Medtronic dokončila akvizici SPR Therapeutics za 650 milionů USD a rozšířila portfolio léčby bolesti o technologii SPRINT PNS. Cílí na minimálně invazivní, neopioidní léčbu chronické i akutní bolesti.
Acquisition adds category-defining SPRINT® PNS technology to Medtronic's pain therapy portfolio—the broadest in the industry.¹
, /PRNewswire/ -- Medtronic plc (NYSE: MDT), a global leader in healthcare technology, today announced it has completed its acquisition of SPR Therapeutics, Inc. (SPR), a privately held medical technology company and recognized leader in short-term, percutaneous peripheral nerve stimulation (PNS) therapies for chronic and acute pain management. The acquisition is valued at $650 million, consisting of an upfront cash payment.
Chronic pain affects nearly 50 million U.S. adults2, and for some, it can significantly impact their mobility, sleep quality, work performance, and overall quality of life. PNS is a form of neuromodulation that delivers mild electrical stimulation near targeted peripheral nerves to help reduce pain. As a non-opioid and non-surgical therapy, PNS can expand pain management treatment options, support earlier intervention in the care continuum, and help create additional opportunities for individualized patient care.
SPR's FDA-cleared SPRINT® PNS System is a short-term therapy designed to provide pain relief using a 60-day, minimally invasive treatment approach that does not require a permanent implant. SPRINT® is supported by a growing body of clinical research, including multiple prospective clinical studies, case series, and multi-center randomized controlled trials. Pooled results from 13 studies show that 60% of patients achieved meaningful pain relief (≥50% reduction in pain intensity) at the end of the 60-day treatment completion, with responders experiencing an average 76% reduction in pain intensity. Across all patients, there was a 56% reduction in pain intensity.3
"Medtronic is committed to expanding access to innovative therapies that can meaningfully improve patient lives," said Domenico De Paolis, Interim President of the Neuromodulation Operating Unit, part of the Medtronic Neuroscience Portfolio. "The addition of SPRINT® extends our ability to serve patients across the continuum of pain care and broadens patient access to a minimally invasive treatment option to address both chronic and acute pain."
"At SPR, our mission has always been to help people living with pain reclaim their lives," said Maria Bennett, President, Founder, and Chief Executive Officer of SPR. "We are proud of the impact our team has made in advancing innovative therapies that offer meaningful pain relief. Joining Medtronic enables us to build on that foundation, expand access to our technology, and serve more patients living with pain."
This acquisition reflects Medtronic's continued focus on strategic deals that strengthen its leadership across core businesses. It is expected to be minimally dilutive to Medtronic adjusted EPS in FY27 and neutral to accretive thereafter. The company remains committed to pursuing high-growth opportunities that complement its portfolio and enhance therapy options for physicians and hospital partners.
About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission – to alleviate pain, restore health, and extend life – unites a global team of 95,000+ passionate people across more than 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic, visit medtronic.com and follow us on LinkedIn.
About SPR
SPR is a medical technology company focused on advancing minimally invasive therapies for the treatment of pain. Its SPRINT® PNS System is designed to deliver short-term peripheral nerve stimulation therapy for sustained pain relief of up to three months following treatment and is supported by a growing body of clinical evidence and expanding reimbursement coverage. For more information on SPR Therapeutics, visit sprpainrelief.com and follow SPR on LinkedIn.
Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the U.S. Securities and Exchange Commission. Actual results may differ materially from anticipated results.
Medtronic Contacts:
Justin Paquette
Ingrid Goldberg
Public Relations
Investor Relations
+1-612-271-7935
[email protected]
References
Medtronic SCS Value Summary FY25; Lo Bianco, G., et al. (2025). Barriers to neuromodulation. J Anesth Analg Crit Care, 5(1):3. Lucas JW, Sohi I. Chronic pain and high-impact chronic pain in U.S. adults, 2023. NCHS Data Brief, no 518. Hyattsville, MD: National Center for Health Statistics. 2024. DOI: https://dx.doi.org/10.15620/cdc/169630. SPR SPRINT® PNS System Indications for Use. SPR Pain Relief. Accessed July 2, 2026. https://www.sprpainrelief.com/indications SOURCE Medtronic plc
Lockheed Martin získal od USSOCOM 12letý kontrakt za 10,5 miliardy USD na logistickou a provozní podporu speciálních sil. Pokryje údržbu letadel a vozidel, IT i elektroniku.
, /PRNewswire/ -- As part of a historic investment to rebuild the Arsenal of Freedom, the Department of War named Lockheed Martin (NYSE: LMT) the prime contractor of U.S. Special Operations Command's (USSOCOM) next-generation logistics and sustainment support program.
SOF GLSS 2 provides a wide range of mission-critical services, including aircraft and vehicle maintenance, IT and electronics support to the U.S. Special Operations community. The $10.5 billion, 12-year contract funds the Special Operations Forces Global Logistics Support Services II (GLSS2), a competitive follow-on contract to previous ones managed by Lockheed Martin since 2010 to ensure U.S. Special Operations has the sustainment and life-cycle management to support rapid deployment and mission overmatch.
THE BIG PICTURE
Under the new contract, Lockheed Martin will continue to execute day-to-day activities and conduct sustainment and life-cycle management of:
Global supply chain of parts, warehouses and depots; Aircraft, vehicle and equipment repair, maintenance and modifications; and Critical infrastructure support and business process transformation. EXPERT PERSPECTIVE
"Lockheed Martin is deeply honored to stand beside the men and women of our Special Operations Forces," said Vic Torla, vice president, Lockheed Martin SOF GLSS. "For more than 16 years, our teams have relentlessly delivered the logistics and sustainment expertise required to accomplish our nation's most critical missions. We recognize the urgency of every operation, and our dedicated personnel, parts, and services are positioned to meet the SOF warfighter's needs. Building on the proven success with the SOF CLSS and SOF GLSS programs, we are poised to further transform SOF logistics worldwide, ensuring our exceptional operators always have what they need, when they need it." WHY IT MATTERS
SOF GLSS 2 is USSOCOM's largest service contract vehicle, providing a wide range of mission-critical services, including aircraft and vehicle maintenance, IT and electronics support to the U.S. Special Operations community.
ADDITIONAL CONTEXT
The Lockheed Martin-led Global Logistics Support Services team includes numerous subcontractor partners that provide capabilities to benefit special operations forces and ensure they receive the highest possible level of support. Lockheed Martin SOF GLSS is located at Bluegrass Station in Lexington, Kentucky, and employs over 3,300 employees worldwide. The company continues to expand its sustainment and logistics services to military and government agencies worldwide, and has a global network of people, facilities, suppliers and partners supporting around-the-clock operations. About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at Lockheedmartin.com.
Stryker spustil v USA komerční prodej Mako RPS pro totální náhrady kolene. Nový ruční robotický systém rozšiřuje platformu Mako mimo roboticky asistovanou operaci pro kolenní operace.
New handheld robotic technology expands the Mako platform and brings Mako robotic-assisted knee replacement to a new segment of the orthopaedic market
Stryker announced the U.S. commercial launch of Mako RPS (Robotic Power System) for total knee replacement procedures. The launch introduces Mako Handheld Robotics, expanding the Mako portfolio beyond robotic-arm assisted surgery. Mako RPS combines robotic execution, intraoperative planning and a familiar handheld power tool workflow. , /PRNewswire/ -- Stryker (NYSE: SYK), a global leader in medical technologies, announced today the U.S. commercial launch of Mako RPS® (Robotic Power System) for total knee replacement procedures, further expanding the Mako portfolio into a new category of orthopaedic robotics.
Mako RPS® (Robotic Power System)
Mako RPS® (Robotic Power System) The launch marks the introduction of the Mako Handheld Robotics platform, alongside the Mako SmartRobotics™ with Mako 4, Stryker's multi-specialty robotic-arm assisted platform. Designed to provide surgeons with an intuitive handheld robotic experience, Mako RPS combines Stryker's expertise in robotics and power tools to bring robotic technology to a new customer segment of the orthopaedic market.
"Customer response during the limited market release has been exceptionally strong," said Keith Evans, VP/GM of Stryker's Mako and Enabling Technologies business. "As we expand the Mako portfolio, we're proud to set a new standard for what customers can expect from a handheld robotics technology – bringing together robotics, power tool expertise and a deep understanding of surgical workflows."
As healthcare providers increasingly seek flexibility in how robotic technology is incorporated into orthopaedic procedures, Mako RPS offers a new option that blends robotic execution with a familiar surgical experience. The launch expands access to Mako, offering surgeons more robotic options and bringing Mako to a broader range of customers and care settings.
Compatible with Stryker's clinically proven1-2 Triathlon® Total Knee System, Mako RPS for Total Knee features intraoperative planning and a robotically enabled saw equipped with Stryker's patented active adjustment technology, which responds to a surgeon's hand movements and helps maintain alignment with the surgical plan in real time. The system provides a familiar cutting experience without the need for cutting blocks, offering an option for surgeons interested in adopting robotic technology while integrating easily into their existing surgical workflows.
"By combining robotic technology with the clinically proven Triathlon® Total Knee System, Mako RPS delivers an intuitive surgical experience that builds on the implant and workflow familiarity surgeons know and trust2-3," said Lisa Kloes, vice president and general manager of Stryker's Knee business.
Built to work with Stryker's multi-specialty Q Guidance System, Mako RPS expands Stryker's ecosystem of enabling technologies across the continuum of orthopaedic care and sites of service.
For more than two decades, Mako has defined orthopaedic robotics worldwide. With more than 2.5 million procedures performed in 47 countries, Mako continues to advance the adoption of robotics in orthopaedics and support surgeons in delivering personalized patient care.
About Stryker
Stryker is a global leader in medical technologies and, together with our customers, we are driven to make healthcare better. We offer innovative products and services in MedSurg, Neurotechnology and Orthopaedics that help improve patient and healthcare outcomes. Alongside our customers around the world, we impact more than 150 million patients annually. More information is available at www.stryker.com.
American Joint Replacement Registry (AJRR): 2025 Annual Report. Rosemont, IL: American Academy of Orthopaedic Surgeons (AAOS), 2025. Australian Orthopaedic Association National Joint Replacement Registry (AOANJRR). Hip, Knee & Shoulder Arthroplasty Annual Report 2025. AOA;2025. https://aoanjrr.sahmri.com/. Accessed 11 Oct. 2025 Scott CEH, Snowden GT, Cawley W, et al. Fifteen-year prospective longitudinal cohort study of outcomes following single radius total knee arthroplasty. Bone Jt Open. 2023;4(10):808-816. Published 2023 Oct 24.doi:10.1302/2633-1462.410.BJO-2023-0086.R1 SOURCE Stryker
1. Taiwan Semi's Profit Jumps to Record High Taiwan Semiconductor (TSM 2.83%) nudged down around 4% in pre-market trading despite quarterly results delivering a 77.4% jump in net income, ahead of expectations and a new company record, as the Team Hidden Gems recommendation continues to benefit from the global AI buildout.
"The AI megatrend continues to drive the need for more and more computation": Chairman C.C. Wei was upbeat on the earnings call. Capex for the full year was increased from the $52 billion-$56 billion range to $60 billion-$64 billion, with revenue growth now projected slightly above 40%, up from more than 30% previously. An additional $100 billion allocated to expand U.S. chipmaking capacity: The extra money will be used to build four chip plants, taking the total investment plan in the U.S. to $265 billion. The plants would produce the most commercially advanced available logic chips. 2. Uber Plots Massive Global Food Bet Rule Breakers recommendation Uber (UBER +2.45%) has confirmed it will buy Delivery Hero for $14.9 billion (€13 billion), in a move expected to close in the second half of next year, acting to consolidate the global food delivery market.
"Together, we'll nearly double the number of markets where we offer both mobility and delivery services": Uber CEO Dara Khosrowshahi spoke of the synergies the deal will provide. As part of the transaction, Delivery Hero will sell some European business units to reduce the existing geographical overlap with Uber. "We're impressed by the ecosystem that Uber has created": In May, Fool contributing analyst Dan Caplinger said "we see more room for growth as autonomous driving technology comes ever closer to becoming reality." The stock is outperforming the S&P 500 by 138% since the July 2022 Rule Breakers rec.
3. Cyclospora Fears Drag Fast-Food Stocks
Fast-food companies Sweetgreen (SG 5.22%) and Chipotle (CMG +0.58%) closed 5.2% and 4.94% lower yesterday, respectively, as concern around the ongoing cyclospora outbreak weighs on the sector.
Health officials haven't publicly associated any restaurants with the outbreak: The parasite has been linked to ingredients like lettuce and raw vegetables, naturally impacting menu items for Sweetgreen and Chipotle. Taco Bell has stopped serving lettuce at some franchises in Michigan. Chipotle is "monitoring the situation closely": The Team Rule Breakers and Team Hidden Gems rec issued a statement saying it did not believe its ingredients were associated with the outbreak.
4. Next Up: NFLX Earnings Follow PLD and GE
Prologis (PLD +1.86%) is due to release earnings ahead of the market open, as the Hidden Gems and Dividend Investor rec aims to show further demand for warehousing as noted in Q1. GE Aerospace (GE +1.87%) reports before the opening bell, too. Last quarter delivered double-digit growth across revenue, profit, and orders. Services revenue is expected to drive performance this time around. Netflix (NASDAQ:NFLX) reports after the closing bell. Revenue is expected to grow 13.5% versus the same period last year for the Team Hidden Gems and Team Rule Breakers rec, with a focus on ad monetization and building on last quarter's strong subscriber growth. 5. Today's Take: For New Investors, Read This
Darrell Huff's 1954 classic, How to Lie with Statistics, isn't an investing book per se, but it's a must-read for all investors. The tricks and games that companies try to play will truly never stop. Once you've read this book, you'll spot nonsense in investor presentations, press releases, and earnings calls from a mile away.-- Tim Green Team Hidden Gems
6. Your Take Prologis is up 13% over the last 5 years. Across the same period, the S&P 500 is up 75%.
Will Prologis be a market-beater over the next 5 years?
Debate with friends and family, or become a member to hear what your fellow Fools are saying!
This image and article was created using Large Language Models (LLMs) based on The Motley Fool's insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. The Motley Fool has positions in and recommends Chipotle Mexican Grill, GE Aerospace, Prologis, Taiwan Semiconductor Manufacturing, and Uber Technologies. The Motley Fool recommends Sweetgreen and recommends the following options: short September 2026 $35 calls on Chipotle Mexican Grill. The Motley Fool has a disclosure policy.
Second quarter results show momentum building across the business
Raises 2026 guidance for the second time; leasing hits record
, /PRNewswire/ -- Prologis, Inc. (NYSE: PLD) raised its 2026 guidance for the second time this year, supported by record leasing and improving operating fundamentals.
"We believe the business is entering its next phase of growth," said Daniel S. Letter, chief executive officer of Prologis. "Customer demand is broadening, and our opportunity set is expanding as logistics, digital infrastructure and energy needs increasingly intersect. Given our scale and deep customer relationships, we are well positioned for this next cycle."
Key highlights for the quarter ended June 30, 2026:
Financials Results:
Net earnings per diluted share was $1.13, compared with $0.61 for the same period in 2025. Core funds from operations (Core FFO)* per diluted share was $1.63, compared with $1.46 for the same period in 2025. Core FFO, excluding Net Promote Income (Expense)* per diluted share was $1.60, compared with $1.47 for the same period in 2025. Operational Results:
Signed over 67 million square feet of leases, a record level. Increased owned & managed period end occupancy to 95.5%, a 20-basis point increase compared to March 31, 2026. Delivered same-store NOI* (at Prologis share) year-over-year growth of 6.4% on a net effective basis and 8.5% on a cash basis. Capital Deployment (Owned & Managed):
Started $1.6 billion of development across logistics and data centers. Completed $1.8 billion of third-party acquisitions at attractive discounts to replacement cost. Executed $766 million of dispositions, recycling capital into higher-return opportunities. Contributed $518 million of logistics real estate to Strategic Capital vehicles. Expanded the data center power pipeline to 5.8 GW. "Our business is performing at a high level, with multiple drivers of growth across the platform," said Timothy D. Arndt, chief financial officer of Prologis. "Embedded rent growth provides clear earnings visibility, and the scale of the opportunity ahead of us, together with our strong balance sheet, positions Prologis to deliver durable earnings growth and compound long-term value."
OPERATING PERFORMANCE
Owned & Managed
2Q26
Average Occupancy
95.0 %
Period End Occupancy
95.5 %
Leases Commenced (Operating and Development Portfolio)
61.7 MSF
Retention
72.7 %
Prologis Share
2Q26
Average Occupancy
94.9 %
Cash Same Store NOI*
8.5 %
Net Effective Rent Change
36.9 %
Cash Rent Change
22.3 %
DEPLOYMENT ACTIVITY
Prologis Share
2Q26
Acquisitions
$1,119M
Weighted avg stabilized cap rate (excluding other real estate)
4.1 %
Development Stabilizations
$646M
Estimated weighted avg yield
6.3 %
Estimated weighted avg margin
13.8 %
Estimated value creation
$89M
% Build-to-suit
24.0 %
Development Starts
$1,342M
Estimated weighted avg yield
7.2 %
Estimated weighted avg margin
32.3 %
Estimated value creation
$434M
% Build-to-suit
74.7 %
Total Dispositions and Contributions
$1,009M
Weighted avg stabilized cap rate (excluding land, properties under development, and other real estate)
5.1 %
BALANCE SHEET STRENGTH & LIQUIDITY
During the quarter, the company:
Closed, together with its co-investment ventures, an aggregate of $3.4 billion of debt at a weighted average interest rate of 4.4% and a weighted average term of 6.2 years. As of quarter-end:
Total available liquidity was approximately $7.6 billion. Debt-to-Adjusted EBITDA* was 4.7x and debt as a percentage of total market capitalization was 23.9%. The weighted average interest rate on the company's share of total debt was 3.3%, with a weighted average term of 7.9 years. Forecasted earnings for 2026, 2027 and 2028 are 99%, 98% and 97%, respectively, in USD or hedged through derivative contracts and 96% of Prologis' equity was in USD. 2026 GUIDANCE
Prologis' guidance for net earnings is included in the table below as well as guidance for Core FFO*, which are reconciled in our supplemental information.
2026 GUIDANCE
Earnings (per diluted share)**
Previous
Current
Net earnings attributable to common stockholders
$3.80 to $4.05
$4.40 to $4.55
Core FFO attributable to common stockholders/unitholders*
$6.07 to $6.23
$6.22 to $6.30
Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)*
$6.12 to $6.28
$6.22 to $6.30
** Note: Please refer to section titled "U.K. Takeover Code Required Disclosure in Connection With Possible Offer for SEGRO plc" below.
Operations - Prologis Share
Previous
Current
Average occupancy
95.00% to 95.75%
95.25% to 95.75%
Cash Same Store NOI*
6.25% to 7.00%
6.75% to 7.25%
Net Effective Same Store NOI*
4.75% to 5.50%
5.25% to 5.75%
Strategic Capital (in millions)
Previous
Current
Strategic Capital revenue, excluding promote revenue
$660 to $680
$660 to $680
Net Promote Income (Expense)1
$(50)
$0
G&A (in millions)
Previous
Current
General & administrative expenses
$510 to $525
$510 to $525
Capital Deployment - Prologis Share (in millions)2
Previous
Current
Development stabilizations
$2,250 to $2,750
$2,250 to $2,750
Development starts
$3,500 to $4,500
$4,500 to $5,500
Acquisitions
$1,000 to $1,500
$1,500 to $2,000
Contributions
$1,750 to $2,250
$2,000 to $2,500
Dispositions
$1,750 to $2,250
$2,250 to $2,750
Realized development gains
$500 to $700
$600 to $700
Net promote expense relates to amortization of stock compensation issued to employees related to promote income recognized in prior periods. Inclusive of data centers. *This is a non-GAAP financial measure. See the Notes and Definitions in our supplemental information for further explanation and a reconciliation to the most directly comparable GAAP measure.
The earnings guidance described above includes potential gains recognized from real estate transactions but excludes any future or potential foreign currency or derivative gains or losses as our guidance assumes constant foreign currency rates. In reconciling from net earnings to Core FFO*, Prologis makes certain adjustments, including but not limited to our share of real estate depreciation and amortization expense, gains (losses) recognized from real estate transactions and early extinguishment of debt, impairment charges, deferred taxes and unrealized gains or losses on foreign currency or derivative activity. The difference between the company's Core FFO* and net earnings guidance relates predominantly to these items. Please refer to our quarterly Supplemental Information, which is available on our Investor Relations website at https://ir.prologis.com and on the SEC's website at www.sec.gov for a definition of Core FFO* and other non-GAAP measures used by Prologis, along with reconciliations of these items to the closest GAAP measure for our results and guidance.
U.K. TAKEOVER CODE REQUIRED DISCLOSURE IN CONNECTION WITH POSSIBLE OFFER FOR SEGRO PLC
Prologis' Earnings (per diluted share) guidance set forth above (the "Profit Forecast") constitutes a profit forecast for the purposes of Rule 28 of the U.K. City Code on Takeovers and Mergers (the "Code"). The U.K. Takeover Panel has granted Prologis a dispensation from the Code requirement to include a report from a reporting accountant and Prologis' financial advisers in respect of the Profit Forecast. SEGRO plc has agreed to Prologis receiving this dispensation, on the basis that: (i) the Profit Forecast is presented on a basis consistent with Prologis' ordinary course quarterly guidance; and (ii) the Prologis board of directors is providing the confirmations in respect of the Profit Forecast stated below. The U.K. Takeover Panel has granted its dispensation on the same basis.
Prologis' board of directors has considered the Profit Forecast and confirms that the Profit Forecast is valid and has been properly compiled on the basis of the assumptions, and subject to the factors, set forth in the "Forward-Looking Statements" disclaimer below and that the basis of accounting used in preparing the Profit Forecast is consistent with the accounting policies of Prologis.
The Profit Forecast and certain other statements set forth in this announcement constitute "forward-looking statements" as described in the "Forward-Looking Statements" disclaimer below, and investors should consider the Profit Forecast and such other statements in the context of being so disclaimed.
JULY 16, 2026, CALL DETAILS
The call will take place on Thursday, July 16, 2026, at 9:00 a.m. PT/12:00 p.m. ET. To access a live broadcast of the call, please dial +1 (877) 897-2615 (toll-free from the United States and Canada) or +1 (201) 689-8514 (from all other countries). A live webcast can be accessed from the Investor Relations section of www.prologis.com.
A telephonic replay will be available July 16 - July 30 at +1 (877) 660-6853 (from the United States and Canada) or +1 (201) 612-7415 (from all other countries) using access code 13757425. The webcast replay will be posted in the Investor Relations section of www.prologis.com under "Events & Presentations."
ABOUT PROLOGIS
The world runs on logistics. At Prologis, we don't just lead the industry, we define it. We create the intelligent infrastructure that powers global commerce, seamlessly connecting the digital and physical worlds. From agile supply chains to clean energy solutions, our ecosystems help your business move faster, operate smarter and grow sustainably. With unmatched scale, innovation and expertise, Prologis is a category of one–not just shaping the future of logistics but building what comes next. Learn more at Prologis.com.
FORWARD-LOOKING STATEMENTS
The statements in this document that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," and "estimates" including variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future—including statements relating to rent and occupancy growth, acquisition and development activity, including data center developments and power procurement related thereto, contribution and disposition activity, general conditions in the geographic areas where we operate, expectations regarding new lines of business, our debt, capital structure and financial position, our ability to earn revenues from co-investment ventures, form new co-investment ventures and the availability of capital in existing or new co-investment ventures—are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) international, national, regional and local economic and political climates and conditions; (ii) changes in global financial markets, interest rates and foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associated with acquisitions, dispositions and development of properties, including those specific to data center development and the integration of the operations of significant real estate portfolios; (v) maintenance of Real Estate Investment Trust status, tax structuring and changes in income tax laws and rates; (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings; (vii) risks related to our investments in our co-investment ventures, including our ability to establish new co-investment ventures; (viii) risks of doing business internationally, including currency risks; (ix) environmental uncertainties, including risks of natural disasters; and (x) those additional factors discussed in reports filed with the Securities and Exchange Commission by us under the heading "Risk Factors." We undertake no duty to update any forward-looking statements appearing in this document except as may be required by law.
dollars in millions, except per share/unit data
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Rental and other revenues
$ 2,183
$ 2,037
$ 4,321
$ 4,036
Strategic capital revenues
242
147
402
288
Total revenues
2,425
2,184
4,723
4,324
Net earnings attributable to common stockholders
1,061
570
2,041
1,161
Core FFO attributable to common stockholders/unitholders*
1,559
1,396
3,000
2,752
AFFO attributable to common stockholders/unitholders*
1,323
1,036
2,795
2,120
Adjusted EBITDA attributable to common stockholders/unitholders*
2,143
1,789
4,321
3,561
Estimated value creation from development stabilizations - Prologis Share
89
64
477
304
Common stock dividends and common limited partnership unit distributions
1,027
966
2,053
1,931
Per common share - diluted:
Net earnings attributable to common stockholders
$ 1.13
$ 0.61
$ 2.18
$ 1.25
Core FFO attributable to common stockholders/unitholders*
1.63
1.46
3.13
2.88
Core FFO attributable to common stockholders/unitholders, excluding Net Promote Income (Expense)*
1.60
1.47
3.12
2.91
Business line reporting:
Real estate*
1.54
1.40
2.99
2.76
Strategic capital*
0.09
0.06
0.14
0.12
Core FFO attributable to common stockholders/unitholders*
1.63
1.46
3.13
2.88
Realized development gains, net of taxes*
0.09
0.01
0.39
0.04
Dividends and distributions per common share/unit
1.07
1.01
2.14
2.02
*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.
in thousands
June 30, 2026
March 31, 2026
December 31, 2025
Assets:
Investments in real estate properties:
Operating properties
$ 82,117,896
$ 80,875,731
$ 80,561,020
Development portfolio
2,741,535
2,492,161
3,019,009
Land
4,802,617
4,684,949
4,888,153
Other real estate investments
7,351,737
7,188,604
6,661,174
97,013,785
95,241,445
95,129,356
Less accumulated depreciation
15,783,188
15,298,353
14,729,149
Net investments in real estate properties
81,230,597
79,943,092
80,400,207
Investments in and advances to unconsolidated entities
11,467,403
11,241,723
11,093,936
Assets held for sale or contribution
498,975
499,799
203,344
Net investments in real estate
93,196,975
91,684,614
91,697,487
Cash and cash equivalents
1,765,043
861,144
1,145,647
Other assets
6,049,854
5,587,693
5,881,122
Total assets
$ 101,011,872
$ 98,133,451
$ 98,724,256
Liabilities and Equity:
Liabilities:
Debt
$ 36,442,085
$ 34,669,592
$ 35,037,073
Accounts payable, accrued expenses and other liabilities
Operating income before gains on real estate transactions, net
$ 959,691
$ 855,191
$ 1,786,723
$ 1,669,354
Gains on dispositions of development properties and land, net
79,196
10,477
372,179
37,928
Gains on other dispositions of investments in real estate, net
212,449
47,044
303,489
83,843
Operating income
$ 1,251,336
$ 912,712
$ 2,462,391
$ 1,791,125
Other income (expense):
Earnings from unconsolidated entities, net
147,470
107,692
240,766
175,591
Interest expense
(276,311)
(251,866)
(530,597)
(483,617)
Foreign currency, derivative and other gains (losses) and other income (expense), net
109,663
(122,829)
154,274
(154,487)
Gains (losses) on early extinguishment of debt, net
(31)
—
(1,921)
—
Total other income (expense)
(19,209)
(267,003)
(137,478)
(462,513)
Earnings before income taxes
1,232,127
645,709
2,324,913
1,328,612
Current income tax benefit (expense)
(89,319)
(27,723)
(137,100)
(64,424)
Deferred income tax benefit (expense)
(18,854)
4,318
(19,044)
(2,364)
Consolidated net earnings
1,123,954
622,304
2,168,769
1,261,824
Net earnings attributable to noncontrolling interests
(39,062)
(37,139)
(79,040)
(68,715)
Net earnings attributable to noncontrolling interests - limited partnership units
(22,701)
(13,936)
(45,562)
(28,927)
Net earnings attributable to controlling interests
1,062,191
571,229
2,044,167
1,164,182
Preferred stock dividends
(1,347)
(1,505)
(2,847)
(2,957)
Net earnings attributable to common stockholders
$ 1,060,844
$ 569,724
$ 2,041,320
$ 1,161,225
Weighted average common shares outstanding - Diluted
957,884
955,882
957,654
955,601
Net earnings per share attributable to common stockholders - Diluted
$ 1.13
$ 0.61
$ 2.18
$ 1.25
Three Months Ended
Six Months Ended
June 30,
June 30,
in thousands
2026
2025
2026
2025
Net earnings attributable to common stockholders
$ 1,060,844
$ 569,724
$ 2,041,320
$ 1,161,225
Add (deduct) NAREIT defined adjustments:
Real estate related depreciation and amortization
663,658
638,199
1,369,208
1,270,885
Gains on other dispositions of investments in real estate, net of taxes (excluding development properties and land)
(210,975)
(46,964)
(302,015)
(82,771)
Adjustments related to noncontrolling interests
(13,356)
(17,339)
(24,093)
(35,746)
Our proportionate share of adjustments related to unconsolidated entities
132,185
133,734
283,340
284,358
NAREIT defined FFO attributable to common stockholders/unitholders*
$ 1,632,356
$ 1,277,354
$ 3,367,760
$ 2,597,951
Add (deduct) our modified adjustments:
Unrealized foreign currency, derivative and other losses (gains), net
(5,370)
137,817
(19,639)
192,715
Deferred income tax expense (benefit)
18,854
(4,318)
19,044
2,364
Adjustments related to noncontrolling interests
(215)
—
497
—
Our proportionate share of adjustments related to unconsolidated entities
(5,437)
(3,136)
(6,162)
(1,765)
FFO, as modified by Prologis attributable to common stockholders/unitholders*
$ 1,640,188
$ 1,407,717
$ 3,361,500
$ 2,791,265
Add (deduct) Core FFO defined adjustments:
Gains on dispositions of development properties and land, net
(79,196)
(10,477)
(372,179)
(37,928)
Current income tax expense (benefit) on dispositions
6,758
659
8,060
803
Losses (gains) on early extinguishment of debt, net
31
—
1,921
—
Venture formation costs
6,049
—
6,049
—
Adjustments related to noncontrolling interests
—
2,748
271
2,821
Our proportionate share of adjustments related to unconsolidated entities
(14,703)
(4,665)
(6,002)
(4,948)
Core FFO attributable to common stockholders/unitholders*
$ 1,559,127
$ 1,395,982
$ 2,999,620
$ 2,752,013
Add (deduct) AFFO defined adjustments:
Gains on dispositions of development properties and land, net
79,196
10,477
372,179
37,928
Current income tax benefit (expense) on dispositions
(6,758)
(659)
(8,060)
(803)
Straight-lined rents and amortization of lease intangibles
(161,152)
(187,801)
(326,901)
(368,162)
Property improvements
(71,218)
(68,772)
(97,283)
(103,139)
Turnover costs
(133,959)
(152,242)
(257,775)
(275,365)
Amortization of debt discount, financing costs and management contracts, net
21,986
22,209
43,386
43,321
Stock compensation amortization expense
55,148
43,984
115,780
97,145
Adjustments related to noncontrolling interests
20,001
18,594
39,629
32,576
Our proportionate share of adjustments related to unconsolidated entities
(39,404)
(45,863)
(85,715)
(95,682)
AFFO attributable to common stockholders/unitholders*
$ 1,322,967
$ 1,035,909
$ 2,794,860
$ 2,119,832
*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.
Three Months Ended
Six Months Ended
June 30,
June 30,
in thousands
2026
2025
2026
2025
Net earnings attributable to common stockholders
$ 1,060,844
$ 569,724
$ 2,041,320
$ 1,161,225
Gains on other dispositions of investments in real estate, net (excluding development properties and land)
(212,449)
(47,044)
(303,489)
(83,843)
Depreciation and amortization expense
689,518
657,221
1,421,024
1,309,279
Interest charges
255,798
235,858
493,706
451,508
Current and deferred income tax expense, net
108,173
23,405
156,144
66,788
Net earnings attributable to noncontrolling interests - limited partnership units
22,701
13,936
45,562
28,927
NOI adjustments for real estate transactions
4,926
2,481
14,190
10,310
Preferred stock dividends
1,347
1,505
2,847
2,957
Unrealized foreign currency, derivative and other losses (gains), net
(5,370)
137,817
(19,639)
192,715
Stock compensation amortization expense
55,148
43,984
115,780
97,145
Losses (gains) on early extinguishment of debt, net
31
—
1,921
—
Venture formation costs
6,049
—
6,049
—
Adjustments related to noncontrolling interests
(36,884)
(31,819)
(70,428)
(65,669)
Our proportionate share of adjustments related to unconsolidated entities
192,790
182,264
415,669
389,426
Adjusted EBITDA attributable to common stockholders/unitholders*
$ 2,142,622
$ 1,789,332
$ 4,320,656
$ 3,560,768
*This is a non-GAAP financial measure. Please see our Notes and Definitions for further explanation.
Adjusted EBITDA. We use Adjusted EBITDA attributable to common stockholders/unitholders ("Adjusted EBITDA"), a non-GAAP financial measure, as a measure of our operating performance. The most directly comparable GAAP measure is net earnings.
We believe Adjusted EBITDA provides relevant and useful information by offering insight into our operating performance before the effects of financing decisions, income taxes, and certain non-cash or non-recurring charges.
We calculate Adjusted EBITDA by beginning with consolidated net earnings attributable to common stockholders and removing the effect of:
gains or losses from the disposition of investments in real estate (excluding development properties and land); depreciation and amortization expense; impairment charges; interest charges; current and deferred income taxes; preferred stock dividends; unrealized gains or losses on foreign currency and derivatives; stock compensation amortization expense; gains from the revaluation of equity investments upon acquisition of a controlling interest; gains or losses on early extinguishment of debt and derivative contracts (including cash charges); and third-party costs associated with the successful formation of new ventures. We also include an adjustment to reflect a full period of NOI on the operating properties we acquire or stabilize during the quarter and to remove NOI on properties we dispose of during the quarter, assuming all transactions occurred at the beginning of the quarter. For properties we contribute, we make an adjustment to reflect NOI at the new ownership percentage for the full quarter.
We calculate Adjusted EBITDA based on our proportionate ownership share of both our unconsolidated entities and consolidated ventures. We reflect our share of Adjusted EBITDA measures for unconsolidated entities by applying our average ownership percentage for the period to the applicable adjusting items on an entity-by-entity basis. We reflect our share for consolidated ventures in which we do not own 100% of the equity by removing the noncontrolling interests share of the applicable adjustments based on our average ownership percentage for the applicable periods.
While we believe Adjusted EBITDA is an important supplemental measure, it should not be used alone as it excludes significant components of net earnings computed under GAAP and is therefore limited as an analytical tool. We do not use Adjusted EBITDA as an alternative measure to net earnings computed under GAAP or as an alternative to cash from operating activities computed under GAAP or as an indicator of our ability to fund our cash needs. Our computation of Adjusted EBITDA may not be comparable to EBITDA reported by other companies in both the real estate industry and other industries. We compensate for the limitations of Adjusted EBITDA by providing investors with financial statements prepared according to GAAP, along with this detailed discussion of Adjusted EBITDA and a reconciliation to Adjusted EBITDA from consolidated net earnings attributable to common stockholders.
Business Line Reporting is a non-GAAP financial measure. Core FFO and development gains are generated by our three lines of business: (i) real estate operations; (ii) strategic capital; and (iii) development. The real estate operations line of business represents total Prologis Core FFO, less the amount allocated to the strategic capital line of business. The amount of Core FFO allocated to the strategic capital line of business represents the third-party share of asset management fees and transactional fees that we earn from our consolidated and unconsolidated co-investment ventures less costs directly associated with our strategic capital group and Net Promote Income (Expense). Realized development gains include our share of gains on dispositions of development properties and land, net of taxes. To calculate the per share amount, the amount generated by each line of business is divided by the weighted average diluted common shares outstanding used in our Core FFO per share calculation. Management believes evaluating our results by line of business is a useful supplemental measure of our operating performance because it helps the investing public compare the operating performance of Prologis' respective businesses to other companies' comparable businesses. Prologis' computation of FFO by line of business may not be comparable to that reported by other real estate companies as they may use different methodologies in computing such measures.
Calculation of Per Share Amounts
Three Months Ended
Six Months Ended
Jun. 30,
Jun. 30,
in thousands, except per share amount
2026
2025
2026
2025
Net earnings
Net earnings attributable to common stockholders
$ 1,060,844
$ 569,724
$ 2,041,320
$ 1,161,225
Noncontrolling interest attributable to exchangeable limited partnership units
22,831
13,936
45,858
28,927
Adjusted net earnings attributable to common stockholders - Diluted
$ 1,083,675
$ 583,660
$ 2,087,178
$ 1,190,152
Weighted average common shares outstanding - Basic
933,092
928,476
932,175
927,909
Incremental weighted average effect on exchange of limited partnership units
20,160
22,731
21,061
23,115
Incremental weighted average effect of equity awards
4,632
4,675
4,418
4,577
Weighted average common shares outstanding - Diluted
957,884
955,882
957,654
955,601
Net earnings per share - Basic
$ 1.14
$ 0.61
$ 2.19
$ 1.25
Net earnings per share - Diluted
$ 1.13
$ 0.61
$ 2.18
$ 1.25
Three Months Ended
Six Months Ended
Jun. 30,
Jun. 30,
in thousands, except per share amount
2026
2025
2026
2025
Core FFO
Core FFO attributable to common stockholders/unitholders
$ 1,559,127
$ 1,395,982
$ 2,999,620
$ 2,752,013
Noncontrolling interest attributable to exchangeable limited partnership units
221
258
453
552
Core FFO attributable to common stockholders/ unitholders - Diluted
$ 1,559,348
$ 1,396,240
$ 3,000,073
$ 2,752,565
Less: Net Promote Income (Expense)
26,229
(13,437)
13,847
(24,330)
Core FFO attributable to common stockholders/ unitholders, excluding Net
Promote Income (Expense) - Diluted
$ 1,533,119
$ 1,409,677
$ 2,986,226
$ 2,776,895
Weighted average common shares outstanding - Basic
933,092
928,476
932,175
927,909
Incremental weighted average effect on exchange of limited partnership units
20,160
22,990
21,061
23,383
Incremental weighted average effect of equity awards
4,632
4,675
4,418
4,577
Weighted average common shares outstanding - Diluted
957,884
956,141
957,654
955,869
Core FFO per share - Diluted
$ 1.63
$ 1.46
$ 3.13
$ 2.88
Core FFO per share, excluding Net Promote Income (Expense) - Diluted
$ 1.60
$ 1.47
$ 3.12
$ 2.91
Development Portfolio includes industrial and non-industrial properties, data centers, yards and parking lots that are under development and properties that are developed but have not met Stabilization. At June 30, 2026, total TEI for yards, parking lots, data centers and non-industrial assets was $2.9 billion on an Owned and Managed and $2.8 billion on a Prologis Share basis. We do not disclose square footage for yards and parking lots.
