Sandisk (SNDK +1.08%) built its name on memory cards and flash drives. But in its fiscal fourth quarter of 2026, which ended July 3, the company sold $2.98 billion of storage to datacenter customers -- about a third of its $8.97 billion in total revenue. A year earlier, that datacenter business generated just $213 million in quarterly sales.
The scale of the change goes beyond one quarter. Sandisk separated from Western Digital in February 2025, and in fiscal 2026, its first full year on its own, it generated $20.25 billion of revenue, up 175%, with the datacenter piece up 437%.
But the bigger change isn't who is buying the company's storage. It's how they're buying it.
Image source: Getty Images.
A steep mix shiftShowing just how fast the customer base is moving, datacenter revenue has climbed for three straight quarters. It was $440 million in the fiscal second quarter, about 15% of the company's revenue. By the fiscal third quarter, it had grown to $1.47 billion, about 25%. And it hit $2.98 billion in the fourth, about a third of the total.
That said, the edge business, which sells flash storage to makers of PCs, smartphones, gaming consoles, and cars, is still the biggest piece of the company, at $5.43 billion of fiscal fourth-quarter revenue.
Consumer products, however, contributed just $556 million, about 6% of the quarter and down 5% year over year. In other words, the retail cards and drives Sandisk is named for are now its smallest business.
What do the contracts guarantee?Memory pricing is famously boom-and-bust, and Sandisk's answer is what it calls the New Business Model (NBM) -- multiyear supply agreements signed directly with large datacenter and edge customers.
The terms are what make the shift structural. Chief financial officer Luis Visoso said on the company's August earnings call that Sandisk now has 10 of these agreements across eight customers, five of them signed since April. The agreements run as long as five years, with a weighted average duration of more than four years. Pricing includes fixed and variable elements, with the variable portion subject to floors and ceilings. In total, the NBMs Sandisk has signed represent a minimum of $93.9 billion in expected revenue, assuming every variable price settles at its floor. The deals are also backed by $16.5 billion of customer cash deposits and financial instruments.
The contracted share is still growing, too. Management expects NBMs to cover about half of Sandisk's bit shipments in fiscal 2027, and about two-thirds in fiscal 2028.
Of course, contracted volume isn't the same thing as guaranteed revenue, and the ceilings may cap Sandisk's upside if spot prices keep climbing. But I'd argue the floors matter more than the $93.9 billion headline number. Minimum prices under a growing share of shipments change the downside math in an industry known for brutal crashes.
Higher prices did most of the workFor all that structure, fiscal 2026 was mostly a pricing story. Sandisk's total products sold rose by a mid-teens percentage on an exabyte basis (a measure of raw storage volume shipped), while revenue rose 175%. And management said about two-thirds of the fiscal fourth quarter's sequential revenue growth came from higher pricing, with one-third from higher volumes.
That pricing boom shows up most clearly in profitability. Gross margin reached 84.6%, up from 26.2% in the year-ago period.
The company also swung to $6.9 billion of quarterly net income from a small loss a year earlier. And free cash flow for the full year went from a $120 million outflow in fiscal 2025 to $11.5 billion.
Management doesn't expect a cooldown yet, either. It guided fiscal first-quarter 2027 revenue between $10.3 billion and $10.8 billion, up 15% to 20% sequentially, with gross margin expected to stay at 83% to 85%.
Premium Feature
Moneyball Superscore
78/100
Today's Change
(
1.08
%) $
16.53
Current Price
$
1,553.40
The market remains skeptical, though. Shares trade around $1,537 as of this writing, down about 35% from a 52-week high, at about 21 times fiscal 2026 earnings.
Measured against expected earnings for fiscal 2027, the price-to-earnings multiple falls to about 7. A steep decline in memory pricing, in other words, is arguably already priced in.
Is Sandisk a different company now? On the customer side, I think it clearly is. A third of revenue comes from data centers, about half of this fiscal year's shipments are already committed under contract, and there are price floors where prices used to float freely.
However, the new model hasn't been tested by a downturn yet. And even Sandisk's own long-term financial model, laid out at its August investor day, calls for non-GAAP (adjusted) gross margins of about 80% for fiscal 2028 through 2030 -- below the 84.6% it just reported. The floors cushion a fall in contracted pricing. They don't make fiscal 2026's boom prices permanent.
Uber spustil v Londýně autonomní jízdy s technologií Wayve, čímž se město stalo druhým v Evropě po Záhřebu s robotaxi službou. Zatím bude v autě přítomen licencovaný operátor a k dispozici bude méně než 20 vozů.
Uber (UBER.N) launched autonomous rides in London on Thursday using AI technology developed by Britain's Wayve, making the city the second in Europe after Zagreb where the company offers robotaxis.
Here are more details:
Initially a licensed operator will be on board to monitor the car before fully driverless operations begin at some point in the future, the companies said.
Riders who request an UberX, Uber Comfort or Uber Electric could be matched with a Wayve-powered Ford Mustang Mach-E at no additional cost.
Fewer than 20 cars will be available at launch.
Regulatory barriers remain before full driverless services can launch in London, including delays at authorisation body Transport for London.
Uber's Global Head of Autonomous Mobility Sarfraz Maredia said the launch would "build credibility with consumers as well as with the government".
British Transport Secretary Heidi Alexander said: "This is a major milestone for the future of transport in London, as British innovation brings this technology onto our roads and gives passengers more choice."
Wayve's AI Driver learns from experience like a human driver, enabling it to adapt to new roads, vehicles, weather conditions and cities, the companies said.
Uber partnered with Wayve in 2024, including an investment, with the aim of using future Wayve-powered vehicles in multiple markets.
Alex Kendall, CEO and co-founder of Wayve, said: "We're proud to introduce the Wayve AI Driver to the public for the first time right here in London, our home city and one of the most complex driving environments in the world."
Akcie Macy's v posledním obchodním dni vzrostly o 2,23 % na 22,42 USD a překonaly růst indexu S&P 500 o 0,46 %. Za poslední měsíc ale akcie klesly o 16,33 %.
In the latest close session, Macy's (M - Free Report) was up +2.23% at $22.42. The stock outperformed the S&P 500, which registered a daily gain of 0.46%. Elsewhere, the Dow gained 0.56%, while the tech-heavy Nasdaq added 0.45%.
Shares of the department store operator witnessed a loss of 16.33% over the previous month, trailing the performance of the Retail-Wholesale sector with its loss of 3.73%, and the S&P 500's gain of 2%.
The investment community will be closely monitoring the performance of Macy's in its forthcoming earnings report. The company is scheduled to release its earnings on September 10, 2026. The company's upcoming EPS is projected at $0.37, signifying a 9.76% drop compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $4.82 billion, indicating a 0.16% increase compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $2.22 per share and revenue of $21.77 billion, which would represent changes of -4.31% and +0.05%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Macy's. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.37% higher. Macy's currently has a Zacks Rank of #2 (Buy).
Looking at its valuation, Macy's is holding a Forward P/E ratio of 9.87. This signifies a discount in comparison to the average Forward P/E of 13.77 for its industry.
The Retail - Regional Department Stores industry is part of the Retail-Wholesale sector. With its current Zacks Industry Rank of 9, this industry ranks in the top 4% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
American Tower uzavřela poslední obchodní den na 172,92 USD, což bylo o 1,76 % méně. Před zveřejněním výsledků trh očekává EPS 2,82 USD a tržby 2,77 miliardy USD.
American Tower (AMT - Free Report) closed the most recent trading day at $172.92, moving -1.76% from the previous trading session. This change lagged the S&P 500's daily gain of 0.46%. Elsewhere, the Dow gained 0.56%, while the tech-heavy Nasdaq added 0.45%.
Heading into today, shares of the wireless communications infrastructure company had gained 0.44% over the past month, outpacing the Finance sector's loss of 0% and lagging the S&P 500's gain of 2%.
Analysts and investors alike will be keeping a close eye on the performance of American Tower in its upcoming earnings disclosure. The company is expected to report EPS of $2.82, up 1.44% from the prior-year quarter. At the same time, our most recent consensus estimate is projecting a revenue of $2.77 billion, reflecting a 2.06% rise from the equivalent quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $11.07 per share and revenue of $11.04 billion, which would represent changes of +2.88% and +3.68%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for American Tower. Recent revisions tend to reflect the latest near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate has moved 0.2% higher within the past month. Right now, American Tower possesses a Zacks Rank of #2 (Buy).
With respect to valuation, American Tower is currently being traded at a Forward P/E ratio of 15.9. This valuation marks a premium compared to its industry average Forward P/E of 12.72.
It is also worth noting that AMT currently has a PEG ratio of 2.76. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The REIT and Equity Trust - Other industry currently had an average PEG ratio of 2.43 as of yesterday's close.
The REIT and Equity Trust - Other industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 88, finds itself in the top 36% echelons of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow AMT in the coming trading sessions, be sure to utilize Zacks.com.
Costco v poslední seanci klesla o 1,22 % na 928,48 USD, zatímco S&P 500 vzrostl o 0,46 %. Trh čeká výsledky 24. září 2026, kdy se očekává EPS 6,51 USD a tržby 94,46 mld. USD.
Costco (COST - Free Report) ended the recent trading session at $928.48, demonstrating a -1.22% change from the preceding day's closing price. This change lagged the S&P 500's daily gain of 0.46%. At the same time, the Dow added 0.56%, and the tech-heavy Nasdaq gained 0.45%.
Shares of the warehouse club operator have depreciated by 0.83% over the course of the past month, outperforming the Retail-Wholesale sector's loss of 3.73%, and lagging the S&P 500's gain of 2%.
Analysts and investors alike will be keeping a close eye on the performance of Costco in its upcoming earnings disclosure. The company's earnings report is set to go public on September 24, 2026. In that report, analysts expect Costco to post earnings of $6.51 per share. This would mark year-over-year growth of 10.9%. Alongside, our most recent consensus estimate is anticipating revenue of $94.46 billion, indicating a 9.64% upward movement from the same quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $20.42 per share and a revenue of $301.96 billion, representing changes of +13.51% and +9.71%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Costco. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.06% increase. Currently, Costco is carrying a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Costco has a Forward P/E ratio of 41.75 right now. This signifies a premium in comparison to the average Forward P/E of 20.79 for its industry.
Also, we should mention that COST has a PEG ratio of 3.89. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Retail - Discount Stores industry had an average PEG ratio of 1.82 as trading concluded yesterday.
The Retail - Discount Stores industry is part of the Retail-Wholesale sector. Currently, this industry holds a Zacks Industry Rank of 23, positioning it in the top 10% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
Abbott v poslední seanci stoupl o 1,41 % na 110,47 USD a za měsíc přidal 3,29 %. Před zveřejněním výsledků analytici očekávají EPS 1,43 USD a tržby 12,91 mld. USD.
In the latest close session, Abbott (ABT - Free Report) was up +1.41% at $110.47. This move outpaced the S&P 500's daily gain of 0.46%. Elsewhere, the Dow gained 0.56%, while the tech-heavy Nasdaq added 0.45%.
The maker of infant formula, medical devices and drugs's shares have seen an increase of 3.29% over the last month, not keeping up with the Medical sector's gain of 4.16% and outstripping the S&P 500's gain of 2%.
The upcoming earnings release of Abbott will be of great interest to investors. In that report, analysts expect Abbott to post earnings of $1.43 per share. This would mark year-over-year growth of 10%. At the same time, our most recent consensus estimate is projecting a revenue of $12.91 billion, reflecting a 13.52% rise from the equivalent quarter last year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $5.52 per share and revenue of $50.32 billion. These totals would mark changes of +7.18% and +13.51%, respectively, from last year.
Investors should also pay attention to any latest changes in analyst estimates for Abbott. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.03% higher. Right now, Abbott possesses a Zacks Rank of #3 (Hold).
In the context of valuation, Abbott is at present trading with a Forward P/E ratio of 19.73. This signifies a discount in comparison to the average Forward P/E of 21.18 for its industry.
One should further note that ABT currently holds a PEG ratio of 2.02. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As the market closed yesterday, the Medical - Products industry was having an average PEG ratio of 1.88.
The Medical - Products industry is part of the Medical sector. This group has a Zacks Industry Rank of 97, putting it in the top 40% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Wix.com v srpnu vyskočil o více než 60 % po výsledcích, které ukázaly růst tržeb o 15 % na 563,1 milionu USD a výrazné zlepšení marží u AI nástroje Base44. Base44 navíc překročil 200 milionů USD v ročních opakovaných tržbách (ARR).
Shares of Wix.com (WIX -1.91%) zoomed over 60% in August, according to data from S&P Global Market Intelligence. The website-building platform was considered an artificial intelligence (AI) loser earlier this year, but that narrative completely reversed this summer, with the company posting solid revenue growth and major margin improvement for its new AI-generative application builder.
Here's why Wix stock was up in August, and whether it is a buy now.
Premium Feature
Moneyball Superscore
70/100
Today's Change
(
-1.91
%) $
-1.69
Current Price
$
86.69
Software rebound The catalyst for Wix's massive move last month was its earnings report at the beginning of the month. Investors had beaten down Wix, sending shares from close to $200 in September of last year to under $50 by the end of July, on the theory that Wix's website-building platform would lose out to new generative AI tools.
So far, Wix's earnings do not show any signs of AI fatigue. Revenue was up 15% year-over-year last quarter to $563.1 million, with all segments growing in the double digits. Importantly, management said its new and fast-growing application builder, called Base44, should reach 60% gross margins, compared to around 0% at the start of the year.
Later in the month, Wix management confirmed that Base44 had surpassed $200 million in annual recurring revenue (ARR), up from $100 million five months ago. This makes Base44 one of the fastest-growing AI businesses in the world, and could prove a great asset for Wix in the years ahead.
Image source: Getty Images.
Still time to buy? After jumping in August, Wix now trades at a $3.6 billion market cap. It repurchased $1.6 billion worth of its outstanding shares in the Spring in a tender offer, which has aggresively brought down its share count, with the stock still down 75% from highs set back in 2021.
Wix became unprofitable in 2026 due to major investments in growing Base44 and its new homegrown AI website builder, Wix Harmony. However, in the long term, the high gross margins of Wix's legacy business and the improving gross margins of its AI segments should lead to solid profitability and free cash flow.
Over the last twelve months, Wix's revenue was $2.1 billion. If revenue can keep growing at 15%, it will be over $3 billion three years from now. Assuming bottom-line profit margins can expand to 20%, that is $600 million in annual earnings power, or just 6x its current market cap.
For those with a multi-year time horizon, Wix stock still looks cheap today.
NetApp (NTAP - Free Report) came out with quarterly earnings of $2.58 per share, beating the Zacks Consensus Estimate of $2.13 per share. This compares to earnings of $1.55 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +21.13%. A quarter ago, it was expected that this data storage company would post earnings of $2.27 per share when it actually produced earnings of $2.43, delivering a surprise of +7.05%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
NetApp, which belongs to the Zacks Computer- Storage Devices industry, posted revenues of $2.03 billion for the quarter ended July 2026, surpassing the Zacks Consensus Estimate by 9.86%. This compares to year-ago revenues of $1.56 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
NetApp shares have added about 71% since the beginning of the year versus the S&P 500's gain of 11.5%.
What's Next for NetApp?While NetApp has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for NetApp was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.20 on $1.86 billion in revenues for the coming quarter and $9.07 on $7.56 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Computer- Storage Devices is currently in the top 4% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the broader Zacks Computer and Technology sector, UiPath (PATH - Free Report) , is yet to report results for the quarter ended July 2026. The results are expected to be released on September 3.
This enterprise automation software developer is expected to post quarterly earnings of $0.15 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
UiPath's revenues are expected to be $397.59 million, up 9.9% from the year-ago quarter.
Petco Health and Wellness Company, Inc. (WOOF) Q2 2026 Earnings Call September 2, 2026 4:15 PM EDT
Company Participants
Roxanne Meyer - VP, Head of Investor Relations & Treasury
Joel Anderson - CEO & Director
Sabrina Simmons - Chief Financial Officer
Conference Call Participants
Michael Lasser - UBS Investment Bank, Research Division
Katharine McShane - Goldman Sachs Group, Inc., Research Division
Kaumil Gajrawala - Jefferies LLC, Research Division
Peter Benedict - Robert W. Baird & Co. Incorporated, Research Division
Steven Zaccone - Citigroup Inc., Research Division
Oliver Wintermantel - Evercore ISI Institutional Equities, Research Division
Steven Forbes - Guggenheim Securities, LLC, Research Division
Simeon Gutman - Morgan Stanley, Research Division
David Lantz - Wells Fargo Securities, LLC, Research Division
Presentation
Operator
Thank you. Good day, and welcome to Petco's Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to Roxanne Meyer, Vice President of Investor Relations and Treasury. Please go ahead.
Roxanne Meyer
VP, Head of Investor Relations & Treasury
Good afternoon, and welcome to Petco's Second Quarter Fiscal 2026 Earnings Conference Call. Joining me on the call today are Joel Anderson, Petco's Chief Executive Officer; and Sabrina Simmons, Petco's Chief Financial Officer. In addition to the earnings release, we've posted a slide presentation on our website at ir.petco.com.
I'd like to remind everyone that on this call, we will make certain forward-looking statements which are subject to a number of risks and uncertainties that could cause actual results to differ materially from such statements. These risks and uncertainties include those set out in our earnings materials and SEC filings. In addition, on today's call, we will refer to certain non-GAAP financial measures. Reconciliations of these measures can be found in our earnings release, presentation and SEC filings.
MILWAUKEE, Sept. 02, 2026 (GLOBE NEWSWIRE) -- On September 1, 2026, Brady Corporation’s (NYSE: BRC) Board of Directors approved an increase in the annual dividend to shareholders of the Company’s Class A Common Stock from $0.98 per share to $1.00 per share. A quarterly dividend to shareholders of the Company’s Class A Common Stock of $0.25 per share will be paid on October 30, 2026, to shareholders of record at the close of business on October 9, 2026. This dividend represents the 41st consecutive annual increase in dividends.
Brady Corporation (NYSE: BRC) is a global industrial technology company and a leading provider of identification, safety, and productivity solutions that help organizations of all sizes to identify, connect, protect, track, and optimize what matters most. By combining trusted identification technologies with advanced data capture, enterprise mobility, software and workflow solutions, Brady’s comprehensive offerings enable its customers to improve safety, productivity, accuracy, and operational performance across their most critical functions and in the world’s most demanding environments. For more than 110 years, Brady has established trust and demonstrated its commitment to innovation, serving customers across manufacturing, logistics, healthcare, electronics, telecommunications, aerospace, construction, and other key industries, to make their work safer, smarter, and more connected. Headquartered in Milwaukee, Wisconsin, Brady employs approximately 9,300 people worldwide. Brady stock trades on the New York Stock Exchange under the symbol BRC. Learn more at www.bradycorp.com.
For More Information Contact:
Investor Contact: Ann Thornton (414) 438-6887
Media Contact: Kate Venne (414) 358-5176
Arbitrum DAO v první polovině roku 2026 vykázalo tržby 6,19 milionu USD a hrubá marže přesáhla 97 %. Novým zdrojem příjmů se stal Robinhood Chain, který v červenci přispěl 360 000 USD v licenčních poplatcích.
An unaudited report released by the Arbitrum Foundation shows that Arbitrum DAO generated $6.19 million in revenue in the first half of 2026, with sources including Arbitrum One transaction fees, Timeboost sequencing priority auctions, scaling program licensing fees, and treasury management returns. The protocol’s gross profit margin exceeded 97%, and non-ARB treasury assets stood at $125 million as of the end of June. In H1 2026, Arbitrum processed a total of 478 million transactions, accounting for roughly 18% of its cumulative lifetime total of 2.7 billion transactions; monthly average stablecoin transfer volume surpassed $70 billion, and the number of stablecoin holders rose 40% to 10.5 million. Additionally, Arbitrum has deployed over 2,000 tokenized RWAs. Robinhood Chain, built on Arbitrum’s tech stack, launched its mainnet on July 1, contributing $360,000 in licensing fees to the DAO that month, making up 35% of its monthly revenue. On September 1, Robinhood Chain hit daily fees of $3.75 million, decentralized exchange (DEX) volume exceeding $1.5 billion, and total value locked (TVL) of over $750 million.
ArbitrumDAO ukončuje 90denní migrační okno pro Nova 2. září a síť přechází do údržbového režimu, nikoli do úplného vypnutí. Výběry přes Arbitrum Portal a Canonical Bridge zůstávají dostupné.
3 September 2026 | 01:33 Arbitrum Nova’s 90-day migration period reaches its scheduled end today, but the network is being minimized rather than closed and users can still withdraw funds.
Key Takeaways Nova is being minimized, not closed. September 2 ends the migration window. Canonical withdrawals remain available through the Portal. Fast bridge options may become scarcer. Phase 3’s full completion is unconfirmed. September 2 is the scheduled end of the period in which Nova’s existing infrastructure remained fully operational while users and applications were encouraged to migrate. The ArbitrumDAO has approved a plan to reduce the network to a maintenance-oriented service, not remove it from operation.
What changes after the migration period From June 4, applications, liquidity providers and regular users had a 90-day period to move to Arbitrum One with dedicated support available. Phase 3 reduces Nova’s operating footprint after that period and shifts the network away from active ecosystem support.
What is confirmed
The DAO voted to minimize Nova, and the published migration window runs through September 2.
Afterward, the chain is expected to persist with less infrastructure and a maintenance-only support model.
What September 2 does not confirm
The implementation timetable in the approved proposal was marked tentative and subject to change.
Without a fresh Arbitrum update confirming each Phase 3 step, it is more accurate to report the transition as scheduled than already complete.
For funds still on Nova, the exit route remains For users with assets still on Nova, the published plan keeps the Arbitrum Portal and Canonical Bridge accessible in Phase 3. Arbitrum’s FAQ identifies it as the route available after the dedicated migration period ends.
For larger transfers, Arbitrum’s guidance uses a withdrawal through Ethereum before funds move to Arbitrum One. The process is slow by design, and the three stages below are the ones users need to plan for.
1. Official route
Use the Arbitrum Portal to start the withdrawal from Nova.
2. Plan for the delay
The standard challenge period is seven days before the Ethereum claim.
3. Move to One
After claiming on Ethereum, bridge onward to Arbitrum One if that is your destination.
Fast bridges can be useful when speed matters, but Arbitrum names them as third-party services. Their continued support for Nova is not guaranteed, and the FAQ warns that fewer of these options may remain once Phase 3 begins. Treat them as a convenience, not as a permanent exit route.
$MOON is an exception. Arbitrum says there is no direct Nova-to-Arbitrum One bridge path for the token. Its FAQ directs holders to move $MOON to Ethereum first, wait through the seven-day confirmation period and then bridge it to Arbitrum One.
Nova moves to a smaller operating model The operational changes focus on data availability and infrastructure. Nova is expected to move from active DAC coordination to a passive model in which the sequencer posts transaction data directly to Ethereum blobs. Its sequencer and validator setup is also due to shrink from redundant, higher-performance infrastructure to a leaner maintenance footprint.
Public services become less responsive Arbitrum says the lower-footprint setup could mean reduced throughput, occasional service interruptions and longer response times for Nova-specific issues. Public infrastructure, including RPC endpoints, is expected to face stricter rate limits. Those changes matter most to projects that continue serving users on Nova rather than to someone making a one-off withdrawal.
The withdrawal clock may stretch The seven-day challenge period itself does not change under the plan. However, Arbitrum says a leaner validator footprint could delay the posting of state assertions, potentially adding around 12 to 24 hours before that normal waiting period fully runs its course.
Why Arbitrum chose minimization instead of closure Nova was launched as Arbitrum’s AnyTrust production proof of concept: a cheaper chain for consumer-facing activity such as games, social apps and micropayments. In the approved minimization proposal, Arbitrum argued that later improvements in data-availability economics and the wider Orbit-chain model reduced the need to keep Nova as a fully supported standalone network.
The same direction is visible elsewhere in the ecosystem. Robinhood first launched its Stock Tokens on Arbitrum One before moving to a dedicated chain built on Arbitrum’s technology, a path explored in our analysis of Robinhood Chain’s growth within the Arbitrum ecosystem.
The proposal cited approximately $20.37 million in TVL and about 0.03 transactions per second at the time it was drafted, against estimated annual operating costs of roughly $1.52 million. It projected that a minimized Nova could reduce those costs by about $1.43 million a year.
Those are proposal-era figures, not a measure of Nova’s current TVL. They explain why the DAO chose a smaller operating model rather than the full-service network it had been maintaining.
The transition changes the trade-off for anyone who remains on Nova. The published plan keeps the Canonical Bridge route while the network moves to lower capacity, slower assistance and less certainty around third-party bridges. September 2 ends the period designed to make leaving easy; under the plan, it does not end the ability to leave.
This article uses ArbitrumDAO and Arbitrum-owned guidance only. It is informational and not financial, legal or technical advice.
Author
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
$PEPE se zřekl kontraktu, takže nikdo nemůže mintovat nové tokeny ani měnit pravidla. Přesto 24. srpna 2023 z týmové multisig peněženky odešlo asi 16 bilionů PEPE na burzy a cena tehdy klesla zhruba o 18 %.
The $PEPE token on Ethereum is as close to untouchable as an on-chain asset can get. Ownership of the token contract was renounced at launch and liquidity pool tokens were burned, meaning no address, including those of the original developers, can mint new tokens, impose a transfer tax, or drain the trading liquidity.
A fixed supply with a shrinking float The total token supply was set at 420,690,000,000,000 at launch, with 93.1% sent to the liquidity pool, LP tokens burned, and the contract renounced. That figure can only fall from here. An on-chain transaction later sent roughly 6.9 trillion PEPE to a burn address, reducing the circulating overhang and leaving approximately 413.77 trillion tokens in circulation. There was no presale, and trades carry no tax at the contract level.
With contract renouncement in place, no address can mint new tokens, pause transfers, or alter the contract logic. The renounced ownership, burned LP tokens, and fully circulating supply remove the most common technical rug-pull vectors.
Immutability has limits: the 2023 team wallet incident A locked contract does not lock everything. The remaining 6.9% of the supply was held in a multi-sig team wallet, intended only for future centralized exchange listings, bridges, and liquidity pools. That arrangement proved to be a vulnerability.
On August 24, 2023, roughly 16 trillion $PEPE tokens worth approximately $15 million were transferred from the project multisig wallet to crypto exchanges OKX, Binance, KuCoin, and Bybit. Shortly before the transfers, the multisig signing threshold was quietly cut from five-of-eight to two-of-eight, substantially lowering the security bar. The @pepecoineth team later described those responsible as "bad actors" who had previously been part of the core team. Following the transfers, the PEPE token dropped around 18%.
Contract immutability is not the same as risk-free operations. Even if the token contract itself cannot be changed, wallets controlling reserves or listings inventory can still move markets. The team wallet associated with the @pepecoineth project holds approximately 2.12 trillion PEPE today, worth around $7.2 million.
Sources:
CoinDesk: Pepecoin Says 'Bad Actors' on Team Stole $15M PEPE
The Block: Pepe confirms former team members stole $15 million from multisig wallet
Datawallet: What is Pepe Coin? Tokenomics, ETF Filing and Price History
ChargePoint ve 2. fiskálním čtvrtletí zvýšil tržby na 116 milionů USD, nad vlastním výhledem, a oznámil rekordní hrubou marži i téměř nulový cash burn. Firma zároveň zahájila dodávky raných jednotek Express Solo.
ChargePoint's Comeback Story: Why This EV Stock Is Charging Up AgainChargePoint NYSE: CHPT reported second-quarter fiscal 2027 revenue of $116 million, exceeding its prior guidance range of $100 million to $110 million, as stronger hardware shipments and higher home charging sales lifted results. Revenue rose 14% sequentially and 18% from a year earlier, marking the company’s fourth consecutive quarter of year-over-year growth.
Chief Executive Officer Rick Wilmer said the quarter included record gross margins and “essentially zero cash burn,” while the company began shipping early-access units of its Express Solo DC charging product. The quarter ended July 31, 2026.
Get ChargePoint alerts:
Revenue Mix and Margin Improvement EVgo's 37% Revenue Growth: Forget the Car, Buy the Gas StationNetworked Charging Systems revenue totaled $63 million, representing 54% of total revenue and rising 25% year over year. Subscription revenue was $44 million, or 38% of revenue, up 10% from the prior-year period. Other revenue accounted for $9 million.
By billings vertical, commercial represented 69% of second-quarter billings, followed by fleet at 11%, residential at 10%, and other categories at 11%. North America contributed 82% of revenue, while Europe represented 18%.
ChargePoint Recalibrates: What’s Really Under the HoodNon-GAAP gross margin reached 38%, up seven percentage points sequentially and five points from a year ago. The result included about $4 million of tariff refunds recognized as a one-time reduction in cost of goods sold. Excluding that benefit, normalized non-GAAP gross margin was approximately 35%, still reflecting a three-percentage-point sequential improvement and a two-point year-over-year increase.
Chief Financial Officer Mansi Khetani said higher revenue helped improve fixed-cost absorption, while warranty, inbound freight and warehousing costs also improved. Sales of higher-margin AC products contributed to the quarter’s margin performance. ChargePoint expects gross margins to remain generally near normalized levels for the remainder of the fiscal year, though product mix could cause some variation.
Hardware gross margin was 21%, increasing 13 percentage points from the prior quarter. Subscription gross margin reached 59% on a GAAP basis.
Costs, Cash and Outlook Non-GAAP operating expenses declined to $52 million from $54 million in the first quarter and were down 11% from a year earlier. Khetani said a company-wide cost optimization initiative completed in late July is expected to reduce quarterly non-GAAP operating expenses to below $50 million for the rest of the year.
ChargePoint’s non-GAAP adjusted EBITDA loss narrowed to $5 million, compared with losses of $19 million in the previous quarter and $22 million in the year-earlier period. The company ended the quarter with $96 million in cash, unchanged from the first quarter.
