Představenstvo PayPalu považuje nabídku na převzetí od Stripe a Advent International v hodnotě 53 mld. USD za nedostatečnou. Návrh oceňuje akcie na 60,50 USD za kus.
Představenstvo společnosti PayPal údajně považuje společnou nabídku na převzetí od firmy Stripe a investiční skupiny Advent International v hodnotě 53 mld. USD za nedostatečnou. Předložený návrh oceňuje akcie PayPal na 60,50 USD za kus. Vedení PayPalu je však přesvědčeno, že tato částka podhodnocuje potenciál budoucího obratu společnosti a že samotná transakce čelí regulačním i finančním překážkám.
Společnost PayPal prozatím na nabídku oficiálně nereagovala a očekává se, že její představenstvo bude o tomto návrhu nadále jednat.
Akcie PayPal Akcie PayPal (PYPL) v předburzovní fázi obchodování klesají o 2,08 % na 55,55 USD.
Zdroj: Reuters
Michal Šnobl
Fio banka, a.s.
Prohlášení
Související odkazy Americké akcie otevírají na růstové vlně, výsledková sezóna pokračuje druhým dnem Stripe a Advent chtějí údajně koupit PayPal za více než 53 mld. USD (+pohledy analytiků) PayPal zveřejnil výsledky za 1Q: Nový CEO sází na AI, výhled ale sráží slabší Evropa a cestovní ruch PayPal údajně nejedná o svém prodeji se společností Stripe ani s nikým jiným Akvizici PayPalu údajně zvažuje společnost Stripe
BP a ConocoPhillips chystají v Iráku nové investice v řádu miliard dolarů, zatímco USA tlačí na posílení tamního energetického sektoru. Na summitu ve Washingtonu má padnout přes 60 miliard USD dohod mezi americkými firmami a iráckou vládou.
BP and ConocoPhillips are set to announce billions of dollars of new investments in Iraq on Friday as Washington seeks to bolster the country's energy sector and reduce the region's reliance on routes vulnerable to Iranian disruption, according to people familiar with the plans.
The announcements are expected during the U.S.-Iraq Business Summit in Washington, CNBC's Brian Sullivan told Access Middle East, citing sources. Iraqi Prime Minister Ali Al-Zaidi will meet senior U.S. officials and executives from major energy companies at the summit.
The event is expected to feature more than $60 billion in agreements and memorandums of understanding between U.S. companies and the Iraqi government.
watch now
The investments by BP, ConocoPhillips and other companies will be in billions of dollars, and might even be in tens of billions, the people said. Details of the individual commitments were not immediately available.
The deals come as the U.S seeks to expand investment in Iraq's energy sector, boost the country's oil production and diversify export routes vulnerable to regional disruption.
The Strait of Hormuz handled roughly a fifth of global oil before the war broke out and has become an increasingly important focus for energy markets after renewed tensions between the United States and Iran.
BP has a history in Iraq dating back about a century and has in recent years focused on the giant Rumaila oilfield. In 2025, the company finalized an agreement with Baghdad to redevelop oil and gas resources in Kirkuk, covering the Baba and Avanah domes of the Kirkuk field and the nearby Bai Hassan, Jambur and Khabbaz fields.
Iraq is courting some of the world's largest energy-services and industrial companies as it seeks to expand oil and gas production and accelerate development of its natural gas resources.
Al-Zaidi met representatives from Halliburton, Shell, Honeywell, Weatherford and Baker Hughes in Houston on Thursday, with talks covering investment, technology and potential participation in large energy projects, according to his office.
Wintrust Financial čeká za 2. čtvrtletí zisk 3,16 USD na akcii a tržby 736,14 milionu USD, což je více než loni. Akcie ve čtvrtek vzrostly o 2,6 % na 166,90 USD.
Wintrust Financial Corporation (NASDAQ:WTFC) will release its second quarter earnings report after the closing bell on Monday, July 20.
Analysts expect the Rosemont, Illinois-based company to report quarterly earnings of $3.16 per share, up from $2.82 per share in the year-ago period. The consensus estimate for Wintrust Financial’s quarterly revenue is $736.14 million. It reported $670.78 million last year, according to Benzinga Pro.
On July 6, Wintrust Financial agreed to acquire Northern Trust’s guardianship services operations.
Wintrust Financial shares gained 2.6% to close at $166.90 on Thursday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
Considering buying WTFC stock? Here’s what analysts think:
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Šéf Arm Holdings Rene Haas řekl, že AI boom brzdí nedostatek čipů, datových center, energie a kvalifikovaných pracovníků, který může trvat ještě 2 až 3 roky. Zároveň uvedl, že datová centra se mají stát největším segmentem firmy velmi brzy.
The artificial intelligence boom is being held back by what the industry cannot build rather than what customers will not buy, according to Rene Haas, chief executive of Arm Holdings PLC (NASDAQ:ARM), the chip designer.
Haas told CNBC that demand for chips, data centres, energy and skilled workers is running ahead of available capacity, creating a bottleneck he expects to persist for the next two to three years.
He was speaking in an interview at the Pennsylvania Defense and Innovation Summit, hosted by Senator Dave McCormick.
ARM designs the chip architectures that other companies license and manufacture, a position that gives it an unusually wide view of who is trying to build what.
Haas said the company expects its data-centre business to become its largest segment "very soon", overtaking the mobile phone market that built it.
That claim is the more interesting half of the interview.
ARM's designs dominate smartphones, where power efficiency is everything, and the same constraint now governs data centres, where the binding limit is increasingly electricity rather than silicon.
The supply-constrained framing also cuts against the bubble argument that has unsettled markets in recent months.
A bubble is a demand problem in which buyers pay for something they do not need.
A shortage is the opposite, and Haas is describing customers who cannot get what they are already willing to pay for.
Shares fell 5% on the session, an awkward backdrop for a chief executive describing demand as robust.
One reading is that investors are less worried about whether the demand exists than about who captures the value if the bottlenecks are physical, since power stations and skilled engineers are not things a design company can conjure.
Saab ve 2. čtvrtletí překonal odhady zisku i tržeb, tržby dosáhly 25,5 miliardy SEK a nové zakázky 68,4 miliardy SEK. Kniha objednávek stoupla na rekordních 317,7 miliardy SEK.
Swedish defense company Saab beat earnings expectations in the second quarter, as booming demand for military equipment propelled the fighter jet maker to another quarter of record orders backlog.
Shares rose as much as 4.5% in early trading in Stockholm, while other major European defense names were in the red.
New order bookings in the quarter ended June were 68.4 billion Swedish crowns ($7.1 billion), above the FactSet estimates of 57.1 billion Swedish crowns, which included a Polish submarine deal worth 47 billion crowns.
The total backlog amounted to 317.7 billion crowns, up from 197.6 billion a year ago and marking a fifth consecutive quarter of order book growth.
It comes as European governments ramp up defense spending, driving up book orders with the region's companies, in response to Russia's growing threat and invasion of Ukraine.
U.S. President Donald Trump's push to shift the responsibility of defending Europe onto the region's own governments – and his threat to withdraw troops from the continent – has hastened this urgency.
"We operate in a market with structurally growing demand and remain focused on scaling capacity, delivering to customers, and advancing new capabilities," said Saab CEO Micael Johansson in a statement.
Investors are increasingly focusing on companies' ability to execute and deliver, as well as growing order books.
Sales came in at 25.5 billion crowns, beating FactSet estimates of 23.9 billion crowns, while operating profit (EBIT) was 2.8 billion crowns, compared to expectations of 2.4 billion crowns.
Saab, whose products range from Gripen fighter jets and submarines to missiles and advanced electronics, has seen exponential order growth since Russia's full-scale invasion of Ukraine in early 2022.
Earlier this month, NATO Secretary General Mark Rutte said the alliance would order up to 10 spy planes from Saab, in a deal that could be worth nearly $5 billion based on the price of the GlobalEye aircraft.
Even with an ever-growing order book, booming sales, and increasing profitability, Saab stock, like many of its peers, has taken a hit in recent months as investors question whether valuations have run ahead of the industry's ability to deliver.
European defense stocks have fallen this year.
While defense spending remains unequal among European NATO countries, most countries have made progress on increasing the means devoted to military capabilities.
Sweden joined NATO only in 2024, citing Russia's increasing aggression and a shifting geopolitical landscape. Saab's home country has increased defense spending as a share of GDP to 2.5% from 1.2% in 2021, according to SIPRI data.
IBM varuje, že ve 2. čtvrtletí tržby zaostaly za očekáváním a zákazníci přesouvali výdaje do pamětí a úložišť. Akcie letos klesly o 26 % po propadu o 25 % za jeden den.
It's never good when a CEO admits, "This quarter we faltered." But that's the situation facing International Business Machines (IBM +3.87%) this week, as CEO Arvind Krishna made the rare acknowledgment in a letter to shareholders.
Krishna's acknowledgment came as IBM issued preliminary earnings results for the second quarter, warning that sales were lower than anticipated as customers shifted spending away from IBM and into memory and storage products ahead of anticipated price increases. "These conditions require our teams to execute perfectly, and this quarter we faltered," he wrote. "We did not adapt and move quickly enough, and numerous large deals failed to close on the timelines we expected, driving the majority of our shortfall."
IBM stock tumbled 25% -- the worst day in its 115-year history -- and is now down 26% so far in 2026.
Image source: Getty Images.
But remember, IBM stock had been on the rise before this week's disaster; shares were up 35% in 2025 on the strength of its mainframe and server business. It's also a reliable dividend stock, with a 3.1% yield that's far above average for tech stocks, and has increased the dividend for 31 consecutive years.
Is IBM's earnings miss an anomaly? Perhaps this is an opportunity to pick up deeply discounted shares.
The case for buying IBM in 2026 As Krishna points out, the biggest problem for IBM right now is that customers are diverting money from the company to storage and memory products. Data centers require ample DRAM and NAND storage, and manufacturers like Micron Technology are reaping the benefits.
However, I see this as a short-term problem. The DRAM and NAND supply is expected to remain tight through the second half of this year, but eventually the supply-demand balance will correct itself.
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IBM is rolling out its new z17 mainframes, powered by Telum II processors and Spyre Accelerator chips, to process AI workloads. The z17 allows customers to run AI on the platform alongside their enterprise data, rather than transferring it to the cloud for inference. I expect the z17 to eventually be a significant driver for IBM, even though market conditions are causing revenue to be down this quarter.
Also, IBM is a top company in the growth of quantum computing. It's on track to deliver the first large-scale fault-tolerant quantum computer by 2029, and plans to invest more than $10 billion in quantum computing in the next five years.
IBM is still projecting $17.2 billion in revenue for the second quarter and year-to-date free cash flow of $4.8 billion when it reports final numbers on July 22. However, I'll be watching to see if management adjusts its full-year guidance of 5% revenue growth and free cash flow of $15.7 billion. If it can maintain that guidance, then I feel really good about IBM in the second half of the year, and would expect shares of this top dividend stock to begin a steady recovery.
The T. Rowe Price Active Crypto ETF, designed to provide diversified exposure to the leading crypto assets, began trading today
, /PRNewswire/ -- T. Rowe Price, a global investment management firm and a leader in retirement, announced today the addition of the T. Rowe Price Active Crypto ETF (Ticker: TKNZ). The fund is the first actively managed multi-token spot exchange-traded product* offered in the marketplace. It began trading on NYSE Arca today.
T. Rowe Price Active Crypto ETF offers a transparent portfolio designed to provide diversified exposure to leading crypto assets from an eligible universe, such as Bitcoin, Ethereum, Binance, XRP, Solana, Hyperliquid, and others. While many other digital asset exchange-traded products in market are focused on a single token or are passively managed, multi-token TKNZ uniquely employs T. Rowe Price's research-driven, risk-aware active management approach. It is designed to capitalize on emerging trends, momentum-driven rallies, and market rotations among crypto assets.
The fund is managed by Blue Macellari, who has more than 20 years of investment experience in alternative asset management, along with four co-portfolio managers. Macellari has served as head of Digital Assets at T. Rowe Price since 2022 and has been responsible for developing and leading the implementation and execution of the firm's digital asset strategy across the universe of crypto tokens, protocols, and exchange-traded funds related to blockchain. Her four co-portfolio managers are Stefan Hubrich, with 21 years of investing experience, David Kroger, with 9 years, Sean McWilliams with 17 years, and Dante Pearson, with 13. Net of a fee waiver effective until May 31, 2027, the management fee is 0.75%1.
"Given the rapidly evolving and potentially volatile nature of crypto assets, active management plays an incredibly meaningful role in this space," said Macellari. "Through the launch of the T. Rowe Price Active Crypto ETF, investors can gain access to a thoughtfully curated, professionally managed multi-coin portfolio that helps eliminate the guesswork of building a crypto allocation on their own."
T. Rowe Price has closely monitored developments in the digital assets space for several years, including in-depth research into the impacts of blockchain technology and digital assets on markets and investment portfolios. Under Macellari's leadership, T. Rowe Price has developed its own resilient, modular infrastructure to trade digital assets and has partnered with institutional service providers to cultivate operational capacity.
"As a global asset management firm with a proud legacy of intentional innovation and active research-driven investing, it is a natural step for T. Rowe Price to introduce the industry's first actively managed multi-token exchange-traded product," said Tim Coyne, Global Head of Exchange-Traded Funds.
"This launch represents a new and distinctive way for investors to harness T. Rowe Price's deep investing expertise and rigorous research."
The T. Rowe Price Active Crypto ETF brings the firm's roster of active exchange-traded offerings to 34, which includes a range of equity, multi-asset and fixed income exchange-traded funds (ETFs). TKNZ marks the first of the firm's lineup that provides access to the rapidly growing digital assets category. Each exchange-traded offering delivers key features associated with ETFs such as competitive expense ratios and the flexibility to buy and sell shares throughout the trading day. In each, portfolio managers apply the firm's rigorous research practice of asking better questions, as they strive to deliver better investment outcomes for clients.
* An exchange-traded product (ETP) is a broad category that includes exchange-traded funds (ETFs), exchange-traded notes (ETNs), and other investments that trade on exchanges. The key distinction between ETPs and ETFs is that ETFs are typically registered under the Investment Company Act of 1940 and invest primarily in securities, while ETPs like TKNZ may not be registered as investment companies and can hold non-security assets, such as cryptocurrencies or commodities. ETPs may have different regulatory structures, risk profiles, and disclosure requirements compared to traditional ETFs.
The T. Rowe Price Active Crypto ETF is not an investment company registered under the Investment Company Act of 1940 and therefore is not subject to the same regulatory requirements as mutual funds or ETFs registered under the Investment Company Act of 1940. The Trust is not a commodity pool for purposes of the Commodity Exchange Act. Before making an investment decision, you should carefully consider the risk factors and other information included in the prospectus.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.89 trillion in client assets as of June 30, 2026, about two-thirds of which are retirement-related. Renowned for over 85 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amidst evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.
Consider the investment objectives, risks, and charges and expenses carefully before investing. For a prospectus click here or go to troweprice.com. Read it carefully.
ETFs/ETPs are bought and sold at market prices, not net asset value (NAV). Investors generally incur the cost of the spread between the prices at which shares are bought and sold. Buying and selling shares may result in brokerage commissions which will reduce returns.
T. Rowe Price Active Crypto ETF is organized as a Delaware statutory trust. The sponsor of the Trust is T. Rowe Price Sponsor LLC (the "Sponsor"). T. Rowe Price Investment Services, Inc. ("TRPIS") serves as the distributor of the Trust.
Investment Risks
All investments are subject to market risk, including the possible loss of principal. The Eligible Assets have a relatively limited history of existence and operations compared to traditional commodities. There is a limited established performance record for the price of the assets and, in turn, a limited basis for evaluating an investment. Crypto assets (including the Eligible Assets) have experienced periods of extreme price volatility and their prices may be influenced by, among other things, trading activity and regulatory scrutiny of crypto trading platforms due to fraud, failure, security breaches or otherwise. To the extent that the fund trades Eligible Assets on crypto platforms and other trading venues, these crypto trading platforms are relatively new. In addition, crypto trading platforms may be lightly regulated, unregulated, or may be non-compliant with existing and applicable regulations in one or more jurisdictions in which they operate. A market disruption, such as a government taking regulatory or other actions that disrupt the crypto asset market, can also make it difficult to liquidate a position. Crypto asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the value of the Eligible Assets or the Shares. Regulatory developments such as by banning, restricting or imposing onerous conditions or prohibitions on the use of crypto assets, mining activity, digital wallets, the provision of services related to trading and custody of crypto assets, the operation of the Eligible Asset Networks, or the crypto asset markets generally may adversely impact the value of the Eligible Assets and, therefore, of the fund. See the prospectus for more detail on the fund's principal risks.
_________________________
1 The management fee is scheduled to revert back to the gross of 0.90%, effective June 1, 2027.
Lucid označil fámy o bankrotu za „zcela nepravdivé“ a uvedl, že má dostatek likvidity hluboko do příštího roku. Akcie ve středu vzrostly asi o 29 % na 5,95 USD.
It was a wild two days for Lucid (LCID +8.57%) shareholders. On Tuesday, a report from an electric vehicle blog, citing two unnamed sources, claimed the luxury EV maker had brought in consulting firm AlixPartners to weigh a Chapter 11 bankruptcy filing or a take-private deal. Shares lost more than half their value at Tuesday's lows, triggering multiple volatility halts, before Lucid's denial helped the stock recover most of the damage. It still closed the day down 16%.
Then came Wednesday. Shares soared about 29% to close at $5.95 -- actually a bit higher than where the stock sat before the report broke.
Lucid called the rumors "completely false" in a statement filed with the SEC on Tuesday. The company also said it "has sufficient liquidity to carry its operations well into next year" and that it hasn't formed any special board committee to explore the scenarios described in the report. AlixPartners, Lucid explained, is helping it improve execution and operations "and nothing else" and hasn't recommended bankruptcy to management or the board.
But does Lucid's balance sheet actually back up that confidence?
Image source: Getty Images.
The liquidity math Lucid's first-quarter update in May showed the company ended the quarter with about $700 million in cash and cash equivalents, and about $3.2 billion in total liquidity, a figure that includes its undrawn credit capacity.
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But that snapshot misses the capital Lucid raised in April. The company announced a raise of about $1.05 billion, made up of $550 million in convertible preferred stock issued to an affiliate of Saudi Arabia's Public Investment Fund (PIF), $300 million from a common stock offering, and a $200 million equity investment from Uber Technologies. Uber's investment came alongside a partnership that is expected to put Lucid vehicles into a planned robotaxi service. Additionally, Lucid drew $500 million from a delayed-draw term loan provided by the PIF, leaving about $2 billion of that facility undrawn. Adding it all up, management put the company's pro forma total liquidity at about $4.7 billion.
That is a lot of capital. And it explains the confidence behind the company's denial.
The problem, however, is how quickly the money is going out. Lucid's net loss in the first quarter was about $1 billion, and even its non-GAAP (adjusted) EBITDA, which strips out many non-cash costs, was a loss of about $781 million.
Operations consumed about $1.2 billion in cash during the period, and capital expenditures added another $253 million. In other words, the company burned through more than $1.4 billion in a single quarter.
The same burn shows up in the liquidity trend, which fell from about $4.6 billion at the end of 2025 to $3.2 billion just one quarter later.
Run the math on that burn rate, and $4.7 billion covers a bit more than three quarters, carrying Lucid into early 2027. So the company's claim that it can operate "well into next year" checks out. However, the claim doesn't promise anything beyond that.
Why the rumor found an audience A report like Tuesday's only moves a stock this much when investors already have doubts -- and I'd argue Lucid has given them reasons. Second-quarter deliveries came in at 3,953 vehicles, an improvement from 3,093 in the first quarter. That's progress, but it's still a tiny volume for a company spending at this scale.
Revenue tells the same story. Lucid's first-quarter revenue of $282.5 million, though up 20% year over year, doesn't come close to covering the cost of running the business. Neither does a full year of sales: The company's revenue for all of 2025 was about $1.35 billion, less than it burned through in this year's first quarter alone.
Of course, the PIF, Lucid's majority shareholder through its affiliate, has repeatedly stepped up with fresh capital. In early July, Lucid drew another $800 million from that PIF-backed term loan, fresh evidence the backstop is still intact. The bad news is that the investment case still depends on it.
So, was Wednesday's 29% pop the start of a comeback? I wouldn't count on it. The balance sheet does support Lucid's denial -- there's no near-term liquidity cliff here. But a company burning more than $1 billion a quarter while delivering fewer than 4,000 vehicles will likely need more capital eventually, and more raises could mean more dilution for shareholders. Until the gap between spending and sales narrows meaningfully, I'll watch this one from the sidelines.
IBM předběžně oznámila slabší 2Q: tržby 17,2 mld. USD byly jen o 1 % vyšší meziročně a za očekáváním. Firma uvedla, že klienti přesunuli rozpočty na servery, storage a paměti kvůli obavám z růstu cen.
IBM (IBM +3.87%) didn't wait for its scheduled earnings date. On Tuesday, a week ahead of its July 22 report, the enterprise software and hardware giant released preliminary second-quarter results in a letter to investors from CEO Arvind Krishna. The numbers were disappointing. Revenue totaled $17.2 billion, up just 1% year over year and short of the company's own expectations.
Investors didn't take it well. Shares fell about 24% on Tuesday, one of the worst single-day drops in the company's history, and slid further on Wednesday to a 52-week low. IBM's market capitalization now sits below $200 billion.
But the most interesting part of the pre-announcement isn't the miss itself. It's Krishna's explanation of what happened in the last few weeks of June, because it says a lot about where technology budgets are actually going in the AI (artificial intelligence) buildout.
Image source: Getty Images.
What went wrong in the quarter The shortfall was a sharp reversal. In the first quarter, IBM's revenue rose 9% year over year, led by infrastructure revenue that jumped 15% as the company's new z17 mainframe rolled out. IBM expected that mainframe momentum to fade as the launch wrapped up, guiding for infrastructure revenue to decline by a low-single-digit rate for the year.
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Instead, second-quarter infrastructure revenue fell 7%, software grew just 5%, and consulting was flat. The deceleration reached the bottom line, too. Earnings per share of $2.27 declined 2% year over year, though earnings per share on a non-GAAP (adjusted) basis climbed 5%.
So, what happened? According to Krishna, IBM's clients abruptly changed their spending priorities.
"In the last few weeks of June, we saw clients shift their quarterly capex spend toward servers, storage, and memory purchases to secure supply constrained infrastructure ahead of expected price increases," Krishna explained in his letter. He added that the company "did not anticipate the magnitude of the capex reprioritization," and that numerous large deals failed to close on the timelines IBM expected, driving the majority of the shortfall. Krishna also noted that clients were distracted by rapidly evolving, industrywide cybersecurity concerns during the quarter.
Put another way, customers spent their quarterly technology budgets stockpiling hardware before prices went up, and other purchases got pushed out.
Where the money went instead What stands out to me is that IBM's own report shows where those dollars landed. The company's distributed infrastructure business, which includes its Power servers and storage hardware, grew 37% year over year, its best performance in the company's reported history. The unit exited the quarter with a backlog of about $500 million. Even inside the company that missed, the money moved toward hardware.
The memory market shows the same scramble at a much larger scale. Micron Technology, one of the world's biggest memory-chip makers, reported revenue of $41.5 billion in its most recent quarter, up 346% year over year, as its DRAM selling prices more than doubled. And Micron says AI-driven demand for memory and storage has accelerated at a rate greater than the industry's ability to increase supply.
The AI buildout, in other words, is no longer just the giant cloud companies pouring capital into data centers. Ordinary enterprises are now competing for the same servers, storage, and memory, and they're pulling money from the rest of their technology budgets to secure it. That's a tailwind for memory and AI-infrastructure suppliers, whose products are the ones being stockpiled. And it's a new risk for any vendor whose quarter depends on large deals closing on schedule, because a customer racing to lock in hardware can put everything else on hold.
For IBM specifically, the July 22 earnings call now comes down to one thing: Were those slipped deals lost, or merely delayed? Management said it will discuss its full-year expectations on the call, and coming into this quarter, the company had guided for constant-currency revenue growth of more than 5% in 2026. If that outlook survives, most of this quarter's damage was a timing issue. If it comes down, the problem may be bigger than one quarter.
I think the bigger lesson, though, is the one Krishna spelled out himself. When customers are grabbing supply constrained hardware ahead of price hikes, the AI infrastructure cycle isn't cooling. It's strong enough to change the spending patterns of the world's largest companies -- and investors should expect it to show up in more earnings reports from here.
Alcoa Corporation zveřejnila konferenční hovor k hospodářským výsledkům za 2. čtvrtletí 2026. V úvodu zaznělo jen upozornění na výhledová prohlášení a non-GAAP ukazatele.
Louis Langlois - Senior Vice President of Treasury & Capital Markets
William Oplinger - President, CEO & Director
Molly Beerman - Executive VP & CFO
Conference Call Participants
Katja Jancic - BMO Capital Markets Equity Research
Bennett Moore - JPMorgan Chase & Co, Research Division
Henry Hearle - B. Riley Securities, Inc., Research Division
Timna Tanners - Wells Fargo Securities, LLC, Research Division
Glyn Lawcock - Barrenjoey Markets Pty Limited, Research Division
Christopher LaFemina - Jefferies LLC, Research Division
Carlos de Alba - Morgan Stanley, Research Division
Lawson Winder - BofA Securities, Research Division
John Tumazos - John Tumazos Very Independent Research, LLC
Presentation
Operator
Good afternoon, and welcome to the Alcoa Corporation Second Quarter 2026 Earnings Presentation and Conference Call. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to Louis Langlois, Senior Vice President of Treasury and Capital Markets. Please go ahead.
Louis Langlois
Senior Vice President of Treasury & Capital Markets
Thank you, and good day, everyone. I'm joined today by William Oplinger, Alcoa Corporation President and Chief Executive Officer; and Molly Beerman, Executive Vice President and Chief Financial Officer. We will take your questions after comments by Bill and Molly.
As a reminder, today's discussion will contain forward-looking statements relating to future events and expectations that are subject to various assumptions and caveats. Factors that may cause the company's actual results to differ materially from these statements are included in today's presentation and our SEC filings.
In addition, we have included some non-GAAP financial measures in this presentation. For historical non-GAAP financial measures, reconciliations to the most directly comparable GAAP financial measures can be found in the appendix to today's presentation. We have not presented quantitative reconciliations of certain forward-looking non-GAAP financial measures for
Akcionáři společnosti Brookfield schválili transakci ke zjednodušení firemní struktury; po dokončení se novou mateřskou společností stane Brookfield Corporation Ltd. a uzavření se očekává do konce roku za podmínky obvyklých podmínek a regulačních schválení.
July 16, 2026 20:27 ET | Source: Brookfield Corporation
BROOKFIELD, NEWS, July 16, 2026 (GLOBE NEWSWIRE) -- Brookfield Corporation (“Brookfield”) (NYSE: BN, TSX: BN) today announced that the transaction to simplify its corporate structure (the “Transaction”) received shareholder approval at its annual and special meeting of shareholders held on July 16, 2026 (the “Meeting”). Upon completion of the Transaction, Brookfield Corporation Ltd., which will be listed on the TSX and NYSE under the symbol “BN”, will be the new parent entity of the group. Completion of the Transaction is subject to customary conditions and is expected to close by year-end, subject to receipt of all applicable regulatory approvals.
