:

Third-party refinery sales

(2,091)

(1,141)

MTM adjustments and settlements on hedges

301

39

Operating expense, adjusted

$               16,102

$               13,443

Adjusted Non-Fuel Cost and Non-Fuel Unit Cost or Cost per Available Seat Mile, ("CASM-Ex")

We adjust operating expense and CASM for certain items described above, as well as the following items and reasons described below:

Aircraft fuel and related taxes. The volatility in fuel prices impacts the comparability of year-over-year financial performance. The adjustment for aircraft fuel and related taxes allows investors to better understand and analyze our non-fuel costs and year-over-year financial performance.

MRO expense. We adjust for MRO expenses because this adjustment allows investors to better understand and analyze the airline's recurring cost performance and provides a more meaningful comparison of our core operating costs to the airline industry.

Profit sharing. We adjust for profit sharing because this adjustment allows investors to better understand and analyze our recurring cost performance and provides a more meaningful comparison of our core operating costs to the airline industry.

Three Months Ended

(in millions)

June 30, 2026

June 30, 2025

Operating expense

$               17,893

$               14,546

Adjusted for:

Aircraft fuel and related taxes

(4,109)

(2,458)

Third-party refinery sales

(2,091)

(1,141)

MRO expense

(273)

(229)

Profit sharing

(328)

(470)

Non-Fuel Cost

$               11,091

$               10,247

Three Months Ended

2Q26 vs 2Q25
% Change

June 30, 2026

September 30, 2025

June 30, 2025

CASM (cents)

22.74

18.96

18.73

Adjusted for:

Aircraft fuel and related taxes

(5.22)

(3.25)

(3.17)

Third-party refinery sales

(2.66)

(1.87)

(1.47)

MRO expense

(0.35)

(0.27)

(0.29)

Profit sharing

(0.42)

(0.50)

(0.61)

CASM-Ex

14.09

13.08

13.20

6.8 %

Six Months Ended

% Change

June 30, 2026

June 30, 2025

CASM (cents)

22.48

19.18

Adjusted for:

Aircraft fuel and related taxes

(4.63)

(3.33)

Third-party refinery sales

(2.53)

(1.51)

MRO expense

(0.41)

(0.25)

Profit sharing

(0.33)

(0.41)

CASM-Ex

14.58

13.68

7 %

Total fuel expense, adjusted and Average fuel price per gallon, adjusted

Average Price Per Gallon

Three Months Ended

Three Months Ended

June 30,

June 30,

% Change

June 30,

June 30,

% Change

(in millions, except per gallon data)

2026

2025

2026

2025

Total fuel expense

$        4,109

$        2,458

$          3.66

$          2.21

Adjusted for:

MTM adjustments and settlements on hedges

301

39

0.27

0.04

Total fuel expense, adjusted

$        4,410

$        2,497

77 %

$          3.93

$          2.25

75 %

Average Price Per Gallon

Six Months Ended

Six Months Ended

June 30,

June 30,

% Change

June 30,

June 30,

% Change

(in millions, except per gallon data)

2026

2025

2026

2025

Total fuel expense

$        6,851

$        4,869

$          3.25

$          2.33

Adjusted for:

MTM adjustments and settlements on hedges

151

24

0.07

0.01

Total fuel expense, adjusted

$        7,001

$        4,892

43 %

$          3.32

$          2.34

42 %

Free Cash Flow. We present free cash flow because management believes this metric is helpful to investors to evaluate the company's ability to generate cash that is available for use for debt service or general corporate initiatives. Free cash flow is also used internally as a component of our incentive compensation programs. Free cash flow is defined as net cash from operating activities and net cash from investing activities, adjusted for (i) pension plan contributions, (ii) net cash flows related to certain airport construction projects and other, and (iii) strategic investments and related. These adjustments are made for the following reasons:

Pension plan contributions. Cash flows related to pension funding are included in our GAAP operating activities. We adjust to exclude these contributions to allow investors to understand the cash flows related to our core operations.

Net cash flows related to certain airport construction projects and other. Cash flows related to certain airport construction projects are included in our GAAP operating activities and capital expenditures. We have adjusted for these items, which were primarily funded by cash restricted for airport construction, to provide investors a better understanding of the company's free cash flow and capital expenditures that are core to our operations in the periods shown.

Strategic investments and related. Certain cash flows related to our investments in and related transactions with other airlines and associated companies are included in our GAAP investing activities. We adjust for this activity because it provides a more meaningful comparison to our airline industry peers.

Three Months Ended

(in millions)

June 30, 2026

June 30, 2025

Net cash provided by operating activities

$                1,596

$                1,856

Net cash used in investing activities

(1,512)

(1,199)

Adjusted for:

Pension plan contributions

4

47

Net cash flows related to certain airport construction projects and other

70

28

Strategic investments and related

51

—

Free cash flow

$                  209

$                  733

Six Months Ended

(in millions)

June 30, 2026

Net cash provided by operating activities

$                4,027

Net cash used in investing activities

(2,775)

Adjusted for:

Pension plan contributions

4

Net cash flows related to certain airport construction projects and other

75

Strategic investments and related

105

Free cash flow

$                1,436

Adjusted Net Debt. We use adjusted gross debt, including fleet operating lease liabilities (comprised of aircraft and engine leases and regional aircraft leases embedded within our capacity purchase agreements) and unfunded pension liabilities (if applicable), in addition to adjusted debt and finance leases, to present estimated financial obligations. We reduce adjusted total debt by cash, cash equivalents, and LGA restricted cash, resulting in adjusted net debt, to present the amount of assets needed to satisfy the debt. Management believes this metric is helpful to investors in assessing the company's overall debt profile.