Inventory declined to $179 million from $204 million, releasing working capital that helped fund operations. Khetani said ChargePoint expects inventory to continue falling during the year, which could support cash generation. She said the company could be positioned to generate positive cash flow later in the year, though she noted that cash flow remains subject to multiple variables.
For the third quarter of fiscal 2027, ChargePoint forecast revenue of $105 million to $115 million. The midpoint of that range would represent 4% year-over-year growth. Management said elevated North American home charging sales contributed to the second-quarter revenue beat but are not expected to recur in the third quarter, as those sales can be concentrated around large retail events.
Express Solo Ramp and Strategic Initiatives Wilmer said ChargePoint has started fulfilling backlog with early-access Express Solo units and expects production inventory to be available in its fiscal fourth quarter. The company said its Express architecture demonstrated charging above 600 kilowatts on a passenger vehicle, taking the vehicle from 10% to 80% charge in 11 minutes during a live demonstration at its headquarters.
The company expects Express to become a significant revenue driver as it scales entering fiscal 2028. Wilmer said the platform is intended for applications including highway corridors, autonomous-vehicle fleet depots and high-utilization charging sites. He also said additional variants of the Express architecture targeting different market segments are expected to enter production over the next year and a half.
ChargePoint said it has accounted for supply-chain conditions related to AI data-center construction, including higher memory prices and demand for silicon carbide modules. Wilmer said the company has supplier commitments that support the demand it currently expects.
The company also highlighted its partnership with Eaton, which includes jointly engineered products and go-to-market efforts. During the quarter, ChargePoint and Eaton began a collaboration with Santa Monica Department of Transportation for the agency’s planned transition to a zero-emission Big Blue Bus fleet by 2032. The project calls for 130 DC fast-charging ports featuring ChargePoint’s Express Plus equipment, alongside Eaton electrical infrastructure and energy-management offerings.
Network Growth and Customer Activity ChargePoint said software-only managed ports, which are third-party hardware ports managed through its software platform, increased to 138,750 from 135,000 in the prior quarter. Total managed ports rose to approximately 422,000 from 406,000, including more than 46,950 DC fast chargers and more than 150,000 ports in Europe.
Monthly active users increased to 1.55 million from 1.48 million at the end of April. Globally, ChargePoint drivers had access to nearly 1.5 million public and private charging ports.
During the quarter, ChargePoint cited expanded work with Mercedes-Benz for commercial fleet customers in the United Kingdom and Germany; an agreement with Optimus Energy Solutions to add more than 200 DC ports across the southeastern United States; and a planned deployment at 12 Onvo travel stops in the Northeast. The company also discussed airport, government and transit deployments, including charging infrastructure at Portland International Airport and additional fast-charging sites in Rhode Island.
Wilmer said ChargePoint is increasing its emphasis on Europe and appointed John Saffert as executive vice president and managing director of Europe. The company also said artificial intelligence initiatives are automating business processes, improving customer support and doubling software-engineering productivity, according to management.
About ChargePoint (NYSE:CHPT)ChargePoint NYSE: CHPT is a leading provider of electric vehicle (EV) charging solutions that designs, develops and markets charging hardware, software and services. The company's portfolio includes Level 2 AC charging stations for residential, commercial and fleet applications, as well as DC fast charging systems suited for retail, hospitality and public use. ChargePoint's integrated platform enables site hosts to manage charging infrastructure through cloud-based monitoring, analytics and billing tools, while EV drivers access and control charging sessions via a mobile app or RFID card.
Since its founding in 2007 and headquarters in Campbell, California, ChargePoint has built one of the largest open EV charging networks in the world.
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].
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Should You Invest $1,000 in ChargePoint Right Now?Before you consider ChargePoint, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and ChargePoint wasn't on the list.
While ChargePoint currently has a Reduce rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
The space race is growing fast, and you don’t have to have gotten in early on SpaceX to profit. This report shows seven space stocks you can buy today that may grow as rockets, satellites, defense, space internet, and new space technology become more important.
PVH (PVH - Free Report) came out with quarterly earnings of $3.7 per share, beating the Zacks Consensus Estimate of $3.08 per share. This compares to earnings of $2.52 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +20.13%. A quarter ago, it was expected that this owner of the Calvin Klein and Tommy Hilfiger brands would post earnings of $1.8 per share when it actually produced earnings of $2.01, delivering a surprise of +11.67%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
PVH, which belongs to the Zacks Textile - Apparel industry, posted revenues of $2.1 billion for the quarter ended July 2026, in line with the Zacks Consensus Estimate. This compares to year-ago revenues of $2.17 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
PVH shares have added about 8.7% since the beginning of the year versus the S&P 500's gain of 11.5%.
What's Next for PVH?While PVH has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for PVH was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.17 on $2.3 billion in revenues for the coming quarter and $12.01 on $8.92 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Textile - Apparel is currently in the top 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Duluth Holdings (DLTH - Free Report) , is yet to report results for the quarter ended July 2026. The results are expected to be released on September 3.
This clothing and tools supplier is expected to post quarterly loss of $0.05 per share in its upcoming report, which represents a year-over-year change of -266.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Duluth Holdings' revenues are expected to be $119.1 million, down 9.6% from the year-ago quarter.
Core DAO po škodlivém útoku na validátory pozastavil stakingové odměny ve všech produktech. Uživatelé mají do obnovení vyplácení odměn počítat s 0% APY.
Staking Rewards Paused Across All Core Products@Coredao_Org has suspended staking reward emissions following a malicious validator attack on its network. The suspension covers all forms of Core staking, including products offered through @b14g_network, specifically b14g, dualCORE, stCORE, and direct validator staking. Users should expect a temporary 0% APY with no additional rewards distributed until emissions resume.
According to @b14g_network, user funds remain 100% secure and no action is required from b14g depositors. The platform has committed to keeping users informed as the situation develops.
Core first disclosed the problem on August 31, when it said a small number of validators were accruing block rewards significantly above the amount intended under the protocol. Validator rewards had exceeded the protocol's intended levels for a small group of validators, and Core said it had identified the root cause and was working on mitigations.
Issue Contained, Emergency Hard Fork Planned Core has since confirmed the incident was contained and that malicious validators can no longer draw excess rewards. The planned network upgrade will be a forward-only fix and will not roll back or reverse any previously confirmed transactions.
$CORE has a hard cap of 2.1 billion tokens, with roughly 40% allocated to node mining rewards distributed over an 81-year emission schedule. Core has not disclosed how much additional CORE was issued, how long the exploit lasted, or whether any of the excess tokens entered circulation.
Several exchanges restricted $CORE transfers around the time of the incident. Coinbase paused sends and receives on the Core network, while Bithumb and Coinone suspended deposits and withdrawals, citing suspected or confirmed security concerns. Bitget also suspended CORE deposits and withdrawals, citing wallet maintenance, while LBank suspended deposits due to what it described as the project's requirements.
Core described the incident as limited to reward issuance, and said network security and custody were unaffected. By September 1, the team said the activity had been contained and moved to coordinate an emergency hard fork with its validator set. Core has not published an activation time for the upgrade or disclosed the technical vulnerability that allowed the excess rewards to be claimed. A full technical postmortem is expected to follow.
For now, @b14g_network users are advised to hold their positions and await further updates as @Coredao_Org works toward restoring normal staking emissions.
Sources:
Crypto Briefing: Core DAO Plans Emergency Hard Fork After Validators Draw Excess Rewards
CoinTelegraph: Core DAO Plans Hard Fork Over Excess Validator Rewards
CryptoSlate: Validator Reward Failure on Core DAO Triggers Exchange Transfer Blocks
World, identity projekt dříve známý jako Worldcoin, vydal ProveKit v1, open-source toolkit pro generování zero-knowledge důkazů na spotřebitelském hardwaru. Po zhruba dvou letech vývoje a po early-access období, které začalo v dubnu 2026, dorazilo produkční vydání 2. září. Umožňuje ověřit věk, národnost nebo vlastnictví platného dokladu bez sdílení osobních dat.
World, the identity project formerly known as Worldcoin, has released ProveKit v1, an open-source toolkit that brings zero-knowledge proof generation to consumer hardware. After roughly two years of development and an early-access period that began in April 2026, the production-ready release landed on September 2.
The pitch is straightforward: let users prove things about themselves, like age, nationality, or possession of a valid ID, without actually revealing the underlying data.
What ProveKit actually does ProveKit v1 is a client-side proving toolkit, meaning the heavy lifting happens on the user’s own device rather than on a remote server. All personal data stays local. No third party ever touches it.
On a standard smartphone, proof generation takes just seconds. Even on lower-end devices, the process completes in under 30 seconds.
Under the hood, ProveKit uses the Noir programming language for writing verification circuits, which then compile to R1CS constraints. The proof system itself is WHIR-based, derived from Spartan.
One particularly notable design decision is the target of 128-bit post-quantum security. It achieves this without requiring a trusted setup, eliminating a common ceremony that many zero-knowledge systems depend on.
The toolkit ships with CLI tooling and bindings for Rust, JavaScript, Swift, Kotlin, and C-compatible interfaces.
From internal tool to public infrastructure ProveKit didn’t arrive out of nowhere. The World team has been using it internally since April 2026 for its World ID platform, the biometric identity system built around iris scanning and credential verification.
The toolkit also underwent security audits, including one conducted by Least Authority, a firm well known in the crypto security space.
Version 2 and on-chain ambitions The team is already working on ProveKit v2, which aims to improve proof sizes and generation speed. More significantly, the next version plans to explore Groth16 integration, a proving system that produces much smaller proofs, making on-chain verification across multiple blockchain platforms more practical and cost-effective.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
JFrog na swampUP 2026 představil nové kontroly pro AI softwarový supply chain, včetně Package Traffic Controlleru a rozšíření AppTrust. Zaměřují se na ochranu, nápravu a řízení artefaktů v době rostoucího využití AI.
JFrog’s AI Opportunity Could Fuel a Big Leap in Share PriceJFrog NASDAQ: FROG used its swampUP 2026 investor session to outline product updates aimed at securing, remediating and governing software supply chains as enterprises deploy more AI-assisted development tools. Executives also discussed customer adoption of its AppTrust governance offering, integrations with security providers and the company’s approach to managing AI-generated software artifacts.
The company framed its strategy around three themes: “protect, remediate, and control.” The event’s operator highlighted the Package Traffic Controller, integrations with SASE providers including Zscaler and Netskope, expanded support in Artifactory for AI-related assets, a Wiz integration, zero-touch vulnerability remediation capabilities and enhancements to AppTrust.
Get JFrog alerts:
Keysight Discusses Governance Needs JFrog Stock Gets Punished for Solid Results: Buy the DipChristophe Romatier, chief information security officer at Keysight Technologies, said the test, measurement and design-solutions company has increased its software development activity and use of AI. Keysight has about 5,000 developers, according to Romatier, and its DevSecOps organization also oversees internal AI initiatives.
Romatier said governance has become both a security and compliance issue, as well as a developer productivity concern. He cited the Secure Software Development Framework and the European Union’s Cyber Resilience Act as regulations that require organizations to catalog artifacts and software bills of materials alongside products.
JFrog leaps on EPS beat and raised guidance“We don’t really want [developers] spending time capturing compliance or filling in compliance checklists,” Romatier said. “We want our developers writing code.”
Keysight selected JFrog AppTrust after identifying a manual process for capturing and archiving compliance materials that was slowing research and development work, he said. Since Keysight had used JFrog Artifactory for years, the company viewed compliance evidence as another class of artifact that could reside alongside binaries and follow products through their release lifecycle.
Romatier said AI coding tools increased the urgency to automate governance. Without automation, Keysight would have needed to devote more developer time to compliance activities or hire additional personnel, he said. Looking ahead, he said Keysight intends to apply governance across its applications rather than maintain separate processes for higher-sensitivity software.
“Once you’ve done the work to automate the tasks that need to occur on every build, on every release, it’s no longer a question of, do I only want to apply it to this area?” Romatier said. He added that Keysight is working toward a regulatory compliance milestone in October of the following year.
Artifactory Positioned as AI Control Plane JFrog Chief Executive Officer Shlomi Ben Haim and Chief Technology Officer Yoav Landman said the growing volume of binaries produced and consumed by AI agents reinforces the importance of artifact management.
Ben Haim described Artifactory as evolving beyond a system of record into a “system of trust.” He said AI labs and other organizations are putting greater demands on software infrastructure as agents consume packages and generate more software artifacts.
Landman said AI agents are substantial consumers of binaries and also create more binaries that ultimately become deployed software. He said JFrog’s roadmap centers on adding controls around the packages agents can access, protecting Artifactory and retaining release metadata that customers can use to apply policies.
“The key thing is to instill trust into this new reality,” Landman said.
Landman also addressed a question about vulnerabilities affecting on-premises installations. He said some vulnerabilities have greater exposure in on-premises environments because of the configurations needed to exploit them. JFrog provides configuration guidance and issues patches, he said, while platform upgrades can be applied without downtime.
Traffic Controller and AppTrust Expansion Ben Haim said the new Package Traffic Controller is intended to direct incoming software packages through Artifactory rather than allowing users or agents to bypass the repository and pull packages directly from the internet. The company is working with SASE providers including Zscaler, Cloudflare and Netskope, he said.
According to Ben Haim, the Traffic Controller works with JFrog Curation to screen packages against organizational policies before they enter Artifactory. He said the approach is designed to maintain developer workflow speed while preventing unapproved or potentially risky artifacts from entering an organization’s software environment.
Chief Financial Officer Ed Grabscheid said Curation is currently priced on a per-seat basis for contributing developers. He said that directing more trusted binaries into Artifactory could drive additional storage and consumption, and that JFrog expects pricing to evolve over time. He did not provide details of potential pricing changes.
On the governance side, executives said AppTrust is designed to support continuous compliance at the level of every build, rather than periodic compliance reviews. The operator said regulations such as the Cyber Resilience Act and NIST-related requirements are contributing to governance deadlines for organizations.
JFrog Fly and Enterprise Strategy Landman said JFrog incorporated capabilities from JFrog Fly, which had been presented as an agentic repository initiative, into the broader platform. The company used Fly to learn how agents could interact with binary repositories and to capture metadata created through developer and coding-agent interactions, he said. Two of Fly’s capabilities were integrated into Artifactory, while another was incorporated into AppTrust, Ben Haim said.
When asked about the impact of agent-focused Git platforms, Landman said JFrog sees Git increasingly serving as intermediate storage for code before it becomes binaries. He said the company believes binaries remain the more relevant layer for trust, policy and release management.
Ben Haim said JFrog remains focused on enterprise customers, citing its investments in enterprise go-to-market operations, support, customer success, professional services and product development. He said AI-related risks, including shadow AI and code snippets copied into software, are expanding the security needs of both existing and new customers.
Grabscheid said JFrog is focused on executing through 2027 under its existing long-term model. He said the company would revisit its guidance framework as it progresses through that period, while continuing to provide investors with metrics including remaining performance obligations, security-related RPO and net dollar retention.
About JFrog (NASDAQ:FROG)JFrog is a software company specializing in DevOps solutions designed to streamline the management, distribution and security of software binaries. Its core offering, JFrog Artifactory, serves as a universal artifact repository manager compatible with all major package formats, enabling development teams to store, version and share build artifacts across the software delivery pipeline. The company's platform also includes tools for continuous integration and delivery (CI/CD), security scanning and release automation.
Among JFrog's flagship products are JFrog Xray, a security and compliance scanning service that analyzes artifacts and dependencies for vulnerabilities; JFrog Pipelines, a CI/CD orchestration engine that automates build and release workflows; and JFrog Distribution, which accelerates the secure distribution of software releases to edge nodes and end users.
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].
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Should You Invest $1,000 in JFrog Right Now?Before you consider JFrog, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and JFrog wasn't on the list.
While JFrog currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Akeso oznámila, že ivonescimab v průběžné analýze studie HARMONi-2 splnil klíčový sekundární cíl celkového přežití a prokázal statisticky významný přínos proti pembrolizumabu. Studie se týká první linie léčby PD-L1 pozitivního nemalobuněčného karcinomu plic.
, /PRNewswire/ -- Akeso, Inc. (9926.HK) ("Akeso" or the "Company") today announced that a pre-specified interim analysis of overall survival (OS) in the HARMONi-2 (AK112-303) trial, as assessed by the Independent Data Monitoring Committee (IDMC), met the key secondary endpoint of OS. The results demonstrated that ivonescimab showed statistically significant and clinically meaningful improvement over pembrolizumab.
HARMONi-2 is a randomized, double-blind, multicenter, registrational Phase III trial evaluating ivonescimab, Akeso's first-in-class PD-1/VEGF bispecific antibody, versus pembrolizumab as first-line treatment for patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) whose tumors express PD-L1 (TPS ≥1%).
Detailed data from the interim OS analysis will be presented at an upcoming international medical conference and published in a peer-reviewed journal.
In May 2024, at a prespecified interim analysis conducted by the IDMC, ivonescimab met its primary endpoint of progression-free survival (PFS) in the HARMONi-2 study, with a median PFS of 11.14 months versus 5.82 months for pembrolizumab. HARMONi-2 is the first randomized, double-blind Phase III trial to show a significant positive outcome against pembrolizumab in this setting.
In 2025, this indication received regulatory approval in China. The approval removed previous restrictions on the use of VEGF-targeted agents in patients with squamous histology and provided a chemotherapy-free treatment option that has been well received in clinical practice.
Dr. Yu Xia, Founder, Chairwoman, President and Chief Executive Officer of Akeso:
"We are pleased that the fourth Phase III study of an ivonescimab-based regimen has now demonstrated statistically significant benefit in both overall survival and progression-free survival. These results further reinforce the clinical value of ivonescimab in the treatment of lung cancer.
We thank the investigators, clinical teams and patients who participated in the HARMONi-2 study for their important contributions.
To date, ivonescimab has achieved dual positive OS and PFS outcomes across multiple Phase III head-to-head trials versus PD-1/PD-L1 therapies. This growing body of evidence strengthens our confidence in its potential across a broader range of solid tumors. With its unique dual mechanism of action combining immunotherapy and anti-angiogenesis, we believe ivonescimab offers a more effective treatment option for patients and will contribute meaningfully to the evolving oncology treatment landscape."
About Akeso
Akeso (HKEX: 9926.HK) is a leading biopharmaceutical company committed to the research, development, manufacturing and commercialization of the world's first or best-in-class innovative biological medicines. Founded in 2012, Akeso has built a comprehensive R&D innovation ecosystem anchored by its proprietary Tetrabody antibody technology platform, AI-powered drug R&D platform, Dual-Shield ADC technology platform, Dual-Lock T-cell engager (TCE) technology platform, Tissue-Smart siRNA/mRNA technology platform, and cell therapy technology platforms.
Backed by world-class GMP manufacturing facilities and a highly efficient, integrated commercialization system, Akeso has developed into a globally competitive biopharmaceutical enterprise. Leveraging its fully integrated, multi-functional platform, the company maintains a robust pipeline of more than 50 innovative assets targeting cancer, autoimmune diseases, inflammation, metabolic disorders, and other major therapeutic areas. Of these, nearly 30 candidates have advanced into clinical trials, including 15 bispecific or multispecific antibodies and bispecific ADCs. Eight innovative drugs are commercially available, and two additional drugs with three indications are currently under regulatory review for marketing approval.
Akeso is committed to becoming a global leader in biopharmaceuticals through efficient and breakthrough innovation in R&D, developing novel therapies that are first-in-class or best-in-class, and providing better disease solutions for patients around the world.
Forward-Looking Statements
This announcement by Akeso, Inc. (9926.HK, "Akeso") contains "forward-looking statements". These statements reflect the current beliefs and expectations of Akeso's management and are subject to significant risks and uncertainties. These statements are not intended to form the basis of any investment decision or any decision to purchase securities of Akeso. There can be no assurance that the drug candidate(s) indicated in this announcement or Akeso's other pipeline candidates will obtain the required regulatory approvals or achieve commercial success. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.
Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the P.R. China, the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; Akeso's ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the Akeso's patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.
Akeso does not undertake any obligation to publicly revise these forward-looking statements to reflect events or circumstances after the date hereof, except as required by law.
Akeso oznámila, že ivonescimab ve 3. fázi studie HARMONi-2 prokázal statisticky významné zlepšení celkového přežití oproti pembrolizumabu u PD-L1 pozitivního pokročilého NSCLC. Studie už dříve ukázala i lepší PFS.
MIAMI--(BUSINESS WIRE)--Summit Therapeutics Inc. (NASDAQ: SMMT) today noted that its partner Akeso Inc. announced positive overall survival (OS) results from the randomized, double-blind Phase III HARMONi-2 study evaluating ivonescimab monotherapy against pembrolizumab monotherapy in patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) whose tumors have positive PD-L1 expression. HARMONi-2 (AK112-303) is a single-region, multi-center Phase III study conducted in China and sponsored by Akeso, with all relevant data exclusively generated, managed, and analyzed by Akeso.
In this preplanned analysis of OS, a secondary endpoint in the HARMONi-2 study, Akeso reported that ivonescimab monotherapy demonstrated a statistically significant improvement compared to pembrolizumab monotherapy. Results from this HARMONi-2 analysis are scheduled to be presented at an upcoming medical conference.
Akeso received marketing authorization for ivonescimab from China’s National Medical Products Administration (NMPA) based on the results of HARMONi-2 in April 2025. In the study’s primary analysis, ivonescimab monotherapy demonstrated a statistically significant improvement in the trial’s primary endpoint, progression-free survival (PFS) by Independent Radiologic Review Committee (IRRC), when compared to pembrolizumab monotherapy, achieving a hazard ratio (HR) of 0.51 (95% CI: 0.38, 0.69; p<0.0001). A clinically meaningful benefit was demonstrated across clinical subgroups, including those with PD-L1 low expression, PD-L1 high expression, squamous, and non-squamous histologies.1
The HARMONi-2 study was conducted by Akeso in China, where ivonescimab is approved and commercially available for indications in NSCLC. Ivonescimab remains investigational and is not approved by any regulatory authority in Summit’s license territories, including the United States and Europe.
About Ivonescimab
Ivonescimab, known as SMT112 in Summit’s license territories, North America, South America, Europe, the Middle East, Africa, and Japan, and as AK112 outside of Summit’s license territories, is a novel, potential first-in-class investigational bispecific antibody combining the effects of immunotherapy via a blockade of PD-1 with the anti-angiogenesis effects associated with blocking VEGF into a single molecule. By design, ivonescimab displays unique cooperative binding to each of its intended targets with multifold higher affinity to PD-1 when in the presence of VEGF.
This design is intended to differentiate ivonescimab as there is potentially higher expression (presence) of both PD-1 and VEGF in tumor tissue and the tumor microenvironment (TME) as compared to normal tissue in the body. Summit believes ivonescimab’s specifically engineered tetravalent structure (four binding sites) enables higher avidity (accumulated strength of multiple binding interactions) in the TME (Zhong, et al, iScience, 2025). This tetravalent structure, the intentional novel design of the molecule, and bringing these two targets into a single bispecific antibody with cooperative binding qualities have the potential to direct ivonescimab to the tumor tissue versus healthy tissue. The intent of ivonescimab’s design, together with a half-life of 6 to 7 days after the first dose (Zhong, et al, iScience, 2025) increasing to approximately 10 days at steady state dosing, is to improve upon previously established efficacy thresholds, side effects, and safety profiles associated with prior approved drugs to these targets.
Ivonescimab was engineered by Akeso Inc. (HKEX Code: 9926.HK) and is currently utilized in multiple Phase III clinical trials. Over 4,000 patients have been treated with ivonescimab in clinical studies globally and over 70,000 patients when considering those treated in a commercial setting in China, as noted by Akeso.
There are currently 16 Phase III clinical studies that are either announced, ongoing, or have been completed studying ivonescimab, five of which are Summit-sponsored global studies, one of which is a multiregional study sponsored by a cooperative group, and 10 of which are being or have been conducted in China by Akeso. Summit began its clinical development of ivonescimab in NSCLC, commencing enrollment in 2023 in two multiregional Phase III clinical trials, HARMONi and HARMONi-3. In 2025, Summit began enrolling patients in HARMONi-7. Summit expanded its Phase III clinical development program into colorectal cancer (CRC) in the fourth quarter of 2025 by initiating enrollment in HARMONi-GI3. In 2026, Summit announced initiation of HARMONi-GU1, a Phase II/III study in urothelial carcinoma (bladder cancer) with global clinical trial site activations planned to begin by the fourth quarter of 2026.
HARMONi is a Phase III clinical trial evaluating ivonescimab combined with chemotherapy compared to placebo plus chemotherapy in patients with EGFR-mutated, locally advanced or metastatic non-squamous NSCLC who were previously treated with a third-generation EGFR TKI (e.g., osimertinib). Detailed results of the study were provided in September 2025, and a Biologics License Application (BLA) was submitted to the United States Food and Drug Administration (FDA) for marketing authorization, which the FDA accepted for filing in January 2026; the goal Prescription Drug User Fee Act (PDUFA) date is November 14, 2026.
HARMONi-3 is a Phase III clinical trial evaluating ivonescimab combined with chemotherapy compared to pembrolizumab combined with chemotherapy in patients with first-line metastatic, squamous or non-squamous NSCLC, irrespective of PD-L1 expression. The clinical trial is evaluating the two histologies as individual, separately powered cohorts with independent statistical powering.
HARMONi-7 is a Phase III clinical trial evaluating ivonescimab monotherapy compared to pembrolizumab monotherapy in patients with first-line metastatic NSCLC whose tumors have high PD-L1 expression.
HARMONi-GI3 is a Phase III clinical trial evaluating ivonescimab in combination with chemotherapy compared with bevacizumab plus chemotherapy in patients with first-line unresectable metastatic CRC.
HARMONi-GU1 is a Phase II/III clinical trial evaluating ivonescimab plus the antibody drug conjugate (ADC) enfortumab vedotin (EV) compared to pembrolizumab plus EV as first-line therapy in patients with previously untreated locally advanced or metastatic urothelial carcinoma (la/mUC).
ILLUMINE is a Phase III study being conducted by GORTEC, a cooperative group dedicated to Head and Neck Oncology, in recurrent / metastatic head and neck squamous cell carcinoma (r/m HNSCC). ILLUMINE is a three-arm Phase III clinical trial designed to evaluate ivonescimab monotherapy, as well as ivonescimab in combination with ligufalimab, Akeso’s proprietary anti-CD47 monoclonal antibody, compared to monotherapy pembrolizumab in patients with PD-L1 positive r/m HNSCC.
Five Phase III ivonescimab clinical trials have read out to date, all five with positive data. Four of these five studies are in NSCLC, and one is in biliary tract cancer (BTC). In addition to Summit’s positive HARMONi study, Akeso has had positive read-outs in three single-region (China), randomized Phase III clinical trials, HARMONi-A, HARMONi-2, and HARMONi-6, for ivonescimab in NSCLC, including a statistically significant overall survival benefit in all three studies from China. Akeso has also reported a statistically significant OS benefit in the single-region (China), randomized Phase III HARMONi-GI1 trial in advanced BTC.
HARMONi-A was a Phase III clinical trial which evaluated ivonescimab combined with chemotherapy compared to placebo plus chemotherapy in patients with EGFR-mutated, locally advanced or metastatic non-squamous NSCLC who have progressed after treatment with an EGFR TKI.
HARMONi-2 is a Phase III clinical trial evaluating monotherapy ivonescimab against monotherapy pembrolizumab in patients with locally advanced or metastatic NSCLC whose tumors have positive PD-L1 expression.
HARMONi-6 is a Phase III clinical trial evaluating ivonescimab in combination with platinum-based chemotherapy compared with tislelizumab, an anti-PD-1 antibody, in combination with platinum-based chemotherapy in patients with locally advanced or metastatic squamous NSCLC, irrespective of PD-L1 expression.
HARMONi-GI1 is a Phase III clinical trial evaluating ivonescimab in combination with chemotherapy compared with durvalumab plus chemotherapy as a first-line treatment for patients with advanced BTC.
Akeso is actively conducting additional Phase III clinical studies in settings outside of NSCLC and biliary-tract cancer, including triple-negative breast cancer, head and neck squamous cell carcinoma, small cell lung cancer, colorectal cancer, and pancreatic cancer.
Ivonescimab is an investigational therapy that is not approved by any regulatory authority in Summit’s license territories, including the United States and Europe. Ivonescimab was initially approved for marketing authorization in China in May 2024.
About Summit Therapeutics Inc.
Summit Therapeutics Inc. is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs.
Summit was founded in 2003 and the company’s shares are listed on the Nasdaq Global Market (symbol "SMMT"). Summit is headquartered in Miami, Florida, with additional offices in Palo Alto, California, Princeton, New Jersey, Dublin, Ireland, and Oxford, UK.
For more information, please visit https://www.smmttx.com and follow Summit on X @SMMT_TX.
Summit Forward-Looking Statements
Any statements in this press release about the Company’s future expectations, plans and prospects, including but not limited to, statements about the clinical and preclinical development of the Company’s product candidates, entry into and actions related to the Company’s partnership with Akeso Inc. and other collaborations, the intended use of the net proceeds from the private placements, the Company's anticipated spending and cash runway, the therapeutic potential of the Company’s product candidates, the potential commercialization of the Company’s product candidates, the timing of initiation, completion and availability of data from clinical trials, the potential submission of applications for marketing approvals, the expected timing of BLA submissions or FDA decisions, potential acquisitions, statements about the previously disclosed At-The-Market equity offering program (“ATM Program”), the expected proceeds and uses thereof, the Company’s estimates regarding stock-based compensation, and other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the Company’s ability to sell shares of our common stock under the ATM Program, the conditions affecting the capital markets, general economic, industry, or political conditions, including the effects of geopolitical developments, domestic and foreign trade policies, and monetary policies, the results of our evaluation of the underlying data in connection with the development and commercialization activities for ivonescimab, the outcome of discussions with regulatory authorities, including the Food and Drug Administration, the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials, the results of such trials, and their success, global public health crises, that may affect timing and status of our clinical trials and operations, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials or preclinical studies will be indicative of the results of later clinical trials, whether business development opportunities to expand the Company’s pipeline of drug candidates, including without limitation, through potential acquisitions of, and/or collaborations with, other entities occur, expectations for regulatory approvals, laws and regulations affecting government contracts and funding awards, availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the "Risk Factors" and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of filings that the Company makes with the Securities and Exchange Commission. Summit defines a “positive study” as a clinical study with one or more prespecified primary endpoints in which one of those endpoints achieves a statistically significant benefit according to the protocol or statistical analysis plan. Any change to our ongoing trials could cause delays, affect our future expenses, and add uncertainty to our commercialization efforts, as well as to affect the likelihood of the successful completion of clinical development of ivonescimab. Accordingly, readers should not place undue reliance on forward-looking statements or information. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of this release and should not be relied upon as representing the Company’s views as of any subsequent date. The Company specifically disclaims any obligation to update any forward-looking statements included in this press release.