In addition, Brookfield announced that all eight nominees proposed for election to the board of directors by holders of Class A Limited Voting Shares (“Class A Shares”) and all eight nominees proposed for election to the board of directors by the holder of Class B Limited Voting Shares (“Class B Shares”) were elected at the Meeting. Detailed results of the vote for the election of directors are set out below.
Management received the following proxies from holders of Class A Shares in regard to the election of the eight directors nominated by this shareholder class:
Director NomineeVotes For%Votes Withheld%M. Elyse Allan1,670,838,79199.3311,198,8480.67Ang Eng Seng1,680,919,87199.931,117,7680.07Janice Fukakusa1,654,108,19598.3427,929,4441.66Maureen Kempston Darkes1,642,627,74197.6639,409,8982.34Frank J. McKenna1,528,459,76790.87153,577,8729.13Hutham S. Olayan1,666,734,57699.0915,303,0630.91Satish C. Rai1,675,269,58799.606,768,0520.40Diana L. Taylor1,594,363,48294.7987,674,1575.21 Management received a proxy from the holder of Class B Shares to vote all 85,120 Class B Shares for each of the eight directors nominated by this shareholder class:
Director NomineeVotes For %Howard S. Marks100.0Rafael Miranda100.0Lord O'Donnell100.0Jeffrey M. Blidner100.0Jack L. Cockwell100.0Bruce Flatt100.0Brian D. Lawson100.0Samuel J.B. Pollock100.0 A summary of all votes cast by holders of the Class A Shares and Class B Shares represented at the Meeting is available on EDGAR at www.sec.gov/edgar or SEDAR+ at www.sedarplus.ca.
About Brookfield Corporation
Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. We have three core businesses: Asset Management, Wealth Solutions, and our Operating Businesses which are in infrastructure, energy, private equity, and real estate.
We have a track record of delivering 15%+ annualized returns to shareholders for over 30 years, supported by our unrivaled investment and operational experience. Our conservatively managed balance sheet, extensive operational experience, and global sourcing networks allow us to consistently access unique opportunities. At the center of our success is the Brookfield Ecosystem, which is based on the fundamental principle that each group within Brookfield benefits from being part of the broader organization. Brookfield Corporation is publicly traded in New York and Toronto (NYSE: BN, TSX: BN).
For more information, please visit our website at bn.brookfield.com or contact:
Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (collectively, “forward-looking statements”). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and reflect management’s current estimates, beliefs and assumptions, which are based on management’s perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. Forward-looking statements are typically identified by words such as “expect,” “anticipate,” “believe,” “foresee,” “could,” “estimate,” “intend,” “plan,” “will,” “may” and similar expressions. In particular, the forward-looking statements in this news release include statements regarding the expected closing of the Transaction and receipt of related regulatory approvals.
These forward-looking statements are based on reasonable estimates, beliefs and assumptions, but are subject to significant business, economic, competitive and other risks and uncertainties, described from time to time in Brookfield’s filings with securities regulators in Canada and the United States, that could cause actual results to differ materially from those contemplated or implied by such statements. Readers are cautioned not to place undue reliance on forward-looking statements, which are made as of the date of this news release. Except as required by law, Brookfield undertakes no obligation to publicly update or revise any forward-looking statements.
Amazon (AMZN 1.99%) CEO Andy Jassy put a striking number on one of his company's least-discussed businesses this spring. If Amazon's in-house chip operation were a stand-alone company that sold the chips it produces to outside buyers, he said on the company's first-quarter earnings call in April, its annual revenue run rate would be about $50 billion.
The business as it actually runs today is no small thing either. Amazon's custom chip unit -- Graviton processors, Trainium artificial intelligence (AI) accelerators, and Nitro networking chips, all deployed inside Amazon Web Services (AWS) -- has an annual revenue run rate above $20 billion, growing at triple-digit percentage rates year over year.
And customers have lined up. Jassy said in the company's first-quarter earnings call that it now holds more than $225 billion in revenue commitments for Trainium.
Numbers like those suggest Amazon is building something bigger than an internal cost-saving project. Here's a closer look at the chip business, and what it could mean for the stock.
Image source: Amazon.com Inc.
A $20 billion business inside AWS Amazon's chips business grew nearly 40% quarter over quarter in the first quarter alone, Jassy said on the earnings call. And as best the company can tell, he added, its custom silicon operation is now "one of the top three data center chip businesses in the world."
The $225 billion commitment figure comes with recognizable names attached. Amazon's first-quarter report disclosed a commitment from OpenAI to consume approximately two gigawatts of Trainium capacity beginning in 2027, and an agreement under which Anthropic will secure up to five gigawatts of current and future generations of Trainium chips. Uber is using Graviton chips to match riders with drivers. And Meta Platforms signed on to deploy tens of millions of Graviton cores.
Demand is running ahead of supply, too.
"Our Trainium2 chip has about 30% better price-performance than comparable GPUs, and has largely sold out," Jassy said on the call. Trainium3, which started shipping at the beginning of 2026, is nearly fully subscribed. And much of Trainium4, still more than a year from broad availability, has already been reserved.
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A challenger to Nvidia, within limits Of course, Nvidia is still much bigger. Its graphics processing units (GPUs) dominate AI data centers, and Amazon itself remains a huge Nvidia customer -- the same first-quarter report that touted Trainium also announced plans to deploy more than 1 million Nvidia GPUs starting in 2026.
Trainium's selling point is cost per unit of computing, and Amazon offers its chips only through AWS.
Jassy's $50 billion figure is also a hypothetical. It describes what the business would look like if Amazon sold its chips on the open market the way other chipmakers do, which today it mostly doesn't. Amazon doesn't break out the unit's profits, either, so investors can't yet see what all this silicon earns.
But the chip momentum sits inside a cloud business that is accelerating. AWS revenue grew 20% for all of 2025, then 24% in the fourth quarter, then 28% in the first quarter of 2026, reaching $37.6 billion -- growth Jassy called the segment's fastest in 15 quarters. AWS also produced $14.2 billion of operating income in the first quarter, up 23% from $11.5 billion a year earlier.
That growth is expensive. Amazon expects about $200 billion in capital expenditures across the company in 2026, and its free cash flow for the trailing 12 months fell to $1.2 billion from $25.9 billion a year earlier as AI investments ramped up.
The spending is the main risk here. If demand for AI computing cools before these investments pay for themselves, Amazon's profits and its stock could suffer.
Still, the stock arguably isn't asking investors to pay much for the chip business. At about $255 per share as of this writing, Amazon trades at about 30 times earnings, though earnings get a boost from a $16.8 billion pre-tax gain on the company's Anthropic investment booked in the first quarter. Excluding it, the multiple would be somewhat higher. Even so, shares are up a modest 10% or so this year while AWS accelerates.
Ultimately, I don't think Trainium needs to beat Nvidia for Amazon shareholders to win. A chip business with a $20 billion run rate, triple-digit growth, and $225 billion in commitments strengthens the case for a stock priced like this while its biggest profit engine accelerates. I already liked Amazon at this price. The chip business is one more reason.
UnitedHealth uvedl, že AI nyní řídí všechny funkce firmy a pomáhá zrychlit schvalování i zpracování pojistných nároků. Ve 2. čtvrtletí vzrostl provozní zisk o 55 % meziročně.
Every claim UnitedHealth processes, every prior authorization it reviews and every patient interaction it handles now runs through artificial intelligence (AI). The company is turning that internal overhaul into a commercial product line. “Virtually everything that we do, we see it basically as the operating infrastructure of the future,” Chairman and CEO Stephen Hemsley said Wednesday (July 15) on the company’s second-quarter 2026 earnings call. “It really is occurring across the spectrum of our businesses.”
The results are showing up in the numbers. AI-powered prior authorization is achieving a 96% first-pass approval rate. The company committed this quarter to eliminating 30% of prior authorization volume by year-end and nearly two-thirds of prior authorization requirements for pediatric care. Those efficiencies are flowing straight to the bottom line, with second-quarter operating earnings up 55% year over year.
Where AI Is Doing the Work At Optum Health, which delivers care directly to 20 million patients, ambient listening AI tools are available to 70% of employed clinicians and are on track to reach 90% by year end. The technology transcribes patient encounters in real time, removing the documentation burden that drives clinician burnout. Optum CEO Patrick Conway said during the call that the tool has produced a 90% reduction in cognitive burnout among clinicians who use it.
Conway also noted that AI is helping nurses summarize complex patient cases 40% faster. Enhanced care transition support has driven a 10% reduction in hospitalizations in the Western and Southern regions since late last year. Home health pilots have cut readmissions and reduced skilled nursing facility stays.
In claims processing, complex cases that once required manual review are now processed automatically and with higher accuracy. “Very complex claims that we never before thought we would be able to automate, we’re able to automate those and process those with higher accuracy,” said Tim Noel, CEO of UnitedHealthcare. Patient-facing hours expanded by nearly 200,000 in the first half of the year as AI-assisted scheduling cut wait times for specialist appointments.
Selling the Playbook to the Rest of the Industry Optum Insight is converting those internal tools into commercial products sold to health systems and payers outside UnitedHealth. About a third of Optum Insight’s technology investment this year is going toward that commercialization effort.
A digital prior authorization product launched last quarter under the Optum Real branch has processed roughly half a million prior authorizations and saved 69,000 administrative hours for external clients. Value Connect, an AI insights platform embedded directly in provider electronic health records, is showing a 17% reduction in pharmacy costs in early client deployments.
Hemsley said every internal function, including HR, finance, legal and clinical operations, is being rebuilt around AI. The efficiency gains from that work will become the product Optum Insight sells externally. About a third of Optum Insight’s investment this year is going toward commercializing internal use cases for outside clients. “This is the beginning,” Hemsley said, “but it will have compounding effects as we make these investments.”
What Else Stood Out UnitedHealth committed to processing 80% of prior authorizations in real time by end of 2027, eliminating most of the back-and-forth between health plans and providers that currently delays care and drives administrative cost on both sides. Commercial insurance cost trends are running modestly above 11%, driven partly by an arbitration process under the No Surprises Act that UnitedHealth says is being exploited. Roughly 60% of all arbitration cases are brought by just five entities, and average payouts when arbitrators side with providers now run 11 times what Medicare would pay. Medicare Advantage cost trends are coming in below original planning assumptions, driven by benefit design changes and network adjustments. Full-year Medicare margins are now expected to finish above 3%. Optum Health now reaches nearly 90% of U.S. counties and conducts approximately 2.5 million rural patient home visits annually, with plans to expand those programs across the full Optum Health footprint by year-end. Topline Results and Outlook UnitedHealth reported second-quarter adjusted earnings per share of $6.38, compared with $4.08 in the prior year. Total revenues were $112 billion, largely flat year over year. Operating earnings of $8 billion grew 55% year over year. The medical care ratio was 86.7%, including $860 million of net favorable prior period medical development, compared to 89.4% in the second quarter of 2025.
Operating cash flows were approximately $11 billion, or 1.9 times net income. The debt-to-capital ratio fell to 41.2%, down from 44.1% a year ago. The company closed its acquisition of Alegeus Technologies on July 2.
Inflace v USA v červnu zpomalila na 3,5 % meziročně a trh snížil sázky na další zvýšení sazeb Fedu. To je pro Realty Income, citlivou na úroky, důležitá úleva.
Tuesday brought the kind of inflation report investors have been waiting on all year. The Consumer Price Index (CPI) rose 3.5% year over year in June, down sharply from 4.2% in May and below economists' expectations, as gasoline prices posted their biggest monthly drop in years. Core inflation, which excludes food and energy, cooled to 2.6% from 2.9%.
For most stocks, that's background news. For Realty Income (O +3.94%), one of the market's most rate-sensitive dividend stocks, it's closer to the main event. After a year in which hot inflation kept the threat of Federal Reserve rate hikes alive, the pressure on this real estate investment trust (REIT) may finally be easing.
Here's why I'd consider buying the stock now.
Image source: Getty Images.
A 5% yield, paid monthly Realty Income calls itself The Monthly Dividend Company, and the numbers back the branding. The company has declared more than 670 consecutive monthly dividends, and it has increased its payout for over 31 consecutive years, making it a member of the S&P 500 Dividend Aristocrats® index (the term Dividend Aristocrats® is a registered trademark of Standard & Poor's Financial Services LLC).
In March, the company announced its 114th consecutive quarterly dividend increase, and the monthly dividends it paid during the first quarter were up 1.8% year over year. At about $63 per share, the stock's annualized dividend of about $3.25 works out to a yield just over 5.1%.
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The business behind the payout is deliberately boring. Realty Income owns 15,571 properties leased to 1,786 clients across 92 industries, mostly under long-term net leases (agreements in which the tenant covers taxes, insurance, and maintenance). The weighted average lease has about 8.7 years remaining. And portfolio occupancy held steady at 98.9% at the end of the first quarter.
The dividend is well covered, too. Realty Income paid out about 72% of its first-quarter adjusted funds from operations (AFFO), a common measure of a REIT's cash earnings.
AFFO per share rose 6.6% year over year in the first quarter to $1.13, and management raised its full-year guidance to a range of $4.41 to $4.44 -- annual growth of 3% to 3.7%, with the first quarter running ahead of that pace. It's a modest trajectory. It's also exactly what income investors are here for.
Why Tuesday's report matters so much here Realty Income grows by raising money and buying more properties, pocketing the difference between its cost of capital and the rental yields on what it buys. In the first quarter, it invested $2.8 billion, with its $2.6 billion pro-rata share carrying an initial weighted average cash yield of 7.1%. Management also lifted its full-year investment guidance to $9.5 billion from $8 billion.
Interest rates sit on both sides of that equation. When rates rise, Realty Income's borrowing costs climb, and the spread on new deals narrows. Rising rates also give income investors a risk-free alternative, which tends to pull REIT share prices down until their yields look competitive again. Falling rate pressure eases both problems at once.
That's what makes June's inflation data such a welcome development. With inflation running hot this spring, traders had been pricing in meaningful odds that the Fed would raise rates again. After Tuesday's report, those bets faded fast. Market pricing now points to an 86% chance the central bank holds steady at its July 29 meeting, according to CME FedWatch data.
Of course, one good inflation print doesn't settle anything. Inflation at 3.5% remains well above the Fed's 2% target, and June's improvement leaned heavily on falling gas prices, which can reverse. If inflation reaccelerates, the rate threat comes right back, and Realty Income's stock would likely feel it.
There are business risks, too. Realty Income's tenants are heavily concentrated in retail, where struggling chains can hand back keys. And AFFO growth of 3% to 4% a year will never make this a growth stock.
But the stock's valuation may already reflect those limitations. At about $63 per share as of this writing, the stock trades at roughly 14 times the midpoint of this year's expected AFFO, and about 7% below its 52-week high.
So that's the case. An annual yield above 5% from a portfolio that stays nearly full in good markets and bad, with three decades of dividend increases behind it -- and the rate pressure that has weighed on the stock is finally easing. Overall, I'd consider buying Realty Income here and let the monthly checks do the compounding.
GameStop dál usiluje o převzetí eBay, přestože eBay dříve odmítla nabídku za 56 miliard USD. Ryan Cohen říká, že chce z obou firem vytvořit podnik za 1 bilion USD.
GameStop CEO Ryan Cohen said Thursday (July 16) that the company continues to pursue an acquisition of eBay, Bloomberg reported Thursday.
In an interview with Bloomberg TV, Cohen declined to say whether he planned to raise his offer for the company but said “we’re coming for eBay one way or another,” according to the report.
EBay rejected a $56 billion offer from GameStop earlier this year, the report said.
Cohen said Thursday that he aims to turn the combined company into a $1 trillion business, in part by building a digital marketplace for video game items, taking advantage of synergies between the companies’ collectibles businesses, and using GameStop locations as hubs for authenticating trading cards, per the report.
“The pro forma company is going to be investment grade,” Cohen said.
PYMNTS reported May 3 that GameStop announced that it had submitted a nonbinding proposal to acquire 100% of eBay and that following closing, Cohen would serve as CEO of the new combined company.
In a letter to eBay, GameStop said that eBay had spent $2.4 billion on sales and marketing during fiscal year 2025 and added just 1 million net active buyers. GameStop pledged to cut around $1.2 billion in sales and marketing costs as part of $2 billion in annual cost reductions within 12 months of closing.
On May 12, PYMNTS reported that eBay rebuffed GameStop’s $56 billion acquisition offer and called the proposal “neither credible nor attractive.”
EBay said in an announcement that its board had reviewed the surprise takeover bid and decided to reject it based on eBay’s “standalone prospects,” “uncertainty” on how the deal would be financed, and the impact of the bid on its long-term profitability and growth.
GameStop said in a June 26 press release that its “leadership team remains focused on advancing the proposed acquisition of eBay” and that “additional materials regarding the proposed transaction are forthcoming.”
On July 7, GameStop said in a press release that its stockholders approved an increase in the number of authorized shares of Class A common stock and that this amendment “provides the Company with the capacity to issue common stock in connection with strategic acquisitions, including its proposed acquisition of eBay, Inc.”
Royal Gold oznámila rekordní tržby, cash flow a zisk za 1. čtvrtletí, včetně 391 milionů USD upravené EBITDA. Firma zároveň posílila růstový potenciál po akvizicích Sandstorm a Horizon.
Gold Is Testing Its 200-Day SMA—These 3 Mining Stocks Are the PlayRoyal Gold NASDAQ: RGLD highlighted recent acquisitions, stronger first-quarter results and an expanded development pipeline during a virtual non-deal roadshow hosted by Renmark Financial Communications.
Alistair Baker, senior vice president of investor relations and business development at Royal Gold, said the company’s investment thesis remains centered on “consistent cash flows from precious metals” through a royalty and streaming model, rather than direct mine ownership. He emphasized that the company is “not a mining company” and has limited direct exposure to operating cost inflation.
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The Best Way to Invest in Gold Is...Baker said Royal Gold has seen “a lot of news” over recent quarters that he believes has not yet been fully recognized by the market, adding that gold equities have been under pressure as gold “is taking a bit of a breather.”
Acquisitions Add Scale and Diversification Baker described 2025 as “a very active” and “transformational” year for Royal Gold. He cited the completion of the Sandstorm and Horizon corporate acquisitions, which he said closed in mid-October last year and added growth and diversification to the portfolio.
BHP Stock: The Under-the-Radar Growth Story in CommoditiesThe company also added gold streams at Kansanshi and Warintza. Baker said Kansanshi is a cash-flowing, “world-class copper mine in Zambia,” while Warintza is an emerging Tier 1 development project in Ecuador that Royal Gold hopes will become a world-class producing asset.
Royal Gold also reported internal portfolio developments, including a mine life extension at Mount Milligan to 2045 and potentially beyond. Baker also pointed to Barrick’s work at the Four Mile project in Nevada, which he described as “probably one of the best gold discoveries over the past several decades,” adding that Royal Gold has full exposure to it.
First-Quarter Results Set Records Baker said Royal Gold’s first quarter was the first period to include consolidated results reflecting the recent transactions. The company reported record revenue, cash flow and earnings, including $391 million in adjusted EBITDA for the quarter.
Since the middle of October, Royal Gold has repaid $800 million of debt, increased portfolio reserve life by about 25% from the prior year to 18 years, and sold more than $200 million of non-core equity positions inherited through Sandstorm, Baker said.
The company also raised its dividend at year-end for the 25th consecutive year. Baker said Royal Gold has paid a growing dividend since 2000 and has distributed more than $1 billion to shareholders over time.
Royalty Model Positioned as Lower-Risk Gold Exposure Baker said Royal Gold’s business is highly scalable, with 39 employees and low fixed costs. He said the company’s EBITDA margin in 2025 was 82%, while cash general and administrative costs were about 4% of revenue.
He contrasted the royalty and streaming model with mining operators, which face direct exposure to labor, energy and consumables inflation. Baker said Royal Gold’s costs are more stable, consisting largely of salaries, services and office rent, which should allow margins to expand when metal prices rise.
“Anything that impacts costs impacts margins,” Baker said, adding that higher energy prices could affect operator costs in upcoming quarterly results, while Royal Gold’s margins should remain comparatively consistent.
The company’s portfolio includes more than 360 assets, with about 80 producing revenue and about 30 in development. Baker said more than 250 assets remain at earlier stages, creating potential for future organic growth as projects advance.
Pipeline Includes Multiple Growth Catalysts Royal Gold pointed to several assets expected to contribute over time. Baker said Back River reached commercial production in October and should provide its first full year of contributions this year. Platreef began milling ore in the fourth quarter of last year, and Robertson at the Cortez Complex is expected to begin production in 2027.
Later in the decade, Baker said Royal Gold expects potential new production from Palomarin, Great Bear and Marimaca. After the turn of the decade, he said MARA and Four Mile could contribute in the 2030s.
He also highlighted expansion potential at existing assets, including Khoemacau, where Royal Gold expects about a 30% increase in silver deliveries starting around 2028. At Mount Milligan, Baker said the mine life extension represents “a lot of value” for the company.
Capital Allocation and Valuation in Focus Baker said Royal Gold’s capital allocation priorities remain reinvesting in the business with non-dilutive financing, maintaining a strong balance sheet and liquidity, and returning capital to shareholders.
The company recently added a $600 million accordion feature to its revolving credit facility and received board authorization for a $500 million share repurchase program. Baker said the buyback is discretionary and not tied to a formula or specific valuation levels.
In response to a question about leverage, Baker said Royal Gold could consider reaching three times net debt to EBITDA in “extreme circumstances” for a compelling acquisition, but would want to reduce leverage to two times within a reasonably quick period.
Asked about copper exposure, Baker said gold producers’ interest in copper projects is likely to continue because copper assets often have longer mine lives. He said this could create opportunities for royalty companies when copper projects contain precious metals components. Royal Gold is not targeting a specific revenue mix, he said, but remains comfortable with a portfolio that is about 90% precious metals and roughly 75% to 80% gold.
Baker said Royal Gold believes its share price is not reflecting the company’s recent performance, growth pipeline or the current gold price environment. He said the company is working to improve market understanding of its portfolio through investor outreach, an investor day and an asset handbook detailing the sources of revenue.
About Royal Gold (NASDAQ:RGLD)Royal Gold, Inc, headquartered in Denver, Colorado, is a leading precious metals streaming and royalty company. Through its business model, Royal Gold provides upfront financing to mining operators in exchange for the right to purchase a percentage of future metal production at predetermined prices. This structure allows the company to participate in production upside while minimizing exposure to the operating and capital-intensive aspects of mine ownership.
The company's portfolio encompasses interests in over 200 streams and royalties on projects across North America, South America, Europe, Africa and Australia.
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].
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For the quarter ended June 2026, Alcoa (AA - Free Report) reported revenue of $3.97 billion, up 31.4% over the same period last year. EPS came in at $2.12, compared to $0.39 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $3.91 billion, representing a surprise of +1.53%. The company delivered an EPS surprise of -9.01%, with the consensus EPS estimate being $2.33.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Alcoa performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Average realized third-party price per metric ton of alumina: $334.00 compared to the $319.06 average estimate based on two analysts.Average realized third-party price per metric ton of aluminum: $4,752.00 versus $5,009.54 estimated by two analysts on average.Average cost per metric ton of aluminum shipped: $2,481.00 versus the two-analyst average estimate of $2,578.81.Third-party alumina shipments in Tons: 1,618.00 Kmt versus 1,568.57 Kmt estimated by two analysts on average.Total sales- Aluminum: $3.34 billion versus the three-analyst average estimate of $3.34 billion. The reported number represents a year-over-year change of +70.1%.Total sales- Alumina: $1.09 billion versus $975.67 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -28.2% change.Third-party sales- Alumina: $552 million compared to the $489.67 million average estimate based on two analysts. The reported number represents a change of -34.5% year over year.Total Third-party sales: $3.97 billion versus the two-analyst average estimate of $3.99 billion. The reported number represents a year-over-year change of +31.9%.Total Third-party sales- Alumina (including Bauxite): $637 million versus the two-analyst average estimate of $585.03 million.Intersegment sales- Alumina: $453 million versus $430.47 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -3% change.Third-party sales- Aluminum: $3.33 billion versus the two-analyst average estimate of $3.4 billion. The reported number represents a year-over-year change of +70.3%.Third-party sales- Bauxite: $85 million versus $95.36 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -59.1% change.View all Key Company Metrics for Alcoa here>>>
Shares of Alcoa have returned -21.3% over the past month versus the Zacks S&P 500 composite's +0.5% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.
CTO Credo Technology Group Holding Ltd Chi Fung Cheng prodal přes rodinný trust Cheng Huang Family Trust 27 500 akcií za 6,6 milionu USD v rámci plánu 10b5-1. Po prodeji stále drží zhruba 3% podíl a akcie jsou za rok výše o 139%.
Chi Fung Cheng, the chief technology officer at Credo Technology Group Holding Ltd (CRDO 8.63%), sold 27,500 shares on July 14, 2026, according to a recent SEC Form 4 filing.
Transaction summaryMetricValueTransaction value$6.6 millionShares sold (indirectly held)27,500Post-transaction shares (directly held)140,358Post-transaction shares (indirectly held)5,854,870Post-transaction value$1.4 billionTransaction value based on SEC Form 4 weighted average sale price ($240.21); post-transaction value based on July 14, 2026 market close ($236.18).
Key questionsWhat were the specific parameters of this disposition?
The transaction was executed by the Cheng Huang Family Trust under a Rule 10b5-1 trading plan adopted on September 5, 2025. The trust is managed by Cheng Chi Fung and his spouse as trustees for the benefit of their family, and the sale was conducted in multiple trades at prices ranging from $235.79 to $250.49.How does this transaction relate to the insider's total equity exposure?
The sale of 27,500 shares represented a 0.46% reduction in the insider's total direct and indirect equity holdings. Following the trade, the insider continues to hold roughly 140,000 shares directly and 5.9 million shares indirectly, maintaining a 3% ownership stake in the company.What is the current market context for the company?
As of the July 15, 2026 market close, shares were priced at $226.74. At the time of the transaction on July 14, 2026, the stock had delivered a one-year total return of 139%, reflecting a period of significant appreciation for the semiconductor firm.Company OverviewMetricValueShare Price (as of market close 2026-07-15)$226.74Market Capitalization$42.3 billionRevenue (TTM)$1.3 billionNet Income (TTM)$472.3 millionCompany SnapshotCredo Technology Group designs and delivers advanced high-speed connectivity solutions, including integrated circuits, active electrical cables, and SerDes chiplets for optical and electrical Ethernet applications across global markets.The company generates revenue through the development and sale of proprietary semiconductor products and connectivity solutions that enable high-speed data transmission for enterprise and infrastructure customers.Credo's primary customer base includes leading technology and telecommunications companies requiring advanced connectivity infrastructure, with geographic presence spanning the United States, Mexico, China, Hong Kong, and other international markets.Credo Technology Group is a semiconductor specialist with a $42.3 billion market capitalization, generating $1.3 billion in TTM revenue with a net profit margin of approximately 36.3%. The company has established a competitive position through proprietary SerDes chiplet technology and integrated circuit solutions that address the growing demand for high-speed Ethernet connectivity in data center and telecommunications infrastructure applications.
What this transaction means for investorsThis filing effectively details a billionaire co-founder skimming a sliver off an enormous position, and it’s not a signal to chase. Cheng sold through his family trust under a plan set last September, and 27,500 shares clears less than half a percent of his roughly 6 million shares. Those holdings are worth well over $1.3 billion, so a founder who built the company's core SerDes technology parting with this little, on a preset schedule, after a 139% run, is basically diversifying.