Estimated Value Creation represents the value that we expect to create through our development and leasing activities. We calculate Estimated Value Creation by estimating the Stabilized NOI that the property will generate and applying a stabilized capitalization rate applicable to that property. Estimated Value Creation is calculated as the amount by which the value exceeds our TEI, including closing costs and taxes, if any, and does not include any fees or promotes we may earn.
Estimated Weighted Average Margin is calculated on development properties as Estimated Value Creation, less estimated closing costs and taxes, if any, on properties expected to be sold or contributed, divided by TEI.
Estimated Weighted Average Stabilized Yield is calculated on the properties in the Development Portfolio as Stabilized NOI divided by TEI. The yields on a Prologis Share basis were as follows:
Pre-Stabilized
Developments
2026 Expected Completion
2027 and Thereafter Expected
Completion
Total Development Portfolio
U.S.
5.7 %
6.6 %
8.2 %
7.6 %
Other Americas
— %
7.6 %
7.5 %
7.6 %
Europe
5.3 %
5.3 %
5.9 %
5.4 %
Asia
5.7 %
6.2 %
4.9 %
5.2 %
Total
5.6 %
6.1 %
7.7 %
7.0 %
FFO, as modified by Prologis attributable to common stockholders/unitholders ("FFO, as modified by Prologis"); Core FFO attributable to common stockholders/unitholders ("Core FFO"); AFFO attributable to common stockholders/unitholders ("AFFO"); (collectively referred to as "FFO"). FFO is a non-GAAP financial measure that is commonly used in the real estate industry, with net earnings as the most directly comparable GAAP measure.
The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as earnings computed under GAAP to exclude depreciation and gains and losses from sales net of any related tax, along with impairment charges, of previously depreciated properties. We exclude the gains on revaluation of equity investments upon acquisition of a controlling interest and the gain recognized from a partial sale of our investment, as these are similar to gains from the sales of previously depreciated properties. This measure excludes similar adjustments from our unconsolidated entities and the third parties' share of our consolidated ventures.
Our FFO Measures
Our FFO measures begin with NARElT's definition, with certain adjustments to calculate FFO, as modified by Prologis, and Core FFO, both as defined below, to reflect our business and execution of our management strategy. While these adjustments are subject to significant fluctuations from period to period, with both positive and negative short-term impacts, the removal of the effects of these items enhances our understanding of the core operating performance of our properties over the long term.
We use FFO, as modified by Prologis, so that management, analysts and investors are able to evaluate our performance against other REITs that do not have similar operations or operations in jurisdictions outside the U.S. We use both Core FFO and AFFO to (i) assess our operating performance as compared to other real estate companies; (ii) evaluate our performance and the performance of our properties in comparison with expected results and results of previous periods; (iii) evaluate the performance of our management; (iv) budget and forecast future results to assist in the allocation of resources; (v) provide guidance to the financial markets to understand our expected operating performance; and (vi) evaluate how a specific potential investment will impact our future results.
We calculate our FFO measures based on our proportionate ownership share of both our unconsolidated entities and consolidated ventures. We reflect our share of our FFO measures for unconsolidated entities by applying our average ownership percentage for the period to the applicable adjustments on an entity-by-entity basis. We reflect our share for consolidated ventures in which we do not own 100% of the equity by removing the noncontrolling interests share of the applicable adjustments based on our average ownership percentage for the applicable periods.
FFO, as modified by Prologis
To arrive at FFO, as modified by Prologis, we adjust the NAREIT defined FFO measure to exclude:
deferred income tax benefits and deferred income tax expenses recognized by our subsidiaries; current income tax expense related to acquired tax liabilities that were recorded as deferred tax liabilities in an acquisition, to the extent the expense is offset with a deferred income tax benefit in earnings that is excluded from our defined FFO measure; and foreign currency exchange gains and losses resulting from (a) debt transactions between us and our foreign entities; (b) third-party debt that is used to hedge our investment in foreign entities; (c) derivative financial instruments related to any such debt transactions; and (d) mark-to-market adjustments associated with derivative and other financial instruments. Core FFO
To arrive at Core FFO, we adjust FFO, as modified by Prologis, to exclude the following:
gains or losses from the disposition of land and development properties that were developed with the intent to contribute or sell; income tax expense related to the sale of investments in real estate; impairment charges recognized related to our investments in real estate generally as a result of our change in intent to contribute or sell these properties; gains or losses from the early extinguishment of debt and redemption and repurchase of preferred stock; and third-party costs associated with the successful formation of new ventures. AFFO
To arrive at AFFO, we adjust Core FFO to include realized gains from the disposition of land and development properties, net of current tax expense, turnover costs and property improvements and exclude the following items that we recognize directly in Core FFO:
straight-line rents; amortization of above- and below-market lease intangibles; amortization of management contracts; amortization of debt premiums and discounts and financing costs, net of amounts capitalized; and stock compensation amortization expense. Limitations on the use of our FFO measures
While we believe our modified FFO measures are important supplemental measures, neither NAREIT's measures or our measures of FFO should be used alone because they exclude significant components of net earnings computed under GAAP and are, therefore, limited as an analytical tool. Some of these limitations arise from excluding income tax expense that may be payable or depreciation and amortization expenses that reflect costs necessary to maintain operating performance. In addition, our FFO measure does not reflect changes in asset values resulting from fluctuations in market conditions or foreign currency exchange rates nor costs or benefits from settlement of deferred income taxes or the extinguishment of debt. We do not use NAREIT's measures or our measures of FFO as alternatives to net earnings computed under GAAP or as alternatives to cash from operating activities computed under GAAP or as indicators of our ability to fund our cash needs.
We compensate for the limitations by using our FFO measures only in conjunction with net earnings computed under GAAP when making our decisions. This information should be read with our complete Consolidated Financial Statements prepared under GAAP. To assist investors in compensating for these limitations, we reconcile our modified FFO measures from consolidated net earnings attributable to common stockholders.
Guidance. The following is a reconciliation of our annual guided Net Earnings per share to our guided Core FFO per share:
Low
High
Net earnings attributable to common stockholders (a)
$ 4.40
$ 4.55
Our share of:
Depreciation and amortization
3.26
3.29
Net gains on real estate transactions, net of taxes
(1.45)
(1.55)
Unrealized foreign currency losses (gains), losses (gains) on early
extinguishment of debt and other, net
0.01
0.01
Core FFO attributable to common stockholders/unitholders
$ 6.22
$ 6.30
Less: Net Promote Income (Expense)
—
—
Core FFO attributable to common stockholders/unitholders, excluding Net Promote
Income (Expense)
$ 6.22
$ 6.30
(a)
Earnings guidance includes potential future gains recognized from real estate transactions, but excludes future foreign currency or derivative gains or
losses as these items are difficult to predict.
Market Capitalization equals Market Equity, less liquidation preference of the preferred shares/units, plus our share of total debt.
Net Promote Income (Expense) is promote revenue earned from third-party investors during the period, net of related cash and stock compensation expenses, and taxes and foreign currency derivative gains and losses, if applicable.
Operating Portfolio represents industrial properties in our Owned and Managed portfolio that have reached Stabilization. Assets held for sale, Non-Strategic Assets and non-industrial assets are excluded from the portfolio. NOI of our Operating Portfolio excludes net termination fees and adjustments. Prologis Share of NOI includes NOI for the properties contributed to or acquired from co-investment ventures at our actual share prior to and subsequent to change in ownership. The U.S. markets not presented consist of Austin, Charlotte, Columbus, Denver, Louisville, Portland, Raleigh-Durham, Reno, San Antonio, Savannah and Tampa. The European countries not presented consist of Belgium, Czech Republic, Hungary, Italy, Poland, Slovakia, Spain and Sweden.
Owned and Managed represents the consolidated properties as well as properties owned by our unconsolidated co-investment ventures, which we manage.
Prologis Share represents our proportionate economic ownership of each entity, or property included in our total Owned and Managed portfolio, whether consolidated or unconsolidated.
Rent Change (Cash) represents the percentage change in starting rental rates per the lease agreement, on new and renewed leases, commenced during the period compared with the previous ending rental rates in that same space. This measure excludes any short-term leases of less than one-year, holdover payments, free rent periods and introductory (teaser rates) defined as 50% or less of the stabilized rate.
Rent Change (Net Effective) represents the percentage change in net effective rental rates (average rate over the lease term), on new and renewed leases, commenced during the period compared with the previous net effective rental rates for the same respective spaces. This measure excludes any short-term leases of less than one year and holdover payments.
Retention is the square footage of all leases commenced during the period that are rented by existing tenants divided by the square footage of all expiring leases during the reporting period. The square footage of tenants that default or buy-out prior to expiration of their lease and short-term leases of less than one year, are not included in the calculation.
Same Store. Our same store metrics are non-GAAP financial measures, which are commonly used in the real estate industry and expected from the financial community, on both a net effective and cash basis. We evaluate the performance of the operating properties we own and manage using a "same store" analysis because the population of properties in this analysis is consistent from period to period, which allows us and investors to analyze our ongoing business operations. We determine our same store metrics on property NOI, which is calculated as rental revenue less rental expense for the applicable properties in the same store population for both consolidated and unconsolidated properties based on our ownership interest, as further defined below.
We define our same store population for the three months ended June 30, 2026 as the properties in our Owned and Managed Operating Portfolio, including the property NOI for both consolidated properties and properties owned by the unconsolidated co-investment ventures at January 1, 2025 and owned throughout the same three-month period in both 2025 and 2026.
We believe the drivers of property NOI for the consolidated portfolio are generally the same for the properties owned by the ventures in which we invest and therefore we evaluate the same store metrics of the Owned and Managed portfolio based on Prologis' ownership in the properties ("Prologis Share").
The same store population excludes properties held for sale to third parties, along with development properties that were not stabilized at the beginning of the period (January 1, 2025) and properties acquired or disposed of to third parties during the periods. To derive an appropriate measure of period- to-period operating performance, we remove the effects of foreign currency exchange rate movements by using the reported period-end exchange rate to translate from local currency into the U.S dollar, for both periods.
As non-GAAP financial measures, the same store metrics have certain limitations as an analytical tool and may vary among real estate companies. As a result, we provide a reconciliation of Rental Revenues less Rental Expenses ("Property NOI") (from our Consolidated Financial Statements prepared in accordance with U.S GAAP) to our Same Store Property NOI measures, as follows:
Three Months Ended
Jun. 30,
dollars in thousands
2026
2025
Change (%)
Reconciliation of Consolidated Property NOI to Same Store Property NOI measures:
Rental revenues
$ 2,177,074
$ 2,025,332
Rental expenses
(530,861)
(487,963)
Consolidated Property NOI
$ 1,646,213
$ 1,537,369
Adjustments to derive same store results:
Property NOI from consolidated properties not included in same
store portfolio and other adjustments (a)
(179,260)
(158,079)
Property NOI from unconsolidated co-investment ventures
included in same store portfolio (a)(b)
1,000,076
939,990
Third parties' share of Property NOI from properties included in
same store portfolio (a)(b)
(777,776)
(731,166)
Prologis Share of Same Store Property NOI - Net Effective (b)
$ 1,689,253
$ 1,588,114
6.4 %
Consolidated properties straight-line rent and fair value lease
amortization included in the same store portfolio (c)
(128,107)
(144,879)
Unconsolidated co-investment ventures straight-line rent and fair
value lease amortization included in the same store portfolio (c)
(34,940)
(37,338)
Third parties' share of straight-line rent and fair value lease
amortization included in the same store portfolio (b)(c)
29,086
28,117
Prologis Share of Same Store Property NOI - Cash (b)(c)
$ 1,555,292
$ 1,434,014
8.5 %
(a)
We exclude properties held for sale to third parties, along with development properties that were not stabilized at the beginning of the periods and properties acquired or disposed of to third parties during the periods. We also exclude one-time items due to early lease terminations, including termination fees received from customers and the write-off of related lease assets and liabilities, that are not indicative of the property's recurring operating performance in order to evaluate the growth or decline in each property's rental revenues. Same Store Property NOI is adjusted to include an allocation of property management expenses for our consolidated properties based on the property management services provided to each property (generally, based on a percentage of revenues). On consolidation, these amounts are eliminated and the actual costs of providing property management and leasing services are recognized as part of our consolidated rental expense.
(b)
We include the Property NOI for the same store portfolio for both consolidated properties and properties owned by the co-investment ventures based on our investment in the underlying properties. In order to calculate our share of Same Store Property NOI from the co-investment ventures in which we own less than 100%, we use the co-investment ventures' underlying Property NOI for the same store portfolio and apply our ownership percentage at June 30, 2026 to the Property NOI for both periods, including the properties contributed during the periods. We adjust the total Property NOI from the same store portfolio of the co-investment ventures by subtracting the third parties' share of both consolidated and unconsolidated co-investment ventures. During the periods presented, certain wholly owned properties were contributed to a co-investment venture and are included in the same store portfolio. Neither our consolidated results nor those of the co-investment ventures, when viewed individually, would be comparable on a same store basis because of the changes in composition of the respective portfolios from period to period (e.g. the results of a contributed property are included in our consolidated results through the contribution date and in the results of the venture subsequent to the contribution date based on our ownership interest at the end of the period). As a result, only line items labeled "Prologis Share of Same Store Property NOI" are comparable period over period.
(c)
We further remove certain noncash items (straight-line rent and fair value lease amortization) included in the financial statements prepared in accordance with U.S. GAAP to reflect a Same Store Property NOI - Cash measure.
We manage our business and compensate our executives based on the same store results of our Owned and Managed portfolio at 100% as we manage our portfolio on an ownership blind basis. We calculate those results by including 100% of the properties included in our same store portfolio.
Stabilization is defined as the earlier of when a property that was developed has been completed for one year, is contributed to a co-investment venture following completion or is 90% occupied. Upon Stabilization, a property is moved into our Operating Portfolio.
Total Expected Investment ("TEI") represents total estimated cost of development or expansion, including land, development and leasing costs. TEI is based on current projections and is subject to change.
Weighted Average Interest Rate is based on the effective rate, which includes the amortization of related premiums and discounts and finance costs.
Weighted Average Stabilized Capitalization ("Cap") Rate is calculated as Stabilized NOI divided by the Acquisition Price.
Coinbase se připojila k více než 140členné alianci podporující nový stablecoin OUSD, čímž snižuje závislost na USDC. V roce 2025 jí výnosy ze stablecoinů vzrostly o 48 % na 1,35 miliardy USD.
On June 30, Coinbase (COIN +3.56%) joined a coalition of more than 140 financial, tech, and retail companies to back a new stablecoin called Open USD (OUSD). That move was surprising, since Coinbase was a founding partner for Circle's (CRCL +3.91%) USDC (USDC +0.00%) stablecoin, and it still retains all the interest income from USDC on its own exchange.
But with that crucial revenue-sharing partnership with Circle set to expire on Aug. 18, Coinbase appears interested in supporting other stablecoins, such as OUSD, to reduce its exposure to USDC. That shift already crushed Circle's stock, but what does it mean for Coinbase's stock?
Image source: Getty Images.
Why is Coinbase joining that big coalition? Circle is the only company that mints and manages USDC. Circle also generates most of its revenue by earning interest on the cash and U.S. Treasuries it holds to back the stablecoin. Coinbase and a few other companies get a cut of that interest, known as reserve income.
With OUSD, the entire coalition of companies -- including Coinbase, Visa, Mastercard, Stripe, BlackRock, Alphabet's Google, and Shopify -- will jointly manage the cryptocurrency and split its reserve income. That democratization and decentralization represent a major threat to Circle, but it's bullish for Coinbase.
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Coinbase can renew its revenue-sharing agreement with Circle and continue to support OUSD's planned launch later this year. As one of the world's largest cryptocurrency exchanges, it will profit from the rising adoption of stablecoins, regardless of which token rises to the top.
In 2025, Coinbase's revenue from stablecoins rose 48% year over year to $1.35 billion, accounting for nearly 19% of its top line. If the CLARITY Act is finally signed into law with a favorable outcome for stablecoin yields, that business could grow even faster and reduce Coinbase's dependence on more volatile cryptocurrencies.
What does this alliance mean for Coinbase's stock? In the past, Coinbase's revenue was pinned to the crypto market's boom-and-bust cycles. But if stablecoins are more widely adopted as a faster, cheaper, and more privacy-oriented alternative to U.S. dollars, Coinbase's exposure to those choppy market cycles will decrease.
From 2025 to 2028, analysts expect Coinbase's revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to both grow at CAGRs of 4%. Those growth rates might seem weak for a stock that trades at 21 times this year's adjusted EBITDA.
However, those forecasts could rise once interest rates decline, more investors rotate back to cryptocurrencies, and a new crypto summer begins. The approval of stablecoins will amplify those gains. If you expect those tailwinds to kick in and help Coinbase crush analysts' estimates, it could still be a great time to accumulate its out-of-favor stock.
Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, BlackRock, Mastercard, Shopify, and Visa. The Motley Fool recommends Coinbase Global. The Motley Fool has a disclosure policy.
The State Street logo in this illustration taken April 24, 2026. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab
July 16 (Reuters) - Custodian bank State Street (STT.N), opens new tab reported a rise in profit on Thursday, driven by a jump in fees earned from managing client assets.
Shares of the bank, which have gained nearly 45% in 2026 and outperformed the broader markets, were up 1.8% in trading before the bell.
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Here are more details from the earnings report:
The bank's assets under custody and administration jumped 18% to $57.86 trillion in the three months ended June 30 from a year earlier, driven by higher market levels, flows and net new business.
State Street reported investment management assets under management of $6.28 trillion, a growth of 23% over the year-ago period.
Its total fee revenue rose 17% to $3.19 billion in the quarter.
The bank's foreign exchange trading services revenue jumped nearly 26% to $494 million in the quarter, boosted by higher client volumes mostly in Asia-Pacific.
Its quarterly profit rose to $1.08 billion, or $3.65 per share, from $693 million, or $2.17 per share, a year earlier.
Reporting by Pritam Biswas in Bengaluru; Editing by Shreya Biswas
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Allstate oznámila odhad katastrofických ztrát za červen ve výši 563 milionů USD, po zdanění 445 milionů USD. Za 2. čtvrtletí činily 1,72 miliardy USD, po zdanění 1,36 miliardy USD.
, /PRNewswire/ -- The Allstate Corporation (NYSE: ALL) today announced estimated catastrophe losses for the month of June of $563 million or $445 million, after-tax. Total catastrophe losses for the second quarter were $1.72 billion or $1.36 billion, after-tax.
Financial information, including material announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com.
Forward-Looking Statements
This news release contains "forward-looking statements" that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words like "plans," "seeks," "expects," "will," "should," "anticipates," "estimates," "intends," "believes," "likely," "targets" and other words with similar meanings. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the U.S. Securities and Exchange Commission, including the "Risk Factors" section in our most recent annual report on Form 10-K. Forward-looking statements are as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statement.
About Allstate
The Allstate Corporation (NYSE: ALL) protects people from life's uncertainties with affordable, simple and connected protection for autos, homes, electronic devices, and identities. Products are available through a broad distribution network including Allstate agents, independent agents, major retailers, online, and at the workplace. Allstate has 212 million policies in force and is widely known for the slogan "You're in Good Hands with Allstate." For more information, visit www.allstate.com.
BEIJING, China, July 16, 2026 (GLOBE NEWSWIRE) -- Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China’s new energy vehicle market, today officially launched the new Li L6, a versatile all-wheel drive SUV. The vehicle is priced at RMB249,800 for its standard configuration. Deliveries of the new Li L6 will commence within a week. For more details on the new Li L6, please visit Li Auto’s official website.
About Li Auto Inc.
Li Auto Inc. is a leader in China’s new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric vehicles. Its mission is: Be Proactive, Change the World. Through innovations in product, technology, and business model, the Company provides families with safe, convenient, and comfortable products and services. Li Auto is a pioneer in successfully commercializing extended-range electric vehicles in China. While firmly advancing along this technological route, it builds platforms for battery electric vehicles in parallel. The Company leverages technology to create value for users. It concentrates its in-house development efforts on proprietary range extension systems, innovative electric vehicle technologies, and smart vehicle solutions. The Company started volume production in November 2019. It offers high-tech flagship family MPVs, Li L series extended-range electric SUVs, and Li i series battery electric SUVs. The Company will continue to expand its product lineup to target a broader user base.
For more information, please visit: https://ir.lixiang.com.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “targets,” “likely to,” “challenges,” and similar statements. Li Auto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “HKEX”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Li Auto’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Li Auto’s strategies, future business development, and financial condition and results of operations; Li Auto’s limited operating history; risks associated with extended-range electric vehicles and high-power charging battery electric vehicles; Li Auto’s ability to develop, manufacture, and deliver vehicles of high quality and appeal to customers; Li Auto’s ability to generate positive cash flow and profits; product defects or any other failure of vehicles to perform as expected; Li Auto’s ability to compete successfully; Li Auto’s ability to build its brand and withstand negative publicity; cancellation of orders for Li Auto’s vehicles; Li Auto’s ability to develop new vehicles; and changes in consumer demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Li Auto’s filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and Li Auto does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Halliburton očekává za 2. čtvrtletí zisk 54 centů na akcii při tržbách 5,5 miliardy USD. Rizikem jsou narušení na Blízkém východě, která mohou snížit EPS o 7–9 centů.
Key Takeaways Halliburton is expected to report Q2 EPS of 54 cents on revenues of $5.5 billion.North American completion demand and tighter premium equipment could support segment income.Middle East disruptions may reduce quarterly EPS by 7-9 cents and weigh on profitability. Halliburton Company (HAL - Free Report) is set to release second-quarter results on July 21. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at a profit of 54 cents per share on revenues of $5.5 billion.
Let’s delve into the factors that might have influenced the oilfield service firm’s performance in the June quarter. But it’s worth taking a look at HAL’s previous-quarter performance first.
Highlights of Q1 Earnings & Surprise HistoryIn the last reported quarter, this Houston, TX-based provider of technical products and services to drillers of oil and gas wells beat the consensus mark, reflecting successful cost reduction initiatives. Halliburton reported net income per share of 55 cents, outperforming the Zacks Consensus Estimate of 49 cents. Revenues of $5.4 billion beat the Zacks Consensus Estimate by 2.4%.
HAL beat the Zacks Consensus Estimate thrice in the last four quarters and matched it in the other. This is depicted in the graph below:
Trend in Estimate RevisionThe Zacks Consensus Estimate for the second-quarter bottom line has remained unchanged in the past seven days. The estimated figure indicates a 1.8% decline year over year. The Zacks Consensus Estimate for revenues, meanwhile, suggests a 0.5% decrease from the year-ago period.
Factors to ConsiderNorth American completion activity could have supported Halliburton in the second quarter. Management had pointed out that gaps in the fracturing schedule have largely disappeared, more customers are requesting short-notice work, and premium equipment is becoming tighter. These signs suggest stronger demand for the Completion & Production segment, which provides hydraulic fracturing and related well-completion services. Consequently, the Zacks Consensus Estimate for the company’s second-quarter operating income from the segment is pegged at $479 million, up from $439 million in the first quarter of 2026.
International drilling momentum could have provided another earnings tailwind. Halliburton expects growth outside the Middle East to be led by Latin America, while offshore work in Guyana, Suriname, Brazil and Norway remains active. This is expected to have supported the Drilling & Evaluation segment, which helps customers locate reservoirs, drill wells and assess underground formations. Recent contract wins, automated drilling technology and stronger project-management work could have improved activity levels, partly offset by declining seasonal software sales.
On a bearish note, Middle East disruptions are the main risk to second-quarter earnings and could affect both major segments. Reduced offshore and land activity may have lowered demand for drilling, evaluation, completion tools and pressure-pumping services, while alternative transport routes, fuel inflation and higher material costs could squeeze profitability. Halliburton estimates a 7-9-cent-per-share quarterly impact, assuming some offshore work restarts midway through the period. A slower restart could create additional headwinds, making the timing and pace of regional recovery particularly important.
What Does Our Model Say?The proven Zacks model does not conclusively show that Halliburton is likely to beat estimates in the second quarter of 2026. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates. But that’s not the case here.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Earnings ESP: HAL has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at 54 cents per share each.
Zacks Rank: Halliburton currently carries a Zacks Rank #2, which increases the predictive power of ESP. However, the company’s 0.00% ESP makes surprise prediction difficult this earnings season.
Stocks to ConsiderWhile an earnings beat looks uncertain for Halliburton, here are some energy firms that you may want to consider on the basis of our model:
Liberty Energy (LBRT - Free Report) : It has an Earnings ESP of +61.54% and a Zacks Rank #2. Liberty Energy is scheduled to release earnings on July 22.
You can see the complete list of today’s Zacks #1 Rank stocks here.
For 2026, LBRT has a projected earnings growth rate of 80%. Valued at around $4.1 billion, it has gained 116.7% in a year.
HF Sinclair (DINO - Free Report) : It has an Earnings ESP of +11.69% and a Zacks Rank #2. HF Sinclair is scheduled to release earnings on July 28.
For 2026, HF Sinclair has a projected earnings growth rate of 103%. Valued at around $15 billion, DINO has gained 92% in a year.
Patterson-UTI Energy (PTEN - Free Report) : It has an Earnings ESP of +12.50% and a Zacks Rank #2. Patterson-UTI Energy is scheduled to release earnings on July 29.
Patterson-UTI Energy beat the Zacks Consensus Estimate for earnings in three of the last four quarters and missed in the other, with the average being 28%. Valued at around $3.7 billion, PTEN has gone up 63.2% in a year.
Continued supply shortages, dramatic price increases, surging AI demand, and persistent competition across international markets have all contributed to volatility in the computer memory industry. With the impending IPO of China's ChangXin Memory Technologies, the landscape is likely to only become more competitive and uncertain in the near-term. Still, many tech firms are scrambling to secure supply despite an intensifying marketplace and new competition.
The result is an environment that could be beneficial to many participants in the memory storage space, although for different reasons. Makers of hard disk drives (HDDs) face different challenges and opportunities than companies behind NAND flash tools or enterprise solid-state drives (SSDs), for instance. This means that companies including Seagate Technology NASDAQ: STX, Western Digital Corp. NASDAQ: WDC, and Sandisk Corp. NASDAQ: SNDK can all find a niche and, potentially, room for further share price appreciation.
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Seagate's HDD Business Soars, But What Upside Remains?Overall MarketRank™94th Percentile
Analyst RatingModerate Buy
Upside/Downside8.5% Upside
Short Interest LevelHealthy
Dividend StrengthWeak
News Sentiment0.93 Insider TradingSelling Shares
Proj. Earnings Growth91.80%
See Full Analysis
Seagate is a major manufacturer of HDDs, which are increasingly popular among hyperscalers because they remain cheaper alternatives to some other types of memory products. The company is also an emerging leader in heat-assisted magnetic recording (HAMR), an advanced technology that may be poised for a demand surge in the coming years.
This positioning has benefited Seagate's financial performance considerably: in the latest quarter, the company grew revenue by 44% year over year (YOY) to $3.1 billion while achieving a non-GAAP gross margin of 47%. Both top- and bottom-line performance came in well ahead of analyst expectations, as the firm beat predictions for earnings per share (EPS) by a solid 59 cents. HAMR momentum in particular helped to drive some of these gains.
Strong guidance for the foreseeable future and a long-term revenue growth target of at least 20% per year suggest that Seagate may be able to continue to ride this momentum, which has already contributed to shares coming close to tripling year to date (YTD). Even still, analysts expect additional upside, with a consensus price target close to $899, and 22 of 27 ratings for STX are Buys.
What investors might watch out for with this stock are its potential for future growth, given its dramatic rally in recent months, as well as its heavy reliance on HDDs and related technologies.
Western Digital's Cleaner Post-Spin-Off Business Finds Its LegsOverall MarketRank™88th Percentile
Analyst RatingModerate Buy
Upside/Downside1.3% Upside
Short Interest LevelHealthy
Dividend StrengthWeak
News Sentiment0.76 Insider TradingSelling Shares
Proj. Earnings Growth87.71%
See Full Analysis
Western Digital has had almost a year and a half since officially spinning off Sandisk as a separate company focused on flash memory and SSD. The result is a company that is streamlined to focus on enterprise HDDs, with strong pricing and improving profitability metrics. While the firm is likely behind Seagate on its capacity to commercialize HAMR products and has a smaller share of the enterprise HDD space, its long-term agreements give it strong support for years to come.
In the most recent quarter, Western Digital boosted revenue by 45% YOY to $3.3 billion while almost doubling EPS over the same period. Its gross margin of 50.5% is also notable, as the firm was able to cut more than $3 billion in debt and generated close to $1 billion in free cash flow. At the same time, Western Digital has been aggressive about shareholder value returns, repurchasing $752 million in stock last quarter and boosting its dividend in the process.
Like STX, WDC shares have almost tripled YTD, and analysts suspect that this momentum may have stalled somewhat. Still, 20 out of 24 call WDC a Buy heading into the second half of the year.
Sandisk Stock Remains in Focus After Its Spin-OffOverall MarketRank™89th Percentile
Analyst RatingModerate Buy
Upside/Downside11.7% Upside
Short Interest LevelHealthy
Dividend StrengthWeak
News Sentiment0.63 Insider TradingSelling Shares
Proj. Earnings Growth186.42%
See Full Analysis
Investors considering Western Digital will also want to look at how Sandisk has fared after the spin-off. SNDK shares are up some 458% YTD, a massive rally to be sure, but have fallen by more than 27% in the last month. This volatility makes SNDK stand out somewhat in the memory space but could also present opportunities for investors willing to accept the risk.
On the business side, Sandisk has performed exceptionally well: the latest quarter brought several multi-year new business agreements worth tens of billions of dollars, 251% YOY revenue improvement to nearly $6 billion, adjusted free cash flow of almost $3 billion, and gross margin of 78.4%. Management sees a strong quarter to come as well, including revenue between $7.75 billion and $8.25 billion and gross margin as high as 81%. The company is also engaging in a massive share buyback program.
It goes to show just how well Sandisk has done that even after the massive rally, Wall Street still sees 17% in possible upside. In terms of ratings, 21 Buys and five Holds suggest a very bullish perspective among analysts, making SNDK a standout even within a strong industry.
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GE Aerospace ve 2. čtvrtletí překonala odhady: očištěné tržby vzrostly o 24 % na 12,63 mld. USD a očištěný EPS o 22 % na 2,02 USD. Společnost zároveň zvýšila celoroční výhled.
Americký výrobce leteckých motorů General Electric Aerospace oznámil výsledky hospodaření za druhý kvartál roku 2026. Tyto výsledky překonaly očekávání, když společnost díky robustnímu růstu komerčních služeb a rekordním dodávkám motorů navýšila očištěné tržby o 24 % a očištěný zisk na akcii o 22 %. Na základě výkonnosti v první polovině roku společnost plošně zvýšila svůj celoroční výhled, a to již posedmé od začátku roku 2024. Podle analytika TD Cowen však navýšení výhledu vzhledem k vysokým očekáváním trhu nemusí být dostatečně dobré.
Výsledky společnosti General Electric Aerospace (GE) za 2Q 2026 2Q 2026 Konsensus 2Q 2026 2Q 2025 Očištěné tržby (mld. USD) 12,63 11,86 10,15 Čistý zisk (mld. USD) 2,80 -- 2,39 Očištěný zisk na akcii (EPS, USD/akcie) 2,02 1,86 1,66 Výsledky za 2Q Očištěné tržby meziročně vzrostly o 24 % na 12,63 mld. USD a překonaly tak tržní konsensus ve výši 11,86 mld. USD.
Tržby z komerčních motorů a služeb dosáhly 9,73 mld. USD (meziroční růst o 27 %) a předčily tak očekávání trhu ve výši 9,16 mld. USD. Tržby ze služeb rostly o 26 %, když tržby z interních servisních návštěv vzrostly o 25 % a tržby z náhradních dílů o více než 25 %. Tržby z prodeje zařízení se zvýšily o 30 % díky 26% růstu objemu dodaných jednotek, včetně 24% nárůstu u motorů LEAP. Objednávky v tomto segmentu zaznamenaly meziroční růst o 18 % na 12,93 mld. USD.
Vývoj tržeb z komerčních motorů a služeb, zdroj: GE Aerospace
Tržby z obranných a pohonných technologií společnost reportovala ve výši 3,44 mld. USD (+16 % meziročně) a překonaly tak analytický konsensus 3,20 mld. USD. Objednávky v tomto segmentu meziročně vzrostly o 12 % na 4,14 mld. USD.
Vývoj tržeb z obranných a pohonných technologií, zdroj: GE Aerospace
Očištěný provozní zisk meziročně vzrostl o 18 % na 2,75 mld. USD při očištěné provozní marži 21,7 %, která meziročně poklesla o 1,3 p. b. vlivem vyššího podílu dodávek nových instalovaných motorů (včetně GE9X), investic a inflace.
Očištěný volný hotovostní tok (FCF) dosáhl 3,03 mld. USD (+43 % meziročně) při projekcích 1,98 mld. USD.
Hodnota nově přijatých objednávek za dané období činí 16,5 mld. USD (+17 % meziročně), přičemž celkový objem nezpracovaných zakázek (backlog) přesahuje 210 mld. USD.
Celkové dodávky motorů se v první polovině roku zvýšily o 31 %, včetně 41% růstu dodávek motorů LEAP. Společnost zároveň upozornila, že očekává pokračující omezení v dodavatelském řetězci a inflační tlaky, jejichž dopady se nadále snaží zmírňovat.
Meziroční vývoj očištěného zisku na akcii, zdroj: GE Aerospace
Celoroční výhled Společnost na základě výsledků za první pololetí a výhledu na zbytek roku plošně navýšila celoroční výhled:
Růst očištěných tržeb ve vyšších desítkách procent (high-teens), oproti dřívějšímu očekávání růstu v nízkých dvouciferných procentech. Očištěný provozní zisk v rozmezí 10,55 až 10,75 mld. USD (dříve 9,85 až 10,25 mld. USD). Očištěný zisk na akcii ve výši 7,65 až 7,85 USD (dříve 7,10 až 7,40 USD) při analytickém konsensu 7,56 USD. Očištěný volný hotovostní tok (FCF) v rozmezí 8,9 až 9,2 mld. USD (dříve 8,0 až 8,4 mld. USD) při odhadech 8,37 mld. USD. Segment komerčních motorů a služeb nyní pro rok 2026 očekává růst tržeb o cca 20 % (dříve v polovině desítek procent) a provozní zisk v rozmezí 10,25 až 10,35 mld. USD (dříve 9,6 až 9,9 mld. USD). Segment obranných a pohonných technologií počítá s růstem tržeb v nízkých dvouciferných procentech a provozním ziskem 1,6 až 1,7 mld. USD (dříve 1,55 až 1,65 mld. USD).
Komentář CEO „GE Aerospace odvedla silný druhý kvartál, ve kterém tržby i zisk na akcii vzrostly o více než 20 % díky robustnímu růstu komerčních služeb. Náš systém FLIGHT DECK nadále pohání významná provozní zlepšení napříč službami i výrobou zařízení – v kvartálu jsme dosáhli rekordního objemu interních servisních návštěv a dodávky motorů v prvním pololetí vzrostly celkem o 31 %,“ uvedl předseda představenstva a generální ředitel H. Lawrence Culp, Jr.
Culp pokračoval: „Vzhledem k naší výjimečné dosavadní výkonnosti a viditelnosti pro zbytek roku plošně navyšujeme celoroční výhled. Do budoucna se soustředíme na to, co je pro naše zákazníky nejdůležitější: plnění zakázek v objemu přes 210 mld. USD a zároveň investice do současných i příští generací technologií, které prodlouží dobu motoru na křídle a sníží náklady na vlastnictví.“
Vývoj akcie Akcie General Electric Aerospace (GE) v přeburzovní fázi obchodování oslabují o 2,99 % na 349,56 USD.
Akcie GE Aerospace (GE) před výsledky na 360,35 USD Ukazatel Ukazatel Kapitalizace (mld. USD) 373,9 P/E 49,9 Vývoj za letošní rok (%) +17,0 Očekávané P/E 47,7 52týdenní minimum (USD) 254,7 Prům. cílová cena (USD) 373,9 52týdenní maximum (USD) 383,0 Dividendový výnos (%) 0,5 Zdroj: GE Aerospace, Bloomberg
Main Street odhaduje za 2. čtvrtletí 2026 čistý investiční výnos 0,95 až 0,99 USD na akcii a NAV 33,88 až 33,96 USD na akcii. Zároveň čeká anualizovanou návratnost vlastního kapitálu přes 18 %.