(in millions)

June 30, 2026

December 31,
2025

June 30, 2025

2Q26 vs 4Q25
$ Change

Debt and finance lease obligations

$            13,952

$            14,113

$            15,056

Plus: sale-leaseback financing liabilities

1,749

1,779

1,807

Plus: unamortized discount/(premium) and debt issue cost, net and other

(12)

(6)

5

Adjusted debt and finance lease obligations

$            15,688

$            15,885

$            16,868

Plus: fleet operating lease liabilities

2,591

2,780

2,880

Adjusted gross debt

$            18,279

$            18,665

$            19,749

Less: cash and cash equivalents

(4,665)

(4,310)

(3,331)

Less: LGA restricted cash

(22)

(56)

(102)

Adjusted net debt

$            13,591

$            14,300

$            16,316

$         (709)

Gross Capital Expenditures. We adjust capital expenditures for the following item to determine gross capital expenditures for the reason described below:

Net cash flows related to certain airport construction projects. Cash flows related to certain airport construction projects are included in capital expenditures. We adjust for these items because management believes investors should be informed that a portion of these capital expenditures from airport construction projects are either funded with restricted cash specific to these projects or reimbursed by a third party.

Three Months Ended

(in millions)

June 30, 2026

June 30, 2025

Flight equipment, including advance payments

$                1,244

$                  996

Ground property and equipment, including technology

214

213

Adjusted for:

Net cash flows related to certain airport construction projects

(16)

(41)

Gross capital expenditures

$                1,442

$                1,168

After-tax Return on Invested Capital ("ROIC"). We present after-tax return on invested capital as management believes this metric is helpful to investors in assessing the company's ability to generate returns using its invested capital. Return on invested capital is tax-effected adjusted operating income (using our effective tax rate for each respective period) divided by average adjusted invested capital. Average stockholders' equity and average adjusted gross debt are calculated using amounts as of the end of the current period and comparable period in the prior year. All adjustments to calculate ROIC are intended to provide a more meaningful comparison of our results to comparable companies.

Interest expense included in aircraft rent. This adjustment relates to interest expense related to operating lease transactions. Adjusting for these results allows investors to better understand our core operational performance in the periods shown as it neutralizes the effect of lease financing structure.

Twelve Months Ended

(in millions)

June 30, 2026

Operating income

$                  5,516

Adjusted for:

MTM adjustments and settlements on hedges

(148)

Interest expense included in aircraft rent

132

Adjusted operating income

$                  5,500

Tax effect

(1,294)

Tax-effected adjusted operating income

$                  4,206

Average stockholders' equity

$                19,628

Average adjusted gross debt

19,014

Average adjusted invested capital

$                38,642

After-tax Return on Invested Capital

10.9 %

SOURCE Delta Air Lines

Soccer fans watch Spain celebrate over over Saudi Arabia during the FIFA World Cup 2026 match on June 21st at Atlanta Stadium. (Photo by Rich von Biberstein)

Icon Sportswire via Getty Images

The airline industry earnings season got off to a good start Friday as Delta reported strong second quarter results, beat Wall Street estimates and forecast a profitable full year, all despite absorbing an estimated $4 billion in increased 2026 fuel costs. “We’re seeing strong demand for our product,” Delta CFO Erik Snell told reporters on a media call on Thursday. He cited “Demand for all of our segments across the board, not only our premium product.”

As the industry continues to reflect broader economic trends, Snell said “Demand across the board for not only Delta but for the travel experience is so great. People are disproportionately placing their discretionary income in experiences and travel.”

For instance, he cited demand stimulated by World Cup games in the United States. Delta was initially concerned, he said, “because these types of events don’t always have a positive impact,” as some travelers avoid destinations where large crowds are expected. However, he said, “We’ve been pleasantly surprised with the inbound traffic to the U.S. to support the World Cup. We’ve certainly been a beneficiary of that travel.”

In general, airlines have been able to raise fares sufficiently to recapture much of the vast increase in the cost of fuel due to the Iran war. “We know the playbook at times like this when fuel is high,” Snell said, noting Delta’s $4 billion in increased full year fuel costs. In the second quarter, he said, Delta recovered about 60% of its added fuel cost, with that recovery rate expected to increase in the second half. Second quarter fuel costs were about $2 billion higher due, he said

When a reporter asked about the recent resumption of bombing in Iran, Snell responded, “Fuel will continue to remain volatile” and reminded that even “with higher fuel prices, we have managed to generate meaningful profit.” He noted that Delta’s ownership of a refinery benefits the carrier, contributing11 cents to the second quarter per share profit.

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Delta’s continued leadership of the airline industry, which has persisted since the turn of the century bankruptcies, has been reflected in its stock price gains. Through Thursday, Delta shares were up 29% year-to-date. Southwest shares were up 19%, United was up 14% and America was up 10%.

For the second quarter, Delta reported pre-tax income of $1.359 billion, down 25% from $1.820 billion in the same quarter a year earlier. Revenue was $17.7 billion, up 14%. Adjusted per share earnings were $1.56: analysts had estimated $2.02 per share. The carrier’s operating margin was 9%. In a press release, the carrier said it expects “continued momentum in 3Q with mid-teens revenue growth and double-digit margin,” as well as full-year adjusted earnings per share of $6.50 to $7.50, up 20% year over year.

Delta also said American Express remuneration grew 16% to $2.4 billion. Snell said remuneration will total $9 billion for the full year. Credit card partnerships have become increasingly important to the industry, with all three global carriers saying they eventually expect annual remuneration of $10 billion. Delta/American Express continue to lead the segment.

Delta’s gains reflected the broader expectations for the industry. In a note released Wednesday, Bank of America analyst Andrew Didora wrote, “We see a constructive setup into 2Q26 earnings, driven by strong demand trends and significantly lower fuel prices. Industry pricing has remained firm following the spring fare increases, while booking trends suggest a greater share of 3Q26 demand remains exposed to higher fares.”