He's also not the only insider selling on plan lately, which can look jumpy but reflects an inner circle taking profits after a historic stretch. Credo tripled fiscal 2026 revenue past $1.3 billion and grew non-GAAP net income more than fivefold to $662 million. Of course, the stock remains prone to volatility, having fallen over 30% from an all-time just a few weeks ago, but that seems more largely tied to broader sentiment in semiconductor names, as opposed to execution, which should matter more in the long run.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Simmons First National oznámila zisk na akcii 0,5 USD, což je pod odhadem 0,53 USD. Tržby činily 251,6 milionu USD a také mírně zaostaly za očekáváním.
Simmons First National (SFNC - Free Report) came out with quarterly earnings of $0.5 per share, missing the Zacks Consensus Estimate of $0.53 per share. This compares to earnings of $0.44 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -5.66%. A quarter ago, it was expected that this bank holding company would post earnings of $0.47 per share when it actually produced earnings of $0.47, delivering no surprise.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Simmons First National, which belongs to the Zacks Banks - Southeast industry, posted revenues of $251.6 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.18%. This compares to year-ago revenues of $214.18 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Simmons First National shares have added about 23.2% since the beginning of the year versus the S&P 500's gain of 10.6%.
What's Next for Simmons First National?While Simmons First National 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 Simmons First National 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 $0.54 on $257.38 million in revenues for the coming quarter and $2.08 on $1.01 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Southeast is currently in the top 34% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Capital City Bank (CCBG - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 21.
This bank holding company is expected to post quarterly earnings of $0.91 per share in its upcoming report, which represents a year-over-year change of +3.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Capital City Bank's revenues are expected to be $64 million, up 1.3% from the year-ago quarter.
Reddit (RDDT) v poslední seanci oslabil o 6,45 % na 185,26 USD, což bylo horší než pokles širšího trhu. Investoři sledují výsledky, které mají přijít 30. července 2026.
In the latest close session, Reddit Inc. (RDDT - Free Report) was down 6.45% at $185.26. The stock's performance was behind the S&P 500's daily loss of 0.51%. At the same time, the Dow lost 0.2%, and the tech-heavy Nasdaq lost 1.47%.
Coming into today, shares of the company had gained 19.33% in the past month. In that same time, the Computer and Technology sector lost 2.99%, while the S&P 500 gained 0.53%.
The upcoming earnings release of Reddit Inc. will be of great interest to investors. The company's earnings report is expected on July 30, 2026. The company is expected to report EPS of $0.99, up 120% from the prior-year quarter. At the same time, our most recent consensus estimate is projecting a revenue of $746.89 million, reflecting a 49.49% rise from the equivalent quarter last year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $4.83 per share and revenue of $3.25 billion. These totals would mark changes of +84.35% and +47.64%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Reddit Inc. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Empirical research indicates that these revisions in estimates have a direct correlation with impending 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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. At present, Reddit Inc. boasts a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Reddit Inc. has a Forward P/E ratio of 40.97 right now. This expresses a premium compared to the average Forward P/E of 20.31 of its industry.
The Internet - Software industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 89, placing it within the top 37% of over 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
SL Green oznámila, že její společný podnik SUMMIT Entertainment Ventures přivede imerzivní observatoř SUMMIT do Tokia. Jde o druhou oznámenou lokalitu v rámci rostoucího globálního portfolia, po úspěchu SUMMIT One Vanderbilt na Manhattanu a před očekávaným otevřením SUMMIT Paris v červnu 2027.
SUMMIT Entertainment Ventures to bring observatory experience to Tokyo July 16, 2026 18:37 ET | Source: SL Green Realty Corp
NEW YORK, July 16, 2026 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that SUMMIT Entertainment Ventures (SEV), the joint venture between SL Green and acclaimed artist Kenzo Digital, has reached an agreement to bring its world-renowned SUMMIT immersive observatory experience to the world’s third largest city, Tokyo. This destination will mark the second location announced as part of SEV's growing global portfolio, following on the heels of the success of SUMMIT One Vanderbilt in Manhattan and the opening of SUMMIT Paris anticipated in June 2027.
“Bringing the world-famous SUMMIT experience from New York City to Tokyo marks a monumental milestone for SL Green and our partnership with Kenzo Digital in one of the greatest cities in the world,” says Robert Schiffer, Executive Vice President, Development, SL Green. “The SUMMIT experience opening in Paris, and soon coming to Tokyo, will further our mission to bring transformative experiences to the most influential cultural markets around the globe.”
Helmed by Kenzo Digital Immersive (KDI), the artist behind the original SUMMIT One Vanderbilt, SEV will bring an evolution of SUMMIT’s signature design in New York City, that has become recognizable around the world, to the capital city of Tokyo.
“I am honored by the opportunity to create meaningful new art in Tokyo,” says artist Kenzo Digital. “My goal is to design an experience that is creatively innovative while honoring the principles that are fundamental to Japanese culture. I am deeply inspired by Japan’s remarkable traditions and practices that celebrate the natural world, ideas I will explore for a powerful and unique immersive experience.”
SEV began its global expansion with the forthcoming opening of SUMMIT Paris anticipated in June 2027, with more new locations around the globe to be announced. Crowning the top floors of Paris’ Triangle Building, SUMMIT Paris will complete the iconic skyline as part of the “last skyscraper” to be built in Paris.
Since opening in 2021, the original SUMMIT One Vanderbilt in New York City has welcomed nearly 10 million visitors and earned global recognition as the World Travel Awards’ Leading Tourist Attraction in North America (2024 and 2025), Tripadvisor Travelers’ Choice Awards, USA Today’s 10Best Immersive Art Experiences, Architizer’s A+ Awards, Fast Company’s Innovation by Design Awards, ELLE Magazine’s ‘Most Instagrammable Place in the World,’ and Tiqet’s Most Innovative Venue in the U.S.
About SL Green Realty Corp.
SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of March 31, 2026, SL Green held interests in 55 buildings totaling 30.8 million square feet which included ownership interests in 29.4 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 3 buildings totaling 0.8 million square feet owned by third parties.
About SUMMIT Entertainment Ventures (SEV)
SUMMIT Entertainment Ventures (SEV) is a global immersive experience business, offering end-to-end expertise across consultancy, experiential design, and operations — partnering with leading destinations to build, launch, and manage world-class experiential venues.
Forward Looking Statement
This press release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “continue,” or the negative of these words, or other similar words or terms.
Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.
Warren Buffett zopakoval, že Apple patří mezi jeho nejoblíbenější společnosti, i když se chystá změna na postu CEO. Berkshire v něm drží přes 70 miliard USD a podíl letos neprodala.
Warren Buffett stepped down as CEO of Berkshire Hathaway (BRKB +0.98%)(BRKA +0.73%) at the end of 2025, but he still speaks out on some of the conglomerate's investments. And in a CNBC interview on Wednesday, he made clear that his view of Apple (AAPL +1.72%) hasn't budged. It remains one of his favorite businesses, he said, even with a change at the top just weeks away.
That change is no small thing. Apple announced in April that longtime CEO Tim Cook will become executive chairman on Sept. 1, handing the chief executive job to hardware engineering chief John Ternus. A leadership handoff at one of the world's most valuable companies would normally give investors pause.
Buffett, whose Berkshire owns more than $70 billion in Apple stock, doesn't seem worried.
So does his continued conviction make the stock a buy near its record high? Let's take a look.
Image source: The Motley Fool.
A business Buffett knows well Buffett first bought Apple in 2016, and it has grown into Berkshire's single biggest position. It accounts for about 22% of the conglomerate's roughly $263 billion equity portfolio, according to its most recent quarterly filing, making it Berkshire's largest holding by a wide margin.
More telling still, Berkshire left the stake untouched in the first quarter, its first full period under new CEO Greg Abel. After years of steady trimming, standing pat amounts to a quiet vote of confidence.
Part of Buffett's ease with the succession may be that Apple's staying power doesn't rest on any one executive. Ternus has been at the company since 2001 and has run hardware engineering through the iPhone's most important years.
And the numbers he inherits are strong. In its fiscal second quarter (the period ended March 28, 2026), Apple's revenue rose 17% year over year to $111.2 billion, and earnings per share climbed 22% to $2.01. Both were March-quarter records.
iPhone revenue jumped 22% to a record $57 billion, powered by demand for the iPhone 17 lineup. Services revenue, meanwhile, hit an all-time high of about $31 billion, up roughly 16% year over year.
That services business is the quiet engine here, and it's the piece I'd watch most. It carries a gross margin near 75%, against about 39% for products, so as it outgrows the rest of the company, it steadily lifts Apple's overall profitability.
Zoom out, and the trajectory is the real story. Apple's revenue grew just 6% in fiscal 2025, then accelerated to that 17% pace in the March quarter. Management has guided for 14% to 17% growth again in the current quarter, which Apple will report later this month.
After several sluggish years, in other words, this is a business reaccelerating. That helps explain why Buffett is content to leave it as Berkshire's anchor holding through a CEO change.
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The price of that conviction But is the stock overvalued?
Apple stock climbed about 4% on Wednesday to roughly $328, a fresh record, and it is up more than 55% over the past year, well ahead of the S&P 500. At that price, shares trade at close to 40 times earnings -- a steep premium to the broader market's roughly 25. Even on next year's expected profits, the multiple eases only to the mid-30s.
But I think Apple stock is worth its premium.
Not only is the business accelerating, but it's also built on an enduring, proven brand and a loyal customer base. Then there's the potential for AI to further accelerate both its products and services businesses, as it gives customers reasons to upgrade and potentially opens the door to entirely new product categories.
Additionally, Buffett's conviction is worth taking seriously. Not only is he a renowned investor, but he's putting his money where his mouth is -- and he hasn't sold any Apple shares this year.
So, is Apple a buy up here? I think so.
Sure, there are risks. But I agree with Buffett on this one. Apple is a stock worth owning. With that said, it's worth being clear that Berkshire hasn't been buying Apple stock at this level -- least not that we know of. So it's not fair to say that Buffett thinks Apple stock is a buy. But he certainly likes owning it -- and he likes owning a lot of it. Further, Berkshire's position size is arguably already borderline oversized, so it makes sense he isn't adding.
AWS v 1. čtvrtletí zvýšila tržby meziročně o 28 % a backlog vzrostl na 364 miliard USD, tedy o 49 % oproti předchozím třem měsícům. Amazon letos plánuje kapitálové výdaje ve výši 200 miliard USD.
Amazon (AMZN 1.92%) brought in a jaw-dropping $182 billion in revenue in the first three months of 2026. While the majority of this sum came from its retail operations, the market undoubtedly spends more time focused on the company's cloud division, Amazon Web Services (AWS).
This isn't surprising. AWS posted a 28% year-over-year revenue gain in Q1, its fastest growth pace in more than three years. And AWS' operating income accounts for 59% of the overall company's total. These are impressive trends.
But investors should take a deeper look at the AWS growth story.
Image source: Amazon.
Double-click on the backlog metric Andy Jassy, who has been CEO of Amazon since taking over from founder Jeff Bezos in July 2021, highlighted the huge opportunity that the cloud segment is facing. As he wrote in his 2025 shareholder letter, "85% of global IT spend remains on-premises."
In recent years, the artificial intelligence (AI) market has taken a central position in the financial picture. "Our AI revenue is growing triple digits year over year," Chief Financial Officer Brian T. Olsavsky said on the Q1 earnings call. It's hard not to be bullish about the company after reading this.
The market places a lot of attention on a single metric for cloud computing leaders like Amazon: backlog, which indicates contracted (but not yet delivered) demand from customers. AWS had a $364 billion backlog as of March 31, up 49% from three months before.
And that figure didn't include the 10-year $100 billion deal with Anthropic signed in April. But it did include OpenAI's $138 billion spending commitment over the next eight years. These are the two most prominent AI labs out there, and both are weighing initial public offerings that would value the companies at more than $1 trillion.
The outlook for AWS is highly reliant on the ability of these two start-ups to fulfill their spending commitments. This puts its backlog on shakier ground.
As of May, Anthropic and OpenAI had a combined annualized revenue run rate of $72 billion. Their total yearly spending commitment to AWS of about $27 billion amounts to 38% of this sales figure. This isn't a cause for concern at first glance.
However, this doesn't count their spending obligations with other cloud providers, measured in the hundreds of billions of dollars. It also excludes operating expenses and the need to eventually produce a profit. There is tremendous uncertainty in the coming years, all dependent upon the ability of Anthropic and OpenAI to register skyrocketing revenues and build durable business models.
Amazon
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Say goodbye to free cash flow Amazon has said it will lay out $200 billion on capital expenditures this year, up 52% compared to 2025. The company will burn $11 billion in free cash flow in 2026, according to analysts' consensus estimates. Investors have to get used to this new financial reality.
On a positive note, Amazon has historically excelled at choosing where to invest with an eye toward the long term. Additionally, the sizable investments it's making could also benefit the overall business. The online marketplace, logistics network, Prime Video, and advertising segment, for example, are all leveraging its expanded AI capabilities.
Netflix has an engagement problem. So it's going to stop talking about it as much.
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Chief Correspondent covering media and technology
Netflix co-CEO Ted Sarandos is walking away from the company's practice of releasing viewer data twice a year. Kevin Dietsch/Getty Images Wall Street worries that Netflix has a problem with engagement — an issue you can see in the audience numbers the streaming giant periodically releases.
No problem, says Netflix: It will deal with that problem by … releasing audience numbers less often.
Netflix says it is going to stop putting out its "What We Watched" report — a voluminous data dump that details viewership for thousands of individual shows and movies — twice a year, as it has been doing since December 2023, and just did Thursday.
Instead, it is going to provide the information once a year.
Why? The company is relatively candid about this in the investor letter it released Thursday afternoon: It wants Wall Street to stop focusing on the performance of its shows and movies.
"The goal of separating the publication of the report from our earnings results is to keep the focus on our primary financial metrics — revenue and operating profit," the company said.
The flip side to that argument: If Netflix felt good about its engagement numbers, it would share them more often.
If you are a close Netflix observer, this move will have a familiar echo. In April 2024, Netflix announced it would no longer release subscriber data every quarter. And it used a similar rationale: It wanted Wall Street to stop paying attention to subscriber data and focus on other metrics instead.
Here, it's important to note that Netflix isn't required to release either data sets, at all. And that many of its competitors — including YouTube, its most formidable foe — provide very little data about their services.
So even though the company has become meaningfully less transparent over the last couple years, it still leads its peer set, by a lot. And while some of the impetus in releasing viewership numbers is to impress Wall Street, it isn't the only reason. Netflix also uses those numbers to woo Hollywood talent who worry their shows and movies may get lost amid all the streamer's offerings.
But the most important context here is the obvious one: Netflix has been getting grief from analysts and investors about worrying trends evident from the data that it has been putting out. The main one: Netflix subscribers appear to be spending less time with Netflix content than they have in the past.
And this month, Bloomberg highlighted that issue — using data directly from Netflix — with a report that showed that some of Netflix's biggest shows are seeing a steep drop-off in their second seasons.
Netflix has multiple answers to engagement worriers. It says that its engagement numbers are actually good, for starters. And on the company's earnings call on Thursday, co-CEO Ted Sarandos insisted that the company's second-season drop-offs are much less than its peers, for instance.
More broadly, the company has been arguing for a while that "quality of engagement" matters more than sheer tonnage. "As we've developed an increasingly sophisticated understanding of how consumers ascribe value to our service, we know not all hours are equal," the company said in its investor letter.
Still, you can tell Netflix is quite sensitive about the engagement issue: The word "engagement" shows up 13 times in Thursday's investor letter.
I don't know whether Wall Street will care about any of this. For years, investors obsessed about Netflix subscriber numbers — so much so that every other entrant in the streaming wars went out of their way to boast about their subscriber numbers. Then Netflix moved on, and investors seemed to move on, too.
But in the last year, Netflix stock has performed miserably, down 40%. A big chunk of that decline came from investors who worried about Netflix's plan to buy Warner Bros. Discovery for $83 billion — partly because they didn't like the idea of Netflix laying out that much cash and taking on debt, and partly because of the suggestion that Netflix felt it needed to spend that much to goose growth again.
But even though Netflix ended up walking away from that deal, it didn't solve its stock problem. Maybe this will help.
Read next
Peter Kafka You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.
Peter covers media and technology for Business Insider; previously he has worked at Vox, Recode, AllThingsD, and Forbes. He was also the first hire at Silicon Alley Insider, Business Insider's predecessor.
Netflix uvedl, že ve 3. čtvrtletí čeká růst tržeb o 12 % a za celý rok o 13 % až 14 %. Tahounem mají být přírůstky předplatitelů, vyšší ceny a reklama.
MarketBeat Week in Review – 06/29 - 07/03Netflix NASDAQ: NFLX executives said the company remains on track for its 2026 financial plan, pointing to continued subscription growth, pricing gains, rising advertising revenue and a broadening content strategy during the company’s second-quarter earnings interview.
CFO Spence Neumann said Netflix is guiding for 12% reported revenue growth in the third quarter and 11% growth on a foreign-exchange-neutral basis. He said the drivers are “very similar to Q2,” led primarily by subscription revenue growth from membership gains and pricing, along with higher advertising revenue.
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Netflix Stock Is Near 2021 Levels, and Bulls See 4 Reasons to Care“We continue to see healthy acquisition and retention trends on the membership side, and our recent price adjustments are going well on the pricing side,” Neumann said.
For the full year, Neumann said Netflix expects 13% to 14% top-line growth, or roughly 12% on an FX-neutral basis, representing about $6 billion of incremental revenue year over year. He also emphasized that management is focused on the full year rather than quarter-to-quarter fluctuations.
The Netflix-Lionsgate Rumor Exposed a Bigger Shift in Media M&ANeumann said Netflix believes it still has significant room to grow, estimating the company is less than 45% penetrated into about 800 million addressable households globally, has captured about 7% of an addressable revenue market of approximately $670 billion, and accounts for about 5% of global TV viewing share.
Engagement Metrics Remain a Focus Co-CEO Greg Peters addressed investor questions about viewing hours and engagement, saying there is not a direct linear relationship between raw viewing hours and revenue or profit. He cited live programming as an example, noting that live content is expected to account for about 5% of Netflix’s content budget this year but only about 1% of view hours. However, Peters said six of Netflix’s top 10 new member sign-up days over the past five years have come from live events.
By contrast, Peters said kids and family animation series are also expected to represent about 5% of content spending but about 8% of view hours. He said Netflix evaluates engagement across quality, variety and quantity, rather than relying only on total hours viewed.
On the quantity side, Peters said viewing hours grew 2% in the first half of 2026, an incremental 1.5 billion hours compared with the same period last year. He said that was a slight acceleration from 1.5% growth in 2025.
“It’s combined quality, variety, and quantity of engagement that translates into satisfaction and value for members,” Peters said, adding that Netflix continues to see “industry-leading retention,” increased willingness to pay and strong advertiser demand.
Content Spending and Slate Performance Co-CEO Ted Sarandos said most of Netflix’s programming spending continues to go toward core TV series and films, where he said the company has a long track record of generating member value and business returns. Sarandos said Netflix is forecasting content expense to rise about 10% this year, above the 8% average over the last five years but below the 14% average over the past decade.
Sarandos pointed to several second-quarter releases as evidence of the slate’s performance, including “I Will Find You,” which he said was Netflix’s biggest original series launch this year, and “Swapped,” which he said is on track to become the company’s second-biggest original animated film behind “K-Pop: Demon Hunters.”
He also highlighted regional programming, including the South Korean show “Teach You a Lesson,” which he said is on track to become the second-most-watched South Korean show globally on Netflix and the company’s biggest series in South Korea. Sarandos also cited “The Polygamist,” adapted from a Zimbabwean novel for South Africa, and “Rosario Tijeras” in Latin America.
Asked about concerns over second-season viewership declines, Sarandos said Netflix is not seeing a material change in aggregate second-season viewing compared with first seasons. He said second seasons are performing within expectations and that second-season falloff has “slightly improved” this year compared with last year. He also said there are no changes to Netflix’s release strategy.
Live Events, Partnerships and New Formats Sarandos said live programming is playing an important role in driving acquisition, accelerating advertising revenue and generating conversation. He cited the World Baseball Classic in Japan, which he said became Netflix’s most-watched program ever in Japan and the biggest baseball streaming event ever.
While Sarandos said such live events can show slightly higher churn because they drive disproportionate sign-ups, he said results were in line with expectations and Netflix plans to continue expanding its global live event calendar, including regional live events.
Peters also discussed Netflix’s partnership with TF1 in France, saying the integration is still early at four weeks but that the company is pleased with the performance so far. He said the arrangement adds local French programming for members while maintaining a distinct product experience for TF1’s brand.
Asked about a potential free ad-supported streaming television, or FAST, offering, Peters said a free option could make sense in some markets, but Netflix must be thoughtful about cannibalization of paid tiers and would need an effective scaled advertising business in the relevant country. He said Netflix has no near-term plans to launch such an offering.
Sarandos said Netflix is encouraged by early progress in vertical clips and video podcasts, saying podcasts are driving incremental viewing, particularly during daytime hours and on mobile. He cited partnerships with publishers including Condé Nast, Hearst and People, as well as programming involving creators and brands such as Martha Stewart, “The Breakfast Club,” the official “Bridgerton” podcast, Bill Simmons, Pete Davidson and Brian Williams.
Advertising, Pricing and Games Peters said Netflix manages its advertising business for total revenue growth and sees an opportunity to narrow the gap between average revenue per membership on the ad tier and the standard ad-free tier. He said Netflix has expanded demand sources, continued building its own ad technology stack, added products and measurement tools, and made it easier for advertisers to transact with the company.
On pricing, Peters said recent increases in markets including the U.S., Mexico and Spain have gone well and are consistent with prior price changes and expectations. He said Netflix evaluates whether it has delivered sufficient member value before raising prices.
Peters also discussed Netflix’s video game strategy, saying the gaming market represents about $150 billion in consumer spending excluding China and Russia and not including advertising revenue. He said cloud-based TV games are showing positive signs, with FIFA and Unhinged becoming Netflix’s two most successful cloud game debuts. Since scaling the cloud initiative last October, Peters said monthly active players for cloud games have increased 11 times.
AI, M&A and Capital Allocation Sarandos said generative AI is beginning to affect hundreds of Netflix productions, with workflows used in roughly 300 titles, especially in post-production. He said the tools are helping with complex shots and sequences, including crowd enhancements and historical battle scenes, while allowing some work to be completed faster and more efficiently.
Sarandos cited the documentary series “The American Experiment,” which he said includes 17 minutes of AI-enhanced footage produced twice as fast and at half the cost of prior options. He said any cost savings are likely to be reinvested into more content.
Asked about media consolidation and speculation around acquisitions, Sarandos said Netflix would not comment on market speculation and reiterated that the company is “primarily builders, not buyers.” Neumann said there is no change to Netflix’s capital allocation philosophy, which includes investing in the business, maintaining liquidity and a healthy balance sheet, and returning excess cash through share repurchases.
Neumann said Netflix repurchased $4.7 billion of shares in the second quarter, its largest quarterly repurchase in company history, and still has about $27 billion of capacity remaining under its authorizations.
About Netflix (NASDAQ:NFLX)Netflix, Inc NASDAQ: NFLX is a global entertainment company that provides subscription-based streaming of films, television series, documentaries and other video content. Founded in 1997 by Reed Hastings and Marc Randolph and headquartered in Los Gatos, California, the company began as a DVD-by-mail rental service and introduced streaming video in 2007. Netflix later expanded into producing and distributing original programming, beginning notable original hits in the 2010s, and now operates a content production and distribution ecosystem alongside its licensing activity.
The company's primary product is its on-demand streaming service, which can be accessed on a wide range of internet-connected devices and delivered through a suite of apps and web platforms.
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Should You Invest $1,000 in Netflix Right Now?Before you consider Netflix, you'll want to hear this.
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Netflix odmítá velké akvizice a říká, že je „primárně stavitel, ne kupující“. Firma zároveň uvedla, že nemá žádné krátkodobé plány na spuštění FAST kanálů.
Netflix Co-CEOs Ted Sarandos and Greg Peters used the company’s second-quarter earnings interview to try to clear the air regarding prospects for M&A, strategic partnerships and FAST channels.
Responding to a question about Lionsgate or NBCUniversal, both considered prime suspects in the current wave of consolidation, Sarandos told Wall Street analysts he wanted to remind them of the company’s “core philosophy.” Netflix has “multiple ways to achieve our goals,” he added, among them “producing, licensing, partnering. And we’re constantly seeking ways to allocate our resources to the most attractive options.”
Repeating the same mantra that Peters offered up last fall as reports swirled about a potential run at Warner Bros. Discovery, Sarandos said, “We’re primarily builders, not buyers. That remains the case today. So, others will speculate about our intentions because they have their own reasons for that. But our track record is clear that we have a very high bar to do any big M&A.”
The remarks came after the company reported mixed second-quarter results and predicted a slight slowdown in growth in the third quarter. The numbers and projections seemed to only add to existing skepticism on Wall Street, sending Netflix shares down nearly 9% in after-hours trading. The stock has fallen more than 40% over the past year, and did not rebound after Netflix abandoned its bid for WBD and ceded the prize to Paramount (collecting a $2.8 breakup fee in the process). Questions have lingered since the merger battle, chiefly about why Netflix felt it needed to attempt by far the priciest M&A deal in its history and also whether it would feel compelled to explore other deals in the current climate of consolidation.
Peters, who steered the company’s milestone partnership with French broadcaster TF1, was asked about early takeaways from the venture and whether it might consider similar arrangements with other partners. There have been reports, for example, about NBCU streamer Peacock potentially looking to forge a partnership with Netflix. The company doesn’t do many bundles, though it is part of Comcast’s Xfinity StreamSaver package.
“Since the very beginning when we launched our streaming service, we’ve always sought to expand the entertainment offering,” Peters said. “Our members consistently tell us that they want more from us. We see that in the usage behavior. We see it any kind of testing or modeling we do around the space. And I would say that fulfilling on that customer desire for more has really been the driver for growth for our business for the last two decades. This partnership with TF1 is yet just another approach to expanding that offering.”
With a global footprint of 330 million households, he added, “We believe that we can help other producers, other services maximize the value and the relevance of the content that they invest in by finding those bigger audiences. And we have many, many examples of this effect, including now, in this new model with TF1.”
Given the TF1 integration only took effect last month in France, “it’s early,” Peters said. “There’s a bunch that we’ll learn through this process, but we are pleased with the performance we are seeing. … The early results from how members are reacting, how they’re interacting are very promising.”
While no follow-on agreements are ready to announce, Peters added, “if we see additional deals that similarly serve our members, that work for our partner, that work for us, we’ll certainly consider them.”
FAST channels, which have become a multi-billion-dollar category explored by virtually every rival streamer, remain uncharted territory for Netflix. Numerous press reports in recent months have speculated that the company could license third-party programming or use its existing library to launch FAST channels, which could potentially boost advertising revenue and subscriber levels.
“Maintaining and increasing accessibility, especially as we expand our content offering around the world, add new customer segments, that’s a critical focus and goal for us,” Peters said. “Optimizing long-term revenue is the other big goal. A free offering could make sense in some markets, but we have to be thoughtful about cannibalization of pay tiers. We’ve got to ensure that we’ve got the right offering, the right differentiation, differentiation of that offering.”