Announces Second Quarter 2026 Earnings Release and Conference Call Schedule
, /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street" or the "Company") is pleased to announce its preliminary operating results for the second quarter of 2026 and its second quarter 2026 earnings release and conference call schedule.
In commenting on the Company's preliminary operating results for the second quarter of 2026, Dwayne L. Hyzak, Main Street's Chief Executive Officer, stated, "We are very pleased with our performance in the second quarter, which resulted in another strong quarter of operating results, including favorable distributable net investment income before taxes and an increase to our net asset value per share for the sixteenth consecutive quarter. The increase in net asset value per share was primarily driven by significant net fair value appreciation on our lower middle market and private loan investment portfolios, including the benefit of another material realized gain in our lower middle market portfolio. Our strong second quarter results are highlighted by a favorable estimated return on equity of over 18% for the quarter. We look forward to sharing the full details of our second quarter 2026 results in a few weeks."
Preliminary Estimates of Second Quarter 2026 Results
Main Street's preliminary estimate of second quarter 2026 net investment income ("NII") is $0.95 to $0.99 per share, distributable net investment income ("DNII")(1) is $1.02 to $1.06 per share and DNII before taxes(2) is $1.06 to $1.10 per share.
Main Street's preliminary estimate of net asset value ("NAV") per share as of June 30, 2026 is $33.88 to $33.96, representing an increase of $0.42 to $0.50 per share, or 1.2% to 1.5%, from the NAV per share of $33.46 as of March 31, 2026, with this increase after the impact of the supplemental dividend paid in June 2026 of $0.30 per share. The estimated NAV per share increase is primarily due to the net fair value appreciation on the investment portfolio and the accretive impact of equity issuances, partially offset by a decrease due to the issuance of restricted stock, the total dividends per share paid in the second quarter in excess of NII per share and the net tax provision. The net fair value appreciation on the investment portfolio is primarily the result of net fair value appreciation on the lower middle market ("LMM") investment portfolio, private loan investment portfolio and other portfolio investments, partially offset by fair value depreciation of the wholly-owned external investment manager.
As a result of Main Street's preliminary estimates of NII, net fair value appreciation and the net tax provision as noted above, Main Street estimates that it generated an annualized return on equity of over 18% for the second quarter.(3)
Main Street preliminarily estimates that investments on non-accrual status comprised 1.1% of the total investment portfolio at fair value and 4.0% at cost as of June 30, 2026.
Investment Portfolio Activity
The Company's second quarter 2026 operating activities include the following investment activity in the LMM and private loan investment strategies:
$95.7 million in total LMM portfolio investments, which after aggregate repayments and return of invested equity capital resulted in a net decrease of $30.6 million in the total cost basis of the LMM investment portfolio; and $238.9 million in total private loan portfolio investments, which after aggregate repayments, return of invested equity capital and a decrease in cost basis due to a realized loss resulted in a net increase of $60.2 million in the total cost basis of the private loan investment portfolio. Second Quarter 2026 Earnings Release and Conference Call Schedule
Main Street will release its second quarter 2026 results on Thursday, August 6, 2026, after the financial markets close. In conjunction with the release, Main Street has scheduled a conference call, which will be broadcast live via phone and over the Internet, on Friday, August 7, 2026, at 10:00 a.m. Eastern time. Investors may participate either by phone or audio webcast.(4)
By Phone:
Dial 412-902-0030 at least 10 minutes before the call. A replay will be available through August 14, 2026 by dialing 201-612-7415 and using the access code 13761583#.
By Webcast:
Connect to the webcast via the Investor Relations section of Main Street's website at www.mainstcapital.com. Please log in at least 10 minutes in advance to register and download any necessary software. A replay of the conference call will be available on Main Street's website shortly after the call and will be accessible until the date of Main Street's earnings release for the next quarter.
ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. Main Street's portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides customized "one-stop" debt and equity financing solutions within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street's private loan portfolio companies generally have annual revenues between $25 million and $500 million.
Main Street, through its wholly-owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.
FORWARD-LOOKING STATEMENTS AND OTHER MATTERS
Main Street cautions that statements in this press release which are forward-looking and provide other than historical information, including but not limited to the preliminary estimates of second quarter 2026 financial information and results, are based on current conditions and information available to Main Street as of the date hereof. Although its management believes that the expectations reflected in those forward-looking statements are reasonable, Main Street can give no assurance that those expectations will prove to be correct. Those forward-looking statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including, without limitation, such factors described under the captions "Cautionary Statement Concerning Forward-Looking Statements" and "Risk Factors" included in Main Street's filings with the U.S. Securities and Exchange Commission (the "SEC") (www.sec.gov). Main Street undertakes no obligation to update the information contained herein to reflect subsequently occurring events or circumstances, except as required by applicable securities laws and regulations.
The preliminary estimates of second quarter 2026 financial information and results furnished above are based on Main Street management's preliminary determinations and current expectations, and such information is inherently uncertain. The preliminary estimates provided herein have been prepared by, and are the responsibility of, management and are subject to completion of Main Street's customary quarter-end closing and review procedures and third-party review, including the determination of the fair value of Main Street's portfolio investments. As a result, actual results could differ materially from the current preliminary estimates based on adjustments made during Main Street's quarter-end closing and review procedures and third-party review, and Main Street's reported information in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 may differ from this information, and any such differences may be material. In addition, the information furnished above does not include all of the information regarding Main Street's financial condition and results of operations for the quarter ended June 30, 2026 that may be important to readers. As a result, readers are cautioned not to place undue reliance on the information furnished in this press release and should view this information in the context of Main Street's full second quarter 2026 results when such results are disclosed by Main Street in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. The information furnished in this press release is based on Main Street management's current expectations that involve substantial risks and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, such information.
Main Street has an existing effective Registration Statement on Form N-2 on file with the SEC relating to the offer and sale from time to time of its securities. Investors are advised to carefully consider the investment objective, risks and charges and expenses of Main Street before investing in any of Main Street's securities. The prospectus included in the Registration Statement on Form N-2, together with any related prospectus supplement, contain this and other information about Main Street and should be read carefully before investing. A copy of the prospectus and any related prospectus supplement may be obtained by contacting Main Street.
Endnotes
(1) DNII is NII as determined in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP, excluding the impact of non-cash compensation expenses, which includes both share-based compensation expenses and deferred compensation expense or benefit. Main Street believes presenting DNII per share is useful and appropriate supplemental disclosure for analyzing its financial performance since (i) share-based compensation does not require settlement in cash and (ii) deferred compensation expense or benefit does not result in a net cash impact to Main Street upon settlement. However, DNII is a non-U.S. GAAP measure and should not be considered as a replacement for NII or other earnings measures presented in accordance with U.S. GAAP. Instead, DNII should be reviewed only in connection with such U.S. GAAP measures in analyzing Main Street's financial performance. In order to reconcile estimated DNII per share to estimated NII per share in accordance with U.S. GAAP for the second quarter of 2026, an estimated $0.07 to $0.08 per share of non-cash compensation expenses are added back to estimated NII per share to calculate estimated DNII per share.
(2) DNII before taxes is NII as determined in accordance with U.S. GAAP, excluding the impact of non-cash compensation expenses, which includes both share-based compensation expenses and deferred compensation expense or benefit, and any tax expenses included in NII. Main Street believes presenting DNII before taxes per share is useful and appropriate supplemental disclosure for analyzing its financial performance since (i) share-based compensation does not require settlement in cash, (ii) deferred compensation expense or benefit does not result in a net cash impact to Main Street upon settlement and (iii) tax expenses included in NII may include (a) excise tax expense, which is not solely attributable to NII, and (b) deferred taxes, which are not payable in the current period. However, DNII before taxes is a non-U.S. GAAP measure and should not be considered as a replacement for NII, NII before taxes or other earnings measures presented in accordance with U.S. GAAP. Instead, DNII before taxes should be reviewed only in connection with such U.S. GAAP measures in analyzing Main Street's financial performance. In order to reconcile estimated DNII before taxes per share to estimated NII per share in accordance with U.S. GAAP for the second quarter of 2026, an estimated $0.07 to $0.08 per share of non-cash compensation expenses and an estimated $0.04 per share of NII related tax expenses are added back to estimated NII per share to calculate estimated DNII before taxes per share.
(3) Return on equity equals the net increase in net assets resulting from operations divided by the average quarterly total net assets.
(4) No information contained on the Company's website or disclosed on the August 7, 2026 conference call, including the webcast and the archived versions, is incorporated by reference in this press release or any of the Company's filings with the SEC, and you should not consider that information to be part of this press release or any other such filing.
Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, [email protected]
Ryan R. Nelson, CFO, [email protected]
713-350-6000
BOK Financial Corporation (NASDAQ:BOKF) will release its second quarter earnings report after the closing bell on Monday, July 20.
Analysts expect the Tulsa, Oklahoma-based company to report quarterly earnings of $2.47 per share, up from $2.19 per share in the year-ago period. The consensus estimate for BOK Financial’s quarterly revenue is $567.39 million. It reported $537.84 million last year, according to Benzinga Pro.
On April 20, BOK Financial posted better-than-expected first-quarter earnings.
Shares of BOK Financial rose 0.6% to close at $139.33 on Wednesday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
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IDF a Oaktree oznámily projektovou investici ve výši 1,7 miliardy USD do palivových článků Bloom Energy pro výstavbu AI cloudové infrastruktury Nebius. Projekt má zajistit vyhrazené napájení přímo u zdroje.
, /PRNewswire/ -- Industrial Development Funding ("IDF") and Oaktree today announced $1.7 billion in project investment as part of a broader commitment to support the deployment of Bloom Energy's (NYSE: BE) fuel cell technology for the build-out of AI cloud infrastructure. Once complete, the project will provide dedicated behind-the-meter power, helping Nebius meet demand for the compute capacity underpinning its AI cloud platform. Nebius selected Bloom for its speed to power, clean technology, and ability to support the performance and availability demands of AI workloads.
IDF is the lead developer of the Nebius project, with minority equity participation from Oaktree. Morgan Stanley served as sole tax equity investor and placement agent for the tax equity financing, and MUFG Bank provided the senior debt financing.
"By bringing together institutional capital and critical power infrastructure, IDF and Bloom are unlocking the next generation of energy solutions and are proud to help Nebius meet the energy demands of the AI economy," said Nik Nunes, Chief Executive Officer of IDF.
Austin Pearson, Oaktree Managing Director, said, "Oaktree is focused on investing in infrastructure assets delivering critical power to the digital space. This transaction reflects our confidence in Bloom's fuel cell technology and those relying on it."
"AI infrastructure customers need more than innovative technology," said Aman Joshi, Chief Commercial Officer of Bloom Energy. "They also need a path to finance and deploy power rapidly. Our collaboration with IDF demonstrates how institutional capital can help accelerate the build-out of AI infrastructure."
"Morgan Stanley is proud to partner with IDF, Bloom Energy and Nebius on this landmark behind-the-meter transaction delivering rapid power solutions to critical AI infrastructure," said Jorge Iragorri, Co-Head of Infrastructure Capital Markets at Morgan Stanley.
"MUFG is pleased to support Nebius, IDF, and Bloom on this landmark transaction, which provides an innovative and efficient solution for data center power demand while meeting the needs of the local community," said Fred Zelaya, Managing Director – Project Finance.
Today's announcement reflects IDF's broader strategy to invest in clean energy, digital infrastructure, transportation, and industrial sectors through bespoke capital solutions. It expands collaboration between IDF and Bloom Energy that has enabled multiple transactions and a diversified portfolio of over $2.6 billion in Bloom Energy projects.
About Industrial Development Funding
Industrial Development Funding, LLC ("IDF") is an investment advisor registered with SEC that manages capital for Qualified Institutional Buyers. IDF's proprietary funding solutions enable large industrial companies to sell existing products or introduce new products to the marketplace. IDF provides bespoke capital solutions to companies across the digital infrastructure, power and transportation sectors. Website: www.indevfunding.com.
About Oaktree Capital Management
Oaktree is a leader among global investment managers specializing in alternative investments, with $224 billion in assets under management as of March 31, 2026. The firm emphasizes an opportunistic, value-oriented, and risk-controlled approach to investments in credit, equity, and real estate. The firm has more than 1,500 employees and offices in 26 cities worldwide. For additional information, please visit Oaktree's website at http://www.oaktreecapital.com/.
Media contacts
Industrial Development Funding
Doug Rivenburgh ([email protected])
Oaktree Capital Management
Rachel Wood ([email protected])
TransUnion rozšířil hypoteční úvěrový report o TruVision™ Alternative Credit Attributes (ACA 2.0) z FactorTrust® Alternative Lending Database, které dávají věřitelům dřívější pohled na stabilitu a záměr žadatelů. Nová data jsou dostupná bez dodatečných nákladů.
CHICAGO, July 16, 2026 (GLOBE NEWSWIRE) -- TransUnion (NYSE: TRU) today announced an enhancement to its mortgage credit report, with the addition of TruVision™ Alternative Credit Attributes (ACA 2.0) from its FactorTrust® Alternative Lending Database to expand lenders’ visibility beyond traditional credit data.
The new alternative credit attributes give lenders earlier insight into borrower stability and intent, enabling them to prioritize high-potential applicants earlier in the funnel, streamline workflows and focus resources on loans more likely to convert. Applied as early as the prequalification stage, the data helps reduce risk sooner in the decisioning process. It also supports more consistent underwriting and enables competitive pricing for qualified borrowers.
By layering alternative financial signals alongside traditional credit data, the new ACA 2.0 attributes deepen mortgage risk assessments and provide greater visibility into the consumer’s full wallet. Moreover, these enhanced insights are delivered at no additional cost, enabling lenders to improve decision quality without increasing underwriting expense.
“This enhancement reflects our continued focus on giving mortgage lenders a more complete and actionable view of borrower behavior,” said Satyan Merchant, senior vice president and mortgage and automotive business leader at TransUnion. “By bringing richer credit insight earlier into the process, lenders can make more confident decisions, reduce unnecessary risk and concentrate their efforts on applicants most likely to convert—ultimately enabling more efficient access to credit for qualified consumers.”
Continuing a History of Mortgage Lending Innovation
This latest enhancement to the mortgage credit report builds on TransUnion’s legacy of innovation that helps lenders better assess consumer creditworthiness. These include:
Trended Credit Data: In 2013, TransUnion introduced first-to-market trended credit data, shifting underwriting away from a single point-in-time snapshot toward a more dynamic view of borrower behavior. This helps reshape risk assessment, segmentation and approaches to fairer pricing.TruVision Early Access Soft Check: This solution delivers comprehensive credit insights without a hard inquiry, enabling smarter prequalification decisions. It brings rich TransUnion data earlier into the mortgage process, improving operational efficiency and transparency for both lenders and borrowers. “TransUnion continues to expand credit insight through our risk solutions,” said Mohamed Abdelsadek, Chief Global Solutions Officer, TransUnion. “Combined with TruVision™ Alternative Credit Attributes, these innovations give lenders greater confidence and a more complete, dynamic view of consumer financial behavior.”
To learn more about TransUnion Mortgage Industry Solutions that help lenders make smarter, more confident marketing, customer acquisition and lending decisions, click here.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.
Taylor Morrison Communities spustila souhlasové výzvy k úpravě podmínek dluhopisů v souvislosti s dříve oznámenou akvizicí TMHC společností Berkshire Hathaway. Oprávněným držitelům nabídne 1 USD za každých 1 000 USD jmenovité hodnoty.
, /PRNewswire/ -- Taylor Morrison Home Corporation (NYSE: TMHC) ("TMHC") today announced that its indirect wholly owned subsidiary, Taylor Morrison Communities, Inc. (the "Issuer"), has commenced consent solicitations to amend the indentures (the "Indentures" and, each an "Indenture") governing (i) its 5.75% Senior Notes due 2028 (CUSIP Nos. 87724RAB8 (Rule 144A) / U8760NAB5 (Reg S)) (the "2028 Notes"), (ii) its 5.125% Senior Notes due 2030 (CUSIP Nos. 87724RAJ1 (Rule 144A) / U8760NAF6 (Reg S)) (the "2030 Notes") and (iii) its 5.750% Senior Notes due 2032 (CUSIP Nos. 87724RAK8 (Rule 144A) / U8760NAG4 (Reg S)) (the "2032 Notes" and, together with the 2028 Notes and the 2030 Notes, the "Notes"), upon the terms and subject to the conditions set forth in the Consent Solicitation Statement dated July 16, 2026 (the "Consent Solicitation Statement"). The Issuer is soliciting consents from holders of record as of 5:00 p.m., New York City time, on July 15, 2026, to amend (the "Amendments") certain provisions of the Indentures in connection with the previously announced acquisition of TMHC by Berkshire Hathaway Inc. ("Berkshire Hathaway") (the "Merger"). Berkshire Hathaway has advised TMHC and the Issuer that following consummation of the proposed Merger, Berkshire Hathaway intends to unconditionally guarantee each series of the Notes; however, Berkshire Hathaway has no obligation to guarantee the Notes and there can be no assurance that Berkshire Hathaway will provide such guarantee.
Subject to the terms and conditions set forth in the Consent Solicitation Statement, the Issuer will pay eligible holders whose consents were delivered (and not validly revoked) on or prior to 5:00 p.m., New York City time, on July 22, 2026 (the "Expiration Date"), a cash payment of $1.00 for each $1,000 principal amount of Notes in respect of which such consent relates (as applicable, the "Consent Fee"). The Consent Fee with respect to each consent solicitation will only be payable if all conditions to the applicable consent solicitation, including the receipt of the Requisite Consents (as defined below) with respect to the applicable series of Notes, have been satisfied or, if applicable, waived.
Each consent solicitation is subject to customary conditions, including, among other things, the delivery by holders of consents (which consents have not been validly revoked) in respect of a majority in aggregate principal amount of the outstanding Notes of each series (the "Requisite Consents") on or prior to the Expiration Date. Delivered consents may be validly revoked until the time at which the applicable supplemental indenture effecting the Amendments has been executed and delivered. The Issuer anticipates that, promptly after receipt of the Requisite Consents with respect to a series of Notes and the other conditions applicable to each consent solicitation are satisfied or waived, the Issuer will give notice to the applicable trustee, and the Issuer and the applicable trustee will execute and deliver a supplemental indenture with respect to each Indenture to effect the Amendments. Pursuant to the terms of such supplemental indenture, the Amendments will not become operative until (i) the Consent Fee, with respect to the applicable consent solicitation, is paid in full and (ii) the consummation of the Merger.
Each consent solicitation is being made solely on the terms and subject to the conditions set forth in the Consent Solicitation Statement. The Issuer may, in its sole discretion, subject to applicable law, extend, amend or terminate any or all of the consent solicitations.
The Issuer has retained J.P. Morgan Securities LLC ("J.P. Morgan") to act as sole solicitation agent in connection with the consent solicitations. Questions may be directed to J.P. Morgan at (866) 834-4666 (toll-free) or (212) 834-3424 (collect). The Issuer has retained D.F. King & Co., Inc. to act as the information and tabulation agent in connection with the consent solicitations. Questions and requests for additional documents may be directed to D.F. King & Co, Inc. at (212) 269-5550 (banks and brokers), (888) 887-1266 (all others) or [email protected].
This press release does not constitute an offer to sell or the solicitation of an offer to buy any security. This press release does not constitute a solicitation of consents with respect to the Amendments or any securities. The solicitation of consents is not being made in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such solicitation under applicable state or foreign securities or "blue sky" laws.
About Taylor Morrison
Headquartered in Scottsdale, Arizona, Taylor Morrison is one of the nation's leading homebuilders and developers. We serve a wide array of consumers from coast to coast, including first-time, move-up, luxury and resort lifestyle homebuyers and renters under our family of brands—including Taylor Morrison, Esplanade and Yardly. From 2016-2025, Taylor Morrison has been recognized as America's Most Trusted® Builder by Lifestory Research.
Forward-Looking Statements
This press release includes "forward-looking statements" including, but not limited to, statements regarding TMHC's expectations, plans, intentions, strategies or prospects with respect to the proposed Merger. These statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these statements. You can identify these statements by the fact that they do not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or other expectations regarding future events. Generally, the words "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "may," "will," "can," "could," "might," "should" and similar expressions identify forward-looking statements, including statements related to expected financial, operating and performance results, planned transactions, planned objectives of management, future developments or conditions in the industries in which we participate and other trends, developments and uncertainties that may affect TMHC's business in the future. A detailed discussion of such risks and uncertainties is included in TMHC's Form 10-K, on file with the Securities and Exchange Commission, in the section titled "Risk Factors," as updated in our subsequent reports filed with the Securities and Exchange Commission. Any forward-looking statement made in this press release is based only on currently available information and speaks only as of the date on which it is made. TMHC undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.
Baker Hughes dokončila akvizici Chart Industries, která se stane třetím reportovacím segmentem. Společnost očekává do tří let roční nákladové synergie ve výši 325 milionů USD.
Represents a major milestone in Baker Hughes’ ongoing portfolio management strategy to become a higher-value, leading industrialized energy solutions companyExpect $325 million in annualized cost synergies by year three after close; commercial synergy opportunities represent additional upsideChart Industries will be a third operating segment, reflecting the scale and strategic importance of its differentiated capabilities
HOUSTON and LONDON, July 16, 2026 (GLOBE NEWSWIRE) -- Baker Hughes Company (NASDAQ: BKR) (“Baker Hughes” or “the Company”) today announced the successful completion of its acquisition of Chart Industries, Inc. (NYSE: GTLS) (“Chart”). This strategic transaction is a major milestone in Baker Hughes’ transformation into a higher-value, leading industrialized energy solutions company. The acquisition is expected to enhance Baker Hughes’ ability to deliver durable earnings and cash flow, driven by an expanded industrial portfolio and enhanced recurring aftermarket services.
“Chart’s thermal management solutions bring complementary capabilities and aftermarket service offerings that accelerate our portfolio strategy,” said Baker Hughes Chairman and Chief Executive Officer Lorenzo Simonelli. “Together, we will expand the solutions we deliver across a broader range of energy and industrial markets and create greater value for customers and shareholders. We welcome our new colleagues to Baker Hughes and look forward to working with them to deliver disciplined execution and maximize synergies as we move forward.”
Baker Hughes Chief Infrastructure & Performance Officer Jim Apostolides has been appointed senior vice president to lead the Chart segment. Since July 2025, Apostolides has led a seamless and effective integration program to support strategic growth and operational synergy readiness. Apostolides has more than 25 years of operational and multi-industry leadership, previously serving as senior vice president of Enterprise Operational Excellence for Baker Hughes since 2020.
“Congratulations to Jim on his well-deserved appointment as segment leader,” Simonelli added. “Jim’s business rigor, demonstrated through decades of global supply chain experience and operational leadership of large complex facilities around the world, makes him well-suited to lead implementation of the Baker Hughes Business System within Chart. We look forward to his leadership and continued success, quickly delivering value for our customers and shareholders as one company.”
Chart will operate as a new reporting segment within Baker Hughes, reflecting the scale and strategic importance of its differentiated capabilities in air and gas handling, thermal management, and lifecycle services. The segment structure is intended to preserve Chart’s commercial and operational focus while enabling full integration and synergy capture across Baker Hughes. Chart reported $4.3 billion in revenue for fiscal year 2025 and currently serves customers in more than 50 countries, spanning sectors including gas infrastructure, nuclear, data centers, carbon capture and storage, space, geothermal and other high-growth industrial markets.
Baker Hughes has launched a comprehensive integration program, leveraging its Business System to support operational alignment. The focus is on harmonizing product and technology platforms, engineering and commercial practices, and lifecycle and digital services. Early synergy capture in supply chain, functional support, and manufacturing is a priority, with a target of $325 million in annualized cost synergies within three years.
The acquisition of Chart marks a significant step in Baker Hughes’ portfolio optimization and growth strategy. By streamlining non-core businesses and expanding into industrial and lifecycle-driven markets, Baker Hughes is committed to sustainable, long-term growth, improved capital efficiency, and enhanced value for shareholders.
The Baker Hughes Board will continue its comprehensive evaluation, guided by progress in integration and operational execution. Baker Hughes remains committed to disciplined capital allocation, targeting a net leverage range of 1.0-1.5x within 24 months.
This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (each a “forward-looking statement”). All statements, other than historical facts, including statements regarding the presentation of Baker Hughes’ operations in future reports and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target,” “goal,” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Factors that could cause actual results to differ include, but are not limited to: Baker Hughes’ indebtedness, including the indebtedness Baker Hughes has incurred in connection with the transaction with Chart and the need to generate sufficient cash flows to service and repay such debt; Baker Hughes’ ability to meet expectations regarding the accounting and tax treatments of the transaction with Chart; the possibility that Baker Hughes may be unable to achieve expected synergies and operating efficiencies within the expected time-frames or at all and to successfully integrate Chart’s operations with those of Baker Hughes; that such integration may be more difficult, time-consuming, or costly than expected; that operating costs, customer loss, and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, or suppliers) may be greater than expected following the transaction; the retention of certain key employees of Chart may be difficult; that Baker Hughes and Chart are subject to intense competition and increased competition is expected in the future; and general economic conditions that are less favorable than expected. Other important factors that could cause actual results to differ materially from such plans, estimates, or expectations include, among others, the risk factors identified in the “Risk Factors” section of Part I of Item 1A of Baker Hughes’ Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 5, 2026, and those set forth from time-to-time in other filings by Baker Hughes with the SEC. These documents are available through Baker Hughes’ website or through the SEC’s Electronic Data Gathering and Analysis Retrieval (EDGAR) system at http://www.sec.gov.
Any forward-looking statements speak only as of the date of this news release. Baker Hughes does not undertake any obligation to update any forward-looking statements, whether as a result of new information or developments, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
CONSHOHOCKEN, Pa., July 16, 2026 (GLOBE NEWSWIRE) -- Madrigal Pharmaceuticals, Inc. (Nasdaq: MDGL) announced today that it will release its second-quarter 2026 financial results on Thursday, July 30, 2026, prior to the open of the U.S. financial markets.
Following the announcement, Madrigal’s management will host a live webcast at 8 a.m. Eastern Time to review the Company’s financial and operating results.
The live webcast may be accessed at the Investor Relations section of the Madrigal Pharmaceuticals website. To ensure a timely connection, it is recommended that participants register at least 15 minutes prior to the scheduled webcast.
The webcast will be available approximately two hours after the live webcast.
About Madrigal Pharmaceuticals
Madrigal Pharmaceuticals, Inc. (Nasdaq: MDGL) is a biopharmaceutical company focused on delivering novel therapeutics for metabolic dysfunction-associated steatohepatitis (MASH), a liver disease with high unmet medical need. Madrigal’s medication, Rezdiffra (resmetirom), is a once-daily, oral, liver-directed THR-β agonist designed to target key underlying causes of MASH. Rezdiffra was the first medication approved by both the FDA and European Commission for the treatment of MASH with moderate to advanced fibrosis (F2 to F3). An ongoing Phase 3 outcomes trial is evaluating Rezdiffra for the treatment of compensated MASH cirrhosis (F4c). For more information, visit www.madrigalpharma.com.
Investor Contact
Tina Ventura, Madrigal Pharmaceuticals, Inc., [email protected]
Media Contact
Christopher Frates, Madrigal Pharmaceuticals, Inc., [email protected]
Revenues of $4.9 billion (+8% as reported, +6% constant currency) Strong demand in United States, Latin America, APME and in select European countries including Italy, Spain, Poland and Norway Manpower had very strong revenue growth in the quarter. Experis revenue trends improved from previous quarters driven by the United States. Talent Solutions revenue trends also improved sequentially driven by RPO with ongoing solid MSP growth. Gross Profit growth combined with SG&A reductions generated meaningful growth in profitability year over year Sale of Jefferson Wells U.S. business for $100 million generating net cash proceeds of $88 million , /PRNewswire/ -- ManpowerGroup (NYSE: MAN) today reported net earnings of $1.13 per diluted share for the three months ended June 30, 2026 compared to net losses of $1.44 per diluted share in the prior year period. Net earnings in the quarter were $53.5 million compared to net losses of $67.1 million a year earlier. Revenues for the second quarter were $4.9 billion, an 8% increase from the prior year period.
The current year quarter included the sale of our Jefferson Wells U.S. business, strategic transformation program costs, restructuring costs, and a discontinued business liquidation charge which, in aggregate, positively impacted earnings per share by $0.14 in the second quarter. Excluding these items, earnings per share was $0.99 per diluted share in the quarter representing an increase of 27% in constant currency in the second quarter of 2026.1
Financial results in the quarter were also impacted by the U.S. dollar relative to foreign currencies compared to the prior year period. On a constant currency basis, revenues increased 6% compared to the prior year period.
Jonas Prising, ManpowerGroup Chair & CEO, said, "In the second quarter we delivered strong results with revenues ahead of expectations. Results reflect good execution across our brands and markets, continued cost discipline and improving demand. We are leveraging our scale and diversified platform and focusing commercial efforts on verticals that offer the greatest opportunities to win and capture share. We saw very strong growth in our Manpower brand and improving trends across Experis and Talent Solutions.
Throughout the quarter, we advanced our global strategic transformation program and expanded AI capabilities that improve productivity and unlock new higher-value solutions through critical strategic partnerships. Looking ahead, we maintain our view that 2026 represents an important inflection point for ManpowerGroup as we execute our transformation strategy and position the business for long-term durable profitable growth."
We anticipate diluted earnings per share in the third quarter will be between $0.96 and $1.06, which includes an estimated unfavorable currency impact of 2 cents and a 44% effective tax rate."
In conjunction with its second quarter earnings release, ManpowerGroup will broadcast its conference call live over the internet on July 16, 2026 at 7:30 a.m. Central time (8:30 a.m. Eastern time). Prepared remarks for the conference call, webcast details, presentation and recordings are included within the Investor Relations section of manpowergroup.com.
Supplemental financial information referenced in the conference call can be found at http://investor.manpowergroup.com/.
____________________
1
The prior year period included various adjustments which reduced earnings per share by $2.22 in the second quarter which are also excluded when determining the year over year adjusted trend.
About ManpowerGroup
ManpowerGroup® (NYSE: MAN), the leading global workforce solutions company, helps organizations transform in a fast-changing world of work by sourcing, assessing, developing, and managing the talent that enables them to win. We develop innovative solutions for hundreds of thousands of organizations every year, providing them with skilled talent while finding meaningful, sustainable employment for millions of people across a wide range of industries and skills. Our expert family of brands – Manpower, Experis, and Talent Solutions – creates substantially more value for candidates and clients across more than 70 countries and territories and has done so for more than 75 years. We are recognized consistently for our diversity – as a best place to work for Women, Inclusion, Equality, and Disability, and in 2026 ManpowerGroup was named one of the World's Most Ethical Companies for the 17th time – all confirming our position as the brand of choice for in-demand talent. For more information, visit www.manpowergroup.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, including statements regarding trends in labor demand and the future strengthening of such demand, the Company's financial outlook, and the Company's strategic initiatives and technology investments, including our ability to increase market share and the acceleration of transformation initiatives to remove structural costs from the organization to drive efficiencies, which are subject to risks and uncertainties. The Company's actual results may differ materially from those described or contemplated in the forward-looking statements due to numerous factors. These factors include those found in the Company's reports filed with the SEC, including the information under the heading "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2025, which information is incorporated herein by reference.
We caution that any forward-looking statement reflects only our belief at the time the statement is made. The Company assumes no obligation to update or revise any forward-looking statements. We reference certain non-GAAP financial measures, which we believe provide useful information for investors. We include a reconciliation of these measures, where appropriate, to GAAP on the Investor Relations section of our website at manpowergroup.com.
ManpowerGroup
Results of Operations
(In millions, except per share data)
Three Months Ended June 30
% Variance
Amount
Constant
2026
2025
Reported
Currency
(Unaudited)
Revenues from services (a)
$
4,860.2
$
4,519.3
7.5
%
5.8
%
Cost of services
4,079.9
3,755.6
8.6
%
6.8
%
Gross profit
780.3
763.7
2.2
%
0.7
%
Selling and administrative expenses,
excluding impairment charges
668.3
700.3
-4.6
%
-6.0
%
Impairment charges (b)
—
88.7
N/A
N/A
Selling and administrative expenses
668.3
789.0
-15.3
%
-16.6
%
Operating profit (loss)
112.0
(25.3)
N/A
N/A
Interest and other expenses, net
19.6
16.5
18.1
%
Earnings (loss) before income taxes
92.4
(41.8)
N/A
N/A
Provision for income taxes
38.9
25.3
54.2
%
Net earnings (loss)
$
53.5
$
(67.1)
N/A
N/A
Net earnings (loss) per share - basic
$
1.14
$
(1.44)
N/A
Net earnings (loss) per share - diluted
$
1.13
$
(1.44)
N/A
N/A
Weighted average shares - basic
46.9
46.5
0.8
%
Weighted average shares - diluted
47.4
46.5
2.0
%
(a)
Revenues from services include fees received from our franchise offices of $4.5 million and $4.4 million for the three months ended June 30, 2026 and 2025, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $471.4 million and $428.7 million for the three months ended June 30, 2026 and 2025, respectively.
(b)
Impairment charges for the three months ended June 30, 2025 consist of a goodwill impairment related to our investments in Switzerland and the United Kingdom and an impairment of an indefinite lived intangible asset in our Switzerland business.
ManpowerGroup
Operating Unit Results
(In millions)
Three Months Ended June 30
% Variance
Amount
Constant
2026
2025
Reported
Currency
(Unaudited)
Revenues from Services:
Americas:
United States (a)
$
714.3
$
674.1
6.0
%
6.0
%
Other Americas
498.0
385.9
29.0
%
23.8
%
1,212.3
1,060.0
14.4
%
12.5
%
Southern Europe:
France
1,177.6
1,149.3
2.5
%
0.0
%
Italy
521.9
475.9
9.6
%
7.0
%
Other Southern Europe
609.2
524.1
16.2
%
9.9
%
2,308.7
2,149.3
7.4
%
4.0
%
Northern Europe
825.5
794.4
3.9
%
1.4
%
APME
518.7
525.3
-1.2
%
5.0
%
4,865.2
4,529.0
Intercompany Eliminations
(5.0)
(9.7)
$
4,860.2
$
4,519.3
7.5
%
5.8
%
Operating Unit Profit (Loss):
Americas:
United States
$
52.8
$
19.7
169.1
%
169.1
%
Other Americas
19.1
16.4
15.5
%
11.8
%
71.9
36.1
99.0
%
97.3
%
Southern Europe:
France
28.4
32.3
-12.0
%
-13.9
%
Italy
34.1
31.8
7.1
%
4.5
%
Other Southern Europe
12.6
9.2
38.1
%
25.0
%
75.1
73.3
2.5
%
-1.0
%
Northern Europe
2.0
(9.0)
N/A
N/A
APME
23.9
26.4
-9.0
%
0.2
%
172.9
126.8
Corporate expenses
(53.9)
(55.1)
Impairment charges (b)
—
(88.7)
Intangible asset amortization expense
(7.0)
(8.3)
Operating profit (loss)
112.0
(25.3)
N/A
N/A
Interest and other expenses, net (c)
(19.6)
(16.5)
Earnings (loss) before income taxes
$
92.4
$
(41.8)
(a)
In the United States, revenues from services include fees received from our franchise offices of $2.7 million and $2.6 million for the three months ended June 30, 2026 and 2025, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $93.5 million and $87.1 million for the three months ended June 30, 2026 and 2025, respectively.
(b)
Impairment charges for the three months ended June 30, 2025 consist of a goodwill impairment related to our investments in Switzerland and the United Kingdom and an impairment of an indefinite lived intangible asset in our Switzerland business.
(c)
The components of interest and other expenses, net were:
2026
2025
Interest expense
$
23.8
$
26.0
Interest income
(4.8)
(8.2)
Foreign exchange loss
1.7
1.3
Miscellaneous income, net
(1.1)
(2.6)
$
19.6
$
16.5
ManpowerGroup
Results of Operations
(In millions, except per share data)
Six Months Ended June 30
% Variance
Amount
Constant
2026
2025
Reported
Currency
(Unaudited)
Revenues from services (a)
$
9,370.6
$
8,609.6
8.8
%
4.4
%
Cost of services
7,867.3
7,147.6
10.1
%
5.5
%
Gross profit
1,503.3
1,462.0
2.8
%
-1.0
%
Selling and administrative expenses,
excluding impairment charges
1,363.0
1,370.4
-0.5
%
-4.1
%
Impairment charges (b)
—
88.7
N/A
N/A
Selling and administrative expenses
1,363.0
1,459.1
-6.6
%
-10.0
%
Operating profit
140.3
2.9
4702.9
%
4487.8
%
Interest and other expenses, net
32.5
28.0
16.1
%
Earnings (loss) before income taxes
107.8
(25.1)
N/A
N/A
Provision for income taxes
51.8
36.4
42.2
%
Net earnings (loss)
$
56.0
$
(61.5)
N/A
N/A
Net earnings (loss) per share - basic
$
1.20
$
(1.32)
N/A
Net earnings (loss) per share - diluted
$
1.19
$
(1.32)
N/A
N/A
Weighted average shares - basic
46.8
46.7
0.2
%
Weighted average shares - diluted
47.2
46.7
1.2
%
(a)
Revenues from services include fees received from our franchise offices of $8.3 million and $8.2 million for the six months ended June 30, 2026 and 2025, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $925.7 million and $847.1 million for the six months ended June 30, 2026 and 2025, respectively.
(b)
Impairment charges for the six months ended June 30, 2025 consist of a goodwill impairment related to our investments in Switzerland and the United Kingdom and an impairment of an indefinite lived intangible asset in our Switzerland business.