Didora said industry capacity growth “remains relatively modest through the summer before accelerating in the fourth quarter,” noting “While the near-term supply backdrop remains supportive, we expect more capacity and lower fuel to result in moderating unit revenues.

TRON DAO, the community-governed DAO dedicated to accelerating the decentralization of the internet through blockchain technology and decentralized applications (dApps), announced today that the total circulating supply of USDT on the TRON blockchain has exceeded $90 billion. The milestone further strengthens TRON’s position as a leading network for USDT activity. According to Token Terminal, TRON leads all networks in USDT transfer volume year to date, with approximately $4.2 trillion.

TRON is one of the most widely used settlement networks in the world for stablecoins. The network’s scale, low transaction costs and consistent activity continue to support digital dollar transfers and a broad range of blockchain-based real-world use cases. 

As of July 2026, TRON processes over 12.7 million daily transactions and has surpassed 392 million total user accounts. Additionally, the network supports an average of $23.8 billion in daily USDT transfers. TRON also has the highest active wallet count of any stablecoin on any blockchain according to Stablecoin Insider. 

“TRON’s growth reflects the principles that have shaped the crypto industry from the beginning: open access, user ownership and practical utility,” said Justin Sun, founder of TRON. “The use of USDT on TRON reflects demand for blockchain infrastructure that is fast, efficient and accessible. As the industry continues to develop, the TRON ecosystem will remain focused on strengthening the infrastructure for stablecoins, settlement and the growing connection between DeFi and traditional finance.”

TRON’s leadership in the greater stablecoin ecosystem continues to evolve alongside growing institutional demand. Recent developments include Anchorage Digital’s integration of the TRON network, expanding institutional access to regulated custody on TRON, as well as Securitize’s integration of TRON to support tokenized real-world assets. The tokenized Hamilton Lane SCOPE Fund also became the first Securitize-issued asset available on the TRON network, further reinforcing TRON’s role as infrastructure for stablecoins, tokenized assets and institutional blockchain adoption.

Additionally, the TRON ecosystem has deepened its focus on security and safeguarding users through the T3 Financial Crime Unit (T3 FCU), a joint initiative with Tether and TRM Labs. Since its inception, T3 FCU has frozen over USD 450 million in criminal assets across five continents, established rapid response capabilities to address threats, and demonstrated how industry collaboration can effectively combat financial crime while supporting blockchain innovation.

As the digital dollar economy continues to expand, TRON remains a core pillar of the infrastructure that drives greater efficiency, accessibility and financial inclusion.

About TRON DAO TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.

Founded in September 2017, the TRON blockchain has experienced significant growth since its MainNet launch in May 2018. Until recently, TRON hosted the largest circulating supply of USD Tether (USDT) stablecoin, which currently exceeds $90 billion. As of July 2026, the TRON blockchain has recorded over 392 million in total user accounts, more than 14 billion in total transactions, and over $26 billion in total value locked (TVL), based on TRONSCAN. Recognized as the global settlement layer for stablecoin transactions and everyday purchases with proven success, TRON is “Moving Trillions, Empowering Billions.”

TRONNetwork | TRONDAO | X | YouTube | Telegram | Discord | Reddit | GitHub | Medium | Forum

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Yeweon Park [email protected] Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this Press Release does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this Press Release.

Strategy (MSTR +0.02%) became a stock market sensation after pivoting its business from software to Bitcoin. CEO Michael Saylor's high profile on social media and vocal support of cryptocurrency helped make Strategy a household name among crypto investors. Strategy accumulated Bitcoin for several years, becoming one of its largest holders and issuing preferred shares that pay investors generous dividends with fixed yields.

Shockingly, Michael Saylor recently confirmed that Strategy sold 3,588 BTC for approximately $216 million to fund dividends on its preferred stock and to top off the company's cash reserve. It's a watershed moment for investors to evaluate just how durable Strategy's business model actually is.

Why Strategy's BTC sale is a big deal Strategy enjoys a strong tailwind when Bitcoin's price rises. The value of its BTC holdings would increase, and the stock has even traded at huge premiums to its BTC reserves at times. These circumstances allowed Strategy to practically print cash by issuing stock or borrowing money, funding its dividends and BTC purchases to grow its reserves, a flywheel that spun for quite a while.

Image source: The Motley Fool

But Bitcoin prices have continued to slide since peaking last fall. Strategy's common stock now trades roughly in line with the value of the company's BTC reserves and continues to decline as BTC prices drop. In other words, that flywheel is spinning the other way, and those tailwinds are now headwinds. Strategy selling BTC, below its $75,476 cost basis, mind you, is not a good sign.

It's too early to say that Strategy's business is breaking. The recent sale was a sliver, less than 1% of the company's total BTC reserves. That said, some cracks are starting to show. If Bitcoin continues to drop, Strategy may have to sell more of its BTC to raise funds. If so, it's even worse, as Strategy may need to sell more BTC to raise the same amount of cash.

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0.02

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0.02

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It's common wisdom that the goal of investing is to buy low and sell high. Unfortunately, Strategy could face more situations where it bought high and must sell low to meet its dividend obligations. That's a red flag at best. In a worst-case scenario, it might be a sign that Strategy's business model is fatally flawed.

A business model built on Bitcoin, a volatile asset, needs to work in all markets, not only when prices go in one direction. Remember, it's impossible to know where Bitcoin might trade in the future. There hasn't even been a prolonged recession in the cryptocurrency age, as the pandemic was too short-lived. What if Bitcoin takes another five years to make new highs?

Protecting against risk is just as important as chasing upside. The company's new need to sell BTC is a risk investors should think hard about when deciding whether to invest in Strategy.