Peters added that “an effective, scaled ads business in any candidate country for such an offering is clearly an important enabling factor to make those economics work.” Given that Netflix only recently expanded its ad tier beyond its initial 12-territory footprint, it would need time to continue maturing.
“That’s all to say that free is something that we’re gonna continue to consider, but we have no near term plans to launch something,” Peters said.
Netflix čeká v roce 2026 růst výdajů na obsah zhruba o 10 % na asi 20 miliard USD. Generativní AI už použil v asi 300 titulech a zrychluje i zlevňuje postprodukci.
Streaming giant Netflix anticipates content spending (of about $20 billion) will be up around 10% in 2026, accelerating from 8% increases over the last five years but below the 14% the company averaged over the past decade. Live, now a focus, will be about 5% of total.
The higher outlay comes even as generative AI lowers costs, allowing the streamer to make “higher quality output more quickly and efficiently,” said co-CEO Ted Sarandos in a video call after quarterly earnings Thursday. He said Gen AI workflows have been used in roughly 300 Netflix titles, concentrated in post-production.
“We’re leveraging Gen AI for really complicated shots and sequences… enhancing crowds, or historical battle scenes, those kind of things,” he added. “And keep in mind that that in many of the cases productions would have left out those key shots because they just wouldn’t have been able to afford them. So they’re saved by availability and access to these Gen AI tools.”
AI use cases “are scaling faster and faster,” he said. Documentary series The American Experiment features 17 minutes of AI-enhanced footage, which was “produced twice as fast and at half the cost of previous options.”
Cost savings will likely be reinvested in more content on the service, which fuels engagement and the “whole revenue, profit flywheel.”
The comments followed lackluster second quarter financials with execs on the defensive as analysts grilled the company on what Wall Street perceives as a bit of a slump.
Live was a big topic as the streamer continues to ramp up its slate. Sarandos lauded live programming for driving subscriber acquisitions, accelerating ad revenue, fueling conversation and helping launch new shows. It’s been expanding its live sports lineup. He also called out The Roast of Kevin Hart and the MLB Home Run Derby, which was followed by an exclusive Hot Ones special (via a partnership with Sean Evans) shot at a baseball stadium with guest Will Ferrell, whose new series The Hawk just debuted on Netflix.
It’s “a cool example of the intersection between our core series, our expansion to creator content … plus live sports,” Sarandos said.
He also touted new vertical video clips, podcasts and content deals with publishers including Condé Nast, Hearst and People that will bring more lifestyle programming, saying, “Over the last 15 years, the definition of TV has broadened and our definition has changed along with it.”
Netflix uvedl, že sledovanost v 1. pololetí 2026 vzrostla o 2 % oproti 1,5 % v roce 2025. Zároveň ale od příštího roku bude report o sledovanosti zveřejňovat jen jednou ročně.
LOS ANGELES, CALIFORNIA - DECEMBER 05: An aerial view of the Netflix logo displayed at Netflix studios, with the Hollywood sign in the distance, on December 5, 2025 in Los Angeles, California. Netflix and Warner Bros. Discovery, Inc. have announced an $82.7 billion deal for Netflix to acquire Warner Bros. film and TV studios, HBO Max, and HBO. (Photo by Mario Tama/Getty Images)
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Netflix earnings numbers are always highlighly anticipated by media industry analysts and investors, given its size and influence in the streaming television business.
But this Q2 2026 earnings report was especially important because it came at the end of a couple of weeks of bad press, including a discussion about whether or not audience engagement numbers are dropping at the streamer.
And when the company released its 8-K form on Thursday, ahead of a conference call discussing the numbers by Netflix executives, the earnings numbers had a lot of things to worry about if you are an investor in the company.
If reading the 8-K was a drinking game in which you did a shot every time the document mentioned “engagement,” you’d be drunk before you got halfway through the 20-page document.
Netflix wants you to know that despite the press reports, their subscriber engagement numbers are just peachy:
We’re delivering increasing value to our members; engagement is healthy, reflecting the quality, quantity, and variety of our offering...View hours grew +2% in H1’26 vs. +1.5% growth in 2025, despite the competitive impact of the Winter Olympics and the World Cup this year.
Netflix is also arguing that while engagement numbers are important, there are other metrics that are as or more important when it comes to judging the overall success of the company:
We’ve used “engagement” as a shorthand for the value we deliver members. But, as we’ve developed an increasingly sophisticated understanding of how consumers ascribe value to our service, we know not all hours are equal. Time spent is just one aspect of strong engagement - quality and variety also matter. The key is to improve across all of those dimensions: quality, variety, and quantity.
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I’m not convinced that the argument “sure, engagement is an issue, but have a lot of titles people like” is a winning approach. Especially at the same time in which the streamer announced that next year, it will release the “What We Watched” report on an annual basis only. That report tracks viewing numbers and engagement on Netflix.
There were some interesting data points mentioned in the 8-K, although there wasn’t much provided in the way of context:
For instance, approximately half of our viewing occurs in the evening, but our recently launched video podcasts over-index on viewing during the day and on mobile devices, an indicator that this engagement is incremental.
Presumably, the other half of Netflix’s viewing occurs in the daytime hours. And what exactly does “over-index” mean when discussing am initiative which is still being rolled out?
Also, this video podcasts initiative has been partially limited to more mature markets such as North America, the UK, Europe and Australia. So how do engagement numbers in the territories with podcasts compare to those places where subscribers don’t have access? What do the financials for the video podcast deals look like? How long do the deals last?
But let’s not forget engagement:
Overall, our engagement remains healthy and as with all things we do, we’re working hard to improve every day.
And in fact, during a call company executives held with analysts and reporters after the 8-K was released, Co-CEO Ted Sarandos argued that engagement issues were “very common” in the industry (something I wrote about earlier in the week) and he also said that Netflix’s engagement numbers have recently improved somewhat:
“We are not seeing any material change in our second season viewing compared to season ones, our second seasons are performing well within our bands of expectation. Very often we see drop off from season one to season two. It’s very common in the industry, but it’s even more so with us because we launch our shows so big. When we look across the entire portfolio, across all the regions, all the content categories, our season two fall off is actually slightly improved this year relative to last year. Now, of course, you can pick any five data points to tell any story you want, but I’m going to repeat this: our season two fall off is actually slightly improved this year relative to last year.”
As for live events, the news is mixed for Netflix. Company executives noted that live events accounted for six of the top 10 new member sign-up days over the past five years. Which makes sense given that in mature markets, most likely subscribers have already joined. So live events provides a unique entry point for more reluctant subscribers.
Still, Netflix noted that while live programming accounts for more than 5% of its content spending, it makes up only about 1% of viewing hours.
However, the biggest challenge for investors and analysts is that the decision by Netflix to report engagement numbers less frequently only adds to the list of basic financial and strategic metrics that aren’t being reported anymore by the company. Or other companies in the streaming sector, to be fair.
As I wrote about in my Too Much TV newsletter after Netflix’s Q1 2026 report, it’s almost impossible to determine the success or failure of strategy at the company given the lack of details that would be reported by companies in other industries.
While Netflix likes to focus on revenue, it’s more important to be able to figure out where that revenue comes from and what a company has to do in order to generate it. And the standard across most industries is what is called the CLV - customer lifetime value. Which is the average amount of revenue each new and current customer is expected to generate over the life of their subscription.
Which means that you calculate the CLV by average revenue per account, times the gross margin, divided by the average subscriber churn rate.
And we don’t have any of those numbers. The scant top-line information Netflix provides is broken down by territory. And that means countries with higher ARPAs are combined with countries with much lower ARPAs and then averaged across the territory.
There is no way to know what strategies are successful or where weaknesses might be bubbling up.
I have been covering Netflix since it was a one-DVD warehouse in the SF Bay area. I have been supportive of a lot of the decisions made by the company over the years. But it is uniquely frustrating to cover a company what ends up making me feel as if I’m trying to cover the decisions of the Wizard Of Oz while he’s hiding behind billows of smoke and a giant curtain.
The latest implementation of a shifting retail strategy was the spark that lit the fuse under Verizon Communications (VZ +2.37%) stock on Thursday. Cheered by the move, investors pushed the big telecom's stock up by more than 2%, on a day when the S&P 500 index only ticked up by 0.4%.
Franchises on the rise Verizon announced that it aims to sell 274 of its stores around the U.S., and cut roughly 500 corporate jobs as part of a broader restructuring program.
Image source: Verizon Communications.
All told, this round of store transitions will affect around 3,000 of the company's retail and corporate employees. The stores are to be sold to third parties that will operate them under franchise agreements; many of the affected workers would likely be retained by those entities.
Increasingly, Verizon's retail outlets are being managed under the franchise model. Currently, around 5,000 company stores are run in this manner. Following the sale announced on Thursday, Verizon will directly operate only about 1,000 of its outlets.
Just after current CEO Dan Schulman took the reins last October, the company announced plans to cut roughly 15% of its workforce, or around 13,000 people. This is partly in anticipation of artificial intelligence (AI) taking over certain functions, such as aspects of customer service.
Other components of this corporate makeover include a recently introduced, simplified service plan for clients and a refreshed loyalty program.
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The dividend difference While it's never heartening to learn of potential job cuts, the silver lining is that the current program could result in a genuinely leaner, more efficient Verizon if done well. Shareholders would currently welcome the return of solid growth for the company, but as it stands, it's a reliable (if unspectacular) performer that pays a handsome, high-yield dividend (over 6%).
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends Verizon Communications. The Motley Fool has a disclosure policy.
Synopsys uzavřel na 417,03 USD, což představuje denní pokles o 1,94 % a za poslední měsíc ztrátu 7,9 %. Investoři sledují blížící se výsledky, trh očekává EPS 3,68 USD a tržby 2,44 miliardy USD.
In the latest trading session, Synopsys (SNPS - Free Report) closed at $417.03, marking a -1.94% move from the previous day. This change lagged the S&P 500's daily loss of 0.51%. On the other hand, the Dow registered a loss of 0.2%, and the technology-centric Nasdaq decreased by 1.47%.
The maker of software used to test and develop chips's stock has dropped by 7.9% in the past month, falling short of the Computer and Technology sector's loss of 2.99% and the S&P 500's gain of 0.53%.
The upcoming earnings release of Synopsys will be of great interest to investors. The company is predicted to post an EPS of $3.68, indicating a 8.55% growth compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $2.44 billion, up 40.31% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $14.75 per share and revenue of $9.69 billion. These totals would mark changes of +14.25% and +37.37%, respectively, from last year.
Investors should also pay attention to any latest changes in analyst estimates for Synopsys. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
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 remained stagnant. Synopsys is currently sporting a Zacks Rank of #1 (Strong Buy).
In terms of valuation, Synopsys is presently being traded at a Forward P/E ratio of 28.83. This expresses a premium compared to the average Forward P/E of 16.49 of its industry.
Meanwhile, SNPS's PEG ratio is currently 1.8. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Computer - Software industry had an average PEG ratio of 1.26 as trading concluded yesterday.
The Computer - Software industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 95, this industry ranks in the top 39% of all industries, numbering over 250.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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.
GOLDEN, Colo. & MONTREAL--(BUSINESS WIRE)--The Board of Directors of Molson Coors Beverage Company (NYSE: TAP, TAP.A) today declared a regular quarterly dividend on its Class A and Class B common stock of US$0.48 per share, payable September 18, 2026, to stockholders of record on August 28, 2026. The quarterly dividend is payable to holders of Class A and Class B common stock of Molson Coors Beverage Company.
In addition, the Board of Directors of Molson Coors Canada Inc. (TSX: TPX.B, TPX.A) today declared a quarterly dividend of approximately CAD$0.67 (the Canadian dollar equivalent of the dividend declared on Molson Coors Beverage Company stock), payable September 18, 2026, to its Class A and Class B exchangeable shareholders of record on August 28, 2026. The dividends declared in respect of the Class A and Class B exchangeable shares are eligible dividends for Canadian tax purposes.
OVERVIEW OF MOLSON COORS BEVERAGE COMPANY
For more than two centuries, we have brewed beverages that unite people to celebrate all life’s moments. From our core power brands Coors Light, Miller Lite, Coors Banquet, Molson Canadian, Carling and Ožujsko to our above premium brands, including Madrí Excepcional, Staropramen, Blue Moon Belgian White and Leinenkugel’s Summer Shandy, to our value brands like Miller High Life and Keystone Light, we produce many beloved and iconic beers. While our history is rooted in beer, we offer a modern portfolio that expands beyond the beer aisle as well, including flavored beverages like Vizzy Hard Seltzer and Monaco, spirits and non-alcoholic beverages. We also have partner brands, such as Simply Spiked, ZOA Energy, and Fever-Tree, among others, through license, distribution, partnership and joint venture agreements. As a business, our ambition is to be the first choice for our people, our consumers and our customers, and our success depends on our ability to make our products available to meet a wide range of consumer segments and occasions.
To learn more about Molson Coors Beverage Company, visit molsoncoors.com.
ABOUT MOLSON COORS CANADA INC.
Molson Coors Canada Inc. ("MCCI") is a subsidiary of Molson Coors Beverage Company (“MCBC”). MCCI Class A and Class B exchangeable shares offer substantially the same economic and voting rights as the respective classes of common shares of MCBC, as described in MCBC’s annual proxy statement and Form 10-K filings with the U.S. Securities and Exchange Commission. The trustee holder of the special Class A voting stock and the special Class B voting stock has the right to cast a number of votes equal to the number of then outstanding Class A exchangeable shares and Class B exchangeable shares, respectively.
Lemonade snížila podíl převedeného pojistného na zajišťovatele z 20 % na 18 % a od 1. července si ponechává více rizika. Firma tím dává najevo větší důvěru ve své modely AI a zlepšující se underwriting.
Long before artificial intelligence (AI) went mainstream with tools like OpenAI's ChatGPT, Lemonade (LMND 2.24%) harnessed AI to rethink insurance. From simplifying the process of purchasing coverage to streamlining claims processing, Lemonade made waves across the insurance industry when it went public in 2020.
It's been a bumpy ride for Lemonade investors, who saw the stock surge to $188 per share following its public debut, only to fall to around $10 per share in late 2023. Lately, the company has found its footing, seeing progress in its underwriting models, and has decided to trust them and transfer less risk to its reinsurer.
With Lemonade reducing its reinsurance coverage, investors may be wondering whether this signals confidence in its improving models or a warning that extra risk may not be worth the squeeze. Let's dive into the numbers to find out.
Image source: The Motley Fool.
Lemonade's AI-driven insurance business is making strides Lemonade has spent the past several years upending the insurance industry with its AI-centric business model. The company has taken many traditional insurance practices -- from pricing, claims, and customer service -- and incorporated AI into them to automate processes, lower operating costs, and improve underwriting capabilities.
The insurance industry is notoriously difficult to break into because legacy competitors have major competitive advantages through decades of accumulated risk data, established distribution networks, and recognized brand names. Because competition in the space is fierce, companies must navigate an environment in which they can price risk appropriately to build their customer base while maintaining prudent risk management.
In recent years, Lemonade has made tremendous progress in improving its gross loss ratio, which measures losses and loss adjustments (claims costs) relative to gross earned premiums. In the first quarter, Lemonade's 62% gross loss ratio was a drastic improvement from 83% in Q1 2024 and 73% in the first quarter of last year.
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Here's why Lemonade's recent move matters to investors As Lemonade's AI-driven underwriting improves, the company has reduced its quota-share reinsurance transfer (ceded premiums) from 20% of gross written premiums to 18%. Reinsurance is used by insurance companies to transfer a portion of risk to other insurers, and on July 1, the company renegotiated its reinsurance agreement to retain more risk.
Lemonade accomplished this while strengthening protection against the most severe catastrophe scenarios, suggesting management and its reinsurer are more confident in its underwriting and willing to assume more ordinary insurance risk without increasing exposure to extreme losses.
Data by YCharts.
For investors, the move exposes Lemonade to additional risks but also indicates that the company is growing into a more mature insurer, as it trusts its AI-driven underwriting to deliver more consistent results. The company still needs to improve its overall profitability, but with its improving loss ratio and higher retained premiums, Lemonade looks like a promising insurance growth stock with long-term upside potential.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- The board of directors of Texas Instruments Incorporated (Nasdaq: TXN) today declared a quarterly cash dividend of $1.42 per share of common stock, payable August 11, 2026, to stockholders of record on July 31, 2026.
About Texas Instruments
Texas Instruments Incorporated (Nasdaq: TXN) is a global semiconductor company that designs, manufactures and sells analog and embedded processing chips for markets such as industrial, automotive, data center, personal electronics and communications equipment. At our core, we have a passion to create a better world by making electronics more affordable through semiconductors. This passion is alive today as each generation of innovation builds upon the last to make our technology more reliable, more affordable and lower power, making it possible for semiconductors to go into electronics everywhere. Learn more at TI.com.
Targa Resources schválila čtvrtletní dividendu 1,25 USD na akcii, tedy 5,00 USD anualizovaně. Výsledky za 2. čtvrtletí 2026 oznámí před otevřením trhu 6. srpna.
July 16, 2026 17:00 ET | Source: Targa Resources Corp.
HOUSTON, July 16, 2026 (GLOBE NEWSWIRE) -- Targa Resources Corp. (NYSE: TRGP) ("Targa" or the "Company") announced today that its board of directors has declared a quarterly cash dividend of $1.25 per common share, or $5.00 per common share on an annualized basis, for the second quarter of 2026. This cash dividend will be paid August 14, 2026 on all outstanding common shares to holders of record as of the close of business on July 31, 2026.
The Company will report its second quarter 2026 financial results before the market opens for trading on Thursday, August 6, 2026, and will host a live webcast at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to discuss its 2026 second quarter financial results.
Event Information
Event: Targa Resources Corp. Second Quarter 2026 Earnings Webcast and Presentation
Date: Thursday, August 6, 2026
Time: 11:00 a.m. Eastern Time (10:00 a.m. Central Time)
Webcast: www.targaresources.com under "Events and Presentations" or directly at https://edge.media-server.com/mmc/p/o7q55fuf/lan/en/
Replay Information
A webcast replay will be available at the link above approximately two hours after the conclusion of the event. A quarterly earnings supplement presentation and updated investor presentation will also be available under Events and Presentations in the Investors section of the Company’s website prior to the start of the conference call, or directly at https://www.targaresources.com/investors/events.
About Targa Resources Corp.
Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary domestic infrastructure assets and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world. The Company’s assets connect natural gas and NGLs to domestic and international markets with growing demand for cleaner fuels and feedstocks.
Targa is a FORTUNE 500 company and is included in the S&P 500.
For more information, please visit the Company’s website at www.targaresources.com.
Forward-Looking Statements
Certain statements in this release 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. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements, including statements regarding the Company’s projected financial performance, capital spending, payment of future dividends and stock repurchase activity. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Company’s control, which could cause results to differ materially from those expected by management of the Company. Such risks and uncertainties include, but are not limited to, actions taken by other countries with significant hydrocarbon production, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the timing and success of the Company’s completion of capital projects and business development efforts, the expected growth of volumes on the Company’s systems, the impact of significant public health crises, commodity price volatility due to ongoing or new global conflicts, changes in laws and regulations, particularly with regard to taxes, tariffs and international trade, and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- The Board of Directors of Avient Corporation (NYSE: AVNT), an innovator of materials solutions, has declared a quarterly cash dividend of twenty-seven and a half cents ($0.275) per share on the common stock outstanding, to be paid on October 7, 2026, to stockholders of record on September 11, 2026.
About Avient
Our purpose at Avient Corporation (NYSE: AVNT) is to be an innovator of materials solutions that help our customers succeed, while enabling a sustainable world. Our local touch and customer engagement, combined with our global presence, allows us to serve customers with agility. We harness the collective strength of 9,000 employees worldwide to collaborate and build on each other's ideas. In doing so, we innovate solutions that help our customers overcome their challenges or capitalize on opportunities provided by the fast-changing world and secular trends. Our expanding portfolio of offerings includes colorants, advanced composites, functional additives, engineered materials, and Dyneema®, the world's strongest fiber™. By intersecting our broad portfolio of technologies with the product roadmaps of our customers, we help create differentiated and high-performance products that make the world better and more sustainable. Visit www.avient.com to learn more.
CRYSTAL LAKE, Ill.--(BUSINESS WIRE)--AptarGroup, Inc. (NYSE: ATR), a global leader in drug delivery, dosing and protection technologies, and consumer product dispensing, today announced that the Board declared a quarterly cash dividend of $0.48 per share. The payment date is August 20, 2026, to stockholders of record as of July 30, 2026.
As previously announced, Aptar will hold a conference call on Friday, July 31, 2026, at 8:00 a.m. Central Time to discuss the Company’s second quarter results for 2026. The call will last approximately one hour. Interested parties are invited to listen to a live webcast by visiting the Investors page at www.aptar.com. A replay of the conference call can also be accessed for a limited time on the Investors page of the website.
About Aptar
Aptar is a global leader in drug delivery, dosing and protection technologies, and consumer product dispensing. Aptar partners with the world’s top healthcare and consumer brands to deliver medicines and create exceptional user experiences. Serving diverse markets, from pharmaceutical to beauty to food and beverage, Aptar combines market expertise with proprietary design, engineering and science to develop innovative solutions that help improve lives worldwide. Headquartered in Crystal Lake, Illinois, Aptar employs 14,000 dedicated people across 20 countries. Learn more at http://www.aptar.com.
This press release contains forward-looking statements, including with regard to the payment of the quarterly cash dividend. Expressions or future or conditional verbs such as “will” are intended to identify such forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on our beliefs as well as assumptions made by and information currently available to us. Accordingly, our actual results may differ materially from those expressed or implied in such forward-looking statements due to known or unknown risks and uncertainties that exist in our operations and business environment including, but not limited to: the successful integration of acquisitions; the regulatory environment; and competition, including technological advances. For additional information on these and other risks and uncertainties, please see our filings with the Securities and Exchange Commission, including the discussion under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-Ks and Form 10-Qs. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
CACI získala od U.S. Navy pětiletý technologický kontrakt až za 113 milionů USD na modernizaci klíčových podnikových aplikací pro Military Sealift Command. Zakázka pokrývá programové řízení, vývoj softwaru, cloud i kyberbezpečnost.
RESTON, Va.--(BUSINESS WIRE)--CACI International Inc (NYSE: CACI) announced today that it has been awarded a five-year technology contract valued at up to $113 million by the U.S. Navy’s Military Sealift Command (MSC) to continue modernizing a portfolio of mission-critical business applications used by both ashore personnel and MSC’s global fleet.
“The Military Sealift Command plays a vital role in sustaining U.S. and allied operations around the world, and CACI is proud to continue supporting that mission,” said John Mengucci, CACI President and Chief Executive Officer. “Our team is delivering secure, resilient technology that modernizes critical business systems, strengthens operational readiness, and helps MSC respond faster to operational demands. This award reinforces CACI's role as a trusted technology partner to the Department of War and our commitment to advancing the capabilities our customers depend on.”
MSC operates approximately 140 civilian-crewed ships that replenish Navy ships, conduct specialized missions, strategically preposition combat cargo at sea around the world and move military cargo and supplies used by deployed U.S. forces and coalition partners.
Under this contract, CACI delivers program management, engineering, software development, cloud and cybersecurity capabilities, ensuring resilient, secure, and scalable technology for MSC’s government‑owned vessels and associated command sites. By integrating artificial intelligence, advanced analytics, and intelligent automation across ashore and afloat environments, CACI is streamlining operations, reducing downtime, and delivering faster, data‑driven decision support that enhances readiness for MSC’s worldwide fleet.
About CACI
CACI International Inc (NYSE: CACI) is a technology-first national security company with 27,000 talented employees. We expand the limits of national security through innovation, discipline, and operational excellence. We ensure our customers’ success by delivering technologies to accelerate innovation, drive speed and efficiency, and rapidly anticipate and eliminate threats. Our culture drives our success and earns us recognition as a Fortune World's Most Admired Company. We are members of the Fortune 500™, the Russell 1000 Index, and the S&P MidCap 400 Index. For more information, visit us at caci.com.
There are statements made herein which do not address historical facts and therefore could be interpreted to be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. The factors that could cause actual results to differ materially from those anticipated include, but are not limited to, the risk factors set forth in CACI’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025, and other such filings that CACI makes with the Securities and Exchange Commission from time to time. Any forward-looking statements should not be unduly relied upon and only speak as of the date hereof.
Independent Bank Corp. (INDB - Free Report) came out with quarterly earnings of $1.7 per share, missing the Zacks Consensus Estimate of $1.77 per share. This compares to earnings of $1.25 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -3.96%. A quarter ago, it was expected that this holding company for Rockland Trust would post earnings of $1.7 per share when it actually produced earnings of $1.68, delivering a surprise of -1.18%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Independent Bank Corp., which belongs to the Zacks Banks - Northeast industry, posted revenues of $253.32 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 1.71%. This compares to year-ago revenues of $181.8 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Independent Bank Corp. shares have added about 16.6% since the beginning of the year versus the S&P 500's gain of 10.6%.
What's Next for Independent Bank Corp.?While Independent Bank Corp. 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 Independent Bank Corp. 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 $1.88 on $262.24 million in revenues for the coming quarter and $7.28 on $1.04 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Northeast is currently in the top 43% 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, ConnectOne Bancorp (CNOB - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on July 23.
This holding company for ConnectOne Bank is expected to post quarterly earnings of $0.83 per share in its upcoming report, which represents a year-over-year change of +50.9%. The consensus EPS estimate for the quarter has been revised 1.2% lower over the last 30 days to the current level.
ConnectOne Bancorp's revenues are expected to be $122.14 million, up 45.3% from the year-ago quarter.
Valero Energy Corporation vyhlásila pravidelnou čtvrtletní hotovostní dividendu 1,20 USD na akcii. Splatná bude 31. srpna 2026 akcionářům, kteří budou držiteli akcií k 31. červenci 2026.
SAN ANTONIO--(BUSINESS WIRE)--The Board of Directors of Valero Energy Corporation (NYSE: VLO, “Valero”) has declared a regular quarterly cash dividend of $1.20 per share on its common stock. The dividend will be payable on August 31, 2026, to stockholders of record as of the close of business on July 31, 2026.
About Valero
Valero Energy Corporation, through its subsidiaries (collectively, Valero), is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland, and Latin America. Valero operates 14 petroleum refineries located in the U.S., Canada, and the U.K. with a combined throughput capacity of approximately 3.0 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which produces low-carbon fuels including renewable diesel and sustainable aviation fuel (SAF), with a production capacity of approximately 1.2 billion gallons per year in the U.S. Gulf Coast region. See the annual report on Form 10-K for more information on SAF. Valero also owns 12 ethanol plants located in the U.S. Mid-Continent region with a combined production capacity of approximately 1.7 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments. Please visit investorvalero.com for more information.
Alcoa oznámila za 2. čtvrtletí rekordní tržby 4,0 miliardy USD a čistý zisk připadající na Alcoa Corporation 407 milionů USD. Současně uzavřela dohodu o koupi aktiv od South32 za zhruba 4,1 miliardy USD.
PITTSBURGH--(BUSINESS WIRE)--Alcoa Corporation (NYSE: AA; ASX: AAI) (Alcoa or the Company) today reported results for the second quarter 2026 that included record quarterly revenue, strong operational performance, and progress on multiple smelter capacity restarts, in addition to the announced acquisition of South32 Limited’s (South32) interests in its bauxite, alumina, and aluminum assets.