ManpowerGroup
Operating Unit Results
(In millions)
Six Months Ended June 30
% Variance
Amount
Constant
2026
2025
Reported
Currency
(Unaudited)
Revenues from Services:
Americas:
United States (a)
$
1,369.2
$
1,362.9
0.5
%
0.5
%
Other Americas
958.7
753.8
27.2
%
21.6
%
2,327.9
2,116.7
10.0
%
8.0
%
Southern Europe:
France
2,246.2
2,115.0
6.2
%
-0.1
%
Italy
996.6
873.7
14.1
%
7.2
%
Other Southern Europe
1,167.2
994.6
17.4
%
8.1
%
4,410.0
3,983.3
10.7
%
3.5
%
Northern Europe
1,615.6
1,525.2
5.9
%
-0.1
%
APME
1,029.2
1,001.7
2.8
%
6.5
%
9,382.7
8,626.9
Intercompany Eliminations
(12.1)
(17.3)
9,370.6
8,609.6
8.8
%
4.4
%
Operating Unit Profit (Loss):
Americas:
United States
$
54.9
$
31.0
77.2
%
77.2
%
Other Americas
36.1
30.6
18.0
%
13.0
%
91.0
61.6
47.8
%
45.3
%
Southern Europe:
France
45.5
53.3
-14.6
%
-18.3
%
Italy
62.8
56.4
11.2
%
4.9
%
Other Southern Europe
21.0
13.8
53.1
%
37.9
%
129.3
123.5
4.8
%
-1.4
%
Northern Europe
(6.2)
(27.3)
77.2
%
82.4
%
APME
45.6
46.4
-1.8
%
5.1
%
259.7
204.2
Corporate expenses
(105.4)
(96.2)
Impairment charges (b)
—
(88.7)
Intangible asset amortization expense
(14.0)
(16.4)
Operating profit
140.3
2.9
4702.9
%
4487.8
%
Interest and other expenses, net (c)
(32.5)
(28.0)
Earnings (loss) before income taxes
$
107.8
$
(25.1)
(a)
In the United States, revenues from services include fees received from our franchise offices of $5.1 million and $4.8 million for the six months ended June 30, 2026 and 2025, respectively. These fees are primarily based on revenues generated by the franchise offices, which were $171.9 million and $164.0 million for the six months ended June 30, 2026 and 2025, respectively.
(b)
Impairment charges for the six months ended June 30, 2025 consist of a goodwill impairment related to our investments in Switzerland and the United Kingdom and an impairment of an indefinite lived intangible asset in our Switzerland business.
(c)
The components of interest and other expenses, net were:
2026
2025
Interest expense
$
49.5
$
48.5
Interest income
(10.9)
(15.1)
Foreign exchange loss
2.3
2.2
Miscellaneous income, net
(8.4)
(7.6)
$
32.5
$
28.0
ManpowerGroup
Consolidated Balance Sheets
(In millions)
June 30,
December 31,
2026
2025
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
180.6
$
871.0
Accounts receivable, net
4,733.8
4,770.3
Prepaid expenses and other assets
217.0
149.1
Total current assets
5,131.4
5,790.4
Other assets:
Goodwill
1,483.4
1,544.6
Intangible assets, net
415.7
430.1
Operating lease right-of-use assets
360.8
392.7
Other assets
868.5
879.1
Total other assets
3,128.4
3,246.5
Property and equipment:
Land, buildings, leasehold improvements and equipment
522.0
526.9
Less: accumulated depreciation and amortization
406.9
403.7
Net property and equipment
115.1
123.2
Total assets
$
8,374.9
$
9,160.1
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
2,593.7
$
2,721.1
Employee compensation payable
216.3
232.3
Accrued payroll taxes and insurance
668.8
672.1
Accrued liabilities
452.1
457.6
Value added taxes payable
410.1
418.1
Short-term operating lease liability
102.2
107.4
Short-term borrowings and current maturities of long-term debt
476.2
625.0
Total current liabilities
4,919.4
5,233.6
Other liabilities:
Long-term debt
567.3
1,052.1
Long-term operating lease liability
274.3
304.3
Other long-term liabilities
507.5
509.8
Total other liabilities
1,349.1
1,866.2
Shareholders' equity:
ManpowerGroup shareholders' equity
Common stock
1.2
1.2
Capital in excess of par value
3,585.8
3,572.5
Retained earnings
3,754.8
3,732.3
Accumulated other comprehensive loss
(399.1)
(412.1)
Treasury stock, at cost
(4,836.4)
(4,834.3)
Total ManpowerGroup shareholders' equity
2,106.3
2,059.6
Noncontrolling interests
0.1
0.7
Total shareholders' equity
2,106.4
2,060.3
Total liabilities and shareholders' equity
$
8,374.9
$
9,160.1
ManpowerGroup
Consolidated Statements of Cash Flows
(In millions)
Six Months Ended
June 30,
2026
2025
(Unaudited)
Cash Flows from Operating Activities:
Net earnings (Loss)
$
56.0
$
(61.5)
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization
41.7
43.4
(Gain) Loss on sales of subsidiaries, net
(24.5)
6.2
Non-cash impairment of goodwill and other intangible assets
—
88.7
Deferred income taxes
9.3
4.5
Provision for credit losses
5.4
1.9
Share-based compensation
13.6
15.3
Changes in operating assets and liabilities:
Accounts receivable
(49.2)
7.9
Other assets
(91.9)
(92.4)
Accounts payable
(89.9)
(209.6)
Other liabilities
0.5
(147.2)
Cash used in operating activities
(129.0)
(342.8)
Cash Flows from Investing Activities:
Capital expenditures
(14.8)
(31.3)
Acquisition of businesses, net of cash acquired
—
(1.0)
Impact to cash resulting from sales of subsidiaries
87.5
(2.1)
Proceeds from the sale of property and equipment
0.7
0.4
Cash provided by (used in) investing activities
73.4
(34.0)
Cash Flows from Financing Activities:
Net change in short-term borrowings
(16.9)
67.1
Net proceeds from revolving debt facility
—
136.0
Proceeds from long-term debt
3.3
0.1
Repayments of long-term debt
(585.8)
(0.4)
Payments of contingent consideration for acquisition
Alarm.com uvedl Fire Communicator (ADC‑FC100), který rozšiřuje Alarm.com for Business o komerční požární monitoring. Zařízení je UL Listed (UL 864), NFPA 72-compliant a certifikované CSFM, LAFD a FDNY. V USA vstupuje do obecné dostupnosti prostřednictvím partnerů Alarm.com for Business a vybraných distributorů.
UL Listed, NFPA 72‑compliant communicator brings fire onto the Alarm.com for Business platform alongside intrusion, video, and access control
TYSONS, Va.--(BUSINESS WIRE)--Alarm.com (Nasdaq: ALRM), the leading platform for intelligently connected properties, today announced the launch of its Fire Communicator (ADC‑FC100), expanding Alarm.com for Business into the commercial fire category. With the addition of fire alongside intrusion, access control, and video, service providers can now standardize on Alarm.com for Business across the four major categories of commercial security.
The Fire Communicator replaces legacy POTS fire communications with reliable, dual-path signaling that works with both new and existing fire alarm control panels. Businesses can modernize fire monitoring without the cost and disruption of replacing current infrastructure, creating a more affordable path to updated fire communications while gaining real-time alerts and centralized visibility through Alarm.com services.
For service providers, this approach simplifies operations with one portal, one technician app, and one bill across all security categories. Businesses benefit from a more consistent experience with centralized alerts, reporting, and history for intrusion, access control, video, and fire monitoring.
“More than 20 years ago, Alarm.com transformed residential intrusion by combining reliable signal communication with a modern cloud platform and connected user experience,” said Dan Kerzner, President of Platforms Business at Alarm.com. “The Fire Communicator applies that same model to commercial fire, giving service providers a simpler way to manage installations, monitoring, and customer accounts while helping businesses bring fire monitoring into the same day-to-day workflows they already use for the rest of their security system.”
Modernizing Commercial Fire Through a Connected Platform
The Fire Communicator links the fire alarm control panel, monitoring station, and Alarm.com platform together. When a fire event occurs, the communicator transmits the alarm to the monitoring station while simultaneously delivering notifications to designated users through the Alarm.com app and services.
This approach provides critical information to both monitoring professionals and building operators while giving businesses the same familiar experience they already use for intrusion, access control, and video monitoring.
“In a little over five years, I’ve grown my commercial business with Alarm.com from four accounts to more than 1,600,” said Scott Davis of DDA Systems. “The Fire Communicator has the same Alarm.com benefits that helped us grow in other categories like intrusion and access control. What makes it so valuable is how simple it is to use. The communicator gives users and service providers real-time visibility into what’s happening with the system through an easy installation and app experience, helping them identify issues faster, respond quickly, and manage fire systems more efficiently.”
The Fire Communicator was recognized with a 2026 ESX Innovation Award in the Fire Detection and Life Safety Systems category, recognizing its role in modernizing commercial fire communications through a connected platform experience.
Designed for Compatibility and Reliability
Designed to work with a wide range of existing fire alarm control panels, the Fire Communicator enables businesses to modernize fire monitoring communications without replacing current infrastructure. The communicator connects to the fire panel through phone lines or relay outputs and passes signals to the central monitoring station.
Reliable dual‑path communication over Broadband and LTE transmits alarm signals even if one communication path is interrupted. Dual‑SIM capability allows the communicator to automatically switch carriers for improved signal reliability.
The communicator is UL Listed (UL 864), NFPA 72 compliant, and certified by CSFM, LAFD, and FDNY, meeting key safety requirements for commercial fire monitoring systems.
Availability
The Alarm.com Business Fire Communicator (ADC‑FC100) is entering General Availability in the United States through Alarm.com for Business service provider partners and participating distributors. Expansion into Canada is planned for a future release.
For more information about the Fire Communicator and Alarm.com’s commercial security and life safety solutions, visit www.alarm.com.
About Alarm.com
Alarm.com is the leading platform for intelligently connected properties. Millions of homeowners and businesses rely on Alarm.com’s technology to secure, monitor, and manage their environments from anywhere. Our comprehensive suite of solutions, including security, video surveillance, access control, active shooter detection, intelligent automation, energy management, wellness, and fire, are delivered exclusively through a trusted network of thousands of professional service providers and commercial integrators across North America and worldwide. Alarm.com’s common stock is traded on Nasdaq under the ticker symbol ALRM. To learn more, visit www.alarm.com.
Metalsource Mining identifikovala na Silver Hillu 2,4 km perspektivních cílů pro vrtání, včetně souvislé 1,8km anomálie u historického dolu. Společnost chce zvýšit vrtací kapacitu a cíle dál testovat.
Vancouver, British Columbia--(Newsfile Corp. - July 16, 2026) - Metalsource Mining Inc. (CSE: MSM) (OTCQB: MSMMF) (FSE: E9Z) ("Metalsource" or the "Company") is pleased to announce the results of a recently completed induced polarization ("IP") survey designed to identify drill targets on strike from the historic Silver Hill mine. The survey identified approximately 2.4 kilometres of prospective strike length across two primary target areas, including a continuous 1.8 kilometre anomaly in the southern portion of the project area, in the immediate vicinity of Silver Hill, and an additional 600 metre IP anomaly in the northeast corner of the property.
These IP data and recent drilling results continue to validate Metalsource's exploration thesis that mineralization remains open in all directions, and there are significant opportunities to add scale to the mineralization discovered thus far through on strike and down dip exploration drilling.
Key Highlights
Phase 2 IP survey identifies approximately 2.4 kilometres of prospective target areas across the Silver Hill district.High priority drill targets display geophysical characteristics analogous to the mineralized corridor defined by recent drilling.Targets remain open north and south of the historic mine, significantly expanding the Company's exploration pipeline.Results strengthen management's evolving geological model that Silver Hill may comprise multiple mineralized occurrences rather than a single historic deposit.Company advancing plans to increase drilling capacity to simultaneously expand known mineralization and systematically test newly identified targets.
Figure 1: Plan view showing the extent of recently completed ground IP Survey. Right: Unfiltered polarization results. Left: Polarization results filtered to 20-35 msec to show anomalous trend. Note Project focus area includes the Silver Hill mine and a significant portion of the companies property position.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/12035/305405_90115bf674546854_002full.jpg
Figure 2: Plan view showing resistivity results from ground IP survey with anomalous polarization data (points). Coincident polarization anomalies (20-35msec) with >1,500Ωm resistivity results is an exploration target. Note: Non-target resistivities removed for clarity on the right side of the image.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/12035/305405_90115bf674546854_003full.jpg
High-Grade Drilling Validates IP Targeting Model
Exploration drilling completed to date at Silver Hill has demonstrated significant metal endowment within the Company's target horizon. Drilling has so far identified mineralization in up to 18 metres of drill core, and composite assay results of up to 209 g/t gold, 241 g/t silver, 18.8% lead, 39.4% zinc, and 5.4% copper (Table 1). The consistency of this polymetallic mineralization has established Silver Hill as an excellent candidate for electrical geophysics and provided the foundation for the Company's evolving exploration model.
At Silver Hill, the combination of IP chargeability and resistivity data provides two complementary and independently interpretable signals. Elevated chargeability values (greater than 20 milliseconds) are interpreted to potentially reflect the presence of metallic sulphide minerals, while resistivity distinguishes the silicified host of the mineralization (1,500 to 4,000 ohm-m) from both the conductive weathered saprolite at surface and the highly resistive volcanic package, which exceeds 5,000 ohm-m. This two parameter discrimination allows geophysically anomalous zones to be ranked not only by their sulphide content, but also by their host rock environment, enabling the identification of interpreted mineralization occurring at the favourable contact between volcanic flows and the underlying silicified host rocks.
Joe Cullen, CEO of Metalsource Mining, commented:
"This survey represents a major step forward in our understanding of the Silver Hill district. What excites us most is not simply the number of targets identified, but the quality of those targets. These targets exhibit geophysical characteristics analogous to the corridor where we've already delivered some of our strongest drill results. While these are exploration targets, not drill results, they provide us with a compelling pipeline of opportunities that we intend to begin testing as we continue to accelerate exploration.
As drilling, geophysics and geological interpretation continue to come together, our confidence in the broader district continues to grow. Our working geological model suggests Silver Hill may comprise multiple mineral occurrences rather than a single mineralized body, creating opportunities to expand the system both along strike and down dip.
With plans to increase drilling capacity, our strategy is straightforward. One drill program will continue systematically expanding the known Silver Hill deposit, while additional drilling evaluates these newly identified high priority targets. Selecting where to drill first has become one of the more difficult decisions because of the quality of the opportunities now in front of us, and we're excited to begin unlocking their potential aggressively in the near term."
Drill Hole IDFrom (m)To (m)Length (m)Au (g/t)Ag (g/t)Pb (%)Zn (%)Cu (%)AgEq (g/t)*SH25-0114.3232.4918.171.867.93.11.00.1267Including24.6932.497.803.266.13.60.90.1383Including24.6927.432.744.8139.97.11.20.3640SH25-0214.2329.5715.332.133.21.11.40.1237Including24.6629.574.915.761.52.73.80.1613Including26.4028.131.7413.268.72.90.50.11,155SH26-07129.91142.5212.6246.542.31.43.30.13,786Including135.58142.526.9584.054.81.11.80.26,730And139.78142.522.74209.193.60.31.20.116,604SH26-05116.10117.010.912.2241.016.634.60.21,170SH26-08186.05199.0012.951.342.56.513.40.2447Including186.05191.485.431.661.611.123.50.2705Including188.37191.483.112.294.117.236.00.31,063And196.44199.002.562.174.88.815.00.3604SH25-0316.9220.063.140.043.20.70.60.060Including16.9218.411.490.061.40.50.10.067SH25-0458.5560.111.550.240.41.52.60.0113Including59.5660.110.550.7103.03.96.00.0279SH26-10111.98116.594.600.723.92.76.10.1202Including116.01116.590.581.2146.813.617.60.3656SH26-11138.41149.0510.643.327.03.37.90.2434Including139.96149.059.083.730.33.78.50.2488Including142.98146.153.179.752.46.514.70.41,087Including142.98144.511.5219.192.011.725.10.52,050SH26-15218.66228.8410.182.116.41.52.90.4257Including218.66219.360.708.359.50.41.45.41,039Including226.13228.842.714.541.05.310.30.2594SH26-16224.45233.028.560.67.70.82.10.090Including224.45224.850.4011.323.81.56.00.1984Including232.87233.020.150.4146.018.839.40.0951SH26-17185.59185.750.150.721.53.810.50.5292SH26-18199.40211.2311.831.434.32.25.40.1245Including199.40200.801.407.319.71.516.00.3833Including199.40200.040.6413.836.82.729.80.71,580Including208.94211.232.291.7152.79.816.00.4636SH26-19218.60224.886.289.954.03.721.70.11,156Including218.60222.203.6016.543.72.832.20.11,789Including224.00224.880.882.7157.310.818.90.3762And227.93228.230.303.364.64.215.90.3609Table 1: Summary of exploration drilling results thus far at Silver Hill.
The Company believes the combination of systematic drilling, modern geophysics and structural interpretation is transforming Silver Hill from a historically mined property into a modern district scale exploration opportunity with multiple avenues for future growth.
What's Next
Accelerating Exploration - Management is advancing plans to increase drilling capacity to simultaneously expand the known Silver Hill deposit while systematically testing newly identified priority targets.
Multiple Assays Pending - Results remain outstanding from several completed drill holes, providing continued exploration catalysts as the current drill program advances.
Testing New Discovery Targets - Follow up drilling will prioritize the highest ranking IP anomalies exhibiting characteristics analogous to the Company's successful drilling.
Expanding the Geological Model - Ongoing drilling, IP surveys and geological interpretation will continue refining management's understanding of the Silver Hill district while evaluating opportunities to extend mineralization along strike, down dip and beyond the historic mine footprint.
Building District Scale Value - Management will continue evaluating strategic opportunities that strengthen the Company's ability to systematically explore and unlock the broader Silver Hill district.
Why This Matters to Investors
The Phase 2 IP survey represents a significant evolution in the Silver Hill story. Rather than simply identifying additional drill targets, the survey provides a property scale framework for systematically exploring the broader district and prioritizing future drilling.
Importantly, the newly identified targets exhibit geophysical characteristics analogous to the corridor where Metalsource has already intersected high-grade silver, gold, lead, zinc and copper mineralization. While these anomalies remain exploration targets until drill tested, they substantially expand the Company's pipeline of prospective targets and support management's evolving geological model that Silver Hill may comprise multiple mineralized centres extending beyond the historic mine footprint.
Combined with multiple pending assays, plans to increase drilling capacity and ongoing geological interpretation, the Company believes it is entering the next phase of exploration—one focused on not only expanding the known mineralization, but also systematically evaluating the broader district for additional discoveries.
Metalsource QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks, and duplicates within the sample stream. The drill core is cut in half with a diamond saw, with one half placed in sealed bags and shipped to the laboratory and the other half retained on site. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.
Analytical testing is performed by ALS Geochemistry (Reno, NV) and ALS Canada (Vancouver, BC). The entire sample is crushed to 70% passing 2mm mesh, with a 250 gram split pulverized to 85% passing minus 75 micron. A four-acid digest is performed on 0.25g of sample to quantitatively dissolve most geological materials. Analysis is performed with a combination of ICP-AES and ICP-MS and fire assay.
The exploration results described herein are preliminary in nature and are insufficient to define a mineral resource. Further drilling is required to determine the continuity, geometry, and grade distribution of mineralization. At the time of this release analytical results remain pending.
*Metal values used in AgEq calculations are from the 200-day moving average values from 2/6/2026, and all values are in USD. PAu= $124.5/g, PAg= $1.58/g, PCu= $4.9/lbs, PPb=$0.90/lbs, PZn=$1.11/lbs, 0.00220462262 = grams-to-pounds conversion factor, 22.0462262 = pounds per tonne for 1% metal. Metal recoveries used in the AgEq calculation are Au: 95.5%, Ag: 92.9%, Pb: 89.2%, Zn: 93.8% and Cu 90.8%. These recovery values are derived from batch metallurgical testing used to estimate recoveries of Silver Hill ores, completed in 1988. Individual metal values in the results table are composited values and not factored by recovery. Metal recoveries are applied to their respective component of the AgEq calculation only.
Qualified Person
All scientific and technical information has been reviewed and approved by Darcy Vis, B.Sc., P.Geo., President of Tripoint Geological Services Ltd., a contractor of the Company, and a Qualified Person as defined under National Instrument ("NI") 43-101 - Standards of Disclosure for Mineral Projects.
Silver Hill Project
Located in the Carolina Terrane, the property is underlain by volcaniclastic and volcano-sedimentary rocks predominantly of Neoproterozoic and Cambrian age. Current interpretations suggest this terrane is an extension of the Avalon Terrane. The property is 1,225 acres located in Davidson County, North Carolina. As the first significant discovery and first silver-producing mine in America, the property is supported by an extensive historic dataset, including drillhole data, underground mapping, historic dumps and underground chip samples. Currently known mineralization extends to 550m from surface, in a steeply trending series of lenses, which remain open in multiple directions.
Byrd-Pilot Mountain Project
The Byrd-Pilot Mountain Project is located in central North Carolina within the Carolina Terrane. Initial USGS surveys in the 1980s identified the area as a potential host for a porphyry gold-copper system. Subsequent exploration demonstrated broad gold mineralization in soils, trenches, and shallow RC drilling, coincident with strong self-potential anomalies. Geology shows intense quartz-sericite-pyrite alteration, high-sulfidation signatures, and high-alumina minerals (like Haile and Brewer deposits to the south), suggesting potential for a large epithermal or porphyry-related gold system. Geologic modelling of currently identified mineralization indicates an east-west trend open in multiple directions, with oxidation noted down to a depth of 30m. No drilling has tested the Meridian discovery zone since those 1980s campaigns, leaving potential for significant resource expansion through work commitments of the agreement.
About Metalsource Mining Inc.
Metalsource Mining Inc. is a U.S.-focused precious and critical metals exploration company advancing the Silver Hill Project in North Carolina, widely recognized as America's first silver mine. A historically producing mining district dating back to 1839, Silver Hill produced silver, gold, lead and zinc during the formative years of the American mining industry and remains one of the most historically significant mining assets in the United States.
The Company is focused on expanding known mineralization, advancing toward a modern resource estimate, and unlocking the broader potential of the Silver Hill district through systematic drilling, geological modeling and modern exploration techniques.
Metalsource Mining
America's First Silver Mine. Modern Exploration. Historic Opportunity.
For further information, please contact:
Joe Cullen CEO - Metalsource Mining Inc.
Tel: (778) 919-8615
Email: [email protected]
Cautionary Note About Forward-Looking Statements
This news release may include forward-looking statements that are subject to risks and uncertainties. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company's public filings under the Company's SEDAR profile at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
Neither the CSE nor the Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/305405
Source: Metalsource Mining Inc.
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Insmed oznámila, že 12měsíční data z otevřené studie TPIP u pacientů s PAH ukázala trvalé zlepšení účinnosti a žádné nové bezpečnostní signály. Léčba byla obecně dobře snášena.
–12-Month Data Demonstrated Sustained Improvement with TPIP Across All Secondary Efficacy Measures Including Reduction in Mortality Risk Status by REVEAL Lite 2.0–
–Placebo Crossed Group Demonstrated Treatment Response on TPIP, Achieving Similar Outcomes to the TPIP Continued Group by Month 12–
–TPIP Was Safe and Well-tolerated with No Newly Identified Safety Signals through Month 12; Doses Up to 1,280 µg Once Daily Were Permitted in the OLE Study–
–These OLE Data, Combined with Once-Daily Inhaled Administration, Reinforce TPIP's Potential to Become the Prostanoid of Choice for Patients with PAH–
–Insmed to Host Investor Call Thursday, July 16, 2026, at 8:00 a.m. ET–
, /PRNewswire/ -- Insmed Incorporated (Nasdaq: INSM), a people-first global biopharmaceutical company striving to deliver first- and best-in-class therapies to transform the lives of patients facing serious diseases, today announced positive 12-Month data from the ongoing open-label extension (OLE) study evaluating treprostinil palmitil inhalation powder (TPIP), administered once daily in patients with pulmonary arterial hypertension (PAH, World Health Organization Group 1). The OLE study is a non-placebo-controlled trial and was designed to evaluate the long-term safety, tolerability, and effectiveness of TPIP over 24 months in patients who completed the lead-in TPIP PAH studies.
"These data from our ongoing OLE study with TPIP represent an important milestone in our efforts to fully harness the potential of treprostinil and provide meaningful benefit to patients with pulmonary arterial hypertension," said Gene Sullivan, M.D., Chief Product Strategy Officer of Insmed. "In this analysis, TPIP demonstrated sustained improvement across all efficacy endpoints and was well tolerated with no newly identified safety signals, and notably, patients who switched from placebo to TPIP in the OLE study achieved similar clinical benefit. These data, coupled with the statistically significant and clinically meaningful results from our Phase 2b randomized study, demonstrate TPIP's potential to become the prostanoid of choice for PAH patients, and we remain excited to be advancing our Phase 3 PALM-PAH study."
12-Month Results from the Ongoing OLE Study with TPIP in Patients with PAH
Results for secondary efficacy endpoints demonstrated sustained improvement with TPIP in six-minute walk distance (6MWD), N-terminal fragment pro-B-type natriuretic peptide (NT-proBNP) concentration, and World Health Organization (WHO) Functional Class, as well as a clinically meaningful improvement in REVEAL Lite 2.0 score at Month 12. Patients in the Placebo Crossed group (N=31) showed similar outcomes to patients in the TPIP Continued group (N=60) across all efficacy measures at Month 12.
The results at Month 12 were as follows:
Mean improvement from baseline for 6MWD was +55.7 meters for the TPIP Continued group and +54.1 meters for the Placebo Crossed group. NT-proBNP concentration was reduced by approximately 60% in both groups with geometric mean ratios [GMR] to baseline of 0.40 and 0.41 in TPIP Continued and Placebo Crossed, respectively. WHO Functional Class I or II was achieved in 78.3% of TPIP Continued group and 80.6% of Placebo Crossed group patients, and more than 25% of patients across both groups achieved WHO Functional Class I. Mean REVEAL Lite 2.0 score improved 2.0-points from baseline for the TPIP Continued group and 1.4-points from baseline for the Placebo Crossed group. Approximately 65% of all patients achieved Refined Low Risk status, which is associated with a less than 5% estimated risk of mortality at three years and an approximately 7% risk of clinical worsening at one year. "Pulmonary arterial hypertension is one of the most devastating diseases we face as clinicians, and these results from the ongoing TPIP OLE study give us genuine reason for optimism," said Dr. Raymond Benza, M.D., F.A.C.C., FAHA, FACP, Phase 2b PAH study Steering Committee Member, George M. and Linda H. Kaufman Academic Chair of Cardiology, Sentara Health. "The REVEAL Lite 2.0 risk score provides a powerful, non-invasive way to track disease trajectory. Previous REVEAL Lite 2.0 validation showed that a 1-point score improvement reduces risk of mortality by 23% and reduces the risk of clinical worsening by 21%. Here we saw that patients on TPIP averaged a greater than 1-point improvement from baseline, which is really meaningful for patients. Sustained improvements of this magnitude, alongside gains in exercise capacity and Functional Class, provide a strong clinical rationale to advance this therapy into Phase 3 development."
Results for the primary endpoint of safety & tolerability showed that once-daily TPIP therapy was generally well tolerated with no newly identified safety signals at doses up to 1,280 µg through Month 12. Of the 91 patients in the study, treatment-emergent adverse events (TEAEs) occurred in 89.0% of patients; serious TEAEs were observed in 18.7% of patients; and severe TEAEs were observed in 16.5% of patients in the study. TEAEs leading to study discontinuation were experienced by 7.7% of patients. There were four deaths, none of which were considered related to TPIP treatment. The most common TEAEs through Month 12 occurring in 5.0% or more of all patients were headache (28.6%), cough (15.4%), nasopharyngitis (14.3%), diarrhea (11.0%), upper respiratory tract infection (9.9%), bronchitis (7.7%), dizziness (6.6%), epistaxis (6.6%), nausea (6.6%), anemia (5.5%), influenza (5.5%), and pneumonia (5.5%).
The 12-Month OLE findings support the continued clinical development of TPIP and the recent initiation of PALM-PAH, a Phase 3, randomized, double-blind, placebo-controlled trial evaluating once-daily TPIP in patients with PAH over 24 weeks. The primary endpoint of PALM-PAH is change in 6MWD, with additional assessments of safety, tolerability, and overall efficacy. Insmed plans to publish the 12-Month results from this OLE study in the future. Topline results from the Phase 2b study of TPIP in patients with PAH were previously reported in June 2025.
Conference Call Information
Insmed management will host a conference call for investors beginning at 8:00 a.m. ET on Thursday, July 16, 2026, to discuss the TPIP OLE study results. Shareholders and other interested parties may participate in the conference call by dialing (800) 715-9871 (U.S.) or +1 (646) 307-1963 (International) and referencing access code 2033335. The call will also be webcast live on the Company's website at www.insmed.com.
A replay of the conference call will be accessible approximately one hour after its completion through July 23, 2026, by dialing (800) 770-2030 (U.S. and Canada) or +1 (609) 800-9909 (International) and referencing access code 2033335. A webcast of the call will also be archived for 90 days under the Investor Relations section of the Company's website at www.insmed.com.
About TPIP
Treprostinil palmitil inhalation powder (TPIP) is a dry powder formulation of treprostinil palmitil, a treprostinil prodrug consisting of treprostinil linked by an ester bond to a 16-carbon chain. Developed entirely in Insmed's laboratories, TPIP is a potentially highly differentiated prostanoid being evaluated as a once-daily therapy for the treatment of patients with PAH, pulmonary hypertension associated with interstitial lung disease (PH-ILD), progressive pulmonary fibrosis (PPF), and idiopathic pulmonary fibrosis (IPF). TPIP is administered in a capsule-based inhalation device. TPIP is an investigational drug product that has not been approved for any indication in any jurisdiction.
About the TPIP Open-Label Extension Study
The 24-month open-label extension (OLE) study of treprostinil palmitil inhalation powder (TPIP) in patients with pulmonary arterial hypertension (PAH) was designed to evaluate the long-term safety, tolerability, and effectiveness of TPIP administered once daily in patients who completed the lead-in TPIP PAH studies. The OLE is being conducted at 45 sites globally and enrolled 91 eligible patients. The study included a 3-week blinded titration period followed by open-label treatment. Patients who received TPIP in the lead-in studies (TPIP Continued) received their achieved dose of TPIP; patients who received placebo in the lead-in studies (Placebo Crossed), or had delayed rollover, underwent titration starting at 80 µg once daily up to their target dose (i.e., 640 µg or highest tolerated dose) over three weeks. Further escalation up to 1,280 µg was permitted after the initial titration period at investigator discretion to optimize clinical benefit. Outcomes were evaluated against the Phase 2b lead-in study in PAH (NCT05147805) pre-randomization baseline values for relevant measurements.
The primary endpoint is evaluating long-term safety and tolerability, including treatment-emergent adverse events (TEAEs) and TEAEs by severity. Secondary endpoints include change from lead-in study pre-randomization baseline in six-minute walk distance (6MWD), N-terminal fragment pro-B-type natriuretic peptide (NT-proBNP) concentration, World Health Organization (WHO) Functional Class, REVEAL Lite 2.0 score, and additional exploratory measures over 24 months of treatment.
About Pulmonary Arterial Hypertension
Pulmonary arterial hypertension (PAH) is a serious, progressive, rare disease in which the blood vessels in the lungs narrow or become obstructed, leading to high blood pressure in the pulmonary arteries. The most common symptoms include shortness of breath, chest pain, dizziness or fainting, fatigue, and weakness. It is estimated that approximately 35,000 patients in the U.S., 40,000 patients in the EU5 (France, Germany, Italy, Spain, and the UK), and 15,000 patients in Japan have been diagnosed with the disease. Untreated PAH can be debilitating and often fatal.
About Insmed
Insmed Incorporated is a people-first global biopharmaceutical company striving to deliver first- and best-in-class therapies to transform the lives of patients facing serious diseases. The Company is advancing a diverse portfolio of approved and mid- to late-stage investigational medicines—including two approved therapies to treat chronic, debilitating lung diseases—as well as cutting-edge drug discovery focused on serving patient communities where the need is greatest. Insmed's commercial portfolio and clinical pipeline are organized around three therapeutic areas: Respiratory, Immunology & Inflammation, and Neuro & Other Rare. The Company's research engine is advancing a wide range of technologies and modalities, including gene therapy, AI-driven protein engineering, RNA end-joining, and synthetic rescue, in the pursuit of future pipeline candidates.
Headquartered in Bridgewater, New Jersey, Insmed has offices and research locations throughout the United States, Europe, and Japan. Insmed is proud to be recognized as one of the best employers in the biopharmaceutical industry, including spending five consecutive years as the No. 1 Science Top Employer. Visit www.insmed.com to learn more or follow us on LinkedIn, Instagram, YouTube, and X.
Forward-looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. "Forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995, are statements that are not historical facts and involve a number of risks and uncertainties. Words herein such as "may," "will," "should," "could," "would," "expects," "plans," "anticipates," "believes," "estimates," "projects," "predicts," "intends," "potential," "continues," and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) may identify forward-looking statements.
The forward-looking statements in this press release are based upon the Company's current expectations and beliefs, and involve known and unknown risks, uncertainties and other factors, which may cause the Company's actual results, performance and achievements and the timing of certain events to differ materially from the results, performance, achievements or timings discussed, projected, anticipated or indicated in any forward-looking statements. Such risks, uncertainties and other factors include, among others, the following: the risk that the full data set from the OLE study of TPIP in PAH (the "Study") or data generated in further clinical trials of TPIP will not be consistent with the interim results of the Study; the risk that data from the Study, which is conducted in a single-arm, open-label design without a concurrent placebo control group, may not be predictive of, or may differ materially from, results obtained in the Phase 3 PALM-PAH randomized, double-blind, placebo-controlled trial; the risk that the Study's efficacy endpoints, which are secondary and exploratory in nature, may overestimate or otherwise not accurately reflect the true treatment effect of TPIP; failure to successfully conduct future clinical trials for TPIP, such as the Company's planned Phase 3 program for TPIP, including due to the Company's potential inability to enroll or retain sufficient patients to conduct and complete the trials or generate data necessary for regulatory approval, among other things; development of unexpected safety or efficacy concerns related to TPIP; failure of third parties on which the Company is dependent to manufacture sufficient quantities of TPIP for clinical needs, to conduct the Company's clinical trials, or to comply with the Company's agreements or laws and regulations that impact the Company's business or agreements with the Company; failure to obtain regulatory approval for TPIP; inaccuracies in the Company's estimates of the size of the potential markets for TPIP or in data the Company has used to identify physicians; expected rates of patient uptake, duration of expected treatment, or expected patient adherence or discontinuation rates, if TPIP is approved; inability of the Company or the Company's third-party manufacturers to comply with regulatory requirements related to TPIP; the Company's inability to obtain adequate reimbursement from government or third-party payors for TPIP or acceptable prices for TPIP, if approved; restrictions or other obligations imposed on the Company by agreements related to TPIP and failure to comply with the Company's obligations under such agreements; risks that the Company's clinical studies will be delayed or that serious side effects will be identified during drug development; the strength and enforceability of the Company's intellectual property rights or the rights of third parties; and the cost and potential reputational damage resulting from litigation to which the Company may become a party, including product liability claims.
The Company may not actually achieve the results, plans, intentions or expectations indicated by the Company's forward-looking statements because, by their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. For additional information about the risks and uncertainties that may affect the Company's business, please see the factors discussed in Item 1A, "Risk Factors," in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and any subsequent Company filings with the Securities and Exchange Commission (SEC).
The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date of this press release. The Company disclaims any obligation, except as specifically required by law and the rules of the SEC, to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
Společnost Howard Hughes oznámila změnu ve vedení Vantage Group Holdings: Marc Grandisson se stal výkonným předsedou a David Gansberg se stane CEO po skončení jeho konkurenčních doložek, nejpozději v červnu 2027.
July 16, 2026 08:30 ET | Source: Howard Hughes Holdings Inc.
Marc Grandisson Appointed Executive Chairman of Vantage
David Gansberg Named CEO-Designate
THE WOODLANDS, Texas, July 16, 2026 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (“the Company” or “Howard Hughes”) today announced a leadership transition at Vantage Group Holdings Ltd. (“Vantage”) with Marc Grandisson to become Executive Chairman, effective immediately, and David Gansberg to become CEO once his non-competition obligations are no longer in effect by June 2027.
Marc and David bring decades of specialty insurance leadership to Vantage, having spent much of their careers together at Arch Capital Group (NASDAQ: ACGL), which they helped build into one of the world's most respected and profitable specialty insurers and reinsurers.
Mr. Grandisson began his career working with insurance executives including Ajit Jain from Berkshire Hathaway and Paul Ingrey at F&G Re before joining Arch's founding team in 2001. He served as CEO of Arch from 2018 until his retirement in 2024, during which Arch generated a total shareholder return of 298%, or 23.2% per annum, driven by disciplined underwriting and skilled cycle management.
Mr. Gansberg, who also joined Arch in 2001, led the company's Global Mortgage Group as CEO from 2019 to 2024 and built it into a market leader, before being named President of Arch Capital Group with accountability for its Global Insurance Group.
Greg Hendrick, who has served as CEO of Vantage since co-founding the company in 2020, will continue to lead Vantage as CEO until Mr. Gansberg assumes the role, ensuring a seamless transition. Mr. Grandisson will work alongside Mr. Hendrick and the Vantage leadership team during this period.
“In Marc and David, we have two of the most accomplished leaders in the industry to guide Vantage into its next chapter,” said Bill Ackman, Executive Chairman of Howard Hughes. “Greg has built the foundations for an exceptional specialty insurance and reinsurance operation, and we are grateful for his leadership. As we look to the future, Marc’s deep underwriting and operating expertise and David’s proven track record of building profitable, durable insurance businesses position Vantage to scale into a large, highly profitable insurance company and an enduring source of long-term value creation for Howard Hughes and its shareholders for decades to come.”
