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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

$  465,771

$  453,406

$  441,226

$  919,177

$  855,820

Efficiency ratio (FTE) (non-GAAP)

53.68 %

56.08 %

54.83 %

54.86 %

56.61 %

SOURCE F.N.B. Corporation

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.

Live Coverage Updates appear automatically as they are published.

Live Updates Pinned 1 hour ago

Live

This live blog is being updated by Thomas Richmond, a 24/7 Wall St. contributor. You’ll get expert analysis of Netflix’s Q2 earnings.

Simply stay on this page, and new updates will appear below automatically. We expect Netflix to release earnings shortly after 4:05 p.m. ET.

1 minute ago

Live

That wraps up our initial coverage of Netflix’s Q2 results. Thank you for stopping by!

4 minutes ago

Live

Netflix continues to grow, with second-quarter revenue reaching $12.56 billion, net income totaling $3.4 billion, and EPS of $0.80 narrowly beating the $0.79 estimate. The company also expects advertising revenue to roughly double to $3 billion in 2026.

The problem was guidance. Netflix expects third-quarter revenue of $12.86 billion and EPS of $0.82, below estimates of $13.01 billion and $0.84, respectively.

For a stock carrying a premium valuation, continued growth is not enough when Wall Street expects even more.

The sell-off now raises the question for investors: Is Netflix undergoing a healthy valuation reset, or is the pullback creating a long-term buying opportunity?

27 minutes ago

Live

Overall Grade: B-. Netflix (NASDAQ:NFLX | NFLX Price Prediction) beat EPS but missed on revenue, free cash flow, and Q3 guidance, muting the rebound narrative built up during earnings week.

Category Grade Notes Revenue Performance C+ Revenue of $12.56B narrowly missed the $12.58B estimate despite 13.37% YoY growth. Earnings Beat/Miss B EPS of $0.80 topped the $0.7883 consensus by 1.48%. Guidance Quality C- FY narrowed to $51.0B-$51.4B; Q3 revenue of $12.86B came in light. Margin Trends B+ Q2 operating margin of 33.4% ran slightly ahead of internal targets. Cash Flow D Free cash flow of $1.53B fell 32.73% YoY on higher cash taxes. Management Confidence A- New $25B buyback authorization; $4.7B repurchased in Q2. Resilient top-line growth and strong margins collide with softer forward metrics.

The aggressive buyback signals conviction, while FCF pressure gives bears ammunition heading into the 4:45 PM ET call.

36 minutes ago

Live

Netflix still expects ad revenue to roughly double year over year to about $3 billion in 2026, providing another growth engine alongside pricing and global subscriber engagement.

Netflix reported more than 97 billion viewing hours during the first half, up 2% year over year.

Regional growth was broad-based, led by a 21% revenue increase in Latin America, followed by 16% growth in Asia-Pacific, 14% in Europe, the Middle East and Africa, and 10% in the United States and Canada.

38 minutes ago

Live

Netflix’s second-quarter revenue of $12.56 billion narrowly missed estimates, while free cash flow fell 33% to $1.53 billion, well below the $2.72 billion expected.

Netflix attributed the cash-flow pressure to higher tax payments, partly related to the Warner Bros. Discovery termination fee.

The company’s third-quarter outlook also missed across the board. Netflix expects revenue of $12.86 billion, EPS of $0.82, and a 33.2% operating margin, all below Wall Street’s forecasts.

Its full-year outlook calls for approximately $12.5 billion in free cash flow and a 31.5% operating margin, compared with estimates of $13.09 billion and 31.7%, respectively.

44 minutes ago

Live

Netflix just reported Q2 earnings, with shares initially up 2% following the report. Here are the key numbers:

Revenue: $12.56 billion vs. $12.58 billion expected EPS: $0.80 vs. $0.79 expected Quick Read:

Netflix delivered a small EPS beat, although revenue fell slightly short of Wall Street’s expectations.

Revenue still increased 13% year over year, while EPS rose 11%, signaling that the company’s underlying growth remains healthy.

1 hour ago

Live

Netflix (NASDAQ:NFLX) reports Q2 earnings tonight at 4:05 PM ET, with shares at $73.72 and down 21.42% YTD.

Bull Case Ad revenue tracking to roughly double to about $3 billion in 2026, with the advertiser base up over 70% year over year. Reaffirmed FY operating margin of 31.5% on 12% to 14% revenue growth. Polymarket now assigns a 59.5% beat probability, and July 17 call volume outpaces puts 2.46:1. Bear Case Q1 EPS missed by -8.55% even with the Warner Bros. windfall. Content amortization peaks in Q2, threatening margins. Misses have averaged a -9.89% day-of drop, and insiders are net sellers across 110 recent transactions. Valuation remains full at a 24 P/E. 1 hour ago

Live

With shares at $73.72 and down 21.42% YTD, Netflix’s Q2 earnings call at 4:45 PM ET tonight will help to set the tone for the back half of the year.

Top Analyst Questions: Is ad revenue on track to reach the $3 billion 2026 target? How is capital being deployed post-Warner Bros., with $6.8 billion in buyback authorization remaining? Has content amortization truly peaked? What are early Netflix Playground and vertical-feed engagement metrics? Any update on the Brazilian ~$700M tax dispute? Key Topics: Free-trial reintroduction, Spain price hike, Mercado Libre bundle, InterPositive GenAI integration.

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Buzzwords: “incrementality,” “conversational discovery,” “operating leverage,” “engagement per member.”

Red Flags: Guidance below the 32%-34% margin consensus, softer H2 ad ramp, or hedged language on Lionsgate M&A speculation.

1 hour ago

Live

With Netflix (NASDAQ:NFLX) set to report after the close, the Q1 setup remains the single most important frame for interpreting tonight’s numbers.

Here are 3 of the most important items from the April call to keep in mind ahead of tonight’s Q2 earnings:

Last Quarter’s Top 3 Takeaways: Capital return posture flipped back to normal. After walking away from the Warner Bros. deal, Netflix booked a $2.80 billion termination fee and resumed buybacks, repurchasing 13.5 million shares for $1.3 billion with $6.8 billion remaining. With shares now near $74.26, pace-of-buyback commentary matters more than usual. The ad tier inflected faster than the Street modeled. Ad-supported plans drove over 60% of sign-ups in ads countries, the advertiser base grew over 70% year over year to more than 4 thousand advertisers, and management reiterated the $3 billion ad revenue target. Any wobble tonight would dent the core bull thesis. Q2 is the margin trough, by design. Content amortization was flagged to peak in Q2 before decelerating to mid-to-high single digits in the back half, with the Q2 operating margin guide set at 32.6% on revenue of roughly $12.574 billion. FCF guidance was also raised to ~$12.5 billion from $11 billion, so any print above the 32.6% line would signal Q1’s confidence was, if anything, understated. Prediction markets currently assign a 60.5% probability of a miss, with 66.5% clustering around a 32%-34% operating margin outcome.

2 hours ago

Live

Netflix (NASDAQ: NFLX) heads into tonight’s earnings report with Wall Street and prediction markets telling two very different stories.

The company is targeting roughly $12.57 billion in second-quarter revenue and a 32.6% operating margin, even as content amortization is expected to peak during the quarter.

Advertising remains the clearest potential catalyst, with ad revenue reportedly on track to double to approximately $3 billion in 2026.

Wall Street analysts maintain an average price target of $112.17, implying 51.5% upside. However, prediction markets assign Netflix a 60.5% probability of missing expectations, with $70 emerging as the most likely post-earnings share price.

A clean beat on advertising revenue and operating margin would revive Netflix’s long-term compounding narrative, but weakness in either metric would strengthen the bear case.

Netflix is also looking to overcome concerns that audiences for viral shows can decline 30% to 70% between seasons.

Netflix (NASDAQ:NFLX) reports Q2 earnings tonight at 4:05 PM ET, with the earnings call scheduled for 4:45 PM ET. The report lands after a Q1 EPS miss and a 41.54% one-year decline, leading investors to hope for a re-rate on margin durability and ad-tier scale.

A Valuation Reset for Netflix Stock Q1 2026 delivered revenue of $12.25 billion, up 16.19% YoY and beating consensus by 0.63%, while EPS of $1.23 missed the $1.345 estimate by 8.55%.

Management reaffirmed FY 2026 revenue guidance of $50.7B to $51.7B and lifted free cash flow to ~$12.5B. The ad-supported tier drove over 60% of Q1 sign-ups in ad markets, with advertisers up 70% YoY to over 4,000 clients.

Consensus Estimates Metric Q2 2026 Guide/Est YoY Change FY 2026 Guidance Revenue $12.574B +13% $50.7B-$51.7B Operating Margin 32.6% expansion 31.5% EPS (Est) $0.79 n/a n/a The Q2 revenue target implies 13% YoY growth (12% F/X neutral). The 32.6% margin projection exceeds the FY 31.5% target because Q2 is the peak amortization quarter, followed by expected deceleration to mid-to-high single digits in H2. Polymarket assigns a 66.5% probability to the company’s margins landing in the 32%-34% band.

Ad Scale, Amortization Peak, and Post-Warner Positioning With Netflix’s Q2 earnings tonight, ad revenue trajectory might be the single biggest swing factor. I’ll be watching whether advertiser count extended past the 4,000 client mark and how new incrementality tools are landing with buyers.

Content amortization is set to peak this quarter before decelerating. Any slippage below 32% might challenge the full-year 31.5% guidance.

Pricing power warrants attention after recent price adjustments in Spain. Commentary on member response and churn will inform whether North America and EMEA can sustain price-led ARPU growth.

The company did not acquire Warner Bros. Discovery, so the termination fee resumed the $6.8B buyback authorization, and 13.5M shares were retired for $1.3B in Q1. I’ll focus on content M&A appetite and whether GenAI investments (the InterPositive acquisition) reshape production economics.

Finally, live events and gaming. The Tyson Fury vs Anthony Joshua fight, Netflix Playground, and Japan’s World Baseball Classic success are new engagement vectors. Management tone on monetization pathways matters.

Earnings History Quarter EPS Surprise 1-Day Move 7-Day Move 30-Day Move Q1 2026 -8.55% -9.72% -5.00% -8.20% Q4 2025 +1.43% -0.84% -1.93% -9.84% Q3 2025 -15.79% -10.07% -1.43% -6.56% Q2 2025 +1.89% -5.10% -2.38% +0.41% On average, shares moved -2.69% seven days after earnings over the past year.

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Some people call big banks the bellwethers of the economy. If that's the case, things may not be all that bad, at least judging by the performance of JPMorgan Chase (JPM 1.08%) in the second quarter.

The nation's largest bank had a record quarter, crushing analysts' estimates. JPMorgan Chase generated a record net income of $21.2 billion, up 41% year over year. Earnings were $7.70 per share, up 47% year over year. On an adjusted basis, the bank earned $16.9 billion, or $6.14 per share. The adjustments were related to special items, which consisted mostly of a one-time $4.6 billion gain from its equity stake in Visa. Analysts had expected earnings of $5.59 per share, so this blew past those estimates.

Revenue also set a record, coming in at $57.3 billion, up 28% year over year and significantly above estimates of $51.1 billion. CEO Jamie Dimon said the firm had record revenue across all lines of business.

"It's getting close to as good as it gets," Dimon said on the earnings call. "We just don't know how long it's going to last."

Image source: Getty Images.

Improving outlook It could certainly last a bit longer, as the bank's credit quality also improved.

Net charge-offs, which are bad loans unlikely to be repaid, fell by $44 billion year over year. In Card Services, the net charge-off rate was down to 3.34% from 3.47% in the first quarter. For the full year, JPMorgan Chase lowered its net charge-off rate in Card Services to 3.2%, down from its previous guidance of 3.4%.

Further, the bank lowered its provision for credit losses, which is money set aside for potential losses. It was down 12% year over year to $2.5 billion.

Today's Change

(

-1.08

%) $

-3.76

Current Price

$

343.15

The bank also raised its net interest income guidance for fiscal 2026 from $103 billion to $105.5 billion.