Chainlink (LINK) trades above $7.90 on Friday, extending its recovery after posting modest gains in the previous day. Institutional demand shows signs of optimism, with spot Chainlink Exchange Traded Funds (ETFs) logging a second straight day of inflows so far this week. In addition, growing ecosystem adoption through Mantle Super Portal and Aave's integration of Chainlink's Cross-Chain Interoperability Protocol (CCIP) is supporting LINK's bullish outlook.

Institutional demand shows early signs of strengthInstitutional demand shows signs of optimism so far this week. SoSoValue data shows that spot ETFs recorded inflows of $565,680 on Thursday, following an inflow of $74,260 the previous day. If these inflows continue to strengthen, LINK price could extend the ongoing recovery.

Total LINK spot ETF net inflow daily chart. Source: SoSoValueGrowing ecosystem adoption boosts LINKMantle X account announced on Thursday that its Mantle Super Portal, built with Bybit, is upgrading to Chainlink's Cross-Chain Interoperability Protocol (CCIP) as its exclusive cross-chain infrastructure, unlocking enterprise-grade security at scale.

During the same period, Aave announced the launch of Stable Vaults, enabling businesses to embed fixed-rate stablecoin yield into any product, powered by Chainlink CCIP and Price Feeds.

These partnerships and the growing adoption of Chainlink's CCIP signal a bullish long-term outlook for Chainlink and its native token, LINK, boosting ecosystem growth and bolstering investor confidence. 

In the short term, these announcements lift prices slightly, with LINK extending its recovery and trading above $7.90 on Friday.

Chainlink Price Forecast: LINK could extend gains if it closes above 50-day EMAChainlink price trades at $7.90 on Friday, extending its rebound after mild gains in the previous day. LINK maintains a capped tone as it holds below the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs), which all cluster well above price. 

The immediate cap emerges at the 23.6% Fibonacci retracement at $7.92, with the 50-day EMA next near $8.12, while the Relative Strength Index (RSI) is around 51 and a positive Moving Average Convergence Divergence (MACD) reading hints at modest upside momentum that so far fails to dislodge these overhead barriers.

On the topside, initial resistance is seen at $7.92 from the 23.6% Fibonacci retracement, followed by the 50-day EMA at roughly $8.12 and the 38.2% Fibonacci retracement level near $8.48. Further up, the 100-day EMA at about $8.68 and the 50% retracement around $8.94 form a thicker supply band ahead of $9.40 and the horizontal cap near $9.93. 

On the downside, support is scarce until the horizontal floor around $7.20, with the Fibonacci anchor near $7.01 acting as a deeper line of defense should sellers regain control.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Zcash’s Ironwood network upgrade, the solution to an “infinity” bug discovered in May on the privacy-focused blockchain’s main private transaction pool, Orchard, is set to go live on July 28. 

Announced in June, Ironwood closes the current Orchard pool, prevents new activity in it and sets up a new private pool. Funds leaving Orchard would have to pass through an accounting checkpoint before entering Ironwood, which could produce evidence about whether any counterfeit Zcash (ZEC) tokens were produced through the Orchard bug. 

“Zcash's Ironwood mainnet activation height has been set and tagged! All of the major organizations are committed to activation of NU6.3 at height 3428143, which is approximately July 28th at 8AM EST,” Zcash core developer Sean Bowe said on Thursday.

Source: Sean Bowe

Shielded Labs had floated delaying Zcash’s Ironwood upgrade, warning that ecosystem participants such as exchanges, mining pools and wallets would not have enough time to prepare their systems for a late-July mainnet activation. Bowe’s latest comment confirms the upgrade will go ahead one week later than its earlier target date of July 21. 

In June, Shielded Labs said Ironwood may provide evidence about whether the Orchard vulnerability was ever exploited. 

“As users migrate funds from the existing Orchard pool to the new pool, any hypothetical counterfeiter faces a choice: attempt to move counterfeit funds and risk exposing their existence, or leave them behind and risk being unable to move them in the future.”

ZEC plummeted 50% to $299.25 from $602.68 after the disclosure of the Orchard bug on June 3. The price of ZEC has made a partial recovery in the weeks following and is trading at $492.61 at the time of writing. 

Zcash crossed a major monetary milestone this week, with more than 80% of its maximum 21 million ZEC supply now issued. A post from ruZCASH on Monday shows that there is now 16,806,723 ZEC in supply. 

Magazine: Bitcoin’s quantum dilemma: Bigger blocks or STARK proofs?

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Vertex Pharmaceuticals (VRTX 0.45%) is a biotech company that has steadily delivered growth to investors, thanks to its dominance in cystic fibrosis (CF) treatment. The company's portfolio of CF drugs has transformed the lives of patients and helped Vertex's earnings soar well into the billions of dollars. This is likely to continue as Vertex's solid intellectual property extends its leadership through at least the late 2030s.

And in recent years, Vertex has made moves to make this story even brighter. This is by broadening its presence into other areas, with launches of a gene editing treatment for blood disorders and a pain management drug. The company has also used acquisitions to grow, and this brings me to the recent $10 billion move.

Vertex this week announced its acquisition of Crinetics Pharmaceuticals (CRNX +0.16%), a company that may add $5 billion in peak annual revenue to Vertex's top line. With this deal taking shape, is Vertex a buy? Let's find out.

Image source: Getty Images.

Vertex's CF leadership First, let's take a look at Vertex's portfolio and general situation prior to the Crinetics move. As mentioned, the biotech is the global CF leader, specializing in CFTR modulators. These therapies correct the malfunctioning protein that causes symptoms of the disease. Since genetic mutations result in different problems with the protein, one CFTR modulator may not work for every patient. But Vertex's top drugs, Alyftrek and Trikafta, cover a lot of territory: They have the potential to treat more than 90% of the CF population.