References:
Xiong A, Wang L, Chen J, Wu L, Liu B, Yao J, et al. Ivonescimab versus pembrolizumab for PD-L1-positive non-small cell lung cancer (HARMONi-2): a randomised, double-blind, phase 3 study in China. Lancet. 2025;405(10481):839-849. doi:10.1016/S0140-6736(24)02722-3. Summit Therapeutics and the Summit Therapeutics logo are registered trademarks of Summit Therapeutics Inc. and/or its affiliates. Copyright 2026, Summit Therapeutics Inc. All Rights Reserved.
CCTP, Circle’s infrastructure for multichain digital asset management and crosschain trust layer, is extending to additional Circle-issued assets. CCTP now supports native transfers of EURC, Circle’s euro-denominated stablecoin, running on the same production interoperability infrastructure that powers native USDC transfers today.
With this addition, developers and blockchain ecosystems now have a single way to move USDC and EURC across supported chains.
In the past, making an asset available across multiple blockchains meant connecting separate bridge providers, writing custom integrations for each, and reconciling trust models. That produced duplicated infrastructure, operational complexity, and a fragmented experience for developers and users alike.
Starting with Ethereum and Base, EURC can now move natively crosschain using burn-and-mint, the same model CCTP uses for USDC. The asset is burned on the source chain and minted on the destination chain, so each supported chain holds native EURC. This approach unifies liquidity and enables faster crosschain settlement. CCTP’s existing burn-and-mint functionality for USDC does not change.
This is the next evolution of CCTP: more assets that developers can move crosschain, starting with the addition of EURC. The infrastructure is familiar; now it can do more, with more assets and capabilities coming soon.
CCTP is a crosschain messaging infrastructure service provided by Circle Technology Services, LLC ("CTS"). CCTP is non-custodial; CTS does not hold, control, manage, or transfer user assets or act as a transfer agent, registrar, broker-dealer, investment adviser, or clearing agency. CCTP is not a financial, payment, or advisory service and has not been reviewed or approved by NYDFS or any other regulatory authority. Transfers are irreversible; CTS cannot recover assets sent to an incorrect address. CTS does not vet, endorse, or back third-party assets; such assets are subject solely to the applicable third-party terms and risks. Issuers are solely responsible for their services and compliance with applicable laws. Any fee estimates are non-binding previews; actual fees may differ. Assets are subject to a number of risks, including, but not limited to, price volatility and smart-contract, relay, and bridge vulnerabilities. Availability is subject to change. Developer terms apply.
USDC and EURC are issued by regulated affiliates of Circle. See Circle’s list of regulatory authorizations.
Matrix Service (MTRX - Free Report) came out with quarterly earnings of $0.16 per share, missing the Zacks Consensus Estimate of $0.17 per share. This compares to a loss of $0.28 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -5.88%. A quarter ago, it was expected that this energy services company would post earnings of $0.07 per share when it actually produced earnings of $0.13, delivering a surprise of +85.71%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Matrix Service, which belongs to the Zacks Engineering - R and D Services industry, posted revenues of $244.53 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 1.02%. This compares to year-ago revenues of $216.38 million. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Matrix Service shares have lost about 8.6% since the beginning of the year versus the S&P 500's gain of 11.5%.
What's Next for Matrix Service?While Matrix Service has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Matrix Service was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.18 on $233.91 million in revenues for the coming quarter and $0.70 on $948.11 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Engineering - R and D Services is currently in the top 42% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Quanex Building Products (NX - Free Report) , another stock in the broader Zacks Construction sector, has yet to report results for the quarter ended July 2026. The results are expected to be released on September 3.
This housing materials maker is expected to post quarterly earnings of $0.68 per share in its upcoming report, which represents a year-over-year change of -1.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Quanex Building Products' revenues are expected to be $498 million, up 0.6% from the year-ago quarter.
Eos Energy Enterprises (EOSE +18.75%), a grid-scale long-duration battery storage systems provider, closed at $3.61, up 18.75%. The stock climbed following a collaboration between Alphabet's (GOOG +0.53%) (GOOGL +0.63%) Google and MN8 Energy. Investors are watching project spending and execution. Trading volume reached 73.1M shares, coming in about 184% above its three-month average of 25.7M shares. Eos Energy Enterprises IPO'd in 2020 and has fallen 64% since going public.
How the markets moved todayThe S&P 500 (^GSPC +0.46%) closed at 7,667, up 0.47%, while the Nasdaq Composite (^IXIC +0.45%) closed at 26,218, up 0.45%. Among electrical equipment and grid-scale battery energy storage systems peers, Fluence Energy (FLNC +1.34%) closed at $10.56, up 1.34%, while Stem (STEM -0.55%) closed at $5.43, down 1.09%.
What this means for investorsThe collaboration among the three companies will be owned and operated by power platform MN8 Energy, which will use Eos Energy's zinc-based and lithium-ion storage energy solutions to power Google's data centers. In a press release, MN8 went on to explain:
The integrated portfolio adds new clean, dispatchable capacity to the grid serving Google's data centers in the region, including a planned project in West Virginia. The solar project is expected to reach commercial operation in 2028, with lithium-ion storage and long-duration storage following in 2029 and 2030, respectively.In less than a year, EOSE stock has plummeted from $18 to $3.61 amid earnings misses, a lack of progress toward profitability, and manufacturing delays, but today's news may offer a lifeline for the once-promising energy storage company. That said, Eos has burned $422 million in FCF while earning $214 million in sales over the last year, so it is far from out of the woods, even with this deal. Investors should be prepared for volatility if they are interested in the stock, as equity and debt raises will be likely.
Josh Kohn-Lindquist has positions in Alphabet. The Motley Fool has positions in and recommends Alphabet and Fluence Energy. The Motley Fool recommends Stem. The Motley Fool has a disclosure policy.
Microsoft poprvé zveřejnil čtvrtletní tržby Azure: 29,4 miliardy USD, což ho staví za Amazon, ale před Google. Firma zároveň mění reporting na dva segmenty.
Microsoft (MSFT.O) on Wednesday reported sales from its Azure cloud computing unit on a quarterly basis for the first time, providing a direct comparison to its top rivals Amazon.com (AMZN.O) and Alphabet's (GOOGL.O) Google as the three compete in the computing market amid an AI data center boom.
Microsoft said that Azure had $29.4 billion in sales in its most recently ended quarter and $101.9 billion in sales in its most recent fiscal year ended June 30. The figures place Microsoft behind Amazon, whose cloud sales were $42.2 billion in its most recent quarter, but ahead of Google, which reported $24.8 billion in cloud sales in its most recent quarter.
Microsoft previously reported a closely watched growth rate for Azure but not its sales. Microsoft will move from three reporting segments to two: one called "Agents and Infra" that will include its cloud computing services, its sales from AI-based software and its revenue from more traditional business software, and one called "Devices and Consumer" that will include its Windows operating system, its Xbox gaming unit and its advertising sales across both its Bing search engine and LinkedIn, the business-focused social network.
"There's no question AI represents a profound shift in both technology and business," Microsoft CEO Satya Nadella said in a statement accompanying the change. "It is changing what we build and how we operate, and it is blurring the boundaries between our products and reshaping our business models."
Microsoft also updated the quarterly forecast it gave investors last month, slightly lowering it its Azure revenue forecast, but said the changes reflected the move of some sales from GitHub, its code-hosting service, which were previously grouped with Azure, to grouping those with its M365 Cloud software businesses, which includes most of its advanced AI offerings. Microsoft's overall current quarter outlook remains unchanged, the company said.
Microsoft is a major cloud computing provider to OpenAI, which exclusively used Microsoft for training its models until changes in the terms of its deal allowed it to work with Amazon Web Services and others.
AWS had $128.7 billion in sales for calendar 2025, and Microsoft Azure had sales of $85.8 billion over the comparable four-quarter period. Google has not reported full-year cloud sales.
Microsoft shares rose about 1.4% in after-hours trading on Wednesday after the company disclosed the change.
Is Hewlett Packard Enterprise (HPE) Overvalued After Q3 Earnings Beat? EPS of $1.06 vs Estimate of $0.47; Revenue at $12.2B Robust Growth and Strategic Positioning Highlighted in Latest Financial Report
Hewlett Packard Enterprise Co HPE released its 8-K filing on September 2, 2026, reporting impressive financial results for the third quarter ended July 31, 2026. The company achieved record revenue of $12.2 billion, marking a 34% increase year-over-year, and significantly surpassed both profit and growth expectations.
Hewlett Packard Enterprise is a leading information technology vendor that offers hardware and software solutions for enterprises. Its primary products include compute servers, storage arrays, and networking equipment, as well as a high-performance computing division. The company is focused on becoming an edge-to-cloud technology provider, ensuring that its portfolio supports both hybrid cloud and hyperconverged infrastructure.
Performance Highlights and ChallengesHPE's substantial revenue and profit increases reflect consistent customer demand across its segments. The company reported GAAP operating profit up 464% year-over-year with a remarkable GAAP diluted net earnings per share (EPS) of $1.06, exceeding analyst estimates of $0.47. However, HPE continues to navigate challenges such as competitive pressures in the evolving technology landscape and the need to maintain growth momentum amidst shifting market dynamics.
The quarterly results underscore the importance of HPE's strategic focus on AI, which is anticipated to be a multi-year growth catalyst for the business. CEO Antonio Neri emphasized the "durability of our profitable growth momentum," showcasing how HPE's differentiated offerings position the company to capitalize on AI advancements at scale.
Financial Achievements and Industry RelevanceNoteworthy financial achievements include a gross margin increase of over 1,000 basis points compared to last year, leading to a GAAP gross margin of 40.1%. Free cash flow reached $1.0 billion, and the company has committed to returning at least 75% of its free cash flow to shareholders. Such significant profitability improvements are critical for a hardware company and indicate strong operational efficiency.
For the quarter, key metrics illustrate the company's financial health: revenue of $12.2 billion, GAAP operating profit of $1.393 billion, and a net income of $1.511 billion. This financial strength positions HPE favorably to address upcoming industry challenges and fulfill future growth potential.
Key metrics and financial data from the income statement are summarized as follows:
GuruFocus Valuation CheckHewlett Packard Enterprise Co HPE holds a GF Score of 69 out of 100, indicating above-average performance compared to its peers. However, the stock appears overvalued according to GuruFocus’s analysis, with a GF Value calculated at $25.55 compared to the current price of $52.23, representing a 104.4% overvaluation. This overvaluation suggests potential risks for investors considering entry points into the stock.
Financial strength has been assessed at 5 out of 10, indicating moderate resilience in economic downturns, while profitability ranks slightly higher at 6 out of 10. Growth ranks positively at 8 out of 10 indicating robust potential, particularly in a tech-driven market. Furthermore, the predictability of HPE's earnings has received a lower rating of 1 star, hinting at volatility and uncertainty in maintaining historical performance. Investors should also note that insider activity has seen significant selling, amounting to $43.1 million in the past year, which may signal cautious expectations for future growth.
For a deeper dive, visit the Hewlett Packard Enterprise Co stock page on GuruFocus.
Explore the complete 8-K earnings release (here) from Hewlett Packard Enterprise Co for further details.
GuruFocus context: GuruFocus’ GF Value™ estimates fair value near $25.55 (104.4% overvalued); its GF Score™ is 69/100; 16 gurus currently hold the stock, with 7 adding and 10 trimming positions in recent quarters — guru 13F data Simply Wall St and Morningstar don’t have. See the full Hewlett Packard Enterprise Co HPE research.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Jefferies snížila cílovou cenu Oracle na 290 USD, ale ponechala doporučení Buy. Podle banky může být po letošním propadu zhruba o 25 % už většina špatných zpráv započtena v ceně akcie.
Jefferies cut its price target to $290 but kept a Buy rating, betting Oracle's AI cloud growth can offset concerns about heavy spending and rising leverage. Summary
Oracle shares are down 25% this year
Oracle Corp. (ORCL, Financials) has had a rough year, but Jefferies thinks much of the bad news may already be reflected in the stock.
Oracle shares are down about 25% year to date, while concerns around heavy capital spending, financing needs and AI data center execution have weighed on sentiment.
Jefferies analyst Brent Thill still sees opportunity. He reiterated a Buy rating on Oracle ahead of fiscal first-quarter earnings, while lowering his price target to $290 from $320.
Sentiment is close to “peak negative” and much of the downside risk is already priced in, Thill said. The bullish case is largely built around Oracle Cloud Infrastructure. Jefferies expects OCI growth of around 115%, 41% operating margin and 40% growth in remaining performance obligations.
Oracle has also added around $183 billion of incremental RPO since its big AI contract announcement in September 2025. Despite that growth, the stock is still down about 41% from where it stood before the announcement.
The risk is Oracle's balance sheet could remain stretched with net leverage at historical highs of around 4.5 times. It's a simple setup for investors. Oracle needs that growth in its AI infrastructure to come soon enough to justify the spending required to support that growth.
The next test will be first-quarter results, with Wall Street forecasting revenue of $19.13 billion and earnings of $1.74 a share.
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Snowflake ve 2. čtvrtletí fiskálního roku 2027 zvýšil produktové tržby na 1,49 mld. USD, meziročně o 37 %, a zvedl celoroční výhled růstu produktových tržeb na 36 %.
MENLO PARK, Calif.--(BUSINESS WIRE)--Snowflake (NYSE: SNOW), the AI Data Cloud company, today announced financial results for its second quarter of fiscal 2027, ended July 31, 2026.
"Snowflake delivered another strong quarter, with product revenue of $1.49 billion, up 37% year-over-year, as Snowflake continues to power the enterprise AI revolution,” said Sridhar Ramaswamy, CEO of Snowflake. “AI continues to compound our advantages, creating a flywheel effect across the business. CoWork and CoCo are driving transformational outcomes for our customers, while fueling rapid adoption, user growth, new workloads, and overall platform consumption. Our rapid pace of innovation, tight go-to-market execution, and operational discipline position us well to capture the opportunity ahead. The Agentic Enterprise runs on Snowflake, and we're just getting started."
“Q2 marks our third consecutive quarter of product revenue growth acceleration, driven by strength in both our core data platform and a meaningful step-up in AI revenue,” said Brian Robins, CFO of Snowflake. “Importantly, we delivered this accelerating growth while expanding operating margin. Balancing growth with discipline remains a top priority, and we are raising our full-year product revenue growth guidance to 36% year-over-year.”
Snowflake Business Highlights:
AI Momentum: CoCo surpassed 9,100 accounts1, adding more than 2,000 accounts in the quarter alone, while CoWork expanded to 5,800 accounts1. Accelerated Product Velocity: Launched over 330 product capabilities to general availability in the first half of fiscal 2027, up 35% year-over-year, and recently introduced Cortex Sense for business context and Cortex AI Gateway, which extends AI from insight to action through its integration of Natoma. AI Customer Wins: Customers like 1Password and Indeed chose Snowflake as the foundation for their data and AI transformation. Sayari cut costs by more than half and is using CoCo to accelerate the migration of 12 billion records. Customer Growth: Added 692 net new customers in the quarter, up 32% year-over-year, including 14 net new Forbes Global 2000 customers. See the section titled “Key Business Metrics” for definitions of product revenue, net revenue retention rate, customers with trailing 12-month product revenue greater than $1 million, Forbes Global 2000 customers, and remaining performance obligations.
Financial Outlook:
Our guidance includes GAAP and non-GAAP financial measures.
For the third quarter of fiscal 2027, the company expects:
Product revenue of $1,588 million to $1,593 million, representing 37% to 38% year-over-year growth Non-GAAP operating margin2 of 15.5% Non-GAAP weighted-average shares used in computing net income per share attributable to common stockholders—diluted2,3 of 382 million For the full-year of fiscal 2027, the company expects:
Product revenue of $6,070 million, representing 36% year-over-year growth, up from previous guidance of $5,840 million, or 31% year-over-year growth Non-GAAP product gross margin2 of 74.0% Non-GAAP operating margin2 of 14.5%, up from previous guidance of 13.5% Non-GAAP adjusted free cash flow margin2 of 23.0% Non-GAAP weighted-average shares used in computing net income per share attributable to common stockholders—diluted2,3 of 380 million A reconciliation of GAAP guidance measures to corresponding non-GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. These factors could be material to our results computed in accordance with GAAP. Our fiscal year ends January 31, and numbers are rounded for presentation purposes.
Second Quarter Fiscal 2027 GAAP and Non-GAAP Results:
The following table summarizes our financial results for the second quarter of fiscal 2027:
Second Quarter Fiscal 2027
GAAP Results
Second Quarter Fiscal 2027
Non-GAAP Results(1)
Amount
(millions)
Year/Year
Growth
Product revenue
$1,491.9
37%
Amount
(millions)
Margin
Amount
(millions)
Margin
Product gross profit
$1,057.4
70.9%
$1,114.1
74.7%
Operating income (loss)
($263.0)
(17.0%)
$237.0
15.3%
Net cash provided by operating activities
$91.4
5.9%
(2)
Free cash flow
$83.8
5.4%
Adjusted free cash flow
$92.3
6.0%
(1) We report non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. See the section titled “Statement Regarding Use of Non-GAAP Financial Measures” for an explanation of non-GAAP financial measures, and the table titled “GAAP to Non-GAAP Reconciliations” for a reconciliation of GAAP to non-GAAP financial measures.
(2) Calculated as net cash provided by operating activities as a percentage of revenue.
Note: Fiscal year ends January 31. Numbers are rounded for presentation purposes.
Conference Call Details
The conference call will begin at 2 p.m. Pacific Time on September 2, 2026. Investors and participants may attend the call by dialing 1-800-330-6730 for domestic callers and 1-646-769-9500 for international callers (Access code: 102163).
The call will also be webcast live on the Snowflake Investor Relations website at https://investors.snowflake.com.
An audio replay of the conference call and webcast will be available two hours after its completion and will be accessible for 30 days on the Snowflake Investor Relations website.
Investor Presentation Details
An investor presentation providing additional information and analysis can be found at https://investors.snowflake.com.
Statement Regarding Use of Non‑GAAP Financial Measures
We report the following non-GAAP financial measures, which have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP), in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
Non-GAAP Product gross profit, Operating income, Net income, Net income attributable to Snowflake Inc., and Net income per share attributable to Snowflake Inc. common stockholders—basic and diluted. Non-GAAP product gross profit, operating income, net income, and net income attributable to Snowflake Inc. are each defined as the respective GAAP measure, excluding, as applicable, the effect of (i) stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, (ii) amortization of acquired intangibles, (iii) expenses associated with acquisitions and strategic investments, (iv) amortization of debt issuance costs, (v) restructuring charges or recoveries, net, (vi) asset impairment related to office facility exits, net of associated sublease income, if any, (vii) adjustments attributable to noncontrolling interest, if any, and (viii) the related income tax effect of these adjustments as well as the non-recurring income tax expense or benefit associated with acquisitions. Non-GAAP product gross margin is calculated as non-GAAP product gross profit as a percentage of product revenue. Non-GAAP operating margin is calculated as non-GAAP operating income as a percentage of revenue. Our non-GAAP net income per share attributable to Snowflake Inc. common stockholders—basic is calculated by dividing non-GAAP net income attributable to Snowflake Inc. by the weighted-average number of shares of common stock outstanding during the period. Our non-GAAP net income per share attributable to Snowflake Inc. common stockholders—diluted is calculated by dividing non-GAAP net income attributable to Snowflake Inc. by the non-GAAP weighted-average number of diluted shares outstanding, which includes (a) the effect of all potentially dilutive common stock equivalents (stock options, restricted stock units, employee stock purchase rights under our 2020 Employee Stock Purchase Plan), (b) the potential dilutive effect of the shares issuable upon conversion of the Notes using the if-converted method, and (c) the antidilutive impact, if any, of the Capped Calls entered into in connection with the Notes. The Capped Calls are expected to reduce the potential dilution to our common stock upon any conversion of the Notes under certain circumstances. Under GAAP, the antidilutive impact of the Capped Calls is not reflected in diluted shares outstanding until exercised. The potential dilutive effect of outstanding restricted stock units with performance conditions not yet satisfied is included in the non-GAAP weighted-average number of diluted shares at forecasted attainment levels to the extent we believe it is probable that the performance conditions will be met. The potential dilutive effect of outstanding restricted stock units with market conditions is included in the non-GAAP weighted-average number of diluted shares to the extent the market conditions are met. Amounts attributable to noncontrolling interest were zero or not material for all periods presented. Beginning with the fourth quarter of fiscal 2026, the Company no longer attributes a portion of non-GAAP net income to noncontrolling interest as it no longer controls a majority-owned subsidiary. The calculation of non-GAAP basic and diluted net income per share attributable to common stockholders for the fourth quarter of fiscal 2026 and subsequent periods aligns with the methodology used to calculate non-GAAP basic and diluted net income per share attributable to Snowflake Inc. common stockholders as described above. We believe the presentation of operating results that exclude these items that are (i) non-cash items, (ii) non-recurring items, or (iii) items that have highly variable amounts due to factors beyond our control and are unrelated to our core operations such that management does not consider them in evaluating the business performance or making operating plans, provides useful supplemental information to investors and facilitates the analysis of our operating results and comparison of operating results across reporting periods. Free cash flow. Free cash flow is defined as net cash provided by operating activities reduced by purchases of property and equipment and any capitalized software development costs. Cash outflows for employee payroll tax items related to the net share settlement of equity awards are included in cash flow for financing activities and, as a result, do not have an effect on the calculation of free cash flow. Free cash flow margin is calculated as free cash flow as a percentage of revenue. We believe these measures provide useful supplemental information to investors because they are indicators of the strength and performance of our core business operations. Adjusted free cash flow. Adjusted free cash flow is defined as free cash flow plus (minus) net cash paid (received) on employer and employee payroll tax-related items on employee stock transactions. Employee payroll tax-related items on employee stock transactions are generally pass-through transactions that are expected to have a net zero impact on free cash flow over time, but that may impact free cash flow in any given fiscal quarter due to differences between the time that we receive funds from our employees and the time we remit those funds to applicable tax authorities. We believe that excluding the effects of these payroll tax-related items will enhance investors' ability to evaluate our free cash flow performance, including on a quarter-over-quarter basis. Adjusted free cash flow margin is calculated as adjusted free cash flow as a percentage of revenue. We believe these measures provide useful supplemental information to investors because they are indicators of the strength and performance of our core business operations. We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results.
Key Business Metrics
We monitor our key business metrics, including (i) free cash flow and (ii) the other metrics set forth below to help us evaluate our business and growth trends, establish budgets, measure the effectiveness of our sales and marketing efforts, and assess operational efficiencies. See the section titled “Statement Regarding Use of Non-GAAP Financial Measures” for the definition of free cash flow. The calculation of our key business metrics may differ from other similarly titled metrics used by other companies, securities analysts, or investors.
Product Revenue. Product revenue is a key metric for us because we recognize revenue based on platform consumption, which is inherently variable at our customers’ discretion, and not based on the amount and duration of contract terms. Product revenue is primarily derived from the consumption of compute, storage, and data transfer resources by customers on our platform. Customers have the flexibility to consume more than their contracted capacity during the contract term and may have the ability to roll over unused capacity to future periods, generally upon the purchase of additional capacity at renewal. Our consumption-based business model distinguishes us from subscription-based software companies that generally recognize revenue ratably over the contract term and may not permit rollover. Because customers have flexibility in the timing of their consumption, which can exceed their contracted capacity or extend beyond the original contract term in many cases, the amount of product revenue recognized in a given period is an important indicator of customer satisfaction and the value derived from our platform. While customer use of our platform in any period is not necessarily indicative of future use, we estimate future revenue using predictive models based on customers’ historical usage to plan and determine financial forecasts. Product revenue excludes our professional services and other revenue. Net Revenue Retention Rate. To calculate net revenue retention rate, we first specify a measurement period consisting of the trailing two years from our current period end. Next, we define as our measurement cohort the population of customers under capacity contracts that used our platform at any point in the first month of the first year of the measurement period. The cohorts used to calculate net revenue retention rate include end-customers under a reseller arrangement. We then calculate our net revenue retention rate as the quotient obtained by dividing our product revenue from this cohort in the second year of the measurement period by our product revenue from this cohort in the first year of the measurement period. Any customer in the cohort that did not use our platform in the second year remains in the calculation and contributes zero product revenue in the second year. Our net revenue retention rate is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our net revenue retention rate for historical periods reflecting these adjustments. Since we will continue to attribute the historical product revenue to the consolidated contract, consolidation of capacity contracts within a customer’s organization typically will not impact our net revenue retention rate unless one of those customers was not a customer at any point in the first month of the first year of the measurement period. Customers with Trailing 12-Month Product Revenue Greater than $1 Million. To calculate the number of customers with trailing 12-month product revenue greater than $1 million, we count the number of customers under capacity arrangements that contributed more than $1 million in product revenue in the trailing 12 months. For purposes of determining our customer count, we treat each customer account, including accounts for end-customers under a reseller arrangement, that has at least one corresponding capacity contract as a unique customer, and a single organization with multiple divisions, segments, or subsidiaries may be counted as multiple customers. We do not include customers that consume our platform only under on-demand arrangements for purposes of determining our customer count. Our customer count is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our customer count for historical periods reflecting these adjustments. Forbes Global 2000 Customers. Our Forbes Global 2000 customer count is a subset of our customer count based on the 2026 Forbes Global 2000 list. Our Forbes Global 2000 customer count is subject to adjustments for annual updates to the list by Forbes, as well as acquisitions, consolidations, spin-offs, and other market activity with respect to such customers, and we present our Forbes Global 2000 customer count for historical periods reflecting these adjustments. Remaining Performance Obligations. Remaining performance obligations (RPO) represent the amount of contracted future revenue that has not yet been recognized, including (i) deferred revenue and (ii) non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. RPO excludes performance obligations from on-demand arrangements and certain time and materials contracts that are billed in arrears. Portions of RPO that are not yet invoiced and are denominated in foreign currencies are revalued into U.S. dollars each period based on the applicable period-end exchange rates. RPO is not necessarily indicative of future product revenue growth because it does not account for the timing of customers’ consumption or their consumption of more than their contracted capacity. Moreover, RPO is influenced by a number of factors, including the timing and size of renewals, the timing and size of purchases of additional capacity, average contract terms, seasonality, changes in foreign currency exchange rates, and the extent to which customers are permitted to roll over unused capacity to future periods, generally upon the purchase of additional capacity at renewal. Due to these factors, it is important to review RPO in conjunction with product revenue and other financial metrics disclosed elsewhere herein. Use of Forward‑Looking Statements
This release and the accompanying oral presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding our performance, including but not limited to statements in the section titled “Financial Outlook.” Words such as “guidance,” “outlook,” “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “plan,” “goals,” “estimate,” “potential,” “predict,” “forecast,” “position,” “see,” “on track,” “may,” “will,” “might,” “could,” “intend,” “shall,” “future,” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Other than statements of historical fact, all statements contained in this release and accompanying oral presentation are forward-looking statements, including statements regarding (i) our future operating results, targets, or financial position, including expectations regarding revenue recognition; (ii) our business strategy, plans, opportunities, or priorities, including with respect to strategic transactions; (iii) the release, adoption, and use of our new or enhanced products, services, and technology offerings, including those that are under development or not generally available; (iv) market size and growth, trends, and competitive considerations; (v) our vision, strategy, and expected benefits relating to artificial intelligence (AI), the enterprise AI revolution, Snowflake Cortex AI, Snowpark, Snowflake Marketplace, the AI Data Cloud, and AI Data Clouds for specific industries or product categories, including the expected benefits and network effects of the AI Data Cloud; and (vi) the integration, interoperability, and availability of our products, services, and technology offerings with and on third-party products and platforms, including public cloud platforms and AI models.
The forward-looking statements contained in this release and the accompanying oral presentation are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results or outcomes to be materially different from any future results or outcomes expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions, and other factors include, but are not limited to, those related to our business and financial performance; general market and business conditions, downturns, or uncertainty, including higher inflation, tariffs and trade wars, extended federal government shutdowns, higher interest rates, fluctuations or volatility in capital markets, energy markets, or foreign currency exchange rates, and geopolitical instability; our ability to attract and retain customers that use our platform to support their end-to-end data lifecycle; our ability to execute on our business strategy, including our strategy across our product categories and an effective AI strategy; our ability to respond rapidly and effectively to emerging technology trends, including the adoption and use of AI, and the extent to which our investments in new technologies are successful; the extent to which customers continue to optimize consumption, including with respect to AI features; our ability to compete effectively in a continually evolving market in which enterprises are increasingly adopting AI to perform core functions and significant disruption is being driven by AI; our ability to attract, recruit, and retain qualified personnel to support our operations and growth; the impact of new or optimized product features and pricing strategies on consumption, including AI credit pricing, Iceberg tables, tiered storage pricing, and adaptive warehouses; our ability to consummate and realize the anticipated benefits of any acquisitions, strategic investments, partnerships, or alliances; unforeseen technical, operational, or business challenges impacting the timing, scope, or success of strategic partnerships; the extent to which customers continue to rationalize budgets and prioritize cash flow management, including through shortened contract durations; our ability to develop new products and services and enhance existing products and services; the extent to which customer adoption of new product capabilities results in durable consumption; the growth of successful native applications on the Snowflake Marketplace; our ability to increase and predict customer consumption of our platform, particularly in light of the impact of holidays on customer consumption patterns; our ability to increase our penetration into existing markets and enter and grow new markets, including highly-regulated markets such as financial services, healthcare, and the public sector; the effectiveness of our security measures designed to protect against security incidents and the impact of cybersecurity threat activity directed at us or our customers and any resulting reputational or financial damage; success of our sales and marketing efforts and our ability to promote our brand; our ability to protect our intellectual property rights and the extent to which they provide us with a competitive advantage; our ability to manage growth; our ability to sublease or terminate certain of our office facility commitments and the impact of related asset impairment; the impact and timing of stock repurchases under our stock repurchase program; our ability to reduce stock-based compensation as a percentage of our revenue; our ability to achieve GAAP profitability; and our ability to meet the requirements of the Notes and the settlement timing and method for the Notes and the Capped Calls.