Investment banking and trading revenue surge Net interest income rose a robust 10% to $25.6 billion, but the real alpha came from noninterest or fee revenue, which surged 45% to $32.4 billion.

Of JPMʻs three main businesses, Commercial and Investment Banking was the earnings driver. Revenue spiked 27%, and earnings rose 46% in this segment. The biggest boost came from investment banking, which saw revenue spike 45% year over year, and its institutional trading business, where revenue soared 33%. Within the trading business, equity market trading revenue skyrocketed 86% to $6 billion, fueled by a major market rally in April and May.

JPMorgan Chase's Asset and Wealth Management business was also a strong performer, with revenue up 19% and earnings rising 33% year over year.

Its Consumer and Community Banking business lagged, but still had a solid 8% revenue increase with net income ticking up 3%.

JPMorgan Chase stock has climbed about 7% since the earnings were reported on July 14. The stock is now up about 7% per share and is trading at 15 times forward earnings. With its strong outlook and relatively low valuation, JPMorgan Chase stock is a strong buy right now.

A California man is suing Ford, alleging the automaker plans to keep a projected $1.3 billion tariff-related benefit while maintaining the higher prices it started charging customers — an “unjust windfall” according to the lawsuit.

Jason Bullock, a San Diego resident who purchased a 2025 Ford Mustang Mach-E in February, alleges Ford increased prices and destination fees to offset President Trump’s tariffs before the Supreme Court struck down those duties earlier this year.

According to the complaint, Bullock paid a price that reflected Ford’s tariff-driven increases and has received no reimbursement.

A proposed class action alleges Ford passed tariff costs on to consumers before planning to retain a projected $1.3 billion IEEPA-related benefit. Ford CEO Jim Farley is pictured. USA TODAY Network via Reuters Connect The suit does not specify how much Bullock paid for the car.

The lawsuit argues Ford is now poised to receive a “$1.3 billion adjusted EBIT benefit of IEEPA,” citing the company’s filings with the Securities and Exchange Commission — all while continuing to maintain “flat US industry pricing.”

The complaint contends those disclosures show Ford intends to retain a tariff-related boon rather than pass it on to consumers.

“If Ford retains the IEEPA benefit while also retaining the tariff-related price increases paid by consumers, Ford will receive a double recovery and unjust windfall,” the complaint states.

Bullock is seeking to represent a nationwide class of consumers who purchased or leased new Ford vehicles after the tariff-related price increases took effect.

“We are reviewing the complaint,” a Ford spokesperson told The Post.

“We have a lineup of affordable and accessible vehicles today and we’ll continue to act on that commitment in ways that make sense for customers and dealers.”

Legal experts said the filing alone is unlikely to determine the outcome of the case.

The plaintiff says he purchased a 2025 Ford Mustang Mach-E after the automaker raised prices in response to Trump-era tariffs. Getty Images “An [Earnings Before Interest and Taxes] benefit doesn’t necessarily equal cash in hand,” Bobby Taghavi, managing partner at Sweet James, told The Post.

“Discovery will likely focus on whether that figure represents a gross refund, a net financial benefit after offsets, or simply an accounting adjustment.”

Taghavi said Ford is also likely to challenge whether the case can proceed as a class action.

“Class certification is often the biggest hurdle in consumer cases,” he said.

“Ford will likely argue that pricing decisions varied by vehicle, dealership, and customer, making individual issues outweigh common ones.”

The refund is expected to boost Ford’s Blue and Pro segments rather than go back to buyers, according to the automaker’s disclosures.

President Trump’s 2025 tariff rollout sparked higher costs across the auto industry and is now at the center of a proposed class action against Ford. AP Photo/Mark Schiefelbein The lawsuit stems from Trump’s 2025 tariff regimen, which imposed sweeping import duties under the International Emergency Economic Powers Act on goods from Canada, Mexico and China.

The administration initially imposed 25% tariffs on most imports from Canada and Mexico and a 10% tariff on Chinese goods in February 2025, later raising the rate on China to 20%.

Ford was among the automakers that warned investors the tariffs would drive up costs.

The company said in May 2025 that the trade measures would cost it roughly $1.5 billion for the year and announced price increases on Mexico-built models, including the Bronco Sport, Maverick and Mustang Mach-E, citing the added expense.

Industrywide, the tariffs rippled through the auto sector, disrupting North American supply chains that rely on parts crossing US borders multiple times before final assembly.

Analysts estimated the duties added thousands of dollars to the cost of many imported vehicles, while major automakers including General Motors, Stellantis, Toyota and Volkswagen all disclosed billions of dollars in actual or projected tariff-related costs.

The tariffs ultimately cost global automakers at least $35.4 billion through March 2026, according to an Automotive News analysis of company financial reports.

Chevron reportedly plans to sign early-stage deals Friday to invest in Iraqi oil fields and consider the construction of a pipeline connecting Iraq’s reservoirs to the Syrian coast as oil majors seek workarounds for the Strait of Hormuz.

As the US and Iran have renewed strikes in the Middle East, major oil producers – including Iraq – have been desperately searching for alternatives to the strait, a vital maritime route for 20% of the world’s oil supplies that has been effectively blockaded during the war.

Nations across the Persian Gulf have poured billions of dollars into new pipelines, rail corridors and energy storage hubs to skirt around the strait – and now Chevron is considering getting in on the action, according to the Wall Street Journal.

Chevron reportedly plans to sign early-stage deals in Iraqi oil fields. Anadolu via Getty Images The Houston, Tex.-based oil major is considering rebuilding a pipeline from Kirkuk, Iraq, to the Syrian port of Baniyas on the Mediterranean Sea, a senior Chevron official told the outlet.

An oil pipeline tracing along that route has been shut down for more than two decades after it was badly damaged in 2003 during the US’ invasion of Iraq.

Chevron will join a consortium of investors that plan to conduct studies to determine whether they should build a new pipeline in its place or update existing infrastructure, according to the exec.

The company has been in talks with the Iraqi government for 12 to 18 months and the preliminary deals are a “long ways from the finish line,” he said.

On Thursday, Iraqi Prime Minister Ali Al Zaidi visited Chevron’s headquarters in downtown Houston to meet a group led by Chevron Vice Chairman Mark Nelson.

The prime minister met with President Trump in the Oval Office on Tuesday.

“The United States is facilitating conversation between Iraq and Syria on future energy development projects and supports the growing diplomatic relationship between the two countries,” a senior Trump administration official told The Post.

Iraqi Prime Minister Ali Al Zaidi (above) met with President Trump in the Oval Office Tuesday. Graeme Sloan – Pool via CNP/Shutterstock Chevron confirmed it is discussing possible investments in two Iraqi oil fields, the Nasiriyah and West-Qurna-2.

“Chevron looks forward to sharing its expertise in successfully developing oil and gas projects to support Iraq in further developing its energy resources,” a spokesperson told The Post.

The company declined to comment on reported talks about a pipeline, saying it does not comment on third-party statements or commercial matters.

The news comes as strikes ramped up in the Middle East this week after President Trump announced a ceasefire with Iran was “over,” reversing declines in gasoline prices.

On Thursday, American diesel prices rose above $5 a gallon again, hitting an average price of $5.01, according to AAA.

Regular gasoline prices hit $3.94 a gallon Thursday – below its peak of $4.56 in the spring, but on the incline again and about 10 cents higher than this time last week.

Diesel prices rose above $5 a gallon again Thursday. Weston Hancock/SOPA Images/Shutterstock As the on-and-off blockade of the Strait of Hormuz has caused the worst-ever global energy supply disruption, experts have warned it could take many months for gasoline to fall below the $3 level – and that’s only if a permanent peace deal to keep the strait open is reached.

Trump said this week that the strait is reopened for all nations except Iran, but safety concerns remain as Tehran is still able to strike at commercial shipping vessels in the waterway.

Elevated energy prices have already started to weigh on households, but it has yet to be seen whether they will have a lasting inflationary effect – as economists warn higher fuel prices could hike costs for food, apparel, furniture and virtually anything that travels via truck.

Economic data released this week indicated higher energy prices have yet to fully bleed through to consumer goods – but Federal Reserve officials warned one good inflation report isn’t enough to dispel concerns.

The White House did not immediately respond to The Post’s request for comment.

Live Coverage Updates appear automatically as they are published.

Live Updates Pinned 1 hour ago

Live

This live blog is being updated by Thomas Richmond, a 24/7 Wall St. contributor. You’ll get expert analysis of Intuitive Surgical’s Q2 earnings.

Simply stay on this page, and new updates will appear below automatically. We expect Intuitive Surgical to release earnings shortly after 4:00 p.m. ET.

1 minute ago

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That wraps up our initial coverage of Intuitive Surgical’s Q2 results. Thank you for stopping by!

22 minutes ago

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Intuitive Surgical (NASDAQ:ISRG | ISRG Price Prediction) is down 7.5% after Q2 earnings.

Does the Reaction Fit the Results? The company reported a strong beat: +11.83% on EPS, revenue up 18.54%, and non-GAAP gross margin expanding to 70.0% from 67.9%.

The gross margin guidance was raised to 68.0%–69.0%, directly refuting fears about the da Vinci 5 margin.

Historical Context Prior beats averaged a +3.48% day-of move, so today matches the pattern. Yet Q1 2026 popped +7.16% then faded -9.41% over 30 days.

What the Market Is Watching Procedure guidance was held at 13.5%–15.5%, not raised, which might be a concern that drove the sell-off.

32 minutes ago

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Demand for Intuitive Surgical’s newest robotic system remained strong, with da Vinci 5 placements increasing 37% year over year to 246.

Total da Vinci placements rose 18% to 468, helping systems revenue increase 19% to $685 million.

More than half of da Vinci placements used operating leases, including 131 usage-based systems. This structure could limit upfront systems revenue but expand recurring revenue as utilization grows.

Intuitive Surgical now has 11,710 da Vinci systems installed worldwide, up 12% from one year ago.

34 minutes ago

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Intuitive Surgical delivered a strong second quarter, with revenue increasing 19% to $2.89 billion and adjusted EPS climbing 28% to $2.80.

Both figures exceeded Wall Street’s expectations, although EPS included an $0.08 benefit from refunds of tariffs paid in prior periods.

Total procedures increased 16% year over year, including 15% growth for da Vinci procedures and 36% growth for Ion procedures.

Management continues to expect full-year da Vinci procedure growth of 13.5% to 15.5%, likely near the midpoint of that range.

41 minutes ago

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Intuitive Surgical just reported earnings, with shares initially down 7% following the report. Here are the key numbers:

Revenue: $2.89 billion vs. $2.83 billion expected Adjusted EPS: $2.80 vs. $2.50 expected Guidance:

Worldwide da Vinci procedure growth: 13.5% to 15.5% Non-GAAP gross margin: 68.0% to 69.0% Non-GAAP operating expense growth: 11% to 13% Quick Read:

Intuitive Surgical comfortably beat expectations, with revenue rising 18.4% and adjusted EPS climbing 27.9% year over year.

Despite the beat, shares are falling as investors focus on the procedure-growth outlook and whether future growth can justify the stock’s premium valuation.

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Bull Case Beat streak intact: Four consecutive EPS beats, capped by Q1’s $2.50 vs. $2.1068 earnings report. da Vinci 5 momentum: 232 placements in Q1 with 11% higher utilization than Xi. Recurring engine: Instruments & accessories revenue reached $1.69 billion, +23%, backed by $7.98 billion cash. Sentiment lean: Composite score 65.03 (Bullish); average analyst price target of $558.01 vs current share price of $401.96. Bear Case Post-beat fade: Average 30-day change of -2.28% after prior beats. Margin compression: 1.0% tariff drag; gross margin guide 67.5%-68.5%. Macro chill: Consumer sentiment at 44.8 threatens hospital capex. Valuation reset: P/E of 49 with the stock down 31.32% YTD. 1 hour ago

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The current full-year framework for Intuitive Surgical (NASDAQ:ISRG) calls for 13.5% to 15.5% da Vinci procedure growth and a 67.5% to 68.5% non-GAAP gross margin, embedding a 1.0% tariff drag.