Financial Results and Highlights
M, except per share amounts
2Q26
1Q26
2Q25
Revenue
$
3,966
$
3,193
$
3,018
Net income attributable to Alcoa Corporation
$
407
$
425
$
164
Earnings per common share
$
1.53
$
1.60
$
0.62
Adjusted net income attributable to Alcoa Corporation
$
562
$
373
$
103
Adjusted earnings per common share
$
2.12
$
1.40
$
0.39
Adjusted EBITDA excluding special items
$
901
$
595
$
313
Revenue increased to a quarterly record of $4 billion, a 24 percent increase sequentially Recorded net income attributable to Alcoa Corporation of $407 million, or $1.53 per share Adjusted net income attributable to Alcoa Corporation increased 51 percent sequentially to $562 million, or $2.12 per share Adjusted EBITDA excluding special items increased 51 percent sequentially to $901 million Generated $608 million in cash from operations; free cash flow was $422 million Finished the second quarter 2026 with a cash balance of $1.4 billion, including the redemption of the remaining $219 million of outstanding 6.125% Senior Notes due 2028 (2028 Notes) Set year-to-date production records at four aluminum smelters and at one alumina refinery Completed negotiations for new collective bargaining agreements in Australia, the U.S., and Canada Executed on strategic initiatives, including: Entered into definitive agreement to acquire South32’s interests in its bauxite, alumina, and aluminum assets (referred to as AliGroup) Reached final investment decision for gallium production plant in Australia Announced $65 million capital investment at the Mosjøen smelter in Norway “During the second quarter, in addition to delivering strong financial results that captured favorable aluminum prices, our team executed on strategic initiatives, most notably the announced agreement with South32,” said Alcoa President and CEO William F. Oplinger. “We continue to demonstrate operational excellence and positive momentum in our disciplined approach to maximize value creation.”
Second Quarter 2026 Results
Production: Alumina production decreased 6 percent sequentially to 2.2 million metric tons primarily related to lower production at the Pinjarra, Australia refinery as instability that began in late March was further exacerbated by gas supply disruptions associated with Cyclone Narelle. In the Aluminum segment, production increased 5 percent sequentially to 636,000 metric tons primarily due the completion of the San Ciprián, Spain smelter restart on April 7, 2026, continued progress on the Alumar, Brazil smelter restart, and completion of capacity restarts at the Lista, Norway and Portland, Australia smelters. Shipments: In the Alumina segment, third-party shipments of alumina were flat sequentially at 1.6 million metric tons, as shipments in Australia delayed from March 2026 were completed in the second quarter 2026, partially offset by decreased trading activity and lower production at the Pinjarra refinery. In Aluminum, total shipments increased 18 percent sequentially primarily due to shipments of inventory repositioned within North America in the first quarter 2026 and increased production related to capacity restarts. Revenue: The Company’s total third-party revenue of $4.0 billion increased 24 percent sequentially. In the Alumina segment, third-party revenue decreased 3 percent on lower volumes and price from bauxite offtake and supply agreements, partially offset by favorable currency impacts. In the Aluminum segment, third-party revenue increased 31 percent on higher shipments, including higher value add product sales, and an increase in average realized third-party price, partially offset by impacts from certain energy contracts linked to metal pricing and lower third-party energy sales. Net income attributable to Alcoa Corporation was $407 million, or $1.53 per share. Sequentially, the results reflect unfavorable mark-to-market changes on the Saudi Arabian Mining Company (Ma’aden) shares and energy contracts; unfavorable currency impacts, primarily due to the non-recurrence of gains recognized in Other income in the first quarter 2026; unfavorable energy impacts; and higher production costs in the Alumina segment; partially offset by higher aluminum prices and shipments. Adjusted net income attributable to Alcoa Corporation was $562 million, or $2.12 per share, excluding the impact from net special items of $155 million. Notable special items include a mark-to-market loss on the Ma’aden shares of $123 million and mark-to-market losses on energy contracts of $45 million. Adjusted EBITDA excluding special items was $901 million, a sequential increase of $306 million primarily due to higher aluminum prices and shipments, partially offset by higher production costs in the Alumina segment primarily at the Pinjarra refinery; increased tariff costs on imported aluminum; higher energy prices, primarily fuel oil and diesel increases associated with the Middle East conflict; and lower third-party energy sales. Cash: Alcoa ended the quarter with a cash balance of $1.4 billion. Cash provided from operations was $608 million. Cash used for financing activities was $353 million, primarily related to the $219 million redemption of outstanding 2028 Notes, $109 million of payments on short-term borrowings primarily associated with inventory repositioning in the first quarter 2026, and $26 million of cash dividends on stock. Cash used for investing activities was $203 million, primarily related to capital expenditures of $186 million and equity investment contributions of $40 million. Free cash flow was $422 million. Working capital: For the second quarter, Receivables from customers of $1.5 billion, Inventories of $2.3 billion and Accounts payable, trade of $1.9 billion comprised DWC working capital. Alcoa reported 46 days working capital, a sequential decrease of 2 days primarily due to a decrease in inventory days, partially offset by a decrease in accounts payable days, both on higher sales. Key Actions
Strategic
AliGroup acquisition: On June 30, 2026, Alcoa entered into a definitive agreement to acquire South32’s interests in its bauxite, alumina, and aluminum assets in Australia, Brazil, and South Africa for upfront consideration of approximately $4.1 billion, plus a contingent value right of up to $750 million. The transaction reinforces Alcoa’s position as a leading pure-play upstream aluminum company, while strengthening its global portfolio, enhancing competitiveness, and creating long-term value for shareholders by unlocking synergies. Gallium joint venture: On July 14, 2026, Alcoa and the government and industry partners of Australia, Japan, and the United States announced a final investment decision for a gallium production plant to be co-located at the Wagerup refinery in Australia. Mosjøen casthouse: On May 11, 2026, Alcoa announced a $65 million investment to expand foundry production capabilities to include recycled content in the casting process at its Mosjøen smelter in Norway. The upgrade project is expected to be completed in phases, with commissioning and ramp-up scheduled to progress throughout 2028. Financial
Note redemption: On May 15, 2026, the Company redeemed the remaining $219 million aggregate principal amount of its outstanding 6.125% notes due in 2028 at a price equal to 100% of the principal amount, plus accrued and unpaid interest. The redemption was funded using cash on hand. Operational
Western Australia collective bargaining agreement: On July 2, 2026, a new four-year collective bargaining agreement was ratified with the Australian Workers Union (AWU), representing approximately 1,400 employees across the mining and refining operations in Western Australia. USW collective bargaining agreement: On June 15, 2026, Alcoa announced the ratification of a new four-year collective bargaining agreement with the United Steelworkers (USW) at the Company’s U.S. smelters, representing approximately 1,000 employees at Warrick, Indiana and Massena, New York. ABI collective bargaining agreements: On May 5, 2026, the Company announced that new five-year collective bargaining agreements were ratified with the United Steelworkers in Canada (Syndicat des Métallos) at the ABI smelter in Québec, Canada, representing approximately 1,000 employees. 2026 Outlook
The Company does not provide reconciliations of the forward-looking non-GAAP financial measures Adjusted EBITDA and Adjusted Net Income, including transformation, intersegment eliminations and other corporate Adjusted EBITDA; operational tax expense; and other expense; each excluding special items, to the most directly comparable forward-looking GAAP financial measures because it is impractical to forecast certain special items, such as restructuring charges and mark-to-market contracts, without unreasonable efforts due to the variability and complexity associated with predicting the occurrence and financial impact of such special items. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.
The Company has decreased its 2026 projection for alumina production to range between 9.5 and 9.6 million metric tons, a reduction of between 0.2 and 0.3 million metric tons from the prior projection. The Company has also decreased its 2026 projection for alumina shipments to range between 11.5 and 11.6 million metric tons, a reduction of between 0.3 and 0.4 million metric tons from the prior projection. The reductions are primarily due to lower production at the Pinjarra refinery as instability that began in late March was further exacerbated by gas supply disruptions associated with Cyclone Narelle. The overall difference between production and shipments reflects trading volumes and externally sourced alumina to fulfill customer contracts.
Alcoa expects 2026 total Aluminum segment production and shipments to remain unchanged from its prior projection, ranging between 2.4 and 2.6 million metric tons, and between 2.6 and 2.8 million metric tons, respectively.
Within the third quarter 2026 Alumina Segment Adjusted EBITDA, the Company expects sequential favorable net impacts of approximately $10 million due to recovered stability at the Pinjarra refinery and lower energy prices, partially offset by planned maintenance at the Alumar refinery and Juruti mine in Brazil.
For the third quarter 2026 Aluminum Segment Adjusted EBITDA, Alcoa expects sequential favorable impacts from efficiencies at higher production rates to fully offset higher carbon prices and seasonally lower third-party energy sales in Brazil. Based on recent pricing and expected lower shipments, Section 232 tariff costs on U.S. imports of aluminum from Canada are expected to decrease by approximately $10 million sequentially. Alumina costs in the Aluminum segment are expected to be unfavorable by approximately $10 million sequentially.
Based on current alumina and aluminum market conditions, Alcoa expects third quarter 2026 operational tax expense to approximate $80 million to $90 million, which may vary with market conditions and jurisdictional profitability.
Conference Call
Alcoa will hold its quarterly conference call at 5:00 p.m. Eastern Daylight Time (EDT) / 7:00 a.m. Australian Eastern Standard Time (AEST) on Thursday, July 16, 2026 / Friday, July 17, 2026, to present second quarter 2026 financial results and discuss the business, developments, and market conditions.
The call will be webcast via the Company’s homepage on www.alcoa.com. Presentation materials for the call will be available for viewing on the same website at approximately 4:15 p.m. EDT on July 16, 2026 / 6:15 a.m. AEST on July 17, 2026. Call information and related details are available under the “Investors” section of www.alcoa.com.
Dissemination of Company Information
Alcoa intends to make future announcements regarding company developments and financial performance through its website, www.alcoa.com, as well as through press releases, filings with the Securities and Exchange Commission, conference calls, media broadcasts, and webcasts. Alcoa does not incorporate the information contained on, or accessible through, its corporate website or such other websites or platforms referenced herein into this press release.
About Alcoa Corporation
Alcoa Corporation is a global industry leader in bauxite, alumina and aluminum products with a vision to build a legacy of excellence for future generations. With a values-based approach that encompasses integrity, operating excellence, care for people and courageous leadership, our purpose is to Turn Raw Potential into Real Progress. Since developing the process that made aluminum an affordable and vital part of modern life, our talented Alcoans have developed breakthrough innovations and best practices that have led to greater safety, efficiency, sustainability and stronger communities wherever we operate.
Discover more by visiting www.alcoa.com. Follow us on our social media channels: Facebook, Instagram, X, YouTube and LinkedIn.
Cautionary Statement on Forward-Looking Statements
This press release contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “aims,” “ambition,” “anticipates,” “believes,” “could,” “develop,” “endeavors,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “outlook,” “potential,” “plans,” “projects,” “reach,” “seeks,” “sees,” “should,” “strive,” “targets,” “will,” “working,” “would,” or other words of similar meaning. All statements by Alcoa that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding Alcoa’s proposed transaction to acquire South32 Limited’s interests in bauxite mine, alumina refinery, and aluminum smelter operations (the proposed transaction); the ability of the parties to complete the proposed transaction on the expected timeline or at all considering the closing conditions; the expected benefits of the proposed transaction, including the anticipated synergies and earnings per share and free cash flow accretion; the competitive ability and position following completion of the proposed transaction; the ability to complete any proposed debt financing in connection with the proposed transaction; forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results, or operating performance (including our ability to execute on strategies related to environmental, social and governance matters); statements about strategies, outlook, and business and financial prospects (including related to production and shipments); and statements about capital allocation and return of capital. These statements reflect beliefs and assumptions that are based on Alcoa’s perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (a) the non-satisfaction or non-waiver, on a timely basis or otherwise, of one or more closing conditions to the proposed transaction; (b) the prohibition or delay of the consummation of the proposed transaction by a governmental entity; (c) the risk that the proposed transaction may not be completed in the expected time frame or at all; (d) unexpected costs, charges or expenses resulting from the proposed transaction; (e) uncertainty of the expected financial performance following completion of the proposed transaction; (f) uncertainty of any contingent payment required to be made in connection with the proposed transaction following completion; (g) failure to realize the anticipated benefits of the proposed transaction; (h) the occurrence of any event that could give rise to termination of the proposed transaction; (i) potential litigation in connection with the proposed transaction or other settlements or investigations that may affect the timing or occurrence of the contemplated transaction or result in significant costs of defense, indemnification and liability; (j) the impact of global economic conditions on the aluminum industry and aluminum end-use markets; (k) volatility and declines in aluminum and alumina demand and pricing, including global, regional, and product-specific prices, or significant changes in production costs which are linked to the London Metal Exchange (LME) or other commodities; (l) the disruption of market-driven balancing of global aluminum supply and demand by non-market forces; (m) competitive and complex conditions in global markets; (n) our ability to obtain, maintain, or renew permits or approvals necessary for our mining operations; (o) rising energy costs and interruptions or uncertainty in energy supplies; (p) unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain; (q) economic, political, and social conditions, including the impact of trade policies, tariffs, and adverse industry publicity; (r) legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies; (s) changes in tax laws or exposure to additional tax liabilities; (t) climate change, climate change legislation or regulations, and efforts to reduce emissions and build operational resilience to extreme weather conditions; (u) disruptions in the global economy caused by ongoing regional conflicts and wars; (v) fluctuations in foreign currency exchange rates and interest rates, inflation and other economic factors in the countries in which we operate; (w) global competition within and beyond the aluminum industry; (x) our ability to achieve our strategies or expectations relating to environmental, social, and governance considerations; (y) claims, costs, and liabilities related to health, safety and environmental laws, regulations, and other requirements in the jurisdictions in which we operate; (z) liabilities resulting from impoundment structures, which could impact the environment or cause exposure to hazardous substances or other damage; (aa) dilution of the ownership position of the Company’s stockholders (including as a result of the proposed transaction), price volatility, and other impacts on the price of Alcoa common stock by the secondary listing of the Alcoa common stock on the Australian Securities Exchange; (bb) our ability to obtain or maintain adequate insurance coverage; (cc) our ability to execute on our strategy to reduce complexity and optimize our asset portfolio and to realize the anticipated benefits from announced plans, programs, initiatives relating to our portfolio, capital investments, and developing technologies; (dd) our ability to integrate and achieve intended results from joint ventures, other strategic alliances, and strategic business transactions; (ee) significant declines in the market value of our marketable securities; (ff) our ability to fund capital expenditures; (gg) deterioration in our credit profile or increases in interest rates; (hh) impacts on our current and future operations due to our indebtedness and our ability to reduce indebtedness; (ii) our ability to continue to return capital to our stockholders through the payment of cash dividends and/or the repurchase of our common stock; (jj) cyber attacks, security breaches, system failures, software or application vulnerabilities, or other cyber incidents; (kk) labor market conditions, union disputes and other employee relations issues; and (ll) the other risk factors discussed in Alcoa’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other reports filed by Alcoa with the Securities and Exchange Commission (SEC).
Certain illustrative pro forma information included in certain investor materials may differ materially from pro forma information included in SEC filings, including the Registration Statement (as defined below). Alcoa cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. These risks, as well as other risks associated with the proposed transaction, will be more fully discussed in the Registration Statement. Alcoa disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. Neither Alcoa nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements.
No Offer or Solicitation
This press release is for informational purposes and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote of approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Additional Information and Where to Find It
This press release relates to the proposed transaction. In connection with the proposed transaction, Alcoa plans to file with the SEC relevant materials, including a registration statement on Form S-4 that will include a prospectus of Alcoa (including documents incorporated by reference therein, the Registration Statement). This communication is not a substitute for the Registration Statement or any other document that Alcoa may file with the SEC in connection with the proposed transaction. Before making any investment decision, Alcoa’s investors and shareholders are urged to read the Registration Statement and all relevant documents filed or to be filed with the SEC, as well as any amendments or supplements to those documents, when they become available, because they will contain important information about Alcoa and the proposed transaction.
Alcoa’s investors and shareholders will be able to obtain a free copy of the Registration Statement, as well as other filings containing information about Alcoa, free of charge, at the SEC’s website (www.sec.gov). Copies of the Registration Statement and other documents filed by Alcoa with the SEC may be obtained, without charge, by contacting Alcoa through its website at https://investors.alcoa.com/.
Non-GAAP Financial Measures
This press release contains reference to certain financial measures that are not calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Alcoa Corporation believes that the presentation of these non-GAAP financial measures is useful to investors because such measures provide both additional information about the operating performance of Alcoa Corporation and insight on the ability of Alcoa Corporation to meet its financial obligations by adjusting the most directly comparable GAAP financial measure for the impact of, among others, “special items” as defined by the Company, non-cash items in nature, and/or nonoperating expense or income items. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. Certain definitions, reconciliations to the most directly comparable GAAP financial measures and additional details regarding management’s rationale for the use of the non-GAAP financial measures can be found in the schedules to this release.
Alcoa Corporation and subsidiaries
Statement of Consolidated Operations (unaudited)
(dollars in millions, except per-share amounts)
Quarter Ended
June 30, 2026
March 31, 2026
June 30, 2025
Sales
$
3,966
$
3,193
$
3,018
Cost of goods sold (exclusive of expenses below)
2,967
2,512
2,652
Selling, general administrative, and other expenses
101
83
82
Research and development expenses
11
10
12
Provision for depreciation, depletion, and amortization
173
162
153
Restructuring and other charges, net
(4
)
18
14
Interest expense
36
35
56
Other expenses (income), net
200
(126
)
(112
)
Total costs and expenses
3,484
2,694
2,857
Income before income taxes
482
499
161
Provision for income taxes
73
82
10
Net income
409
417
151
Less: Net income (loss) attributable to noncontrolling interest
2
(8
)
(13
)
NET INCOME ATTRIBUTABLE TO ALCOA CORPORATION
$
407
$
425
$
164
EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA CORPORATION COMMON SHAREHOLDERS(1):
Basic:
Net income
$
1.54
$
1.61
$
0.63
Average number of common shares
263,888,206
263,650,023
258,900,166
Diluted:
Net income
$
1.53
$
1.60
$
0.62
Average number of common shares
265,957,129
265,689,699
260,344,776
Alcoa Corporation and subsidiaries
Statement of Consolidated Operations (unaudited)
(dollars in millions, except per-share amounts)
Six Months Ended
June 30, 2026
June 30, 2025
Sales
$
7,159
$
6,387
Cost of goods sold (exclusive of expenses below)
5,479
5,090
Selling, general administrative, and other expenses
184
153
Research and development expenses
21
24
Provision for depreciation, depletion, and amortization
335
301
Restructuring and other charges, net
14
19
Interest expense
71
109
Other expenses (income), net
74
(138
)
Total costs and expenses
6,178
5,558
Income before income taxes
981
829
Provision for income taxes
155
130
Net income
826
699
Less: Net loss attributable to noncontrolling interest
(6
)
(13
)
NET INCOME ATTRIBUTABLE TO ALCOA CORPORATION
$
832
$
712
EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA CORPORATION COMMON SHAREHOLDERS(1):
Basic:
Net income
$
3.15
$
2.71
Average number of common shares
263,769,772
258,824,453
Diluted:
Net income
$
3.13
$
2.69
Average number of common shares
265,781,941
260,283,168
Alcoa Corporation and subsidiaries
Consolidated Balance Sheet (unaudited)
(in millions)
June 30, 2026
December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents
$
1,352
$
1,597
Receivables from customers
1,538
1,064
Other receivables
176
204
Inventories
2,340
2,177
Fair value of derivative instruments
83
49
Prepaid expenses and other current assets(1)
396
378
Total current assets
5,885
5,469
Properties, plants, and equipment
21,102
20,537
Less: accumulated depreciation, depletion, and amortization
14,203
13,837
Properties, plants, and equipment, net
6,899
6,700
Investments
527
477
Noncurrent marketable securities
1,360
1,397
Deferred income taxes
677
687
Fair value of derivative instruments
25
34
Other noncurrent assets(2)
1,480
1,365
Total assets
$
16,853
$
16,129
LIABILITIES
Current liabilities:
Accounts payable, trade
$
1,860
$
1,938
Accrued compensation and retirement costs
370
383
Taxes, including income taxes
275
294
Fair value of derivative instruments
494
467
Other current liabilities
834
718
Long-term debt due within one year
1
1
Total current liabilities
3,834
3,801
Long-term debt, less amount due within one year
2,224
2,438
Accrued pension benefits
242
257
Accrued other postretirement benefits
408
427
Asset retirement obligations
1,025
1,120
Environmental remediation
209
206
Fair value of derivative instruments
880
1,134
Noncurrent income taxes
64
65
Other noncurrent liabilities and deferred credits
530
487
Total liabilities
9,416
9,935
MEZZANINE EQUITY
Noncontrolling interest
67
76
EQUITY
Common stock
3
3
Additional capital
11,594
11,575
Retained earnings (deficit)
508
(271
)
Accumulated other comprehensive loss
(4,735
)
(5,189
)
Total equity
7,370
6,118
Total liabilities, mezzanine equity, and equity
$
16,853
$
16,129
Alcoa Corporation and subsidiaries
Statement of Consolidated Cash Flows (unaudited)
(in millions)
Six Months Ended June 30,
2026
2025
CASH FROM OPERATIONS
Net income
$
826
$
699
Adjustments to reconcile net income to cash from operations:
Depreciation, depletion, and amortization
335
301
Deferred income taxes
(59
)
72
Equity loss (income), net of dividends
9
(4
)
Restructuring and other charges, net
14
19
Net loss from investing activities – asset and investment sales
—
2
Mark-to-market loss on noncurrent marketable securities
35
—
Net periodic pension benefit cost
13
9
Stock-based compensation
30
23
Loss (gain) on mark-to-market derivative financial contracts
58
(82
)
Other
31
49
Changes in assets and liabilities, excluding effects of divestitures and foreign currency translation adjustments:
(Increase) decrease in receivables
(440
)
149
Increase in inventories
(128
)
(111
)
Decrease in prepaid expenses and other current assets
53
127
Decrease in accounts payable, trade
(101
)
(233
)
Increase (decrease) in accrued expenses
34
(148
)
Increase (decrease) in taxes, including income taxes
11
(106
)
Pension contributions
(6
)
(14
)
Increase in noncurrent assets
(131
)
(97
)
Decrease in noncurrent liabilities
(155
)
(92
)
CASH PROVIDED FROM OPERATIONS
429
563
FINANCING ACTIVITIES
Additions to debt
104
1,040
Payments on debt
(332
)
(990
)
Dividends paid on Alcoa preferred stock
—
(1
)
Dividends paid on Alcoa common stock
(53
)
(52
)
Payments related to tax withholding on stock-based compensation awards
(11
)
(5
)
Financial contributions for the divestiture of businesses
—
(5
)
Contributions from noncontrolling interest
—
27
Other
(1
)
(4
)
CASH (USED FOR) PROVIDED FROM FINANCING ACTIVITIES
(293
)
10
INVESTING ACTIVITIES
Capital expenditures
(305
)
(224
)
Proceeds from the sale of assets
5
—
Additions to investments
(55
)
(29
)
Sale of investments
2
11
Other
21
2
CASH USED FOR INVESTING ACTIVITIES
(332
)
(240
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
(2
)
35
Net change in cash and cash equivalents and restricted cash
(198
)
368
Cash and cash equivalents and restricted cash at beginning of year
1,692
1,234
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD
$
1,494
$
1,602
Alcoa Corporation and subsidiaries
Segment Information (unaudited)
(dollars in millions, except realized prices; dry metric tons in millions (mdmt); metric tons in thousands (kmt))
1Q25
2Q25
3Q25
4Q25
2025
1Q26
2Q26
Alumina:
Bauxite production (mdmt)
9.5
9.3
9.3
9.4
37.5
9.1
8.3
Third-party bauxite shipments (mdmt)
3.0
2.9
1.7
2.4
10.0
2.1
1.5
Alumina production (kmt)
2,355
2,351
2,453
2,481
9,640
2,355
2,218
Third-party alumina shipments (kmt)
2,105
2,195
2,205
2,324
8,829
1,611
1,618
Intersegment alumina shipments (kmt)
1,093
1,089
1,112
1,177
4,471
1,186
1,142
Produced alumina shipments (kmt)
2,316
2,384
2,448
2,514
9,662
2,206
2,288
Average realized third-party price per metric ton of alumina
$
575
$
378
$
377
$
341
$
415
$
324
$
334
Adjusted operating cost per metric ton of produced alumina shipped
$
312
$
323
$
318
$
314
$
317
$
334
$
368
Third-party bauxite sales
$
243
$
208
$
113
$
173
$
737
$
124
$
85
Third-party alumina sales
1,220
843
841
806
3,710
533
552
Intersegment alumina sales
712
467
474
457
2,110
445
453
Adjusted operating costs(1)
723
770
779
789
3,061
737
843
Other segment items(2)
788
609
582
635
2,614
405
343
Segment Adjusted EBITDA(3)
$
664
$
139
$
67
$
12
$
882
$
(40
)
$
(96
)
Depreciation and amortization
$
76
$
80
$
88
$
86
$
330
$
86
$
96
Equity income (loss)
$
15
$
(9
)
$
—
$
—
$
6
$
—
$
—
Aluminum:
Aluminum production (kmt)
564
572
579
604
2,319
607
636
Total aluminum shipments (kmt)
609
634
612
667
2,522
613
726
Produced aluminum shipments (kmt)
567
581
576
625
2,349
580
680
Average realized third-party price per metric ton of aluminum
$
3,213
$
3,143
$
3,374
$
3,749
$
3,376
$
4,209
$
4,752
Adjusted operating cost per metric ton of produced aluminum shipped
$
2,775
$
2,718
$
2,441
$
2,478
$
2,600
$
2,468
$
2,481
Third-party sales
$
1,901
$
1,956
$
2,040
$
2,462
$
8,359
$
2,536
$
3,330
Intersegment sales
4
5
5
6
20
5
5
Adjusted operating costs(1)
1,574
1,578
1,406
1,549
6,107
1,430
1,688
Other segment items(2)
197
286
332
399
1,214
417
574
Segment Adjusted EBITDA(3)
$
134
$
97
$
307
$
520
$
1,058
$
694
$
1,073
Depreciation and amortization
$
67
$
66
$
67
$
70
$
270
$
71
$
71
Equity (loss) income
$
(6
)
$
3
$
—
$
—
$
(3
)
$
—
$
—
Reconciliation of Total Segment Adjusted EBITDA to Consolidated net income attributable to Alcoa Corporation:
Total Segment Adjusted EBITDA(3)
$
798
$
236
$
374
$
532
$
1,940
$
654
$
977
Unallocated amounts:
Transformation(4)
(12
)
(21
)
(20
)
(27
)
(80
)
(27
)
(23
)
Intersegment eliminations
103
135
(39
)
53
252
7
2
Corporate expenses(5)
(37
)
(45
)
(42
)
(26
)
(150
)
(39
)
(60
)
Provision for depreciation, depletion, and amortization
(148
)
(153
)
(160
)
(162
)
(623
)
(162
)
(173
)
Impairment of goodwill
—
—
—
(144
)
(144
)
—
—
Restructuring and other charges, net
(5
)
(14
)
(885
)
(14
)
(918
)
(18
)
4
Interest expense
(53
)
(56
)
(33
)
(16
)
(158
)
(35
)
(36
)
Other income (expenses), net
26
112
1,034
(115
)
1,057
126
(200
)
Other(6)
(4
)
(33
)
(62
)
(13
)
(112
)
(7
)
(9
)
Consolidated income before income taxes
668
161
167
68
1,064
499
482
(Provision for) benefit from income taxes
(120
)
(10
)
51
134
55
(82
)
(73
)
Net loss (income) attributable to noncontrolling interest
—
13
14
11
38
8
(2
)
Consolidated net income attributable to Alcoa Corporation
$
548
$
164
$
232
$
213
$
1,157
$
425
$
407
The difference between segment totals and consolidated amounts is in Corporate.