Meanwhile, the company continues to work on possible treatments, in partnership with Moderna, for patients who can't be treated by the company's CFTR modulators. And Vertex is also developing its next generation of CF therapies. Considering the company's expertise in this area and deep pipeline, there's reason to be optimistic about leadership lasting well into the future -- and fueling steady growth. And an advancing pipeline in serious rare diseases, as well as the more common area of pain, should further bolster growth over the long run.

This expansion into other treatment areas is already bearing fruit. Earlier this year, the biotech predicted that non-CF products would contribute at least $500 million to 2026 revenue. The company has established a long track record of growth, with revenue climbing more than 600% over the past decade to $12 billion in the latest full year. And profit has also advanced, reaching more than $3 billion.

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A recently approved drug Now, let's consider the Crinetics move. Vertex is buying the company, which offers it access to the recently approved Palsonify for acromegaly, a chronic disorder caused by the overproduction of growth hormone. About 20,000 Americans are living with this disorder today. Palsonify could stand out because it's the first daily, oral treatment -- a more convenient option than the current infusions. The companies say early uptake of the drug has been strong.

Along with a pipeline of candidates and research, the deal also gives Vertex phase 3 asset atumelnant for congenital adrenal hyperplasia (CAH). The disorder, impacting 17,000 people in the U.S., involves excess androgen production that results in a variety of serious symptoms. Atumelnant could reshape the treatment landscape for this disease and also holds potential to treat Cushing's syndrome.

Together, these treatments may bring in peak revenue of $5 billion, and Vertex says this would support its goal of producing sustained revenue growth in the double digits.

Vertex is paying $10 billion, or $85 per share, in an all-cash deal. This is two times the projected peak sales figure -- and this level of sales isn't necessarily guaranteed since atumelnant hasn't yet reached the regulatory approval stage. So, this isn't a dirt cheap price, and the intended goals aren't guaranteed. This means some risk is involved.

Still, it's a fair price considering the strength of the late-stage pipeline and a wise move for Vertex as Crinetics fits nicely into its portfolio. Crinetics' specialty in rare endocrine disorders resembles Vertex's focus on CF: Both companies prioritize serious diseases within a specialty area and with significant unmet need. And these diseases involve well-understood biology that may be targeted to transform their treatment. Vertex is also entering this story at the right time, shortly after the Palsonify launch, so that it may apply its commercialization expertise early on. And this adds an important new specialty area to the Vertex portfolio.

Though this deal may not generate enormous results overnight -- it's expected to be accretive to non-GAAP operating income in 2029 -- I think it's worth the wait. And that makes Vertex a fantastic biotech growth stock to buy and hold.

3 Stocks With Monopoly Power—and Minimal CompetitionCopart NASDAQ: CPRT Executive Chairman and incoming Chief Executive Officer Jay Adair told investors the company is preparing to accelerate growth initiatives as he returns to the CEO role, emphasizing that the leadership change is not temporary and that the salvage vehicle auction company remains focused on long-term expansion.

Speaking on a conference call held between earnings releases, which Adair said was the first such call in Copart’s more than three decades as a public company, he said his return was decided jointly with outgoing CEO Jeff, whom he described as a “dear friend.”

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3 Oversold Stocks Flashing Bullish Reversal Signals“My intent is to lead the company for the next 10+ years,” Adair said. “This is not an interim arrangement.”

Adair, who said he joined Copart 37 years ago in 1989, used the call to outline the company’s history in online auctions and international expansion, as well as its current priorities. He said Copart’s strategy rests on three growth pillars: international insurance expansion, domestic whole-car expansion and technology services for customers.

Copart Points to Three Growth Pillars These 2 Auto Stocks Are Profiting as Used Cars and Parts ThriveAdair said Copart is “going to focus and double down” on initiatives tied to its three core growth areas. He said the company plans to speed up some of those efforts, which will require building a “more robust team,” including promotions and outside hiring.

When asked how long it would take to reinvigorate the growth engine, Adair said the timeline would be measured in quarters rather than years.

He also said mergers and acquisitions will be part of the strategy across all three pillars, alongside internal investment. Asked about build versus buy, Adair said, “We’re going to do both.”

Adair said Copart would remain disciplined in M&A and focus on opportunities within its industry. “We’re not going to go out and buy something that has nothing to do with our industry,” he said. He added that the company could take on debt for the right deal, despite its historically conservative balance sheet approach.

International Expansion Expected to Accelerate Adair said Copart plans to “fire” its international growth engine “back up again,” after previously slowing expansion while working through different operating models, including in Germany. He said the company is now profitable in Germany and understands how to grow in that market.

Copart reported that international unit volumes grew 5.9% and international revenue grew 14.1% year over year in the third quarter of fiscal 2026, with contributions from both insurance and non-insurance channels, according to Adair.

He said the company’s buyer network spans more than 160 countries and remains a key driver of auction returns. Adair highlighted international buyers, crossover buyers and finance buyers as critical contributors to U.S. insurance average selling prices, which he said reached an all-time high in the most recent quarter and rose approximately 4.1% year over year.

Management Sees Insurance Pressures as Cyclical Adair addressed what he described as cyclical headwinds in the U.S. insurance market, saying the company is seeing the impact of an “unprecedented dislocation” across the industry. He said inflation from 2022 to 2024 pushed carrier combined ratios out of balance, leading to rate increases and prompting some consumers to reduce coverage through higher deductibles or liability-only policies.

However, Adair said he believes those pressures are beginning to soften and that insurers are becoming more aggressive again. “We believe the consumer retrenchment is cyclical, not structural,” he said.

Adair also reiterated that total loss frequency reached approximately 23.6% in the most recent period, up nearly five percentage points over the past four years. He said higher repair costs and strong auction returns make total loss decisions more attractive to carriers. He noted that total loss frequency was about 8% when he began at Copart.