"When I joined the Howard Hughes board, I saw a company at an exciting inflection point, and my conviction in the opportunity at Vantage has only grown since," said Marc Grandisson. "Vantage is an exceptional diversified insurance platform which offers tremendous opportunity, and I am honored to join the company as Executive Chairman.”
"Building Vantage these past six years has been the privilege of my career," said Greg Hendrick, CEO of Vantage. “We set out to build a specialty reinsurer that sees risk differently — one defined by talent, technology, and a genuine curiosity about the world. I am proud of every person who made it possible. With our recent sale to Howard Hughes, we are now closing our founding chapter and opening an extremely promising long-term future for the company. I am committed to a transition that sets up Marc, David and the Vantage team for even greater success in the future.”
About Marc Grandisson
Marc Grandisson is the former CEO of Arch Capital Group Ltd. (NASDAQ: ACGL), which he joined in 2001 and became CEO in March 2018. Born and raised in Quebec, Canada, he earned an undergraduate degree in Actuarial Science from Université Laval in 1990 and an MBA from the Wharton School of the University of Pennsylvania in 2000. He is a Fellow of the Casualty Actuarial Society and a member of the American Academy of Actuaries and served as Chairman of ABIR (the Association of Bermuda Insurers and Reinsurers) from 2021-22. Prior to ACGL, he worked for Berkshire Hathaway, F&G Re, and Towers Watson. Mr. Grandisson is a minority investor in the NHL’s Carolina Hurricanes and the NBA’s Portland Trail Blazers.
About David Gansberg
David Gansberg was President, Arch Capital Group Ltd., beginning Nov. 7, 2024 until his recent departure from the company. As President Mr. Gansberg had primary accountability for Arch’s Global Insurance Group, which includes Arch’s North American and International Insurance Operations. From February 2013 through February 2019, he was the President and CEO of Arch Mortgage Insurance Company. From July 2007 to February 2013, Mr. Gansberg was Executive Vice President and a director at Arch Reinsurance Company (“Arch Re (U.S.)”). Prior to that, he held various underwriting, operational and strategic roles at Arch Re Bermuda and Arch Capital Services LLC, which he joined in December 2001. Mr. Gansberg currently serves on the board of directors of Coface SA. He holds a bachelor’s degree in actuarial mathematics from the University of Michigan and an MBA from Duke University.
About Vantage
Vantage Group Holdings Ltd. (Vantage) was established in late 2020 as a re/insurance partner designed for the future. Driven by relentless curiosity, the Vantage team of trusted experts provides a fresh perspective on clients' risks and adds creativity to tech-enabled efficiency and robust analytics to address risks others avoid. Vantage is a subsidiary of Howard Hughes Holdings Inc. Additional information about Vantage can be found at www.vantagerisk.com.
About Howard Hughes Holdings Inc.
Howard Hughes Holdings Inc. (NYSE: HHH) is a diversified holding company focused on growing long-term shareholder value. Its principal subsidiaries are Vantage Group Holdings, a leading specialty insurance, reinsurance, and partnership capital platform, and Howard Hughes Communities™, one of the nation’s leading real estate platforms. HHH brings together long-duration capital, high-quality operating businesses, and disciplined capital allocation to build long-term value. For additional information, visit howardhughes.com.
Forward-Looking Statements
Statements made in this press release that are not historical facts, including statements accompanied by words such as “anticipate,” “will,” “believe,” “expect,” “position,” “assume,” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in Howard Hughes Holdings Inc.’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. Howard Hughes Holdings Inc. cautions you not to place undue reliance on the forward-looking statements contained in this release. Howard Hughes Holdings Inc. does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
Eaton, Vertiv a Caterpillar těží z výstavby datových center s umělou inteligencí: všechny tři ve 1. čtvrtletí překonaly odhady a zvýšily celoroční výhled. Největší tah trh vidí u energetiky a chlazení.
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AI data center construction is a power problem before it is a compute problem, and the equipment that moves, conditions, cools and backs up electricity inside those buildings is where the earnings leverage is showing up first.
Three U.S.-listed industrials have become the cleanest ways to own that buildout: Eaton (NYSE:ETN | ETN Price Prediction) for switchgear and thermal management, Vertiv (NYSE:VRT) for critical power and cooling infrastructure and Caterpillar (NYSE:CAT) for on-site backup generation. Each posted a first-quarter beat, each raised guidance, and each is trading with a forward multiple that reflects real order acceleration rather than a story. Here is how they stack up going into the July earnings cycle.
The macro backdrop is unusually supportive. The Department of Energy projects data centers will account for up to 12% of U.S. electrical demand by 2028, and PJM Interconnection’s independent market monitor concluded that “data center load growth is the primary reason for recent and expected capacity market conditions” in the country’s largest grid region. That is the tailwind these three names are monetizing.
Eaton (ETN): The Compounding Acquirer Eaton makes the electrical guts of a data center: switchgear, busway, power distribution and now liquid cooling after closing Boyd Thermal. Shares traded around $413.98 on July 15, up 26.48% year to date, with a market cap near $158 billion. Forward earnings sits at 30x and the analyst consensus target at $455.79, with 22 Buy or Strong Buy ratings against four Hold ratings.
Q1 delivered adjusted EPS of $2.81 versus a $2.73 consensus on revenue of $7.45 billion, up 16.8% year over year. The number to anchor on is Electrical Americas: revenue rose 20% while the twelve-month rolling order book grew 42% organically, driven by data center demand. Total Electrical backlog is up 48%. Management closed $11 billion in acquisitions in the quarter, headlined by Boyd Thermal at $9.55 billion, and raised full-year adjusted EPS guidance to $13.05 to $13.50. CEO Paulo Ruiz called out “significant capacity expansion investments to meet demand” in Electrical Americas.
Risk: integration. Net interest expense jumped to $106 million from $33 million year over year, and GAAP EPS fell to $2.22 from $2.45 on acquisition charges. A stumble on Boyd or the planned Q1 2027 Mobility spin-off would compress the multiple quickly.
Vertiv (VRT): The High-Growth Pure Play Vertiv is the closest thing to a listed data-center-infrastructure pure play. On July 15, shares changed hands around $300.86, up more than 71% year to date and more than 136% over the past year. Forward earnings sits at 52x, with a consensus target of $377.40 and 22 Buy or Strong Buy ratings calls versus three Hold ratings.
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The re-rating has fundamentals behind it. Q1 revenue grew 30.1% to $2.65 billion, adjusted EPS of $1.17 beat by 15.68%, and Americas organic sales expanded 44%. Adjusted operating margin expanded 430 basis points to 20.8%. The leading indicator is Q4 2025 orders, which grew 252% year over year, pushing backlog to $15 billion at a book-to-bill near 2.9x. Vertiv joined the S&P 500 in March 2026 after picking up investment-grade ratings in February. Full-year adjusted EPS guidance was raised to $6.30 to $6.40, implying 50% to 52% growth at the midpoint.
Risk: valuation and geography. EMEA revenue declined 20.3%, and at 52x forward earnings with a beta of 2.03, any hiccup in the AI CapEx cycle would land squarely on this multiple. Shares already slipped 3.96% in the past week.
Caterpillar (CAT): The Scale Play With a Backup Power Kicker Caterpillar is the biggest of the three, at $438 billion in market cap, and its data center exposure runs through large reciprocating engines and turbines used for prime and backup power. Shares traded around $917.58 on July 15, up 53.34% year to date and 126.76% over the past 12 months. Forward earnings comes in at 39x, with an analyst target of $962.49 and a more mixed rating split: 15 Buy or Strong Buy ratings, 11 Hold ratings and two Sell ratings.
Q1 EPS of $5.54 topped the $4.64 consensus by 19.3% on revenue of $17.415 billion, up 22.2%. Power Generation, the product line closest to AI infrastructure, grew 41% to $2.817 billion. Momentum has been building for four straight quarters: +28% in Q2 2025, +31% in Q3, +44% in Q4, and +41% in Q1 2026. CEO Joe Creed pointed to “a record backlog” as the foundation for continued momentum. Capital returns underline the scale: $5.0 billion in buybacks and roughly $0.7 billion in dividends in the quarter, with a yield near 0.64%.
Risk: tariffs and cyclicality. Resource Industries segment profit fell 39% on tariff-driven manufacturing costs, and Caterpillar’s construction and mining exposure remains cyclical if dealer inventory builds outrun end-user demand.
Investors get three distinct expressions of the same trade here: Eaton for compounding execution and M&A optionality, Vertiv for the highest earnings growth rate at the highest multiple, and Caterpillar for scale, capital returns, and a Power Generation line that keeps re-accelerating. Second-quarter reports across the group will be the near-term catalyst worth watching.
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Kennedy Wilson zahájila soukromou nabídku dodatečných seniorních dluhopisů za 200 milionů USD se splatností v letech 2031 a 2033. Výnosy použije na splacení části dluhu z revolvingového úvěru.
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Kennedy-Wilson, Inc. (the “Issuer”), a wholly-owned subsidiary of global real estate investment company Kennedy-Wilson Holdings, Inc. (the “Company” or “Kennedy Wilson”), today announced that it has commenced a private offering (the “Offering”) of $200 million aggregate principal amount of additional 7.250% senior notes due 2033 and/or additional 7.000% senior notes due 2031 (as applicable, the “Additional Notes”) pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”).
On May 29, 2026, the Issuer issued an aggregate principal amount of $700 million of 7.250% senior notes due 2033 and $1.1 billion of 7.000% senior notes due 2031 (as applicable, the “Existing Notes”). The Additional Notes and the Existing Notes will be treated as the same series for all purposes under the indenture that governs the Existing Notes, and that will govern the Additional Notes. The Additional Notes will have the same terms, other than issue date and initial price, as the Existing Notes.
The Existing Notes are, and on the issue date of the Additional Notes, the Additional Notes will be, fully and unconditionally guaranteed on an unsecured basis by the Company and certain subsidiaries of the Issuer. The guarantees will rank equally in right of payment with all existing and future senior indebtedness of the guarantors and senior in right of payment to all existing and future subordinated indebtedness of the guarantors. There can be no assurance that the Offering will be completed.
The Issuer intends to use the net proceeds from the sale of the Additional Notes to repay a portion of the indebtedness outstanding under the unsecured revolving credit facility.
This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities. The Additional Notes and the guarantees will be offered only to persons reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the Securities Act) and to certain persons outside the United States pursuant to Regulation S under the Securities Act. The Additional Notes have not been and will not be registered under the Securities Act or under any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act, and, accordingly, are subject to significant restrictions on transfer and resale.
About Kennedy Wilson
Kennedy Wilson is a leading real estate investment company with $36 billion of assets under management in high growth markets across the United States, the UK and Ireland. Drawing on decades of experience, its relationship-oriented team excels at identifying opportunities and building value through market cycles, closing more than $60 billion in total transactions across the property spectrum since 2009. Kennedy Wilson owns, operates, and builds real estate within its high-quality, core real estate portfolio and through its investment management platform, where the company targets opportunistic equity and debt investments alongside partners.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Issuer’s financing plans, including statements related to the Offering of the Additional Notes and the intended use of net proceeds of the Offering. These forward-looking statements are necessarily estimates reflecting the judgment of the Company’s senior management based on the Company’s current estimates, expectations, forecasts and projections and include comments that express the Company’s current opinions about trends and factors that may impact future results. Disclosures that use words such as “believe,” “may,” “anticipate,” “estimate,” “intend,” “could,” “plan,” “expect,” “project” or the negative of these, as well as similar expressions, are intended to identify forward-looking statements. Forward-looking statements involve significant known and unknown risks and uncertainties that may cause the Company’s actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. There can be no assurance that the Offering of the Additional Notes will be completed, and there are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein as a result of various factors, including, without limitation, risks related to whether the Issuer will consummate the offering of the Additional Notes on the expected terms, or at all, market and other general economic conditions, whether the Issuer and the guarantors will be able to satisfy the conditions required to close any sale of the Additional Notes, the ability of the Issuer to use the proceeds from any sale of the Additional Notes as currently intended and other risks that could affect the Company’s business, financial condition or results of operations. Forward-looking statements are not guarantees of future performance, rely on a number of assumptions concerning future events, many of which are outside of the Company’s control, and involve known and unknown risks and uncertainties that could cause the Company’s actual results, performance or achievement, or industry results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties may include the risks and uncertainties described elsewhere in this press release, in other filings with the Securities and Exchange Commission (the “SEC”) and in the offering memorandum for the Additional Notes. Any such forward-looking statements, whether made in this press release or elsewhere, should be considered in the context of the various disclosures made by the Company about its business including, without limitation, the risk factors discussed in the Company’s filings with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. Except as required by applicable law, neither the Issuer nor the Company undertakes any obligation to update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Apollo Global Management bylo vyřazeno z Russell 1000 Growth a přesunuto do Russell 1000 Value, což po rebalancování stlačilo akcie asi o 15 % v posledních týdnech. Firma zároveň uvedla, že po podání u SEC z 22. června omezila odkupy na 5 %.
Apollo Global Management's (APO +1.58%) stock price is down about 15% in recent weeks. The decline is mainly tied to the annual reconstitution of the Russell indexes. Apollo, an alternative asset manager, was removed from the Russell 1000 Growth Index following the latest reconstitution, which took effect on June 26.
In the algorithms that Russell uses to reconstitute its various indexes, Apollo no longer exhibited the traits of a growth stock. Instead, it was deemed a value stock and was moved into the Russell 1000 Value Index.
Right after the rebalancing took effect, Apolloʻs stock price dropped sharply and is now trading at roughly $120 per share, off 18% year to date. But is this an opportunity to buy low on this growth-turned-value stock?
Image source: Getty Images.
Growth to value A big reason Apollo stock dropped is that it got kicked out of two massive growth exchange-traded funds (ETFs) -- the $127 billion iShares Russell 1000 Growth ETF (IWF +0.28%) and the $44 billion Vanguard Russell 1000 Growth ETF (VONG +0.26%). Losing invested capital from these sizeable funds, literally overnight, can leave a big dent in the stock price.
It did get added to two value ETFs -- the $81 billion iShares Russell 1000 Value ETF (IWD +0.37%) and the $20 billion Vanguard Russell 1000 Value ETF (VONV +0.47%). But combined, these two ETFs have almost $75 billion less in assets to invest than the two growth ETFs.
That aside, Apollo Global still has strong fundamentals, and this rebalancing could present an excellent buying opportunity.
Showtime for Apollo? Apollo stock looks like a good buy right now, with some momentum following a strong first quarter. As an alternative asset manager, it invests in private equity, private debt, and other alternative investments. These assets tend to have a low correlation to stocks, often performing well when stocks don't -- like they did in the first quarter.
Today's Change
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In Q1, Apollo had record fee-related income of $728 million, up 30% year over year, while adjusted net income rose 8% to $1.2 billion. Wall Street analysts project 21% revenue growth in 2026 and 14% growth in 2027. Earnings are expected to rise 6% this year and another 20% in 2027.
One concern that contributed to the sell-off was a June 22 Securities and Exchange Commission (SEC) filing that said Apollo was capping redemptions at 5%. This was most likely due to high redemption requests to its flagship fund, Apollo Debt Solutions, totalling 16.8% of the fund. This was sparked by heightened concerns among investors about problems in the private credit market. It's the second quarter in a row that they've put redemption caps in place. While private credit has been resilient, it is something to watch.
Apollo is a good value on a forward earnings basis Apollo's price-to-earnings (P/E) ratio is high, but that's because it took GAAP (generally accepted accounting principles) losses last quarter due to a high one-time offshore tax-related expense. But on a forward earnings basis, it is relatively cheap, trading at 13 times forward earnings.
Some 73% of Wall Street analysts rate it as a buy, with a median price target of $150 per share. That would suggest 25% upside.
I think reconstitution will benefit investors, as they can now get this value stock at a discount.
Bath & Body Works vstoupila do Brazílie otevřením první prodejny v Morumbi Shopping v São Paulu a spuštěním lokálního e-shopu. Firma tím rozšiřuje mezinárodní působení, které už zahrnuje více než 550 mezinárodních lokalit ve více než 45 zemích.
COLUMBUS, Ohio, July 16, 2026 (GLOBE NEWSWIRE) -- Bath & Body Works, a global leader in personal care and home fragrance, today announced its entry into Brazil with the debut of its first store and digital destination, bathandbodyworks.com.br. This entry strengthens Bath & Body Works' global footprint as the brand expands its reach into prime international markets where consumer demand for fragrance and self-care is strong and growing.
Now open at Morumbi Shopping—one of São Paulo’s premier retail destinations—Bath & Body Works’ first store in Brazil brings the brand’s market-leading fragrance expertise to new consumers with an assortment of iconic and beloved scents across body care and home.
Brazil is recognized as one of the world’s largest beauty markets where demand for accessible, high-quality fragrance is growing. Brazilian consumers see fragrance as an essential part of their daily self-care routine, often layering multiple scents to create a more personalized experience. As a global fragrance leader with a wide portfolio of accessible, high-quality scents, Bath & Body Works is well positioned to meet this consumer demand.
"The best opportunities are where consumers already love the category,” said Daniel Heaf, Bath & Body Works chief executive officer. “Brazil is one of the largest and most passionate fragrance markets in the world, making it a natural place for Bath & Body Works. We're excited to bring our fragrances to more consumers and become part of how they express themselves every day.”
Brazilian consumers can shop a wide assortment of Bath & Body Works’ perfumer-crafted, fan-favorite collections. These include Champagne Toast, A Thousand Wishes, In the Stars, Into the Night, Gingham and Warm Vanilla Sugar across body care and home fragrance, including fine fragrance mist, body cream, lotion, eau de parfum, body wash, hand soap, 3-wick candles and more.
In addition to best-sellers and brand icons, Bath & Body Works localizes its assortments through a strong franchise partner model. By tapping into partners’ deep regional consumer expertise, the brand can refine its approach and curate product offerings that resonate with fragrance preferences across global markets.
In Brazil where demand for fruity and tropical scents is strong, the product assortment was tailored to meet these specific preferences. Consumers can explore fragrances like Waikiki Beach Coconut, Pink Pineapple Sunrise, Mango Papaya Paradise, Rainforest Falls and Sea Salt Coast.
The Viva collection, which first debuted in U.S. stores, is also represented in this assortment. It was developed alongside world-class perfumers and features fragrances inspired by Brazil’s vibrant culture, energetic spirit and breathtaking scenery.
This collection includes:
Viva Brazil, a bright, juicy blend of fresh guava, maracuja zest and coconut water. Available in body care, 3-wick and single wick candles, diffusers and hand soap. Dreaming of Rio, an evocative escape featuring golden banana, gardenia petals and sunlit cedarwood. Available in body care.Warm Summer Evening, warm florals, calming amber and velvety sandalwood. Available in 3-wick and single wick candles and hand soap.Banana Cream Latte, a playful gourmand scent with whipped banana, smooth espresso and sweet cream. Available in a 3-wick candle. International growth remains a key pillar of the brand’s strategy to place Bath & Body Works in new environments that strengthen discovery, drive awareness and attract new consumers, creating new pathways into the brand.
Today, Bath & Body Works has more than 550 international locations spanning six continents and over 45 countries.
Driven by strong global demand, Bath & Body Works continues to accelerate international growth, expanding its store footprint and reach to consumers worldwide.
ABOUT BATH & BODY WORKS
Bath & Body Works is a global leader in personal care and home fragrance, driven by the belief that everybody deserves to feel good.
The brand’s beloved and iconic scents are expertly crafted for exceptional performance and a luxury fragrance experience. Formulated with thoughtfully chosen ingredients, Bath & Body Works’ body care products are available in multiple forms including fine fragrance mist, body cream, lotion, eau de parfum, body wash, hand soap, sanitizer and more. The brand’s famous 3-wick candles are made with rich, high-quality fragrance oils layered throughout a premium soy wax base, for up to 45 hours of room-filling fragrance.
Consumers can shop Bath & Body Works anytime and anywhere they choose, from welcoming, in-store experiences at more than 1,900 stores in the U.S. and Canada, 550-plus international locations and select Ulta Beauty stores. Online, consumers can visit bathandbodyworks.com, Amazon and Ulta.com.
NEW YORK, July 16, 2026 (GLOBE NEWSWIRE) -- Marex Group Limited (NASDAQ: MRX), the diversified financial services platform, today announced that clients will be able to utilize USDC, a regulated1, fully reserved dollar-denominated stablecoin issued by Circle, serving as the digital collateral asset in this workflow, as initial margin (IM) collateral. This initiative is enabled in collaboration with Coinbase, and will assist clients in deploying their digital asset portfolios more effectively while tapping into the benefits of blockchain-native transfer rails. Coinbase provides the underlying infrastructure supporting custody, on/off-ramps, and reporting required for this capability.
“The future of finance is unfolding before our eyes,” said Stephen Hood, Head of Clearing, Americas at Marex. “With regulatory clarity helping to shape the future of USDC and other stablecoins, the speed and accessibility of blockchain technology is transforming clearing globally. For clients actively trading digital assets, the ability to use USDC as good segregated collateral will enhance capital efficiencies and set the stage for a new wave of innovation.”
The launch of this service follows the issuance of a no-action letter from the Commodities Futures Trading Commission (CFTC) in December 2025, on the use of digital assets as collateral. The letter effectively permits Futures Commission Merchants (FCMs) to accept non-securities digital assets, including USDC, Bitcoin and Ethereum, as customer margin collateral for CFTC-regulated derivatives and to treat them in certain risk calculations, subject to strict conditions. Coinbase supports Marex’s implementation through NYDFS-qualified custody, 1:1 instant fiat-to-USDC conversion, and bespoke reporting infrastructure aligned with CME requirements.
The integration of USDC marks a significant step toward modernizing global derivatives market infrastructure. In today’s markets, risk moves in response to global events as they unfold, yet collateral relies on traditional banking rails constrained by operating hours and multi-day settlement. The ability to post USDC as initial margin empowers Marex clients to manage risk in near real time, moving collateral 24/7 at internet-speed to keep pace with always-on markets. Over time, as the use of tokenized collateral becomes more prevalent, its real-time mobility and transparency can help drive down risks across the system.
“USDC, when integrated into institutional trading and clearing workflows, enables initial margin to move at internet speed, unlocking new levels of efficiency and programmability in collateral management all while meeting the rigorous standards institutional markets demand,” said Claire Ching, VP of Global Capital Markets at Circle. “By supporting USDC as IM collateral, Marex is equipping institutional trading clients to operate seamlessly in a 24/7 global market environment.”
“Stablecoin collateral is moving from concept to production. Coinbase is providing the institutional infrastructure underneath: NYDFS-qualified custody, instant fiat-to-USDC conversion, and reporting built to meet clearing-grade requirements. The same infrastructure that safeguards assets for the majority of US spot crypto ETFs is now powering collateral workflows in regulated derivatives clearing. We expect this model to extend across more clearinghouses and margin workflows as the market moves toward always-on collateral,” said Liz Martin, Coinbase VP of Markets and Head of Derivatives.
Joe Balcarcel, Chief Administrative Officer, said: “Prime Trading, LLC is excited to partner with Marex on this innovative initiative and support the continued evolution of digital asset infrastructure within traditional derivatives markets. We believe this represents an important step forward for the trading industry, as blockchain-based collateral solutions have the potential to enhance capital efficiency, improve the speed and flexibility of collateral management, and provide the ability to respond to significant market events and trading opportunities beyond traditional banking hours.”
Ram Vittal, Chief Executive Officer, Marex Americas, said: “We’re proud to be at the forefront of the convergence of digital assets and traditional finance to enhance market access and responsibly reshape the financial ecosystem for clients and future generations.”
For its first transaction, Marex accepted USDC as IM collateral from Prime Trading, with Coinbase’s supporting custody, settlement, and reporting infrastructure, and delivered cash to fund positions.
Marex is a leader in digital assets innovation and regulated crypto markets. In addition to being a large clearer of crypto derivatives on CME, Cboe, SGX, Coinbase Derivatives Exchange, and Bitnomial, Recently, Marex was a day one clearer for the launch of SGX Crypto Perpetual Futures, cleared the first-ever Bitcoin Friday Futures block trade and the first-ever Bitcoin Friday Futures options trade on CME.
About Marex:
Marex Group Limited (NASDAQ: MRX) provides market access, infrastructure services and essential liquidity to clients across global commodity and financial markets. The Group provides comprehensive breadth and depth of coverage across four services: Clearing, Agency and Execution, Market Making and Hedging and Investment Solutions. It has a leading franchise in many major metals, energy and agricultural products, with access to more than 60 exchanges. Marex has over 3,400 active clients, including some of the largest commodity producers, consumers and traders, banks, hedge funds and asset managers. With more than 50 offices worldwide, the Group has over 3000 employees across Europe, Asia and the Americas. For more information visit www.marex.com.
About Circle Internet Group, Inc.
Circle (NYSE: CRCL) is one of the world’s leading internet financial platform companies, building the foundation of a more open, global economy through programmable blockchain infrastructure, digital assets, and payment applications. Circle’s platform includes the world’s largest stablecoin network anchored by USDC, Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain designed to become the Economic OS for the internet. Enterprises, financial institutions, and developers use Circle to power trusted, internet-scale financial innovation.
About Coinbase
Crypto creates economic freedom by ensuring that people can participate fairly in the economy, and Coinbase (NASDAQ: COIN) is on a mission to increase economic freedom for more than 1 billion people. We’re updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. We also provide critical infrastructure for onchain activity and support builders who share our vision that onchain is the new online. And together with the crypto community, we advocate for responsible rules to make the benefits of crypto available around the world.
About Prime Trading LLC
Prime Trading LLC is a Chicago-based proprietary trading firm specializing in futures, options, equities, and digital assets across global markets. The firm combines experienced discretionary traders with systematic and quantitative trading strategies, supported by dedicated teams in operations, technology, and risk management. Prime maintains memberships and market access across major global derivatives exchanges through longstanding clearing and execution relationships, enabling it to trade a diverse range of asset classes worldwide. Through continued investment in technology and its traders, the firm remains focused on innovation, disciplined risk management, and long-term growth.
Garmin představil G2000 PRIME, prémiový integrovaný letový systém pro vysoce výkonná pístová a elektrická letadla. Nabízí dotykové displeje, pokročilou konektivitu a bezpečnostní funkce včetně Autoland.
G2000 PRIME brings turbine-class avionics technology to high-performance piston and electric aircraft
, /PRNewswire/ -- Garmin (NYSE: GRMN) today introduced G2000® PRIME, its new premium integrated flight deck for high-performance Class I/II piston and electric aircraft. Leveraging innovations debuted in the G3000 PRIME flight deck, G2000 PRIME refines the flight deck experience for another class of aircraft with sleek, intuitive, all-touchscreen displays. State-of-the-art user interface design and advanced connectivity enable G2000 PRIME to leverage cutting-edge technologies that can enhance safety potential and efficiency while minimizing pilot workload in every phase of flight.
Garmin unveils G2000 PRIME Integrated Flight Deck "The response to our PRIME flight decks has been incredibly enthusiastic, and we're excited to bring this next-generation technology to high-performance light general aviation aircraft with G2000 PRIME. As pilots and aircraft manufacturers continue to seek more intuitive, capable and connected avionics, G2000 PRIME delivers on that demand with a premium flight deck experience designed to help simplify operations, enhance situational awareness and support advanced safety-enhancing technologies. It represents an important step forward in bringing Garmin's most advanced integrated flight deck innovations to more aircraft and more pilots."
–Phil Straub, Garmin Executive Vice President and Managing Director, Aviation
Stunning edge-to-edge glass flight displays
G2000 PRIME features expansive 14-inch touchscreen primary display units (PDU) with edge-to-edge, sunlight-readable, fingerprint-resistant glass, redefining expectations in cockpit aesthetics and functionality. The vibrant displays include multiple performance enhancements such as quadruple the memory and gigabit system connectivity that is up to 100 times faster than earlier systems. New, faster multi-core processors more than double the processing power – leveraging Garmin's experience certifying multi-core technology for civil and military aviation markets as early as 2017. Additionally, higher display refresh rates provide crisp, smooth animations and an impressively responsive and fluid experience.
The secondary display units (SDU) provide data entry and system control, with the added capability to display multi-function applications. The high-resolution, 7-inch SDUs boast a 40% increase in screen area over prior Garmin touch controllers. Additionally, in certain aircraft applications, the SDUs can double as an integrated standby flight instrument display, removing the need for a dedicated standby flight instrument in the panel.
G2000 PRIME's new advanced multi-touch touchscreen interface, capable of recognizing up to 10 touchscreen inputs at once, allows both pilot and copilot to interact with the same display simultaneously. The enhanced multi-touch technology also enables on-screen hand stabilization, allowing pilots to give precise touchscreen inputs while simultaneously resting their fingers on the display.
Modern & intuitive new user interface
G2000 PRIME boasts a modern, yet familiar user interface, blending Garmin's rich experience in avionics design with a sleek, contemporary look and feel. Enhanced fonts and iconography ensure clarity and familiarity, while smartly organized and shallow application menus provide quick access to critical functions.
Primary Flight Windows (PFW) and Multi-Function Windows (MFW) maximize situational awareness with full-screen or split-screen options. New quick access bars allow pilots to open common apps such as maps, traffic, weather and charts with one touch. While viewing maps, pilots can touch anywhere to open a radial menu with options for accessing additional airport, weather, or airspace information, or quickly adjusting a flight plan via graphical editing. Interactive engine and electrical indications allow pilots to quickly open systems controls and information such as cabin environmental controls, synoptics and more.
To further ease information management, the Window Manager feature allows pilots to configure app display, window sizing, and more across the entire flight deck from one SDU. The Window Manager also provides multiple preset options that can configure all displays with one command, eliminating the need for operators to manually configure each window for various phases of flight.
Advanced flight tools
G2000 PRIME provides enhanced flight management system (FMS) tools like the Modified Flight Plan, which allows pilots to use both the PDU and SDUs to provide a side-by-side graphical preview of flight plan changes, including performance calculation comparisons or what-if scenarios. During initialization, pilots can also elect to set up an Emergency Return function, which simplifies pilot responses to in-flight emergencies shortly after takeoff. Recently introduced to Garmin integrated flight decks,
Taxiway Routing has been further improved to provide automated route guidance on the 2D navigational maps and 3D Synthetic Vision Technology (SVT™) depictions.
G2000 PRIME provides advanced automation with smart checklists that are linked to crew alerting system (CAS) messages. When pilots receive a CAS message that is associated with a checklist, pilots may simply tap the message to open the appropriate checklist with a single touch. The checklists can also now sense indications and show within the checklist that the item is in the correct position, value or configuration – or provide pilots with the option to quickly view detailed synoptics. Integration with Garmin-designed Electronic Power Distribution Systems replaces traditional switches with intuitive electronic circuit breakers, providing enhanced automation and ensuring a streamlined and modern cockpit experience.
Unmatched safety-enhancing innovations
G2000 PRIME features a wide array of industry-leading advanced safety-enhancing technologies available only from Garmin, including Autonomí, Garmin's family of autonomous safety-enhancing technologies. Collier Trophy recipient, Garmin Autoland, can take complete control of the flight to land the aircraft in an emergency situation where the pilot is unable to do so1. Additional safety tools such as Smart Glide™, Smart Rudder Bias, Electronic Stability Protection (ESP™), Emergency Descent Mode (EDM) and Garmin Autothrottle further ensure confidence in every flight.
Garmin's terminal safety solutions add even more capabilities to G2000 PRIME-equipped aircraft. Award-winning Runway Occupancy Awareness (ROA) technology analyzes GPS and ADS-B traffic information relevant to the airport's runways and taxiways to assess and alert the flight crew of a possible runway incursion or collision. ROA builds upon Garmin's other terminal safety solutions including 3D SafeTaxi® and Garmin SurfaceWatch™.
Seamless connectivity and integration
Stay fully connected while flying behind G2000 PRIME using a variety of supported connectivity options such as Connext Satellite Services, LTE, SiriusXM, Wi-Fi, Bluetooth® and more. Garmin's PlaneSync™ connected aircraft management system automatically updates databases2, logs flight and engine data and allows aircraft owners and operators to remotely check fuel and systems status via the Garmin Pilot™ app3. Automated cockpit functions such as flight plan uploads over PlaneSync ensure pilots have access to real-time data, enhancing their operational efficiency and decision-making.
Initial aircraft delivering with G2000 PRIME will be announced by aircraft manufacturers. To learn more, visit Garmin.com/G2000PRIME.
Garmin products and services have revolutionized flight and become essential to the lives of pilots and aircraft owners and operators around the world. A leading provider of solutions to general aviation, business aviation, rotorcraft, advanced air mobility, government and defense, and commercial air carrier customers, Garmin believes every day is an opportunity to innovate. Recipient of the prestigious Robert J. Collier Trophy for Garmin Autoland, Garmin developed the world's first certified autonomous system that activates during an emergency to control and land an aircraft without human intervention. Visit the Garmin Newsroom, email our media team, connect with @garminaviation on social, or follow our blog.
1 See Garmin.com/ALuse for Autoland system requirements and limitations.
2 Active PlaneSync and database subscriptions required for automatic database updates. Active PlaneSync subscription plan required for flight log uploading. Features are available on-ground only and requires GDL 60 to have active LTE or Wi-Fi connectivity; signal strength and other factors may apply. See Garmin.com/PlaneSyncCoverage for LTE coverage details.
3 Remote aircraft status requires active PlaneSync subscription. User's smart device must have internet connectivity. Feature is available on-ground only and requires GDL 60 to have LTE connectivity; signal strength and other factors may apply. See Garmin.com/PlaneSyncCoverage for coverage details.
About Garmin International, Inc. Garmin International, Inc. is a subsidiary of Garmin Ltd. (NYSE: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin, G2000 and SafeTaxi are registered trademarks and SVT, Smart Glide, ESP, SurfaceWatch, PlaneSync and Garmin Pilot are trademarks of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.
Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management's current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 27, 2025, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). Copies of such Form 10-K are available at https://www.garmin.com/en-US/investors/sec/. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made, and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
MEDIA CONTACT:
Mikayla Rudolph
913-397-8200
[email protected]
AIRO oznámila dokončení velké dodávky dronů RQ-35 Heidrun globálnímu obrannému zákazníkovi ve 2. čtvrtletí 2026. Firma tím ukázala schopnost škálovat výrobu autonomních systémů.
MCLEAN, Va.--(BUSINESS WIRE)--AIRO Group Holdings, Inc. (Nasdaq: AIRO), a next-generation aerospace and defense company, today announced the successful delivery of a major unmanned aircraft systems (UAS) order to a global defense customer. Completed during the second quarter of 2026, the delivery highlights the continued expansion of AIRO’s autonomous systems business.
“Because we build the sensor, the autonomy and the airframe in-house, we control quality, cost and delivery in a way competitors relying on outside suppliers cannot.” - Joe Burns, CEO of AIRO
ShareThe delivery marks another milestone in AIRO’s strategy to expand its portfolio of proprietary technologies, increase the value delivered on each platform, and strengthen its ability to scale production for allied defense customers. Importantly, this significant delivery demonstrates AIRO’s ability to respond rapidly to large-volume customer demand, leveraging the strength of its SkyWatch brand’s supply chain, manufacturing capabilities, and operational execution.
The RQ-35 Heidrun is a battle-proven, fixed-wing UAS that gives soldiers and decision-makers real-time intelligence, surveillance and reconnaissance capabilities. Its onboard mission-centric AI supports detection, recognition and identification, along with customer-specific edge applications.
“Getting proven systems into operators’ hands quickly is what matters most in today’s environment, and this delivery reflects our ability to do exactly that at scale,” said AIRO Executive Chairman Dr. Chirinjeev Kathuria. “As demand for unmanned ISR accelerates across allied forces, our focus is on being the partner that delivers reliable capability when and where it is needed.”
Continuously refined through battlefield feedback and validated in Ukraine, the RQ-35 Heidrun offers up to three hours of endurance, a 50 km operational range, onboard AI processing, electronic warfare-resilient navigation support and a low visual and acoustic profile. The platform is designed for time-sensitive ISTAR, target observation, route reconnaissance and terrain awareness missions.
“This delivery underscores AIRO’s strategy to build and scale advanced unmanned systems that meet the urgent needs of allied defense and security customers,” said Joe Burns, Chief Executive Officer of AIRO. “Because we build the sensor, the autonomy and the airframe in-house, we control quality, cost and delivery in a way competitors relying on outside suppliers cannot. That vertical integration is what let us convert this order into a fielded capability on schedule, and it is how we intend to keep executing against our backlog.”
This major RQ-35 drone delivery demonstrates the continued scaling of AIRO’s unmanned systems production and the growing role of its platforms in allied defense and security operations. The Company remains focused on expanding production capacity, increasing the amount of proprietary technology across its platform, and delivering mission-critical systems that support future growth opportunities across U.S., NATO, and allied markets.
About AIRO Group Holdings, Inc.
AIRO Group Holdings is a next-generation aerospace and defense platform driving innovation across defense and commercial markets. Headquartered in McLean, Va., with operations in the U.S., Canada and Denmark, AIRO combines global reach with deep technical expertise. Through a vertically integrated model, AIRO delivers mission-critical solutions centered on drone platforms, advanced avionics, integrated training capabilities and embedded autonomy.
Forward looking statements
The statements contained in this press release that are not historical facts are forward-looking statements. You can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “plans,” “estimates,” or “anticipates,” or similar expressions which concern our strategy, plans, projections or intentions. These forward-looking statements may be included throughout this press release and include, but are not limited to, the expected timing of full-scale production of the RQ-35; AIRO's ability to leverage its existing manufacturing infrastructure and supply chain capabilities; the development, testing, scaling, production, deployment, performance and capabilities of the RQ-35; customer interest in, demand for, market acceptance of and deployment opportunities for the RQ-35 and AIRO's other drone platforms; AIRO’s ability to compete across a broader set of mission requirements and grow its global defense platform; AIRO’s ability to execute its strategic initiatives across U.S., NATO, and allied markets; and other statements that are not historical fact. By their nature, forward-looking statements are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify, including those described in the section titled “Risk Factors” in AIRO’s most recent Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (“SEC”), as well as other filings AIRO may make with the SEC in the future. Forward-looking statements represent AIRO’s management’s beliefs and assumptions only as of the date such statements are made. AIRO undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
AMD klesá už druhou seanci po sobě, i když analytici dál zvyšují cílové ceny. Investory znepokojuje vysoké ocenění a zpomalující AI rally v polovodičích. Akcie za dvě seance odepsaly zhruba 6 %.