(1) Adjusted operating costs include all production related costs for alumina or aluminum produced and shipped: raw materials consumed; conversion costs, such as labor, materials, and utilities; and plant administrative expenses.
(2) Other segment items include costs associated with trading activity, the Alumina segment’s purchase of bauxite from offtake or other supply agreements, the Alumina segment’s commercial shipping services, and the Aluminum segment’s energy assets; other direct and non-production related charges, including tariff costs; Selling, general administrative, and other expenses; and Research and development expenses.
(3) Alcoa Corporation’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies.
(4) Transformation includes, among other items, the Adjusted EBITDA of previously closed operations.
(5) Corporate expenses are composed of general administrative and other expenses of operating the corporate headquarters and other global administrative facilities, as well as research and development expenses of the corporate technical center.
(6) Other includes certain items that are not included in the Adjusted EBITDA of the reportable segments.
Alcoa Corporation and subsidiaries
Calculation of Financial Measures (unaudited)
(in millions, except per-share amounts)
Adjusted Income
Quarter ended
June 30, 2026
March 31, 2026
June 30, 2025
Net income attributable to Alcoa Corporation
$
407
$
425
$
164
Special items:
Restructuring and other charges, net
(4
)
18
14
Other special items(1)
196
(104
)
(77
)
Discrete and other tax items impacts(2)
3
13
3
Tax impact on special items(3)
(40
)
22
1
Noncontrolling interest impact(3)
—
(1
)
(2
)
Subtotal
155
(52
)
(61
)
Net income attributable to Alcoa Corporation – as adjusted
$
562
$
373
$
103
Diluted EPS(4):
Net income attributable to Alcoa Corporation common shareholders
$
1.53
$
1.60
$
0.62
Net income attributable to Alcoa Corporation common shareholders – as adjusted
$
2.12
$
1.40
$
0.39
Net income attributable to Alcoa Corporation – as adjusted and Diluted EPS – as adjusted are non-GAAP financial measures. Management believes these measures are meaningful to investors because management reviews the operating results of Alcoa Corporation excluding the impacts of restructuring and other charges, various tax items, and other special items (collectively, “special items”). There can be no assurances that additional special items will not occur in future periods. To compensate for this limitation, management believes it is appropriate to consider Net income attributable to Alcoa Corporation and Diluted EPS determined under GAAP as well as Net income attributable to Alcoa Corporation – as adjusted and Diluted EPS – as adjusted.
(1)
Other special items include the following:
for the quarter ended June 30, 2026, an unfavorable mark-to-market change on the shares of Ma'aden ($123); a net unfavorable change in mark-to-market energy ($45) and foreign exchange ($14) derivative instruments; external costs related to portfolio actions ($12), primarily related to the announced agreement with South32; and, net charges for other special items ($2); for the quarter ended March 31, 2026, a favorable mark-to-market change on the shares of Ma'aden ($88), an insurance settlement for property damage incurred in 2024 ($22), a net unfavorable change in mark-to-market foreign exchange derivative instruments ($20), a net favorable change in mark-to-market energy derivative instruments ($19), costs related to the restart process at the San Ciprián, Spain smelter ($3), external costs related to portfolio actions ($3), and a net benefit for other special items ($1); and, for the quarter ended June 30, 2025, a net favorable change in mark-to-market foreign exchange ($72) and energy ($7) derivative instruments, external costs related to portfolio actions ($6), costs related to the restart process at the San Ciprián smelter ($3), a gain on sale of a non-core investment ($3), and a net benefit for other special items ($4). (2)
Discrete and other tax items are generally unusual or infrequently occurring items, changes in law, items associated with uncertain tax positions, or the effect of measurement-period adjustments and include the following:
for the quarter ended June 30, 2026, a net charge for discrete tax items ($3); for the quarter ended March 31, 2026, a net charge for discrete tax items ($13); and, for the quarter ended June 30, 2025, a net charge for discrete tax items ($3). (3)
The tax impact on special items is based on the applicable statutory rates in the jurisdictions where the special items occurred. The noncontrolling interest impact on special items represents Alcoa’s partner’s share of certain special items.
(4)
For the quarter ended June 30, 2025, dividends paid on preferred stock were $1 and undistributed earnings of $1 were allocated to preferred stock under the two-class method.
Alcoa Corporation and subsidiaries
Calculation of Financial Measures (unaudited), continued
(in millions)
Adjusted EBITDA
Quarter ended
June 30, 2026
March 31, 2026
June 30, 2025
Net income attributable to Alcoa Corporation
$
407
$
425
$
164
Add:
Net income (loss) attributable to noncontrolling interest
2
(8
)
(13
)
Provision for income taxes
73
82
10
Other expenses (income), net
200
(126
)
(112
)
Interest expense
36
35
56
Restructuring and other charges, net
(4
)
18
14
Provision for depreciation, depletion, and amortization
173
162
153
Adjusted EBITDA
887
588
272
Special items(1)
14
7
41
Adjusted EBITDA, excluding special items
$
901
$
595
$
313
Alcoa Corporation and subsidiaries
Calculation of Financial Measures (unaudited), continued
(in millions)
Free Cash Flow
Quarter ended
June 30, 2026
March 31, 2026
June 30, 2025
Cash provided from (used for) operations
$
608
$
(179
)
$
488
Capital expenditures
(186
)
(119
)
(131
)
Free cash flow
$
422
$
(298
)
$
357
Free cash flow is a non-GAAP financial measure. Management believes this measure is meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures, which are necessary to maintain and expand Alcoa Corporation’s asset base and are expected to generate future cash flows from operations. It is important to note that Free cash flow does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure.
Net Debt and Adjusted Net Debt
June 30, 2026
December 31, 2025
Short-term borrowings
$
—
$
9
Long-term debt due within one year
1
1
Long-term debt, less amount due within one year
2,224
2,438
Total debt
2,225
2,448
Less: Cash and cash equivalents
1,352
1,597
Net debt
873
851
Plus: Net pension / OPEB liability
573
613
Adjusted net debt
$
1,446
$
1,464
Net debt is a non-GAAP financial measure. Management believes this measure is meaningful to investors because management assesses Alcoa Corporation’s leverage position after considering available cash that could be used to repay outstanding debt.
Adjusted net debt is also a non-GAAP financial measure. Management believes this measure is meaningful to investors because management also assesses Alcoa Corporation’s leverage position after considering available cash that could be used to repay outstanding debt and net pension/OPEB liability.
Alcoa Corporation and subsidiaries
Calculation of Financial Measures (unaudited), continued
WILDLIGHT, Fla.--(BUSINESS WIRE)--Rayonier Inc. (NYSE:RYN) announced today that the Company’s board of directors has declared a third quarter cash dividend of $0.26 per common share. The dividend is payable on September 30, 2026, to shareholders of record on September 16, 2026.
The Company also announced today that the Company’s board of directors, in its capacity as the board of directors of the general partner of Rayonier, L.P., has declared a third quarter cash distribution of $0.26 per operating partnership unit. The cash distribution is payable on September 30, 2026, to holders of record on September 16, 2026.
About Rayonier
Rayonier is a land resources real estate investment trust (REIT) with a portfolio comprising over four million acres in the U.S. South and U.S. Northwest. The company is focused on managing its timberlands on a sustainable basis while optimizing its overall portfolio value by delivering land to its highest and best use. Rayonier also operates six sawmills, an industrial-grade plywood mill, residential and commercial real estate developments, and a rural land sales program. Rayonier is committed to corporate responsibility, third-party forest certification, and supporting climate change mitigation through its land-based solutions business. More information is available at www.rayonier.com.
, /PRNewswire/ -- Cohen & Steers, Inc. (NYSE: CNS) today reported its results for the quarter ended June 30, 2026. The earnings release along with the accompanying earnings presentation can be viewed at Cohen & Steers Reports Results for Second Quarter 2026 and on the company's website at www.cohenandsteers.com under "Company—Investor Relations—Earnings Archive."
Conference Call and Webcast Information
The company will host a conference call tomorrow, Friday, July 17, 2026, at 10:00 a.m. (ET) to discuss these results via webcast and telephone. Hosting the call will be Chief Executive Officer, Joseph Harvey, Chief Financial Officer, Amit Muni, and President and Chief Investment Officer, Jon Cheigh.
The earnings presentation will be displayed through the live webcast and referenced by management during the conference call.
Investors and analysts can access the live conference call by dialing 800-715-9871 (U.S.) or +1-646-307-1963 (international); passcode: 8494569. Participants should plan to register at least 10 minutes before the conference call begins. Internet access to the live, listen-only webcast will be available on the company's website at www.cohenandsteers.com under "Company—Investor Relations" under "Financials." The accompanying presentation that will be used during the conference call will be available prior to the call on the company's website at the same page.
A replay of the call will be available for two weeks starting approximately two hours after the conference call concludes and can be accessed at 800-770-2030 (U.S.) or +1-609-800-9909 (international); passcode: 8494569. A replay of the webcast will be archived on the website for one month at www.cohenandsteers.com under "Company—Investor Relations" under "Financials."
About Cohen & Steers. Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong, Tokyo and Singapore.
Paychex vyhlásil pravidelnou čtvrtletní hotovostní dividendu 1,19 USD na akcii. Vyplacena bude 28. srpna 2026 akcionářům, kteří budou držet akcie k 28. červenci 2026.
ROCHESTER, N.Y., July 16, 2026 (GLOBE NEWSWIRE) -- The Board of Directors of Paychex, Inc. (Nasdaq: PAYX) declared a regular quarterly cash dividend on Paychex common stock of $1.19 per share, payable on August 28, 2026, to shareholders of record as of July 28, 2026.
About Paychex
Paychex, Inc. (Nasdaq: PAYX) provides a comprehensive suite of expert-enabled technology and advisory solutions that help businesses manage HR, payroll, and benefits. Serving approximately 800,000 clients and paying 1 in 11 U.S. private sector workers, Paychex combines scale, trusted expertise, and innovation to help businesses succeed. Built on more than 50 years of workforce experience and one of the industry’s largest proprietary HR datasets, Paychex’s WISE agentic AI platform embeds intelligence directly into workflows to improve productivity, enhance decision-making, and deliver better outcomes. Visit www.paychex.com to learn more.
Investor Relations
Rachel White
Paychex, Inc.
Head of Investor Relations
585-216-0822 [email protected]
Media Relations
Tracy Volkmann
Paychex, Inc.
Manager, Public Relations
585-387-6705 [email protected]
SCOTTSDALE, Ariz., July 16, 2026 (GLOBE NEWSWIRE) -- onsemi (Nasdaq: ON) plans to announce its financial results for the second quarter, which ended July 3, 2026, after market close on Monday, August 3, 2026.
The company will host a conference call at 5 p.m. Eastern Time (ET) on August 3, 2026, following the release of its financial results. Investors and interested parties can access the conference call in the following manner:
Webcast: A live webcast of the conference call will be available via the “Investor Relations” section of the company’s website at http://www.onsemi.com. The re-broadcast of the call will be available at this site approximately one hour following the live broadcast and will remain available for 30 days.
Teleconference: Investors and interested parties can also access the conference call by pre-registering here. About onsemi
onsemi (Nasdaq:
ON) delivers intelligent power and sensing technologies that enable electrification, energy efficiency, safety, and automation across automotive, industrial, and AI data center end markets. With a highly differentiated and innovative product portfolio, onsemi helps customers solve complex challenges to achieve higher efficiency, improved performance, and lower system cost, while supporting a safer, cleaner, and more energy-efficient world. onsemi is included in the S&P 500® index. Learn more about onsemi at www.onsemi.com.
onsemi and the onsemi logo are trademarks of Semiconductor Components Industries, LLC. All other brand and product names appearing in this document are registered trademarks or trademarks of their respective holders.
Contacts
Krystal Heaton
Director, Head of Public Relations
onsemi
(480) 242-6943 [email protected]
Parag Agarwal
Vice President - Investor Relations & Corporate Development
onsemi
(602) 244-3437 [email protected]
Runway Growth Finance, Stellus Capital Investment a Icahn Enterprises nabízejí extrémně vysoké dividendové výnosy, ale jejich krytí je pod tlakem. U RWAY i SCM NII nepokrývá výplatu, zatímco IEP letos snížil distribuci už dvakrát.
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A double-digit dividend yield is one of the most seductive numbers on a brokerage screen, and one of the most dangerous. When a payout balloons above 15%, 20%, or higher, the market is often telling you something that the yield alone cannot: the business behind that check may not be able to keep writing it. The three names below carry headline yields that look extraordinary on the surface, but the coverage math, price action, and dividend histories flash warning signs an income investor should not ignore.
A dividend is only as safe as the cash flow underneath it. For ordinary corporates, that means earnings and free cash flow versus the payout. For business development companies (BDCs), the correct coverage metric is net investment income (NII) per share, not GAAP EPS. For diversified holding companies like Icahn Enterprises, distributable cash from subsidiaries and balance-sheet capacity matter more than any single quarter’s headline. When the right coverage metric slips below the dividend, when leverage climbs, or when a payout gets “held” through obvious stress, that is when yield stops being a gift and starts looking like a warning.
Runway Growth Finance (NASDAQ: RWAY) Runway Growth Finance (NASDAQ:RWAY) is a venture-lending BDC focused on technology and life-sciences borrowers, now expanded through its recently closed SWK Holdings acquisition. The shares trade at $5.77, and with a trailing yield of 24.8%. That eye-popping number is powered less by a growing payout than by a collapsing price: RWAY is down 31% year to date and 40% over the past year.
The coverage read is where things get uncomfortable. Because RWAY is a BDC, the right metric is NII per share, not EPS. In Q1 2026, NII came in at $0.29, missing the $0.312 consensus by 7.05%, while the quarterly distribution held at $0.33. That is a second straight quarter of NII failing to cover the dividend, following Q4 2025 NII of $0.32 versus the same $0.33 payout. Meanwhile, the base quarterly rate has been sliding for two years, from $0.47 in May 2024, to $0.40, $0.36, $0.35, and now $0.33. NAV per share slipped to $12.13 from $13.42 at year-end 2025, and core leverage sits near 98%.
The bull case: 99.3% of loans are senior secured first-lien, the debt-yield is holding at 14.2%, and management authorized a $15 million share repurchase. For the payout to survive intact, portfolio yield and origination volume from the BC Partners platform have to offset the shrinking asset base fast.
Stellus Capital Investment (NYSE: SCM) Stellus Capital Investment (NYSE:SCM) is a monthly-paying BDC targeting private middle-market borrowers. Shares trade at $8.40, with a trailing yield of 18.9%. Like RWAY, that yield is a price-collapse story: the stock is down 29% year to date and 37% over the past year. It also sits below its book value of $12.54, at a price-to-book of 0.65.
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Stellus trimmed its monthly distribution from $0.1333 to $0.1133 with the April 30, 2026 ex-date, reverting to the same base rate it held for years between 2014 and 2019 and again from late 2022 through 2025. Unfortunately, it looks like it may not be enough. After all, Q1 2026 NII was $0.27 per share…which does not cover even a $0.1133 monthly payout.
Icahn Enterprises (NASDAQ: IEP) Icahn Enterprises (NASDAQ:IEP | IEP Price Prediction) is a diversified master limited partnership controlled by Carl Icahn, with exposure to energy (CVR Energy, CVR Partners), automotive, food packaging (Viskase), real estate, home fashion (WestPoint Home), and pharmaceuticals (Vivus). Units trade at $7.59 with a headline yield of 26.6%. Unlike the two BDCs above, IEP is actually up 12.81% year to date, but it is down 64.3% over five years.
The track record here is the entire warning. The quarterly distribution went from $2.00 to $1.00 in August 2024, and then from $1.00 to $0.50 in November 2024, a two-step reduction inside a single year. And a big share of that $0.50 is not even cash: the default election is additional depositary units, effectively a PIK-style payout that conserves cash but dilutes existing holders. Coverage looks stretched: Q1 2026 showed a loss of -$0.71 per unit against a $0.10 estimate, cash fell to $1.3 billion, down 67.35% year over year, shareholders’ equity dropped 55.25%, and holding-company debt sits at $4.7 billion. Indicative NAV is roughly $3.4 billion. Bulls point to $447 million in locked-in value through 2027 from NYMEX crack-spread swaps, but a partnership that is losing money, with subsidiary distribution restrictions and heavy holding-company debt, deserves to be treated as a serial cutter until proven otherwise.
If you are hunting yield for retirement income, coverage math deserves a hard look before the checks stop clearing. Income-focused readers may find our Dividend Traps research useful for spotting these patterns earlier.
What Income Investors Should Take Away A dividend cut usually takes the share price with it, so “buying the yield” on a stock that is already down 30% or 40% often means locking in both a smaller payout and a lower principal. Coverage math beats headline yield every time: NII for BDCs, distributable cash and balance-sheet capacity for holding companies. None of these three names is guaranteed to cut again, but each carries specific, measurable warning signs. Yield is only a starting question for income investors.
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IPG Photonics oznámila závaznou nabídku na koupi Lumibird Medical za 300 milionů EUR v hotovosti, s možným earnoutem až 50 milionů EUR. Akvizice má posílit její platformu lékařských laserů a uzavření se čeká ve 4. čtvrtletí 2026.
Creates a Scaled Medical Laser Platform, Accelerating IPG’s Strategic Expansion in Advanced Solutions
Expected to Be Accretive to Gross Margin, EBITDA, and Adjusted EPS
MARLBOROUGH, Mass., July 16, 2026 (GLOBE NEWSWIRE) -- IPG Photonics Corporation (NASDAQ: IPGP) today announced that it has entered into a binding offer to acquire Lumibird Medical. The acquisition advances IPG’s strategy, further expanding the Advanced Solutions portfolio in attractive medical markets. The transaction is expected to deliver financial benefits by adding a high-margin business that is accretive to gross margin, EBITDA and adjusted EPS. IPG believes that the combined medical businesses will create a scaled medical laser platform for growth with complementary established leadership in ophthalmology and urology. The company expects that this also adds approximately $1 billion in addressable market for Advanced Solutions, expanding long-term value creation opportunities that leverage IPG’s capabilities.
IPG intends to acquire Lumibird Medical for a purchase price of €300 million on a cash-free, debt-free basis. The purchase price will be paid in cash at closing. A contingent earnout consideration of up to €50 million additional in cash is based on achieving certain 2026 and 2027 performance metrics. The acquisition will be funded with cash on hand.
“We expect that this acquisition will accelerate our strategic expansion in attractive medical markets in Advanced Solutions,” said Dr. Mark Gitin, IPG Photonics’ Chief Executive Officer. “Lumibird Medical’s leadership in ophthalmology complements our strength in urology, which will create a scaled medical platform with opportunities to accelerate innovation, broaden our commercial reach and deliver differentiated solutions for physicians and patients. We expect the transaction to strengthen our long-term growth profile and provide significant value creation. I am looking forward to welcoming the Lumibird Medical team to IPG.”
“I’m excited about the future of Lumibird Medical, which will benefit significantly from IPG’s scale and leadership in lasers, photonics and applications,” said Jean-Marc Gendre, CEO of Lumibird Medical. “I am convinced that becoming part of IPG will provide our teams, our technologies and our customers with outstanding opportunities to accelerate this remarkable journey while preserving the culture of innovation that has made our success.”
Lumibird Medical is a global leader in diagnostic and treatment systems for ophthalmology, a highly regulated medical laser market that is largely driven by non-discretionary spending. The company designs and produces diagnostic and therapeutic tools for conditions including cataracts, glaucoma, dry eye and age-related macular degeneration, and is a partner of choice for specialist and generalist patient care. Its proprietary laser technology delivers innovative solutions, from diagnosis to laser treatment, through market-leading brands including Quantel Medical, Ellex and Optotek Medical. Headquartered in France, the company has three major global facilities and more than 450 employees worldwide. Lumibird Medical has a track record of sales growth and EBITDA margin expansion. For the fiscal year ended December 31, 2025, Lumibird Medical reported revenue of €112.2 million and EBITDA of €24.1 million with EBITDA margin of 21.5%1.
1 Lumibird Medical's historical financials are prepared under IFRS. Please see the reconciliation from IFRS to U.S. GAAP in the appendix of the presentation furnished with the SEC on Form 8-K.
Transaction Timing
Following completion of the information and consultation process with Lumibird Medical's works council in accordance with French law, the parties expect to enter into a definitive purchase agreement. IPG Photonics expects the transaction to close during the fourth quarter of 2026, subject to customary closing conditions.
Conference Call Details
The Company will hold a conference call tomorrow, July 17, 2026, at 8:00 a.m. ET. To access the call, please dial 877-407-6184 in the US or 201-389-0877 internationally. A live webcast of the call will also be available and archived on the investor relations section of the Company’s website at investor.ipgphotonics.com.
Innovation is at the heart of IPG Photonics. As a global leader in laser technology, we apply light to transform the world. From manufacturing to medical and beyond, our breakthrough laser solutions power our customers’ success and expand what's possible. Discover more at www.ipgphotonics.com.
Safe Harbor Statement
Information and statements provided by IPG and its employees, including statements in this press release, that relate to future plans, events or performance are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. These statements involve risks and uncertainties. Any statements in this press release that are not statements of historical fact are forward-looking statements, including those statements related to the proposed acquisition of Lumibird Medical (the "Proposed Transaction") and the timing and completion thereof, advancing IPG’s strategy , further expanding the Advanced Solutions portfolio in attractive medical markets, delivering financial benefits by adding a high-margin business, accretive to gross margin, EBITDA and adjusted EPS, the combination creating a scaled platform for growth, adding approximately $1 billion in addressable market, expanding long-term value creation opportunities that leverage IPG’s capabilities, expecting the transaction to provide opportunities to accelerate innovation, broaden commercial reach, deliver differentiated solutions, to strengthen long-term growth profile, provide value creation and to be accretive to margin, EBITDA and adjusted EPS, the ability to complete the information and consultation process with Lumibird Medical's works council, the execution of definitive agreements relating to the Proposed Transaction, the ability to obtain required regulatory approvals and to satisfy other customary closing conditions, the ability to successfully integrate Lumibird Medical's business and retain its employees, customers and distributors, and the realization of anticipated synergies and the expected closing date. Factors that could cause actual results to differ materially include risks and uncertainties, including risks associated with the strength or weakness of business conditions in industries and geographic markets that IPG serves, particularly the effect of downturns in the markets IPG serves; uncertainties and adverse changes in the general economic conditions of markets; inability to manage risks associated with international customers and operations; changes in trade controls and tariff policies; IPG's ability to penetrate new applications for fiber lasers and increase market share; the rate of acceptance and penetration of IPG's products; foreign currency fluctuations; high levels of fixed costs from IPG's vertical integration; the appropriateness of IPG's manufacturing capacity for the level of demand; competitive factors, including declining average selling prices; the effect of acquisitions and investments; inventory write-downs; asset impairment charges; intellectual property infringement claims and litigation; interruption in supply of key components; manufacturing risks; government regulations and trade sanctions; and other risks identified in IPG's SEC filings. There can be no assurance that the Proposed Transaction will be consummated on the anticipated timeline or at all. Readers are encouraged to refer to the risk factors described in IPG's Annual Report on Form 10-K (filed with the SEC on February 23, 2026) and IPG's reports filed with the SEC, as applicable. Actual results, events and performance may differ materially. Readers are cautioned not to rely on the forward-looking statements, which speak only as of the date hereof. IPG undertakes no obligation to update the forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Use of Non-GAAP Adjusted Financial Information
We refer to certain financial measures that are not recognized under United States generally accepted accounting principles (“GAAP”) and are provided as supplemental information to enhance understanding of the Company’s financial performance. 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 measure presented by the Company.
GitLab vydal verzi 19.2, která přidává agentní automatizaci pro opravu zranitelných závislostí, odhalování chyb v logice a nové pracovní postupy pod stávajícími kontrolami organizace.
SAN FRANCISCO--(BUSINESS WIRE)--(All Remote)--GitLab Inc., the intelligent orchestration platform for DevSecOps, today released GitLab 19.2. As AI generates more code, dependencies, and change than developers can keep up with, GitLab 19.2 brings agentic automation to clear that load.
Developers can now use GitLab to fix vulnerable dependencies automatically, catch the logic flaws scanners miss, create custom agentic workflows, invoke agents from more surfaces they already use, and always do so under the organization’s existing controls. A Forrester Consulting study commissioned by GitLab found organizations using GitLab Duo Agent Platform can achieve 400% return on investment with payback in under six months.
Dependency Scanning Auto-Remediation, Now in Public Beta, Helps Fix Vulnerable Dependencies Automatically
A growing share of application security risk now comes from dependencies teams never chose directly. A study of the Maven ecosystem found vulnerabilities reaching roughly 63% of latest releases through transitive dependencies, and roughly one in eight dependency updates introduces a breaking change, even as compliance deadlines under PCI DSS and FedRAMP keep running.
Dependency Scanning Auto-Remediation, now in public beta, closes that gap. Security developers can now clear vulnerable dependencies without adding work for developers. When a scan finds a vulnerable package, GitLab opens a merge request with the suggested fix. If an upgrade breaks the build, agents iterate to fix the issue in the same merge request. New configuration controls let developers set the severity thresholds and version scope that remediation applies to. Every change stops at existing approval gates and leaves a full audit trail.
Security Review Flow, Now in Public Beta, Brings Security Judgment to Every Merge Request
Developers can now catch a class of vulnerabilities that pattern-based scanners structurally cannot see, on every merge request, when a fix is cheapest. Static scanners are good at identifying flaws that match a known pattern, but application-logic flaws have needed manual review that cannot scale, or penetration testing that arrives too late.
Security Review Flow, now in public beta, is a foundational flow in GitLab Duo Agent Platform. It reasons about what the code is meant to do rather than matching known patterns, and detects broken object-level and function-level authorization, missing authorization on state-changing operations, information disclosure, mass assignment, business logic errors, and race conditions. Findings include severity and a suggested fix where available. The flow never approves on its own; a person always makes the final call.
GitLab Duo CLI, Now Generally Available, Puts Agents in Every Developer’s Terminal
Developers do much of their work in the terminal, where AI assistance has usually meant reaching for tools that lack context on their GitLab projects, pipelines, and agent configurations. GitLab 19.2 closes that gap.
GitLab Duo CLI, now generally available across GitLab.com, Self-Managed, and Dedicated deployments, brings GitLab Duo Agent Platform's agents to the terminal with full project context. A developer can get oriented in unfamiliar code, diagnose a failed pipeline, or propose a fix without leaving the command line. Administrators control rollout across the organization.
Agentic Flows Extend Automation From the Individual to the Whole Team
GitLab Duo Agent Platform's agentic flows are sequences that chain agents to complete multi-step work, and in 19.2, they advance on two fronts.