Balance Sheet and Capital Allocation Adair said Copart had nearly $4.2 billion in cash as of the third quarter of fiscal 2026, after deploying $1.6 billion into share repurchases. He said the company has “no debt on the balance sheet to speak of” and has the liquidity to evaluate strategic options.

Asked about recent land purchases, Adair said Copart has built an “amazing network” of locations and acreage. He said land buying and development, which he described as roughly half a billion dollars a year over the last decade, is “definitely going to slow down,” though some development and add-ons remain.

AI, Whole Cars and Purple Wave Adair said artificial intelligence is becoming a near-term focus, saying Copart thinks about AI “in quarters, not years.” He said the company has a head of AI and has guided employees on preferred tools. He described efficiencies as the obvious use case and said strategic applications are also being evaluated, though he declined to provide details.

On domestic whole-car growth, Adair said the business has historically been a growth engine and that he wants to see it “increase dramatically.” He said Copart is considering restructuring and other strategic moves, with a goal for the business to look “very different” in three to four quarters.

Chief Financial Officer Leah Stearns also addressed Purple Wave, saying its expansion strategy is focused primarily on building out a territory sales force to serve enterprise accounts. She said Purple Wave is domestically focused and is expanding from its Central Time Zone base toward coastal markets, initially targeting areas with the highest gross merchandise potential, with that roadmap expected to continue through 2027.

Adair closed the call by saying Copart remains customer-focused and will continue to emphasize auction liquidity. He said he expects to provide more detail when the company reports its quarter and fiscal year results in the coming months.

About Copart NASDAQ: CPRTCopart NASDAQ: CPRT is a global provider of online vehicle auction and remarketing services, focused primarily on the sale of salvage and clean-title vehicles. The company operates a technology-driven auction platform that connects sellers — including insurance companies, vehicle finance firms, rental car companies, dealerships and fleet owners — with a broad buyer base consisting of vehicle dismantlers, recyclers, rebuilders and retail buyers. Copart's business model centers on efficient vehicle disposition using digital bidding and logistics services to maximize recovery value for its clients.

Core services include hosting live and timed online auctions, vehicle listing and inspection support, title processing, and transportation and storage solutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Should You Invest $1,000 in Copart Right Now?Before you consider Copart, you'll want to hear this.

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10.7.2026 11:25, EJT1

Britský nízkonákladový letecký dopravce EasyJet obdržel novou nabídku na převzetí od investiční skupiny Apollo Global Management ve výši 715 pencí za akcii. Tato nabídka překonává konkurenční návrh společnosti Castlelake, což podle agentury Bloomberg přináší nečekaný zvrat v celém akvizičním procesu a otevírá prostor pro možnou akviziční bitvu mezi těmito dvěma americkými investičními fondy.

Vzhledem k tomu, že nabídka fondu Apollo v hodnotě 5,7 mld. GBP (7,6 mld. USD) je výhodnější než návrh Castlelake ve výši 5,5 mld. GBP, EasyJet již nemá v úmyslu doporučit původní návrh Castlelake, uvádí aerolinka v pátečním prohlášení. Finanční podmínky navrhované hotovostní nabídky od Apolla jsou naopak na úrovni, kterou by představenstvo akcionářům EasyJetu doporučilo.

Náhlý vstup společnosti Apollo do vyjednávání následuje po několika kolech rozhovorů z uplynulého měsíce mezi EasyJetem a fondem Castlelake, který svou nabídku neustále navyšoval, aby udržel jednání v chodu. Castlelake potřeboval pět pokusů a nabídku 690 pencí za akcii, aby přesvědčil EasyJet ke zpřístupnění účetních knih. Castlelake tak nyní podle Bloombergu musí zvážit, zda dokáže přijít s ještě vyšší částkou a Apollo přeplatit.

Společnosti Castlelake a EasyJet prodloužily formální lhůtu pro předložení závazné nabídky (tzv. „put up or shut up“ deadline) do 3. srpna.

Akcie EasyJet Akcie EasyJet (EZJ) dnes na londýnské burze rostou o 14,60 % na 674,05 GBX. Akcie se obchodují rovněž na frankfurtské burze pod tickerem EJT1, kde posilují o 13,15 % na 7,88 EUR.

Zdroj: Bloomberg         

Michal Šnobl
Fio banka, a.s.
Prohlášení

Bank earnings season has a traditional starting gun, and it goes off Tuesday, July 14, when JPMorgan Chase (JPM +1.47%) reports second-quarter results before the market opens. As the largest U.S. bank, sitting on trillions of dollars in deposits and loans, JPMorgan sets the tone for its own stock and for the sector behind it.

There will be plenty to sort through: trading revenue, investment-banking fees, loan losses, the size of the buyback. But one line matters more than the rest for where the stock goes next.

That line is net interest income.

Image source: Getty Images.

Why net interest income is the number Net interest income, or NII, is the gap between what a bank earns on its loans and securities and what it pays out on deposits. For a lender JPMorgan's size, it is the core profit engine, bigger and steadier than the trading desks that grab the headlines.

It is also the number that tripped up the stock last quarter. When JPMorgan reported first-quarter results in April, it trimmed its full-year 2026 NII guidance to about $103 billion. The quarter was otherwise strong, with net income of $16.5 billion, revenue up 10% year over year to $50.5 billion, and record trading revenue. But the softer NII outlook is what investors fixed on, and the stock pulled back.

The reason is the rate backdrop. As the Federal Reserve leans toward lower interest rates, banks earn less on new loans while still paying up for deposits. That squeezes the spread at the heart of NII. So when JPMorgan updates its guidance on July 14, the direction of that number -- raised, held, or cut again -- should tell investors a lot about how hard the rate environment is biting.

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What the quarter needs to show For the stock to keep working, JPMorgan needs NII to look like it is stabilizing, not sliding further.