Management historically guides conservatively, then walks the range up: 2025 started at 15.5%–17% and ended at 18%.

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Polymarket’s crowd assigns a 46.5% probability to Q2 procedure growth landing in the 15%–17.5% range, with 34.5% for a sub-15% result.

Bullish scenario: full-year procedure guide raised above 15.5%, margin biased toward 68%+, and softer tariff commentary.

Bearish scenario: unchanged procedure range, margin drift toward 67.5%, and hospital capex caution.

With four straight EPS beats averaging 18.66% most recently, the headline number matters less than the raise.

1 hour ago

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With Intuitive Surgical (NASDAQ:ISRG) set to report Q2 earnings tonight shortly after 4:00 PM ET, here’s the framework for tonight’s call.

Top 5 Analyst Questions Does FY2026 da Vinci procedure guidance of 13.5%–15.5% get raised after crowd bets favor 15%–17.5% growth? Any read-through from HCA’s July 14 surgical volume warning? Is the 1.0% tariff drag holding? da Vinci 5 mix and ASP trajectory after 232 placements in Q1? Buyback pace after $1.1B repurchased in Q1? Key Topics and Buzzwords Listen for: “quintuple aim,” “installed base leverage,” “usage-based leasing,” “capital constrained customers,” force feedback EU approval. Ion sustainability after 39% Q1 procedure growth; direct sales transition in Italy, Spain, Portugal. Red Flags Procedure miss versus guide, tariff drag expansion, gross margin cut below 67.5%, Hugo/Ottava share commentary, or hospital capex softness. 2 hours ago

Live

Intuitive Surgical’s (NASDAQ: ISRG) second-quarter report tonight will test whether the company can defend its premium valuation as procedure growth slows and tariffs pressure margins.

The biggest number to watch is procedure growth. After expanding 18% in 2025, management currently expects growth of 13.5% to 15.5% in fiscal 2026.

Investors will also be watching the mix of da Vinci 5 placements and utilization gains, which could determine the strength of the systems revenue narrative heading into the second half.

Management has estimated that tariffs will result in a drag equal to approximately 1% of revenue due to exposure across Mexico, Germany, and China. Any additional pressure could weigh on gross margins.

Shares have declined 21.92% over the past year. A guidance increase tonight could reinvigorate the growth-at-a-reasonable-price case, but a reduction in margin estimates would likely cement the stock’s ongoing derating.

Intuitive Surgical (NASDAQ:ISRG) reports Q2 earnings results at 4:40 PM ET tonight after the bell. The robotic surgery leader enters the earnings report tonight with a $142.05 billion market cap, while shares are down 29.3% year to date.

Momentum Meets a Valuation Reset Q1 delivered a fourth straight beat, with non-GAAP EPS of $2.50 topping the $2.11 consensus and revenue of $2.77 billion growing 23% year over year. Yet the stock has fallen 13.81% since that April 21 filing.

Q1 gross margin expanded to 67.8% from 66.4%, with da Vinci procedures up 16% and Ion procedures up 39%. Management nudged FY26 procedure growth to 13.5%-15.5%, still a step down from 2025.

The stock trades at about $400.55 as of 2:40 PM ET, against an average analyst price target of $558.01.

Consensus and Crowd Estimates Metric Value Frame FY26 da Vinci procedure growth 13.5%-15.5% Guidance FY26 non-GAAP gross margin 67.5%-68.5% Guidance Q2 procedure growth (crowd) 15%-17.5% at 36.5% Polymarket Forward P/E 39 Valuation Polymarket traders assign a 63% combined probability to Q2 procedure growth landing between 12.5% and 17.5%, and only 8% odds to a sub-12.5% miss. The setup skews toward in-range execution rather than a blowout.

Margins, Tariffs, and da Vinci 5 Take Center Stage Tonight, I’ll be watching ISRG’s gross margin closely. CFO Jamie Samath flagged that oil and memory input costs will hit harder later in the year, saying “we do expect those to have a greater unfavorable impact in the remainder of the year.” Any drift above the 1.0% of revenue tariff assumption would compress the margin story.

Investors will also focus on da Vinci 5 placement mix. Q1 delivered 232 da Vinci 5 systems out of 431 total placements, with da Vinci 5 utilization running 11% above Xi. That mix drives ASPs and downstream I&A revenue.

International tone matters too. Rosa cited “ongoing challenges in China and Japan,” with new Japanese reimbursements for 7 procedures beginning June 2026. I’ll track whether early June signal reads bullish. Ion momentum, SP procedure growth of 68%, and Force Feedback rollout round out the watchlist.

Earnings History Quarter EPS Surprise 1-Day Move 1-Week Move 30-Day Move Q1 2026 +18.66% -0.99% -6.16% -9.41% Q4 2025 +11.51% +0.92% -3.77% -3.40% Q3 2025 +20.65% +4.61% +2.00% +6.56% Q2 2025 +13.22% -2.66% -0.29% -5.14% On average, shares moved -0.50% one week after earnings across the past year.

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COO Ye Gang disclosed a sale of 40,000 Class A ordinary shares of Sea Limited (SE 4.62%) for about $4.4 million in a SEC Form 4 filing.

Transaction summaryMetricValueTransaction value$4.4 millionShares sold40,000Post-transaction shares (total)22.0 millionPost-transaction shares (directly held)21.6 millionPost-transaction shares (indirectly held)360,000Post-transaction value$2.45 billionTransaction value based on SEC Form 4 weighted average sale price ($110.94); post-transaction value based on July 15, 2026 market close ($111.36).

Key questionsWhat was the structural nature of this transaction?
The sale was conducted indirectly through a BVI entity and exclusively involved Class A ordinary shares, leaving the insider's direct holdings of 21.6 million shares unchanged.Does this trade indicate a shift in management's outlook?
The disposition was pre-arranged through a Rule 10b5-1 trading plan established on September 4, 2025, which suggests the transaction was a routine liquidity event rather than a discretionary response to recent company developments.How does this move align with recent price action?
Shares of Sea Limited were priced at $111.36 as of the July 15, 2026 market close, following a 12-month period in which the consumer cyclical stock saw a -30% total return.What is the status of the insider's remaining equity?
Following the sale, Ye Gang retains a 4.0% ownership interest in the Singapore-based company, which operates in the specialty retail industry across Southeast Asia and Latin America.Company OverviewMetricValueShare Price (as of market close 2026-07-15)$111.36Market Capitalization$68.2 billionRevenue (TTM)$25.2 billionNet Income (TTM)$1.6 billionCompany SnapshotSea Limited operates three core business segments: digital entertainment through its Garena platform offering online games and eSports events, e-commerce operations serving consumers across Southeast Asia and Latin America, and digital financial services providing payment and fintech solutions to its customer base.The company generates revenue through multiple channels including in-game purchases and advertising within its digital entertainment platform, transaction fees and commissions from e-commerce marketplace operations, and service fees from its digital financial services offerings.Sea Limited primarily serves digital-native consumers and merchants across Southeast Asia, Latin America, and other emerging markets, with a particular focus on mobile-first users in developing economies seeking gaming entertainment, online shopping, and financial services.Sea Limited is a diversified digital platform operator with a $68.2 billion market capitalization and TTM revenues of $25.2 billion, positioning it as a leading technology conglomerate in emerging markets. The company leverages its integrated ecosystem spanning entertainment, commerce, and fintech to capture multiple revenue streams while maintaining significant scale across geographically fragmented markets. Sea's competitive advantage derives from its multi-platform approach, deep regional expertise in Southeast Asia and Latin America, and ability to cross-monetize its user base across its three core business segments.

What this transaction means for investorsThis filing shows a billionaire co-founder taking a sliver of pocket change off the table, so it’s not really a signal to chase. Ye scheduled the trade last September under a preset plan, and while $4.4 million sounds like a lot, it's a rounding error against his fortune: he still directly holds 21.6 million shares, roughly $2.4 billion worth, and keeps a 4% stake in the company he helped build. When someone this deeply invested sells a fraction of a percent on autopilot, it’s reasonable to view this as an example of personal financial planning, even with the stock down 30% over the past year.

He's also not the only insider selling small amounts lately, though all of it has run on plans set months ago while Sea itself buys back stock under a $1 billion program. Meanwhile, the business keeps outpacing the share price: first-quarter revenue jumped 47% to $7.1 billion, and adjusted EBITDA cleared $1 billion for the first time. CEO Forrest Li called 2026 a year to lean into growth. Second-quarter earnings due out next month will be the next big important signal to watch.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Sea Limited. The Motley Fool has a disclosure policy.

Cintas Corporation (NASDAQ:CTAS) was upgraded to ‘Buy’ from Neutral by Bank of America, which also raised its price objective to $230 from $200 after the company's better-than-expected fourth-quarter fiscal 2026 results and fiscal 2027 guidance came in above Wall Street expectations.

The analysts wrote that they are "incrementally more constructive on the setup for earnings over the next several quarters" as Cintas benefits from improving labor market conditions in key industries, continued growth in adjacent product categories, and margin expansion driven by supply chain and distribution initiatives.

Bank of America expects Cintas to deliver another year of high-single-digit revenue growth alongside stronger margins. The firm highlighted technology investments, including SmartTruck, automated sorting, garment sharing and robotics, noting these initiatives have contributed more than 400 basis points of margin expansion over the past five years.

The analysts also pointed to improving employment trends in Cintas' core customer markets, which they believe should support customer additions and stronger revenue growth.

They added that the company's First Aid and Fire Safety businesses continue to benefit from cross-selling opportunities through its recurring route-based model.

Bank of America also identified Cintas' proposed acquisition of UniFirst as a potential catalyst. While the transaction remains under a second request from the US Federal Trade Commission, the analysts wrote they remain constructive on the deal's strategic rationale and believe the estimated $375 million in synergies "could be conservative."

The firm raised its valuation multiple to 39 times earnings from 37 times, reflecting greater confidence in potential earnings upside. While this represents a premium to business services peers, Bank of America wrote the valuation is supported by Cintas' consistent high-single-digit growth profile, cross-selling momentum and technology-driven productivity improvements.

Shares of Cintas traded higher on the upgrade, up 7% at $206.

Key Takeaways Western Digital expects stronger Q4 FY2026 revenues and higher margins on robust AI storage demand. Seagate projects higher Q4 FY2026 revenues, backed by growing data-center storage demand and cash flow.Western Digital and Seagate project strong earnings growth as AI storage demand remains robust. The boom in artificial intelligence (AI) has led to persistent demand for NVIDIA Corporation’s (NVDA - Free Report) state-of-the-art AI hardware, including graphics processing units and Blackwell chips. That demand propelled NVIDIA to become the world’s most valuable company, with a market capitalization of over $4 trillion, and its stock has delivered strong returns over the past few years.  

However, NVIDIA’s growth has led to the company trading at a premium in comparison to most of the other semiconductor players, leaving little room for disappointment if growth derails. A slowdown in AI infrastructure spending by hyperscale cloud providers could impact NVIDIA’s revenue and earnings growth, while competition from rivals like Advanced Micro Devices, Inc. (AMD - Free Report) continues to increase.  

At the same time, U.S. export curbs on cutting-edge AI chips to China have constrained NVIDIA’s entry to a key market, potentially pressuring its margins. Additionally, NVIDIA remains exposed to supply-chain disruptions due to its dependency on Taiwan Semiconductor Manufacturing Company Limited (TSM - Free Report) for advanced chip production amid ongoing geopolitical tensions. 

Given these challenges, it’s becoming increasingly difficult for NVIDIA to meet sky-high expectations. Thus, investors seeking AI exposure should look for much smaller companies with greater room for expansion. Notable among them are Western Digital Corporation (WDC - Free Report) and Seagate Technology Holdings plc (STX - Free Report) , whose shares have soared 662.8% and 464.5%, respectively, over the past year, outpacing NVIDIA’s gain of 22.6%. 