Further information on these and additional risks, uncertainties, assumptions, and other factors that could cause actual outcomes and results to differ materially from those included in or contemplated by the forward-looking statements contained in this release are included under the caption “Risk Factors” and elsewhere in our Form 10-Q for the fiscal quarter ended April 30, 2026 and other filings and reports we make with the Securities and Exchange Commission from time to time, including our Form 10-Q that will be filed for the fiscal quarter ended July 31, 2026.
Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor(s) may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. As a result of these risks, uncertainties, assumptions, and other factors, you should not rely on any forward-looking statements as predictions of future events. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Except as required by law, we undertake no obligation, and do not intend, to update these forward-looking statements, to review or confirm analysts’ expectations, or to provide interim reports or updates on the progress of the current financial quarter.
About Snowflake
Snowflake is the platform for the AI era, making it easy for enterprises to innovate faster and get more value from data. More than 14,500 customers around the globe, including hundreds of the world’s largest companies, use Snowflake’s AI Data Cloud to build, use and share data, applications and AI. With Snowflake, data and AI are transformative for everyone. Learn more at snowflake.com (NYSE: SNOW).
Source: Snowflake Inc.
Snowflake Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended July 31,
Six Months Ended July 31,
2026
2025
2026
2025
Revenue
$
1,546,793
$
1,144,969
$
2,937,744
$
2,187,043
Cost of revenue
510,075
371,815
974,575
720,601
Gross profit
1,036,718
773,154
1,963,169
1,466,442
Operating expenses:
Sales and marketing
611,615
501,957
1,200,567
960,511
Research and development
567,476
492,003
1,102,413
964,407
General and administrative
120,594
119,470
249,310
329,057
Total operating expenses
1,299,685
1,113,430
2,552,290
2,253,975
Operating loss
(262,967
)
(340,276
)
(589,121
)
(787,533
)
Interest income
41,996
49,467
83,141
102,630
Interest expense
(2,081
)
(2,074
)
(4,161
)
(4,145
)
Other income (expense), net
34,762
(4,985
)
25,191
(33,043
)
Loss before income taxes
(188,290
)
(297,868
)
(484,950
)
(722,091
)
Provision for income taxes
3,430
62
2,341
5,791
Net loss
(191,720
)
(297,930
)
(487,291
)
(727,882
)
Less: net income attributable to noncontrolling interest
—
87
—
227
Net loss attributable to Snowflake Inc.
$
(191,720
)
$
(298,017
)
$
(487,291
)
$
(728,109
)
Net loss per share attributable to Snowflake Inc. common stockholders—basic and diluted
$
(0.55
)
$
(0.89
)
$
(1.40
)
$
(2.18
)
Weighted-average shares used in computing net loss per share attributable to Snowflake Inc. common stockholders—basic and diluted
349,257
335,215
347,356
333,957
Snowflake Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
July 31, 2026
January 31, 2026
Assets
Current assets:
Cash and cash equivalents
$
1,707,187
$
2,828,163
Short-term investments
637,508
1,201,523
Accounts receivable, net
718,464
1,303,740
Deferred commissions, current
222,084
214,058
Prepaid expenses and other current assets
208,593
195,128
Total current assets
3,493,836
5,742,612
Long-term investments
1,984,482
755,013
Property and equipment, net
207,981
248,611
Operating lease right-of-use assets
285,019
274,897
Goodwill
1,639,003
1,194,367
Intangible assets, net
426,527
246,916
Deferred commissions, non-current
222,581
241,759
Other assets
431,030
428,320
Total assets
$
8,690,459
$
9,132,495
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
185,250
$
145,559
Accrued expenses and other current liabilities
908,005
879,537
Operating lease liabilities, current
59,787
49,598
Deferred revenue, current
2,568,489
3,346,997
Total current liabilities
3,721,531
4,421,691
Convertible senior notes, net
2,283,985
2,279,827
Operating lease liabilities, non-current
420,043
411,689
Deferred revenue, non-current
27,756
14,440
Other liabilities
87,480
80,746
Stockholders’ equity
2,149,664
1,924,102
Total liabilities and stockholders’ equity
$
8,690,459
$
9,132,495
Snowflake Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended July 31,
Six Months Ended July 31,
2026
2025
2026
2025
Cash flows from operating activities:
Net loss
$
(191,720
)
$
(297,930
)
$
(487,291
)
$
(727,882
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
68,629
54,837
136,234
103,641
Non-cash operating lease costs
17,669
16,156
35,551
33,998
Amortization of deferred commissions
59,743
33,158
117,473
58,954
Stock-based compensation, net of any amounts capitalized
423,582
404,217
826,052
783,677
Net accretion of discounts on investments
(1,081
)
(5,717
)
(3,286
)
(13,369
)
Net realized and unrealized losses (gains) on strategic investments
(34,755
)
5,580
(25,257
)
35,265
Amortization of debt issuance costs
2,081
2,074
4,161
4,145
Asset impairment related to office facility exits
112
2,131
17,836
108,619
Deferred income tax
(1,927
)
(3,445
)
(8,489
)
(3,445
)
Other
4,534
1,685
7,355
(3,489
)
Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable
(146,587
)
(117,606
)
600,630
276,051
Deferred commissions
(69,521
)
(53,750
)
(106,320
)
(84,864
)
Prepaid expenses and other assets
22,104
(4,486
)
(351
)
(22,338
)
Accounts payable
130,904
11,771
41,231
7,348
Accrued expenses and other liabilities
108,847
93,291
28,056
97,226
Operating lease liabilities
(22,635
)
(14,559
)
(41,842
)
(26,397
)
Deferred revenue
(278,622
)
(52,511
)
(807,163
)
(323,871
)
Net cash provided by operating activities
91,357
74,896
334,580
303,269
Cash flows from investing activities:
Purchases of property and equipment
(7,554
)
(16,665
)
(18,005
)
(61,654
)
Cash paid for business combinations, net of cash, cash equivalents and restricted cash acquired
(1,992
)
(164,230
)
(254,449
)
(164,230
)
Purchases of intangible assets
—
(1,311
)
—
(1,311
)
Purchases of investments
(919,669
)
(636,469
)
(1,816,116
)
(1,649,044
)
Sales of investments
128,762
1,476
238,456
18,875
Maturities and redemptions of investments
451,016
517,947
896,186
1,502,129
Net cash used in investing activities
(349,437
)
(299,252
)
(953,928
)
(355,235
)
Cash flows from financing activities:
Proceeds from exercise of stock options
67,845
28,186
74,424
34,446
Proceeds from issuance of common stock under employee stock purchase plan
—
—
66,987
53,193
Taxes paid related to net share settlement of equity awards
(184,896
)
(161,999
)
(327,742
)
(294,497
)
Repurchases of common stock
—
—
(300,003
)
(490,638
)
Payments of deferred purchase consideration for business combinations
—
(226
)
(2,250
)
(600
)
Net cash used in financing activities
(117,051
)
(134,039
)
(488,584
)
(698,096
)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(1,860
)
(175
)
(4,684
)
12,222
Net decrease in cash, cash equivalents, and restricted cash
(376,991
)
(358,570
)
(1,112,616
)
(737,840
)
Cash, cash equivalents, and restricted cash—beginning of period
2,128,678
2,319,408
2,864,303
2,698,678
Cash, cash equivalents, and restricted cash—end of period
$
1,751,687
$
1,960,838
$
1,751,687
$
1,960,838
Snowflake Inc.
GAAP to Non-GAAP Reconciliations
(in thousands, except per share data and percentages)
(unaudited)
Three Months Ended July 31,
Six Months Ended July 31,
2026
2025
2026
2025
Amount
Amount as a
% of Revenue
Amount
Amount as a
% of Revenue
Amount
Amount as a
% of Revenue
Amount
Amount as a
% of Revenue
Revenue:
Product revenue
$
1,491,861
96%
$
1,090,496
95%
$
2,826,190
96%
$
2,087,309
95%
Professional services and other revenue
54,932
4%
54,473
5%
111,554
4%
99,734
5%
Revenue
$
1,546,793
100%
$
1,144,969
100%
$
2,937,744
100%
$
2,187,043
100%
Year-over-year growth
35
%
32
%
34
%
29
%
Cost of revenue:
GAAP cost of product revenue
$
434,418
$
302,316
$
821,292
$
587,592
Adjustments:
Stock-based compensation-related charges
(31,217
)
(31,899
)
(62,863
)
(62,751
)
Amortization of acquired intangibles
(25,424
)
(13,552
)
(49,018
)
(25,287
)
Non-GAAP cost of product revenue
$
377,777
$
256,865
$
709,411
$
499,554
GAAP cost of professional services and other revenue
$
75,657
$
69,499
$
153,283
$
133,009
Adjustments:
Stock-based compensation-related charges
(14,663
)
(15,019
)
(29,259
)
(29,660
)
Amortization of acquired intangibles
(1,824
)
(1,663
)
(3,588
)
(3,271
)
Non-GAAP cost of professional services and other revenue
$
59,170
$
52,817
$
120,436
$
100,078
GAAP cost of revenue
$
510,075
33%
$
371,815
32%
$
974,575
33%
$
720,601
33%
Adjustments:
Stock-based compensation-related charges
(45,880
)
(46,918
)
(92,122
)
(92,411
)
Amortization of acquired intangibles
(27,248
)
(15,215
)
(52,606
)
(28,558
)
Non-GAAP cost of revenue
$
436,947
28%
$
309,682
27%
$
829,847
28%
$
599,632
27%
Gross profit (loss):
GAAP product gross profit
$
1,057,443
$
788,180
$
2,004,898
$
1,499,717
Adjustments:
Stock-based compensation-related charges
31,217
31,899
62,863
62,751
Amortization of acquired intangibles
25,424
13,552
49,018
25,287
Non-GAAP product gross profit
$
1,114,084
$
833,631
$
2,116,779
$
1,587,755
GAAP professional services and other revenue gross loss
$
(20,725
)
$
(15,026
)
$
(41,729
)
$
(33,275
)
Adjustments:
Stock-based compensation-related charges
14,663
15,019
29,259
29,660
Amortization of acquired intangibles
1,824
1,663
3,588
3,271
Non-GAAP professional services and other revenue gross profit (loss)
$
(4,238
)
$
1,656
$
(8,882
)
$
(344
)
GAAP gross profit
$
1,036,718
67%
$
773,154
68%
$
1,963,169
67%
$
1,466,442
67%
Adjustments:
Stock-based compensation-related charges
45,880
46,918
92,122
92,411
Amortization of acquired intangibles
27,248
15,215
52,606
28,558
Non-GAAP gross profit
$
1,109,846
72%
$
835,287
73%
$
2,107,897
72%
$
1,587,411
73%
Gross margin:
GAAP product gross margin
71
%
72
%
71
%
72
%
Adjustments:
Stock-based compensation-related charges as a % of product revenue
2
%
3
%
2
%
3
%
Amortization of acquired intangibles as a % of product revenue
2
%
1
%
2
%
1
%
Non-GAAP product gross margin
75
%
76
%
75
%
76
%
GAAP professional services and other revenue gross margin
(38
%)
(28
%)
(37
%)
(33
%)
Adjustments:
Stock-based compensation-related charges as a % of professional services and other revenue
27
%
28
%
26
%
30
%
Amortization of acquired intangibles as a % of professional services and other revenue
3
%
3
%
3
%
3
%
Non-GAAP professional services and other revenue gross margin
(8
%)
3
%
(8
%)
—
%
GAAP gross margin
67
%
68
%
67
%
67
%
Adjustments:
Stock-based compensation-related charges as a % of revenue
3
%
4
%
3
%
5
%
Amortization of acquired intangibles as a % of revenue
2
%
1
%
2
%
1
%
Non-GAAP gross margin
72
%
73
%
72
%
73
%
Operating expenses:
GAAP sales and marketing expense
$
611,615
40%
$
501,957
44%
$
1,200,567
41%
$
960,511
44%
Adjustments:
Stock-based compensation-related charges
(109,272
)
(100,528
)
(213,170
)
(193,439
)
Amortization of acquired intangibles
(12,923
)
(9,326
)
(26,131
)
(17,086
)
Non-GAAP sales and marketing expense
$
489,420
32%
$
392,103
34%
$
961,266
33%
$
749,986
35%
GAAP research and development expense
$
567,476
36%
$
492,003
44%
$
1,102,413
38%
$
964,407
44%
Adjustments:
Stock-based compensation-related charges
(256,303
)
(242,156
)
(504,932
)
(473,101
)
Amortization of acquired intangibles
(2,027
)
(2,723
)
(3,987
)
(5,368
)
Restructuring recoveries, net(1)
—
—
—
8
Non-GAAP research and development expense
$
309,146
20%
$
247,124
22%
$
593,494
20%
$
485,946
22%
GAAP general and administrative expense
$
120,594
8%
$
119,470
10%
$
249,310
8%
$
329,057
15%
Adjustments:
Stock-based compensation-related charges
(44,908
)
(46,580
)
(79,796
)
(85,953
)
Amortization of acquired intangibles
(32
)
(543
)
(64
)
(880
)
Expenses associated with acquisitions and strategic investments
(1,378
)
(2,191
)
(1,440
)
(2,569
)
Restructuring recoveries, net(1)
2
464
22
1,214
Asset impairment related to office facility exits, net of sublease income(2)
17
(2,132
)
(17,633
)
(108,620
)
Non-GAAP general and administrative expense
$
74,295
5%
$
68,488
6%
$
150,399
5%
$
132,249
6%
GAAP total operating expenses
$
1,299,685
84%
$
1,113,430
98%
$
2,552,290
87%
$
2,253,975
103%
Adjustments:
Stock-based compensation-related charges
(410,483
)
(389,264
)
(797,898
)
(752,493
)
Amortization of acquired intangibles
(14,982
)
(12,592
)
(30,182
)
(23,334
)
Expenses associated with acquisitions and strategic investments
(1,378
)
(2,191
)
(1,440
)
(2,569
)
Restructuring recoveries, net(1)
2
464
22
1,222
Asset impairment related to office facility exits, net of sublease income(2)
17
(2,132
)
(17,633
)
(108,620
)
Non-GAAP total operating expenses
$
872,861
57%
$
707,715
62%
$
1,705,159
58%
$
1,368,181
63%
Operating income (loss):
GAAP operating loss
$
(262,967
)
(17%)
$
(340,276
)
(30%)
$
(589,121
)
(20%)
$
(787,533
)
(36%)
Adjustments:
Stock-based compensation-related charges(3)
456,363
436,182
890,020
844,904
Amortization of acquired intangibles
42,230
27,807
82,788
51,892
Expenses associated with acquisitions and strategic investments
1,378
2,191
1,440
2,569
Restructuring recoveries, net(1)
(2
)
(464
)
(22
)
(1,222
)
Asset impairment related to office facility exits, net of sublease income(2)
(17
)
2,132
17,633
108,620
Non-GAAP operating income
$
236,985
15%
$
127,572
11%
$
402,738
14%
$
219,230
10%
Operating margin:
GAAP operating margin
(17
%)
(30
%)
(20
%)
(36
%)
Adjustments:
Stock-based compensation-related charges as a % of revenue
29
%
39
%
30
%
39
%
Amortization of acquired intangibles as a % of revenue
3
%
2
%
3
%
2
%
Expenses associated with acquisitions and strategic investments as a % of revenue
—
%
—
%
—
%
—
%
Restructuring recoveries, net as a % of revenue
—
%
—
%
—
%
—
%
Asset impairment related to office facility exits, net of sublease income as a % of revenue
—
%
—
%
1
%
5
%
Non-GAAP operating margin
15
%
11
%
14
%
10
%
Net income (loss):
GAAP net loss
$
(191,720
)
(12%)
$
(297,930
)
(26%)
$
(487,291
)
(17%)
$
(727,882
)
(33%)
Adjustments:
Stock-based compensation-related charges(3)
456,363
436,182
890,020
844,904
Amortization of acquired intangibles
42,230
27,807
82,788
51,892
Expenses associated with acquisitions and strategic investments
1,378
2,191
1,440
2,569
Restructuring recoveries, net(1)
(2
)
(464
)
(22
)
(1,222
)
Asset impairment related to office facility exits, net of sublease income(2)
(17
)
2,132
17,633
108,620
Amortization of debt issuance costs
2,081
2,074
4,161
4,145
Income tax effect related to the above adjustments and acquisitions
(75,005
)
(43,006
)
(125,426
)
(66,468
)
Non-GAAP net income
$
235,308
15%
$
128,986
11%
$
383,303
13%
$
216,558
10%
Net income (loss) attributable to Snowflake Inc.(4):
GAAP net loss attributable to Snowflake Inc.
$
(191,720
)
(12%)
$
(298,017
)
(26%)
$
(487,291
)
(17%)
$
(728,109
)
(33%)
Adjustments:
Stock-based compensation-related charges(3)
456,363
436,182
890,020
844,904
Amortization of acquired intangibles
42,230
27,807
82,788
51,892
Expenses associated with acquisitions and strategic investments
1,378
2,191
1,440
2,569
Restructuring recoveries, net(1)
(2
)
(464
)
(22
)
(1,222
)
Asset impairment related to office facility exits, net of sublease income(2)
(17
)
2,132
17,633
108,620
Amortization of debt issuance costs
2,081
2,074
4,161
4,145
Income tax effect related to the above adjustments and acquisitions
(75,005
)
(43,006
)
(125,426
)
(66,468
)
Adjustments attributable to noncontrolling interest, net of tax
—
390
—
243
Non-GAAP net income attributable to Snowflake Inc.
$
235,308
15%
$
129,289
11%
$
383,303
13%
$
216,574
10%
Net income (loss) per share attributable to Snowflake Inc. common stockholders—basic and diluted(4):
GAAP net loss per share attributable to Snowflake Inc. common stockholders—basic and diluted
$
(0.55
)
$
(0.89
)
$
(1.40
)
$
(2.18
)
Weighted-average shares used in computing GAAP net loss per share attributable to Snowflake Inc. common stockholders—basic and diluted
349,257
335,215
347,356
333,957
Non-GAAP net income per share attributable to Snowflake Inc. common stockholders—basic
$
0.67
$
0.38
$
1.10
$
0.65
Weighted-average shares used in computing non-GAAP net income per share attributable to Snowflake Inc. common stockholders—basic
349,257
335,215
347,356
333,957
Non-GAAP net income per share attributable to Snowflake Inc. common stockholders—diluted
$
0.62
$
0.35
$
1.02
$
0.58
GAAP weighted-average shares used in computing GAAP net loss per share attributable to Snowflake Inc. common stockholders—basic and diluted
349,257
335,215
347,356
333,957
Add: Effect of potentially dilutive common stock equivalents
18,345
25,939
16,895
24,986
Add: Effect of convertible senior notes
14,603
14,603
14,603
14,603
Less: Effect of antidilutive impact of capped call transactions
(4,327
)
(3,374
)
(2,812
)
(2,074
)
Non-GAAP weighted-average shares used in computing non-GAAP net income per share attributable to Snowflake Inc. common stockholders—diluted(5)
377,878
372,383
376,042
371,472
Free cash flow and adjusted free cash flow:
GAAP net cash provided by operating activities
$
91,357
6%
$
74,896
7%
$
334,580
11%
$
303,269
14%
Adjustments:
Purchases of property and equipment
(7,554
)
(16,665
)
(18,005
)
(61,654
)
Non-GAAP free cash flow
83,803
5%
58,231
5%
316,575
11%
241,615
11%
Adjustments:
Net cash paid on payroll tax-related items on employee stock transactions(6)
8,500
9,534
41,242
32,419
Non-GAAP adjusted free cash flow
$
92,303
6%
$
67,765
6%
$
357,817
12%
$
274,034
13%
Non-GAAP free cash flow margin
5
%
5
%
11
%
11
%
Non-GAAP adjusted free cash flow margin
6
%
6
%
12
%
13
%
GAAP net cash used in investing activities
$
(349,437
)
$
(299,252
)
$
(953,928
)
$
(355,235
)
GAAP net cash used in financing activities
$
(117,051
)
$
(134,039
)
$
(488,584
)
$
(698,096
)
(1) Restructuring recoveries, net represent recoveries on certain costs incurred by us in connection with a restructuring plan for a majority-owned subsidiary.
(2) Asset impairment related to office facility exits, net of sublease income for the six months ended July 31, 2025 primarily relates to our San Mateo office facility.
(3) Stock-based compensation-related charges included employer payroll tax-related expenses on employee stock transactions of approximately $23.6 million and $45.0 million for the three and six months ended July 31, 2026, respectively, and $22.2 million and $41.7 million for the three and six months ended July 31, 2025, respectively.
(4) Beginning with the fourth quarter of fiscal 2026, the Company no longer attributes a portion of GAAP and non-GAAP net income (loss) to noncontrolling interest as it no longer controls a majority-owned subsidiary. As such, for the three and six months ended July 31, 2026, the calculations of GAAP and non-GAAP basic and diluted net income (loss) per share attributable to common stockholders align with the methodologies used to calculate the corresponding metrics for Snowflake Inc. common stockholders.
(5) The non-GAAP weighted-average shares used in computing non-GAAP net income per share attributable to Snowflake Inc. common stockholders—diluted included (a) the effect of all potentially dilutive common stock equivalents (stock options, restricted stock units, and employee stock purchase rights under our 2020 Employee Stock Purchase Plan) and (b) the potential dilutive effect of shares issuable upon conversion of the Notes using the if-converted method, starting from the beginning of the period or the issuance date of the Notes, if later. The potential dilutive effect of outstanding restricted stock units with performance conditions not yet satisfied is included in the non-GAAP weighted-average number of diluted shares at forecasted attainment levels to the extent we believe it is probable that the performance conditions will be met. The potential dilutive effect of outstanding restricted stock units with market conditions is included in the non-GAAP weighted-average number of diluted shares to the extent market conditions are met.
(6) Amounts exclude employee payroll taxes on net share settlement of equity awards, which are reflected as financing cash outflows. For the three and six months ended July 31, 2026, the excluded amounts were $184.9 million and $327.7 million, respectively; for the three and six months ended July 31, 2025, the excluded amounts were $162.0 million and $294.5 million, respectively.
Snowflake Inc. (SNOW - Free Report) came out with quarterly earnings of $0.62 per share, beating the Zacks Consensus Estimate of $0.45 per share. This compares to earnings of $0.35 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +37.78%. A quarter ago, it was expected that this company would post earnings of $0.32 per share when it actually produced earnings of $0.39, delivering a surprise of +21.88%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Snowflake, which belongs to the Zacks Internet - Software industry, posted revenues of $1.55 billion for the quarter ended July 2026, surpassing the Zacks Consensus Estimate by 4.91%. This compares to year-ago revenues of $1.14 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Snowflake shares have added about 45.8% since the beginning of the year versus the S&P 500's gain of 11.5%.
What's Next for Snowflake?While Snowflake has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Snowflake was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.53 on $1.57 billion in revenues for the coming quarter and $1.97 on $6.08 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Software is currently in the top 31% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, DocuSign (DOCU - Free Report) , is yet to report results for the quarter ended July 2026. The results are expected to be released on September 3.
This provider of electronic signature technology is expected to post quarterly earnings of $1.08 per share in its upcoming report, which represents a year-over-year change of +17.4%. The consensus EPS estimate for the quarter has been revised 1.1% lower over the last 30 days to the current level.
DocuSign's revenues are expected to be $867.65 million, up 8.4% from the year-ago quarter.
ISSAQUAH, Wash., Sept. 02, 2026 (GLOBE NEWSWIRE) -- Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) today reported net sales of $23.70 billion for the retail month of August, the four weeks ended August 30, 2026, an increase of 9.9 percent from $21.56 billion last year.
For the 16-week fourth quarter, the Company reported net sales of $93.9 billion, an increase of 11.3 percent compared to net sales of $84.4 billion last year.
For the 52-week fiscal year ended August 30, 2026, the Company reported net sales of $297.3 billion, an increase of 10.2 percent from $269.9 billion last year.
Comparable sales were as follows:
4 Weeks 16 Weeks 52 Weeks Retail Month Fourth Quarter Fiscal Year U.S.9.0% 10.7% 8.2% Canada4.0% 5.0% 7.8% Other International9.5% 7.0% 9.8% Total Company8.4% 9.4% 8.4%
Digitally-Enabled
17.9%
19.5%
20.9% Comparable sales excluding the impacts from changes in gasoline prices and foreign exchange were as follows:
4 Weeks 16 Weeks 52 Weeks Retail Month Fourth Quarter Fiscal Year U.S.5.6% 7.2% 6.6% Canada2.8% 4.6% 6.7% Other International6.8% 6.2% 6.5% Total Company5.4% 6.7% 6.6%
Digitally-Enabled
17.9%
19.8%
20.7% Labor Day in the U.S. and Canada will occur one week later this year. The shift negatively impacted August total and comparable sales by a little less than 75 bps.
Additional discussion of these results is available in a pre-recorded message. It can be accessed by visiting investor.costco.com (click on “Events & Presentations”). This message will be available through 4:00 p.m. (PT) on Wednesday, September 9, 2026.
Costco currently operates 939 warehouses, including 647 in the United States and Puerto Rico, 115 in Canada, 43 in Mexico, 37 in Japan, 29 in the United Kingdom, 20 in Korea, 15 in Australia, 14 in Taiwan, seven in China, five in Spain, three in France, two in Sweden, and one each in Iceland, and New Zealand. Costco also operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan, Australia, and China.
Certain statements contained in this document and the pre-recorded message constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For these purposes, forward-looking statements are statements that address activities, events, conditions or developments that the Company expects or anticipates may occur in the future. In some cases forward-looking statements can be identified because they contain words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. These risks and uncertainties include, but are not limited to, domestic and international economic conditions, including exchange rates, inflation or deflation, the effects of competition and regulation, uncertainties in the financial markets, consumer and small business spending patterns and debt levels, breaches of security or privacy of member or business information, conditions affecting the acquisition, development, ownership or use of real estate, capital spending, actions of vendors, rising costs associated with employees (generally including health-care costs and wages), workforce interruptions, energy and certain commodities, geopolitical conditions (including tariffs and global conflicts), the ability to maintain effective internal control over financial reporting, regulatory and other impacts related to environmental and social matters, public-health related factors, and other risks identified from time to time in the Company’s public statements and reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and the Company does not undertake to update these statements, except as required by law. Comparable sales and comparable sales excluding impacts from changes in gasoline prices and foreign exchange are intended as supplemental information and are not a substitute for net sales presented in accordance with U.S. GAAP.
Live 5 updates · Last at 4:42pm ET Updates appear automatically.
By Thomas Richmond · Updated Sep 2, 4:42pm ET · Published Sep 2, 2:51pm ET
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
Live UpdatesNewest first
That wraps up our initial coverage of Broadcom’s Q3 results. Thank you for stopping by!
Broadcom just reported earnings, with shares initially down 5% following the report. Here are the key numbers:
Revenue: $29.59 billion vs. $29.24 billion expected Adjusted EPS: $3.32 vs. $3.22 expected Quick Read:
Broadcom beat on both the top and bottom lines, but the upside was relatively modest, with revenue coming in just 1.2% above expectations. At Broadcom’s size and with enormous AI expectations already embedded in the stock, investors appear to have wanted a much bigger beat or stronger forward outlook to reignite shares.
Wall Street consensus for Q4 FY2026 sits at and , with the top-end revenue estimate reaching .
CEO Hock Tan tends to guide conservatively, then deliver. Q2 guidance called for ; the result landed at .
Investors want a Q4 AI semiconductor dollar figure, EBITDA margin near , and reaffirmation of the FY27 AI target.
Bullish: Q4 revenue guide above $32 billion, AI semis pointed toward $18 billion, and fresh hyperscaler color. Bearish: Guidance below $30 billion, flat AI dollars versus Q3’s , or margin softness. With shares , the outlook matters more than the beat tonight.
This live blog is being updated by Thomas Richmond, a 24/7 Wall St. contributor. Simply stay on this page, and new updates will appear below automatically.
We expect Broadcom to release Q3 earnings shortly after 4:15 p.m. ET.
Broadcom enters tonight’s Q3 earnings report with one enormous number hanging over the stock: management guided for $16 billion of semiconductor revenue, up more than 200% year over year.
The company beat estimates last quarter, but shares still plunged 12.59% as expectations ran ahead of the results. Since then, management has said AI order visibility now extends “all the way to 2028” across hyperscale customers.
Broadcom CEO Hock Tan has previously pointed to more than $100 billion in AI semiconductor revenue for FY27, setting high expectations for tonight’s Q4 guidance.
A stronger Q4 outlook or additional 2027 AI visibility could reignite the stock, while any weakness in networking or AI order conversion could reinforce the concerns that triggered June’s selloff.
This article is updated throughout the trading day. Check back for more.
Full CoverageThe story so far
Broadcom (NASDAQ:AVGO | AVGO Price Prediction) is expected to report fiscal Q3 2026 results today at 4:15 PM ET. With a market cap of roughly $1.75 trillion, this report will likely offer the investment world one of the best real-time insights into the current state of the AI infrastructure trade.
