Track market-moving stories before they get noisy

Posted by Defense World Staff on Jul 24th, 2026

Ferguson Wellman Capital Management Inc. increased its stake in shares of Amazon.com, Inc. (NASDAQ:AMZN – Free Report) by 14.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 734,228 shares of the e-commerce giant’s stock after purchasing an additional 93,323 shares during the period. Amazon.com accounts for approximately 2.1% of Ferguson Wellman Capital Management Inc.’s investment portfolio, making the stock its 11th biggest position. Ferguson Wellman Capital Management Inc.’s holdings in Amazon.com were worth $152,918,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Red Crane Wealth Management LLC increased its position in shares of Amazon.com by 2.3% during the first quarter. Red Crane Wealth Management LLC now owns 1,663 shares of the e-commerce giant’s stock worth $346,000 after purchasing an additional 38 shares in the last quarter. Robinson Smith Wealth Advisors LLC boosted its stake in Amazon.com by 0.7% during the 1st quarter. Robinson Smith Wealth Advisors LLC now owns 5,509 shares of the e-commerce giant’s stock worth $1,147,000 after purchasing an additional 40 shares during the last quarter. Lifelong Wealth Advisors Inc. grew its holdings in shares of Amazon.com by 2.4% during the fourth quarter. Lifelong Wealth Advisors Inc. now owns 1,740 shares of the e-commerce giant’s stock worth $402,000 after buying an additional 41 shares in the last quarter. Financial Connections Group Inc. raised its position in shares of Amazon.com by 2.6% in the fourth quarter. Financial Connections Group Inc. now owns 1,633 shares of the e-commerce giant’s stock valued at $376,000 after buying an additional 42 shares during the last quarter. Finally, Marquette Asset Management LLC lifted its stake in shares of Amazon.com by 5.1% in the fourth quarter. Marquette Asset Management LLC now owns 886 shares of the e-commerce giant’s stock worth $205,000 after buying an additional 43 shares in the last quarter. 72.20% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes Several analysts recently issued reports on the stock. The Goldman Sachs Group reaffirmed a “buy” rating and set a $335.00 price objective on shares of Amazon.com in a research note on Thursday, July 9th. Moffett Nathanson increased their price target on Amazon.com from $283.00 to $288.00 and gave the company a “buy” rating in a report on Tuesday, April 7th. Canaccord Genuity Group lifted their price objective on Amazon.com from $300.00 to $330.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Wedbush restated an “outperform” rating and issued a $293.00 target price on shares of Amazon.com in a report on Thursday. Finally, Telsey Advisory Group lifted their price target on Amazon.com from $300.00 to $315.00 and gave the stock an “outperform” rating in a report on Thursday, April 30th. Fifty-seven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Amazon.com currently has a consensus rating of “Moderate Buy” and a consensus target price of $312.91.

Get Our Latest Research Report on AMZN

Amazon.com Trading Down 4.6% AMZN opened at $233.66 on Friday. Amazon.com, Inc. has a 52 week low of $196.00 and a 52 week high of $278.56. The business has a fifty day simple moving average of $248.90 and a 200-day simple moving average of $236.35. The firm has a market cap of $2.51 trillion, a P/E ratio of 27.95, a P/E/G ratio of 1.82 and a beta of 1.46. The company has a quick ratio of 1.01, a current ratio of 1.18 and a debt-to-equity ratio of 0.27.

Amazon.com (NASDAQ:AMZN – Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The e-commerce giant reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $1.15. Amazon.com had a return on equity of 19.92% and a net margin of 12.22%.The firm had revenue of $181.52 billion for the quarter, compared to the consensus estimate of $177.28 billion. During the same quarter in the previous year, the business earned $1.59 EPS. The company’s quarterly revenue was up 16.6% compared to the same quarter last year. On average, equities analysts expect that Amazon.com, Inc. will post 7.75 earnings per share for the current year.

Insider Buying and Selling at Amazon.com In other news, CEO Douglas J. Herrington sold 1,000 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $239.77, for a total transaction of $239,770.00. Following the sale, the chief executive officer owned 484,527 shares of the company’s stock, valued at approximately $116,175,038.79. This represents a 0.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Andrew R. Jassy sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $263.42, for a total transaction of $5,268,400.00. Following the completion of the transaction, the chief executive officer directly owned 2,205,766 shares of the company’s stock, valued at approximately $581,042,879.72. The trade was a 0.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 140,425 shares of company stock valued at $37,715,464. Corporate insiders own 8.90% of the company’s stock.