Advanced Micro Devices stock (NASDAQ: AMD) was heading for a second straight decline on Thursday despite bullish Wall Street research.
AMD fell about 3.2% to $513 in premarket trading after dropping 3.5% on Wednesday, putting the stock on course for a two-session fall of about 6%.
The weakness reflected a wider retreat from semiconductor stocks and concern that AMD’s elevated valuation leaves little room for delays in its ambitious AI roadmap.
The Philadelphia Semiconductor Index fell 2.6% on Wednesday and ended about 16.5% below its June 22 high.
The Roundhill Memory ETF dropped roughly 7%, extending its decline from the recent peak to around 30%.
Those moves suggest investors are reducing exposure across the AI-hardware trade rather than responding only to AMD.
TSMC’s decision to raise capital spending after record earnings also revived questions about whether the industry is building capacity faster than customers can eventually monetise it.
Semiconductor shares delivered enormous gains in 2026 as chip shortages, rising prices and artificial-intelligence investment drove earnings forecasts higher.
That success has made the group vulnerable whenever investors question how long that growth can continue.
As per market data, the semiconductor index remained sharply higher for the year even after its July correction, while short interest and exchange-traded fund outflows had risen.
Alexander Lis, chief investment officer at SD Ventures, cautioned that target increases may partly reflect share-price momentum rather than guarantee future returns.
Rosenblatt Securities analyst Kevin Cassidy raised his AMD target to $665 from $490 and retained a Buy rating.
“We recommend owning AMD shares into the earnings report,” Cassidy said, according to TipRanks, citing EPYC server strength and AMD’s advantage following delays to Intel’s Diamond Rapids product.
UBS analyst Timothy Arcuri lifted his target to $700 from $670 and kept a Buy rating.
In a note reported, Arcuri said AMD’s July 22-23 AI event should highlight durable CPU and GPU roadmaps, possible partnerships and a broader data-centre market, while supply-chain checks remained supportive.
KeyBanc analyst John Vinh made the most aggressive call, raising his target to $725 from $530.
Vinh expects AMD’s AI GPU revenue to rise from $16.8 billion in 2026 to $48.5 billion in 2027 as additional server-processor capacity and the MI455 and Helios ramps support growth.
William Blair analyst Sebastien Naji provides the clearest explanation for the sell-off.
He initiated coverage at Market Perform, warning that AMD’s rally had left the shares “priced at a premium to peers with little room for error.”
Naji estimated AMD was trading at 33 times 2027 earnings.
He also questioned how long server-CPU share gains can continue as Arm-based processors, Qualcomm, Nvidia and a recovering Intel increase competition.
In accelerators, AMD must still prove it can take durable share from Nvidia while hyperscalers develop their own chips.
Performance remains strong as first-quarter revenue rose 38% to $10.3 billion, while Data Center revenue jumped 57% to $5.8 billion.
AMD guided for second-quarter revenue of approximately $11.2 billion.
The concern is therefore not weak demand today, but how much success the valuation already assumes.
Nvidia představila nový model Cosmos 3 Edge pro roboty a vision AI agenty a rozšiřuje tak své působení v japonské fyzické AI. Firma zároveň buduje koalici s Fujitsu, Hitachi a Kawasaki Heavy Industries.
Nvidia unveiled a new AI model for robots and vision AI agents on Wednesday, deepening its push into the physical AI market in Japan.
The company's new model, Cosmos 3 Edge, is a so-called world model, designed to help systems perceive and navigate physical environments in real time. Cosmos 3 edge is a World models are systems that can learn from a wider range of inputs compared to large language models (LLMs). The rollout follows the launch of Cosmos 3 in May.
The regional expansion takes center stage during CEO Jensen Huang's two-day visit to Japan, where the Silicon Valley chip giant is expanding its physical AI footprint by forming a coalition that local industrial giants, including Fujitsu, Hitachi, and Kawasaki Heavy Industries, intend to join, according to Nvidia.
"The next frontier of AI is in the physical world, and this is a once-in-a-generation opportunity for Japan," Nvidia CEO Jensen Huang said in a Wednesday statement. "Japan invented modern manufacturing. Now, it has the opportunity to reinvent it for the age of intelligent industries."
The tech giant's partnership with Japanese firms comes just months after Microsoft's $10 billion investment in the country, which aims to build out AI infrastructure and beef up cybersecurity. Japanese investment giant SoftBank has bet heavily on the boom in AI. It's looking to partner with Microsoft and Sakura Internet to develop AI in Japan.
Japan's AI market is expected to reach $27.9 billion by 2029, opening doors for U.S. firms to invest, according to the International Trade Administration. This growth is driven by Tokyo's active push to promote AI adoption across industries, coupled with the eagerness of local firms to forge international partnerships.
Ajay Rajadhyaksha, global chairman of research at Barclays, told CNBC last month that the country holds an advantage in Asia, driven by its diverse AI and clean structural growth stories.
Nvidia's partnership pushNvidia is also aggressively expanding its AI footprint into Japan's healthcare and biotechnology sectors by extending its reach into agentic AI for advanced sciences through new drug discovery and medical robotics initiatives.
When it comes to agentic AI, Nvidia highlighted the ongoing expansion of Tokyo-1, the AI drug discovery consortium operated by Xeureka, a Mitsui subsidiary. The platform, which has steadily grown since its initial announcement in 2023, is powered by the Nvidia BioNeMo Agent Toolkit, a platform for accelerating autonomous AI drug discovery.
Japan's pharmaceutical heavyweights are already scaling their involvement. Major drugmakers, including Astellas Pharma Inc, Daiichi Sankyo, and Ono Pharmaceutical are utilizing Nvidia's specialized biology toolkit to streamline their workflows, the U.S. company said in a blog post.
Beyond biotech, Nvidia said it is making inroads into industrial automation through a partnership with Kawasaki Heavy Industries.
Dryden Gold získala povolení k vrtům v Mud Lake, které jí umožní vrtat nové cíle po loňském programu. Povrchové vzorky v zóně podobné Elora ukázaly 93,00 g/t zlata.
Vancouver, British Columbia--(Newsfile Corp. - July 16, 2026) - Dryden Gold Corp. (TSXV: DRY) (OTCQX: DRYGF) (FSE: X7W) ("Dryden Gold" or the "Company") is pleased to announce that it has received the exploration permit for its Mud Lake target. The permit allows Dryden Gold to drill test extension targets identified through its 2025 drill program and geological mapping. Surface samples collected on a high-grade shear zone similar to Elora, where a significant fold in the mineralized structure occurs, assayed 93.00 g/t gold (Figure 1). This target is north of the previously permitted area and indicates a repetition that demonstrates the potential to extend the known mineralized system providing the foundation for a much larger gold-bearing district (Figure 2). This type of structural periodicity is typical of many high-performing gold camps in Northwest Ontario, including Red Lake.
Trey Wasser, CEO of Dryden Gold stated, "Based on the data and strong geological similarities, our team believes that Mud Lake has the potential to emerge as a significant extension within the Gold Rock Camp. We are increasingly encouraged by the prospect that the Manitou Dinorwic deformation zone ("MDdz") could host multiple gold deposits along strike. Securing this drill permit is an important step toward testing the discovery potential at Mud Lake to prove periodicity, at the deposit scale. With our strong treasury providing a robust 2026 field program, our exploration teams will continue mapping and prospecting at several additional high-priority targets across the Gold Rock Camp."
Recent geological mapping at the Mud Lake target has identified a mineralized structural corridor that shares several key characteristics with Big Master and Elora at Gold Rock. The 2026 mapping program also identified an en-echelon structural trend, where high-grade gold mineralization was discovered, further strengthening the Company's geological interpretation of the target. The approved drill permit also includes the Wamsley target; another high-priority area identified during the 2025 mapping campaign (Figure 2).
At Gold Rock, exploration drilling continues to advance several high-priority targets, including a newly interpreted central mineralized corridor located between the Elora and Big Master systems. A second drill is now operating and is testing the depth extensions of the known high-grade gold zones while the other drill is expanding the structural footprint at Gold Rock. One rig will be deployed to drill Mud Lake in early August.
Figure 1. Detailed map of the Mud Lake target highlighting key 2025 results
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Figure 2. Geology map Gold Rock Camp (left side), detailed map of Gold Rock and
Mud Lake drill targets (right side)
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Qualified Person
The technical disclosure in this news release has been reviewed and approved by Maura Kolb, M.Sc., P. Geo., President of Dryden Gold and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.
Analytical Laboratory and QA/QC Procedures
The Company is drilling NQ size core. Samples are cut in half, with half going to the lab for analysis and half kept as a record. True thickness/widths of the mineralization is unknown, result intervals are reported as the drilled core lengths unless otherwise stated. All sampling completed by Dryden Gold Corp. within its exploration programs is subject to a Company standard of internal quality control and quality assurance (QA/QC) programs which include the insertion of certified reference materials, blank materials, and a level of duplicate analysis. Drill samples from the 2024, 2025 and 2026 programs were sent to Activation Laboratories, with sample preparation and analysis in Dryden, where they were processed for gold analysis by 50-gram fire assay with an atomic absorption finish and over limits determined by Fire Assay with a gravimetric finish. Select samples were analyzed using metallic screens. Activation Laboratories systems conform to requirements of ISO/IEC Standard 17025 guidelines and meets assay requirements outlined for NI 43-101.
ABOUT DRYDEN GOLD CORP.
Dryden Gold is an exploration company focused on the discovery of high-grade gold mineralization listed on the TSX-V ("DRY") and traded on the OTCQX ("DRYGF") and FSE ("X7W"). The Company has a strong management team and Board of Directors comprised of experienced individuals with a track record of building shareholder value through property acquisition and consolidation, exploration success, and mergers and acquisitions. Dryden Gold controls 100% interest in mining claims in a dominant strategic land position in the Dryden District of Northwestern Ontario. The property hosts high-grade gold mineralization over 50km of potential strike length along the Manitou-Dinorwic deformation zone. The property has excellent infrastructure, enjoys collaborative relationships with First Nations communities and benefits from proximity to an experienced mining workforce. Dryden Gold is committed to building respectful, collaborative relationships with Indigenous Nations and communities throughout our area of operations. We recognize the importance of ongoing dialogue, mutual understanding, and meaningful engagement as we advance our exploration activities.
For more information go to our website www.drydengold.com.
Cautionary Note Regarding Forward-Looking Statements
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: receipt of corporate and regulatory approvals, issuance of common shares; future development plans; and the business and operations of Dryden Gold. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable which include the number of metres of drilling the company may complete in 2026 and the timing of certain exploration programs during the coming year. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings including receipt of TSX Venture Exchange approval for the offering; risks related to environmental regulation and liability; the potential for delays in exploration or development activities; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in Dryden Gold's and the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and Dryden Gold and the Company do not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from Dryden Gold's and the Company's expectations or projections.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/305379
Source: Dryden Gold Corp.
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Thunder Gold oznámila na cíli UV v Tower Mountain průnik 45,0 metru s 1,793 g/t Au, včetně 1,5 metru s 44,100 g/t Au. Výsledky potvrzují pokračování mineralizace v hloubce i nové mělké zóny poblíž současné jámy.
Thunder Bay, Ontario--(Newsfile Corp. - July 16, 2026) - Thunder Gold Corp. (TSXV: TGOL) (FSE: Z25) (OTCQB: TGOLF) ("Thunder Gold" or the "Company") is pleased to announce exploration diamond drill results from the UV Target, at the Company's flagship Tower Mountain Property, 40 kilometres west of Thunder Bay, Ontario.
Six (6) holes totaling 2,937 metres targeted the down-dip projection of the main mineralized trend observed in historical diamond drill holes completed from 2002 to 2005. Three (3) holes, TM26-198, 199 and 200 targeted the projected trend 100 to 150 metres below the current bottom of the optimized pit constraining the Company's 2026 Mineral Resource Estimate (the "MRE"). The remaining holes targeted gaps in the MRE where there was insufficient drill data to estimate gold grades.
Key results from the program include:
TM26-204: 142.0 metres averaging 0.668 g/t Au, including 45.0 metres averaging 1.793 g/t Au and 1.5 metres averaging 44.100 g/t Au, within and immediately adjacent to the 2026 MRE optimized pit limit.TM26-200: 238.5 metres averaging 0.259 g/t Au from 361.5 metres to 600.0 metres, consistent with historical results in TM11-63, TM04-13 and TM04-12. TM26-198: 39.0 metres averaging 0.320 g/t Au within 100 metres of surface, in a new mineralized zone immediately adjacent to the current optimized pit limit. TM26-203: 13.5 metres averaging 0.612 g/t Au from 3.0 to 16.5 metres depth in previously un-estimated rock. Full assay results, including hole locations, orientations and section references, are provided in Tables 1 and 2 below.
Drilling has confirmed that the main mineralized trend at UV continues at depth and remains open, with grades and widths consistent with historical drilling and the 2026 MRE. Importantly, multiple new zones of mineralization above the 2026 MRE cut-off grade of 0.19 g/t Au were intersected in areas previously modeled as waste, providing potential to reduce the current 1.8:1 waste-to-ore strip ratio defined within the optimized pit.
Wes Hanson, President and CEO states, "These results materially advance our understanding of the UV Target and reinforce the continuity of gold mineralization below and adjacent to the current pit shell. The step-out holes confirm that the low-grade core at UV continues at depth and remains open, while the shallow holes have identified new zones of near-surface mineralization in areas previously modeled as waste. Together, this work supports our objective of growing and upgrading the Tower Mountain resource, improving the strip ratio and enhancing the overall economics of a potential open-pit operation."
"We are now completing exploration drilling at the Bench Target along the eastern margin of the optimized pit, which will conclude the current phase of drilling focused on un-estimated areas within the 2026 MRE pit shell. We plan to commence resource definition drilling on August 1, targeting conversion of Inferred Resources to Indicated, with completion expected by September 30 and results anticipated by mid-October in advance of an updated MRE, subject to any delays related to extreme forest fire conditions in northwestern Ontario."
Table 1.0 - UV Target Drill Hole Location and Alignment
Figure 1.0 - Diamond Drill Plan, UV Target, February to June 2026
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Section A - A' TM26-198
TM26-198 was designed to test the downward continuation of the high-grade results reported in historical drill holes TM04-09, TM04-24 and TM21-90. The current optimized pit was unable to recover the mineralization associated with TM04-24 (88.5m @ 0.989 g/t Au) and TM21-90 (138.0 m @ 0.313 g/t Au) due to the unfavourable waste : ore strip ratio to access that mineralization. TM26-198 was drilled parallel to the southwestern edge of the optimized pit limit with two objectives:
Evaluate the down-dip continuity of the interpreted sub-vertical low-grade envelope; andEvaluate the potential for "new" mineralization external to the current optimized pit limit.
The UV low-grade mineralization was projected between 400 and 600 metres downhole. TM26-198 intersected a flat lying fault at the predicted upper contact of the low-grade trend and there is a definite increase in the number of individual samples above the targeted cutoff grade of 0.20 g/t Au. However, results are scattered and inconsistent throughout the projected target. The higher grade (1.0 to 10.0 g/t Au) feldspar porphyries, common in the upper drill holes, were absent throughout the target horizon, suggesting that TM26-198 is drilled parallel to the high-grade feldspar porphyry intrusives. From 400 metres onward, silicification ranged from strong to intense and there is a notable decrease in both carbonate-sericite alteration and pyrite, two key factors associated with the MRE gold distribution. Further drilling is necessary to evaluate the northern edge of the UV system.
TM26-198 successfully identified a new mineralized zone immediately adjacent to the current optimized pit limit intersecting 39.0 metres averaging 0.32 g/t Au within 100 metres of surface, immediately under the current optimized pit limit. Further shallow drilling is planned to expand this zone as it has the potential to increase the inferred resource.
Section B - B' TM26-199
TM26-199 was designed to test the downward continuation of the mineralization reported in historical drill holes TM04-03 (262.5 m @ 0.405 g/t Au), TM04-07 (168.0 m @ 0.237 g/t Au) and TM05-49 (243.0 m 2 0.241 g/t Au). TM26-199 was drilled parallel to the southwestern edge of the optimized pit limit with two objectives:
Evaluate the down-dip continuity of the interpreted sub-vertical low-grade envelope; andEvaluate the potential for "new" mineralization external to the current optimized pit limit.
TM26-199 intersected scattered, narrow intervals greater than 0.20 g/t Au from surface to 390 metres depth, parallel to the southwestern edge of the 2026 MRE optimized pit limit.
TM26-199 intersected the projected low-grade core of the UV Target from 390.0 to 598.5 metres, almost exactly as predicted, 100 metres below the 2026 MRE optimized pit limit. Gold grades are consistently above 0.10 g/t Au and average 0.220 g/t across the 208.5 metre interval. These results are consistent with the historical drill results from 2002 through 2005.
Section C - C' TM26-200 and TM26-203
As with holes TM26-198 and 199, TM26-200 was designed to test the downward continuation of the low-grade core UV mineralization, 100 to 150 metres below the 2026 MRE optimized pit limit while also testing areas that were not estimated due to insufficient drill hole density.
TM26-203, a shallow hole, targeted gaps in the 2026 MRE model that were the result of insufficient drill coverage.
TM26-200 intersected 34.5 metres @ 0.282 g/t Au from the bottom of casing at 6.0 metres depth to 40.5 metres depth. The mineralization lies external to the current MRE optimized pit, in an area previously un-estimated due to insufficient drill hole density. From 40.5 metres to 361.5 metres, TM26-200 intersected scattered, narrow intervals above the 0.20 g/t Au. TM26-200 intersected 238.5 metres @ 0.282 g/t Au from 361.5 metres to the end of the hole at 600 metres. The results are consistent with the historical results in holes TM11-63 (231.0 metres @ 0.468 g/t Au), TM04-13 (246.0 metres @ 0.177 g/t Au) and TM04-12 (108.0 metres @ 0.530 g/t Au).
TM26-203 intersected 13.5 metres @ 0.612 g/t Au from the bottom of casing at 3.0 metres to `16.5 metres depth. The remaining 271.5 metres intersected scattered, narrow intervals greater than 0.20 g/t Au in what was previously un-estimated rock due to insufficient data.
Section D - D' TM26-202 and TM26-204
Holes TM26-202 and TM26-204 were drilled as 50-metre step out holes surrounding TM23-143 which reported 109.0 metres averaging 0.317 g/t Au.
TM26-202 intersected 38.0 metres @ 0.207 g/t Au over the final 38 metres of the hole. The mineralization projects vertically under TM23-143 (109.0 metres @ 0.317 g/t Au) and is interpreted to represent the southwestern contact of the low-grade core of the UV Target defined in drill sections A-A', B-B' and C-C').
TM26-204 intersected 142.0 metres @ 0.668 g/t Au including 45.0 metres @ 1.793 g/t Au within and immediately adjacent to the 2026 MRE optimized pit limit. This intersection offers excellent potential to increase the overall inferred resource as the 2026 MRE estimated this area to be waste, due to lack of drill hole coverage. Shallow follow-up drill holes are planned before September to expand this newly identified trend.
Qualified Person
Technical information in this news release has been reviewed and approved by Wes Hanson, P.Geo., President and CEO of Thunder Gold Corp., who is a Qualified Person under the definitions established by NI 43-101.
About the Tower Mountain Gold Property
The 7,625-hectare, 100%-owned Tower Mountain Property is beside the Trans-Canada highway, 40-km west of Thunder Bay, Ontario (pop. 110,000). Gold mineralization occurs in variably brecciated and altered rocks surrounding the calc-alkalic Tower Mountain Intrusive Complex. Drilling to date has established an initial mineral resource of 500,000 ozs (Indicated) with an additional 3,000,000 ozs (Inferred), parallel to the western contact of the intrusion. The remaining 75% of the contact demonstrates similar geology, alteration, and geophysical signatures and is untested by drilling. A second gold trend, identified at surface in 2026, outcrops at surface and is continuously mineralized over a 100-metre width. The gold mineralization occurs within Timiskaming-type conglomerates that can be traced along a southwest trend for over 5.0 kilometres. Both targets offer opportunity to materially increase the total resource through systematic drilling.
About Thunder Gold Corp.
Thunder Gold is advancing the Tower Mountain project in Thunder Bay, Ont. -- an emerging gold system with the scale, consistency and quality to support a long-life, open-pit operation. Results from the disciplined drill programs have consistently reinforced confidence in the continuity and predictability of the discovery while highlighting significant potential for expansion across multiple zones of the Tower Mountain intrusive complex. With industry-leading drilling costs, existing infrastructure and a skilled local work force, Tower Mountain represents a rare combination of size, scalability and cost-effective growth.
At Thunder Gold, our vision is clear: to unlock a discovery that has the potential to become a transformational gold project, delivering long-term value for shareholders while contributing to the future of Canada's mining industry.
For more information about the Company please visit: www.thundergoldcorp.com.
On behalf of the Board of Directors,
Wes Hanson, P.Geo., President and CEO
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation (collectively, "forward-looking statements"). Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. All statements, other than statements of historical fact, are forward-looking statements and are based on predictions, expectations, beliefs, plans, projections, objectives and assumptions made as of the date of this news release, including without limitation: the size of the Offering and other statements concerning the Offering; the anticipated use of proceeds from the Offering; the renunciation to the purchasers of FT Shares and timing thereof; the tax treatment of the FT Shares and the Company's plans regarding exploring its mineral exploration properties; anticipated results of geophysical drilling programs, geological interpretations and potential mineral recovery. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate funding on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to the gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty or reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise any forward-looking statements, other than as required by applicable law, to reflect new information, events or circumstances, or changes in management's estimates, projections or opinions. Actual events or results could differ materially from those anticipated in the forward-looking statements or from the Company's expectations or projections.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/305365
Source: Thunder Gold Corp.
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Moderna oznámila první podání dávky v americké studii fáze 1 mRNA-4200 u pacientů s pokročilými nebo metastatickými solidními nádory. Studie bude hodnotit bezpečnost a snášenlivost v kombinaci s inhibitorem kontrolních bodů.
CAMBRIDGE, MA / ACCESS Newswire / July 16, 2026 / Moderna, Inc. (NASDAQ:MRNA) today announced the dosing of the first U.S. participant in its Phase 1 study evaluating mRNA-4200, a tumor-targeted cancer antigen therapy candidate, in patients with advanced or metastatic solid tumors. mRNA-4200 encodes for seven antigens commonly shared across patients and tumor types and is designed to help induce and expand T-cell responses against selected tumor targets.
"mRNA-4200 represents our third off-the-shelf cancer antigen therapy candidate and builds on our efforts to explore broad applicability across multiple cancer types," said David Berman, M.D., Ph.D., Chief Development Officer of Moderna. "By encoding multiple shared tumor targets, this investigational therapy reflects our ongoing efforts to expand the potential of cancer immunotherapy beyond single-target approaches as we continue working to transform cancer care for patients."
The first dose was administered by Dr. William McKean, Clinical Investigator at START Mountain Region in Salt Lake City, Utah, part of The START Center for Cancer Research, the world's largest community-based early-phase oncology site network.
"The first patient dosed in a study represents far more than an operational milestone--it marks the beginning of evaluating a new therapeutic approach that has the potential to impact patients with advanced cancer," said Dr. McKean. "We are proud to continue our collaboration with Moderna and to support the clinical development of mRNA-4200 by providing patients with early access to promising investigational treatments while generating the clinical evidence needed to advance cancer research."
The Phase 1 trial (ClinicalTrials.gov identifier: NCT06880549) is an open-label, multicenter, dose-escalation study that will evaluate the safety and tolerability of mRNA-4200 administered with checkpoint inhibitor therapy in adult participants with advanced solid tumors.
mRNA-4200 was developed in collaboration with Immatics under the Database Program. mRNA-4200 incorporates targets identified using Immatics' XPRESIDENT® target discovery and validation platform and its bioinformatics and AI platform XCUBE®.
About Moderna
Moderna is a pioneer and leader in the field of mRNA medicine. Through the advancement of its technology platform, Moderna is reimagining how medicines are made to transform how we treat and prevent diseases. Since its founding, Moderna's mRNA platform has enabled the development of vaccines and therapeutics across infectious diseases, cancer, rare diseases and more.
With a global team and a unique culture, driven by the company's values and mindsets, Moderna's mission is to deliver the greatest possible impact to people through mRNA medicines. For more information about Moderna, please visit modernatx.com and connect with us on X, Facebook, Instagram, YouTube and LinkedIn.
Moderna Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: the ability for mRNA-4200 to help induce and expand T-cell responses against selected tumor targets; and the potential of Moderna's mRNA platform in oncology. In some cases, forward-looking statements can be identified by terminology such as "will," "may," "should," "could," "expects," "intends," "plans," "aims," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna's control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties, and other factors include, among others, those risks and uncertainties described under the heading "Risk Factors" in Moderna's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (SEC), and in subsequent filings made by Moderna with the SEC, which are available on the SEC's website at www.sec.gov. Except as required by law, Moderna disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on Moderna's current expectations and speak only as of the date of this press release.
Moderna Contacts
Media:
Chris Ridley
Vice President, Global Head of Communications
+1 617-800-3651 [email protected]
Investors:
Lavina Talukdar
Senior Vice President & Head of Investor Relations
+1 617-209-5834 [email protected]
--(BUSINESS WIRE)--UnitedHealth Group (NYSE: UNH) today reported second quarter 2026 results and raised guidance for full year 2026.
“Our results and outlook reflect the continuing progress in our work to simplify how we operate, improve both affordability and the health care experience for patients and care providers and apply modern technology to create real improvement for people,” said Stephen Hemsley, chief executive officer of UnitedHealth Group.
The company now expects full year 2026 adjusted net earnings between $19.50 to $20.00 per share resulting from performance year-to-date and an improved outlook for the remainder of the year. A table outlining the company’s updated outlook is below, with additional detail on page 7 of this release.
Consolidated revenues for the second quarter 2026 were $112.0 billion and earnings from operations were $8.0 billion, with a net margin of 4.9%. Cash flows from operations were $11.1 billion, or 1.9x net income, and the debt-to-capital ratio was 41.2% as of June 30, 2026.
UnitedHealth Group’s medical cost ratio was 86.7% for the second quarter 2026, reflecting cost and pricing discipline, as well as mix changes across all benefit offerings. The operating cost ratio of 12.7% in the second quarter 2026 compared to 12.3% in the second quarter 2025, reflecting targeted investments in technology, operations and the community.
Over the last year, the company has advanced a broad set of reforms and commitments to improve affordability, transparency and simplicity for care providers and consumers. These actions reflect the company’s deep commitment to helping people live healthier lives and helping make the health system work better for everyone. These actions are outlined in more detail on page 3 of this release.
Second Quarter 2026 Key Performance Metrics
Second quarter 2026 adjusted net earnings were $6.38 per share. The medical care ratio was 86.7% and reflected product design changes, improved medical management and better aligned pricing. MCR was affected by $860 million of net favorable prior period development, with the majority related to 2026 dates of service. The operating cost ratio of 12.7% included targeted investments in infrastructure, artificial intelligence, care delivery enhancements, consumer experience and community support. UnitedHealthcare served 48.5 million consumers and reported revenues of $86.0 billion and earnings of $3.9 billion, with operating margins of 4.6%. Optum supported more than 120 million consumers and generated revenues of $65.7 billion and earnings of $4.0 billion, representing 160 basis points of margin expansion year-over-year. UnitedHealth Group Updated 2026 Full Year Guidance
($ in millions, except per share data)
Reported Operating
Earnings
Adjusted Operating
Earnings
UnitedHealthcare
> $12,000
> $12,000
Optum Health
> $2,275
> $2,215
Optum Insight
> $4,925
> $4,750
Optum Rx
> $6,250
> $6,250
Optum (a)
> $13,450
> $13,215
UnitedHealth Group
> $25,450
> $25,215
Medical Care Ratio
88.1% ± 25 bps
Tax Rate
~18.5%
Cash Flows from Operations
~$24,000
Share Repurchase
At Least $5,000
Net Earnings to UNH Shareholders
> $16,750
Diluted
Adjusted (b)
Net Earnings per Share
$18.45 - $18.95
$19.50 - $20.00
Addressing America’s Healthcare Challenges with Sustainable Solutions
UnitedHealth Group remains committed to addressing the issues that make health care costly and complicated for the people and providers we serve. Recent actions taken to address these issues include:
UnitedHealth Group Second Quarter 2026 Results
Quarterly Financial Performance
Three Months Ended
June 30,
2026
June 30,
2025
March 31,
2026
Revenues
$112.0 billion
$111.6 billion
$111.7 billion
Earnings from Operations
$8.0 billion
$5.2 billion
$9.0 billion
Net Margin
4.9%
3.1%
5.6%
UnitedHealth Group’s second quarter 2026 revenues were $112.0 billion compared to $111.6 billion in the year ago quarter. Second quarter 2026 earnings from operations of $8.0 billion compared to $5.2 billion in the year ago quarter, driven by strong performance across both UnitedHealthcare and Optum. The second quarter 2026 medical care ratio was 86.7% compared to 89.4% in the second quarter 2025. The year-over-year decrease was driven by benefit design and pricing discipline, member mix and medical cost management initiatives. Net medical reserve development was $860 million in the quarter. Days claims payable were 47.0 compared to 48.6 in the first quarter 2026 and 44.5 in the second quarter 2025. The sequential variation was driven by normal seasonality. Days sales outstanding of 17.7 compared to 21.6 in the first quarter 2026 and 19.9 in the year ago quarter, with the sequential and year-over-year decrease due to payment timing. The second quarter 2026 operating cost ratio of 12.7% compared to 12.3% in second quarter 2025, reflecting incremental investments in technology, processes and people to improve care delivery and customer experiences and advance community health. Cash flows from operations were $11.1 billion, or 1.9 times net income, reflecting the timing of a substantial government payment, along with strong earnings performance and disciplined working capital management. Debt-to-capital ratio was 41.2% as of June 30, 2026, compared to 42.9% in the first quarter 2026 and 44.1% in the second quarter 2025. The company continues to target a long-term debt-to-capital ratio of approximately 40.0% by year-end. The company repurchased $4.0 billion of its common stock through mid-July 2026 and is on track to repurchase at least $5.0 billion for the full year 2026. UnitedHealthcare Second Quarter 2026 Results
UnitedHealthcare provides health care benefits to individuals and employers, as well as Government Program beneficiaries. UnitedHealthcare is dedicated to improving the value customers and consumers receive by improving health and wellness, enhancing the quality of care received, simplifying the health care experience and reducing the total cost of care.
Quarterly Financial Performance
Three Months Ended
June 30,
2026
June 30,
2025
March 31,
2026
Revenues
$86.0 billion
$86.1 billion
$86.3 billion
Earnings from Operations
$3.9 billion
$2.1 billion
$5.7 billion
Operating Margin
4.6%
2.4%
6.6%
UnitedHealthcare
UnitedHealthcare continues to improve the consumer experience, including by expanding care access and digital services, simplifying prior approvals and offering greater support to rural hospitals and care providers. UnitedHealthcare second quarter 2026 revenues of $86.0 billion compared to $86.1 billion in the second quarter 2025. UnitedHealthcare served 48.5 million people in the second quarter 2026, down 525,000 sequentially. UnitedHealthcare’s second quarter 2026 earnings from operations were $3.9 billion and operating margin was 4.6% compared to $2.1 billion and 2.4% in second quarter 2025. The year-over-year increase was driven by medical and operating cost management, pricing discipline and benefit design changes. UnitedHealthcare Employer & Individual
UnitedHealthcare Employer & Individual second quarter 2026 revenues were $20.0 billion compared to $19.8 billion in the second quarter 2025. The number of people served contracted by 145,000 in the second quarter 2026 due to attrition in employer self-funded and fully-insured products. UnitedHealthcare Medicare & Retirement
UnitedHealthcare Medicare & Retirement second quarter 2026 revenues were $42.4 billion compared to $42.6 billion in the second quarter 2025 due to fewer seniors served. Seniors served through Medicare Advantage, including programs serving complex populations included in Medicaid, have contracted by 965,000 since year-end 2025. UnitedHealthcare Community & State
UnitedHealthcare Community & State second quarter 2026 revenues were $23.6 billion compared to $23.7 billion in the second quarter 2025. People served contracted by 380,000 in the second quarter 2026 primarily due to the planned exit from the Louisiana health plan, as well as ongoing Medicaid eligibility requirements. Optum Second Quarter 2026 Results
The Optum businesses serve participants throughout health care, including payers, care providers, employers, governments, life sciences companies and consumers. Using market-leading information, analytics and technology to yield clinical insights, Optum helps improve overall health system performance by optimizing care quality, reducing care costs and improving the consumer experience.
Quarterly Financial Performance
Three Months Ended
June 30,
2026
June 30,
2025
March 31,
2026
Revenues
$65.7 billion
$67.2 billion
$63.7 billion
Earnings from Operations
$4.0 billion
$3.1 billion
$3.3 billion
Operating Margin
6.2%
4.6%
5.2%
Optum Health
Optum Health continues to show steady momentum, with ongoing improvements in access to care and clinical and operational discipline driving better patient outcomes, increased provider satisfaction and cost management savings as the business recenters on its integrated value-based care delivery model. Optum Health’s second quarter 2026 revenues of $23.5 billion decreased 5% year-over-year due to ~700,000 fewer value-based care patients served. Second quarter 2026 earnings from operations were $1.2 billion, representing a 5.1% operating margin. The year-over-year increase was driven by strong operational improvements and medical cost management. Optum Insight
Optum Insight continues to bring AI-enabled products and services to the market, including autonomous coding and digital prior authorization tools, and completed its acquisition of Alegeus on July 2, 2026, expanding the company's consumer-directed healthcare account capabilities. Optum Insight reported second quarter 2026 revenues of $5.4 billion. Second quarter 2026 earnings from operations were $1.4 billion compared to $1.2 billion in the second quarter 2025. The year-over-year increase was driven by operational improvements and timing of contracts. Optum Rx
Optum Rx is leading an industry-wide shift toward greater transparency and affordability through a modern pharmacy care model that eliminates spread pricing, replaces volume-based incentives with clearly defined per-member fees and provides full disclosure of manufacturer payments. Optum Rx’s second quarter 2026 revenues were $38.3 billion compared to $38.5 billion in second quarter 2025. Earnings from operations for the second quarter 2026 were $1.5 billion compared to $1.4 billion in the second quarter 2025, reflecting specialty generics adoption and continued operational improvements. Adjusted scripts were 387 million compared to 414 million last year due to membership declines within UnitedHealthcare and other customers. UnitedHealth Group 2026 Outlook
($ and weighted-average shares in millions; except per share data)
As of
January 27, 2026
As of
July 16, 2026
Operating Earnings
UnitedHealthcare
> $10,800
> $12,000
Optum Health
> $2,200
> $2,275
Optum Insight
> $4,750
> $4,925
Optum Rx
> $6,250
> $6,250
Optum
> $13,200
> $13,450
UnitedHealth Group
> $24,000
> $25,450
Net Earnings to UNH Shareholders
> $15,600
> $16,750
Diluted Net Earnings per Share to UNH Shareholders
> $17.10
$18.45 - $18.95
Adjusted Earnings per Share (1)
> $17.75
$19.50 - $20.00
Medical Care Ratio
88.8% ± 50 bps
88.1% ± 25 bps
Tax Rate
~19.25%
~18.5%
Cash Flows from Operations
> $18,000
~$24,000
Share Repurchase
~$2,500
At Least $5,000
(1) Refer to page 16 of this release for a reconciliation of non-GAAP measures.
Below outlines the 2026 Reported to Adjusted Earnings Bridge for Optum as of July 16, 2026.
Optum 2026 Reported to Adjusted Earnings Bridge
($ in millions)
Optum Health
Optum Insight
Optum Rx
Total Optum
2026 Reported Operating Earnings Guidance
> $2,275 (1)
> $4,925
> $6,250
> $13,450
Net Portfolio Divestitures, Restructuring and Other
$345
$(175)
-
$170
Net Change in Third Party Loss Contracts
$(405)
-
-
$(405)
2026 Adjusted Operating Earnings
> $2,215
> $4,750
> $6,250
> $13,215
Adjusted Operating Earnings as of January 27, 2026
> $1,577
> $4,750
> $6,250
> $12,577
(1) Optum Health includes $405 million of 2026 operating earnings related to the net change in loss contracts reserve, which will be excluded from adjusted operating earnings and adjusted earnings per share.
About UnitedHealth Group
UnitedHealth Group (NYSE: UNH) is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone through two distinct and complementary businesses. Optum delivers care aided by technology and data, empowering people, partners and providers with the guidance and tools they need to achieve better health. UnitedHealthcare offers a full range of health benefits, enabling affordable coverage, simplifying the health care experience and delivering access to high-quality care. Visit UnitedHealth Group at www.unitedhealthgroup.com and follow UnitedHealth Group on LinkedIn.
Earnings Conference Call
As previously announced, UnitedHealth Group will discuss the company’s results, strategy and future outlook on a conference call with investors at 8:00 a.m. Eastern Time today. UnitedHealth Group will host a live webcast of this conference call from the Investor Relations page of the company’s website (www.unitedhealthgroup.com). Following the call, a webcast replay will be on the Investor Relations page through July 30, 2026. This earnings release and the Form 8-K dated July 16, 2026, can also be accessed from the Investor Relations page of the company’s website.