Beat, Guide, and a Sharp Reset Q2 FY26 delivered record numbers: revenue of $22.19 billion (+47.87% YoY), non-GAAP EPS of $2.44, and free cash flow of $10.26 billion, or 46% of revenue. AI semiconductor revenue reached $10.80 billion, up 143% and above management’s forecast.
Yet the market’s reaction was harsh. AVGO fell 12.59% on the day and 7.21% over 30 days. The stock is down 5.03% over the past month and up 7.21% YTD. CEO Hock Tan’s Q3 guidance of $29.4 billion in revenue, up 84% year on year, sets an unusually high bar heading into tonight.
Consensus Estimates Metric Q3 FY26 Estimate YoY Change FY26 Estimate FY27 Estimate Revenue $29.44B +84% $106.04B $173.57B EPS (Non-GAAP) $3.2382 +91.6% $11.626 $19.5323 Revisions skew positive: Q3 EPS saw 25 upward revisions against 9 downward over 30 days, and FY27 EPS moved from $18.22 to $19.53 over 90 days. The setup implies growth reacceleration, not just AI mix.
What I’m Watching Tonight: Custom Silicon, Networking, and Visibility Through 2028 Tonight, I’ll be watching the AI semiconductor line first. Management guided $16 billion for Q3 and $56 billion for full-year FY26 AI revenue, with second-half AI revenue expected to double from the first half. Q2 AI bookings alone were over $30 billion.
Analysts will also focus on customer commitments. Broadcom signed a long-term TPU and networking deal with Google, secured over 1 gigawatt for Anthropic in 2026 plus another 5 gigawatts from 2027, is tracking OpenAI production for late 2026, and will deliver 3 gigawatts of Meta MTIA XPUs through 2028.
I’ll also watch networking momentum. AI networking hit almost 40% of Q2 AI revenue, with the 200 terabit next-gen switch tape-out due this quarter. Infrastructure Software is guided to $8.9 billion, up 31% year on year, a sharp acceleration from Q2’s 9%. Finally, gross margin mix matters: TPUs carry lower margins, offset partially by “very rich margins” in networking.
Earnings History Quarter EPS Surprise Day-Of Move 1-Week Move 30-Day Move Q2 FY26 +1.79% -12.59% -7.96% -7.21% Q1 FY26 +1.32% +4.8% +0.96% +0.36% Q4 FY25 +4.27% -11.43% -5.44% -4.7% Q3 FY25 +1.6% +9.41% +7.46% +0.45% On average, shares moved -0.16% seven days after earnings across the past nine reports.
Contact [email protected] for any questions or corrections.
Thomas Richmond
Thomas Richmond is a financial writer and content strategist with 5+ years of experience covering stocks and financial markets. He has published over 250 articles focused on individual stock analysis, helping investors better understand business fundamentals, stock valuations, and long-term opportunities.
Thomas previously served as a Content Lead at TIKR, a stock research platform, where he helped scale the company’s blog to hundreds of articles per month and contributed to a weekly newsletter reaching more than 100,000 investors.
He specializes in breaking down complex companies into clear, actionable insights for everyday investors, with a focus on fundamentals-driven research.
His work has also been featured on platforms including Seeking Alpha and Sure Dividend.
Outside of work, Thomas enjoys weight lifting and soccer.
Broadcom ve 3. čtvrtletí zvýšil tržby o 86 % na 29,6 miliardy USD a zlepšil výhled na 4. čtvrtletí na zhruba 34,8 miliardy USD. Schválil také dividendu 0,65 USD na akcii.
Revenue of $29.6 billion for the third quarter, up 86 percent from the prior year period GAAP operating income of $16.0 billion for the third quarter; Non-GAAP operating income of $20.1 billion for the third quarter GAAP diluted EPS of $2.68 for the third quarter; Non-GAAP diluted EPS of $3.32 for the third quarter Cash from operations of $14.2 billion for the third quarter, less capital expenditures of $0.5 billion, resulted in $13.7 billion of free cash flow, or 46 percent of revenue Quarterly common stock dividend of $0.65 per share Fourth quarter fiscal year 2026 revenue guidance of approximately $34.8 billion, an increase of 93 percent from the prior year period Fourth quarter fiscal year 2026 Non-GAAP operating income guidance of approximately 66 percent of projected revenue (1) , /PRNewswire/ -- Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its third quarter of fiscal year 2026, ended August 2, 2026, provided guidance for its fourth quarter of fiscal year 2026 and announced its quarterly dividend.
"Demand for our custom AI accelerators and networking continues to be very strong. Q3 AI semiconductor revenue of $16.7 billion grew 221% year-over-year, and 54% quarter-over-quarter," said Hock Tan, President and CEO of Broadcom Inc. "In Q4 the momentum continues, and we expect AI semiconductor revenue to accelerate to $21.7 billion, up 236% year-over-year."
"Broadcom achieved record revenue, operating profit and free cash flow in Q3. We delivered non-GAAP operating income growth of 92% year-over-year, as consolidated revenue grew 86% year-over-year to $29.6 billion," said Amie Thuener, CFO of Broadcom Inc. "Q4 consolidated revenue growth is forecasted to increase 93% year-over-year to $34.8 billion, and we expect to maintain our non-GAAP operating margin at 66%, flat from a year ago."
(1) The Company is not readily able to provide a reconciliation of projected non-GAAP financial measures presented to the relevant projected GAAP measures
without unreasonable effort.
Third Quarter Fiscal Year 2026 Financial Highlights
GAAP
Non-GAAP
(Dollars in millions, except per share data)
Q3 26
Q3 25
Change
Q3 26
Q3 25
Change
Net revenue
$
29,591
$
15,952
+86
%
$
29,591
$
15,952
+86
%
Operating income
$
15,955
$
5,887
+171
%
$
20,095
$
10,455
+92
%
Net income
$
13,088
$
4,140
+216
%
$
16,372
$
8,404
+95
%
Earnings per common share - diluted
$
2.68
$
0.85
+215
%
$
3.32
$
1.69
+96
%
(Dollars in millions)
Q3 26
Q3 25
Change
Cash flow from operations
$
14,197
$
7,166
+98
%
Free cash flow
$
13,665
$
7,024
+95
%
Net revenue by segment
(Dollars in millions)
Q3 26
Q3 25
Change
Semiconductor solutions
$
20,839
70
%
$
9,166
57
%
+127
%
Infrastructure software
8,752
30
6,786
43
+29
%
Total net revenue
$
29,591
100
%
$
15,952
100
%
The Company's cash and cash equivalents at the end of the fiscal quarter were $24.0 billion, compared to $19.6 billion at the end of the prior fiscal quarter.
During the third fiscal quarter, the Company generated $14.2 billion in cash from operations and spent $0.5 billion on capital expenditures, resulting in $13.7 billion of free cash flow.
On June 30, 2026, the Company paid a cash dividend of $0.65 per share, totaling $3.1 billion.
The differences between the Company's GAAP and non-GAAP results are described generally under "Non-GAAP Financial Measures" below and presented in detail in the financial reconciliation tables attached to this release.
Fourth Quarter Fiscal Year 2026 Business Outlook
Based on current business trends and conditions, the outlook for the fourth quarter of fiscal year 2026, ending November 1, 2026, is expected to be as follows:
Fourth quarter revenue guidance of approximately $34.8 billion; Fourth quarter non-GAAP operating income guidance of approximately 66 percent of projected revenue. The guidance provided above is only an estimate of what the Company believes is realizable as of the date of this release. The Company is not readily able to provide a reconciliation of projected non-GAAP financial measures to the relevant projected GAAP measures without unreasonable effort. Actual results will vary from the guidance and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.
Quarterly Dividends
The Board of Directors of Broadcom has approved a quarterly cash dividend of $0.65 per share. The dividend is payable on September 30, 2026 to stockholders of record at the close of business (5:00 p.m. Eastern Time) on September 21, 2026.
Financial Results Conference Call
Broadcom Inc. will host a conference call to review its financial results for the third quarter of fiscal year 2026 and to discuss the business outlook today at 2:00 p.m. Pacific Time.
To Listen via Internet: The conference call can be accessed live online in the Investors section of the Broadcom website at https://investors.broadcom.com/.
Replay: An audio replay of the conference call can be accessed for one year through the Investors section of Broadcom's website at https://investors.broadcom.com/.
Non-GAAP Financial Measures
The non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. When possible, a reconciliation between GAAP and non-GAAP financial data is included in the supplemental financial data attached to this press release. The Company is not readily able to provide a reconciliation of projected non-GAAP measures to the comparable GAAP measures without unreasonable effort. Broadcom believes non-GAAP financial information provides additional insight into the Company's on-going performance. Therefore, Broadcom provides this information to investors for a more consistent basis of comparison and to help them evaluate the results of the Company's on-going operations and enable more meaningful period to period comparisons.
In addition to GAAP reporting, Broadcom provides investors with net income, operating income, gross margin, operating expenses, cash flow and other data on a non-GAAP basis. This non-GAAP information excludes amortization of acquisition-related intangible assets, stock-based compensation expense, restructuring and other charges, acquisition-related costs, including integration costs, non-GAAP tax reconciling adjustments, and other adjustments. Management does not believe that these items are reflective of the Company's underlying performance. Internally, these non-GAAP measures are significant measures used by management for purposes of evaluating the core operating performance of the Company, establishing internal budgets, calculating return on investment for development programs and growth initiatives, comparing performance with internal forecasts and targeted business models, strategic planning, evaluating and valuing potential acquisition candidates and how their operations compare to the Company's operations, and benchmarking performance externally against the Company's competitors. The exclusion of these and other similar items from Broadcom's non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent or unusual.
Free cash flow measures have limitations as they omit certain components of the overall cash flow statement and do not represent the residual cash flow available for discretionary expenditures. Investors should not consider presentation of free cash flow measures as implying that stockholders have any right to such cash. Broadcom's free cash flow may not be calculated in a manner comparable to similarly named measures used by other companies.
About Broadcom
Broadcom Inc. (NASDAQ: AVGO) is a technology leader that designs, develops, and supplies semiconductors and infrastructure software for global organizations' complex, mission-critical needs. Broadcom combines long-term R&D investment with superb execution to deliver the best technology, at scale. Broadcom is a Delaware corporation headquartered in Palo Alto, CA. For more information, visit www.broadcom.com.
This announcement contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning Broadcom. These statements include, but are not limited to, statements that address our expected future business and financial performance, our plans and expectations with regard to our share repurchases, and other statements identified by words such as "will," "expect," "believe," "anticipate," "estimate," "should," "intend," "plan," "potential," "predict," "project," "aim," and similar words, phrases or expressions. These forward-looking statements are based on current expectations and beliefs of Broadcom's management, current information available to Broadcom's management, and current market trends and market conditions and involve risks and uncertainties that may cause actual results to differ materially from those contained in these forward-looking statements. Accordingly, undue reliance should not be placed on such statements.
Particular uncertainties that could materially affect future results include risks associated with: global economic conditions and uncertainty; government regulations, trade restrictions and trade tensions; global political and economic conditions relating to our international operations; cyclicality in the semiconductor industry undergoing profound change due to AI; any loss of our significant customers and fluctuations in the timing and volume of significant customer demand; the slow or unsuccessful return on our research and development investments, expansion of our business strategy or adoption of new business models; our dependence on contract manufacturing and outsourced supply chain; our dependency on a limited number of suppliers; our ability to continue winning business in the semiconductor solutions industry; our ability to accurately estimate customers' demand and adjust our manufacturing and supply chain accordingly; dependence on senior management and our ability to attract and retain qualified personnel; our ability to maintain or improve gross margin; our ability to protect against cybersecurity threats and a breach of security systems; prolonged disruptions of our, our customers' or our suppliers' facilities or other significant operations; our ability to maintain appropriate manufacturing capacity and quality; dependence on and risks associated with distributors and other channel partners of our products; ability of our software portfolio to manage and secure IT infrastructures and environments; demand for our data center virtualization products and customer acceptance of our software, services and business strategy; competitiveness of our software solutions and compatibility of our software with operating environments, platforms or third-party products; our ability to enter into satisfactory software license agreements; use of open source software in our software and services; sales to government customers; our ability to manage our software solutions and services lifecycles; our competitive performance; quarterly and annual fluctuations in operating results; any acquisitions or dispositions we may make, such as delays, challenges and expenses associated with receiving governmental and regulatory approvals and satisfying other closing conditions, and with integrating acquired businesses with our existing businesses and our ability to achieve the benefits, growth prospects and synergies expected by such acquisitions; involvement in legal proceedings; our ability to protect our intellectual property and the unpredictability of any associated litigation expenses; any expenses or reputational damage associated with resolving customer product warranty and indemnification claims, or other undetected defects or bugs; our compliance with privacy and data security laws; corporate responsibility matters; our provision for income taxes and overall cash tax costs; our ability to maintain tax concessions in certain jurisdictions; potential tax liabilities as a result of acquiring VMware; our significant indebtedness and the need to generate sufficient cash flows to service and repay such debt; the amount and frequency of our share repurchase program; and other events and trends on a national, regional, industry-specific and global scale, including those of a political, economic, business, competitive and regulatory nature.
Our filings with the SEC, which are available without charge at the SEC's website at https://www.sec.gov, discuss some of the important risk factors that may affect our business, results of operations and financial condition. Actual results may vary from the estimates provided. We undertake no intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this announcement, whether as a result of new information, future events or otherwise, except as required by law.
Contact:
Ji Yoo
Broadcom Inc.
Investor Relations
650-427-6000
[email protected]
(AVGO-Q)
BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(IN MILLIONS, EXCEPT PER SHARE DATA)
Fiscal Quarter Ended
Three Fiscal Quarters Ended
August 2,
May 3,
August 3,
August 2,
August 3,
2026
2026
2025
2026
2025
Net revenue
$
29,591
$
22,187
$
15,952
$
71,089
$
45,872
Cost of revenue:
Cost of revenue
7,624
5,301
3,704
17,604
10,273
Amortization of acquisition-related intangible assets
1,499
1,461
1,519
4,422
4,486
Restructuring charges
12
10
26
35
68
Total cost of revenue
9,135
6,772
5,249
22,061
14,827
Gross margin
20,456
15,415
10,703
49,028
31,045
Research and development
2,895
2,995
3,050
8,855
7,996
Selling, general and administrative
996
1,055
1,072
3,070
3,104
Amortization of acquisition-related intangible assets
507
506
507
1,520
1,524
Restructuring and other charges
103
71
187
277
445
Total operating expenses
4,501
4,627
4,816
13,722
13,069
Operating income
15,955
10,788
5,887
35,306
17,976
Interest expense
(778)
(776)
(807)
(2,355)
(2,449)
Other income, net
98
118
205
649
333
Income before income taxes
15,275
10,130
5,285
33,600
15,860
Provision for income taxes
2,187
820
1,145
3,853
1,252
Net income
$
13,088
$
9,310
$
4,140
$
29,747
$
14,608
Net income per share:
Basic
$
2.75
$
1.96
$
0.88
$
6.26
$
3.10
Diluted
$
2.68
$
1.91
$
0.85
$
6.09
$
3.02
Weighted-average shares used in per share calculations:
Basic
4,766
4,747
4,714
4,752
4,705
Diluted
4,887
4,876
4,860
4,884
4,841
Stock-based compensation expense:
Cost of revenue
$
224
$
223
$
251
$
683
$
607
Research and development
1,344
1,395
1,573
4,186
3,564
Selling, general and administrative
451
474
498
1,418
1,202
Total stock-based compensation expense
$
2,019
$
2,092
$
2,322
$
6,287
$
5,373
BROADCOM INC.
FINANCIAL RECONCILIATION: GAAP TO NON-GAAP - UNAUDITED
(IN MILLIONS)
Fiscal Quarter Ended
Three Fiscal Quarters Ended
August 2,
May 3,
August 3,
August 2,
August 3,
2026
2026
2025
2026
2025
Gross margin on GAAP basis
$
20,456
$
15,415
$
10,703
$
49,028
$
31,045
Amortization of acquisition-related intangible assets
1,499
1,461
1,519
4,422
4,486
Stock-based compensation expense
224
223
251
683
607
Restructuring charges
12
10
26
35
68
Gross margin on non-GAAP basis
$
22,191
$
17,109
$
12,499
$
54,168
$
36,206
Research and development on GAAP basis
$
2,895
$
2,995
$
3,050
$
8,855
$
7,996
Stock-based compensation expense
1,344
1,395
1,573
4,186
3,564
Research and development on non-GAAP basis
$
1,551
$
1,600
$
1,477
$
4,669
$
4,432
Selling, general and administrative expense on GAAP basis
$
996
$
1,055
$
1,072
$
3,070
$
3,104
Stock-based compensation expense
451
474
498
1,418
1,202
Acquisition-related costs
-
-
7
2
204
Selling, general and administrative expense on non-GAAP basis
$
545
$
581
$
567
$
1,650
$
1,698
Total operating expenses on GAAP basis
$
4,501
$
4,627
$
4,816
$
13,722
$
13,069
Amortization of acquisition-related intangible assets
507
506
507
1,520
1,524
Stock-based compensation expense
1,795
1,869
2,071
5,604
4,766
Restructuring and other charges
103
71
187
277
445
Acquisition-related costs
-
-
7
2
204
Total operating expenses on non-GAAP basis
$
2,096
$
2,181
$
2,044
$
6,319
$
6,130
Operating income on GAAP basis
$
15,955
$
10,788
$
5,887
$
35,306
$
17,976
Amortization of acquisition-related intangible assets
2,006
1,967
2,026
5,942
6,010
Stock-based compensation expense
2,019
2,092
2,322
6,287
5,373
Restructuring and other charges
115
81
213
312
513
Acquisition-related costs
-
-
7
2
204
Operating income on non-GAAP basis
$
20,095
$
14,928
$
10,455
$
47,849
$
30,076
Interest expense on GAAP basis
$
(778)
$
(776)
$
(807)
$
(2,355)
$
(2,449)
Loss on debt extinguishment
75
31
53
161
118
Interest expense on non-GAAP basis
$
(703)
$
(745)
$
(754)
$
(2,194)
$
(2,331)
Other income, net on GAAP basis
$
98
$
118
$
205
$
649
$
333
Excise tax benefit
-
-
-
(315)
-
Gain from sale of business
-
-
(163)
-
(163)
Other
-
-
29
-
8
Other income, net on non-GAAP basis
$
98
$
118
$
71
$
334
$
178
Provision for income taxes on GAAP basis
$
2,187
$
820
$
1,145
$
3,853
$
1,252
Non-GAAP tax reconciling adjustments
931
1,407
223
3,505
2,657
Provision for income taxes on non-GAAP basis
$
3,118
$
2,227
$
1,368
$
7,358
$
3,909
Net income on GAAP basis
$
13,088
$
9,310
$
4,140
$
29,747
$
14,608
Amortization of acquisition-related intangible assets
2,006
1,967
2,026
5,942
6,010
Stock-based compensation expense
2,019
2,092
2,322
6,287
5,373
Restructuring and other charges
115
81
213
312
513
Acquisition-related costs
-
-
7
2
204
Loss on debt extinguishment
75
31
53
161
118
Excise tax benefit
-
-
-
(315)
-
Gain from sale of business
-
-
(163)
-
(163)
Other
-
-
29
-
8
Non-GAAP tax reconciling adjustments
(931)
(1,407)
(223)
(3,505)
(2,657)
Net income on non-GAAP basis
$
16,372
$
12,074
$
8,404
$
38,631
$
24,014
Weighted-average shares used in per share calculations - diluted on GAAP basis
4,887
4,876
4,860
4,884
4,841
Non-GAAP adjustment (1)
50
64
112
61
94
Weighted-average shares used in per share calculations - diluted on non-GAAP basis
(1) Non-GAAP adjustment for the number of shares used in the diluted per share calculations excludes the impact of stock-based compensation expense expected to be incurred
in future periods and not yet recognized in the financial statements, which would otherwise be assumed to be used to repurchase shares under the GAAP treasury stock method.
BROADCOM INC.
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED
(IN MILLIONS)
August 2,
November 2,
2026
2025
ASSETS
Current assets:
Cash and cash equivalents
$
23,975
$
16,178
Trade accounts receivable, net
13,707
7,145
Inventory
4,523
2,270
Other current assets
9,968
5,980
Total current assets
52,173
31,573
Long-term assets:
Property, plant and equipment, net
3,144
2,530
Goodwill
97,801
97,801
Intangible assets, net
26,325
32,273
Other long-term assets
8,705
6,915
Total assets
$
188,148
$
171,092
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
4,000
$
1,560
Employee compensation and benefits
1,506
2,129
Short-term debt
2,252
3,152
Other current liabilities
13,080
11,673
Total current liabilities
20,838
18,514
Long-term liabilities:
Long-term debt
57,167
61,984
Other long-term liabilities
10,453
9,302
Total liabilities
88,458
89,800
Stockholders' equity:
Preferred stock
-
-
Common stock
5
5
Additional paid-in capital
77,330
71,308
Retained earnings
22,151
9,761
Accumulated other comprehensive income
204
218
Total stockholders' equity
99,690
81,292
Total liabilities and equity
$
188,148
$
171,092
BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(IN MILLIONS)
Fiscal Quarter Ended
Three Fiscal Quarters Ended
August 2,
May 3,
August 3,
August 2,
August 3,
2026
2026
2025
2026
2025
Cash flows from operating activities:
Net income
$
13,088
$
9,310
$
4,140
$
29,747
$
14,608
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible and right-of-use assets
2,042
2,002
2,060
6,047
6,116
Depreciation
171
163
142
484
426
Stock-based compensation
2,019
2,092
2,322
6,287
5,373
Deferred taxes and other non-cash taxes
7
(603)
284
(1,051)
(983)
Loss on debt extinguishment
75
31
53
161
118
Non-cash interest expense
65
67
82
204
273
Other
13
3
(23)
31
58
Changes in assets and liabilities, net of acquisitions and disposals:
Trade accounts receivable, net
(2,859)
(2,370)
(937)
(6,544)
(2,066)
Inventory
(195)
(1,366)
(163)
(2,253)
(420)
Accounts payable
1,630
149
136
2,313
(236)
Employee compensation and benefits
372
270
511
(619)
(110)
Other current assets and current liabilities
(2,675)
474
(999)
(2,893)
(1,028)
Other long-term assets and long-term liabilities
444
271
(442)
1,036
(2,295)
Net cash provided by operating activities
14,197
10,493
7,166
32,950
19,834
Cash flows from investing activities:
Proceeds from sale of business
-
-
300
-
300
Purchases of property, plant and equipment
(532)
(231)
(142)
(1,013)
(386)
Purchases of investments
(619)
(23)
(99)
(756)
(261)
Sales of investments
37
39
51
320
147
Other
1
7
(16)
13
(13)
Net cash provided by (used in) investing activities
(1,113)
(208)
94
(1,436)
(213)
Cash flows from financing activities:
Proceeds from long-term borrowings
-
-
6,960
4,474
10,695
Payments on debt obligations
(5,628)
(1,250)
(6,750)
(10,528)
(14,840)
Proceeds from (repayments of) commercial paper, net
-
-
(3,373)
-
488
Payments of dividends
(3,103)
(3,092)
(2,786)
(9,281)
(8,345)
Repurchases of common stock - repurchase program
-
(600)
-
(8,450)
(2,450)
Shares repurchased for tax withholdings on vesting of equity awards
Laser Digital z Nomury bude u půjčovacích trhů na síti Keyring Network fungovat jako správce rizika, první trhy mají být připravené pro Euler Finance. Firmy nezveřejnily kapitál, poplatky ani datum spuštění.
Laser Digital will act as risk governor for lending markets built with Keyring Network, with the first markets readied for Euler Finance. Neither company disclosed committed capital, fee terms or a launch date.
Nomura's digital asset subsidiary will set the risk parameters for institutional lending markets running on DeFi rails, with the first of them readied for Euler Finance.
Laser Digital and Keyring Network have not disclosed the committed capital, fee split, launch date, or named borrower or lender. The two companies have described a framework and said the first markets are ready.
Under the arrangement, Keyring supplies the infrastructure and tooling for specific lending and borrowing markets, including access verification, quantitative risk parameterisation and liquidation framework design. Laser Digital's asset management division takes the role the companies call risk governor, contributing governance standards, portfolio structuring and market practice. Responsibilities will be set contract by contract, according to the release.
Four Named ConstraintsThe companies name four barriers they say keep institutions out of DeFi lending: permissioning, exploit risk, governance and settlement. Unrestricted counterparty access creates compliance exposure, smart contract exploits create tail risk that cannot be quantified, thin institutional oversight limits allocator confidence, and off-chain settlement sits awkwardly against DeFi's assumption of instant finality. Their answer combines zero-knowledge permissioning, quantitative risk modelling, cyber insurance and Keyring's settlement technology, which it calls [un]wind.
"Institutional interest in on-chain fixed income stems from real opportunity, but constraints remain. Our partnership with Keyring focuses on building solutions to support assets whose behaviour resembles conventional fixed income instruments rather than speculative crypto tokens, while preserving the efficiency benefits of on-chain settlement," said Jez Mohideen, co-founder and CEO of Laser Digital."Spanning the interlinked asset classes of rates and credit, fixed income is the largest global market. Despite multi-year exponential growth in tokenised assets, we haven't yet scratched the surface," said Alex McFarlane, founder and CEO of Keyring Network. "By combining Laser Digital's institutional experience with our DeFi native tooling, we aim to enable fixed income strategies that can function at institutional scale on-chain and open the gateway to global markets."Euler Goes FirstEuler holds $368.8 million in total value locked across 17 chains and $555.4 million in outstanding borrows, according to DefiLlama. Most of that sits on Monad, at $240.6 million, with $88.9 million on Ethereum and $18.9 million on Base. The protocol has earned $1.48 million in fees over 30 days and $47,132 in protocol revenue. Euler's founding CEO Michael Bentley stepped down in January as the protocol refocused on institutions.
Euler is named in the release but did not issue it. The announcement came from Laser Digital and Keyring, and says only that the first markets are "now ready to go live first on Euler Finance, expanding to other partners and products, with additional strategies launching in a phased manner." No date is attached to that.
Nomura's Onchain RunLaser Digital has been moving toward credit for a year. In August it backed ZIGChain's emerging-market private credit push. Keyring's own track record is in permissioning: it brought a zero-knowledge identity layer to DeFi vaults on Avalanche in August 2025. Nomura established Laser Digital in 2022 and runs it out of Dubai and Switzerland.
Onchain figures via DefiLlama as of 11:20 UTC on Sept. 2.
, /PRNewswire/ -- The Board of Directors of Prologis, Inc. (NYSE: PLD) declared a regular cash dividend for the quarter ending September 30, 2026, on the following securities:
A dividend of $1.07 per share of the company's common stock, payable on September 30, 2026, to common stockholders of record at the close of business on September 16, 2026; and A dividend of $1.0675 per share of the company's 8.54% Series Q Cumulative Redeemable Preferred Stock, payable on September 30, 2026, to Series Q stockholders of record at the close of business on September 16, 2026. ABOUT PROLOGIS
The world runs on logistics. At Prologis, we don't just lead the industry, we define it. We create the intelligent infrastructure that powers global commerce, seamlessly connecting the digital and physical worlds. From agile supply chains to clean energy solutions, our ecosystems help your business move faster, operate smarter and grow sustainably. With unmatched scale, innovation and expertise, Prologis is a category of one–not just shaping the future of logistics but building what comes next. Learn more at Prologis.com.
FORWARD-LOOKING STATEMENTS
The statements in this document that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," and "estimates" including variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future—including statements relating to rent and occupancy growth, acquisition and development activity, including data center developments and power procurement related thereto, contribution and disposition activity, general conditions in the geographic areas where we operate, expectations regarding new lines of business, our debt, capital structure and financial position, our ability to earn revenues from co-investment ventures, form new co-investment ventures and the availability of capital in existing or new co-investment ventures—are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) international, national, regional and local economic and political climates and conditions; (ii) changes in global financial markets, interest rates and foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associated with acquisitions, dispositions and development of properties, including those specific to data center development and the integration of the operations of significant real estate portfolios; (v) maintenance of Real Estate Investment Trust status, tax structuring and changes in income tax laws and rates; (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings; (vii) risks related to our investments in our co-investment ventures, including our ability to establish new co-investment ventures; (viii) risks of doing business internationally, including currency risks; (ix) environmental uncertainties, including risks of natural disasters; and (x) those additional factors discussed in reports filed with the Securities and Exchange Commission by us under the heading "Risk Factors." We undertake no duty to update any forward-looking statements appearing in this document except as may be required by law.
State Street Investment Management spustila ETF UCBG zaměřené na endowmentovou strategii UC Investments. Start podpořila investice UC ve výši 2,5 miliardy USD, největší v historii amerického ETF.
BOSTON & OAKLAND, Calif.--(BUSINESS WIRE)--State Street Investment Management today announced the launch of the State Street® SPDR® UC Investments 90/10 Endowment Strategy Index ETF (“UCBG”), a new asset allocation ETF developed in collaboration with UC Investments (“UC”), the investment arm of the University of California and the index provider for the fund. The launch is backed by a $2.5 billion investment from UC, making it the largest ever U.S.-listed ETF launch.1
The fund seeks to track the UC Investments 90/10 Endowment Strategy Index, which combines broad U.S. equity exposure with short-duration investment-grade corporate bond exposure. The index allocates 90% of its weight to the S&P 500® Index, representing large-cap U.S. equities, and 10% to the S&P U.S. Investment Grade Corporate Bond 1-3 Year Index, which includes U.S. dollar-denominated investment-grade corporate bonds with maturities between one and three years.
UC and S&P Dow Jones Indices developed the custom index, which was inspired by UC’s $7.9 billion Blue and Gold Endowment Pool, a long-term public markets strategy that since its inception seven years ago, has been the best performing product within UC’s $236 billion investment portfolio.2 The strategy reflects UC’s conviction that low-cost, liquid, diversified public markets exposure can deliver compelling long-term returns while avoiding the complexity and illiquidity of traditional endowment models.