The good news is that the bank enters the quarter from a position of strength. First-quarter profit was enormous, its trading business has been running hot, and management held the core, non-markets portion of its NII outlook steady at about $95 billion. If deposit costs are easing and loan demand is holding, NII can flatten out even with the Fed cutting.

The bank also keeps returning huge sums to shareholders. It pays a $6.00 annual dividend and buys back tens of billions of dollars of stock a year, a cushion that a smaller or weaker lender simply doesn't have.

The risk runs the other way. If management cuts the NII outlook again, it would likely signal that the rate squeeze is running deeper than expected. Because JPMorgan reports early in the bank earnings cycle, that worry tends to spread across every bank stock lined up behind it.

Valuation frames the stakes. JPMorgan trades at about 15 times expected earnings, near its highest levels ever after a strong run, and yields about 1.8%. That is not a demanding multiple for the best-run bank in the country. But it is no bargain either, and a stock near record highs has less room to shrug off a disappointment. None of that is a knock on the franchise. JPMorgan runs what Dimon likes to call a fortress balance sheet, and it has taken market share through every recent bout of turmoil.

So what should investors actually watch on July 14?

Not the headline earnings figure, which will be large and mostly anticipated. Watch the NII guidance, and watch what CEO Jamie Dimon says about the rate path and credit quality on the call. Dimon has spent recent quarters warning about an "increasingly complex" set of risks, from geopolitics to elevated asset prices, and his tone tends to color how the whole sector trades. A cautious word from Dimon can weigh on bank stocks even when the quarter's numbers look fine.

Broadcom’s latest challenge to Nvidia is not another processor designed to replace its market-leading GPUs.

It targets the network that enables thousands of those processors to operate as a single computing system.

DriveNets on July 1 unveiled two AI-networking platforms built around Broadcom’s Tomahawk 6 switch chip.

The systems promise faster connections with fewer networking layers, potentially reducing delays, power consumption and spending on optical equipment.

For AVGO investors, the attraction is straightforward as the company can capture more AI-infrastructure spending without needing to defeat Nvidia in GPUs.

DriveNets’ new 2600SL and 2601S platforms each provide 102.4 terabits per second of switching capacity across 64 ports running at 1.6 Tbps.

The liquid-cooled and air-cooled systems are scheduled to begin shipping during the third quarter of 2026.

Those specifications matter because training advanced AI models requires enormous numbers of accelerators to exchange data quickly.

A network bottleneck can leave costly GPUs and custom processors sitting idle, reducing the return on a data centre’s investment.

Broadcom says Tomahawk 6 can connect as many as 128,000 accelerators through only two switching tiers.

Bob Wheeler, an analyst at LightCounting, said in Broadcom’s March product announcement that using fewer tiers can reduce latency, simplify congestion control and cut the number of optical links required.

The DriveNets launch also marks a commercial step forward.

Broadcom began shipping Tomahawk 6 in production volumes in March, less than three quarters after the chip began sampling.

In Broadcom’s March product announcement, Dell’Oro Group vice-president Sameh Boujelbene said the company was “translating its roadmap into real-world deployment” by moving Tomahawk 6 into production shipments.

Also read: Broadcom extends Apple chip partnership through 2031, stock climbs 5%

The more contrarian investment argument is that Broadcom can benefit even when customers continue buying Nvidia processors.

Nvidia’s advantage extends well beyond GPUs. Its NVLink, InfiniBand and Spectrum-X Ethernet products allow the company to control more of the system linking accelerators together.

That integrated approach can deliver strong performance, but it also makes customers more dependent on Nvidia’s hardware and software ecosystem.

Broadcom is attacking that control through Ethernet. Tomahawk switches can support networks containing Nvidia GPUs, Google TPUs and other custom accelerators.

That gives cloud operators greater freedom to combine products from several suppliers rather than buying an entirely proprietary system.

The broader market is already moving towards Ethernet.

Dell’Oro said sales of Ethernet switches used in AI back-end networks more than doubled during the first quarter of 2026 and represented about two-thirds of switch sales in AI clusters.

Boujelbene said Ethernet maintained a “clear lead” despite a recovery in InfiniBand demand.

JPMorgan analyst Harlan Sur expects Broadcom to retain about 70% of the AI Ethernet switching-silicon market, citing its rapid product cycle and the technical barriers facing competitors.

Sur estimates Broadcom’s AI-networking revenue could more than double to at least $45 billion in fiscal 2027.

Mizuho analyst Vijay Rakesh has also identified scale-up Ethernet as a potential growth engine.

MarketWatch reported that he believes it could eventually contribute about one-quarter of Broadcom’s networking revenue and help the company compete with NVLink.

Mizuho raised its Broadcom price target to $530 from $480 following the June earnings report while retaining an Outperform rating.

Robinhood Chain has attracted more than $70 million worth of bridged Ether within its first week, strengthening Ethereum’s role as the settlement layer behind the brokerage’s new tokenized finance network.

Summary

Robinhood Chain has attracted more than $70 million in bridged Ether within its first week after launch. Daily Uniswap trading volume has reached $500 million while total value locked has climbed above $106 million, supported by institutional liquidity. Token Terminal said continued adoption of Robinhood Chain could create a meaningful new source of demand for Ether. Data from Token Terminal showed the Arbitrum-based layer-2 network crossed the milestone after launching on July 1, with the analytics platform saying continued adoption could make the chain “a meaningful new source of demand for ETH.”

ETH bridged from @ethereum (L1) to Robinhood Chain (L2) is up by ~70x in the past week, surpassing $70M@RobinhoodApp Chain uses ETH as its native gas token

If adoption continues, the chain could become a meaningful new source of demand for ethereum:native pic.twitter.com/ihvgnut9Hz

— Token Terminal 📊 (@tokenterminal) July 9, 2026 Robinhood introduced the EVM-compatible network as an “AI-native” blockchain built for real-world assets, using ETH as its native gas token. The launch coincided with the company’s rollout of tokenized US stocks to customers in more than 120 countries, expanding its push into blockchain-based financial products.