Non-GAAP Financial Information
This news release presents non-GAAP financial information provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A reconciliation of the non-GAAP financial information to the most directly comparable GAAP financial measure is provided in the accompanying tables found at the end of this release.
Forward-Looking Statements
The statements, estimates, projections, guidance or outlook contained in this document include “forward-looking” statements which are intended to take advantage of the “safe harbor” provisions of the federal securities laws. The words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “forecast,” “outlook,” “plan,” “project,” “should” and similar expressions identify forward-looking statements. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. Actual results could differ materially from those that management expects, depending on the outcome of certain factors including: our ability to effectively estimate, price for and manage medical costs; new or changes in existing health care laws or regulations, or their enforcement or application; cyberattacks, other privacy/data security incidents, or our failure to comply with related regulations; reductions in revenue or delays to cash flows received under government programs; changes in Medicare, the CMS star ratings program or the application of risk adjustment data validation audits; our ability to successfully execute initiatives designed to simplify and improve the consumer healthcare experience; our ability to effectively execute our value-based care strategies; the DOJ’s legal actions concerning our participation in the Medicare program; our ability to maintain and achieve improvement in quality scores impacting revenue; failure to maintain effective and efficient information systems or if our technology products do not operate as intended; risks and uncertainties associated with our businesses providing pharmacy care services; competitive pressures, including our ability to maintain or increase our market share; changes in or challenges to our public sector contract awards; failure to achieve targeted operating cost productivity improvements; failure to develop and maintain satisfactory relationships with health care payers, physicians, hospitals and other service providers; the impact of potential changes in tax laws and regulations; increases in costs and other liabilities associated with litigation, government investigations, audits or reviews; risks and uncertainties associated with our increasing use of artificial intelligence and other emerging technologies; failure to complete, manage or integrate strategic transactions; risks and uncertainties associated with the sale of our remaining operations in South America; risks associated with public health crises arising from large-scale medical emergencies, pandemics, natural disasters and other extreme events; failure to attract, develop, retain, and manage the succession of key employees and executives; our investment portfolio performance; impairment of our goodwill and intangible assets; failure to protect proprietary rights to our databases, software and related products; downgrades in our credit ratings; and our ability to obtain sufficient funds from our regulated subsidiaries or from external financings to fund our obligations, reinvest in our business, maintain our debt to total capital ratio at targeted levels, maintain our quarterly dividend payment cycle, or continue repurchasing shares of our common stock.
This above list is not exhaustive. We discuss these matters, and certain risks that may affect our business operations, financial condition and results of operations, more fully in our filings with the SEC, including our reports on Forms 10-K, 10-Q and 8-K. By their nature, forward-looking statements are not guarantees of future performance or results and are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Actual results may vary materially from expectations expressed or implied in this document or any of our prior communications. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements, except as required by law.
UNITEDHEALTH GROUP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data; unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Revenues
Premiums
$86,956
$87,905
$174,517
$174,439
Products
13,835
13,564
27,085
26,600
Services
10,018
9,039
19,797
18,011
Investment and other income
1,223
1,108
2,354
2,141
Total revenues
112,032
111,616
223,753
221,191
Operating costs
Medical costs
75,358
78,585
148,847
151,996
Operating costs
14,268
13,778
29,658
27,372
Cost of products sold
13,375
13,019
26,198
25,409
Depreciation and amortization
1,040
1,084
2,069
2,145
Total operating costs
104,041
106,466
206,772
206,922
Earnings from operations
7,991
5,150
16,981
14,269
Interest expense
(962)
(1,027)
(1,917)
(2,025)
Loss on sale of subsidiary and subsidiaries held for sale
(61)
(41)
(133)
(56)
Earnings before income taxes
6,968
4,082
14,931
12,188
Provision for income taxes
(1,298)
(510)
(2,780)
(2,142)
Net earnings
5,670
3,572
12,151
10,046
Earnings attributable to noncontrolling interests
(186)
(166)
(387)
(348)
Net earnings attributable to UnitedHealth Group common shareholders
$5,484
$3,406
$11,764
$9,698
Diluted earnings per share attributable to UnitedHealth Group common shareholders (a)
$6.04
$3.74
$12.94
$10.61
Adjusted earnings per share attributable to UnitedHealth Group common shareholders (b)
$6.38
$4.08
$13.61
$11.29
Diluted weighted-average common shares outstanding
906
910
908
914
UNITEDHEALTH GROUP
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions; unaudited)
June 30,
2026
December 31,
2025
Assets
Cash and short-term investments
$31,468
$28,121
Accounts receivable, net
21,573
23,018
Other current assets
33,819
39,443
Total current assets
86,860
90,582
Long-term investments
57,716
54,251
Other long-term assets
165,151
164,748
Total assets
$309,727
$309,581
Liabilities, redeemable noncontrolling interests and equity
Medical costs payable
$38,930
$39,337
Short-term borrowings and current maturities of long-term debt
3,827
6,069
Other current liabilities
69,063
69,491
Total current liabilities
111,820
114,897
Long-term debt, less current maturities
69,501
72,320
Other long-term liabilities
22,457
20,666
Redeemable noncontrolling interests
1,436
1,608
Equity
104,513
100,090
Total liabilities, redeemable noncontrolling interests and equity
$309,727
$309,581
UNITEDHEALTH GROUP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)
Six Months Ended
June 30,
2026
2025
Operating Activities
Net earnings
$12,151
$10,046
Noncash items:
Depreciation and amortization
2,069
2,145
Deferred income taxes and other
176
40
Share-based compensation
624
572
Loss on sale of subsidiary and subsidiaries held for sale
133
56
Net changes in operating assets and liabilities
4,811
(215)
Cash flows from operating activities
19,964
12,644
Investing Activities
(Purchases of investments, net of sales and maturities) sales and maturities of investments, net of purchases
(2,751)
1,327
Purchases of property, equipment and capitalized software
(1,562)
(1,784)
Cash paid for acquisitions and other transactions, net
(98)
(734)
Repayment of care provider loans - cyberattack
197
1,293
Other, net
(31)
(1,618)
Cash flows used for investing activities
(4,245)
(1,516)
Financing Activities
Common share repurchases
(1,646)
(5,545)
Dividends paid
(4,092)
(3,912)
Net change in short-term borrowings and long-term debt
(4,813)
1,566
Other, net
(1,064)
43
Cash flows used for financing activities
(11,615)
(7,848)
Effect of exchange rate changes on cash and cash equivalents
(3)
29
Increase in cash and cash equivalents, including cash within businesses held for sale
4,101
3,309
Less: net change in cash within businesses held for sale
119
(25)
Net increase in cash and cash equivalents
4,220
3,284
Cash and cash equivalents, beginning of period
24,365
25,312
Cash and cash equivalents, end of period
$28,585
$28,596
UNITEDHEALTH GROUP
REVENUES BY BUSINESS - SUPPLEMENTAL FINANCIAL INFORMATION
(in millions; unaudited)
Optum
UnitedHealth
Group
Consolidated (a)
UnitedHealthcare
Optum
Health (c)
Optum
Insight (c)
Optum
Rx
Total
Optum (a)
Three Months Ended June 30, 2026
Total revenues
$86,017
$23,472
$5,402
$38,292
$65,663
$112,032
Restructuring and other (2)
—
(1)
—
—
(1)
(1)
Adjusted revenues (b)
$86,017
$23,471
$5,402
$38,292
$65,662
$112,031
Three Months Ended June 30, 2025
Total revenues
$86,103
$24,725
$5,232
$38,459
$67,225
$111,616
Six Months Ended June 30, 2026
Total revenues
$172,282
$47,581
$10,527
$74,028
$129,412
$223,753
Restructuring and other (2)
—
2
(77)
—
(75)
(75)
Adjusted revenues (b)
$172,282
$47,583
$10,450
$74,028
$129,337
$223,678
Six Months Ended June 30, 2025
Total revenues
$170,720
$49,562
$10,259
$73,591
$131,110
$221,191
UnitedHealthcare Revenues
(in millions; unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
UnitedHealthcare Employer & Individual - Domestic
$19,048
$18,950
$38,254
$38,016
UnitedHealthcare Employer & Individual - Global
944
819
1,856
1,601
UnitedHealthcare Employer & Individual - Total
19,992
19,769
40,110
39,617
UnitedHealthcare Medicare & Retirement
42,390
42,623
84,472
84,328
UnitedHealthcare Community & State
23,635
23,711
47,700
46,775
Total UnitedHealthcare revenues
$86,017
$86,103
$172,282
$170,720
(a)
Optum and consolidated revenues for the three months ended June 30, 2026 and 2025 include Optum eliminations of $1,503 and $1,191; and corporate eliminations of $39,648 and $41,712, respectively. Optum and consolidated revenues for the six months ended June 30, 2026 and 2025 include Optum eliminations of $2,724 and $2,302; and corporate eliminations of $77,941 and $80,639, respectively.
(b)
See page 16 for description of non-GAAP measures.
(c) Prior period amounts have been recast to reflect the realignment of Optum Financial. Note: See end notes for further information regarding non-GAAP adjustments.
UNITEDHEALTH GROUP
EARNINGS BY BUSINESS - SUPPLEMENTAL FINANCIAL INFORMATION
(in millions, except percentages; unaudited)
Optum
UnitedHealth
Group
Consolidated
UnitedHealthcare
Optum
Health (b)
Optum
Insight (b)
Optum
Rx
Total
Optum
Three Months Ended June 30, 2026
Earnings from operations
$3,942
$1,190
$1,369
$1,490
$4,049
$7,991
Net portfolio divestitures and South American impacts (1)
—
35
4
—
39
39
Restructuring and other (2)
—
(51)
—
—
(51)
(51)
Adjusted earnings from operations (a)
$3,942
$1,174
$1,373
$1,490
$4,037
$7,979
Operating margin
4.6 %
5.1 %
25.3 %
3.9 %
6.2 %
7.1 %
Adjusted operating margin (a)
4.6 %
5.0 %
25.4 %
3.9 %
6.1 %
7.1 %
Three Months Ended June 30, 2025
Earnings from operations
$2,075
$429
$1,205
$1,441
$3,075
$5,150
Operating margin
2.4 %
1.7 %
23.0 %
3.7 %
4.6 %
4.6 %
Six Months Ended June 30, 2026
Earnings from operations
$9,636
$2,331
$2,332
$2,682
$7,345
$16,981
Net portfolio divestitures and South American impacts (1)
—
341
(524)
(8)
(191)
(191)
Restructuring and other (2)
—
(186)
339
—
153
153
Adjusted earnings from operations (a)
$9,636
$2,486
$2,147
$2,674
$7,307
$16,943
Operating margin
5.6 %
4.9 %
22.2 %
3.6 %
5.7 %
7.6 %
Adjusted operating margin (a)
5.6 %
5.2 %
20.5 %
3.6 %
5.6 %
7.6 %
Six Months Ended June 30, 2025
Earnings from operations
$7,301
$1,840
$2,369
$2,759
$6,968
$14,269
Operating margin
4.3 %
3.7 %
23.1 %
3.7 %
5.3 %
6.5 %
UNITEDHEALTH GROUP
PEOPLE SERVED AND PERFORMANCE METRICS - SUPPLEMENTAL FINANCIAL INFORMATION
(unaudited)
UnitedHealthcare Customer Profile
(in thousands)
People Served
June 30, 2026
March 31, 2026
December 31, 2025
June 30, 2025
Commercial:
Risk-based
7,655
7,725
8,165
8,440
Fee-based
22,265
22,340
21,485
21,530
Total Commercial
29,920
30,065
29,650
29,970
Medicare Advantage
7,565
7,555
8,445
8,350
Medicaid
6,780
7,160
7,380
7,490
Medicare Supplement (Standardized)
4,260
4,270
4,285
4,305
Total Community and Senior
18,605
18,985
20,110
20,145
Total UnitedHealthcare - Medical
48,525
49,050
49,760
50,115
Supplemental Data
Medicare Part D stand-alone
2,710
2,740
2,770
2,800
South American businesses held for sale
1,145
1,160
1,160
1,165
Optum Performance Metrics
June 30, 2026
March 31, 2026
December 31, 2025
June 30, 2025
Optum Health Consumers Served (in millions) (a)
93
93
92
95
Optum Rx Quarterly Adjusted Scripts (in millions)
387
383
424
414
UNITEDHEALTH GROUP
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except per share data; unaudited)
Adjusted Net Earnings Per Share
Three Months Ended
June 30,
Six Months Ended
June 30,
Projected
Year Ended
December 31,
2026
2025
2026
2025
2026
Net earnings attributable to UnitedHealth Group common shareholders
$5,484
$3,406
$11,764
$9,698
> $16,750
Intangible amortization
346
409
680
826
~1,345
Net portfolio divestitures and South American impacts (1)
100
—
(58)
—
~(35)
Restructuring and other (2)
(51)
—
153
—
~(50)
Tax effect of adjustments
(87)
(99)
(169)
(201)
~(285)
Adjusted net earnings attributable to UnitedHealth Group common shareholders
$5,792
$3,716
$12,370
$10,323
> $17,725
Diluted earnings per share
$6.04
$3.74
$12.94
$10.61
$18.45 to $18.95
Intangible amortization per share
0.38
0.45
0.75
0.90
~1.50
Net portfolio divestitures and South American impacts per share
Merck získal od FDA schválení přípravku LIPFENDRA, prvního a jediného jednorázového perorálního inhibitoru PCSK9 ke snížení LDL-C u dospělých s hypercholesterolemií. Ve studiích ve 24. týdnu snížil LDL-C o 56 % a 59 % oproti placebu.
At week 24 in the CORALreef Lipids and CORALreef HeFH trials, LIPFENDRA significantly reduced LDL-C by a placebo-adjusted 56% and 59%, respectively
LIPFENDRA is a novel macrocyclic peptide that binds to PCSK9 and inhibits the interaction of PCSK9 with LDL receptors
RAHWAY, N.J.--(BUSINESS WIRE)--Merck (NYSE: MRK), known as MSD outside of the United States and Canada, today announced the U.S. Food and Drug Administration (FDA) has approved LIPFENDRA® (enlicitide) tablets 20 mg as an adjunct to diet and exercise to reduce low-density lipoprotein cholesterol (LDL-C) in adults with hypercholesterolemia, including heterozygous familial hypercholesterolemia (HeFH). LIPFENDRA is a novel macrocyclic peptide and is the first FDA-approved oral PCSK9 inhibitor shown to lower LDL-C, also known as bad cholesterol.
“By harnessing the innovative science of PCSK9 inhibitors and novel macrocyclic peptide technology, LIPFENDRA was designed to significantly lower LDL-C in the form of a convenient once-daily pill,” said Dr. Dean Y. Li, president, Merck Research Laboratories. “This is a pivotal moment as we bring the first U.S. FDA-approved oral PCSK9 inhibitor to adults with high LDL-C, offering patients an important new option. We’re proud of our work with regulators on this rigorous and efficient review process.”
The approval is based on two Phase 3 trials from the CORALreef clinical program: CORALreef Lipids and CORALreef HeFH. In CORALreef Lipids, LIPFENDRA reduced LDL-C by 56% compared to placebo at week 24. A 60% decrease from baseline in LDL-C was observed with LIPFENDRA when biologically impossible baseline LDL-C values were removed according to revised data handling rules (post-hoc). In CORALreef HeFH, LIPFENDRA reduced LDL-C by 59% at week 24 compared to placebo. Results from these Phase 3 trials showed treatment with LIPFENDRA resulted in reductions across other atherogenic lipoproteins associated with atherosclerotic cardiovascular disease (ASCVD) risk including non-high-density lipoprotein cholesterol (non-HDL-C) and apolipoprotein B (ApoB). The safety profile of LIPFENDRA in CORALreef Lipids was similar to placebo. In CORALreef HeFH, the most common adverse reactions in adults with HeFH treated with LIPFENDRA that occurred at higher frequencies compared to placebo were diarrhea (LIPFENDRA 7%, placebo 2%) and dizziness (LIPFENDRA 9%, placebo 4%). In both trials, similar proportions of LIPFENDRA-treated patients and placebo-treated patients discontinued treatment because of an adverse reaction. For additional information on results from the CORALreef trials, see “Clinical data supporting FDA approval” below.
“High LDL-C is a major risk factor for atherosclerotic cardiovascular disease, which is the leading cause of death globally,” said Dr. Ann Marie Navar, a lead author of the CORALreef Lipids study and associate professor of medicine in the Division of Cardiology at UT Southwestern Medical Center. “In two Phase 3 trials, LIPFENDRA led to impressive reductions in LDL-C. Now, for the first time, patients have an oral PCSK9 inhibitor for LDL lowering.”
An ongoing clinical trial is studying the effect of LIPFENDRA on cardiovascular morbidity and mortality. It is not yet known if LIPFENDRA can reduce the risk of cardiovascular morbidity and mortality.
“One of the greatest opportunities to help manage the risk of ASCVD lies in the timely identification and appropriate treatment of risk factors, such as LDL-C,” said Katherine Wilemon, CEO of the Family Heart Foundation. “We are encouraged by the approval of a new oral PCSK9 inhibitor option for adults who need additional LDL-C lowering.”
Clinical data supporting FDA approval
LIPFENDRA was approved based on results from two pivotal Phase 3 trials from the CORALreef clinical trial program:
At week 24, in the CORALreef Lipids trial, treatment with LIPFENDRA resulted in: A statistically significant and clinically meaningful reduction in LDL-C of 56% compared to placebo at week 24 (95% CI: -61, -51; p<0.001), with a reduction from baseline (primary endpoint) in LDL-C of 57% for LIPFENDRA compared to an increase of 3% for placebo; When LDL-C values ≤0 were removed according to revised data handling rules (post-hoc), a statistically significant and clinically meaningful reduction in LDL-C of 60% for LIPFENDRA compared to an increase of 3% for placebo at week 24 (95% CI: -62, -57%). Statistically significant reductions in secondary endpoints from baseline to week 24 compared to an increase of 3% for placebo: 54% mean reduction in non-HDL-C for LIPFENDRA; 50% mean reduction in ApoB for LIPFENDRA. At week 24, in the CORALreef HeFH trial, treatment with LIPFENDRA resulted in: A statistically significant and clinically meaningful reduction in LDL-C of 59% compared to placebo (95% CI: -66, -53; p<0.001), with a reduction from baseline (primary endpoint) in LDL-C of 58% for LIPFENDRA compared to an increase of 3% for placebo; Statistically significant reductions in secondary endpoints from baseline to week 24 compared to an increase of 2% for placebo: 52% mean reduction in non-HDL-C for LIPFENDRA; 48% mean reduction in ApoB for LIPFENDRA. In CORALreef Lipids, the frequencies of adverse reactions in adults with hypercholesterolemia were similar between those treated with LIPFENDRA and those receiving placebo. Similar proportions of LIPFENDRA-treated patients and placebo-treated patients discontinued treatment because of an adverse reaction. In CORALreef HeFH, the most common adverse reactions in adults with HeFH treated with LIPFENDRA that occurred at higher frequencies compared to placebo were diarrhea (LIPFENDRA 7%, placebo 2%) and dizziness (LIPFENDRA 9%, placebo 4%). Similar proportions of LIPFENDRA-treated patients and placebo-treated patients discontinued treatment because of an adverse reaction. The safety profile observed in adults with HeFH in CORALreef HeFH was otherwise generally consistent with that observed in adults with hypercholesterolemia in CORALreef Lipids.
About CORALreef Lipids and HeFH
CORALreef Lipids (NCT05952856) was a Phase 3, multicenter, double-blind, randomized, placebo-controlled study in which 2,904 patients with hypercholesterolemia (including those with and without HeFH) and a history of a major ASCVD event or increased risk for development of a first major ASCVD event were randomized in a 2:1 ratio to receive LIPFENDRA 20 mg orally once daily (n=1,935) or placebo (n=969) for 52 weeks. Patients required additional LDL-C reduction despite stable lipid-lowering treatment with moderate- or high-intensity statins (unless statin intolerance was documented) with or without other lipid-modifying therapy. Patients taking PCSK9 inhibitors were excluded from the trial. The primary efficacy outcome measure was the mean percent change from baseline to week 24 in LDL-C.
CORALreef HeFH (NCT05952869) was a Phase 3, multicenter, double-blind, randomized, placebo-controlled study in which 303 patients with HeFH were randomized in a 2:1 ratio to receive LIPFENDRA 20 mg orally once daily (n=202) or placebo (n=101) for 52 weeks. Patients required additional LDL-C reduction despite stable lipid-lowering treatment with moderate- or high-intensity statins, with or without other lipid-modifying therapy. The diagnosis of HeFH was made by clinical criteria or genotyping. The primary efficacy outcome measure was the mean percent change from baseline to week 24 in LDL-C.
About CORALreef clinical trial program
The efficacy and safety profile of LIPFENDRA continues to be evaluated through the comprehensive CORALreef Clinical Trial program evaluating over 19,000 participants who have hypercholesterolemia. LIPFENDRA was FDA approved based on two pivotal Phase 3 studies: CORALreef Lipids (NCT05952856) and CORALreef HeFH (NCT05952869). LIPFENDRA is continuing to be evaluated in the large cardiovascular outcomes trial, CORALreef Outcomes (NCT06008756), which has completed enrollment with over 14,500 participants. Additional CORALreef clinical trials include CORALreef Extension (NCT06492291), CORALreef Pediatric (NCT07058077), and CORALreef Combination (NCT07216482).
About LIPFENDRA® (enlicitide) tablets 20 mg
LIPFENDRA is an oral proprotein convertase subtilisin kexin type 9 (PCSK9) inhibitor FDA-approved as an adjunct to diet and exercise to reduce low-density lipoprotein cholesterol (LDL-C) in adults with hypercholesterolemia, including heterozygous familial hypercholesterolemia (HeFH). Cardiovascular outcomes trials have demonstrated that reducing LDL-C lowers the risk for major adverse cardiovascular events (MACE) in adults at increased risk, when treated with statins or monoclonal antibody PCSK9 inhibitors as an add-on to statin therapy. LIPFENDRA is the first oral PCSK9 inhibitor approved to reduce LDL-C and is a novel macrocyclic peptide that inhibits the binding of PCSK9 to LDL receptors.
Selected Safety Information
In the CORALreef Lipids trial the frequencies of adverse reactions were similar between adults treated with LIPFENDRA and those receiving placebo. Similar proportions of LIPFENDRA-treated patients and placebo-treated patients discontinued treatment because of an adverse reaction.
In the CORALreef HeFH trial the most common adverse reactions that occurred at higher frequencies compared to placebo were diarrhea (LIPFENDRA 7%, placebo 2%) and dizziness (LIPFENDRA 9%, placebo 4%). Similar proportions of LIPFENDRA-treated patients and placebo-treated patients discontinued treatment because of an adverse reaction. The safety profile was otherwise generally consistent with that observed in adults with hypercholesterolemia in the CORALreef Lipids trial.
Merck’s focus on cardiometabolic and respiratory diseases
Merck has a long history of developing treatments for cardiometabolic and respiratory diseases. Building on a legacy that began nearly 70 years ago with the introduction of our first cardiovascular therapy, we are committed to advancing research for patients impacted by cardiometabolic and respiratory diseases. Our focus spans a range of diseases, including atherosclerotic cardiovascular disease, heart failure, pulmonary hypertension and chronic obstructive pulmonary disease (COPD).
Advancements in the treatment of cardiometabolic and respiratory diseases can make a critical difference for patients and health systems around the world. At Merck, we strive for scientific excellence and innovation in all stages of research, from discovery through approval and life cycle management.
About Merck
At Merck, known as MSD outside of the United States and Canada, we are unified around our purpose: We use the power of leading-edge science to save and improve lives around the world. For more than 130 years, we have brought hope to humanity through the development of important medicines and vaccines. We aspire to be the premier research-intensive biopharmaceutical company in the world – and today, we are at the forefront of research to deliver innovative health solutions that advance the prevention and treatment of diseases in people and animals. We foster a diverse and inclusive global workforce and operate responsibly every day to enable a safe, sustainable and healthy future for all people and communities. For more information, visit www.merck.com and connect with us on X (formerly Twitter), Facebook, Instagram, YouTube and LinkedIn.
Forward-Looking statement of Merck & Co., Inc., Rahway, N.J., USA
This news release of Merck & Co., Inc., Rahway, N.J., USA (the “company”) includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. There can be no guarantees with respect to pipeline candidates that the candidates will receive the necessary regulatory approvals or that they will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.
Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.
The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’s Annual Report on Form 10-K for the year ended December 31, 2025 and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov).
Please see Prescribing Information for LIPFENDRA (enlicitide) at https://www.merck.com/product/usa/pi_circulars/l/lipfendra/lipfendra_pi.pdf and Patient Information/Medication Guide for LIPFENDRA (enlicitide) at https://www.merck.com/product/usa/pi_circulars/l/lipfendra/lipfendra_ppi.pdf.
MINNEAPOLIS--(BUSINESS WIRE)--U.S. Bancorp reported its second quarter 2026 results today. The earnings release, earnings supplement and slide presentation can be accessed online at ir.usbank.com/investor-relations/financial-information.
At 7 a.m. Central Time, Chief Executive Officer Gunjan Kedia and Vice Chair and Chief Financial Officer John Stern will host a conference call to review the financial results. The conference call will be available online or by telephone. To access the webcast and presentation, visit U.S. Bancorp’s website at usbank.com and click on “About Us,” “Investor Relations” and choose “Webcasts & Presentations” from the “News & events” dropdown menu To access the conference call from locations within the United States and Canada, please dial 888-210-4659. Participants calling from outside the United States and Canada, please dial 646-960-0383. The access code for all participants is 7269933.
About U.S. Bancorp
Headquartered in Minneapolis, U.S. Bancorp is the parent company of U.S. Bank National Association the fifth-largest commercial bank in the United States. The company’s three major business lines serve 15 million clients globally, and its team of nearly 70,000 people invest their hearts and minds to power human potential every day. Ranked 110th in the Fortune 500, U.S. Bancorp is deeply respected for its culture and long-term stewardship and admired for its diversified business mix and product capabilities.
Správkyně fondu Ankur Crawfordová uvedla, že by teď koupila jedině Micron, protože firma může v příštích 18 měsících vytvořit cash flow odpovídající zhruba 30 % tržní kapitalizace.
Nasdaq futures fell 0.21%, while S&P 500 futures slipped 0.04%. The decline appeared to reflect broader weakness in technology stocks and profit-taking after Micron’s strong rally over the past year.
The softer futures market weighed on higher-beta chip stocks before the opening bell. Micron remains well above its longer-term trend levels, but investors have become more cautious following signs that the stock’s recent momentum has slowed.
Cash Flow Outlook Draws Bullish ViewAlger Executive Vice President Ankur Crawford said Wednesday that Micron’s earnings power remains underappreciated. Crawford said that if she were buying just one stock right now, it would be Micron.
Speaking on CNBC, Crawford said the company could generate cash flow equivalent to roughly 30% of its current market capitalization over the next 18 months and as much as 50% over a longer period.
She attributed that outlook to persistent shortages in high-end DRAM, which continue to support pricing. Although China could eventually emerge as a larger competitor in memory, Crawford said she does not expect that risk to materially affect the market until 2029 or 2030.
She added that investors are prematurely assuming the memory cycle is nearing its peak, arguing that supply constraints could keep earnings growing into 2027 or 2028.
Technical Picture Remains MixedMicron continues to trade in a long-term uptrend. The stock is 31.4% above its 100-day simple moving average and 86.2% above its 200-day average.
However, shares have fallen 14.9% below the 20-day moving average and 4% below the 50-day moving average. That suggests the stock is experiencing a short-term pullback within a broader bullish trend.
The moving averages remain in a positive alignment, with the 20-day average above the 50-day average and the 50-day average above the 200-day average. Still, the stock is trading below its shorter-term averages, indicating buyers have become more selective.
Momentum indicators also point to cooling strength. The MACD remains below its signal line, suggesting upside momentum has weakened.
A key support level sits near $854.50. A break below that level could increase selling pressure.
Earnings And Analyst OutlookWall Street expects Micron to report quarterly results around Sept. 22.
Analysts project earnings of $31.24 per share, up sharply from $3.03 a year earlier. Revenue is expected to increase to $50.72 billion from $11.31 billion.
The stock carries a consensus Buy rating with an average price target of $1,548.86. Recent analyst actions include:
KeyBanc raised its price target to $1,750 and maintained an Overweight rating on July 14. Cantor Fitzgerald raised its price target to $2,000 and maintained an Overweight rating on June 29. Cantor Fitzgerald maintained its Overweight rating and $1,500 price target on June 25. ETF ExposureAs a result, strong inflows or outflows in those funds can affect demand for Micron shares.
MU Stock Price Activity: Micron Technology shares were down 1.97% at $886.45 during premarket trading on Thursday, according to Benzinga Pro data.
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TSMC zveřejnila konferenční hovor k výsledkům za 2. čtvrtletí 2026 a následný výhled na 3. čtvrtletí 2026. CFO Wendell Huang měl shrnout provozní výsledky a vedení klíčové zprávy společnosti.
Taiwan Semiconductor Manufacturing Company Limited (TSM) Q2 2026 Earnings Call July 16, 2026 2:00 AM EDT
Company Participants
Jeff Su - Director of Investor Relations
Jen-Chau Huang - Senior VP & CFO
C.C. Wei - Chairman & CEO
Conference Call Participants
Sunny Lin - UBS Investment Bank, Research Division
Charlie Chan - Morgan Stanley, Research Division
Yu Jang Lai - Macquarie Research
Gokul Hariharan - JPMorgan Chase & Co, Research Division
Jim Fontanelli - Arete Research Services LLP
Mehdi Hosseini - Susquehanna Financial Group, LLLP, Research Division
Chia Yi Chen - Citigroup Inc., Research Division
Haas Liu - BofA Securities, Research Division
Robert Sanders - Deutsche Bank AG, Research Division
Evelyn Yu - Goldman Sachs Group, Inc., Research Division
Junhong Pan - KGI Securities Co. Ltd., Research Division
Presentation
Jeff Su
Director of Investor Relations
Good afternoon, everyone. And welcome to TSMC's Second Quarter 2026 Earnings Conference and Conference Call. This is Jeff Su, TSMC's Director of Investor Relations and your host for today.
Today's event is being webcast live through TSMC's website at www.tsmc.com, where you can also download the earnings release materials. [Operator Instructions]
The format for today's event will be as follows: First, TSMC's Senior Vice President and CFO, Mr. Wendell Huang, will summarize our operations in the second quarter 2026, followed by our guidance for the third quarter 2026. Afterwards, Mr. Huang and TSMC's Chairman and CEO, Dr. C.C. Wei, will jointly provide the company's key messages. Then we will open both the floor and the line for the question-and-answer session.
As usual, I'd like to remind everybody that today's discussions may contain forward-looking statements that are subject to significant risks and uncertainties, which could cause actual results to differ materially from those contained in the forward-looking statements. Please refer to the safe harbor notice that appears in our press release.
Eli Lilly koupí AtaiBeckley za 6,75 USD za akcii v hotovosti a až o 2,50 USD více prostřednictvím CVR. Cílem je posílit vývoj léčby deprese odolné vůči léčbě.
AtaiBeckley's lead program, BPL-003, is designed to provide durable relief from treatment-resistant depression
Acquisition expands Lilly's neuroscience pipeline to address some of the most challenging conditions in mental health
, /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY) and AtaiBeckley Inc. (Nasdaq: ATAI), a clinical-stage biopharmaceutical company developing innovative therapeutics for mental health conditions, today announced a definitive agreement for Lilly to acquire AtaiBeckley.
AtaiBeckley is advancing a pipeline of rapid-acting neuroplastogens, including multiple clinical-stage programs and a discovery pipeline of next-generation compounds. The lead asset, BPL-003 (mebufotenin benzoate), is a synthetic form of 5-MeO-DMT administered intranasally for treatment-resistant depression, which affects millions of people in the United States.
Emerging research indicates that treatment-resistant depression and other serious mental health conditions may involve a loss of synaptic plasticity, the brain's ability to form and strengthen connections in regions critical to mood regulation. AtaiBeckley's therapies are designed to restore synaptic connectivity and aim to promote the growth of new neural connections, offering a distinct mechanism from conventional antidepressants that primarily target neurotransmitter levels.
"Treatment-resistant depression persists even after multiple treatments have failed. Millions of people are still searching for relief and desperately need a therapy that works," said Carole Ho, executive vice president and president, Lilly Neuroscience. "Advancing AtaiBeckley's investigational therapies gives us a real chance to change that."
In a Phase 2b study, BPL-003 demonstrated rapid and durable reductions in depressive symptoms following an in-clinic visit lasting approximately two hours on average, with beneficial effects persisting for months. BPL-003 has been granted Breakthrough Therapy Designation by the U.S. Food and Drug Administration and has initiated Phase 3 activities. VLS-01, the second most advanced program of the pipeline, is a buccal film formulation of DMT advancing in an ongoing Phase 2b study.
"Across our portfolio, we're seeking to demonstrate that psychiatric illness is treatable at its biological root, not just its symptoms," said Srinivas Rao, co-founder and chief executive officer of AtaiBeckley. "Lilly's expertise and reach are expected to accelerate that work for people whose conditions have not responded to existing treatments."
"From Atai's founding, our mission has been to bring transformative mental health treatments to the patients who need them most. Joining Lilly gives this pipeline, and the patients waiting for it, the benefit of the resources and scale Lilly has to potentially advance therapies faster than we could alone. I am confident this transaction represents the best path forward for patients and shareholders," said Christian Angermayer, founder, largest shareholder, and chairman of the board, AtaiBeckley.
Under the terms of the agreement, Lilly will acquire all outstanding shares of AtaiBeckley common stock for $6.75 per share in cash upon closing; plus up to $2.50 per share in the form of a Contingent Value Right (CVR) entitling the holder to additional cash payments upon achievement of specified development and regulatory milestones related to the BPL-003 and VLS-01 programs as follows: (a) $1.00 per share upon initiation of a Phase 3 clinical trial of VLS-01 prior to the fourth anniversary of closing; (b) $0.50 per share upon U.S. regulatory approval and DEA rescheduling of BPL-003 prior to the fifth anniversary of closing; and (c) $1.00 per share upon U.S. regulatory approval and DEA rescheduling of VLS-01 prior to the seventh anniversary of closing. The upfront cash consideration represents an aggregate equity value of approximately $2.8 billion and the CVR represents an additional potential aggregate equity value of approximately $1.0 billion. There can be no assurance that any payments will be made with respect to the CVR.
The transaction is not subject to any financing condition and is expected to close in the third quarter, subject to approval by AtaiBeckley stockholders and satisfaction of other customary closing conditions, including regulatory approvals. The purchase price payable at closing represents a premium of approximately 40% to the 30-day volume-weighted average trading price of AtaiBeckley's common stock ended on July 15, 2026. The boards of directors of both companies have approved the transaction.
To demonstrate their commitment to the transaction, Apeiron Investment Group, Ltd and all directors and officers of AtaiBeckley have signed voting and support agreements pursuant to which each has agreed to vote to approve the transaction. The shares subject to the voting agreements represent a total of approximately 15% of AtaiBeckley's outstanding common stock.
Lilly will determine the accounting treatment of this transaction in accordance with Generally Accepted Accounting Principles (GAAP) upon closing. This transaction will thereafter be reflected in Lilly's financial results and financial guidance.
Goldman Sachs is acting as exclusive financial advisor and Ropes & Gray is acting as legal counsel to Lilly. Moelis & Company LLC and Centerview Partners LLC are acting as financial advisors and Latham & Watkins is acting as legal counsel to AtaiBeckley. Citi also provided financial advice to the AtaiBeckley Board of Directors in the transaction.
About AtaiBeckley
AtaiBeckley is a clinical-stage biotechnology company on a mission to transform patient outcomes by developing rapid-acting, durable and convenient mental health treatments. AtaiBeckley's pipeline of novel therapies includes BPL-003 (mebufotenin benzoate nasal spray) for treatment-resistant depression (TRD), VLS-01 (DMT buccal film) for TRD and EMP-01 ((R)-MDMA HCI) for social anxiety disorder. BPL-003 was granted Breakthrough Therapy Designation from the U.S. Food and Drug Administration and has initiated Phase 3 activities; VLS-01 and EMP-01 are in Phase 2 clinical development. The Company is also advancing a drug discovery program to identify novel, non-hallucinogenic 5-HT2AR agonists. These programs aim to create breakthroughs in mental health through transformative interventional psychiatry therapies that can integrate seamlessly into healthcare systems.
About Lilly
Lilly is a medicine company turning science into healing to make life better for people around the world. We've been pioneering life-changing discoveries for 150 years, and today our medicines help tens of millions of people across the globe. Harnessing the power of biotechnology, chemistry and genetic medicine, our scientists are urgently advancing new discoveries to solve some of the world's most significant health challenges: redefining diabetes care; treating obesity and curtailing its most devastating long-term effects; advancing the fight against Alzheimer's disease; providing solutions to some of the most debilitating immune system disorders; and transforming the most difficult-to-treat cancers into manageable diseases. With each step toward a healthier world, we're motivated by one thing: making life better for millions more people. That includes delivering innovative clinical trials that reflect the diversity of our world and working to ensure our medicines are accessible and affordable. To learn more, visit Lilly.com and Lilly.com/news, or follow us on Facebook, Instagram, and LinkedIn. F-LLY
Trademarks and Trade Names
All trademarks or trade names referred to in this press release are the property of the company, or, to the extent trademarks or trade names belonging to other companies are references in this press release, the property of their respective owners. Solely for convenience, the trademarks and trade names in this press release are referred to without the ® and ™ symbols, but such references should not be construed as any indicator that the company or, to the extent applicable, their respective owners will not assert, to the fullest extent under applicable law, the company's or their rights thereto. We do not intend the use or display of other companies' trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.