Custom Flows, the flows teams build themselves, are now generally available. Build a flow once and it runs automatically on GitLab events. Custom Flows now authenticate to external services with short-lived, job-scoped tokens, so automation reaching cloud providers or internal APIs uses the same keyless pattern GitLab CI/CD pipelines already trust.
The upcoming Flow Creation Agent can turn a natural-language description into a custom flow. GitLab's foundational flows, the ones GitLab ships ready to use, also get more capable. The Fix CI/CD Pipeline Flow, now improved, classifies failures before acting and delivers targeted fixes as inline suggestions or a new merge request. GitLab Duo Agentic Chat can now delegate multi-step work to agents.
Controls That Keep the Automation Trustworthy
The point of automating this work is so that teams can trust it to run autonomously. GitLab 19.2 adds the controls that make that safe at scale. The AI Audit Event Report, now in beta, records AI-assisted actions as dedicated audit events, so compliance and security teams can include AI workflows in audit reporting, access reviews, and incident investigation.
Group-level custom instructions for GitLab Duo Code Review let administrators set review behavior across projects at once, and new MCP access controls govern which agents can run and what they can reach.
To learn more, please read the what's new page.
Supporting Quote
"Coding agents made it possible to generate far more code and moved the bottleneck downstream to reviews and security," said Manav Khurana, chief product and marketing officer at GitLab. "GitLab 19.2 puts agents to work on that bottleneck: fixing vulnerable dependencies, catching the flaws scanners miss, and automating the steps in between with a person still approving what ships."About GitLab
GitLab is the intelligent orchestration platform for DevSecOps. GitLab enables organizations to increase developer productivity, improve operational efficiency, reduce security and compliance risk, and accelerate digital transformation. More than 50 million registered users and approximately 50% of the Fortune 100* trust GitLab to ship better, more secure software faster.
*Fortune 500® is a registered trademark of Fortune Media IP Limited, used under license. Claim based on GitLab data. Fortune 100 refers to the top 20% ranked companies in the 2025 Fortune 500 list, published in June 2025. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of GitLab.
Record Revenue of $462.7 million Drove EPS Growth of 16.7% Year-Over-Year
, /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) reported earnings for the second quarter of 2026 with net income of $148.7 million, or $0.42 per diluted common share. Comparatively, second quarter 2025 net income totaled $130.7 million, or $0.36 per diluted common share, and first quarter 2026 net income totaled $137.0 million, or $0.38 per diluted common share.
"F.N.B. Corporation's second quarter results reflect the successful execution of our technology-focused strategic business model, highlighted by a 17% year-over-year increase in EPS to $0.42. Record revenue of $463 million drove a 9% year-over-year increase in pre-provision net revenue (non-GAAP) and another quarter of positive operating leverage. Tangible book value per common share (non-GAAP) increased 10% compared to June 30, 2025, and return on average tangible common equity (non-GAAP) equaled 14%," said F.N.B. Corporation Chairman, President and Chief Executive Officer, Vincent J. Delie, Jr. "Average loans and leases grew 7% annualized linked-quarter while maintaining our strict credit discipline and originating high-quality assets in a volatile geopolitical and macroeconomic environment. Average non-interest-bearing deposit balances grew nearly 5% annualized from the prior quarter leading to a 26% mix of non-interest-bearing to total deposits for the seventh consecutive quarter. Our investments in digital capabilities, data analytics and artificial intelligence enable us to gain efficiency and deepen household penetration, expanding our position as the primary bank for our consumer, advisory and commercial customers."
Second Quarter 2026 Highlights
(All comparisons refer to the second quarter of 2025, except as noted)
Average loans and leases totaled $35.5 billion, an increase of $1.0 billion, or 2.9%, as the growth of $1.1 billion in consumer loans more than offset a slight decrease of $66.7 million in commercial loans and leases. On a linked-quarter basis, total average loans and leases increased $601.2 million, or 6.9% annualized, driven by growth in consumer loans and commercial loans and leases of $362.6 million and $238.6 million, respectively. Average deposits totaled $38.7 billion, an increase of $1.5 billion, or 4.1%, reflecting growth in average money market deposits of $727.3 million, average interest-bearing demand deposits of $541.0 million, average non-interest-bearing demand deposits of $129.8 million, average time deposits of $71.0 million and average savings deposits of $65.4 million. On a linked-quarter basis, total average deposits increased $293.3 million, or 3.1% annualized, driven by growth in average time deposits of $119.3 million, average non-interest-bearing demand deposits of $114.0 million and average interest-bearing demand deposits of $75.8 million. The loan-to-deposit ratio was 92.5% at June 30, 2026, compared to 90.3% at March 31, 2026, and 91.9% at June 30, 2025. Net interest income totaled $365.7 million, an increase of $6.4 million, or 1.8%, linked-quarter, primarily due to growth in earning assets, lower cost of funds and the impact of one more day in the current quarter. Net interest margin (FTE) (non-GAAP) equaled 3.25%, stable to the first quarter 2026 level. Strong non-interest income totaled $97.0 million, an increase of $6.0 million, or 6.6%, linked-quarter, benefiting from our diversified business model and related revenue generation. Pre-provision net revenue (non-GAAP) totaled $209.4 million, an 8.8% increase from the prior quarter, driven by continued strong non-interest income generation and growth in net interest income. Provision for credit losses was $21.4 million, an increase of $2.9 million from the prior quarter, with net charge-offs of $17.0 million, or 0.19% annualized of total average loans, compared to $15.9 million, or 0.18% annualized, in the prior quarter. The ratio of non-performing loans and other real estate owned (OREO) to total loans and leases and OREO decreased 3 basis points from the prior quarter to 0.31%, and total delinquency decreased 3 basis points from the prior quarter to 0.71%. The allowance for credit losses (ACL) to total loans and leases ratio decreased 1 basis point to 1.25%. Overall, asset quality metrics remain at solid levels, reflecting continued proactive management of the loan portfolio. The Common Equity Tier 1 (CET1) regulatory capital ratio ended the quarter at 11.4% (estimated), compared to 10.8% at June 30, 2025, and 11.4% at March 31, 2026. The tangible common equity to tangible assets ratio (non-GAAP) equaled 8.9%, compared to 8.5% at June 30, 2025, and 8.9% at March 31, 2026. Tangible book value per common share (non-GAAP) of $12.24 increased $1.10, or 9.9%, compared to June 30, 2025, and $0.18, or 1.5%, compared to March 31, 2026. During the second quarter of 2026, the Company repurchased $47 million, or 2.7 million shares, of common stock at a weighted average share price of $17.46. Non-GAAP financial measures referenced in this release are used by management to measure performance in operating the business that management believes enhances investors' ability to better understand the underlying business performance and trends related to core business activities. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables at the end of this release. For more information regarding our use of non-GAAP measures, please refer to the discussion herein under the caption, "Use of Non-GAAP Financial Measures and Key Performance Indicators."
Quarterly Results Summary
2Q26
1Q26
2Q25
Reported results (b)
Net income available to common shareholders (millions)
$ 148.7
$ 137.0
$ 130.7
Earnings per diluted common share
0.42
0.38
0.36
Book value per common share
19.34
19.12
18.17
Pre-provision net revenue (non-GAAP) (millions)
209.4
192.4
192.0
Average diluted common shares outstanding (thousands)
357,414
360,235
362,259
Capital measures
Common equity tier 1 (a)
11.4 %
11.4 %
10.8 %
Tangible common equity to tangible assets (non-GAAP)
8.93
8.91
8.47
Tangible book value per common share (non-GAAP)
$ 12.24
$ 12.06
$ 11.14
(a) Estimated for 2Q26.
(b) Operating results equaled reported results as there were no significant items impacting earnings for the periods presented.
Second Quarter 2026 Results – Comparison to Prior-Year Quarter
(All comparisons refer to the second quarter of 2025, except as noted.)
Net interest income totaled $365.7 million, an increase of $18.5 million, or 5.3%, reflecting growth in average earning assets and lower interest-bearing deposit costs, partially offset by lower yields on earning assets. The net interest margin (FTE) (non-GAAP) increased 6 basis points to 3.25%. The yield on earning assets (non-GAAP) decreased 20 basis points to 5.13%, driven by a 27 basis point decline in yields on loans to 5.52%. Total cost of funds decreased 27 basis points to 1.99%, with a 50 basis point decrease in total borrowing costs to 4.21%, and a 30 basis point decrease in interest-bearing deposit costs to 2.36%. The Federal Open Market Committee FOMC has lowered the target federal funds rate by 175 basis points since August 2024.
Average loans and leases totaled $35.5 billion, an increase of $998.9 million, or 2.9%, including growth of $1.1 billion in consumer loans which more than offset a decrease of $66.7 million in commercial loans and leases. Average commercial and industrial loans increased $599.6 million, or 7.9%, and average commercial leases increased $20.8 million, or 2.7%, partially offsetting the decline in average commercial real estate loans of $668.1 million, or 5.2%. Solid commercial and industrial loan growth in the Charlotte and South Carolina markets was offset by expected commercial real estate loan payoffs. Equipment Finance also produced strong loan growth. Average consumer loans included an $858.4 million, or 10.3%, increase in residential mortgage loans largely due to the continued successful execution in key markets and long-standing strategy of serving the purchase market, partially offset by the sale of approximately $200 million of performing residential mortgage loans in February 2026. Average consumer lines of credit increased $181.5 million, or 12.9%, and indirect auto loans increased $43.1 million, or 5.5%, both reflecting solid organic growth in the respective portfolios.
Average deposits totaled $38.7 billion, an increase of $1.5 billion, or 4.1%, with growth in average money market deposits of $727.3 million, average interest-bearing demand deposits of $541.0 million, average non-interest-bearing demand deposits of $129.8 million, average time deposits of $71.0 million and average savings deposits of $65.4 million. The mix of non-interest-bearing demand deposits to total deposits was stable at 26% at both June 30, 2026, and June 30, 2025. The loan-to-deposit ratio was 92.5% at June 30, 2026, compared to 91.9% at June 30, 2025.
Non-interest income totaled $97.0 million, an increase of $5.9 million, or 6.5%. Wealth management revenues increased $1.6 million, or 7.8%, as trust services income and securities commissions and fees increased 8.5% and 7.0%, respectively, through continued strong contributions across the geographic footprint. Capital markets income increased $1.1 million, or 16.2%, reflecting solid revenue from international banking income, customer interest rate derivatives and debt capital markets, and early contributions from investment banking and public finance. Bank-owned life insurance increased $1.5 million, reflecting higher life insurance claims. Other non-interest income increased $1.0 million, or 16.8%, primarily due to higher residual gains on equipment leases.
Non-interest expense totaled $253.2 million, increasing $7.0 million, or 2.9%. Salaries and employee benefits increased $5.8 million, or 4.4%, primarily reflecting normal annual merit increases and strategic hiring associated with our efforts to grow market share and support strategic technology initiatives. Outside services increased $2.9 million, or 11.6%, driven by higher third-party legal and consulting costs. Net occupancy and equipment increased $2.4 million, or 5.1%, primarily due to technology-related investments and higher occupancy costs.
The ratio of non-performing loans and OREO to total loans and OREO decreased 3 basis points to 0.31%. Total delinquency increased 9 basis points to 0.71%. Overall, asset quality metrics remain at solid levels.
The provision for credit losses was $21.4 million, compared to $25.6 million. The second quarter of 2026 reflected net charge-offs of $17.0 million, or 0.19% annualized of total average loans, compared to $21.8 million, or 0.25% annualized, reflecting continued proactive management of the loan portfolio. The ACL was $447.3 million, an increase of $15.3 million, with the ratio of the ACL to total loans and leases remaining stable at 1.25%.
The effective tax rate was 20.9%, compared to 21.5% in the second quarter of 2025.
The CET1 regulatory capital ratio was 11.4% (estimated) at June 30, 2026, and 10.8% at June 30, 2025. Tangible book value per common share (non-GAAP) was $12.24 at June 30, 2026, an increase of $1.10, or 9.9%, from $11.14 at June 30, 2025. AOCI reduced the current quarter's tangible book value per common share (non-GAAP) by $0.29, compared to a reduction of $0.26 at the end of the year-ago quarter.
Second Quarter 2026 Results – Comparison to Prior Quarter
(All comparisons refer to the first quarter of 2026, except as noted.)
Net interest income totaled $365.7 million, an increase of $6.4 million, or 1.8%, primarily due to growth in earning assets, lower cost of funds and the impact of one more day in the current quarter. The total yield on earning assets (non-GAAP) decreased 1 basis point to 5.13%, and the total cost of funds decreased 2 basis points to 1.99%, as the cost of interest-bearing deposits decreased 4 basis points to 2.36%. The resulting net interest margin (FTE) (non-GAAP) was 3.25%, stable to the prior quarter.
Average loans and leases totaled $35.5 billion, an increase of $601.2 million, or 6.9% annualized, as average consumer loans increased $362.6 million and average commercial loans and leases increased $238.6 million. For consumer lending, average residential mortgages increased $288.9 million driven by seasonal growth in mortgage originations. Average consumer lines of credit increased $55.3 million and indirect auto loans increased $35.9 million, both reflecting solid organic growth in the respective portfolios. Average commercial loans and leases growth reflected an increase of $336.5 million in average commercial and industrial loans and $9.8 million in average commercial leases, partially offset by a decline of $103.2 million in average commercial real estate loans due to continued expected payoff activity. Commercial and industrial loan growth was primarily driven by lower risk-rated, high-quality lending in the Mid-Atlantic, Pittsburgh and Charlotte markets.
Average deposits totaled $38.7 billion, an increase of $293.3 million, due to organic growth in new and existing customer relationships. The growth was primarily driven by average time deposits of $119.3 million, average non-interest-bearing demand deposits of $114.0 million, and average interest-bearing demand deposits of $75.8 million. The mix of non-interest-bearing demand deposits to total deposits was stable at 26% for both June 30, 2026, and March 31, 2026. The loan-to-deposit ratio totaled 92.5% at June 30, 2026, compared to 90.3% at March 31, 2026, as loan growth exceeded deposit growth at quarter end.
Non-interest income totaled $97.0 million, an increase of $6.0 million, or 6.6%, from the prior quarter. Capital markets income increased $1.2 million, or 17.8%, with solid revenue from customer interest rate derivatives, international banking and debt capital markets, and early contributions from investment banking and public finance. Bank-owned life insurance increased $1.2 million, reflecting higher life insurance claims. Service charges increased $1.0 million, or 4.3%, and interchange and card transaction fees increased $0.8 million, or 6.5%, both driven by strong treasury management activity, as well as seasonally-higher consumer transactions. Mortgage banking operations income decreased $1.0 million, or 16.2%, driven by net fair value adjustments from pipeline hedging activity given the volatility of interest rates during the quarter. Other non-interest income increased $2.8 million, or 66.9%, primarily due to higher residual gains on equipment leases.
Non-interest expense totaled $253.2 million, a decrease of $4.6 million, or 1.8%, compared to the prior quarter. Salaries and employee benefits expense was flat as the declines from the seasonally-elevated long-term compensation and employer-paid payroll taxes expense in the first quarter were offset by increases in production-related compensation and merit-related increases in salaries in the current quarter. Net occupancy and equipment decreased $1.0 million, or 2.0%, primarily due to unusually high snow removal costs in the prior quarter. Outside services increased $1.8 million, or 6.7%, primarily due to higher third-party legal costs. The decline in linked-quarter other non-interest expense of $6.3 million, or 21.6%, reflected lower costs related to fraud losses, litigation, and the Community Uplift program. The efficiency ratio (non-GAAP) totaled 53.7%, compared to 56.1% in the prior quarter.
The ratio of non-performing loans and OREO to total loans and OREO decreased 3 basis points to 0.31%, and delinquency decreased 3 basis points to 0.71%. Overall, asset quality metrics remain at solid levels.
The provision for credit losses was $21.4 million, compared to $18.5 million. The second quarter of 2026 reflected net charge-offs of $17.0 million, or 0.19% annualized of total average loans, compared to $15.9 million, or 0.18% annualized, reflecting continued proactive management of the loan portfolio. The ACL was $447.3 million, an increase of $4.3 million, with the ratio of the ACL to total loans and leases decreasing 1 basis point to 1.25%.
The effective tax rate was 20.9%, compared to 21.2%.
The CET1 regulatory capital ratio was 11.4% (estimated), stable to 11.4% at March 31, 2026. Tangible book value per common share (non-GAAP) was $12.24 at June 30, 2026, an increase of $0.18 per share. AOCI reduced the current quarter-end tangible book value per common share (non-GAAP) by $0.29 as of June 30, 2026, compared to $0.24 at the end of the prior quarter.
Use of Non-GAAP Financial Measures and Key Performance Indicators
To supplement our Consolidated Financial Statements presented in accordance with GAAP, we use certain non-GAAP financial measures, such as return on average tangible common equity, return on average tangible assets, tangible book value per common share, the ratio of tangible common equity to tangible assets, pre-provision net revenue (reported), efficiency ratio, and net interest margin (FTE) to provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to assess their performance and trends.
These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included later in this release under the heading "Reconciliations of Non-GAAP Financial Measures and Key Performance Indicators to GAAP."
To facilitate peer comparisons of net interest margin and efficiency ratio, we use net interest income on a taxable-equivalent basis in calculating net interest margin by increasing the interest income earned on tax-exempt assets (loans and investments) to make it fully equivalent to interest income earned on taxable investments (this adjustment is not permitted under GAAP). Taxable-equivalent amounts for 2026 and 2025 were calculated using a federal statutory income tax rate of 21%.
Cautionary Statement Regarding Forward-Looking Information
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward‑looking statements are those that do not relate to historical facts and that are based on current assumptions, beliefs, estimates, expectations and projections, many of which, by their nature, are inherently uncertain and beyond our control. Forward-looking statements may relate to various matters, including our financial condition, results of operations, plans, objectives, future performance, business or industry, and usually can be identified by the use of forward-looking words, such as "anticipates," "assumes," "believes," "can," "continues," "could," "enable," "estimates," "expects," "forecasts," "goal," "intends," "likely," "may," "might," "objective," "plans," "positioned," "potential," "projects," "remains," "should," "target," "trend," "will," "would," or similar words or expressions or variations thereof, and the negative thereof, but these terms are not the exclusive means of identifying such statements. You should not place undue reliance on forward-looking statements, as they are subject to risks and uncertainties, including, but not limited to, those described below. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make.
There are various important factors that could cause future results to differ materially from historical performance and any forward-looking statements. Factors that might cause such differences, include, but are not limited to:
the credit risk associated with the substantial amount of commercial loans and leases in our loan portfolio; the volatility of the mortgage banking business; changes in market interest rates, U.S. federal government shutdowns and the unpredictability of monetary, tax and other policies of government agencies, including tariffs or the imposition and enforceability of tariffs, trade wars, barriers or restrictions, threats of such actions or related uncertainties; the impact of changes in interest rates on the value of our investment securities portfolios; changes in our ability to obtain liquidity as and when needed to fund our obligations as they come due, including as a result of adverse changes to our credit ratings; the risk associated with uninsured deposit account balances; regulatory limits on our ability to receive dividends from our subsidiaries and pay dividends to our shareholders; our ability to recruit and retain qualified banking professionals; the financial soundness of other financial institutions and the impact of volatility in the banking sector on us; changes and instability in economic conditions and financial markets, in the regions in which we operate or otherwise, including a contraction of economic activity, economic downturn or uncertainty and international conflict, including in the Middle East, disruption of supply chain and energy supply markets and capital markets, changes to inflation expectations and other related uncertainties; our ability to continue to invest in technological improvements as they become appropriate or necessary; any interruption in or breach in security of our information systems, or other cybersecurity risks; risks associated with reliance on third-party vendors and artificial intelligence; risks associated with the use of models, estimations and assumptions in our business; the effects of adverse weather events and public health emergencies; the risks associated with acquiring other banks and financial services businesses, including integration into our existing operations; the extensive federal and state regulations, supervision and examination governing almost every aspect of our operations, and potential expenses associated with complying with such regulations; our ability to comply with the consent orders entered into by First National Bank of Pennsylvania with the Department of Justice and the North Carolina State Department of Justice, and related costs and potential reputational harm; changes in federal, state or local tax rules and regulations or interpretations, or accounting policies, standards and interpretations; the effects of climate change and related legislative and regulatory initiatives; and any reputation, credit, interest rate, market, operational, litigation, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above. FNB cautions that the risks identified here are not exhaustive of the types of risks that may adversely impact FNB and actual results may differ materially from those expressed or implied as a result of these risks and uncertainties, including, but not limited to, the risk factors and other uncertainties described under Item 1A. Risk Factors and the Risk Management sections of our 2025 Annual Report on Form 10-K (including the MD&A section), our subsequent 2026 Quarterly Reports on Form 10-Q (including the risk factors and risk management discussions) and our other filings with the Securities and Exchange Commission (SEC), which are available on our corporate website at https://www.fnb-online.com/about-us/investor-information/reports-and-filings or the SEC's website at www.sec.gov. We have included our web address as an inactive textual reference only. Information on our website is not part of our SEC filings.
You should treat forward-looking statements as speaking only as of the date they are made and based only on information then actually known to FNB. FNB does not undertake, and specifically disclaims any obligation to update, or revise any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.
Conference Call
F.N.B. Corporation (NYSE: FNB) announced the financial results for the second quarter of 2026 after the market close on Thursday, July 16, 2026. Chairman, President and Chief Executive Officer, Vincent J. Delie, Jr., Chief Financial Officer, Vincent J. Calabrese, Jr., and Chief Credit Officer, Gary L. Guerrieri, plan to host a conference call to discuss the Company's financial results on Friday, July 17, 2026, at 8:30 AM ET.
A live listen-only webcast of the conference call will be available under the Investor Relations section of the Corporation's website at www.fnbcorporation.com. Participants can access the link under the "About Us" tab and clicking on "Investor Relations" then "Investor Conference Calls." The live webcast will open approximately 30 minutes prior to the start of the call.
To participate in the Q&A portion of the call, dial 844-802-2440 (for domestic callers) or 412-317-5133 (for international callers). Pre-registration can be accessed at https://dpregister.com/sreg/10210232/1045fa3ff88. Callers who pre-register will be provided a conference passcode and unique PIN to bypass the live operator and gain immediate access to the call.
Presentation slides and the earnings release will also be available under the Investor Relations section of the Corporation's website at www.fnbcorporation.com.
Following the call, a replay of the conference call will be available via the webcast link under the Investor Relations section of the Corporation's website at www.fnbcorporation.com.
About F.N.B. Corporation
F.N.B. Corporation (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in seven states and the District of Columbia. FNB's market coverage spans several major metropolitan areas including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina; and Charleston, South Carolina. The Company has total assets of $51 billion and more than 355 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C. and Virginia.
FNB provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network which is led by its largest affiliate, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, government banking, business credit, capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. FNB's wealth management and advisory services include asset management, private banking and insurance.
The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol "FNB" and is included in Standard & Poor's MidCap 400 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation website at www.fnbcorporation.com.
F.N.B. CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
% Variance
2Q26
2Q26
For the Six Months Ended
June 30,
%
2Q26
1Q26
2Q25
1Q26
2Q25
2026
2025
Var.