By bringing this philosophy into an ETF wrapper, UCBG offers long-term investors access to UC’s approach, which was previously available only within the institution’s portfolio and directly to employees of its 10 campuses and six medical centers through its retirement savings program, the nation’s second-largest public defined contribution program, behind only the federal government.
“At UC Investments, we focus on building long term, cost-effective portfolios to support our hundreds of thousands of UC students, faculty, staff, and alumni for generations to come,” said Jagdeep Singh Bachher, the University of California’s Chief Investment Officer. “This record-breaking ETF launch makes our institutional investment philosophy available to a broader community of investors through the transparency, efficiency and accessibility of the ETF structure, while staying true to the principles that have guided our investment approach.”
The ETF builds on State Street’s longstanding relationship with UC Investments. Today, State Street Investment Management provides asset management services to UC Investments’ $236 billion3 portfolio across pension, endowment, and other assets, while State Street Bank and Trust Company provides custody and other investment services.
"Our relationship with UC Investments spans more than two decades and has always been driven by innovation. With this launch, we are bringing an endowment-inspired strategy to a far broader range of investors, delivered with the low cost and transparency that make ETFs so powerful," said Ronald O'Hanley, Chairman and Chief Executive Officer of State Street Corporation.
“This partnership demonstrates what’s possible when a leading asset owner and asset manager work together to turn a successful institutional investment strategy into an accessible solution for investors,” said Yie-Hsin Hung, President and Chief Executive Officer of State Street Investment Management. “It reflects our commitment to helping clients extend their investment priorities to new markets and investor communities.”
About State Street Investment Management
At State Street Investment Management, we have been helping create better outcomes for institutions, financial intermediaries, and investors for nearly half a century. Starting with our early innovations in indexing and ETFs, our rigorous approach continues to be driven by market-tested expertise and a relentless commitment to those we serve. With over $6 trillion in assets managed*, clients in 60 countries, and a global network of strategic partners, we use our scale to deliver a comprehensive and cost-effective suite of investment solutions that help investors get wherever they want to go.
*This figure is presented as of June 30, 2026 and includes ETF AUM of $2,203.98 billion USD of which approximately $156.81 billion USD in gold assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Investment Management are affiliated. Please note all AUM is unaudited.
About UC Investments
UC Investments manages the University of California’s retirement, endowment, working capital, and cash assets. Serving students, alumni, faculty, and staff, UC Investments provides fiduciary oversight and long-term stewardship of the university’s $236 billion investment portfolio. Visit here for more.
Important Risk Information
State Street Global Advisors (SSGA) is now State Street Investment Management. Please click here for more information.
Investing involves risk including the risk of loss of principal.
The Index is not intended to replicate the exact asset allocation of any endowment pool of UC Investments and, therefore, the Fund’s returns may differ from the returns of UC Investments' endowment pools.
ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.
While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress.
Equity securities may fluctuate in value and can decline significantly in response to the activities of individual companies and general market and economic conditions.
Funds managed with an index investment strategy attempt to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the index or of the actual securities comprising the index. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the performance of a fund managed with an index investment strategy may be less favorable than if such fund employed an active strategy. While a fund managed with an index investment strategy seeks to track the performance of an index as closely as possible, the fund’s return may not match or achieve a high degree of correlation with the return of the index due to operating expenses, transaction costs, and cash flows.
Returns on investments in stocks of large companies could trail the returns on investments in stocks of smaller and mid-sized companies.
Debt Securities Risk: The value of the debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, inability of issuers to repay principal and interest or illiquidity in the debt securities markets.
Income Risk: The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. A reduction in the income earned by the Fund may limit the Fund's ability to achieve its objective.
Market Risk: The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile, and prices of investments can change substantially due to various factors, including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.
Intellectual Property Information: The S&P 500® Index is a product of S&P Dow Jones Indices LLC or its affiliates (“S&P DJI”) and have been licensed for use by State Street Global Advisors. S&P®, SPDR®, S&P 500®, US 500 and the 500 are trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and has been licensed for use by S&P Dow Jones Indices; and these trademarks have been licensed for use by S&P DJI and sublicensed for certain purposes by State Street Global Advisors. The fund is not sponsored, endorsed, sold or promoted by S&P DJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of these indices.
Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.
Before investing, consider the funds’ investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit statestreet.com/im. Read it carefully.
Not FDIC insured. No bank guarantee. May lose value.
Cloudflare oznámila podporu pro Cursor Cloud Agents v prostředí Cloudflare Sandboxes, takže AI kódovací agenti mohou běžet v bezpečném prostředí pod kontrolou zákazníka. Zachovává se workflow Cursoru, ale práce probíhá v izolovaných sandboxech.
Cloudflare, Inc. (NYSE: NET), the leading connectivity cloud company, today announced support for running Cursor Cloud Agents on Cloudflare Sandboxes, giving developers and platform teams a new way to run AI coding agents in secure, customer-controlled environments.
The integration builds on Cloudflare’s work with other leading AI agent platforms, including Devin Outposts and Claude Managed Agents, and reflects a simple shift in how agentic software is being deployed: developers want to keep the tools they already use, while enterprises want control over where agent work runs and how it accesses code, systems, and secrets. Cloudflare Sandboxes are becoming a natural execution layer for that model: secure, isolated environments where agent work can run closer to a customer’s code, systems, and security requirements.
Cursor Cloud Agents let developers assign coding tasks from the Cursor app, cursor.com, or the Cursor mobile app. With Cursor Self-Hosted Machines, Cursor continues to run the agent loop, including inference, planning, and orchestration, while the agent gets work done on a customer-selected worker. In SpaceXAI’s model, a worker is the customer-operated machine or environment that executes agent tasks; it is separate from Cloudflare Workers, Cloudflare’s serverless developer platform. With Cloudflare Sandboxes, that self-hosted worker can run in a sandbox environment in the customer’s Cloudflare account.
Developers keep the Cursor workflow they already use: they still start and manage agents from Cursor, and Cursor still routes the work and streams results back to the user. What changes is where the work happens. Tool calls, including terminal, filesystem, and browser actions, run inside customer-controlled Cloudflare sandbox environments, which matters for teams with strict requirements around where code, build caches, and secrets live. For organizations using Cursor Self-Hosted Machines across different execution environments, Cloudflare Sandboxes provide another controlled option for running agent workloads.
“Developers want powerful AI tools that fit naturally into their workflows, and enterprises need those tools to run in environments they control,” said Dane Knecht, Chief Technology Officer at Cloudflare. “Cloudflare Sandboxes gives teams the freedom to use the AI tools they prefer while giving organizations a secure, isolated place to run agent work. Bringing Cursor Cloud Agents to Cloudflare Sandboxes is another step toward making Cloudflare the execution layer for the next generation of agentic applications.”
Cursor Cloud Agents run via self-hosted machines use an outbound connectivity model. A Cursor worker runs the Cursor CLI and opens a long-lived outbound HTTPS connection to Cursor’s backend, where agent tool calls are sent over that connection. Cursor does not need to open an inbound connection into the customer’s network; teams can use the quickstart guide to configure a Cursor worker and connect it to their environment.
"SpaceXAI’s goal is to make agents useful wherever developers work,” said Toni Adams, Sr Director of Partnerships at SpaceXAI. “Self-Hosted Machines let teams keep Cursor workflows across desktop, web, and mobile while routing work to infrastructure they operate. Cloudflare Sandboxes give those teams an enterprise-grade option for running agent workloads in a controlled environment.”
The integration supports Cursor’s Self-Hosted Machines workflow for individual developers and teams. Developers can connect a single worker through My Machines, while enterprise teams can use Cursor self hosted worker pools as named routing targets that allow new agent chats to wait until an available worker claims them. Teams can create pools for different execution environments, then use pool orchestration to watch demand, start worker capacity when needed, and release it when sessions end.
During self-hosted operation, repositories, build caches, and secrets stay on the customer's machines. File chunks read by the model during inference, along with Cloud Agent artifacts such as screenshots, videos, and log references, are uploaded so they can appear in pull requests and dashboards. Teams that want to integrate self-hosted machine status or pool routing into their own systems can also use the Cloud Agents API.
Developers and platform teams can learn more about Cursor Self-Hosted Machines by visiting the Cloudflare tutorial, the Cursor quickstart, or the Cursor worker pools, pool orchestration, and Cloud Agents API documentation. To see how Cloudflare Sandboxes support other agent platforms, read more about Devin Outposts on Cloudflare and Claude Managed Agents on Cloudflare.
About Cloudflare
Cloudflare, Inc. (NYSE: NET) is the leading connectivity cloud company. It empowers organizations to make their employees, applications and networks faster and more secure everywhere, while reducing complexity and cost. Cloudflare’s connectivity cloud delivers the most full-featured, unified platform of cloud-native products and developer tools, so any organization can gain the control they need to work, develop, and accelerate their business.
Powered by one of the world’s largest and most interconnected networks, Cloudflare blocks billions of threats online for its customers every day. It is trusted by millions of organizations – from the largest brands to entrepreneurs and small businesses to nonprofits, humanitarian groups, and governments across the globe.
Learn more about Cloudflare’s connectivity cloud at cloudflare.com/connectivity-cloud. Learn more about the latest Internet trends and insights at https://radar.cloudflare.com.
Follow us: Blog | X | LinkedIn | Facebook | Instagram
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “explore,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these words, or other similar terms or expressions that concern Cloudflare’s expectations, strategy, plans, or intentions. However, not all forward-looking statements contain these identifying words. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements regarding the capabilities and effectiveness of Cloudflare Sandboxes and Cloudflare’s other products and technology, the benefits to Cloudflare’s customers from using Cloudflare Sandboxes and Cloudflare’s other products and technology, Cloudflare’s technological development, future operations, growth, initiatives, or strategies, and comments made by Cloudflare’s made by Cloudflare’s Chief Technology Officer and others. Actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in Cloudflare’s filings with the Securities and Exchange Commission (SEC), including Cloudflare’s Quarterly Report on Form 10-Q filed on August 6, 2026, as well as other filings that Cloudflare may make from time to time with the SEC.
The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Cloudflare undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. Cloudflare may not actually achieve the plans, intentions, or expectations disclosed in Cloudflare’s forward-looking statements, and you should not place undue reliance on Cloudflare’s forward-looking statements.
Dell Technologies ve 2. čtvrtletí vykázala EPS 7,04 USD, což bylo o 41,65 % nad odhadem, a tržby meziročně vzrostly o 89 %. Rekordní výsledky táhly servery s umělou inteligencí i tradiční servery a síťování.
Key Takeaways Dell's Q2 EPS smashed Wall Street consensus estimates by 41%.The company is on track to double revenue and EPS by 2028.Unlike many AI peers, Dell has demonstrated market resilience recently. Dell Blows Away Wall Street ExpectationsTuesday night, Zacks Rank #1 (Strong Buy) stock Dell Technologies ((DELL - Free Report) ) delivered arguably the most impressive earnings report this quarter. Dell reported earnings per share of $7.04, trouncing the Zacks Consensus Estimate $4.97 by 41.65%. Meanwhile, positive earnings surprises are nothing new to Dell investors. The AI leader has beaten Zacks Consensus Estimates in 18 of the past 20 quarters.
Image Source: Zacks Investment Research
Why Dell’s Earnings Were So StrongDell Technologies is a leading global IT infrastructure and enterprise hardware provider. Although Dell is best-known as a legacy PC manufacturer, the company has benefited dramatically from the artificial intelligence buildout. In fact, in the second-quarter, Dell notched several records including, record revenue, record AI server revenue, record traditional server/networking revenue, record storage revenue, and record operating income. Overall revenue jumped 89% year over year. Meanwhile traditional server and networking revenue exploded 122%, while AI-optimized server revenue doubled year over year.
Why Dell’s Earnings Will Continue to Be StrongAlthough Dell’s Q2 growth was staggering, it’s likely just beginning. On the earnings call, management raised the company’s outlook and said: “Inference is past training and is pure demand in our industry. We think the tokens that inference drives is going to grow 87 times to 3600 quadrillion tokens by 2030. Training demand grows five x to 850 Z flops by 2030. Enterprise Agentic is expected to be the single largest workload by 2028. We’re expecting AI to be 75% of all data center demand by 2030.”
Meanwhile, Wall Street analysts echo management’s bullish sentiment. Zacks Consensus Analyst Estimates suggest that revenue and earnings per share will again double by 2028, continuing the company’s hockey-stick like growth trajectory.
Image Source: Zacks Investment Research
Dell Technical View: Relative Strength Vs. AI PeersWhile most AI leaders fell below their 50-day moving averages in July and August, Dell shares held the level. In fact, DELL has held the 50-day moving average since February and is once again testing it here.
Image Source: Zacks Investment Research
Bottom Line
Dell’s latest earnings results prove that its transformation from a legacy PC manufacturer to a core AI infrastructure provider. For long-term growth investors looking to capitalize on the next era of data center expansion, Dell continues to prove why it stands out as a market leader.
Is NetApp Inc (NTAP) Overvalued After Q1 Earnings Beat? EPS at $1.88 vs Est. $1.65, Revenue at $2.03B vs Est. $1.84B, GF Score: 88/100 Favorable Fiscal Results and Strategic Innovations Highlight Growth Potential
On September 2, 2026, NetApp Inc NTAP released its 8-K filing announcing impressive financial results for the first quarter of fiscal year 2027. The company reported record net revenues of $2.03 billion, a 30% increase year-over-year, and surpassed the average analyst estimates of $1.65 earnings per share (EPS) and $1.83869 billion in revenue.
NetApp Inc, a leader in storage hardware and software solutions, has transitioned into a cloud-centric data infrastructure company. The company's flagship ONTAP data management software is complemented by an all-encompassing portfolio of all-flash, hybrid-flash, and cloud-native solutions. With a strong focus on its Hybrid Cloud and Public Cloud segments, NetApp generates a substantial portion of its revenue from the U.S. market while expanding its international presence.
NetApp has showcased remarkable growth; however, challenges persist in an increasingly competitive cloud landscape. This fiscal success is critical as it reflects the company's ability to innovate and adapt to customer needs, which may also help mitigate future challenges such as technological disruptions and pricing pressures within the industry.
Some of NetApp's noteworthy achievements in this quarter include:
Record all-flash array net revenue of $1.3 billion, growing 47% year-over-yearPublic Cloud net revenue reaching $206 million, up 28% year-over-yearBillings climbed to $2.06 billion, reflecting a 36% year-over-year increaseGAAP operating margin of 23.9% and a non-GAAP operating margin of 31.9%The acquisition of DataPelago, Inc., an AI data infrastructure company, further establishes NetApp's strategic direction towards AI and cloud integration. CEO George Kurian emphasized the importance of this momentum by stating,
“NetApp delivered a record-setting start to the year, exceeding guidance on every metric and achieving our strongest first quarter ever.”Financial MetricsQ1 FY27Q1 FY26% ChangeNet Revenues$2,025 million$1,559 million30%Net Income$375 million$233 million61%GAAP EPS$1.88$1.1563%Non-GAAP EPS$2.58$1.5566%Free Cash Flow$401 million$620 million(35)%In assessing its balance sheet, NetApp reported total assets of $10.96 billion and liabilities amounting to $9.46 billion as of July 31, 2026. This reflects a commitment to maintaining a healthy financial structure while supporting ongoing growth initiatives. Importantly, the cash flow details reveal a decline in net cash provided by operating activities at $503 million—down 25% year-over-year—which could signal potential cash management challenges ahead.
GuruFocus Valuation CheckAccording to GuruFocus's proprietary metrics, NetApp Inc NTAP has a GF Score of 88 out of 100, indicating strong potential as a value investment. However, with a current price of $181.735, the stock is assessed as 49.7% overvalued compared to a GF Value of $121.43.
The company's financial strength is rated at 6 out of 10, reflecting a stable balance sheet, but there remains room for improvement under tougher market conditions. In profitability, NTAP excels with a perfect rank of 10 out of 10, demonstrating its robust margins in a competitive landscape. Additionally, the growth rank stands at 9 out of 10, indicating strong growth potential and consistency in earnings.
The insider activity has shown a notable selling trend, with insiders offloading $12.3 million worth of stock over the past 12 months. This could be interpreted as a cautious signal for prospective investors. For a deeper dive, visit the NetApp Inc stock page on GuruFocus.
Explore the complete 8-K earnings release (here) from NetApp Inc for further details.
GuruFocus context: GuruFocus’ GF Value™ estimates fair value near $121.43 (49.7% overvalued); its GF Score™ is 88/100; 9 gurus currently hold the stock, with 4 adding and 5 trimming positions in recent quarters — guru 13F data Simply Wall St and Morningstar don’t have. See the full NetApp Inc NTAP research.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Petco ve 2. čtvrtletí zvýšila tržby jen o 0,05 %, ale čistý zisk vyskočil na 38,7 mil. USD a firma potvrdila celoroční výhled. Po kvartálu navíc předčasně splatila dalších 75 mil. USD dluhu.
2nd Consecutive Quarter of Positive Comparable Sales Growth
Delivered Q2 Profitability Ahead of Outlook
Announces $75 Million Debt Prepayment, Progressing Toward 2x Leverage1Target
Reaffirms Fiscal 2026 Outlook
, /PRNewswire/ -- Petco (Nasdaq: WOOF), the retailer "where the pets go" to find everything they need to live their best lives, today reported its second quarter 2026 financial results.
Joel Anderson, Chief Executive Officer of Petco, stated, "We delivered stronger than expected profitability in the quarter while achieving our second consecutive quarter of positive comps. We were pleased to see growth in consumables, which highlights that our 'Reach for the Sky' strategy is gaining traction. Looking ahead to the second half, we are positioned to benefit from several growth drivers and are pleased to reaffirm our full-year sales and profitability outlook. We remain confident in our ability to generate sustainable, long-term growth."
Q2 2026 Overview
In the second quarter of 2026, the Company received substantially all IEEPA tariff refunds related to tariffs paid under IEEPA in 2025 and 2026. All results below include a net benefit of $6.8 million related to such refunds, representing the proceeds net of investments to propel the repositioning of new assortments for future growth, and to a lesser degree, offset incremental fuel and tariff expense in Q2.
For the second quarter of 2026 compared to the second quarter of 2025:
Net sales of $1.5 billion increased 0.05%; comparable sales increased 0.6%. These results reflect a sales disruption from the initial stronger-than-expected points redemption from our membership program relaunch. Prior to the relaunch, sales were trending ahead of our Q2 outlook. Gross profit increased to $591.1 million; gross margin rate increased 37 basis points to 39.7% of net sales, compared to $585.3 million or 39.3% of net sales last year. Without the net benefit from the tariff refund, normalized gross margin was about flat with the prior year. Operating income increased 11.1% to $47.8 million compared to $43.0 million last year; operating margin increased 32 basis points to 3.2% compared to 2.9% of net sales last year. Net income increased to $38.7 million versus $14.0 million. Adjusted EBITDA2 was $122.2 million versus $113.9 million. Without the net benefit from the tariff refund, normalized adjusted EBITDA was $115.4 million. The Company closed 1 net store, ending the quarter with 1,377 stores. Sabrina Simmons, Chief Financial Officer of Petco, added, "We are pleased to deliver another quarter of positive comps and deliver on our bottom-line commitments as we execute on our economic model. Subsequent to the second quarter, we voluntarily prepaid an additional $75 million in debt, bringing our total prepayments to $170 million in the past nine months. Looking ahead, we are pleased to reaffirm our full-year sales and Adjusted EBITDA outlook, reflecting confidence in our second half strategic initiatives while remaining thoughtful about balancing the dynamic backdrop while investing behind our growth priorities."
Q2 2026 Balance Sheet and Cash Flow
Ending cash balance grew by $104.8 million to $293.5 million versus $188.7 million last year. Inventory decreased 1.1% year-over-year versus the 0.05% increase in net sales. Cash provided by operating activities year-to-date was $130.6 million compared to $70.4 million last year. Free cash flow2 was $60.8 million year-to-date versus $9.9 million last year. Total debt was $1.48 billion, down from $1.59 billion last year. Subsequent to the second quarter, the Company prepaid $75.0 million in debt, underscoring its commitment to lowering its leverage ratio1 to 2x. 2026 Outlook
The Company reaffirmed its full year 2026 net sales and Adjusted EBITDA2 outlook, which includes net IEEPA tariff refunds of $6.8 million, and provided its outlook for the third quarter of 2026. Given the Company's solid profit performance in the first half of the year, the outlook provides the Company the flexibility to continue investing behind its growth initiatives in the second half, while also absorbing ongoing supply chain headwinds.
Assumptions in the outlook include that economic conditions, currency rates and the tax and regulatory landscape remain generally consistent, and that current or planned tariffs on imports into the U.S. from China and other countries as of September 2, 2026, will remain at current levels. Additionally, the outlook assumes no additional IEEPA tariff refunds are received for the balance of the year.
Full Year 2026 Outlook
FY 2026 Outlook*
Net Sales
Flat to up 1.5% year over year
Adjusted EBITDA2
$415 million to $430 million
Net Interest Expense
~$122 million
Capital Expenditures
~$140 million
Depreciation & Amortization
~$200 million
Net Store Closures
~15-20
Third Quarter 2026 Outlook
Q3 2026 Outlook*
Net Sales
0.4% to 1.0% growth
Adjusted EBITDA2
$100 million to $103 million
(1)
Leverage ratio is defined as net debt divided by Adjusted EBITDA2
(2)
Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures. See "Non-GAAP Financial Measures" for additional information on
non-GAAP financial measures and a reconciliation to the most comparable GAAP measures
* Adjusted EBITDA is a non-GAAP financial measure and has not been reconciled to the most comparable GAAP outlook because it is not possible
to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events
and often outside of management's control and which could be significant. Because such items cannot be reasonably predicted with the level of
precision required, we are unable to provide outlook for the comparable GAAP measures. Forward-looking estimates of Adjusted EBITDA are made
in a manner consistent with the relevant definitions and assumptions noted herein and in our filings with the Securities and Exchange Commission.
Earnings Conference Call Webcast Information:
Management will host an earnings conference call on September 2, 2026 at approximately 4:15 PM Eastern Time to discuss the Company's financial results. A live webcast of the conference call will be available on the Company's Investor Relations page at https://ir.petco.com/news-and-events/events-and-presentations. A replay of the webcast will be available through the same link approximately two hours after the conference call.
About Petco:
We're proud to be "where the pets go" to find everything they need to live their best lives for more than 60 years — from their favorite meals and toys, to trusted supplies and expert support from people who get it, because we live it. We believe in the universal truths of pet parenthood — the boundless boops, missing slippers, late night zoomies and everything in between. And we're here for it. Every tail wag, every vet visit, every step of the way. We nurture the pet-human bond in the aisles of more than 1,500 Petco stores across the U.S., Mexico and Chile. Customers experience our exclusive selection of pet care products, services, expertise and membership offerings in stores and online at petco.com, and on the Petco app. In 1999, we founded Petco Love. Together, we support thousands of local animal welfare groups nationwide and have helped find homes for over 7 million animals through in-store adoption events.
Forward-Looking Statements:
This earnings release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, concerning expectations, beliefs, plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are not statements of historical fact, including, but not limited to, statements regarding our Q3 and full year 2026 outlook, operational reset of our business, our competitive positioning, profitability, cash generation through our economic model, expense leverage, operating margin expansion, cost action plans and associated cost-savings, our path to sustainable, profitable growth and our expectations regarding tariffs, IEEPA tariff refunds and associated impacts. Such forward-looking statements can generally be identified by the use of forward-looking terms such as "believes," "expects," "may," "intends," "will," "shall," "should," "anticipates," "opportunity," "illustrative," "estimates," "projects", "forecasts" or the negative thereof or other variations thereon or comparable terminology. These statements are only predictions based on our current expectations and projections about future events and reflect our beliefs regarding such future events and do not represent historical facts or statements of current condition. Although Petco believes that the expectations and assumptions reflected in these statements are reasonable, there can be no assurance that these expectations will prove to be correct or that any forward-looking results will occur or be realized. Nothing contained in this earnings release is, or should be relied upon as, a promise or representation or warranty as to any future matter, including any matter in respect of the operations or business or financial condition of Petco. All forward-looking statements are based on current expectations and assumptions about future events that may or may not be correct or necessarily take place and that are by their nature subject to significant uncertainties and contingencies, many of which are outside the control of Petco. Forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results or events to differ materially from the potential results or events discussed in the forward-looking statements, including, without limitation, those identified in this earnings release as well as the following: (i) increased competition (including from multi-channel retailers, mass and grocery retailers, and e-Commerce providers); (ii) reduced consumer demand for our products and/or services; (iii) our reliance on key vendors; (iv) our ability to attract and retain qualified employees; (v) risks arising from statutory, regulatory and/or legal developments; (vi) macroeconomic pressures in the markets in which we operate, including inflation, prevailing interest rates and the impact of tariffs and tariff refunds; (vii) failure to effectively manage our costs; (viii) our reliance on our information technology systems; (ix) our ability to prevent or effectively respond to a data privacy or security breach; (x) our ability to effectively manage or integrate strategic ventures, alliances or acquisitions and realize the anticipated benefits of such transactions; (xi) economic or regulatory developments that might affect our ability to provide attractive promotional financing; (xii) business interruptions and other supply chain issues; (xiii) catastrophic events, political tensions, conflicts and wars (such as the ongoing conflicts in Ukraine and the Middle East), government shutdowns, health crises, and pandemics; (xiv) our ability to maintain positive brand perception and recognition; (xv) product safety and quality concerns; (xvi) changes to labor or employment laws or regulations; (xvii) our ability to effectively manage our real estate portfolio; (xviii) constraints in the capital markets or our vendor credit terms; (xix) changes in our credit ratings; (xx) impairments of the carrying value of our goodwill and other intangible assets; (xxi) our ability to successfully implement our operational adjustments, achieve the expected benefits of our cost action plans and drive improved profitability; (xxii) our ability to deliver sustainable, profitable growth and (xxiii) the other risks, uncertainties and other factors identified under "Risk Factors" in our most recent Annual Report on Form 10-K and elsewhere in Petco's Securities and Exchange Commission filings. The occurrence of any such factors could significantly alter the results set forth in these statements.
Petco cautions that the foregoing list of risks, uncertainties and other factors is not complete, and forward-looking statements speak only as of the date they are made. Petco undertakes no duty to update publicly any such forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law, regulation or other competent legal authority.
PETCO HEALTH AND WELLNESS COMPANY, INC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited and subject to reclassification)
13 Weeks Ended
26 Weeks Ended
August 1,
2026
August 2,
2025
August 1,
2026
August 2,
2025
Net sales:
Products
$ 1,216,857
$ 1,225,605
$ 2,444,944
$ 2,467,496
Services and other
272,363
262,924
541,008
514,432
Total net sales
1,489,220
1,488,529
2,985,952
2,981,928
Cost of sales:
Products
733,898
747,143
1,491,676
1,513,428
Services and other
164,175
156,067
328,704
313,213
Total cost of sales
898,073
903,210
1,820,380
1,826,641
Gross profit
591,147
585,319
1,165,572
1,155,287
Selling, general and administrative expenses
543,335
542,297
1,093,134
1,095,906
Operating income
47,812
43,022
72,438
59,381
Interest income
(2,493)
(909)
(3,989)
(2,268)
Interest expense
32,556
33,297
65,340
66,791
Loss on extinguishment and modification of debt
—
—
11,840
—
Income (loss) before income taxes and income from
equity method investees
17,749
10,634
(753)
(5,142)
Income tax (benefit) expense
(15,710)
746
(13,511)
1,241
Income from equity method investees
(5,201)
(4,084)
(10,756)
(8,694)
Net income attributable to Class A and B-1 common
stockholders
$ 38,660
$ 13,972
$ 23,514
$ 2,311
Net income per Class A and B-1 common share:
Basic
$ 0.14
$ 0.05
$ 0.08
$ 0.01
Diluted
$ 0.13
$ 0.05
$ 0.08
$ 0.01
Weighted average shares used in computing net income per Class A
and B-1 common share:
Basic
285,629
279,058
284,657
278,303
Diluted
290,497
285,741
289,691
284,350
PETCO HEALTH AND WELLNESS COMPANY, INC
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
(Unaudited and subject to reclassification)
August 1,
2026
January 31,
2026
ASSETS
Current assets:
Cash and cash equivalents
$ 293,498
$ 256,736
Receivables, less allowance for credit losses1
38,386
45,812
Merchandise inventories, net
601,591
590,210
Prepaid expenses
54,433
51,747
Other current assets
65,190
75,281
Total current assets
1,053,098
1,019,786
Fixed assets
2,433,782
2,378,208
Less accumulated depreciation
(1,803,480)
(1,722,060)
Fixed assets, net
630,302
656,148
Operating lease right-of-use assets
1,268,518
1,288,593
Goodwill
980,064
980,064
Trade name
1,025,000
1,025,000
Other long-term assets
209,668
203,834
Total assets
$ 5,166,650
$ 5,173,425
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and book overdrafts
$ 455,314
$ 450,552
Accrued salaries and employee benefits
132,518
154,148
Accrued expenses and other liabilities
225,908
204,751
Current portion of operating lease liabilities
340,643
320,082
Current portion of long-term debt and other lease liabilities
12,061
4,608
Total current liabilities
1,166,444
1,134,141
Senior secured credit facilities, net, excluding current portion
872,798
1,488,527
Senior notes, net
590,567
-
Operating lease liabilities, excluding current portion
1,005,146
1,047,185
Deferred taxes, net
246,861
234,911
Other long-term liabilities
77,907
104,407
Total liabilities
3,959,723
4,009,171
Commitments and contingencies
Stockholders' equity:
Class A common stock2
248
244
Class B-1 common stock3
38
38
Class B-2 common stock4
—
—
Preferred stock5
—
—
Additional paid-in-capital
2,328,170
2,312,354
Accumulated deficit
(1,116,479)
(1,139,993)
Accumulated other comprehensive loss
(5,050)
(8,389)
Total stockholders' equity
1,206,927
1,164,254
Total liabilities and stockholders' equity
$ 5,166,650
$ 5,173,425
1
Allowances for credit losses are $801 and $779, respectively
2
Class A common stock, $0.001 par value: Authorized - 1.0 billion shares;
Issued and outstanding - 248.2 million and 243.7 million shares, respectively
3
Class B-1 common stock, $0.001 par value: Authorized - 75.0 million shares;
Issued and outstanding - 37.8 million shares
4
Class B-2 common stock, $0.000001 par value: Authorized - 75.0 million shares;
Issued and outstanding - 37.8 million shares
5
Preferred stock, $0.001 par value: Authorized - 25.0 million shares;
Issued and outstanding - none
PETCO HEALTH AND WELLNESS COMPANY, INC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited and subject to reclassification)
26 Weeks Ended
August 1,
2026
August 2,
2025
Cash flows from operating activities:
Net income
$ 23,514
$ 2,311
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
99,440
99,171
Amortization of debt discounts and issuance costs
2,689
2,499
Provision for deferred taxes
(1,439)
1,113
Equity-based compensation
18,051
18,209
Loss on extinguishment and modification of debt
11,840
—
Income from equity method investees
(10,756)
(8,694)
Amounts reclassified out of accumulated other comprehensive loss
(24)
(413)
Non-cash operating lease costs
206,243
205,005
Changes in assets and liabilities:
Receivables
7,427
5,783
Merchandise inventories
(11,381)
44,823
Prepaid expenses and other assets
3,696
(9,487)
Accounts payable and book overdrafts
5,084
(69,691)
Accrued salaries and employee benefits
(21,628)
(26,729)
Accrued expenses and other liabilities
20,722
14,508
Operating lease liabilities
(209,279)
(206,414)
Other long-term liabilities
(13,615)
(1,556)
Net cash provided by operating activities
130,584
70,438
Cash flows from investing activities:
Cash paid for fixed assets
(69,788)
(60,516)
Insurance recoveries
422
—
Proceeds from sale of assets
—
2,425
Cash received from partial surrender of officers' life insurance
74
—
Net cash used in investing activities
(69,292)
(58,091)
Cash flows from financing activities:
Borrowings under long-term debt agreements
1,500,000
—
Repayments of long-term debt
(1,502,250)
—
Debt refinancing costs and original issue discount
(28,442)
—
Payments for finance lease liabilities
(3,172)
(3,252)
Proceeds from employee stock purchase plan and stock option exercises
1,923
1,998
Tax withholdings on stock-based awards
(4,261)
(3,026)
Net cash used in financing activities
(36,202)
(4,280)
Net increase in cash, cash equivalents and restricted cash
25,090
8,067
Cash, cash equivalents and restricted cash at beginning of period
269,412
181,665
Cash, cash equivalents and restricted cash at end of period
$ 294,502
$ 189,732
NON-GAAP FINANCIAL MEASURES
The following information provides definitions and reconciliations of the non-GAAP financial measures presented in this earnings release to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP). The Company has provided this non-GAAP financial information, which is not calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in this earnings release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in this earnings release. The non-GAAP financial measures in this earnings release may differ from similarly titled measures used by other companies.