Key Headlines Impacting Amazon.com Here are the key news stories impacting Amazon.com this week:

Positive Sentiment: Analysts continue to see Amazon as a leading AI beneficiary, with AWS growth expected to stay strong into earnings. Amazon Viewed as Leading AI Beneficiary, AWS Acceleration Supports Buy Rating with Price Target Unchanged at $310 Positive Sentiment: India loosened e-commerce investment rules for exports, which could help Amazon expand cross-border sales. India relaxes e-commerce investment rules for exports in win for Amazon Positive Sentiment: Amazon is adding games to Prime Video and integrating Luna, supporting its bundled services strategy. Amazon is bringing games to Prime Video Neutral Sentiment: Amazon reorganized its artificial general intelligence team, with layoffs framed as a reset to focus on higher-priority AI initiatives. Amazon cuts some jobs in its artificial general intelligence unit Negative Sentiment: A U.S. Senate panel is probing whether Amazon allowed Chinese influence to affect marketplace decisions, raising regulatory risk. Amazon Faces Senate Probe Over Alleged China Influence Negative Sentiment: Investors are questioning whether Amazon’s aggressive AI capex plans could pressure margins and earnings near term. Magnificent 7 Loses $767 Billion as AI Skeptics Dump Tech Stocks Amazon.com Company Profile (Free Report)

Amazon.com, Inc is a diversified technology and retail company best known for its e-commerce marketplace and broad portfolio of consumer and enterprise services. Founded by Jeff Bezos in 1994 and headquartered in Seattle, Washington, the company launched as an online bookseller and expanded into a global retail platform that sells products directly to consumers and provides a marketplace for third-party sellers. Over time Amazon has grown beyond retail into areas including cloud computing, digital media, devices and logistics.

Key businesses and offerings include Amazon’s online marketplace and fulfillment services, the Amazon Prime membership program (which bundles expedited shipping with streaming and other benefits), Amazon Web Services (AWS) which supplies on-demand cloud computing and storage to businesses and public-sector customers, and a range of content and advertising services such as Prime Video and Amazon Advertising.

Read More Five stocks we like better than Amazon.com Premium Retail’s Stress Test Is Separating Winners From Losers D-Wave Quantum or a Quantum ETF: Which Is the Better Bet? GE Vernova Just Sent a Mixed AI Signal to Investors Alphabet Crushed Earnings, But One Number Spooked the Market

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Posted by Defense World Staff on Jul 24th, 2026

Advisors Management Group Inc. ADV lessened its holdings in Amazon.com, Inc. (NASDAQ:AMZN – Free Report) by 7.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,136 shares of the e-commerce giant’s stock after selling 3,671 shares during the quarter. Amazon.com makes up about 1.6% of Advisors Management Group Inc. ADV’s holdings, making the stock its 14th largest position. Advisors Management Group Inc. ADV’s holdings in Amazon.com were worth $8,983,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of AMZN. Red Crane Wealth Management LLC raised its position in shares of Amazon.com by 2.3% during the 1st quarter. Red Crane Wealth Management LLC now owns 1,663 shares of the e-commerce giant’s stock worth $346,000 after acquiring an additional 38 shares in the last quarter. Robinson Smith Wealth Advisors LLC boosted its holdings in Amazon.com by 0.7% in the first quarter. Robinson Smith Wealth Advisors LLC now owns 5,509 shares of the e-commerce giant’s stock valued at $1,147,000 after purchasing an additional 40 shares in the last quarter. Lifelong Wealth Advisors Inc. boosted its holdings in Amazon.com by 2.4% in the fourth quarter. Lifelong Wealth Advisors Inc. now owns 1,740 shares of the e-commerce giant’s stock valued at $402,000 after purchasing an additional 41 shares in the last quarter. Financial Connections Group Inc. increased its stake in Amazon.com by 2.6% in the fourth quarter. Financial Connections Group Inc. now owns 1,633 shares of the e-commerce giant’s stock valued at $376,000 after purchasing an additional 42 shares during the last quarter. Finally, Marquette Asset Management LLC increased its stake in Amazon.com by 5.1% in the fourth quarter. Marquette Asset Management LLC now owns 886 shares of the e-commerce giant’s stock valued at $205,000 after purchasing an additional 43 shares during the last quarter. 72.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Amazon.com In related news, SVP David Zapolsky sold 9,270 shares of the firm’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $268.53, for a total value of $2,489,273.10. Following the completion of the sale, the senior vice president owned 41,190 shares in the company, valued at $11,060,750.70. This trade represents a 18.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Shelley Reynolds sold 2,363 shares of the business’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $262.38, for a total transaction of $620,003.94. Following the sale, the vice president directly owned 119,780 shares in the company, valued at approximately $31,427,876.40. This represents a 1.93% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 140,425 shares of company stock valued at $37,715,464 over the last 90 days. Insiders own 8.90% of the company’s stock.