Both Western Digital and Seagate stand to gain from the rapid growth in AI-driven demand for data storage. Let’s take a closer look at the key catalysts that could drive further upside in these AI stocks –  

Western Digital’s AI Storage Boom Could Drive Further Upside Rising demand for high-value enterprise hard disk drives and a favorable pricing environment have created a solid growth runway for Western Digital. The company’s revenues totaled $3.34 billion in the fiscal third quarter of 2026, up 45% year over year, according to the company’s press release.

Furthermore, the company expects revenues for the fiscal fourth quarter of 2026 to be about $3.65 billion, plus or minus $100 million. The upbeat guidance reflects robust demand for AI infrastructure, with cloud providers and enterprise customers continuing to invest in high-capacity storage to meet increasing AI workloads. 

In the fiscal third quarter, Western Digital’s non-GAAP gross margin rose to 50.5% from 40.1% in the prior-year period. The company projects further margin expansion, with fiscal fourth-quarter non-GAAP gross margin expected to reach 51-52%. The improving gross margin is providing Western Digital with greater financial flexibility to invest in research and development, enhance earnings growth and create long-term value for shareholders. 

As a result, the company’s expected earnings growth rate for the current year is 104.1%. The Zacks Consensus Estimate of $10.06 for WDC’s earnings per share (EPS) is up 54.8% year over year.

 

Image Source: Zacks Investment Research

Seagate’s AI Infrastructure Play Gains Momentum Amid Rising Demand Seagate is well-positioned to sustain its growth momentum, banking on rising data-center storage demand, expanding margins, and robust cash flows. These favorable trends could provide the required upside for Seagate’s shares, strengthening its position as a potential beneficiary of the AI infrastructure boom. 

For the fiscal fourth quarter of 2026, Seagate expects revenues of around $3.45 billion, plus or minus $100 million, more than the $3.11 billion reported in the fiscal third quarter of 2026, according to investors.seagate.com.   

Moreover, a non-GAAP gross margin of 47% in the fiscal third quarter reflected improved operational execution and enhanced profitability. Additionally, the company’s free cash flow of $953 million in the fiscal third quarter showcased the strength in its core business.  

Supported by these trends, Seagate’s expected earnings growth rate for the current year stands at 84.3%, while the Zacks Consensus Estimate of $14.93 for STX’s EPS represents a 47.5% increase from the prior-year period.

 

Image Source: Zacks Investment Research

Both Western Digital and Seagate currently have a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.

Strategic acquisition adds high-margin cable management products and extends ARRAY’s reach across utility-scale solar, distributed generation, BESS, and datacenter applications July 16, 2026 16:30 ET  | Source: Array Technologies, Inc.

Adds a highly complementary, accretive balance-of-system product portfolio spanning solar wire management, cable protection solutions, and battery energy storage solutions (BESS)Creates new growth opportunities in fast-growing adjacencies including BESS and datacenter infrastructureTotal Consideration of approximately $203 million represents an attractive multiple of 8.8x AWM's trailing twelve-month EBITDAExpected to be high single digit accretive to ARRAY's Adjusted EPS in year one before synergiesClosing expected in the third quarter of 2026, subject to regulatory clearance and customary closing conditions ALBUQUERQUE, N.M., July 16, 2026 (GLOBE NEWSWIRE) -- ARRAY Technologies, Inc. (NASDAQ: ARRY) (“ARRAY” or the “Company”), a leading global provider of solar tracking technology and fixed-tilt products, foundation solutions, software systems and services, today announced it has entered into a definitive agreement to acquire Affordable Wire Management, LLC ("AWM"), a leading provider of wire management, cable protection, and balance-of-system solutions for utility-scale solar and energy storage projects. The acquisition further expands ARRAY’s portfolio of solutions for utility-scale solar customers while creating new growth opportunities in battery energy storage and datacenter markets.

AWM’s products organize, secure, and protect electrical wiring to improve system reliability, safety, installation efficiency, and long-term performance. The company has developed proprietary designs that offer greater durability, enhanced thermal management, and lower resistive losses than conventional solutions. With nearly $60 million trailing twelve months revenue, AWM has built a track record of profitable growth, based on a capital-light operating model and a culture of innovation. The acquisition of AWM is expected to be high single digit accretive to ARRAY’s Adjusted EPS in year one before synergies.

"The acquisition of AWM will further broaden our balance-of-system portfolio and deepen our relevance to our customers as well as create new growth vectors for us in the BESS and datacenter markets," said Kevin G. Hostetler, Chief Executive Officer of ARRAY. “AWM brings a proven, innovative product line and a strong reputation for quality and customer service. Together, we will be able to offer a more complete, integrated solution to our customers across the solar, battery storage, and datacenter markets."

"Becoming part of ARRAY is a tremendous opportunity for our team and our customers," said Scott Rand, Chief Executive Officer and Co-Founder of AWM. "ARRAY’s scale, customer relationships, and global reach will make this the ideal home for our team and our products. We share a culture of innovation and a relentless focus on the customer, and that alignment will unlock real value for customers across solar, storage, and beyond.”

“Differentiating through engineering has always been at the core of how we design our products,” said Dan Smith, Chief Technology Officer and Co-Founder of AWM. “By bringing our wire management and balance-of-system products together with ARRAY’s tracking, fixed-tilt, and foundation platform, we can deliver various integrated solutions engineered to work together – simplifying design, improving installation, and reducing costs for our customers."

Following the closing of the acquisition, AWM’s financial results will be included in the ARRAY Legacy segment. AWM's senior management team is expected to remain with the business following the closing.

Transaction Terms

The total consideration of AWM is $203 million, together representing a multiple of approximately 8.8x AWM’s trailing twelve-month EBITDA. The total consideration consists of a base purchase price of AWM of $153 million and total additional consideration of up to $50 million. The final amount of upfront cash consideration will be determined at closing subject to customary purchase price adjustments. The additional consideration of up to $50 million is comprised of $10 million payable in two equal installments on the first and second anniversary of the closing, each conditioned on the continued employment of the sellers and a performance based earnout of up to $40 million payable in three installments of up to $8 million based on 2026 performance and up to $16 million for each 2027 and 2028 performance years based on AWM’s achievement of certain EBITDA targets during the applicable period. Both components of the earnout may be paid in cash or ARRAY common stock at ARRAY’s option.

Transaction Approvals and Closing Conditions

The transaction is expected to close in the third quarter of 2026, subject to receiving any required regulatory approvals and the satisfaction of other customary closing conditions. Jefferies LLC acted as exclusive financial advisor and Jones Day acted as legal advisor to ARRAY. Edelman Smithfield acted as strategic communications advisor to ARRAY. First Liberties Financial acted as exclusive financial advisor and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. acted as legal advisor to AWM.

Additional information regarding the transaction will be included in a Current Report on Form 8-K to be filed by ARRAY with the U.S. Securities and Exchange Commission (the "SEC").

Transaction Conference Call

ARRAY will conduct a conference call today at 6:00 p.m. EDT to discuss the transaction. A live webcast will be available on the investor relations section of ARRAY's website at ir.arraytechinc.com. A replay will be available following the conclusion of the event.

Additional Resources

Associated presentation materials regarding the transaction are available on the investor relations section of ARRAY’s website.

About Affordable Wire Management, LLC

Affordable Wire Management, LLC is a provider of wire management, cable protection, and balance-of-system solutions for the solar and energy storage industries, serving utility-scale and distributed generation customers across North America and select international markets.

About ARRAY Technologies, Inc.

ARRAY Technologies (NASDAQ: ARRY) is a leading global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers, who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY’s high-quality solar trackers, fixed-tilt systems, software platforms, foundation solutions, and field services combine to optimize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology - relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit arraytechinc.com.

Investor Relations Contact:

Investor Relations
505-437-0010
[email protected]

Media Contact:

Steven Kirsch

505-738-6923
[email protected]

Forward-Looking Statements

This press release contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include statements that are not historical facts and can be identified by terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "will," "would," or similar expressions and the negatives of those terms. These include statements regarding the proposed acquisition of AWM, including the anticipated benefits and synergies, the anticipated impact on the Company's business and future financial and operating results, the expected timing and closing of the transaction, including the expected closing date of the transaction and the timing of expected synergies and returns from the transaction, the expectation that AWM’s senior management will remain with the business following the closing of the transaction, and the Company's future financial position, business strategy, revenues, earnings, free cash flow, costs, capital expenditures and debt levels of the combined company and plans and objectives of management for future operations. Our actual results and the timing of events could materially differ from those anticipated in such forward-looking statements as a result of risks and uncertainties, including without limitation: the ability to complete the transaction on anticipated terms and timetable; the Company's ability to integrate AWM's operations successfully and in the expected time period; the Company’s ability to achieve the strategic and other objectives relating to the transaction; the possibility that closing conditions may not be satisfied or waived; risks relating to any unforeseen liabilities of AWM; changes in growth or the rate of growth in demand for solar energy projects; factors outside of our control affecting the variability and demand for solar energy, including but not limited to, the retail price of electricity, availability of in-demand components like high-voltage breakers, various policies related to the permitting and interconnection costs of solar plants, and the availability of incentives for solar energy and solar energy production systems, which makes it difficult to predict our future prospects; competitive pressures within our industry, competition from conventional and renewable energy sources; a loss of one or more of our significant customers, their inability to perform under their contracts, or their default in payment; a drop in the price of electricity derived from the utility grid or from alternative energy sources; fluctuations in our results of operations across fiscal periods, which could make our future performance difficult to predict and could cause our results of operations for a particular period to fall below expectations; any increase in interest rates, or a reduction in the availability of tax equity or project debt capital in the global financial markets, which could make it difficult for customers to finance the cost of a solar energy system and reduce the demand for our products; existing electric utility industry policies and regulations, and any subsequent changes or new related policies and regulations, including as a result of the One Big Beautiful Bill Act, which may present technical, regulatory and economic barriers to the purchase and use of solar energy systems and may significantly reduce demand for our products or harm our ability to compete; the interruption of the flow of materials from international vendors, which could disrupt our supply chain, including as a result of the imposition of new and/or additional duties, tariffs and other charges or restrictions on imports and exports; changes in the global trade environment, including the continuation or imposition of import tariffs or other import restrictions; geopolitical, macroeconomic and other market conditions unrelated to our operating performance including but not limited to a pandemic, the Ukraine-Russia war, attacks on shipping in the Red Sea and Straight of Hormoz, conflict in the Middle East, changing trade policies, and inflation and interest rates; our ability to convert our orders in backlog into revenue; the reduction, elimination or expiration, or our failure to optimize the benefits of government incentives for, or regulations mandating the use of, renewable energy and solar energy, particularly in relation to our competitors, which could reduce demand for solar energy systems; failure to, or incurrence of significant costs in order to, obtain, maintain, protect, defend or enforce, our intellectual property and other proprietary rights; delays in construction projects and any failure to manage our inventory; significant changes in the cost of raw materials; disruptions to transportation and logistics, including increases in shipping costs; defects or performance problems in our products, which could result in loss of customers, reputational damage and decreased revenue; delays, disruptions or quality control problems in our product development operations; our ability to retain our key personnel or failure to attract additional qualified personnel; additional business, financial, regulatory and competitive risks due to our continued planned expansion into new markets; cybersecurity or other data incidents, including unauthorized disclosure of personal or sensitive data or theft of confidential information and the use of artificial intelligence by cyber threat actors; a failure to maintain an effective system of integrated internal controls over financial reporting, which may impair our ability to report our financial results accurately; our substantial indebtedness, risks related to actual or threatened public health epidemics, pandemics, outbreaks or crises; changes to laws and regulations, including changes to tax laws and regulations, that are applied adversely to us or our customers; our ability to successfully integrate APA Solar, LLC into our existing operations and realize the anticipated benefits or synergies of the acquisition; and other factors listed and described in more detail in the section captioned “Risk Factors” in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and our other documents on file with the U.S. Securities and Exchange Commission, each of which can be found on our website, www.arraytechinc.com.

Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this presentation. You should read this press release with the understanding that our actual future results may be materially different from what we expect. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Non-GAAP Financial Information

This press release references certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including AWM's trailing twelve-month EBITDA. "AWM's trailing twelve-month EBITDA" means net income plus interest expense, income tax expense (benefit), depreciation, and amortization during the twelve-month period ended May 31, 2026. This presentation also refers to ARRAY's Adjusted EPS. We define Adjusted net (loss) income as net (loss) income to common stockholders plus (i) amortization of intangibles, (ii) amortization of developed technology and backlog, (iii) amortization of debt discount and issuance costs, (iv) Series A preferred stock accretion, (v) equity-based compensation, (vi) change in fair value of contingent consideration, (vii) certain legal expenses, (viii) acquisition-related expenses, and (ix) income tax expense adjustments. We define Adjusted net (loss) income per common share as Adjusted net (loss) income divided by the basic and diluted weighted average number of shares outstanding for the applicable period.

Key Takeaways Snap-on is expected to post second-quarter revenue growth of 3.6% and EPS growth of 3.8%.SNA is benefiting from resilient automotive repair demand and strength in critical industries.SNA's franchise expansion, innovation and efficiency initiatives are likely aiding performance. Snap-on Incorporated (SNA - Free Report) is likely to witness top and bottom-line growth when it reports second-quarter 2026 earnings on July 23, before the opening bell. The Zacks Consensus Estimate for revenues is $1.2 billion, which indicates a rise of 3.6% from the year-ago quarter’s level.

The consensus estimate for quarterly earnings has been stable over the past 30 days at $4.90 per share and shows growth of 3.8% from the year-earlier quarter’s tally.

The company has a trailing four-quarter earnings surprise of 1.7%, on average. It delivered an earnings surprise of 0.2% in the last reported quarter.

Key Factors Likely to Influence SNA’s Q2 ResultsSnap-on’s quarterly performance is expected to have benefited from solid demand across its core automotive repair markets, driven by the aging global vehicle fleet and increasing vehicle complexity. Healthy technician activity levels and strong repair shop utilization are likely to have supported sales growth in the Tools and Repair Systems & Information (RS&I) segments. Improved activity with customers in critical industries and the specialty torque business is expected to have aided the Commercial & Industrial (C&I) segment's performance.

SNA's robust business model enhances value creation across safety, service quality, customer satisfaction and innovation. The company’s strategic growth agenda includes expanding its franchise network, deepening relationships with repair shop owners and increasing its presence in emerging markets. Its focus on Rapid Continuous Improvement, a process aimed at boosting efficiency, controlling costs and enhancing organizational performance, is encouraging. SNA’s innovation pipeline remains strong, with ongoing investments in product development and global brand expansion.

Snap-on has been expanding its reach into critical industries including aviation, natural resources and infrastructure, where demand for precision, reliability and customized solutions is high. Growth in such areas is being supported by tailored product offerings, specialty torque solutions and deeper customer engagement. By combining customer connection, innovation, technology investments and disciplined operational execution, Snap-on continues to advance along its runways for coherent growth, supported by resilient end markets and strategic investments, positioning it for sustained sales expansion, margin resilience and value creation. All such aforesaid factors are likely to bolster the quarterly results. Our model predicts net sales rise of 3.5%, 3% and 3% for C&I, Tools and RS&I segments, respectively, for the second quarter.

Despite such strengths, Snap-on faces several external challenges. Macroeconomic headwinds, geographic pressures in critical industries and geopolitical disruptions are likely to have weighed on the company’s performance. It battles persistent cost inflation from rising raw material and operational expenses, which poses a risk to profitability.

What the Zacks Model Predicts for SNAOur proven model doesn’t conclusively predict an earnings beat for Snap-on this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.

Snap-on has an Earnings ESP of 0.00% and a Zacks Rank of 3.

Valuation Picture of SNA StockSnap-on has a forward 12-month price-to-earnings ratio of 19.86x compared with its five-year high of 20.38x and the Tools - Handheld industry’s average of 19.65x.

The recent market movements show that SNA’s shares have gained 6.2% in the past three months compared with the industry's 5.3% growth.

Stocks Poised to Beat Earnings EstimatesHere are some companies, which according to our model, have the right combination of elements to post an earnings beat:

SharkNinja, Inc. (SN - Free Report) currently has an Earnings ESP of +1.29% and a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.

SN is likely to register bottom and top-line growth when it reports second-quarter 2026 results. The Zacks Consensus Estimate for its quarterly revenues is pegged at $1.6 billion, indicating a 13.5% increase from the figure reported in the year-ago quarter.

The consensus estimate for SN’s second-quarter earnings is pegged at $1.09 per share, implying 12.4% growth from the year-ago quarter’s actual. The consensus mark has dipped a penny in the past 30 days.

MGM Resorts International (MGM - Free Report) currently has an Earnings ESP of +0.08% and a Zacks Rank of 3. MGM is likely to register a top-line increase when it reports second-quarter 2026 results. The Zacks Consensus Estimate for its quarterly revenues is pegged at $4.5 billion, indicating a 1.5% rise from the figure reported in the year-ago quarter.

The consensus estimate for MGM Resorts’ second-quarter earnings is pegged at 60 cents a share, implying a 24.1% decrease from the year-earlier quarter. The consensus mark has been stable in the past 30 days.

Hasbro, Inc. (HAS - Free Report) currently has an Earnings ESP of +2.46% and a Zacks Rank of 3. HAS is likely to register top-line growth when it reports second-quarter 2026 results. The Zacks Consensus Estimate for its quarterly revenues is pegged at $1.1 billion, indicating 6.7% growth from the figure reported in the year-ago quarter.

The consensus estimate for HAS’ second-quarter earnings is pegged at $1.15 a share, implying an 11.5% decrease from the year-earlier quarter. The consensus mark has increased 1.8% in the past seven days.

The Zacks REIT and Equity Trust - Retail industry is positioned for growth as demand for necessity-based shopping strengthens. Properties anchored by grocers, discount retailers, healthcare providers and other essential tenants benefit from steady traffic and leasing activity. Constrained new development supports occupancy, rental growth and asset values.

Physical stores remain vital as shopping venues, pickup and return locations, and fulfillment centers, increasing the appeal of well-located retail space. Phillips Edison & Company, Inc. (PECO - Free Report) , Tanger Inc. (SKT - Free Report) and American Assets Trust, Inc. (AAT - Free Report) could benefit from these trends. However, economic and geopolitical uncertainty may weigh on discretionary spending and leasing demand.

Industry Description The Zacks REIT and Equity Trust - Retail industry comprises REITs that own, develop, manage and lease various retail properties, including regional malls, outlet centers, grocery-anchored shopping venues and power centers with big-box retailers. Net lease REITs focus on freestanding properties, where tenants bear rent and most operating expenses. Retail REIT performance is significantly impacted by economic conditions, employment levels and consumer spending trends. Key drivers of demand include the geographic location of properties and the demographics of surrounding trade areas. While the industry faced significant challenges from declining foot traffic, store closures and retailer bankruptcies in the past, it is now experiencing a rebound, driven by renewed consumer interest in in-store shopping, signaling a positive shift in the retail landscape.

What's Shaping the Future of the REIT and Equity Trust - Retail Industry? Need-Based and Value Retail Will Lead Growth: Retail REITs are likely to benefit most from tenants that serve household needs. Grocery stores, discount chains, health and wellness businesses and other value-focused retailers attract customers because they offer useful products at practical prices. These businesses generate repeat visits, which helps shopping centers maintain traffic and supports nearby tenants. As retailers become careful about where they open new stores, landlords with the right tenant mix should remain in a stronger position. Properties anchored by essential and value-oriented businesses can offer stable leasing demand and are better protected when consumer confidence weakens. This trend gives landlords a chance to fill available space with tenants that match changing shopping habits. Retail REITs that focus on convenience, affordability, and everyday services should therefore be better placed to grow and maintain occupancy.

Limited New Supply Will Support Existing Properties: The limited amount of new retail construction is another positive force shaping the industry. With fewer projects entering the market, existing shopping centers face less competition for tenants. Retailers looking to expand have a limited choice of locations, which is helping landlords protect occupancy and maintain rental growth. This supply advantage is useful because the market is less likely to become oversupplied. Owners are also focused on improving properties, updating layouts and bringing in stronger tenants rather than competing with newly built centers. Well-located properties with flexible space and local traffic are expected to continue to hold their value. For retail REITs, limited construction creates a supportive operating environment and gives established landlords more control over how they improve and position their portfolios.

Consumer Pressure May Create Uneven Results: The main concern is that consumer spending may become less reliable as households face higher living costs and economic uncertainty. Shoppers may continue to spend, but they are likely to become more selective and place importance on essentials, discounts and clear value. This could create a wider gap between different types of retailers. Businesses that depend on optional purchases may delay expansion, close weaker stores, or ask for more flexible lease terms. As a result, retail REIT performance may become less even across the sector. Landlords with strong finances, adaptable properties and tenants that meet everyday needs should manage the pressure effectively. However, owners with greater exposure to discretionary retail may face slower leasing, weaker demand and a risk of vacancies if consumer caution continues.

Zacks Industry Rank Indicates Bright Prospects The Zacks REIT and Equity Trust - Retail industry is housed within the broader Zacks Finance sector. It carries a Zacks Industry Rank #95, which places it in the top 38% of 247 Zacks industries.

The group’s Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates robust near-term prospects. 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.

The industry’s positioning in the top 50% of the Zacks-ranked industries is a result of the upward funds from operations (FFO) per share outlook for the constituent companies in aggregate. Looking at the aggregate FFO per share estimate revisions, it appears that analysts are gaining confidence in this group’s growth potential. Over the past year, the industry’s FFO per share estimates for 2026 and 2027 have moved 2.20% and 3.40% north, respectively.

Before we present a few stocks that you may want to consider for your portfolio, let’s take a look at the industry’s recent stock market performance and valuation picture.

Industry Outperforms Sector and S&P 500 The REIT and Equity Trust - Retail Industry has outperformed the broader Zacks Finance sector as well as the S&P 500 composite so far in the year.

The industry has risen 20.1% during this period compared with the S&P 500’s increase of 10.9% and the broader Finance sector’s growth of 7.1%.

Year-To-Date Price Performance

Industry's Current Valuation On the basis of the forward 12-month price-to-FFO, which is a commonly used multiple for valuing retail REITs, we see that the industry is currently trading at 16.84X compared with the S&P 500’s forward 12-month price-to-earnings (P/E) of 21.21X. The industry is trading marginally below the Finance sector’s forward 12-month P/E of 16.85X. These are shown in the chart below.

Forward 12 Month Price-to-FFO (P/FFO) Ratio

 
Over the last five years, the industry has traded as high as 18.72X and as low as 12.21X, with a median of 15.15X.

3 Retail REIT Stocks to Buy Phillips Edison & Company: This REIT, based in Cincinnati, OH, is focused on grocery-anchored neighborhood centers and complementary everyday retail. It owns 326 properties totaling 36.9 million square feet across 31 states. The portfolio is 97% leased, with 94% of annualized base rent from grocery-anchored centers and 74% from necessity-based retailers.

PECO presents a resilient growth story built on essential spending, retailer demand and disciplined capital allocation. For this retail REIT, 82% of rent comes from centers anchored by the number-one or number-two grocer by sales, while portfolio markets average $101,000 in three-mile household income. Strong occupancy supports pricing power, with comparable renewal and new-lease spreads of 21.2% and 36.2% in the first quarter of 2026. A mostly fixed-rate debt profile, liquidity and development yields near 9-12% support durable cash-flow growth.