Recent on-chain data also points to rapid ecosystem growth. Earlier this week, DeFiLlama data showed Robinhood Chain’s total value locked had climbed above $106 million after large institutional deposits into the Morpho lending protocol, while daily Uniswap trading volume reached $500 million, placing the network behind only Ethereum mainnet over the same period.

Ethereum demand grows alongside Robinhood Chain activity Alongside the rise in bridged assets, Token Terminal said Robinhood Chain has been converting liquidity into on-chain activity. According to the firm, daily active users reached 194,000 while daily revenue climbed to about $39,000, implying an annualized run rate of roughly $14 million.

DeFiLlama reported similar growth, showing the network held 46,748 ETH, worth about $83 million at current prices, before TVL later expanded beyond $100 million. The platform added that inflows on Thursday alone totaled 31,855 ETH, or roughly $55 million.

Commenting on the network’s activity, Uniswap founder Hayden Adams said most transactions on Robinhood Chain are denominated in ETH.

“It’s the base pair for trading, the highest volume asset, and the gas token to pay for blockspace,” Adams wrote, adding that the network also burns ETH on Ethereum’s mainnet to cover data storage costs.

Institutional participation has also accelerated liquidity growth. According to DeFiLlama, nearly $90 million of the chain’s locked value is held on Morpho, where Robinhood Earn offers around 7% annual percentage yield on USDG deposits. The biggest contribution came from Ethena, which deposited $50 million into a Steakhouse Financial-managed USDG vault in a single transaction.

Institutional flows support early momentum The growing activity comes as Robinhood continues expanding its tokenized finance ecosystem. Trading on the network has centered on Wrapped Ether (WETH), memecoins, and tokenized equities including NVDA, AAPL, and GOOG, while Robinhood launched the chain with support for Uniswap’s v2, v3, v4, and UniswapX infrastructure.

RWA.xyz data shows Ethereum and its layer-2 networks account for more than half of the tokenized real-world asset market, giving Robinhood Chain access to an ecosystem that already dominates the sector.

A Chevron logo at the Chevron building in Houston, Texas, U.S. August 19, 2025. REUTERS/Kaylee Greenlee Purchase Licensing Rights, opens new tab

CompaniesJuly 10 (Reuters) - Chevron Australia (CVX.N), opens new tab said on Friday it has signed a ​long-term agreement with energy retailer ‌Alinta Energy to supply natural gas from its Western Australian portfolio.

Chevron said ​starting July 2027 it ​will supply 46 petajoules of gas ⁠to its long-standing partner ​Alinta Energy over a five- year ​period from across its equity interests in the Chevron-operated Gorgon and Wheatstone facilities, ​and the North West ​Shelf Project.

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"Following almost a decade in operation, ‌Gorgon ⁠and Wheatstone have become pillars of energy security for the state and together provide approximately 40 ​percent of ​WA’s ⁠domestic gas supply," Chevron Australia President Balaji Krishnamurthy ​said in a press ​release.

Singapore's ⁠Sembcorp Industries (SCIL.SI), opens new tab acquired Australian gas and electricity provider Alinta Energy for an ⁠enterprise ​value of A$6.5 ​billion ($4.32 billion) last year.

Reporting by Swati Verma ​in Bengaluru; Editing by Kim Coghill

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

United Wholesale Mortgage (UWMC +2.46%), which usually just goes by the acronym UWM, just got beaten. But in this case, being a loser could be the best thing that happened to the company and its shareholders. Here's what happened and why the failed bid to buy Two Harbors (TWO +0.00%) isn't really that bad of an outcome.

Bidding wars can lead to trouble UWM and privately held CrossCountry Mortgage were both attempting to buy the mortgage real estate investment trust (REIT) Two Harbors. It all started with UWM and Two Harbors agreeing to a $1.3 billion all-stock deal in late 2025. CrossCountry Mortgage stepped in at the end of the first quarter of 2026, offering an all-cash deal that Two Harbors deemed superior.

Image source: Getty Images.

As often happens in such situations, there was an ugly, public back-and-forth. At the end of the day, CrossCountry Mortgage's cash offer rose from an original $10.70 per share to $12, or roughly $1.3 billion. That comes even after UWM offered $12.50 in cash for Two Harbor shareholders who preferred cash over 2.3328 shares of UWM. While UWM was clearly displeased with losing out, it also didn't pursue it further after its final offer.

If you own UWM, you should probably be pleased with the outcome. As anyone who's ever been in a bidding war knows, the winner often ends up overpaying. And, as Benjamin Graham, the famous investor who helped train Warren Buffett, often noted, paying too much for a good company can turn it into a bad investment. Corporate acquisitions are no different.

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Sometimes the winner is the loser Buffett, however, is a rather interesting name here. He backed Occidental Petroleum's (OXY 2.41%) winning bid for Anadarko Petroleum, helping the energy company outbid industry giant Chevron (CVX 1.09%). Only the deal left OXY with a huge amount of debt, just as the energy industry started a downturn. OXY had to cut its dividend to free up cash for deleveraging, and the stock price crumbled.

It isn't clear what will happen with CrossCountry Mortgage and Two Harbors, since CrossCountry Mortgage is private. However, UWM showed discipline by not pursuing Two Harbors to the point of putting its own business at risk. The importance of this outcome increases when you note that UWM's dividend yield is a shockingly high 20% and its earnings don't currently cover the dividend payment. In fairness, loan origination volume in the first quarter of 2026 rose 39% year over year, making it "the second-highest first quarter production in company history." Still, it is probably better for the company to avoid the cost and complexity of a contentious merger, given its massive dividend yield, which suggests investors are already worried about the risk of a dividend cut.