Adjusted EBITDA
Adjusted EBITDA is considered a non-GAAP financial measure under the Securities and Exchange Commission's (SEC) rules because it excludes certain amounts included in net income calculated in accordance with GAAP. Management believes that Adjusted EBITDA is a meaningful measure to share with investors because it facilitates comparison of the current period performance with that of the comparable prior period. In addition, Adjusted EBITDA affords investors a view of what management considers to be Petco's core operating performance as well as the ability to make a more informed assessment of such operating performance as compared with that of the prior period. Please see the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2026 filed with the SEC on March 13, 2026 for additional information on Adjusted EBITDA.
The table below reflects the calculation of Adjusted EBITDA for the thirteen and twenty-six weeks ended August 1, 2026 compared to the thirteen and twenty-six weeks ended August 2, 2025.
(dollars in thousands)
13 Weeks Ended
26 Weeks Ended
Reconciliation of Net Income Attributable to Class A and B-1
Common Stockholders to Adjusted EBITDA
August 1,
2026
August 2,
2025
August 1,
2026
August 2,
2025
Net income attributable to Class A and B-1 common stockholders
$ 38,660
$ 13,972
$ 23,514
$ 2,311
Add (deduct):
Interest expense, net
30,063
32,388
61,351
64,523
Income tax (benefit) expense
(15,710)
746
(13,511)
1,241
Depreciation and amortization
50,399
49,360
99,440
99,171
Income from equity method investees
(5,201)
(4,084)
(10,756)
(8,694)
Loss on extinguishment and modification of debt
—
—
11,840
—
Equity-based compensation
8,600
8,789
18,051
18,209
Mexico joint venture EBITDA (1)
13,139
10,360
26,055
20,558
Other costs (2)
2,269
2,329
3,566
5,990
Adjusted EBITDA
$ 122,219
$ 113,860
$ 219,550
$ 203,309
Net sales
$ 1,489,220
$ 1,488,529
$ 2,985,952
$ 2,981,928
Net margin (3)
2.6 %
0.9 %
0.8 %
0.1 %
Adjusted EBITDA Margin
8.2 %
7.6 %
7.4 %
6.8 %
(1)
Mexico joint venture EBITDA represents 50 percent of the entity's operating results for all periods, as adjusted to reflect the results
on a basis comparable to Adjusted EBITDA. In the financial statements, this joint venture is accounted for as an equity method
investment and reported net of depreciation and income taxes because such a presentation would not reflect the adjustments made
in the calculation of Adjusted EBITDA, we include the 50 percent interest in the Company's Mexico joint venture on an Adjusted
EBITDA basis to ensure consistency. The table below presents a reconciliation of Mexico joint venture net income to Mexico joint
venture EBITDA.
13 Weeks Ended
26 Weeks Ended
(in thousands)
August 1,
2026
August 2,
2025
August 1,
2026
August 2,
2025
Net income
$ 10,402
$ 8,167
$ 21,506
$ 17,387
Depreciation
8,838
6,793
17,144
13,390
Income tax expense
5,216
3,935
10,410
8,101
Foreign currency loss
326
696
470
404
Interest expense, net
1,496
1,129
2,579
1,833
EBITDA
$ 26,278
$ 20,720
$ 52,109
$ 41,115
50% of EBITDA
$ 13,139
$ 10,360
$ 26,055
$ 20,558
(2)
Other costs include, as incurred: restructuring costs and restructuring-related severance costs; legal reserves associated with
significant, non-ordinary course legal or regulatory matters; and costs related to certain significant strategic transactions.
(3)
We define net margin as net loss attributable to Class A and B-1 common stockholders divided by net sales and Adjusted EBITDA
margin as Adjusted EBITDA divided by net sales.
Free Cash Flow
Free Cash Flow is a non-GAAP financial measure that is calculated as net cash provided by operating activities less cash paid for fixed assets. Management believes that Free Cash Flow, which measures the ability to generate additional cash from business operations, is an important financial measure for use in evaluating the Company's financial performance.
The table below reflects the calculation of Free Cash Flow for the thirteen and twenty-six weeks ended August 1, 2026 compared to the thirteen and twenty-six weeks ended August 2, 2025.
(in thousands)
13 Weeks Ended
26 Weeks Ended
August 1,
2026
August 2,
2025
August 1,
2026
August 2,
2025
Net cash provided by operating activities
$ 161,553
$ 85,892
$ 130,584
$ 70,438
Cash paid for fixed assets
(31,635)
(32,104)
(69,788)
(60,516)
Free Cash Flow
$ 129,918
$ 53,788
$ 60,796
$ 9,922
Net Debt
The table below reflects the calculation for net debt as of August 1, 2026 compared to January 31, 2026 and August 2, 2025.
(dollars in thousands)
August 1,
2026
January 31,
2026
August 2,
2025
Total debt:
Senior secured credit facilities, net, including current portion
Key Takeaways
Berkshire Hathaway CEO Greg Abel told CNBC in an interview Wednesday that Alphabet’s strength in AI was a “fundamental” reason behind the decision to invest in the tech giant.Legendary investor Warren Buffett, who stepped down from his role as Berkshire’s CEO at the end of last year, initiated the investment.
Google’s position as a “significant player” in AI was a “fundamental” reason behind Berkshire Hathaway’s decision to invest in the tech giant, according to CEO Greg Abel.
“We knew it was going to have a significant impact on America and businesses” by watching how the spread of AI is influencing Berkshire’s subsidiaries, the CEO said in a televised interview with CNBC Wednesday.1
The conglomerate’s stake in Google parent Alphabet (GOOGL, GOOG), which was initiated by legendary investor Warren Buffett, is the third-largest holding in Berkshire’s (BRK.A, BRK.B) portfolio. Berkshire first revealed its stake last November, when Buffett was in his final months as CEO. Abel took over the role at the start of the year.
Abel said he was approached earlier this year about participating in the Google parent’s $80 billion stock offering to raise funds for its AI buildout, and settled on investing another $10 billion. Berkshire has grown its stake to about 106 million shares as of the end of the second quarter, according to a regulatory filing last month. At Wednesday’s closing prices, the investment would be worth about $35.64 billion.
Alphabet and Berkshire shares climbed less than 1% Wednesday on a broadly positive day for markets. Alphabet shares are up about 8% for the year, but well off their May highs. Berkshire shares have added just 0.5% in 2026 so far, having pulled back in the wake of the company’s earnings report last month.
Q2 Net Sales Increase of 22.9% to $1.3 Billion; Comparable Sales Increase of 14.1%
Q2 GAAP Diluted EPS of $3.99, Q2 Adjusted Diluted EPS of $1.68
Increases Full Year 2026 Sales and EPS Outlook
PHILADELPHIA, PA, Sept. 02, 2026 (GLOBE NEWSWIRE) -- Five Below, Inc. (NASDAQ: FIVE) today announced financial results for the second quarter and year to date period ended August 1, 2026.
For the second quarter ended August 1, 2026:
Net sales increased by 22.9% to $1.26 billion from $1.03 billion in the second quarter of fiscal 2025; comparable sales increased by 14.1%.The Company opened 52 net new stores and ended the quarter with 2,022 stores in 46 states. This represents an increase in stores of 8.8% from the end of the second quarter of fiscal 2025.Operating income was $275.4 million compared to $52.4 million in the second quarter of fiscal 2025. Adjusted operating income(1) was $113.2 million compared to $55.1 million in the second quarter of fiscal 2025.The effective tax rate was 23.9% compared to 26.2% in the second quarter of fiscal 2025.Net income was $221.4 million compared to $42.8 million in the second quarter of fiscal 2025. Adjusted net income(1) was $93.4 million compared to $44.8 million in the second quarter of fiscal 2025.Diluted income per common share was $3.99 compared to $0.77 in the second quarter of fiscal 2025. Adjusted diluted income per common share(1) was $1.68 compared to $0.81 in the second quarter of fiscal 2025.The Company repurchased approximately 311,000 shares in the second quarter of fiscal 2026 at a cost of approximately $60.0 million.
(1) A reconciliation of adjusted operating income, adjusted net income, and adjusted diluted income per common share to the most directly comparable financial measure presented in accordance with generally accepted accounting principles in the United States ("GAAP") is set forth in the schedule accompanying this release. See also “Non-GAAP Information.”
Winnie Park, CEO of Five Below, said, “We are thrilled with our second quarter performance and the continued momentum of our customer-centric strategy. Our Crew delivered strong results by collaborating on trend-right product stories at amazing value in stores that are fun and easy to shop. We remain maniacally focused on delivering our brand promise to be THE destination for the KID and the KID in all of us.”
Ms. Park continued, “Just as importantly, our Crew continues to drive new store growth at a higher level of executional excellence to bring Five Below to new communities. The balance between new store growth and double-digit comparable sales growth for the past five quarters is a testament to our operating flywheel gaining momentum. With a strong first half behind us and significant opportunities ahead, we are raising our full year outlook and look forward to delivering special curtain up moments for our customers through the holiday season and beyond.”
For the year to date period ended August 1, 2026:
Net sales increased by 27.5% to $2.55 billion from $2.00 billion in the year to date period of fiscal 2025; comparable sales increased by 18.3%.The Company opened 101 net new stores compared to 87 net new stores in the year to date period of fiscal 2025.Operating income was $429.6 million compared to $103.2 million in the year to date period of fiscal 2025. Adjusted operating income(2) was $268.0 million compared to $114.7 million in the year to date period of fiscal 2025.The effective tax rate was 24.0% compared to 26.7% in the year to date period of fiscal 2025.Net income was $344.5 million compared to $83.9 million in the year to date period of fiscal 2025. Adjusted net income(2) was $217.1 million compared to $92.3 million in the year to date period of fiscal 2025.Diluted income per common share was $6.20 compared to $1.52 in the year to date period of fiscal 2025. Adjusted diluted income per common share(2) was $3.91 compared to $1.67 in the year to date period of fiscal 2025. (2) A reconciliation of adjusted operating income, adjusted net income, and adjusted diluted income per common share to the most directly comparable financial measure presented in accordance with generally accepted accounting principles in the United States ("GAAP") is set forth in the schedule accompanying this release. See also “Non-GAAP Information.”
Third Quarter and Fiscal 2026 Outlook:
The Company expects the following results for the third quarter and full year of fiscal 2026. This outlook includes the expected impact of tariff rates currently in place and excludes the impact of future tariff refunds and share repurchases, if any.
For the third quarter of Fiscal 2026:
Current OutlookNet sales$1.21 billion to $1.23 billionNet new storesapproximately 40Comparable sales+8% to +10%Net income$56 million to $63 millionDiluted income per common share$1.01 to $1.13Diluted weighted average shares outstanding55.4 million For the full year of Fiscal 2026:
Current OutlookPrior OutlookNet sales$5.63 billion to $5.71 billion$5.40 billion to $5.48 billionNet new storesapproximately 150approximately 150Comparable sales+10% to +12%+6% to +8%Net income$672 million to $698 million$480 million to $502 millionAdjusted net income(3)$546 million to $572 million$482 million to $504 millionDiluted income per common share$12.10 to $12.58$8.62 to $9.02Adjusted diluted income per common share(3)$9.83 to $10.31$8.65 to $9.05Diluted weighted average shares outstanding55.5 million55.7 millionGross capital expenditures$250 million to $260 million$230 million to $250 million (3) Adjusted net income and adjusted diluted income per common share excludes the impact of tariff refunds and related interest recorded through the year to date period ended August 1, 2026 and retention awards granted in fiscal 2024, net of income tax impacts.
Share Repurchase Authorization:
On August 29, 2026, the Board of Directors approved a new share repurchase program authorizing the repurchase of up to $600 million of the Company’s common stock. The new share repurchase program replaces and supersedes the remaining capacity under the Company's prior share repurchase program authorized on November 27, 2023. The new repurchase program has no fixed expiration date and will remain in effect until all common stock authorized to be repurchased thereunder has been acquired, or until the repurchase program is otherwise replaced, suspended, or terminated.
Conference Call Information:
A conference call to discuss the financial results for the second quarter of fiscal 2026 is scheduled for today, September 2, 2026, at 4:30 p.m. Eastern Time. A live audio webcast of the conference call will be available online at investor.fivebelow.com, where a replay will be available shortly after the conclusion of the call. Investors and analysts interested in participating in the call are invited to dial 412-902-6753 approximately 10 minutes prior to the start of the call.
Non-GAAP Information:
This press release includes the following non-GAAP financial measures: gross profit, adjusted gross profit, adjusted operating income, adjusted net income, and adjusted diluted income per common share. The Company has reconciled these non-GAAP financial measures, with respect to the second quarter and year to date period ended August 1, 2026, with the most directly comparable GAAP financial measures within this filing. The Company believes that these non-GAAP financial measures provide its management with comparable financial data for internal financial analysis and provide meaningful supplemental information to investors. Non-GAAP financial measures have limitations as analytical tools. Other companies in the Company's industry may calculate these items differently than the Company does. Each of these measures is not a measure of performance under GAAP and should not be considered as a substitute for the most directly comparable financial measures prepared in accordance with GAAP.
Forward-Looking Statements:
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be protected by the “safe harbor” provisions therein. Such statements reflect management’s current views and estimates regarding the Company’s industry, business strategy, goals, expectations and outlook concerning its market position, operations, margins, profitability, capital expenditures, liquidity and capital resources, store count potential and other financial and operating information. Investors can identify these statements by the fact that they use words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future” and similar terms and phrases. The Company cannot assure investors that future developments affecting the Company will be those that it has anticipated. Although we believe there is a reasonable basis for such forward-looking statements, our actual results may differ materially from these expectations due to risks that include, but are not limited to, risks related to disruption to the global supply chain, increased cost of freight, constraints on shipping capacity to transport inventory or the timely receipt of inventory, risks related to the Company’s strategy and expansion plans, risks related to our ability to attract, retain, and motivate qualified executive talent, risks related to disruptions in our information technology systems and our ability to maintain and upgrade those systems, risks related to our ability to successfully implement our online retail operations, risks related to cyberattacks or other cyber incidents, such as the failure to secure customers’ confidential or credit card information, or other private data relating to our crew or the Company, including the costs associated with protection against or remediation of such incidents, risks related to increased usage of machine learning and other types of artificial intelligence in our business, and challenges with properly managing its use, risks related to our ability to select, obtain, distribute and market merchandise profitably, risks related to our reliance on merchandise manufactured outside of the United States, including risks related to direct and indirect impact of current and potential tariffs imposed, threatened, or proposed by the United States on foreign imports, including, without limitation, the tariffs themselves, any counter-measures thereto (in addition to any applicable foreign trade restrictions, generally) and any indirect effects on consumer discretionary spending, risks related to the availability of suitable new store locations and the dependence on the volume of traffic to our stores and website, risks related to our dependence on our executive officers, senior management and other key personnel or our ability to hire additional qualified personnel, risks related to changes in consumer preferences and economic conditions, risks related to increased operating costs, risks related to inflation and increasing commodity prices and related effects, such as a reduction in our unit sales (including an inability to increase sales), damage to our reputation with our customers, our becoming less competitive in the marketplace or exposure to fraud or theft due to customer payment-related risks, risks related to potential recessions and systematic failure of the banking system in the United States or globally, risks related to natural disasters, adverse weather conditions, pandemic outbreaks, global political events, war, terrorism or civil unrest (including any negative effects to our business and results of operations), risks related to building, operating or expanding shipcenters or network capacity, risks related to our ability to successfully manage inventory balance and inventory shrinkage, quality or safety concerns about the Company’s merchandise (including the impact of product and food safety claims and legislation), increased competition from other retailers including online retailers, risks related to the seasonality of our business, risks related to our ability to protect our brand name and other intellectual property, risks related to customers’ payment methods, risks associated with the restrictions imposed by our indebtedness on our current and future operations, the impact of changes in tax legislation and accounting standards, risks related to our insurance programs and their effect on our financial performance and risks associated with leasing substantial amounts of space and owning real property. For further details and a discussion of these and other risks and uncertainties that may cause our actual results to differ materially from the expectations contained herein, see the Company’s periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission and available at www.sec.gov. If one or more of these risks or uncertainties materialize, or if any of the Company’s assumptions prove incorrect, the Company’s actual results may vary in material respects from those projected in these forward-looking statements, despite the Company’s reasonable basis for such statements. Any forward-looking statement made by the Company in this news release speaks only as of the date on which the Company makes it. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
About Five Below:
Five Below is a leading growth retailer offering trend-right, extreme value, high-quality products loved by the kid and the kid in all of us. We believe life is better when customers are free to "let go & have fun" in an amazing experience filled with unlimited possibilities. With most items priced between $1 and $5 and some extreme value items priced beyond $5, Five Below makes it easy to say YES! to the newest, coolest stuff across awesome Five Below worlds: Candy, Style, Party, Room, Create, Tech, Sports and New & Now. Founded in 2002 and headquartered in Philadelphia, Pennsylvania, Five Below today has over 2,000 stores in 47 states. For more information, please visit www.fivebelow.com or follow @fivebelow on TikTok, Instagram and Facebook.
Investor Contact:
Five Below, Inc.
Christiane Pelz
Vice President, Investor Relations [email protected]
FIVE BELOW, INC.
Consolidated Balance Sheets
(Unaudited)
(in thousands)
August 1, 2026
January 31, 2026
August 2, 2025
Assets Current assets: Cash and cash equivalents$561,083 $723,699 $562,746 Short-term investment securities 626,821 208,508 107,418 Inventories 941,162 846,609 799,602 Prepaid income taxes and tax receivable 5,574 5,210 4,657 Prepaid expenses and other current assets 100,712 132,697 110,495 Total current assets 2,235,352 1,916,723 1,584,918 Property and equipment, net 1,250,477 1,234,331 1,253,808 Operating lease assets 1,766,069 1,765,704 1,746,255 Other assets 25,928 20,261 21,557 $5,277,826 $4,937,019 $4,606,538 Liabilities and Shareholders’ Equity Current liabilities: Line of credit$— $— $— Accounts payable 436,734 368,381 371,801 Income taxes payable 1,388 56,644 — Accrued salaries and wages 44,341 67,505 36,532 Other accrued expenses 215,896 160,328 204,926 Operating lease liabilities 307,637 301,148 311,365 Total current liabilities 1,005,996 954,006 924,624 Other long-term liabilities 11,318 8,667 10,288 Long-term operating lease liabilities 1,731,001 1,731,041 1,707,261 Deferred income taxes 53,388 50,015 57,118 Total liabilities 2,801,703 2,743,729 2,699,291 Shareholders’ equity: Common stock 550 551 550 Additional paid-in capital 117,174 178,791 167,480 Retained earnings 2,358,399 2,013,948 1,739,217 Total shareholders’ equity 2,476,123 2,193,290 1,907,247 $5,277,826 $4,937,019 $4,606,538 FIVE BELOW, INC.
Consolidated Statements of Operations
(Unaudited)
(in thousands, except share and per share data)
Thirteen Weeks Ended
Twenty-Six Weeks Ended
August 1, 2026
August 2, 2025
August 1, 2026
August 2, 2025
Net sales$1,261,493 $1,026,847 $2,547,095 $1,997,374 Cost of goods sold (exclusive of items shown separately below) 649,070 684,478 1,456,030 1,331,092 Selling, general and administrative expenses 285,870 242,314 559,146 468,816 Depreciation and amortization 51,203 47,690 102,326 94,254 Operating income 275,350 52,365 429,593 103,212 Interest income and other income, net 15,418 5,540 23,673 11,187 Income before income taxes 290,768 57,905 453,266 114,399 Income tax expense 69,373 15,143 108,815 30,489 Net income$221,395 $42,762 $344,451 $83,910 Basic income per common share$4.02 $0.78 $6.24 $1.52 Diluted income per common share$3.99 $0.77 $6.20 $1.52 Weighted average shares outstanding: Basic shares 55,130,589 55,072,140 55,196,391 55,059,126 Diluted shares 55,474,573 55,389,479 55,540,532 55,289,719 FIVE BELOW, INC.
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Twenty-Six Weeks Ended August 1, 2026 August 2, 2025Operating activities: Net income $344,451 $83,910 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 102,326 94,254 Share-based compensation expense 15,029 18,419 Deferred income tax expense (benefit) 3,373 (2,773)Other non-cash expenses 4,768 754 Changes in operating assets and liabilities: Inventories (94,553) (140,102)Prepaid income taxes and tax receivable (364) (8)Prepaid expenses and other assets 26,246 46,240 Accounts payable 63,694 110,636 Income taxes payable (55,256) (51,998)Accrued salaries and wages (23,164) 16,789 Operating leases 6,084 (2,654)Other accrued expenses 50,076 52,191 Net cash provided by operating activities 442,710 225,658 Investing activities: Purchases of investment securities and other investments (540,207) (95,648)Sales, maturities, and redemptions of investment securities 121,895 185,303 Capital expenditures (110,417) (80,928)Net cash (used in) provided by investing activities (528,729) 8,727 Financing activities: Net proceeds from issuance of common stock 462 477 Repurchase and retirement of common stock (60,363) — Proceeds from exercise of options to purchase common stock and vesting of restricted and performance-based restricted stock units 2 1 Common shares withheld for taxes (16,698) (3,835)Net cash used in financing activities (76,597) (3,357)Net (decrease) increase in cash and cash equivalents (162,616) 231,028 Cash and cash equivalents at beginning of period 723,699 331,718 Cash and cash equivalents at end of period $561,083 $562,746 FIVE BELOW, INC.
GAAP to Non-GAAP Reconciliation of Consolidated Statements of Operations
(Unaudited)
(in thousands, except share and per share data) Reconciliation of gross profit to adjusted gross profit
Thirteen Weeks Ended
Twenty-Six Weeks Ended
August 1, 2026 August 2, 2025
August 1, 2026 August 2, 2025
Gross profit(4) $612,423 $342,369 $1,091,065 $666,282 Adjustments: Retention awards(5) 255 390 255 780 Cost-optimization initiatives(6) — — — 4,100 Non-recurring lease acquisition costs(7) — 495 — 495 IEEPA tariff refunds(8) (163,583) — (163,583) — Adjusted gross profit(9) $449,095 $343,254 $927,737 $671,657 Reconciliation of operating income, as reported, to adjusted operating income
Thirteen Weeks Ended
Twenty-Six Weeks Ended
August 1, 2026 August 2, 2025
August 1, 2026 August 2, 2025
Operating income, as reported $275,350 $52,365 $429,593 $103,212 Adjustments: Retention awards(5) 1,413 2,259 1,954 5,196 Cost-optimization initiatives(6) — — — 4,960 Non-recurring lease acquisition costs(7) — 495 — 495 Non-recurring inventory write-off — — — 830 IEEPA tariff refunds(8) (163,583) — (163,583) — Adjusted operating income(9) $113,180 $55,119 $267,964 $114,694 Reconciliation of net income, as reported, to adjusted net income
Thirteen Weeks Ended
Twenty-Six Weeks Ended
August 1, 2026 August 2, 2025
August 1, 2026 August 2, 2025
Net income, as reported$221,395 $42,762 $344,451 $83,910 Adjustments: Retention awards, net of tax(5) 1,076 1,668 1,485 3,811 Cost-optimization initiatives, net of tax(6) — — — 3,638 Non-recurring lease acquisition costs, net of tax(7) — 366 — 363 Non-recurring inventory write-off, net of tax — — — 609 IEEPA tariff refunds, net of tax(10) (129,075) — (128,823) — Adjusted net income(9)$93,397 $44,796 $217,114 $92,332 Reconciliation of diluted income per common share, as reported, to adjusted diluted income per common share
Thirteen Weeks Ended
Twenty-Six Weeks Ended
August 1, 2026 August 2, 2025
August 1, 2026 August 2, 2025
Diluted income per common share, as reported $3.99 $0.77 $6.20 $1.52 Adjustments: Retention awards per share(5) 0.02 0.03 0.03 0.07 Cost-optimization initiatives per share(6) — — — 0.07 Non-recurring lease acquisition costs per share(7) — 0.01 — 0.01 Non-recurring inventory write-off per share — — — 0.01 IEEPA tariff refunds per share(10) (2.33) — (2.32) — Adjusted diluted income per common share(9) $1.68 $0.81 $3.91 $1.67 (4) Gross profit, a non-GAAP financial measure, is equal to our net sales less our cost of goods sold.
(5) Retention awards relate to the on-going expense recognition of cash and equity granted to certain individuals in fiscal 2024 during the CEO transition that were earned and vested through August 2026.
(6) Represents charges related to the cost-optimization of certain functions.
(7) Represents non-recurring costs incurred with the strategic acquisition of certain leases.
(8) Represents International Emergency Economic Powers Act ("IEEPA") tariff refunds.
(9) Components may not add to total due to rounding.
(10) Represents IEEPA tariff refunds and related interest.
Hershey jmenovala interního veterána Davea Hulayse finančním ředitelem s okamžitou platností. Nahrazuje Stevea Voskuila, který přechází na strategické projekty a odchází do důchodu na začátku roku 2027.
Hershey (HSY.N) on Wednesday named insider and industry veteran Dave Hulays as its finance chief, as the Reese's chocolates maker navigates a tough macroeconomic environment while benefiting from robust demand and higher prices.
Hulays, who joined Hershey in 2012, takes charge from Steve Voskuil with immediate effect.
Here are some details:
Hulays, age 54, joined Hershey as VP Finance of Canada and since has taken broader financial leadership responsibilities across the company, including the U.S. and International businesses.
Before joining Hershey, Hulays spent nearly 15 years at Procter & Gamble (PG.N) in a range of commercial, supply chain and global business development roles.
The company said outgoing-CFO Voskuil, who has led Hershey's finance organization for the past seven years, will move into the role of SVP, Strategic Projects, focused on initiatives for the CEO and board. Voskuil also announced his intent to retire in early 2027.
Hershey, which beat second-quarter sales and profit estimates in July, has added more salty snacks such as popcorn, cheese puffs and pretzels to its Halloween range to attract health-conscious consumers.
ATLANTA--(BUSINESS WIRE)--PulteGroup, Inc. (NYSE: PHM) announced today that its Board of Directors has declared a quarterly dividend of $0.26 per common share payable October 2, 2026, to shareholders of record at the close of business on September 15, 2026.
About PulteGroup
PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of America’s largest homebuilding companies with operations in more than 45 markets throughout the country. Through its brand portfolio that includes Pulte Homes, Centex, Del Webb, DiVosta Homes, and John Wieland Homes and Neighborhoods, the company is one of the industry’s most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup’s purpose is building incredible places where people can live their dreams.
For more information about PulteGroup, Inc. and PulteGroup brands, go to pultegroup.com; pulte.com; centex.com; delwebb.com; divosta.com; and jwhomes.com. Follow PulteGroup, Inc. on X: @PulteGroupNews.