Additional Information about the Acquisition and Where to Find It
AtaiBeckley plans to file a proxy statement (the "Proxy Statement") with the Securities and Exchange Commission (the "SEC") in connection with the solicitation of proxies to approve the agreement and plan of merger (the "Merger Agreement") relating to Lilly's proposed acquisition of AtaiBeckley (the "Merger"). Promptly after filing the definitive Proxy Statement with the SEC, AtaiBeckley will mail the definitive Proxy Statement and a proxy card to each stockholder entitled to vote at the special meeting to consider the adoption of the Merger Agreement. Stockholders are urged to read the proxy statement (including any amendments or supplements thereto) and any other relevant documents that AtaiBeckley will file with the SEC when they become available because they will contain important information. Stockholders may obtain, free of charge, the preliminary and definitive versions of the Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by AtaiBeckley with the SEC in connection with the Merger at the SEC's website (http://www.sec.gov). Copies of AtaiBeckley's definitive Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by AtaiBeckley with the SEC in connection with the Merger will also be available, free of charge, at AtaiBeckley's investor relations website (https://ir.ataibeckley.com), or by writing to AtaiBeckley Inc., Attention: Investor Relations, 250 West 34th Street, New York, NY 10119.
Participants in the Solicitation
Under SEC rules, AtaiBeckley and certain of its directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from stockholders in connection with the Merger. Information about the directors and executive officers of AtaiBeckley and their ownership of AtaiBeckley's common stock is set forth in the definitive proxy statement for AtaiBeckley's 2026 Annual Meeting of Stockholders (the "2026 Proxy Statement"), which was filed with the SEC on April 22, 2026, including the sections captioned "Director Compensation," "Executive Employment Agreements" and "Security Ownership of Certain Beneficial Owners and Management," or its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on March 6, 2026, and in other documents filed by AtaiBeckley with the SEC. To the extent holdings of such participants in AtaiBeckley's securities have changed since the amounts described in the 2026 Proxy Statement, such changes have been reflected on Forms 3 or Forms 4 filed with the SEC by AtaiBeckley's directors and executive officers. These documents can be obtained free of charge from the sources indicated below. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement and other relevant materials to be filed with the SEC in respect of the Merger when they become available.
Cautionary Statement Regarding Forward-Looking Statements
This communication contains forward-looking statements that involve substantial risks and uncertainties, including statements regarding: the Merger; the prospective benefits of the Merger; the parties' ability to satisfy the conditions to the consummation of the Merger and the expected timetable for the Merger; the anticipated occurrence, manner and timing of the closing of the Merger; potential milestone payment amounts and terms pursuant to the CVRs; AtaiBeckley's product candidates and ongoing clinical and preclinical development; Lilly's development of programs targeting treatment-resistant depression and mental health conditions; and the accounting treatment of the potential acquisition under GAAP and its potential impact on Lilly's financial results and financial guidance. All statements other than statements of historical facts are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements are based on current beliefs and expectations, and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in, or implied by, such forward-looking statements. These risks and uncertainties include, but are not limited to: the possibility that AtaiBeckley's shareholders may not approve the adoption of the Merger agreement; AtaiBeckley's receipt of any competing offers or acquisition proposals; a failure to (or delay in) receiving the required regulatory clearances for the Merger; a condition to closing of the Merger may not be satisfied (or waived); the ability of each party to consummate the Merger; the closing of the Merger might be delayed or not occur at all; the diversion of management time and attention from ongoing business operations and opportunities; the response of competitors to the Merger; the effect of the Merger and the public announcement of the Merger on AtaiBeckley's operations and its relationships with its suppliers, business partners, management and employees, including its ability to attract and retain key personnel; Lilly's ability to successfully integrate AtaiBeckley and execute on the continued development of AtaiBeckley's programs following the closing of the Merger; that all or any of the potential milestone payments pursuant to the CVRs will become payable on the terms described herein or at all; the outcome of any legal proceedings that could be instituted against the parties to the Merger; the risks inherent in drug research, development and commercialization; disruption in AtaiBeckley's plans and operations attributable to the Merger; changes in AtaiBeckley's business during the period between announcement and closing of the Merger; Lilly's evaluation of the accounting treatment of the potential acquisition and its potential impact on its financial results and financial guidance; the effects of the Merger (or the announcement thereof) on AtaiBeckley's stock price; relationships with key third parties or governmental entities; regulatory changes and developments; and the impact of global macroeconomic conditions, including trade and other global disputes and interruptions, including related to tariffs, trade protection measures, and similar restrictions. For further discussion of these and other risks and uncertainties, see Lilly's and AtaiBeckley's periodic reports filed with the SEC. There can be no assurance that the Merger will in fact be consummated. All forward-looking statements in this communication are based on information available to Lilly and AtaiBeckley as of the date of this communication. Lilly and AtaiBeckley each expressly disclaim any obligation to publicly update or revise the forward-looking statements, except as required by law.
Rocket Lab se dostal mezi uchazeče o program Space Force v hodnotě až 5,6 miliardy USD do roku 2029. O zakázky ale může soutěžit až po úspěšném prvním letu rakety Neutron.
The U.S. military's most sensitive satellites have long ridden to orbit on a short list of trusted rockets. Now Rocket Lab (RKLB 3.36%) has forced its way into that conversation, earning a spot to compete in the Space Force's National Security Space Launch (NSSL) Phase 3 Lane 1 program, an arrangement with a maximum value of $5.6 billion through 2029.
But being invited to compete and actually winning work are two very different things, and the entire opportunity hinges on one machine: the Neutron rocket.
Why Neutron is the linchpin Rocket Lab built its business on the small Electron rocket, but Electron is far too small for the heavy national-security payloads the Space Force needs to launch. Neutron, its larger reusable medium-lift vehicle, is the rocket designed to carry them. The program's structure makes this crystal clear: Rocket Lab has been on-ramped as an eligible bidder, but it cannot win any individual task orders until Neutron completes a successful first flight. In other words, no working Neutron means no share of the $5.6 billion in available contracts, full stop.
Image source: Getty Images.
The path to winning task orders Being a contender requires passing a handful of milestones. First, Neutron has to fly, with a debut currently targeted for the fourth quarter of 2026. A clean flight would let Rocket Lab pursue formal certification and then compete for specific missions, and the program plans to award at least 30 launches over its life, with a possible extension into the next decade. Rocket Lab is trying to build credibility ahead of that debut, having already lined up a commercial launch backlog for Neutron and drawn interest from the military for a cargo-transport test. Each contract signed before the first flight strengthens the case that the rocket will have steady demand once it's flying.
Objectively, investors should know that the obstacles are significant. Neutron's timeline has already slipped once after a test failure on its first-stage tank, and new rockets are notoriously prone to delays and early setbacks. Rocket Lab is also arriving late to a field where Space Exploration Technologies (aka SpaceX) and United Launch Alliance are already securing task orders, so it will compete for missions against established providers with proven vehicles. Until Neutron flies, Rocket Lab remains on the outside looking in.
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The takeaway for potential investors Rocket Lab's inclusion in a $5.6 billion program is a genuine vote of confidence, but it is best understood as an option rather than a guaranteed payday. The value of that option rests almost entirely on Neutron's debut going well. A successful first flight would open the door to years of high-value government work and validate Rocket Lab's push to become a serious defense-launch player.
Rocket Lab podle článku vypadá nyní jako lepší akcie z vesmírného sektoru k nákupu. SpaceX má vyšší ocenění, zatímco tržby Rocket Lab rostou o 64 % na 200 milionů USD.
Space stocks are on many investors' minds these days, but going all-in on this sector right now comes with considerable risk, as most rocket stocks are volatile.
Still, two stocks that are no doubt near the top of many investors' watch lists are Space Exploration Technologies (SPCX 0.59%) and Rocket Lab (RKLB 3.36%). Here's which one looks like the better buy right now.
Image source: Getty Images.
The case for SpaceX What was once just a rocket company has morphed into an expanding technology behemoth with its sights set on both the space and artificial intelligence (AI) markets.
SpaceX has highly ambitious goals for both, including colonizing Mars, launching orbital data centers, expanding its Starlink satellite internet business, and building what some analysts are calling a "sovereign AI" platform in which the company controls the AI model, chip designs, processor manufacturing, and everything in between.
That's part of the appeal of SpaceX for some investors -- the company is trying big things, like developing its Starship rocket, which it says will reduce the costs of putting payloads into orbit by at least 90%, or deploying a constellation of data center satellites. Morningstar research puts the total addressable market for its Starlink connectivity business at $129 billion.
And the company is making headway on some of its goals. It has 12 million Starlink internet subscribers and generated $1.9 billion in operating profit from that business in the most recent quarter.
SpaceX is also making progress with its neocloud business, which leases data center capacity (Earth-bound, for now) to tech companies including Alphabet and Anthropic. That business has already signed more than $81 billion in contracts.
And then there's the potential for SpaceX to merge with Elon Musk's other large company, Tesla. That could expand SpaceX's opportunities into the autonomous vehicle and humanoid robot markets, the latter of which could be worth $3 trillion by 2050, according to a Morgan Stanley forecast.
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The case for Rocket Lab There's some overlap between Rocket Lab and SpaceX, though Rocket Lab isn't building AI data centers or planning to merge with a humanoid robotics company (as of now).
The company is instead mostly focused on launching rockets for its customers and on expanding its satellite communications network through its recently announced purchase of Iridium Communications.
Rocket Lab has agreed to pay $8 billion for Iridium, and is expected to close on the deal next year, giving it 2.5 million satellite-based mobile subscribers. The service is mainly geared toward the private and government sectors, in contrast to Starlink, which caters more to customers who want at-home internet service.
Iridium is profitable, with $114 million in net earnings last year, and the deal will help Rocket Lab expand its satellite communications network to better compete with SpaceX.
But Rocket Lab's primary business is sending payloads into space, and in the first quarter, the company signed 31 new deals, selling more launches than it did in all of 2025.
The company also has some major launch contracts already signed, including with the U.S. government to establish the satellite system for the proposed Golden Dome missile defense system. It also has contracts for missile tracking and military communications.
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While Rocket Lab isn't profitable, its loss of $0.07 per share in Q1 was an improvement from its loss of $0.12 per share in the prior-year quarter. Revenue is also growing at a healthy clip, rising 64% to $200 million.
In contrast, SpaceX's sales rose just 15% in Q1 to $4.7 billion, and the company's loss of $3.29 per share was dramatically worse than its $0.41 per share loss in the year-ago quarter.
SpaceX's massive losses have been fueled by sharp increases in its capital expenditures, which reached $10 billion in Q1 2026 alone, compared to $27 billion for all of 2025.
That heavy spending should give investors pause, and so should the lofty valuation of its stock. SpaceX trades at a price-to-sales (P/S) ratio of about 94 compared to Rocket Lab's P/S ratio of 66.
While neither stock is cheap, SpaceX's shares trade at a much higher premium even as the company ramps up spending and its losses widen. All of which means that Rocket Lab looks like the better space stock to buy right now.
Viasat experts demonstrate satellite-enabled voice call capabilities as part of research collaboration
during this week’s 5G Automotive Association Meeting Week in Munich, Germany: for the first time integrated with the infotainment system of a BMW iX3.
Showcase highlights what might be possible in future and the potential for reliable voice and messaging connectivity beyond the reach of traditional terrestrial networks.
MUNICH, July 16, 2026 (GLOBE NEWSWIRE) -- Viasat, Inc. (NASDAQ: VSAT), a global leader in satellite communications, today announced a landmark technology demonstration showcasing the first automotive satellite voice call demonstration fully integrated into a BMW Group vehicle’s platform.
It marks a significant step forward as Viasat brings Non-Terrestrial Network (NTN) communications into the connected vehicle ecosystem: enabling drivers and passengers to stay connected in remote or underserved areas where cellular coverage may be limited or unavailable.
Building on an earlier demonstration with eSIM capabilities from Cubic³, a leading provider of software-defined vehicle (SDV) solutions, Viasat experts in Munich utilized advanced technology including Qualcomm Technologies Inc.’s Snapdragon® Auto 5G Modem-RF Gen 2 solution, and the Fraunhofer IIS NESC AI voice codec. This enables voice communications to be sent using the NB-IoT communications protocol over Viasat’s highly reliable, L-band satellite network.
For the first time, this technology was integrated with BMW Group’s in-vehicle architecture, allowing voice calls to be initiated and managed directly through the vehicle interface. By extending messaging and voice services beyond cellular coverage, automakers like BMW Group can ensure drivers remain connected for emergency assistance and critical safety applications, regardless of location.
“This demonstration reflects broader industry excitement to ensure consistent, resilient satellite capabilities for next-generation vehicles,” said Sandeep Moorthy, Senior Vice President, Advanced Non-Terrestrial Solutions at Viasat. “By bringing standards-based NTN to vehicles, we can integrate satellite voice and messaging and ultimately enable a future where drivers can remain connected — wherever the journey takes them.”
Viasat, BMW Group, Cubic3, and Fraunhofer IIS are active members of the 5GAA (5G Automotive Association), which brings together technology and automotive partners to develop real-world, scalable connectivity solutions for all road users. Satellite-enabled automotive connectivity applications include voice and messaging emergency services, fleet management, and over-the-air updates in low-connectivity regions.
The NB-IoT protocol, which can support lower data-rate applications, is enabled by global 3GPP standards. Future releases are expected to pave the way for 5G-New Radio (5G-NR) satellite services, which could support video streaming and seamless roaming between terrestrial and satellite networks.
About Viasat
Viasat is a global communications company that believes everyone and everything in the world can be connected. With offices in 24 countries around the world, our mission shapes how consumers, businesses, governments and militaries around the world communicate and connect. Viasat is developing the ultimate global communications network to power high-quality, reliable, secure, affordable, fast connections to positively impact people’s lives anywhere they are - on the ground, in the air or at sea, while building a sustainable future in space. In May 2023, Viasat completed its acquisition of Inmarsat, combining the teams, technologies and resources of the two companies to create a new global communications partner. Learn more at www.viasat.com, the Viasat News Room or follow us on LinkedIn, X, Instagram, Facebook, Bluesky, Threads, and YouTube.
Viasat, Inc. Contacts
Richard Jones, External Communications, Corporate & Commercial Services, [email protected]
Lisa Curran/Peter Lopez, Investor Relations, [email protected]
About 5GAA
The 5G Automotive Association (5GAA) is a global, cross-industry organisation of companies from the automotive, technology, and telecommunications industries (ICT), working together to develop end-to-end solutions for future mobility and transportation services. Created in September 2016, 5GAA has rapidly expanded to include key players with a global footprint in the automotive, technology and telecommunications industries. This includes automotive manufacturers, tier-1 suppliers, chipset/communication system providers, mobile operators and infrastructure vendors. More information.
About Cubic3
Cubic³ brings cellular and satellite connectivity together on one platform for the automotive industry, giving software-defined vehicles (SDVs) seamless coverage across more than 200 countries and territories. With access to over 550 mobile networks, Cubic³ helps automotive OEMs navigate the complexities of global connectivity and compliance, so drivers stay connected whether they're within reach of a cellular network or relying on satellite.
Snapdragon and Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries.
Qualcomm, Qualcomm Dragonwing and Snapdragon are trademarks or registered trademarks of Qualcomm Incorporated.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements include, among others, statements that refer to the expected benefits, capabilities, performance, availability, and future development of Viasat’s satellite-enabled automotive connectivity solutions; the successful integration and commercialization of satellite voice technology within BMW Group or any other company’s vehicles; the anticipated expansion of NTN services for automotive applications; and the connectivity to be provided by Viasat L-band satellites. Readers are cautioned that actual results could differ materially from those expressed in any forward-looking statements. Factors that could cause actual results to differ include: our ability to successfully develop, integrate, and commercialize satellite-enabled automotive technologies; risks associated with demonstrating and scaling new technologies; our ability to realize the anticipated benefits of our satellite network, including the ViaSat-3 class satellites and any future satellite we may construct or acquire; unexpected expenses related to our satellite projects; our ability to successfully implement our business plan for new and existing services on our anticipated timeline or at all; risks associated with the construction, launch and operation of satellites, including the effect of any anomaly, operational failure or degradation in satellite performance; changes in relationships with key partners, including automotive OEMs; our reliance on third parties to manufacture, supply, or integrate our solutions; increased competition and introduction of new technologies in the communications and automotive industries; changes in the global business environment and economic conditions; regulatory and spectrum-related risks, including changes affecting spectrum availability or permitted uses; our inability to access or expand use of spectrum or orbital locations; and other factors affecting the communications and automotive industries generally. In addition, please refer to the risk factors contained in our SEC filings available at www.sec.gov, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements for any reason.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/19addb9d-bccf-4b68-9bff-fde2f0b7700e
Viasat experts demonstrate satellite-enabled voice call capabilities Viasat experts demonstrate satellite-enabled voice call capabilities as part of research collaborati...
Catholic Health a GE HealthCare uzavřely desetileté partnerství za zhruba 500 milionů USD, které má na Long Islandu rozšířit přístup k pokročilému zobrazování, přesné diagnostice a technologiím umělé inteligence.
ROCKVILLE CENTRE, N.Y.--(BUSINESS WIRE)--Catholic Health, an integrated health system located on Long Island, NY, and GE HealthCare (Nasdaq: GEHC) announced today a 10-year strategic partnership, known as a Care Alliance, valued at approximately $500 million, to help expand access to advanced imaging, precision diagnostics and AI-enabled technology across Catholic Health in support of innovative, compassionate and patient-centered care. This will be one of the largest Care Alliances between GE HealthCare and a leading healthcare system in the United States to date; spanning equipment, service, digital solutions, cloud solutions and AI-enabled technologies.
The Care Alliance centers on system-wide technology and equipment modernization across key Catholic Health service lines, including cardiology, oncology, neurology, and women’s health. Through this modernization, Catholic Health aims to:
Expand Catholic Health’s renowned cardiology practice by extending advanced cardiac imaging to multiple outpatient and ambulatory sites, helping improve access to high-quality cardiac services closer to home. Reduce delays in the oncology care journey by adding MR, CT, and PET technologies equipped with on-device AI solutions, with the goal of decreasing the time from diagnostic imaging to treatment. Expand nuclear medicine capabilities at Catholic Health’s St. Francis Hospital & Heart Center® and Good Samaritan University Hospital flagship locations to enhance diagnostic confidence in oncology. Add hundreds of ultrasound systems to help increase department efficiency and support clinician confidence at the point of care, including at the bedside. Enhance women's health with expanded capabilities in OB/GYN and maternal fetal medicine. A unique aspect of the Care Alliance is an embedded cardiovascular scientist that can work directly with Catholic Health clinicians to help highlight physician perspectives, clinical insights and patient care needs, potentially informing future equipment and technology considerations.
“This Care Alliance represents an important investment in the future of health care on Long Island and reflects Catholic Health’s commitment to innovating in ways that improve how care is delivered,” said Gary Havican, Interim President and CEO and Chief Operating Officer of Catholic Health. “By combining Catholic Health’s clinical expertise and commitment to compassionate, high-quality care with GE HealthCare’s advanced technology, AI-driven tools, and digital capabilities, we are enhancing our ability to deliver precision care, expand access to specialized services closer to home, and create a more seamless experience for patients and clinicians. The partnership also gives our physicians and care teams a meaningful voice in shaping the future of care so innovation is guided by real clinical and patient needs.”
As part of the 10-year Care Alliance, approximately 50% of equipment additions will arrive at Catholic Health clinical sites during the first three years of the agreement. The agreement is also expected to generate capital savings compared with traditional equipment purchasing approaches thanks to unitary payments and accelerators, which can allow Catholic Health to reinvest resources in technology modernization, expanded patient access and clinical program growth.
For patients, the partnership is designed to have a tangible impact on their clinical experience. AI-enabled tools, standardized equipment and more consistent workflows can help Catholic Health to increase capacity, reduce delays in diagnosis and treatment, improve appointment availability, and bring specialized services — including cardiology, neurology, women’s health and cancer care — closer to home.
Patients may begin to see benefits during the first year of the agreement with equipment additions expected to arrive within months, including contrast-enhanced mammography to improve access to breast imaging and biopsy services; expanded diagnostic imaging capabilities across multiple modalities; and upgraded maternal-infant care monitoring technologies at Good Samaritan University Hospital.
Clinicians will also benefit from enhanced operational support and ongoing collaboration with GE HealthCare experts to help optimize workflows, strengthen clinical decision-making and support innovation.
Beyond equipment additions and service line expansion, the Care Alliance includes comprehensive imaging, biomedical maintenance, and service support. A 10-year, multivendor service agreement will cover delivery and maintenance of equipment across 40+ sites, including lifecycle and fleet management, as well as comprehensive education and training. The agreement is designed to support Catholic Health as it maximizes uptime, boosts asset utilization, lowers lifecycle costs, increases operational efficiency, and enhances patient care. This service component helps distinguish the Care Alliance from a traditional equipment agreement, positioning GE HealthCare as a long-term partner in supporting equipment performance and reliability across the system.
The Care Alliance will also emphasize AI, cloud, and software solutions designed to deliver actionable insights and drive operational efficiency. Digital solutions included in the Care Alliance aim to reduce manual tasks, ease cognitive load for clinicians, improve clarity for patients, and create a more seamless clinical environment. One example is Imaging 360, a cloud-based radiology operations platform that unifies radiology workflows, centralizes performance insights, and enables remote scanning support. By providing a system-wide view of imaging operations, it can help multi-site health systems improve efficiency, patient access, and care consistency.
“This Care Alliance with Catholic Health is grounded in deep collaboration to expand access and advance high-quality care across Long Island,” said Rachel Gilbreath, region president, East, U.S. and Canada at GE HealthCare. “Over the next decade, we will work side-by-side to implement innovative technology and processes across the enterprise, integrate AI, cloud, and software solutions, and support clinical excellence, including cardiology, to position Catholic Health to improve outcomes and operational performance. Together, we are aligning people, process, and technology to deliver measurable impact for patients and clinicians.”
Over the course of the Care Alliance, Catholic Health will add expanded capabilities and service lines at St. Francis Hospital & Heart Center®, St. Charles Hospital, Good Samaritan University Hospital, St. Joseph Hospital, St. Catherine of Siena Hospital, and Mercy Hospital, as well as 36 other sites. Equipment will span modalities including CT, PET/CT, nuclear medicine, MR, mammography, X-ray, surgery, ultrasound, women’s health, anesthesia, diagnostic cardiology, and maternal infant care.
Catholic Health and GE HealthCare relationship
Outside of this agreement, Catholic Health and GE HealthCare have a history of working together on precision care capabilities, including Catholic Health’s early adoption of GE HealthCare’s proprietary PET agent Flyrcado™ (flurpiridaz F 18), which supports greater diagnostic confidence and more personalized care planning. In April 2025, St. Francis Hospital & Heart Center® was the first U.S. site to perform an exercise stress PET myocardial perfusion imaging study using GE HealthCare’s Flyrcado™ (flurpiridaz F 18).
For more information about GE HealthCare’s Care Alliances, visit: https://info.gehealthcare.com/carealliance
About Catholic Health
Catholic Health is an integrated system encompassing some of the region’s finest health and human services agencies. The health system has over 17,000 employees, six acute care hospitals, three nursing homes, a home health service, hospice and a network of physician practices. Under the sponsorship of the Diocese of Rockville Centre, Catholic Health serves hundreds of thousands of Long Islanders each year, providing care that extends from the beginning of life to helping people live their final years in comfort, grace and dignity. For more information, visit: https://www.catholichealthli.org.
About GE HealthCare Technologies Inc.
GE HealthCare is a leading global healthcare solutions provider of advanced medical technology, pharmaceutical diagnostics, and AI, cloud and software solutions that help clinicians tackle the world’s most complex diseases. Serving patients and providers for 130 years, GE HealthCare is delivering bold innovations designed for the next era of medicine across its Advanced Imaging Solutions, Patient Care Solutions, and Pharmaceutical Diagnostics segments to help clinicians deliver more personalized, precise patient care. We are a $20.6 billion business with approximately 54,000 colleagues working to create a world where healthcare has no limits.
GE HealthCare is proud to be among 2026 Fortune World’s Most Admired Companies™.
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Important Safety Information and Usage of Flyrcado™ (flurpiridaz F 18) injection
FLYRCADO™ (FLURPIRIDAZ F 18) INJECTION) ™ (flurpiridaz F 18) injection, for intravenous use important safety information
Indications and Usage
FLYRCADO™ (FLURPIRIDAZ F 18) INJECTION is a radioactive diagnostic drug indicated for positron emission tomography (PET) myocardial perfusion imaging (MPI) under rest or stress (pharmacologic or exercise) in adult patients with known or suspected coronary artery disease (CAD) to evaluate for myocardial ischemia and infarction.
Contraindications
None
Warnings and Precautions
· Risk associated with exercise or pharmacologic stress: Patients evaluated with exercise or pharmacologic stress may experience serious adverse reactions such as myocardial infarction, arrhythmia, hypotension, bronchoconstriction, stroke, and seizure. Perform stress testing in the setting where cardiac resuscitation equipment and trained staff are readily available. When pharmacologic stress is selected as an alternative to exercise, perform the procedure in accordance with the pharmacologic stress agent’s prescribing information.
· Radiation risks: FLYRCADO™ (FLURPIRIDAZ F 18) INJECTION contributes to a patient’s overall long-term cumulative radiation exposure. Long-term cumulative radiation exposure is associated with an increased risk of cancer. Ensure safe handling to minimize radiation exposure to patients and health care providers. Advise patients to hydrate before and after administration and to void.
Adverse Reactions
· Most common adverse reactions occurring during FLYRCADO™ (FLURPIRIDAZ F 18) INJECTION PET MPI under rest and stress (pharmacologic or exercise) (incidence ≥ 2%) are dyspnea, headache, angina pectoris, chest pain, fatigue, ST segment changes, flushing, nausea, abdominal pain, dizziness, and arrhythmia.
Use in Specific Populations
· Pregnancy
There are no data on use of flurpiridaz F 18 in pregnant women to evaluate for a drug-associated risk of major birth defects, miscarriage, or other adverse maternal or fetal outcomes. If considering FLYRCADO™ (FLURPIRIDAZ F 18) INJECTION administration to a pregnant woman, inform the patient
about the potential for adverse pregnancy outcomes based on the radiation dose from flurpiridaz F 18 and the gestational timing of exposure.
FLYRCADO™ (FLURPIRIDAZ F 18) INJECTION contains ethanol (a maximum daily dose of 337 mg anhydrous ethanol). If considering FLYRCADO™ (FLURPIRIDAZ F 18) INJECTION administration to a pregnant woman, inform the patient about the potential for adverse pregnancy outcomes associated with ethanol exposure during pregnancy.
· Lactation
Temporarily discontinue breastfeeding. A lactating woman should pump and discard breastmilk for at least 8 hours after FLYRCADO™ (FLURPIRIDAZ F 18) INJECTION administration.
· Pediatric Use
Safety and effectiveness of FLYRCADO™ (FLURPIRIDAZ F 18) INJECTION in pediatric patients have not been established.
To report SUSPECTED ADVERSE REACTIONS, contact GE HealthCare at 800-654-0118 (option 2 then option 1) or by email at [email protected] or FDA at 800-FDA-1088 or www.fda.gov/medwatch
For full prescribing information, click here. For important safety information, please click here.
CoreWeave je asi 49 % pod 52týdenním maximem 153,20 USD po zprávách, že Meta chce budovat vlastní AI cloud. Firma přitom v 1. čtvrtletí 2026 zvýšila výnosy o 112 % na 2,1 miliardy USD.
Few stocks capture the AI infrastructure boom -- and its risks -- quite like CoreWeave (CRWV 3.58%). The company rents out the high-end computing power that trains and runs AI models, and demand for it has been ferocious. Yet as of this writing, shares sit near $77 -- about 49% below the 52-week high of $153.20.
The latest leg down has a specific cause. Earlier this month, reports surfaced that Meta Platforms plans to build its own AI cloud business and sell excess capacity to outside customers. Meta happens to be one of CoreWeave's largest customers, so the news raised an uncomfortable possibility: one of the company's biggest buyers may be about to become a competitor.
Shares have fallen for four straight sessions since. For dip buyers, a decline like this is tempting. But a lower price only helps if the business underneath it can support the stock. So, which is this, a bargain or a value trap?
Image source: The Motley Fool.
Staggering growth The top line leaves no doubt about demand. In the first quarter of 2026, CoreWeave's revenue more than doubled, rising 112% year over year to $2.1 billion. That followed 168% growth for full-year 2025, so even as the rate cools, the company is still expanding at a pace almost no business its size can match.
The backlog is just as eye-catching. CoreWeave signed more than $40 billion of new contracts during the quarter, lifting its revenue backlog to $99.4 billion. That figure dwarfs the roughly $12.5 billion in revenue it expects to generate this year, and on paper it offers years of visibility.
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Management still guides for $12 billion to $13 billion in revenue this year, with the exit rate climbing toward $18 billion to $19 billion annualized. Few companies grow into their promises this fast.
The physical footprint is scaling to match. The company now holds more than 3.5 gigawatts of contracted power and recently surpassed 1 gigawatt of actual capacity, a milestone only a handful of cloud operators have ever reached.
The trouble is what all of this costs. CoreWeave is borrowing heavily to buy graphics processing units, lease data centers, and secure power, and the bills are climbing faster than sales.
Its first-quarter net loss more than doubled to $740 million, from $315 million a year earlier, and it widened from a $452 million loss in the prior quarter. Net interest expense alone more than doubled year over year, to $536 million, as the debt load grew.
The spending, meanwhile, is only accelerating. Management expects capital expenditures of $31 billion to $35 billion this year, against that same roughly $12.5 billion in revenue. The demand is not in doubt. The economics are.
The Meta problem and the price The Meta news sharpens the risk considerably. CoreWeave holds a roughly $21 billion agreement with Meta that runs through 2032, so one of its largest customers is reportedly building the very capability CoreWeave sells.
To be fair, that agreement still binds Meta as a paying customer for now, which limits the near-term damage. CoreWeave's customer base is broadening, too, with recent deals signed alongside AI labs such as Anthropic and Cohere.
But those customers share a trait -- they are deep-pocketed enough to build their own capacity over time, exactly as Meta is now doing. When one of your biggest buyers decides it can do the job itself, the long-term pricing power of the whole industry arguably starts to look shakier.
Then there's the valuation. CoreWeave isn't profitable, so there's no price-to-earnings ratio to lean on. Measured against sales, its roughly $42 billion market capitalization works out to about 3.3 times this year's expected revenue.
That might look reasonable for a fast-growing software company. But CoreWeave isn't software. It's a capital-intensive, heavily indebted infrastructure business with no profits in sight and a customer list that now includes its newest rival.
So is the sell-off an opportunity or a warning? To me, it's a warning. CoreWeave is executing an ambitious plan in a booming market, and its top-line growth is hard to fault. But the road to durable profits runs through tens of billions in spending, a mountain of debt, and pricing power that its own customers are working to erode. That is more uncertainty than I want to underwrite. I'd stay on the sidelines and look for AI exposure where the path to profitability is clearer.
These days, investors have valid concerns about the stock market's valuation. The ongoing artificial intelligence boom also adds fears about possible disruption. It doesn't help that the broader economy is characterized by heightened uncertainty.
This supports the view that it's time for investors to consider opportunities that generate consistent income. If this sounds like the approach you're interested in, look at Coca-Cola (KO 0.76%).
This Dividend King stock yields 2.55%, more than double the yield of the S&P 500 index, and it just raised its dividend for the 64th straight year.
Image source: Getty Images.
Showing a firm commitment to shareholders In February of this year, Coca-Cola's board of directors gave investors a reason to cheer. The business hiked its quarterly dividend payout 4% to $0.53. This is the 64th consecutive year that such a move was made. That shows an incredible commitment to the company's shareholders.
Since the start of 2010, Coca-Cola has returned almost $102 billion to investors via dividend payments. This equals 28% of the current market cap.
If a business is able to build a monster streak like this one, it's a clear sign of its consistency and staying power. Coca-Cola has stood the test of time, operating through numerous periods of uncertainty, including wars, recessions, and technology cycles, only to continue its success. Investors have every reason to be confident that this business will still be dominating the beverage market a century from now.
Coca-Cola's impressive profits also virtually eliminate the risk of the dividend being suspended. In the past decade, the company has reported an average quarterly operating margin of 26.9%. It generates sizable cash flow, giving it the financial horsepower to continue returning capital to shareholders. Not even the black swan event of the pandemic that derailed the global economy in 2020 disrupted Coca-Cola's ability to pay its dividend.
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Set the right expectations You've now decided that adding Coca-Cola to your portfolio is the right move. This is a safe stock to buy and hold. It will certainly provide valuable peace of mind.
However, it's important for investors to set the right expectations. Coca-Cola's shares are unlikely to beat the market over the long term. In the past decade, the beverage giant produced a total return of 152%, meaningfully lagging the S&P 500 index. There's no reason to believe the future will be any different.
That's because Coca-Cola is an extremely mature company. It essentially has universal adoption, as it's in more than 200 countries and territories. This naturally limits growth potential.
Don't be discouraged, though. This is a competitively advantaged, predictable, and highly stable business that dividend investors can own with confidence.
Coca-Cola zvýšila čtvrtletní dividendu o zhruba 4 % na 53 centů na akcii v únoru a letos vyplácí už 64. rokem v řadě více. Akcie jsou jen 3,8 % pod rekordem a obchodují se za téměř 26násobek trailing earnings.
One of Wall Street’s most dependable income stocks has quietly become a market outperformer trading close to a record high.
Its dividend yield is roughly twice that of the broader market, while its payout has increased every year for more than six decades.
The company is Coca-Cola NYSE:KO. Investors have embraced its defensive demand, pricing power and dependable cash returns during an uncertain economic period.
Yet after the shares closed at $82.45 on Wednesday, only 3.8% below their July 7 record, even bullish analysts are divided over how much upside remains.
A 64-year payout streak is only part of the storyCoca-Cola raised its quarterly dividend by about 4% in February, from 51 cents to 53 cents per share.
That marked its 64th consecutive annual increase and lifted the annualised payout to $2.12. At Wednesday’s close, the shares yielded about 2.6%.
The attraction extends beyond income. First-quarter net revenue increased 12% to $12.5 billion, organic revenue advanced 10% and global unit-case volume rose 3%.
Those figures suggest the dividend is being supported by continuing business growth rather than borrowing or financial engineering.
Coca-Cola also enjoys structural advantages few consumer companies can match.
Its brands have global recognition, management can adjust prices and package sizes across markets, and independent bottlers handle much of the capital-intensive production and distribution.
That asset-light structure helps explain why investors have favoured the company during economic uncertainty.
Consumers may postpone expensive purchases, but relatively inexpensive drinks remain accessible, giving Coca-Cola a defensive quality that many cyclical businesses lack.
Citigroup analyst Filippo Falorni delivered the most aggressive recent call on July 14, raising his Coca-Cola price target to $97 from $91 while retaining a Buy rating.
The target implies that Citi believes resilient earnings and brand momentum can justify a further valuation premium.
JPMorgan analyst Andrea Faria Teixeira is also positive, but more measured. She raised her target to $90 from $85 on July 10 and maintained an Overweight rating.
Bank of America analyst Peter Galbo has maintained a Buy rating and a $95 target.
The bank sees the FIFA World Cup as a useful near-term catalyst because the tournament creates repeated beverage-consumption occasions across homes, bars and restaurants, while giving Coca-Cola an unusually broad global marketing platform.
The tournament may support volumes and brand visibility, but it is temporary.
The longer-term case still depends on Coca-Cola protecting demand as consumers become more selective and input costs remain unpredictable.
Coca-Cola now trades at nearly 26 times trailing earnings, a demanding multiple for a mature consumer-staples company.
Its Wednesday's close was also only a few dollars below the record $85.68 reached earlier this month.
Bernstein SocGen provides the clearest cautious counterpoint.
The firm cut its target to $83 from $84 and kept a Market Perform rating, citing an uneven consumer environment, affordability spending, Mexican tax pressures and the possibility that elevated aluminium costs could weigh on bottlers in 2027 and 2028.
The broader analyst picture reinforces that tension.
Twenty-five analysts tracked by Stock Analysis carry an average target of $86.85, implying only about 5% upside, despite an overall Buy consensus.
Coca-Cola reports second-quarter results on July 28. Investors will watch organic sales, volumes, North American demand, commodity costs and World Cup-related commentary.
Founded in 2011, Delivery Hero now operates in over 60 markets and is one of the world's biggest food delivery groups . German food delivery group Delivery Hero said Thursday it has agreed to be acquired by U.S. ride-hailing giant Uber in a 12.7 billion euro ($14.6 billion) deal.
Founded in 2011, the German firm now operates in more than 60 markets and is one of the world's biggest food delivery groups.
It has also expanded beyond its traditional food business to quick commerce, delivering small packages to customers.
Uber is offering 41.50 euros per share for Delivery Hero, valuing the deal at 12.7 billion euros.
Delivery Hero's shares were down 0.5% in Frankfurt after the announcement, trading at 37.9 euros.
"Uber's global mobility and delivery platform and our shared commitment to innovation make this the right partnership to build on Delivery Hero's strengths in local food delivery and quick commerce," said Niklas Oestberg, CEO and co-founder of Delivery Hero.
Uber CEO Dara Khosrowshahi said a merger would "extend affordable, reliable delivery to many millions more people in some of the world's most dynamic economies, while creating more opportunities for merchants and couriers."
Uber is acquiring Delivery Hero's businesses in 50 markets worldwide across Asia, Europe, Latin America and the Middle East.
A U.S. investment firm, SSW Partners, is acquiring the German group's operations in another 14 markets, where Uber and Delivery Hero compete, for around 1.4 billion euros.
Delivery Hero said its management recommends that shareholders accept the deal and that it is expected to be finalized in the second half of 2027.
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Citation: Germany's Delivery Hero agrees 12.7-bn-euro takeover by Uber (2026, July 16) retrieved 16 July 2026 from https://techxplore.com/news/2026-07-germany-delivery-hero-bn-euro.html
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