Interest Income
Loans and leases, including fees
$ 493,541
$ 485,913
$ 500,767
1.6
(1.4)
$ 979,454
$ 981,341
(0.2)
Securities:
Taxable
63,808
61,140
57,168
4.4
11.6
124,948
112,018
11.5
Tax-exempt
6,685
6,903
6,918
(3.2)
(3.4)
13,588
13,858
(1.9)
Other
13,979
15,325
17,788
(8.8)
(21.4)
29,304
34,861
(15.9)
Total Interest Income
578,013
569,281
582,641
1.5
(0.8)
1,147,294
1,142,078
0.5
Interest Expense
Deposits
169,114
168,681
181,190
0.3
(6.7)
337,795
367,018
(8.0)
Short-term borrowings
19,522
17,934
20,132
8.9
(3.0)
37,456
34,235
9.4
Long-term borrowings
23,654
23,388
34,123
1.1
(30.7)
47,042
69,784
(32.6)
Total Interest Expense
212,290
210,003
235,445
1.1
(9.8)
422,293
471,037
(10.3)
Net Interest Income
365,723
359,278
347,196
1.8
5.3
725,001
671,041
8.0
Provision for credit losses
21,361
18,462
25,601
15.7
(16.6)
39,823
43,090
(7.6)
Net Interest Income After
Provision for Credit Losses
344,362
340,816
321,595
1.0
7.1
685,178
627,951
9.1
Non-Interest Income
Service charges
23,749
22,770
22,930
4.3
3.6
46,519
45,285
2.7
Interchange and card transaction fees
13,303
12,487
13,254
6.5
0.4
25,790
25,624
0.6
Trust services
12,574
12,831
11,591
(2.0)
8.5
25,405
23,991
5.9
Insurance commissions and fees
5,410
6,224
5,108
(13.1)
5.9
11,634
10,901
6.7
Securities commissions and fees
9,503
8,982
8,882
5.8
7.0
18,485
17,702
4.4
Capital markets income
8,014
6,801
6,897
17.8
16.2
14,815
12,220
21.2
Mortgage banking operations
5,319
6,345
6,306
(16.2)
(15.7)
11,664
13,299
(12.3)
Dividends on non-marketable equity
securities
6,733
6,245
6,168
7.8
9.2
12,978
11,728
10.7
Bank owned life insurance
5,331
4,110
3,838
29.7
38.9
9,441
9,188
2.8
Net securities gains (losses)
27
2
58
n/m
(53.4)
29
58
(50.0)
Other
6,988
4,188
5,983
66.9
16.8
11,176
8,785
27.2
Total Non-Interest Income
96,951
90,985
91,015
6.6
6.5
187,936
178,781
5.1
Non-Interest Expense
Salaries and employee benefits
135,603
135,707
129,842
(0.1)
4.4
271,310
264,977
2.4
Net occupancy
20,755
22,637
19,299
(8.3)
7.5
43,392
39,057
11.1
Equipment
28,962
28,091
27,988
3.1
3.5
57,053
53,873
5.9
Outside services
28,246
26,461
25,317
6.7
11.6
54,707
51,658
5.9
Marketing
3,954
3,601
5,017
9.8
(21.2)
7,555
9,590
(21.2)
FDIC insurance
8,278
7,450
8,922
11.1
(7.2)
15,728
17,405
(9.6)
Bank shares tax
4,442
4,577
3,960
(2.9)
12.2
9,019
8,096
11.4
Other
23,009
29,341
25,880
(21.6)
(11.1)
52,350
48,380
8.2
Total Non-Interest Expense
253,249
257,865
246,225
(1.8)
2.9
511,114
493,036
3.7
Income Before Income Taxes
188,064
173,936
166,385
8.1
13.0
362,000
313,696
15.4
Income tax expense (benefit)
39,343
36,890
35,715
6.6
10.2
76,233
66,511
14.6
Net Income
$ 148,721
$ 137,046
$ 130,670
8.5
13.8
$ 285,767
$ 247,185
15.6
Earnings per Common Share
Basic
$ 0.42
$ 0.38
$ 0.36
10.5
16.7
$ 0.80
$ 0.68
17.6
Diluted
0.42
0.38
0.36
10.5
16.7
0.80
0.68
17.6
Cash Dividends per Common Share
0.13
0.12
0.12
8.3
8.3
0.25
0.24
4.2
n/m - not meaningful
F.N.B. CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(Unaudited)
% Variance
2Q26
2Q26
2Q26
1Q26
2Q25
1Q26
2Q25
Assets
Cash and due from banks
$ 426
$ 452
$ 535
(5.8)
(20.4)
Interest-bearing deposits with banks
1,949
2,207
1,892
(11.7)
3.0
Cash and Cash Equivalents
2,375
2,659
2,427
(10.7)
(2.1)
Securities available for sale
3,758
3,775
3,580
(0.5)
5.0
Securities held to maturity
4,251
4,183
4,115
1.6
3.3
Loans held for sale
290
321
296
(9.7)
(2.0)
Loans and leases, net of unearned income
35,769
35,112
34,679
1.9
3.1
Allowance for credit losses on loans and leases
(447)
(443)
(432)
0.9
3.5
Net Loans and Leases
35,322
34,669
34,247
1.9
3.1
Premises and equipment, net
564
566
557
(0.4)
1.3
Goodwill
2,480
2,480
2,480
—
—
Core deposit and other intangible assets, net
30
33
44
(9.1)
(31.8)
Bank owned life insurance
674
671
665
0.4
1.4
Other assets
1,255
1,271
1,314
(1.3)
(4.5)
Total Assets
$ 50,999
$ 50,628
$ 49,725
0.7
2.6
Liabilities
Deposits:
Non-interest-bearing
$ 10,056
$ 10,003
$ 9,872
0.5
1.9
Interest-bearing
28,623
28,898
27,876
(1.0)
2.7
Total Deposits
38,679
38,901
37,748
(0.6)
2.5
Short-term borrowings
2,681
2,157
1,876
24.3
42.9
Long-term borrowings
2,002
2,001
2,692
—
(25.6)
Other liabilities
798
768
885
3.9
(9.8)
Total Liabilities
44,160
43,827
43,201
0.8
2.2
Shareholders' Equity
Common stock
4
4
4
—
—
Additional paid-in capital
4,691
4,698
4,691
(0.1)
—
Retained earnings
2,539
2,437
2,112
4.2
20.2
Accumulated other comprehensive loss
(103)
(86)
(92)
19.8
12.0
Treasury stock
(292)
(252)
(191)
15.9
52.9
Total Shareholders' Equity
6,839
6,801
6,524
0.6
4.8
Total Liabilities and Shareholders' Equity
$ 50,999
$ 50,628
$ 49,725
0.7
2.6
F.N.B. CORPORATION AND SUBSIDIARIES
(Dollars in thousands)
(Unaudited)
2Q26
1Q26
2Q25
Interest
Interest
Interest
Average
Income/
Yield/
Average
Income/
Yield/
Average
Income/
Yield/
Balance
Expense
Rate
Balance
Expense
Rate
Balance
Expense
Rate
Assets
Interest-bearing deposits with
banks
$ 1,611,087
$ 13,979
3.48 %
$ 1,748,445
$ 15,325
3.55 %
$ 1,723,351
$ 17,788
4.14 %
Taxable investment securities (1)
7,011,619
63,611
3.63
6,876,738
60,936
3.55
6,587,352
56,955
3.46
Tax-exempt investment
securities (1) (2)
958,948
8,460
3.53
991,913
8,735
3.52
1,004,672
8,737
3.48
Loans held for sale
327,705
5,974
7.29
437,086
7,572
6.93
225,509
4,156
7.37
Loans and leases (2) (3)
35,501,370
489,113
5.52
34,900,157
479,857
5.56
34,502,493
498,078
5.79
Total Interest Earning
Assets (2)
45,410,729
581,137
5.13
44,954,339
572,425
5.14
44,043,377
585,714
5.33
Cash and due from banks
377,777
373,240
395,418
Allowance for credit losses
(452,987)
(446,932)
(437,130)
Premises and equipment
567,661
567,938
555,889
Other assets
4,490,908
4,505,350
4,548,082
Total Assets
$ 50,394,088
$ 49,953,935
$ 49,105,636
Liabilities
Deposits:
Interest-bearing demand
$ 6,617,287
18,393
1.11
$ 6,541,455
18,173
1.13
$ 6,076,305
16,373
1.08
Money market
11,691,192
84,878
2.91
11,700,669
85,030
2.95
10,963,843
92,276
3.38
Savings
3,096,095
6,421
0.83
3,102,399
6,787
0.89
3,030,706
6,831
0.90
Certificates and other time
7,312,462
59,422
3.26
7,193,173
58,690
3.31
7,241,453
65,710
3.64
Total interest-bearing deposits
28,717,036
169,114
2.36
28,537,696
168,680
2.40
27,312,307
181,190
2.66
Short-term borrowings
2,106,129
19,522
3.71
1,978,660
17,934
3.67
1,876,526
20,132
4.29
Long-term borrowings
2,001,579
23,654
4.74
1,984,936
23,388
4.78
2,741,561
34,123
4.99
Total Interest-Bearing
Liabilities
32,824,744
212,290
2.59
32,501,292
210,002
2.62
31,930,394
235,445
2.96
Non-interest-bearing demand
deposits
9,942,298
9,828,293
9,812,486
Total Deposits and
Borrowings
42,767,042
1.99
42,329,585
2.01
41,742,880
2.26
Other liabilities
806,700
816,738
883,637
Total Liabilities
43,573,742
43,146,323
42,626,517
Shareholders' Equity
6,820,346
6,807,612
6,479,119
Total Liabilities and
Shareholders' Equity
$ 50,394,088
$ 49,953,935
$ 49,105,636
Net Interest Earning Assets
$ 12,585,985
$ 12,453,047
$ 12,112,983
Net Interest Income (FTE) (2)
368,847
362,423
350,269
Tax Equivalent Adjustment
(3,124)
(3,145)
(3,073)
Net Interest Income
$ 365,723
$ 359,278
$ 347,196
Net Interest Spread
2.54 %
2.52 %
2.37 %
Net Interest Margin (2)
3.25 %
3.25 %
3.19 %
(1)
The average balances and yields earned on securities are based on historical cost.
(2)
The interest income amounts are reflected on an FTE basis (non-GAAP), which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%. The yield on earning assets and the net interest margin are presented on an FTE basis (non-GAAP).
(3)
Average loans and leases consist of average total loans, including non-accrual loans, less average unearned income.
F.N.B. CORPORATION AND SUBSIDIARIES
(Dollars in thousands)
(Unaudited)
Six Months Ended June 30,
2026
2025
Interest
Interest
Average
Income/
Yield/
Average
Income/
Yield/
Balance
Expense
Rate
Balance
Expense
Rate
Assets
Interest-bearing deposits with banks
$ 1,679,386
$ 29,304
3.52 %
$ 1,732,129
$ 34,861
4.06 %
Taxable investment securities (1)
6,944,551
124,547
3.59
6,512,930
111,590
3.43
Tax-exempt investment securities (1) (2)
975,340
17,195
3.52
1,007,379
17,501
3.47
Loans held for sale
382,093
13,546
7.09
214,605
8,040
7.49
Loans and leases (2) (3)
35,202,425
968,971
5.54
34,277,885
976,142
5.73
Total Interest Earning Assets (2)
45,183,795
1,153,563
5.13
43,744,928
1,148,134
5.28
Cash and due from banks
375,521
394,636
Allowance for credit losses
(449,976)
(433,039)
Premises and equipment
567,798
547,190
Other assets
4,498,089
4,541,924
Total Assets
$ 50,175,227
$ 48,795,639
Liabilities
Deposits:
Interest-bearing demand
$ 6,579,581
36,567
1.12
$ 6,187,745
35,199
1.15
Money market
11,695,904
169,908
2.93
10,809,047
182,300
3.40
Savings
3,099,230
13,208
0.86
3,087,255
14,941
0.98
Certificates and other time
7,253,147
118,112
3.28
7,232,714
134,578
3.75
Total interest-bearing deposits
28,627,862
337,795
2.38
27,316,761
367,018
2.71
Short-term borrowings
2,042,746
37,456
3.69
1,626,785
34,235
4.23
Long-term borrowings
1,993,303
47,042
4.76
2,784,543
69,784
5.05
Total Interest-Bearing Liabilities
32,663,911
422,293
2.61
31,728,089
471,037
2.99
Non-interest-bearing demand deposits
9,885,610
9,730,677
Total Deposits and Borrowings
42,549,521
2.00
41,458,766
2.29
Other liabilities
811,692
910,946
Total Liabilities
43,361,213
42,369,712
Shareholders' Equity
6,814,014
6,425,927
Total Liabilities and Shareholders' Equity
$ 50,175,227
$ 48,795,639
Net Interest Earning Assets
$ 12,519,884
$ 12,016,839
Net Interest Income (FTE) (2)
731,270
677,097
Tax Equivalent Adjustment
(6,269)
(6,056)
Net Interest Income
$ 725,001
$ 671,041
Net Interest Spread
2.52 %
2.29 %
Net Interest Margin (2)
3.25 %
3.11 %
(1)
The average balances and yields earned on securities are based on historical cost.
(2)
The interest income amounts are reflected on an FTE basis (non-GAAP), which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%. The yield on earning assets and the net interest margin are presented on an FTE basis (non-GAAP).
(3)
Average loans and leases consist of average total loans, including non-accrual loans, less average unearned income.
F.N.B. CORPORATION AND SUBSIDIARIES
(Unaudited)
For the Six Months Ended
June 30,
2Q26
1Q26
2Q25
2026
2025
Performance Ratios
Return on average equity
8.75 %
8.16 %
8.09 %
8.46 %
7.76 %
Return on average tangible
common equity (1)
14.07
13.20
13.57
13.64
13.11
Return on average assets
1.18
1.11
1.07
1.15
1.02
Return on average tangible assets (1)
1.27
1.19
1.15
1.23
1.10
Net interest margin (FTE) (2)
3.25
3.25
3.19
3.25
3.11
Yield on earning assets (FTE) (2)
5.13
5.14
5.33
5.13
5.28
Cost of interest-bearing deposits
2.36
2.40
2.66
2.38
2.71
Cost of interest-bearing liabilities
2.59
2.62
2.96
2.61
2.99
Cost of funds
1.99
2.01
2.26
2.00
2.29
Efficiency ratio (1)
53.68
56.08
54.83
54.86
56.61
Effective tax rate
20.92
21.21
21.47
21.06
21.20
Capital Ratios
Equity / assets
13.41
13.43
13.12
Common equity tier 1 (3)
11.4
11.4
10.8
Leverage
9.25
9.22
8.78
Tangible common equity / tangible assets (1)
8.93
8.91
8.47
Common Stock Data
Average diluted common shares outstanding
357,413,941
360,234,607
362,258,964
358,819,030
362,663,795
Period end common shares outstanding
353,560,084
355,670,905
359,123,010
Book value per common share
$ 19.34
$ 19.12
$ 18.17
Tangible book value per common share (1)
12.24
12.06
11.14
Dividend payout ratio (common)
31.23 %
31.71 %
33.34 %
31.46 %
35.42 %
(1)
See non-GAAP financial measures section of this Press Release for additional information relating to the calculation of this item.
(2)
The net interest margin and yield on earning assets (all non-GAAP measures) are presented on a fully taxable equivalent (FTE) basis, which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%.
(3)
June 30, 2026 Common Equity Tier 1 Capital ratio is an estimate.
F.N.B. CORPORATION AND SUBSIDIARIES
(Dollars in millions)
(Unaudited)
% Variance
2Q26
2Q26
2Q26
1Q26
2Q25
1Q26
2Q25
Balances at period end
Loans and Leases:
Commercial real estate (1)
$ 12,035
$ 12,164
$ 12,686
(1.1)
(5.1)
Commercial and industrial
8,194
8,032
7,556
2.0
8.4
Commercial leases
802
778
774
3.1
3.6
Other
140
87
182
60.9
(23.1)
Commercial loans and leases
21,171
21,061
21,198
0.5
(0.1)
Direct installment
2,654
2,655
2,671
—
(0.6)
Residential mortgages
9,471
9,038
8,595
4.8
10.2
Indirect installment
852
805
780
5.8
9.2
Consumer LOC
1,621
1,553
1,435
4.4
13.0
Consumer loans
14,598
14,051
13,481
3.9
8.3
Total loans and leases
$ 35,769
$ 35,112
$ 34,679
1.9
3.1
Note: Loans held for sale were $290, $321 and $296 at 2Q26, 1Q26, and 2Q25, respectively.
(1) Commercial real estate is made up of 68% non-owner occupied and 32% owner-occupied at June 30, 2026.
% Variance
Average balances
2Q26
2Q26
For the Six Months
Ended
June 30,
%
Loans and Leases:
2Q26
1Q26
2Q25
1Q26
2Q25
2026
2025
Var.
Commercial real estate
$ 12,099
$ 12,202
$ 12,767
(0.8)
(5.2)
$ 12,152
$ 12,749
(4.7)
Commercial and industrial
8,192
7,855
7,592
4.3
7.9
8,022
7,578
5.9
Commercial leases
797
787
776
1.2
2.7
792
771
2.7
Other
140
144
159
(3.1)
(12.0)
142
154
(7.5)
Commercial loans and leases
21,227
20,988
21,294
1.1
(0.3)
21,108
21,251
(0.7)
Direct installment
2,649
2,667
2,667
(0.7)
(0.7)
2,658
2,665
(0.3)
Residential mortgages
9,210
8,921
8,352
3.2
10.3
9,066
8,200
10.6
Indirect installment
823
788
780
4.6
5.5
806
770
4.6
Consumer LOC
1,592
1,536
1,410
3.6
12.9
1,564
1,391
12.4
Consumer loans
14,274
13,912
13,209
2.6
8.1
14,094
13,027
8.2
Total loans and leases
$ 35,501
$ 34,900
$ 34,502
1.7
2.9
$ 35,202
$ 34,278
2.7
F.N.B. CORPORATION AND SUBSIDIARIES
(Dollars in millions)
(Unaudited)
% Variance
2Q26
2Q26
Asset Quality Data
2Q26
1Q26
2Q25
1Q26
2Q25
Non-Performing Assets
Non-performing loans
$ 110
$ 118
$ 117
(6.8)
(6.0)
Other real estate owned (OREO)
2
3
2
(33.3)
—
Non-performing assets
$ 112
$ 121
$ 119
(7.4)
(5.9)
Non-performing loans / total loans and leases
0.31 %
0.33 %
0.34 %
Non-performing assets plus 90+ days past due / total loans and leases
plus OREO
0.46
0.49
0.38
Non-performing loans plus OREO / total loans and leases plus OREO
0.31
0.34
0.34
Delinquency
Loans 30-89 days past due
$ 92
$ 93
$ 86
(1.1)
7.0
Loans 90+ days past due
51
50
13
2.0
292.3
Non-accrual loans
110
118
117
(6.8)
(6.0)
Past due and non-accrual loans
$ 253
$ 261
$ 216
(3.1)
17.1
Past due and non-accrual loans / total loans and leases
0.71 %
0.74 %
0.62 %
F.N.B. CORPORATION AND SUBSIDIARIES
(Dollars in millions)
% Variance
(Unaudited)
2Q26
2Q26
For the Six Months
Ended
June 30,
%
Allowance on Loans and Leases and Allowance for Unfunded Loan
Commitments Rollforward
2Q26
1Q26
2Q25
1Q26
2Q25
2026
2025
Var.
Allowance for Credit Losses on Loans and Leases
Balance at beginning of period
$ 443.0
$ 439.5
$ 428.9
0.8
3.3
$ 439.5
$ 422.8
4.0
Provision for credit losses
21.3
19.4
25.0
10.1
(14.7)
40.6
43.6
(6.7)
Net loan (charge-offs) / recoveries
(17.0)
(15.9)
(21.8)
7.2
(22.0)
(32.8)
(34.3)
(4.3)
Allowance for credit losses on loans and leases
$ 447.3
$ 443.0
$ 432.1
1.0
3.5
$ 447.3
$ 432.1
3.5
Allowance for Unfunded Loan Commitments
Allowance for unfunded loan commitments balance at beginning of period
$ 19.2
$ 20.1
$ 20.3
(4.6)
(5.3)
$ 20.1
$ 21.4
(5.9)
Provision (reduction in allowance) for unfunded loan commitments / other
adjustments
(0.1)
(0.9)
0.7
91.2
(111.8)
(1.0)
(0.4)
(135.0)
Allowance for unfunded loan commitments
$ 19.1
$ 19.2
$ 21.0
(0.4)
(8.9)
$ 19.1
$ 21.0
(8.9)
Total allowance for credit losses on loans and leases and allowance for
unfunded loan commitments
$ 466.4
$ 462.2
$ 453.0
0.9
3.0
$ 466.4
$ 453.0
3.0
Allowance for credit losses on loans and leases / total loans and leases
1.25 %
1.26 %
1.25 %
Allowance for credit losses on loans and leases / total non-performing loans
404.3
376.8
370.7
Net loan charge-offs (annualized) / total average loans and leases
0.19
0.18
0.25
0.19 %
0.20 %
F.N.B. CORPORATION AND SUBSIDIARIES
(Unaudited)
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS TO GAAP
We believe the following non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and facilitate
comparisons with the performance of our peers. The non-GAAP financial measures we use may differ from the non-GAAP financial measures other financial institutions
use to measure their results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results prepared in
accordance with U.S. GAAP. The following tables summarize the non-GAAP financial measures included in this press release and derived from amounts reported in our
financial statements.
For the Six Months Ended
June 30,
2Q26
1Q26
2Q25
2026
2025
Return on average tangible common equity
(dollars in thousands)
Net income available to common shareholders
(annualized)
$ 596,518
$ 555,798
$ 524,116
$ 576,271
$ 498,467
Amortization of intangibles, net of tax (annualized)
9,761
10,733
12,607
10,245
12,614
Tangible net income available to common
shareholders (annualized) (non-GAAP)
$ 606,279
$ 566,531
$ 536,723
$ 586,516
$ 511,081
Average total shareholders' equity
$ 6,820,346
$ 6,807,612
$ 6,479,119
$ 6,814,014
$ 6,425,927
Less: Average intangible assets (1)
(2,511,122)
(2,514,310)
(2,525,338)
(2,512,707)
(2,526,481)
Average tangible common equity (non-GAAP)
$ 4,309,224
$ 4,293,302
$ 3,953,781
$ 4,301,307
$ 3,899,446
Return on average tangible common equity
(non-GAAP)
14.07 %
13.20 %
13.57 %
13.64 %
13.11 %
Return on average tangible assets
(dollars in thousands)
Net income (annualized)
$ 596,518
$ 555,798
$ 524,116
$ 576,271
$ 498,467
Amortization of intangibles, net of tax
(annualized)
9,761
10,733
12,607
10,245
12,614
Tangible net income (annualized) (non-GAAP)
$ 606,279
$ 566,531
$ 536,723
$ 586,516
$ 511,081
Average total assets
$ 50,394,088
$ 49,953,935
$ 49,105,636
$ 50,175,227
$ 48,795,639
Less: Average intangible assets (1)
(2,511,122)
(2,514,310)
(2,525,338)
(2,512,707)
(2,526,481)
Average tangible assets (non-GAAP)
$ 47,882,966
$ 47,439,625
$ 46,580,298
$ 47,662,520
$ 46,269,158
Return on average tangible assets (non-GAAP)
1.27 %
1.19 %
1.15 %
1.23 %
1.10 %
(1) Excludes loan servicing rights.
F.N.B. CORPORATION AND SUBSIDIARIES
(Unaudited)
2Q26
1Q26
2Q25
Tangible book value per common share
(dollars in thousands, except per share data)
Total shareholders' equity
$ 6,838,456
$ 6,800,671
$ 6,523,791
Less: Intangible assets (1)
(2,509,651)
(2,512,732)
(2,524,005)
Tangible common equity (non-GAAP)
$ 4,328,805
$ 4,287,939
$ 3,999,786
Common shares outstanding
353,560,084
355,670,905
359,123,010
Tangible book value per common share (non-GAAP)
$ 12.24
$ 12.06
$ 11.14
Tangible common equity to tangible assets
(dollars in thousands)
Total shareholders' equity
$ 6,838,456
$ 6,800,671
$ 6,523,791
Less: Intangible assets (1)
(2,509,651)
(2,512,732)
(2,524,005)
Tangible common equity (non-GAAP)
$ 4,328,805
$ 4,287,939
$ 3,999,786
Total assets
$ 50,998,603
$ 50,628,037
$ 49,724,837
Less: Intangible assets (1)
(2,509,651)
(2,512,732)
(2,524,005)
Tangible assets (non-GAAP)
$ 48,488,952
$ 48,115,305
$ 47,200,832
Tangible common equity to tangible assets (non-GAAP)
8.93 %
8.91 %
8.47 %
(1) Excludes loan servicing rights.
F.N.B. CORPORATION AND SUBSIDIARIES
(Unaudited)
For the Six Months Ended
June 30,
2Q26
1Q26
2Q25
2026
2025
Pre-provision net revenue
(in thousands)
Net interest income
$ 365,723
$ 359,278
$ 347,196
$ 725,001
$ 671,041
Non-interest income
96,951
90,985
91,015
187,936
178,781
Less: Non-interest expense
(253,249)
(257,865)
(246,225)
(511,114)
(493,036)
Pre-provision net revenue (reported) (non-GAAP)
$ 209,425
$ 192,398
$ 191,986
$ 401,823
$ 356,786
Pre-provision net revenue (reported) (annualized)
(non-GAAP)
$ 840,000
$ 780,281
$ 770,055
$ 810,305
$ 719,485
Efficiency ratio (FTE)
(dollars in thousands)
Total non-interest expense
$ 253,249
$ 257,865
$ 246,225
$ 511,114
$ 493,036
Less: Amortization of intangibles
(3,081)
(3,350)
(3,979)
(6,431)
(7,918)
Less: OREO expense
(147)
(236)
(316)
(383)
(631)
Adjusted non-interest expense
$ 250,021
$ 254,279
$ 241,930
$ 504,300
$ 484,487
Net interest income
$ 365,723
$ 359,278
$ 347,196
$ 725,001
$ 671,041
Taxable equivalent adjustment
3,124
3,145
3,073
6,269
6,056
Non-interest income
96,951
90,985
91,015
187,936
178,781
Less: Net securities losses (gains)
(27)
(2)
(58)
(29)
(58)
Adjusted net interest income (FTE) + non-interest
income
USA Compression Partners oznámila kvartální hotovostní distribuci 0,525 USD na kmenovou jednotku za 2. čtvrtletí 2026, tedy 2,10 USD anualizovaně. Výsledky zveřejní 4. srpna před otevřením trhu.
DALLAS--(BUSINESS WIRE)--USA Compression Partners, LP (NYSE: USAC) (“USA Compression”) today announced a cash distribution of $0.525 per common unit ($2.10 on an annualized basis) for the second quarter of 2026. The distribution will be paid on August 7, 2026 to unitholders of record as of the close of business on July 27, 2026.
Second-Quarter 2026 Earnings Conference Call
In addition, USA Compression will release its second-quarter 2026 results prior to the opening of U.S. financial markets on Tuesday, August 4. Management will conduct an investor conference call the same day starting at 11 a.m. Eastern Time (10 a.m. Central Time) to discuss financial and operating results. The call will be broadcast live over the internet. Investors may participate by audio webcast, or if located in the U.S. or Canada, by phone. A replay will be available shortly after the call via the “Events & Presentations” page of USA Compression’s Investor Relations website.
ABOUT USA COMPRESSION PARTNERS, LP
USA Compression Partners, LP is one of the nation’s largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USA Compression partners with a broad customer base composed of producers, processors, gatherers, and transporters of natural gas and crude oil. USA Compression focuses on providing midstream natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities, and transportation applications. More information is available at usacompression.com.
QUALIFIED NOTICE
This release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that one hundred percent (100%) of USA Compression’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of USA Compression’s distributions to foreign investors are subject to federal tax withholding at the highest applicable effective tax rate. Nominees, and not USA Compression, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors. For purposes of Treasury Regulation section 1.1446(f)-4(c)(2)(iii), brokers and nominees should treat one hundred percent (100%) of the distributions as being in excess of cumulative net income for purposes of determining the amount to withhold.
FORWARD-LOOKING STATEMENTS
Statements in this press release may be forward-looking statements as defined under federal law. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of USA Compression, and a variety of risks that could cause results to differ materially from those expected by management of USA Compression. USA Compression undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes to future operating results over time.
Coca-Cola uvedla, že fairlife čelí neoprávněnému přístupu do části systémů kvůli ransomwarovému útoku a dočasně zastavila výrobu v USA. Kvalita a bezpečnost produktů podle firmy zasaženy nebyly.
ATLANTA--(BUSINESS WIRE)--The Coca-Cola Company today announced that fairlife, LLC, a dairy company owned by Coca-Cola, identified unauthorized access by a third party to a portion of its systems, including its production-related systems, in connection with a ransomware event.
After detecting the issue, the company promptly activated its incident response and business continuity protocols. The company’s investigation and assessment of the impact of the incident is ongoing, with the assistance of outside advisors and cybersecurity experts. The company has also notified law enforcement. The full scope, nature and impacts of the incident are not yet known.
Product quality and safety have not been impacted. However, as a result of the incident, production operations at fairlife in the United States are temporarily suspended. fairlife’s Canada production operations are not currently impacted.
The company is working diligently to complete the investigation and restore the systems and impacted operations.
About The Coca-Cola Company
The Coca-Cola Company (NYSE: KO) is a total beverage company with products sold in more than 200 countries and territories. Our company’s purpose is to refresh the world and make a difference. We sell multiple billion-dollar brands across several beverage categories worldwide. Our portfolio of sparkling soft drink brands includes Coca-Cola, Sprite and Fanta. Our water, sports, coffee and tea brands include Dasani, smartwater, vitaminwater, Topo Chico, BODYARMOR, Powerade, Costa, Georgia, Fuze Tea, Gold Peak and Ayataka. Our juice, value-added dairy and plant-based beverage brands include Minute Maid, Simply, innocent, Del Valle, fairlife and Santa Clara. We’re constantly transforming our portfolio, from reducing sugar in our drinks to bringing innovative new products to market. We seek to positively impact people’s lives, communities and the planet through water replenishment, packaging recycling, sustainable sourcing practices and carbon emissions reductions across our value chain. Together with our bottling partners, we employ more than 700,000 people, helping bring economic opportunity to local communities worldwide. Learn more at www.coca-colacompany.com and follow us on Instagram, Facebook and LinkedIn.
Forward-Looking Statements
This document includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, the words “believe,” “opportunity,” “ahead,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. All statements other than historical facts are forward-looking statements. These forward-looking statements are based on management’s current beliefs, assumptions, and expectations regarding future events, which in turn are based on information currently available. Such statements may relate to The Coca-Cola Company’s investigation of and remediation efforts related to the cyber incident; the current understanding regarding the extent of the incident; the scope of systems, data or other technology that was accessed by the unauthorized third party and the impacts of the incident; the disruption to business operations; and the impact of the cyber incident on the Company including our financial condition and results of operations, among other matters. We caution you not to place undue reliance on any such forward-looking statements. Forward-looking statements do not guarantee future outcomes and involve known and unknown risks, uncertainties, and other factors discussed in detail in our filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2025, and our subsequently filed Quarterly Reports on Form 10-Q, which are available from the SEC. The Coca-Cola Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