PECO currently carries a Zacks Rank #2 (Buy). Over the past three months, the Zacks Consensus Estimate for its 2026 and 2027 FFO per share has been revised upward to $2.76 and $2.90, suggesting increases of 6.15% and 5.14% year over year, respectively. The stock has risen 8.8% over the past three months. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Price and Consensus: PECO

Tanger: This Greensboro, N.C.-based REIT specializes in outlet and open-air retail destinations. With 45 years of experience, it operates 38 outlet centers and four lifestyle centers spanning nearly 17 million square feet across 22 U.S. states and Canada. Its properties host more than 3,000 stores, representing more than 800 brands and retail concepts, creating diversified shopping environments.

 Tanger combines resilient operations, leasing momentum and balance-sheet flexibility. Portfolio occupancy stands near 97%, while average tenant sales reached $482 per square foot and blended rent spreads were 10.5% in the first quarter of 2026. Tenant affordability remains supported by a 9.7% occupancy-cost ratio. With net debt to adjusted EBITDAre of 4.8 times, entirely fixed-rate debt and more than $1 billion of liquidity, Tanger has the capacity to reinvest, pursue acquisitions and support shareholder returns.

Tanger currently has a Zacks Rank #2. The Zacks Consensus Estimate for its 2026 FFO per share has been raised marginally over the past month to $2.48, indicating a 6.44% year-over-year increase. The stock has rallied 11% over the past three months.

Price and Consensus: SKT

American Assets Trust: This REIT, headquartered in San Diego, CA, has a diversified portfolio concentrated in high-barrier coastal markets. Its 31 properties span office, retail, multifamily and mixed-use assets across California, Washington, Oregon, Hawaii and Texas, totaling about 6.8 million square feet, 2,302 multifamily units and 369 hotel rooms. Its platform combines long-standing experience with in-house leasing, development and operations expertise.

AAT offers a compelling mix of asset quality, diversification and embedded upside. The portfolio benefits from locations with strong demographics, limited new supply and barriers to entry. An investment-grade balance sheet, 96% unsecured debt and roughly $618 million of liquidity provide flexibility, while no significant maturities until 2027 reduce refinancing pressure. Lease-up potential across the portfolio could add meaningful incremental FFO at stabilization.

American Assets Trust currently carries a Zacks Rank #2. The Zacks Consensus Estimate for 2026 and 2027 FFO per share has witnessed upward revisions to $2.03 and $2.11, indicating a 1.50% and 3.94% increase year over year, respectively. The stock has appreciated 24.1% over the past three months.

Price and Consensus: AAT

Note: Funds from operations (FFO) is a widely used metric to gauge the performance of REITs rather than net income as it indicates cash flow from their operations. FFO is obtained after adding depreciation and amortization to earnings and subtracting the gains on sales.

Key Takeaways Norfolk Southern will report Q2 results July 23, with earnings estimated at $3.23 per share. Intermodal revenues are expected to rise 5.7%, aided by freight demand and e-commerce volumes. Cost cuts and Precision Scheduled Railroading may support efficiency as revenues are seen falling 6.7%. Norfolk Southern Corporation (NSC - Free Report)  is scheduled to report second-quarter 2026 results on July 23, before market open.

The Zacks Consensus Estimate for NSC’s second-quarter 2026 earnings has been revised upward by 3.53% over the past 60 days to $3.23 per share. The consensus mark for earnings implies a 1.8% decline from the year-ago actuals. The Zacks Consensus Estimate for NSC's second-quarter 2026 revenues is pegged at $3.32 billion, indicating a 6.7% fall year over year.

Norfolk Southern has an encouraging earnings surprise history. The company’s earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 6.45%.

Let’s see how things are likely to have shaped up for Norfolk Southern this earnings season.

Factors Likely to Have Influenced NSC’s Q2 PerformanceWe expect NSC’s performance in the to-be-reported quarter to have been bolstered by an uptick in freight market demand and robust cost-cutting initiatives.

The Zacks Consensus Estimate for the Railway operating revenues from the intermodal segment is anticipated to have increased 5.7% from the year ago actuals.

E-commerce demand is likely to have driven NSC's shipment volumes in the to-be-reported quarter, thereby boosting the company's top line. Additionally, service quality is expected to have improved through the company's Precision Scheduled Railroading operating plan, enabling more efficient utilization of assets.

What Our Model Says About NSCOur proven model predicts an earnings beat for Norfolk Southern this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. Which is not the case here.

NSC has an Earnings ESP of +0.21% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Highlights of NSC’s Q1 ResultsNSC posted earnings (excluding 22 cents from non-recurring items) of $2.65 per share for the first quarter of 2026, topping the Zacks Consensus Estimate of $2.51. The adjusted figure was down 1.5% from $2.69 a year ago.

Railway operating revenues were $3.0 billion, edging past the Zacks Consensus Estimate of $2.99 billion and rising 0.2% year over year. The adjusted operating ratio (operating expenses as a % of revenues) in the quarter landed at 68.7%, as higher costs and fuel headwinds weighed on profitability. The year-ago value of the metric was 67.9%. A lower value of the metric is preferable.

Other Stocks to ConsiderHere are a few stocks from the broader Zacks Transportation sector that investors may consider, as our model shows that these have the right combination of elements to beat on earnings this reporting cycle.

CSX Corporation (CSX - Free Report) has an Earnings ESP of +1.31% and a Zacks Rank #2 at present. CSX is scheduled to report second-quarter 2026 results on July 22, after market close. 

The Zacks Consensus Estimate for the second-quarter 2026 earnings has been revised upward by 6.38% over the past 60 days to 50 cents per share. The Zacks Consensus Estimate for revenues is pegged at $3.82 billion, indicating a 6.90% increase from the second-quarter 2025 actuals. 

Schneider National (SNDR - Free Report) has an Earnings ESP of +1.50% and a Zacks Rank #2 at present. SNDR is scheduled to report second-quarter 2026 earnings on July 30.

The Zacks Consensus Estimate for second-quarter 2026 earnings has been remained flat at 22 cents over the past 60 days. SNDR’s earnings beat the Zacks Consensus Estimate in one of the preceding four quarters (missing the mark twice and met the mark once in the remaining three quarters). The average miss is 17.97%.

Hershey Company (NYSE:HSY, XETRA:HSY) is expected to begin recovering margins in the second quarter as higher-cost cocoa inventory from last year cycles through, but Jefferies maintained a ‘Hold’ rating, citing continued weakness in consumer demand and limited evidence of a recovery in sales volumes.

Jefferies wrote that the second quarter "should be the first with meaningful year-over-year gross margin expansion," forecasting roughly 300 basis points of improvement as peak-cost inventory laps.

While cocoa prices have risen from February lows in recent weeks, the firm noted they remain well below year-ago levels and are unlikely to disrupt the near-term margin outlook because much of the company's cocoa exposure is hedged.

The firm expects shipment timing to weigh on reported results after around two percentage points of sales were pulled forward into the first quarter. As a result, it forecasts a modest decline in second-quarter organic sales despite continued pricing strength.

Jefferies expects pricing to contribute around 11 percentage points of growth in the quarter, more than offset by lower volumes. It forecasts Hershey's volumes to decline about 12% in the second quarter, noting that U.S. tracked chocolate dollar sales fell roughly 4% over the latest 12 weeks while chocolate volumes dropped nearly 19% amid continued consumer sensitivity to higher prices.

The analysts noted that competitor Mars has posted volume gains in four of the past six months, while Hershey plans to respond with increased product innovation. The company's salty snacks business, including LesserEvil and Dot's, is also expected to provide some support.

Looking to the second half of the year, Jefferies expects new marketing campaigns and product launches to support performance, including the America 250 program, a Thanksgiving film promotion, and new Reese's products. However, the firm wrote that it views 2027 as "a measured recovery rather than a snapback."

Jefferies slightly lowered its second-quarter revenue estimate to reflect softer tracked demand while leaving its full-year earnings forecast unchanged.

The firm increased its price target to $190, implying upside from current levels of $175, stating that it remains cautious "given the unresolved volume question and a valuation that already reflects the improved cost backdrop."

Key Takeaways Boot Barn's e-commerce comparable sales rose 14.1% in fiscal 2026 Q4, outpacing same-store sales growth.BOOT's exclusive-brand websites for Cheyenne and CLEO & WOLF enhance product discovery & attract new shoppers.Boot Barn expects 13% e-commerce comparable sales growth in fiscal 2027 from digital investments. Boot Barn Holdings, Inc.’s (BOOT - Free Report) omnichannel strategy remains a key growth driver in the fourth quarter of fiscal 2026, reflecting the company's continued investments in digital capabilities, exclusive brands and customer engagement. While consolidated same-store sales increased 6.1%, e-commerce comparable sales surged 14.1%, led by double-digit growth on BootBarn.com. Management believes its integrated omnichannel model is expanding customer reach while strengthening the brand's long-term competitive position.

A major pillar of the company's strategy is the expansion of its exclusive brands through dedicated digital platforms. During the quarter, Boot Barn launched standalone websites for Cheyenne and CLEO & WOLF, following the earlier launches of Cody James and Hawx. These platforms enhance brand storytelling, improve product discovery and position the exclusive labels as standalone brands. Management said the new websites have delivered encouraging early results while helping attract new customers to the Boot Barn ecosystem.

The retailer is also leveraging artificial intelligence to strengthen its omnichannel capabilities. Artificial intelligence (AI) is being used to drive incremental traffic across online and physical stores, enhance the customer experience, improve operating efficiency and allow employees to focus on higher-value activities. Meanwhile, balanced marketing investments across stores and e-commerce support customer acquisition, contributing to a 12.5% increase in the active loyalty database to 10.8 million members in fiscal 2026.

Management highlighted that approximately 70% of shoppers purchasing through its exclusive-brand websites are entirely new customers, with many later converting into Boot Barn shoppers. Social media platforms, particularly Meta and TikTok, have been instrumental in driving this discovery through targeted marketing.

Boot Barn expects e-commerce comparable sales to increase 13% in fiscal 2027, supported by continued investments in AI, digital marketing and exclusive-brand expansion, reinforcing its omnichannel as a key pillar of its long-term growth strategy.

Boot Barn’s Price Performance, Valuation & EstimatesShares of Boot Barn have lost 8.8% over the past year against the industry’s 1.8% growth.

Image Source: Zacks Investment Research

From a valuation standpoint, BOOT trades at a trailing price-to-sales ratio of 2.10X, above the industry’s average of 1.46X. It has a Value Score of B.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Boot Barn’s fiscal 2027 earnings implies year-over-year growth of 16.3%, while the same for fiscal 2028 indicates an uptick of 15.6%. Estimates for fiscal 2027 and 2028 have remained unchanged over the past 30 days.

Image Source: Zacks Investment Research

Boot Barn currently carries a Zacks Rank #2 (Buy).

Other Key PicksGenesco Inc. (GCO - Free Report) is a Nashville-based specialty retailer and branded company. It sells footwear and accessories through retail stores. The company flaunts a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Genesco’s current fiscal-year earnings indicates growth of 55.2% from the year-ago actuals. GCO delivered a trailing four-quarter average earnings surprise of 3.8%.

Designer Brands Inc. (DBI - Free Report) designs, produces and retails footwear and accessories. It offers shoes, boots, sandals, sneakers, socks, handbags and accessories. It currently carries a Zacks Rank #2.

The Zacks Consensus Estimate for Designer Brands’ current fiscal-year earnings and sales suggests growth of 137.5% and 0.5%, respectively, from the year-ago actuals. DBI delivered a trailing four-quarter average earnings surprise of 112.8%.

Tapestry, Inc. (TPR - Free Report) is the designer and marketer of fine accessories and gifts for women and men in the United States and internationally. The company also holds a Zacks Rank #2 at present.

The Zacks Consensus Estimate for Tapestry’s current fiscal-year earnings and sales indicates growth of 36.5% and 13.9%, respectively, from the year-ago actuals. TPR delivered a trailing four-quarter average earnings surprise of 15.6%.