Quanta Services oznámila čtvrtletní hotovostní dividendu 0,11 USD na akcii, tedy 0,44 USD anualizovaně. Výplata připadne na 9. října 2026 akcionářům k 1. říjnu 2026.
, /PRNewswire/ -- Quanta Services, Inc. (NYSE: PWR) announced today that its Board of Directors has declared a quarterly cash dividend to stockholders of $0.11 per share, or a rate of $0.44 per share on an annualized basis. The dividend is payable on October 9, 2026, to stockholders of record as of October 1, 2026.
About Quanta Services
Quanta Services is an industry leader in providing specialized infrastructure solutions to the utility, power generation, load center, communications, pipeline, and energy industries. Quanta's comprehensive services include designing, installing, repairing and maintaining energy, load center and communications infrastructure. With operations throughout the United States, Canada, Australia and select other international markets, Quanta has the manpower, resources and expertise to safely complete projects that are local, regional, national or international in scope. For more information, visit www.quantaservices.com.
Cautionary Statement About Forward-Looking Statements and Information
This press release (and any oral statements regarding the subject matter of this press release) contains forward-looking statements intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements relating to expectations regarding the declaration, amount or timing of any future dividends; expectations regarding Quanta's business or financial outlook; Quanta's ability to deliver increased value or return capital to stockholders; and future capital allocation initiatives, including the amount and timing of, and strategies with respect to, any future cash dividends or repurchases of our equity securities; as well as statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. These forward-looking statements are not guarantees of future performance, involve or rely on a number of risks, uncertainties, and assumptions that are difficult to predict or are beyond our control, and reflect management's beliefs and assumptions based on information available at the time the statements are made. We caution you that actual outcomes and results may differ materially from what is expressed, implied or forecasted by our forward-looking statements and that any or all of our forward-looking statements may turn out to be inaccurate or incorrect. Forward-looking statements can be affected by inaccurate assumptions and by known or unknown risks and uncertainties, including, among others, market, industry, economic, financial or political conditions outside of the control of Quanta, quarterly variations in operating results, liquidity, financial condition, cash flows, capital requirements, reinvestment opportunities or other financial results; requirements relating to dividends under Delaware law and the credit agreement for Quanta's senior credit facility; fluctuations in the price and trading volume of Quanta's common stock; and other risks and uncertainties detailed in Quanta's Annual Report on Form 10-K for the year ended December 31, 2025, Quanta's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026 and any other documents that Quanta files with the Securities and Exchange Commission (SEC). For a discussion of these risks, uncertainties and assumptions, investors are urged to refer to Quanta's documents filed with the SEC that are available through the company's website at www.quantaservices.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Quanta does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Quanta further expressly disclaims any written or oral statements made by any third party regarding the subject matter of this press release.
Investors:
Kip Rupp, CFA, IRC
Sean Eastman
Quanta Services, Inc.
(713) 341-7260
AeroVironment získal od americké armády kontrakt za 464,8 milionu USD na program E-HEL. Půjde o první výrobní zakázku pro systémy řízené energie v historii USA.
AV’s proven LOCUST ® family of laser weapons will anchor E-HEL Army program
ARLINGTON, Va.--(BUSINESS WIRE)--AeroVironment, Inc. (“AV”) (NASDAQ: AVAV), a global leader in proven autonomous and counter-drone systems, today announced it has been awarded a landmark contract valued at $464.8 million by the U.S. Army Portfolio Acquisition Executive for Fires (PAE Fires) program office for the Enduring-High Energy Laser (E-HEL) program.
This award represents the first-ever production contract for directed energy systems in United States history, signaling a historic transition from prototype to production for laser weapon systems.
Share This award represents the first-ever production contract for directed energy systems in United States history, signaling a historic transition from prototype to production for laser weapon systems.
“This award marks a defining moment not only for AV, but for the future of modern defense,” said Wahid Nawabi, Chairman, President, and Chief Executive Officer at AV. “The transition of directed energy from experimentation to an enduring, fielded capability reflects years of collaboration, innovation, and operational success alongside the U.S. Army. We are proud to deliver these production systems and support the Army’s mission with scalable, modular, and cost-effective defense solutions.”
Under this Other Transaction Agreement (OTA), AV will deliver dozens of LOCUST® X3 laser weapon systems over the next few years in support of multi-year fielding requirements, advancing the Army’s layered air defense capabilities against group 1-3 unmanned aircraft systems (UAS) while also solidifying directed energy as a cornerstone of future battlefield operations.
AV's LOCUST X3, a 30-kilowatt platform-agnostic system, will be integrated with various platforms such as the Army's Joint Light Tactical Vehicle (JLTV), with options for palletized configurations, while analyzing the potential to integrate on an Infantry Squad Vehicle (ISV) in the near future. As part of the program, AV will also provide ongoing system support and training.
The E-HEL program builds upon the success of the Army Multi-Purpose High Energy Laser (AMP-HEL) prototypes currently in use by the Army.
The contract follows LOCUST’s successful testing at White Sands Missile Range, led by Joint Interagency Task Force 401 (JIATF-401) and PAE Fires, which demonstrated safe, effective counter-drone operations in U.S. airspace and directly enabled a DOW–FAA safety agreement validating the system for domestic use.
By entering production, the E-HEL program enables the Army to field a sustainable, scalable, and cost-effective solution against UAS. The ramp up in production will be supported by a $30 million investment in AV’s Albuquerque, NM facility that was announced in March of 2026.
“This program represents the culmination of years of operational lessons learned and rapid prototyping,” said John Garrity, Vice President of Directed Energy Systems at AV. “E-HEL is not a future capability, it is a production-ready system, built on proven technology, and designed to meet the demands of today’s fight while scaling for tomorrow’s threats.”
The award further reinforces AV’s leadership in directed energy and its role as a trusted partner to the U.S. Department of War. The company’s platform-agnostic approach enables integration across multiple mission sets and platforms, ensuring flexibility and rapid deployment in diverse operational environments.
As the Army transitions to procurement at scale, the E-HEL program establishes a foundation for sustained production, innovation, and fielding of next-generation laser weapon systems, delivering capability “at the speed of light.”
About LOCUST®
AV’s LOCUST family of directed energy systems represents a breakthrough in counter-UAS defense, delivering precise, scalable, and cost-effective protection against evolving aerial threats. Its performance was recently featured on CBS News’ 60 Minutes, underscoring its growing relevance in modern defense and broader adoption. LOCUST was also successfully demonstrated aboard the U.S. Navy’s USS George H.W. Bush. The system was also validated in joint testing with JIATF-401 at White Sands Missile Range, a demonstration that informed Department of War and Federal Aviation Administration coordination on the safe use of lasers in domestic airspace. The latest evolution, LOCUST X3, introduces enhanced power, modularity, and AV_Halo™ AI-driven targeting and serves as a key effector within AV’s Halo_Shield™ architecture.
About AV
AeroVironment (“AV”) (NASDAQ: AVAV) is a defense technology leader delivering integrated capabilities across air, land, sea, space, and cyber. The Company develops and deploys autonomous systems, loitering munitions, counter-UAS technologies, space-based platforms, directed energy systems, and cyber and electronic warfare capabilities—built to meet the mission needs of today’s warfighter and tomorrow’s conflicts. At the core of these technologies lies AV_Halo™, a modular, mission-ready suite of AI-powered software tools that empowers warfighters and enables full-battlefield dominance: detect, decide, deliver. With a national manufacturing footprint and a deep innovation pipeline, AV delivers proven systems and future-defining capabilities at speed, scale, and operational relevance. For more information, visit www.avinc.com.
Safe Harbor Statement
Certain statements in this press release may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, forecasts, and assumptions that involve risks and uncertainties, which could cause actual results to differ materially. Factors that may cause such differences include, but are not limited to, our ability to perform under existing contracts and obtain new ones; regulatory changes; competitor activities; market growth; product development challenges; and general economic conditions. For a more detailed discussion of these risks, please refer to AeroVironment’s filings with the Securities and Exchange Commission. We undertake no obligation to update forward-looking statements as a result of new information or future events.
Ultragenyx oznámila, že studie fáze 3 Aspire s apazunersenem u Angelmanova syndromu nesplnila primární ani klíčový sekundární cíl. Bezpečnostní profil byl v souladu s fází 1/2.
Phase 3 Aspire did not achieve the primary endpoint of change from Baseline in Bayley-4 cognitive raw score nor the key secondary endpoint of net response in Multidomain Responder Index (MDRI)
NOVATO, Calif., Sept. 02, 2026 (GLOBE NEWSWIRE) -- Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE) today announced results from the Phase 3 Aspire study for apazunersen (GTX-102) in Angelman syndrome. The study did not achieve the primary endpoint of change from Baseline in Bayley-4 cognitive raw score nor the key secondary endpoint of net response in Multidomain Responder Index (MDRI). The safety profile observed in Aspire was consistent with Phase 1/2.
“Based on everything we observed in the robust Phase 1/2 clinical development program and long-term extension study, we are disappointed by the Aspire result,” said Emil Kakkis, M.D., Ph.D., chief executive officer and president of Ultragenyx. “Even more, we are disappointed for the global patient community who has invested so much in early-stage research, working to bring a first-ever treatment to their children.”
In Aspire, the randomized groups were comparable at baseline and consistent with the patients studied in Phase 2. There were no differences between the treated and control groups that could support efficacy in the Bayley Cognition raw scores nor in the MDRI when looking at net response or mean changes of the individual five endpoints included in the MDRI.
The Company will evaluate the apazunersen program in light of this outcome and make a decision on its disposition. The Company will also assess its planned operations to define and implement significant expense reductions, while supporting its growing commercial business.
Dr. Kakkis continued: “We will maintain focus on our growing commercial business, which continues to create meaningful value, including new sources of revenue from the recent approval of GENGLYCOS for glycogen storage disease type Ia, the potential approval of UX111 for Sanfillipo syndrome, and the expansion of existing products to new territories. This strong commercial foundation will support our pipeline, while continuing toward profitability in 2027.”
About apazunersen (GTX-102)
Apazunersen (GTX-102) is an investigational antisense oligonucleotide (ASO) therapy delivered via intrathecal administration and designed to target and inhibit expression of the UBE3A-AS to prevent silencing of the paternally inherited allele of the UBE3A gene and reactivate expression of the deficient protein. Apazunersen has been granted Breakthrough Therapy Designation, Orphan Drug Designation, Rare Pediatric Disease Designation, and Fast Track Designation from the FDA and Orphan Designation and PRIME designation from the EMA.
About Angelman Syndrome
Angelman syndrome is a rare, neurogenetic disorder caused by loss-of-function of the maternally inherited allele of the UBE3A gene. The maternal-specific inheritance pattern of Angelman syndrome is due to genomic imprinting of UBE3A in neurons of the central nervous system (CNS), a naturally occurring phenomenon in which the maternal UBE3A allele is expressed and the paternal UBE3A is not. Silencing of the paternal UBE3A allele is regulated by the UBE3A-AS, the intended target of apazunersen. In almost all cases of Angelman syndrome, the maternal UBE3A allele is either missing or mutated, resulting in limited to no protein expression. This condition is generally not inherited but instead occurs spontaneously. It is estimated to affect approximately 60,000 people in commercially accessible geographies.
Angelman syndrome is a lifelong neurodevelopmental disorder that causes cognitive impairment, motor impairment, balance issues and debilitating seizures. Some individuals with Angelman syndrome are unable to walk and most do not speak. Anxiety and disturbed sleep can be serious challenges in individuals with Angelman syndrome. Although individuals with Angelman syndrome have a normal lifespan, they require continuous care and are unable to live independently. Angelman syndrome is not a degenerative disorder, but the loss of the UBE3A protein expression in neurons results in abnormal communications between neurons. Angelman syndrome is often misdiagnosed as autism or cerebral palsy. There are no currently approved therapies for Angelman syndrome; however, several symptoms of this disorder can be reversed in adult animal models of Angelman syndrome, suggesting that improvement of symptoms can potentially be achieved at any age.
About Ultragenyx
Ultragenyx is a biopharmaceutical company committed to bringing novel products to patients for the treatment of serious rare and ultra-rare genetic diseases. The company has built a diverse portfolio of approved therapies and product candidates aimed at addressing diseases with high unmet medical need and clear biology for treatment, for which there are typically no approved therapies treating the underlying disease.
The company is led by a management team experienced in the development and commercialization of rare disease therapeutics. Ultragenyx’s strategy is predicated upon time- and cost-efficient drug development, with the goal of delivering safe and effective therapies to patients with the utmost urgency.
For more information on Ultragenyx, please visit the company's website at: www.ultragenyx.com.
Forward-Looking Statements and Use of Digital Media
Except for the historical information contained herein, the matters set forth in this press release, including statements related to Ultragenyx’s plans to evaluate its operations and implement significant expense reductions, the Company’s expectations for profitability in 2027, the expected scope, timing, benefits and impact of those actions, its future operating results and financial performance, its business plans and objectives for GTX-102 following the Aspire results, the future development and regulatory path for GTX-102, the growth and importance of its commercial business, and the potential approval and commercialization of UX111 are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve substantial risks and uncertainties that could cause our clinical development programs, collaboration with third parties, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the company’s ability to accurately analyze and interpret the Aspire results and determine an appropriate path forward for GTX-102, the uncertainty of clinical drug development and the unpredictability and lengthy process for obtaining regulatory approvals, the risk that results from earlier studies may not be predictive of future study results, the company’s ability to define and implement expense reductions and realize anticipated savings and benefits, the risk that expense reductions may disrupt the company’s operations, adversely affect its workforce or impair its ability to execute its business plans, risks related to adverse side effects, risks related to reliance on third party partners to conduct certain activities on the company’s behalf, smaller than anticipated market opportunities for the company’s products and product candidates, manufacturing risks, competition from other therapies or products, and other matters that could affect the sufficiency of existing cash, cash equivalents and short-term investments to fund operations, the company’s future operating results and financial performance, the timing of clinical trial activities and reporting results from same, and the availability or commercial potential of Ultragenyx’s products and drug candidates. Ultragenyx undertakes no obligation to update or revise any forward-looking statements
For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Ultragenyx in general, see Ultragenyx's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on August 5, 2026 and its subsequent periodic reports filed with the SEC.
In addition to its SEC filings, press releases and public conference calls, Ultragenyx uses its investor relations website and social media outlets to publish important information about the company, including information that may be deemed material to investors, and to comply with its disclosure obligations under Regulation FD. Financial and other information about Ultragenyx is routinely posted and is accessible on Ultragenyx’s Investor Relations website (https://ir.ultragenyx.com/) and LinkedIn website (https://www.linkedin.com/company/ultragenyx-pharmaceutical-inc-/).
Jana Partners a Travis Kelce tlačili na změny v Six Flags, ale akcie jsou od oznámení podílu 21. října 2025 níže o 30,3 %. Firma mezitím prodala sedm nemovitostí za 331 milionů USD.
Jana Partners teamed up with NFL superstar Travis Kelce and other investors to take a stake in theme park operator Six Flags Entertainment Corp (NYSE:FUN). That stake is worth significantly less than it was when the news broke, leaving investors to wonder whether this will be a fumble rather than a successful activist battle.
Jana’s Six Flags StakeJana took an initial stake in Six Flags Entertainment of 4,049,940 shares in the third quarter of 2025. That stake was worth an estimated $117.6 million at the end of the third quarter 2025, out of a total of $200 million invested in the company by the announced group.
Jana, an activist investor, and its partners have pushed for changes at the company.
Six Flags stock had fallen significantly since the merger of the theme park company with its peer, Cedar Fair, in 2024.
Jana and others acquired an estimated 9% stake in the company to push for changes with the board of directors, to push the chairman to leave the company, change financial guidance, and consider a sale of the company or individual assets.
Six Flags separately named Kelce a brand ambassador in March, a 2026 partnership covering social content and the use of his name, image and likeness in broadcast, streaming and in-park marketing.
Read Next
Success or Failure?The success or failure of the stake in Six Flags is still too early to tell, as it has been just around a year since the investment stake was announced on Oct. 21, 2025.
Jana was able to get the Six Flags chairman replaced in March 2026. The hedge fund also announced it would apply full pressure on the company to consider a sale. The company has not been sold, but Six Flags sold seven properties for $331 million in March 2026.
Six months later, there are no bidders for Six Flags, and the stock has fallen to near five-year lows, previously set in November 2025.
A look at the one-year chart shows an uptick after the investment stake was announced, followed by a decline to multi-year lows. The stock then traded higher throughout the summer months of 2026, only to fall in recent months.
Six Flags reported second-quarter results last month and missed analyst estimates on both revenue and earnings per share. Attendance fell 7% to 13.1 million visits, though the decline reflected the divestiture of seven non-core parks, one park closure and fewer operating days. On a same-park basis, attendance rose 4%.
The company’s third quarter results, which will include the months of July, August and September, could be key in showing if attendance has improved and if financials are also improving after the asset sales and activist investor push.
Ultimately, Jana Partners will be judged on how the stock has performed, and so far, that is a major miss. Six Flags stock is down 30.3% from the opening price on Oct. 21, 2025, before the stake was announced.
Jana’s stake in Six Flags (4,116,099 shares) was valued at $87.7 million at the end of the second quarter, down from the $117.6 million initial value reported in the third quarter 2025, and that’s even after the company added to its initial stake.
MP Materials v srpnu vzrostla o 32,3 % po silných výsledcích za 2. čtvrtletí a rostoucím zájmu o domácí dodávky vzácných zemin. Produkce NdPr stoupla meziročně o 41 % na 840 tun a prodej o 127 % na 1 006 tun.
Shares in rare-earth materials and magnets company MP Materials (MP +1.79%) rose by 32.3% in August, according to data from S&P Global Market Intelligence. The move comes in response to a positive second-quarter earnings report released early in the month and improving sentiment regarding the geostrategic importance of companies that can provide a domestic source of critical rare-earth materials.
Rare-earth companies found favor in August A quick look at the stock's performance compared to its peer, USA Rare Earth (USAR +3.42%), reveals that they both outperformed last month. One reason comes down to a series of tit-for-tat trade actions that took place during the month. While tariffs on polysilicon and pecans are unlikely to move markets, they represent a soft escalation ahead of a summit between Presidents Xi and Trump in late September.
Such developments underline the strategic importance of the support the U.S government is giving MP Materials as it executes its mine-to-magnet business plan that will provide non-China sourced and domestically produced rare-earth magnets,
MP data by YCharts
MP Materials is quietly executing its business plan As previously discussed, buying stock in MP Materials implies a belief in the company's ability to execute its plan to ramp magnet production, build out a major new production facility, "10X," and overcome any potential regulatory and environmental hurdles at Mountain Pass (a rare-earth mine operated by MP Materials).
Image source: Getty Images.
While the second quarter earnings didn't provide any definitive answers to those questions, they did demonstrate solid progress:
Neodymium-praseodymium (NdPr) products production volume increased by 41% year-over-year to 840 tonnes, with sales volume increasing 127% to 1,006 metric tonnes. $17.6 million in price protection agreement income illustrates the value in the 10-year price floor commitment put in place with MP Materials' public-private partnership with the Department of Defense last year. Management confirmed that construction activity on 10X had already begun. MP Materials' existing facility, Independence in Fort Worth, Texas, is "fully sold out between GM and Apple," according to CEO Jim Litinsky on the earnings call. A significant reduction in adjusted net loss to $2.1 million from an adjusted loss of $21.4 million in the same quarter of 2025. All told, MP Materials' second quarter indicates a company executing on its objectives while benefiting from ongoing government support that derisks its business plan.
Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends MP Materials. The Motley Fool has a disclosure policy.
Proofpoint, vlastněná společností Thoma Bravo, jedná o převzetí kyberbezpečnostní firmy Varonis. Akcie Varonis po zprávě uzavřely o více než 10 % výše.
Thoma Bravo-owned Proofpoint is in discussions to acquire cybersecurity firm Varonis Systems (VRNS.O), a source familiar with the matter told Reuters on Wednesday.
Shares of Varonis, which has a market value of about $5 billion, closed up over 10%.
Private equity firm Thoma Bravo declined a request for comment, while Proofpoint and Varonis did not immediately respond.
Miami-based Varonis offers cybersecurity services, including data classification on cloud storage systems and employee behavior tracking, employing over 2,400 people across 14 global offices.
Its shares jumped about 30% following media reports in June that the firm was weighing a sale after fielding takeover interest from private equity firms.
Thoma Bravo in 2021 agreed to acquire Proofpoint, which sells software that helps companies guard against cyberattacks, valuing the firm at about $12.3 billion in the take-private deal.
A takeover of Varonis would bring two complementary data security businesses together, allowing Proofpoint to strengthen its offerings around protecting sensitive corporate information and managing access to it.
Deals in the cybersecurity space have slowed of late, in parallel with other software firms, as the industry is among those perceived as vulnerable to a shakeout by rapid advances in AI technology.
Key Takeaways Cytokinetics' aficamten improved cardiac structure and diastolic function in non-obstructive HCM.Aficamten outperformed metoprolol across pre-trial treatment groups in patients with obstructive HCM.Cytokinetics plans an nHCM filing in Q4 2026, potentially expanding aficamten's addressable market. Cytokinetics, Incorporated (CYTK - Free Report) recently announced additional results from ACACIA-HCM (Assessment Comparing Aficamten to Placebo on Cardiac Endpoints in Adults with Non-Obstructive HCM) and MAPLE-HCM (Metoprolol vs Aficamten in Patients with LVOT Obstruction on Exercise Capacity in HCM) studies.
The results were presented in a Late Breaking Clinical Session at the European Society of Cardiology Congress 2026 in Munich, Germany.
Additional analyses of ACACIA-HCM and MAPLE-HCM elaborate on the primary results from each study and expand the evidence base supporting the potential use of aficamten across the spectrum of HCM.
We note that CYTK obtained FDA approval of aficamten under the brand name Myqorzo in December 2025 for the treatment of symptomatic obstructive hypertrophic cardiomyopathy (oHCM).
Strong initial uptake of the drug, along with Myqorzo’s expanding international presence, positions it as a meaningful commercial opportunity in the oHCM market.
CYTK is also looking to expand Myqorzo’s label.
More on CYTK’s ACACIA-HCM StudyACACIA-HCM was a phase III, multi-center, randomized, double-blind, placebo-controlled study designed to evaluate the effect of aficamten compared to placebo in patients with symptomatic non-obstructive hypertrophic cardiomyopathy (nHCM).
Additional results from ACACIA-HCM demonstrate improvements in cardiac structure and diastolic function in patients with nHCM.
CYTK had earlier reported that ACACIA-HCM met both primary endpoints in symptomatic nHCM, showing statistically significant improvements in KCCQ Clinical Summary Score and maximal exercise performance (pVO2) versus placebo.
The additional ACACIA-HCM results suggest that aficamten’s benefits in nHCM may extend beyond improving exercise capacity and symptoms to reducing wall thickness and improving diastolic function. These findings provide further insight into how aficamten may benefit patients and highlight its potential as an important treatment option for nHCM, where no approved therapies currently exist.
Cytokinetics plans to submit a supplemental new drug application (sNDA) for aficamten in this indication in the fourth quarter of 2026. A potential approval in nHCM will expand the addressable market.
More on CYTK’s MAPLE-HCM Study MAPLE-HCM was a phase III, multi-center, randomized, double-blind active-comparator clinical trial of aficamten compared to metoprolol in patients with symptomatic oHCM.
As previously reported, the primary results of MAPLE-HCM demonstrated superiority of aficamten to metoprolol on pVO2. This post-hoc analysis evaluated the effects of aficamten and metoprolol on the primary and key secondary endpoints based on pre-trial medical therapy.
The new analysis of MAPLE-HCM showed that aficamten outperformed metoprolol across pre-trial treatment groups in patients with oHCM.
The FDA had earlier accepted CYTK’s sNDA for MAPLE-HCM, a phase III study of aficamten as monotherapy compared with metoprolol as monotherapy in patients with oHCM. The regulatory body assigned a target action date of Nov. 14, 2026.
Competition for CYTK’s MyqorzoMyqorzo operates within an evolving treatment landscape for oHCM. Its primary branded competitor is Camzyos, a cardiac myosin inhibitor marketed by Bristol Myers Squibb (BMY - Free Report) . In addition to this direct competition, Myqorzo faces established generic therapies, namely beta blockers and calcium channel blockers, which continue to serve as the first-line standard of care.
BMY obtained FDA approval for Camzyos in 2022 for the treatment of adults with symptomatic New York Heart Association class II-III obstructive HCM to improve functional capacity and symptoms.
The drug continues to gain traction in the targeted market, supported by growing demand and increased adoption among eligible patients.
The FDA accepted BMY’s supplemental new drug application seeking approval of Camzyos for the treatment of adolescents aged 12 to under 18 years with symptomatic oHCM.
A potential competitor for Cytokinetics is Edgewise Therapeutics, Inc. (EWTX - Free Report) , which is advancing a cardiovascular pipeline targeting HCM, heart failure, and other cardiovascular and cardiometabolic conditions.
EWTX’s lead candidate, EDG-7500, is a novel, oral, selective cardiac sarcomere modulator currently being studied in a multipart phase II study in patients with oHCM and nHCM, with a phase III program targeted to be launched in the fourth quarter of 2026.
EWTX’s pipeline also includes EDG-15400 for heart failure. The company expects to initiate a phase II study on EDG-15400 in participants with heart failure with preserved ejection fraction in the second half of 2026.
CYTK’s Price Movement, Valuation and EstimatesCytokinetics’ shares have gained 12.4% year to date compared with the industry’s 8.7% growth.
Image Source: Zacks Investment Research
Going by the price/sales ratio, CYTK’s shares currently trade at 26.6X forward sales, higher than the industry’s average of 1.94X but lower than its mean of 49.08X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2026 loss per share has narrowed to $6 from $6.26 over the past 60 days and the same for 2027 loss has narrowed to $4.54 from $4.59 over the same period.
PACB snížil výhled výnosů na rok 2026 na 155–165 mil. USD kvůli slabší poptávce po přístrojích a pomalejšímu nástupu SPRQ-Nx. Bod zvratu v cash flow posunul na rok 2028 místo do konce roku 2027.
Key Takeaways PacBio cut 2026 revenue guidance to $155-$165M as weaker instrument demand pressured near-term growth.PACB said clinical consumable shipments rose 67%, while SPRQ-Nx adoption remains slowed by validation work.PacBio pushed cash-flow breakeven to 2028 and lowered its 2026 non-GAAP gross-margin outlook to 35%-37%. Pacific Biosciences of California, Inc. (PACB - Free Report) , or PacBio, cut its 2026 revenue outlook as weaker instrument demand and a slower SPRQ-Nx transition offset improving clinical activity. The revision raises the bar for clinical adoption to show that current softness is transitional rather than structural.
Hospitals and testing laboratories are moving toward routine production, but gross-margin recovery is taking longer and cash-flow breakeven has moved to 2028. That leaves execution on consumables utilization and margins as the key near-term test.
PACB’s Revenue Cut Resets Near-Term ExpectationsPacBio lowered 2026 revenue guidance to $155-$165 million from $165-$175 million. The new range implies a 3% decline to 3% growth year over year, with consumables expected to remain the main growth driver.
Second-quarter revenues fell 2% to $39 million and missed the Zacks Consensus Estimate by 4.2%. Instrument revenues declined 9.9% to $12.8 million, reflecting lower average selling prices and fewer Vega shipments.
Image Source: Zacks Investment Research
PacBio’s SPRQ-Nx Transition Delays Consumables UpsideSPRQ-Nx lowers the U.S. list price of a 20x HiFi human genome to $345, about 30% below the prior chemistry, and allows SMRT Cells to be reused up to three times. More than one-third of the installed base had enabled the software by June-end.
Near-term utilization is still constrained by customers validating multi-use workflows and working through existing inventory. Management expects the transition to continue through the third quarter before consumables begin scaling more meaningfully toward year-end.
PACB’s Clinical Demand Offers an OffsetClinical consumable shipments increased 67% in the second quarter, while Europe, the Middle East and Africa (EMEA) revenues rose 52% to $14.4 million. PacBio also shipped 20 Revio systems, up from 15 a year earlier, with most placements going to new customers.
The broader sequencing market remains competitive. Illumina, Inc. (ILMN - Free Report) said clinical demand helped drive adoption of its NovaSeq X platform in the second quarter. Thermo Fisher Scientific Inc. (TMO - Free Report) continues to expand precision-medicine and multiomics capabilities, underscoring the range of alternatives available to research and clinical customers.
PacBio’s Margin Outlook Shows the Cost of TransitionPacBio reduced its 2026 non-GAAP gross-margin outlook to 35%-37%. The revision reflects about $2.5 million of Vega manufacturing transition costs, elevated compute and memory expenses, a slower SPRQ-Nx adoption curve and lower-priced strategic Revio placements.
Second-quarter non-GAAP gross margin was 36%, down from 38% a year earlier. SPRQ-Nx can improve platform economics over time, but the company first needs higher utilization and a smoother manufacturing transition to support margin recovery.
Image Source: Zacks Investment Research
PACB’s 2028 Breakeven Shift Raises Execution StakesPacBio now expects cash-flow breakeven in 2028 instead of by the end of 2027. It expects to finish 2026 with approximately $175-$185 million in cash, while non-GAAP operating expenses are projected to be $215-$220 million.
Cost actions should reduce cash consumption. PacBio expects its restructuring to cut 2027 compensation-related expenses by about $15-$20 million, with another $15-$20 million of annual savings as high-throughput platform development spending declines.
PACB’s Style Scores Keep the Outlook GuardedThe central question is whether rising clinical use and SPRQ-Nx adoption can offset weak research funding, softer instrument economics and delayed margin recovery. Until those trends become more visible in recurring consumables growth, execution remains the key test.
PACB currently carries a Zacks Rank #4 (Sell). Its Value Score of F and VGM Score of F provide limited support, while the Growth Score of D is also weak. The Momentum Score of C is comparatively better, but the combined Rank and Style Score profile keeps the near-term outlook cautious.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