Reddit Inc (NYSE:RDDT) is expected to beat Wall Street's second-quarter revenue and EBITDA targets, according to Jefferies, which pointed to strong ad checks and improving user growth heading into the print.

The brokerage said investor conversations point to expectations for revenue and EBITDA to come in mid-single-digit and low-double-digit percent above consensus, respectively.

Jefferies also expects third-quarter guidance to beat consensus by a similar margin to last quarter, when the company's outlook topped the street by low-single-digit percent on revenue and mid-single-digit percent on EBITDA.

User growth remains the central debate for investors. Jefferies believes the market is looking for a sequential increase in quarter-over-quarter net adds in US logged-in daily active users, following growth of 200,000 in the first quarter. Its traffic analysis shows US web and app DAUs rebounded from declines in February and March to growth throughout the second quarter, while total web DAU growth improved to 16% year-over-year from 15% in the first quarter.

With Reddit set to drop its logged-in DAU disclosure starting in the third quarter, Jefferies said a strong second-quarter showing on that metric matters more for shifting investor focus back to monetization.

Jefferies said it will watch for progress on adoption of Reddit's newer low-funnel ad products and automation tools, which its Max offering is expected to help support, along with updated commentary on data licensing strategy ahead of potential 2027 renewal talks with Google and OpenAI.

Other focus areas for the earnings call include DAU growth drivers such as onboarding and personalization improvements, advertiser count growth and diversification into smaller advertisers, ARPU sustainability, and new product launches.

Key Takeaways D-Wave raised its outlook to 2-3 system deals annually, with at least 2 deliveries expected this year.QBTS posted $33.4M Q1 bookings as its sales pipeline and average potential deal size more than doubled.QBTS expects multiyear service, maintenance and cloud contracts to add recurring revenue after system sales. D-Wave Quantum (QBTS - Free Report) , or D-Wave, continues to see growing interest in its Advantage2 annealing quantum computer system. During the May 2026 earnings call, management raised its annual outlook for system sales, now expecting to close 2 or 3 system deals per year, with at least 2 system deliveries anticipated this year.

The stronger outlook comes on the back of record first-quarter bookings of $33.4 million, up 1,994% from the year-ago quarter and 149% from the fourth quarter of 2025. More than two dozen commercial customers accounted for more than 31% of quarterly bookings, while educational and research organizations made up the rest.

The largest transaction was the $20 million annealing quantum computer system sale to Florida Atlantic University in January, which D-Wave views as an important collaboration to further quantum computing experimentation and innovation. During the first quarter of 2026, the dollar value of the company’s sales opportunity pipeline more than doubled from the end of the fourth quarter of 2025, while the average potential deal size also more than doubled over the same period.

Management noted that system sales typically involve multiple stages, such as site preparation, delivery, installation and calibration, before customers begin using the systems. While a significant portion of revenues is recognized when a system is delivered, additional revenues are recognized over time as installation and calibration activities progress.

D-Wave also expects most system transactions to include multiyear revenue components, such as service and maintenance contracts, as well as access to its cloud service. These recurring streams expected to complement revenue generated from the initial system sales.

QBTS’ Peer UpdatesAstera Labs (ALAB - Free Report) has announced a significant expansion of its Taiwan operations and Cloud-Scale Interop Lab. This deepens ALAB’s engineering and operational footprint, and strategic coordination with customers and ecosystem partners in one of the world’s most important semiconductor ecosystems. In collaboration with several AI platform providers, Astera Labs will strengthen the validation and system integration work required to bring purpose-built AI infrastructure to market faster.

Arista Networks (ANET - Free Report) has announced a new portfolio of 1.6T networking platforms designed specifically as the foundation for rack-scale AI infrastructure. The 7060XE7 Series represents Arista’s transition from providing high-performance switches to delivering comprehensive rack-scale systems. By addressing the extreme density, power and thermal efficiency requirements of the AI era, these platforms of ANET enable customers to build scale-up and scale-out AI fabrics optimized for air, liquid and hybrid-cooled environments, maximizing compute density per kilowatt of power.

QBTS’ Price Performance, Valuation & EarningsYear to date, QBTS shares have declined 30.1% compared with the industry’s 4.5% fall.

Image Source: Zacks Investment Research

D-Wave is trading at a forward, five-year Price/Sales (P/S) of 103.29X, significantly higher than its 16.25X median and the industry average of 4.06X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for D-Wave’s 2026 and 2027 loss per share has remained constant in the past 60 days.

Image Source: Zacks Investment Research

D-Wave currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Nasdaq is down 0.92% while the S&P 500 has shed 0.12%.

• Alphabet stock is trading at elevated levels. What should traders watch with GOOG?

BofA Securities analyst Justin Post expects Alphabet to deliver a strong second quarter, driven by cloud momentum, steady search growth and AI-related upside.

Cloud Growth Drives ForecastPost maintained a Buy rating on Alphabet with a $430 price forecast. He expects second-quarter revenue of $102.1 billion and GAAP EPS of $8.38, above Street estimates of $101 billion and $2.90.

The analyst projects third-quarter revenue of $108.8 billion and GAAP EPS of $3.03, above Street estimates of $107.9 billion and $3.02.

Post raised his Cloud growth estimate to 70%, citing strong demand indicators and backlog that suggests at least $230 billion in revenue over the next eight quarters. He also expects full-year 2026 search growth of 16% and Cloud growth of 72%.

AI Assets Support UpsidePost raised his 2026 net revenue estimate by 1% to $427 billion and lifted his EPS estimate by 36% to $19.70. For 2027, he raised net revenue by 3% to $537 billion and EPS by 1% to $14.70.

Post said Alphabet remains well positioned for outsized growth and Cloud margin upside because of its AI assets across models, silicon, consumer distribution and enterprise distribution. He also flagged second-quarter search growth, cloud margins, backlog and capital spending commentary as key items for the earnings call.

Technical AnalysisGOOG is trading 15.7% above its 200-day SMA and 8.4% above its 100-day SMA, which keeps the bigger-picture trend pointed up after a 101.85% run over the past 12 months. The stock is also 4.3% above its 20-day SMA, but only 0.5% above its 50-day SMA — so the near-term tape is tighter and more sensitive to pullbacks.

Top ETF ExposureSignificance: Because GOOG carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely trigger automatic buying or selling of the stock.

GOOG Price ActionGOOG Stock Price Activity: Alphabet shares were up 0.23% at $371.03 at the time of publication on Thursday, according to Benzinga Pro data.

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Recently, several Wall Street analysts updated their outlooks on Microsoft while maintaining bullish ratings ahead of the company’s quarterly earnings later this month.

Analysts Update Price ForecastsEarnings In FocusMicrosoft is scheduled to report quarterly results on July 29.

Wall Street expects earnings of $4.23 per share, up from $3.65 a year earlier. Revenue is projected to rise to $87.61 billion from $76.44 billion.

BNP Paribas Cuts Price Forecast, Keeps OutperformBNP Paribas expects Microsoft to deliver another quarter of accelerating cloud growth, forecasting Azure revenue growth of about 41%, ahead of the roughly 40% consensus estimate. It also expects stronger Microsoft 365 Copilot adoption during the seasonally stronger fourth quarter, with potential for 7 million to 8 million new paid seats.

Revenue Growth Seen AcceleratingBNP Paribas expects investors to focus on three key topics during the earnings call: Copilot adoption, initial fiscal 2027 operating margin guidance and Microsoft’s capital spending outlook.

The firm forecasts fiscal 2027 revenue growth of nearly 18%, above the Street’s expectation of about 16.8%, driven by continued Azure momentum and expanding artificial intelligence workloads.

However, it also expects operating margins to contract modestly as depreciation expenses rise alongside Microsoft’s AI infrastructure investments.

BNP Paribas increased its estimate for calendar 2026 cash capital expenditures to $195 billion, citing continued component inflation, and expects even higher spending in fiscal 2027.

AI Leadership Supports Long-Term ViewDespite trimming its valuation, BNP Paribas said Microsoft’s leadership across cloud computing, enterprise software and generative AI continues to support a constructive long-term outlook.

The firm believes Azure, Microsoft 365, GitHub, Dynamics, cybersecurity products and the company’s partnership with OpenAI position Microsoft to benefit from sustained enterprise AI adoption.

Price ActionMSFT Stock Price Activity: Microsoft shares were up 1.13% at $400.10 at the time of publication on Thursday, according to Benzinga Pro data.

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Boeing (BA 1.26%) delivered 64 jets in June, four more jets than it delivered in May and the same month last year. The number is part of the company's 314 jet deliveries in the first half of 2026. Its commercial delivery performance is a good sign of its financial recovery. Pushing out this volume of airline jets has a massive, direct impact on the company's free cash flow (FCF) trajectory.

While Boeing's overall operating margin remains lean (only 18.1% in the first quarter) as it navigates program overruns and defense drags, deliveries are the raw fuel for its balance sheet. A strong June demonstrates the manufacturing discipline required to chip away at its post-pandemic debt and secure sustainable, positive FCF.

Here is a breakdown of what these delivery numbers mean for Boeing's cash position moving forward.

Image source: Getty Images.

Boeing is unlocking sunk inventory The cash flow cycle is highly back-end loaded in aerospace manufacturing. Predelivery payments are generally around 30% of the purchase price, so manufacturers pay for much of the parts, labor, and supply chain overhead long before the plane leaves the tarmac. When the keys are actually handed over to the customer, the remaining 70% of the plane's total purchase price is collected.

Pushing 64 jets out the door in a single month means Boeing is successfully liquidating parked, fully built inventory and turning it into immediate cash. In the first quarter, it reported an earnings per share (EPS) loss of $0.11, and even that was a 31% improvement year over year.

Validating its free cash flow target In the company's first-quarter earnings call, Boeing chief financial officer Jay Malave projected full-year 2026 FCF to finish between $1 billion and $3 billion. That's a big change from the $1.5 billion FCF loss in the first quarter, as the first half of the year saw heavy operational expenditures and narrower operating margins.

Strong June momentum serves as proof of concept for the Street, validating that the era of aggressive cash burn is fading and that the $1 billion to $3 billion FCF target is highly achievable if execution remains steady. The company had consecutive positive FCF quarters in the second half of 2025.

Malave said that because of cash outflows in the first half of the year, achieving the full-year FCF target depends on a back-end-loaded second half, driven heavily by increased delivery volumes. As it is, Boeing booked a net total of ⁠113 new orders in June and a total of 408 new orders this year.

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Supply chain and delivery health are improving Investors are still playing a wait-and-see game with Boeing, as its shares are flat so far this year.

To generate robust, multibillion-dollar FCF plateaus in the coming years, Boeing needs volume stability. June's delivery numbers (which included 42 of the workhorse 737 MAX models) provide a critical insight into its operations. Delivering at this rate demonstrates that major supply chain and parts delays are no longer the absolute ceiling they were in previous quarters.

This operational rhythm sets the stage for Boeing's upcoming push to lift 737 production from 42 to 47 aircraft per month, now that the Federal Aviation Administration (FAA) has approved that change. A synchronized supply chain executing higher monthly production rates is the primary structural driver that will expand program-level cash margins moving forward.

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NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) has spent the last two months digesting a strong Q1 earnings report, with the back half of fiscal 2027 looking constructive. Bank of America has flagged Nvidia’s networking silicon as the next multi-billion-dollar business inside the data center, and our model agrees the market is not fully pricing it in.

Our 24/7 Wall St. price target for NVDA is $261.11, implying 23.28% upside from $211.80. Our recommendation is buy, with high confidence.

24/7 Wall St. Price Target Summary Metric Value Current Price $211.80 24/7 Wall St. Price Target $261.11 Upside 23.28% Recommendation BUY Confidence Level 90% A Summer Reset That Reopened the Runway NVDA is up 7.55% in the past week and 13.7% year to date, though shares sit roughly 28% below the $236.26 52-week high.

Q1 FY2027, reported on May 20, 2026, delivered: revenue of $81.615 billion grew 85.23% year over year, non-GAAP EPS came in at $1.87 versus $1.7738 consensus, and management guided Q2 to $91.0 billion. Data center networking alone was $14.8 billion, up 199% year over year. That is the line item Bank of America keeps circling.

Why Bulls See $300 and Beyond The bull case rests on three levers. First, networking scaled from roughly $7.25 billion in Q2 FY26 to $14.8 billion last quarter; Bank of America’s $20B business framing is not aggressive at that trajectory.

Second, supply commitments hit $119 billion, up from $50.3 billion two quarters ago, effectively pre-signing demand.

Third, capital return: an $80 billion buyback authorization landed in May on top of the $38.5 billion remaining.

Jensen Huang stated: “The buildout of AI factories, the largest infrastructure expansion in human history, is accelerating at extraordinary speed.” The Street’s $301.62 average target, backed by 48 Buy ratings, sits within reach if Blackwell 300 and Vera Rubin ramp cleanly (a scenario The Next Nvidia Playbook has been mapping).

What Could Go Wrong Q2 guidance explicitly excludes China data center compute, and forward revenue was zero from H20 shipments this quarter versus $4.6 billion a year earlier. A prolonged export freeze caps the top line. Beta of 2.211 means any hyperscaler capex pause hits NVDA harder than most.

Insiders have been net sellers across 26 recent transactions. The counterfactual: the $4.5B H20 charge that crushed year-ago margins is gone, gross margin expanded to 75%, and free cash flow of $48.55 billion in a single quarter absorbs macro noise. A bear case scenario lands near $227.02, still above current levels.

How NVIDIA Compares to AMD and Broadcom Advanced Micro Devices (NASDAQ:AMD) is the direct GPU competitor. AMD’s Q1 FY26 data center revenue of $5.78 billion grew 57% year over year, but NVDA’s data center segment is more than $75 billion in a single quarter. AMD trades at a trailing P/E near 206, making NVDA’s 32 multiple look pedestrian.

Broadcom (NASDAQ:AVGO) is the custom accelerator and AI networking counterpoint. AVGO printed $10.8 billion in AI semiconductor revenue last quarter, up 143%, and guided Q3 AI to $16.0 billion. It validates the size of the networking pie rather than shrinking NVDA’s slice.

Company Forward P/E Latest Qtr Rev Growth NVIDIA 24 85.2% AMD ~35 37.9% Broadcom ~40 47.9% The peer set makes our $261.11 target look conservative.

Our Take on NVIDIA at Current Levels Our 24/7 Wall St. price target of $261.11 is a buy at 90% confidence. Networking is real, compounding at triple digits, and the market is still valuing NVDA on compute alone.

The setup looks constructive if hyperscaler capex guides stay firm through the next TSMC report. The thesis weakens if China export policy tightens further and Q2 revenue prints below the $91 billion guide. Neither looks likely right now.

Here is where NVDA could trade if execution holds.

Year 24/7 Wall St. Price Target 2026 $235 2027 $266 2028 $301 2029 $341 2030 $386 These projections assume NVIDIA sustains data center dominance and networking scales as guided. Significant upside would come from an accelerated Vera Rubin cycle; downside from a sustained hyperscaler capex reset.

Contact [email protected] for any questions or corrections.

• Johnson & Johnson stock is trading at elevated levels. What’s next for JNJ stock?

With ex-Stelara growth of more than 14% year-on-year and eight brands delivering double-digit growth in the second quarter, the company’s Innovative Medicine (IM) momentum is "building into 2027, according to RBC Capital Markets.

The Johnson & Johnson Analyst: Analyst Shagun Singh maintained an Outperform rating and price target of $287.

The Johnson & Johnson Thesis: The company delivered better-than-expected sales and earnings, driven by IM strength, while MedTech missed on cardio weakness, Singh said in the note.

Check out other analyst stock ratings.

Johnson & Johnson delivered another quarter of mid-teens ex-Stelara IM growth, he added.

Stelara now contributes only 4% of IM sales, while the remaining 96% grew more than 14% year-on-year in the quarter, "highlighting the durability of JNJ’s growth engine," the analyst stated.

He highlighted:

Icotyde reached 11,000 patients Tremfya delivered its first quarter of $2 billion in sales, up 71% year-on-year Tecvayli sales grew 56% year-on-year INLEXZO’s new patient insertions rose 75% sequentially, outperforming all recent competitive launches "We believe the breadth of IM’s launch portfolio provides strong visibility into 2027+ acceleration and supports JNJ’s path to becoming the number one oncology company by 2030 as well as progress towards double-digit growth by decade’s end," Singh wrote.

While the stock declined following the earnings release due to the underperformance of MedTech, this business is positioned for a recovery in the back half of 2026, "with three of four businesses accelerating in Q2’26 and procedure volumes intact," he further stated.

JNJ Price Action: Shares of Johnson & Johnson had risen by 0.84% to $249.09 at the time of publication on Thursday.

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Key Takeaways Phillips 66 may gain from tight fuel markets and elevated crack spreads supporting refining margins.Refinery closures and Hormuz disruptions tightened supply as gasoline and jet fuel demand stayed robust.PSX's minimal Middle East crude exposure supports steady refinery utilization amid supply disruptions. Phillips 66 (PSX - Free Report) is an integrated energy player with diversified operations spanning midstream, refining and chemicals. The company is emerging as one of the beneficiaries of supply disruptions through the Strait of Hormuz, a critical chokepoint that accounts for nearly one-fifth of global energy flows. Renewed geopolitical tensions between the United States and Iran have once again raised uncertainty regarding shipping traffic through the Strait of Hormuz, reigniting supply concerns.

Refined product markets were already tightening ahead of the conflict due to the loss of refining capacity following the closures of Phillips 66's Los Angeles refinery and Valero Energy's Benicia refinery in the United States, along with several other refineries in Europe. Supply disruptions through the Strait of Hormuz have amplified the tightness of refined-product markets at a time when global refining capacity remains constrained and demand for products such as gasoline and jet fuel stays robust.The 3-2-1 crack spread, widely known as an indicator of refining profitability, has risen significantly since the start of the conflict and remains at elevated levels, creating a highly favorable operating environment for U.S. refiners, including Phillips 66.

In fact, in its first-quarter earnings call, management highlighted that tight product markets are expected to support refining margins for the rest of the year. Moreover, PSX is expected to remain largely unaffected by crude-supply disruptions, as it sources the majority of its crude from Canada, the United States and Latin America, with only about 1% coming from the Middle East. This allows the company to sustain high refinery utilization levels and benefit from a constructive refining environment. However, the increase in crude oil prices due to renewed tensions in the Middle East remains a cause of concern, as it may raise feedstock costs.

PARR & VLO: Other Refining Players to Benefit From Tight Fuel MarketsPar Pacific Holdings (PARR - Free Report) operates an integrated downstream energy business across the United States, with fuel retail operations in Hawaii, Washington and Idaho; refining operations in Hawaii, Wyoming, Washington and Montana; and a supporting logistics network. Its refineries have a combined crude oil throughput capacity of 219,000 barrels per day and produce gasoline, diesel, jet fuel, marine fuels, asphalt and other petroleum products. Management noted that Par Pacific has no crack spread hedges in place, which should enable it to benefit from rising refining margins.

Valero Energy (VLO - Free Report) is among the largest independent refiners in the United States, with a combined high-complexity throughput capacity of nearly 3 million barrels per day across its refineries. Its refining footprint is heavily concentrated along the U.S. Gulf Coast and the Midcontinent, offering feedstock sourcing flexibility, with management emphasizing that crude availability is not a significant constraint for the company. Moreover, its Gulf Coast access enables it to sell refined products in high-demand markets and capitalize on the current increase in export demand for distillates driven by the supply disruptions in the Middle East. This positions Valero to benefit from elevated refining margins and strong international demand for refined products.

PSX’s Price Performance, Valuation & Estimates

Phillips 66 shares have gained 67.5% over the past year compared with the industry's 53.4% growth.

Image Source: Zacks Investment Research

From a valuation standpoint, PSX trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 13.72X. This is above the broader industry average of 5.95X.

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The Zacks Consensus Estimate for PSX's 2026 earnings has seen upward revisions over the past seven days.

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PSX currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways Sony says entertainment, IP and creation technology now generate 67% of consolidated sales.SONY's PlayStation tops 125M monthly active users as Crunchyroll exceeds 21M paid subscribers.Sony says AI supports creators by improving workflows, production efficiency and user experiences. Sony Group Corporation (SONY - Free Report) continues to strengthen its long-term growth strategy by expanding its entertainment ecosystem, enhancing intellectual property (IP) value and investing in technologies that support creators. The company stated that its creative entertainment vision remains central to its long-term strategy, combining technology with creativity to deliver new experiences across digital and physical environments while maximizing the value of its IP portfolio. Entertainment, IP and creation technology now account for 67% of Sony's consolidated sales, reflecting the company's ongoing portfolio transformation.

SONY highlighted the strength of its entertainment businesses across gaming, music, pictures and anime. The PlayStation platform now has more than 125 million monthly active users worldwide, supported by continued engagement and a broad portfolio of content. The music business continues to benefit from relationships with artists, digital streaming platforms and global audiences, while the pictures business remains focused on producing films and television content and expanding collaborations through adaptations of gaming IP. Sony also emphasized that anime remains an important growth area, supported by collaboration across its businesses in production, marketing, fan engagement and worldwide distribution.

Crunchyroll continues to expand its global presence with more than 21 million paid subscribers and a library exceeding 50,000 episodes available in multiple languages. Sony is also strengthening its position in anime through strategic investments and partnerships while continuing to invest in music IP through acquisitions and collaborations.

AI is another key element of Sony's long-term entertainment strategy. The company stated that AI is intended to enhance human creativity rather than replace creators. Across PlayStation, Sony Pictures and Sony Music, AI is being deployed to improve production efficiency, accelerate workflows, support content creation and enhance user experiences while maintaining creative control. Sony believes these technologies will enable more diverse content, increase productivity and help creators pursue projects that were previously limited by cost or production timelines.

Management stated that the combination of entertainment assets, strong IP, creator-focused technology and continued investment across gaming, music, anime and film positions Sony to pursue future growth opportunities while adapting to changes across the global entertainment industry.

Taking a Look at SONY’s CompetitorsDolby Laboratories, Inc. (DLB - Free Report) is gaining from solid licensing performance. The company’s licensing engine remains tied to expanding adoption of Dolby Atmos and Dolby Vision across streaming platforms, TVs, mobile devices and autos, with Dolby Vision 2 setting up an upgrade cycle as sets begin shipping later in fiscal 2026. Momentum in automotive and sports-focused streaming, plus early monetization from the video distribution program and Dolby OptiView, supports the long-term opportunity. For fiscal 2026, management continues to expect Dolby Atmos, Dolby Vision and imaging patents to grow about 15% and represent nearly half of licensing revenue.

Sonos, Inc. (SONO - Free Report) is returning to revenue growth as its core system proposition improves and newer products broaden entry points into the ecosystem. Demand for key speakers and home theater products has supported its second-quarter fiscal 2026 results, with faster growth in EMEA and APAC helping offset a mixed U.S. backdrop. Management is pairing the product cycle with tighter operating discipline, share repurchases and a focus on direct customer relationships and the installer channel. For the third quarter of fiscal 2026, SONO expects revenues in the range of $355 million to $375 million, indicating year-over-year growth of 3% to 9%, with 6% growth at the midpoint.

SONY’s Price Performance, Valuation & EstimatesShares of SONY have lost 15.1% in the past year compared with the Zacks Audio Video Production industry’s decline of 15.4%.

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SONY seems overvalued, as suggested by the Value Score of A. In terms of the forward 12-month Price/Sales ratio, SONY is trading at 1.56, slightly higher than the industry’s multiple of 1.55.

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For SONY, earnings estimates for the current year have been revised downward in the past 60 days.

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