Analysts Set New Price Targets Several analysts have recently weighed in on AMZN shares. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Amazon.com from $290.00 to $315.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Piper Sandler set a $330.00 price target on shares of Amazon.com in a research note on Thursday, June 11th. New Street Research boosted their price target on shares of Amazon.com from $280.00 to $350.00 and gave the company a “buy” rating in a research report on Monday, May 4th. The Goldman Sachs Group restated a “buy” rating and issued a $335.00 price objective on shares of Amazon.com in a research note on Thursday, July 9th. Finally, Oppenheimer raised their price objective on Amazon.com from $275.00 to $320.00 and gave the stock an “outperform” rating in a report on Thursday, April 30th. Fifty-seven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $312.91.

Check Out Our Latest Stock Report on Amazon.com

Key Headlines Impacting Amazon.com Here are the key news stories impacting Amazon.com this week:

Positive Sentiment: Analysts continue to see Amazon as a leading AI beneficiary, with AWS growth expected to stay strong into earnings. Amazon Viewed as Leading AI Beneficiary, AWS Acceleration Supports Buy Rating with Price Target Unchanged at $310 Positive Sentiment: India loosened e-commerce investment rules for exports, which could help Amazon expand cross-border sales. India relaxes e-commerce investment rules for exports in win for Amazon Positive Sentiment: Amazon is adding games to Prime Video and integrating Luna, supporting its bundled services strategy. Amazon is bringing games to Prime Video Neutral Sentiment: Amazon reorganized its artificial general intelligence team, with layoffs framed as a reset to focus on higher-priority AI initiatives. Amazon cuts some jobs in its artificial general intelligence unit Negative Sentiment: A U.S. Senate panel is probing whether Amazon allowed Chinese influence to affect marketplace decisions, raising regulatory risk. Amazon Faces Senate Probe Over Alleged China Influence Negative Sentiment: Investors are questioning whether Amazon’s aggressive AI capex plans could pressure margins and earnings near term. Magnificent 7 Loses $767 Billion as AI Skeptics Dump Tech Stocks Amazon.com Stock Performance Shares of AMZN stock opened at $233.66 on Friday. The stock has a market capitalization of $2.51 trillion, a PE ratio of 27.95, a price-to-earnings-growth ratio of 1.82 and a beta of 1.46. Amazon.com, Inc. has a 52-week low of $196.00 and a 52-week high of $278.56. The stock’s 50-day moving average price is $248.90 and its 200 day moving average price is $236.35. The company has a quick ratio of 1.01, a current ratio of 1.18 and a debt-to-equity ratio of 0.27.

Amazon.com (NASDAQ:AMZN – Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The e-commerce giant reported $2.78 EPS for the quarter, topping the consensus estimate of $1.63 by $1.15. Amazon.com had a return on equity of 19.92% and a net margin of 12.22%.The business had revenue of $181.52 billion during the quarter, compared to analysts’ expectations of $177.28 billion. During the same quarter in the prior year, the business earned $1.59 earnings per share. The company’s quarterly revenue was up 16.6% compared to the same quarter last year. As a group, equities research analysts forecast that Amazon.com, Inc. will post 7.75 EPS for the current year.

Amazon.com Company Profile (Free Report)

Amazon.com, Inc is a diversified technology and retail company best known for its e-commerce marketplace and broad portfolio of consumer and enterprise services. Founded by Jeff Bezos in 1994 and headquartered in Seattle, Washington, the company launched as an online bookseller and expanded into a global retail platform that sells products directly to consumers and provides a marketplace for third-party sellers. Over time Amazon has grown beyond retail into areas including cloud computing, digital media, devices and logistics.

Key businesses and offerings include Amazon’s online marketplace and fulfillment services, the Amazon Prime membership program (which bundles expedited shipping with streaming and other benefits), Amazon Web Services (AWS) which supplies on-demand cloud computing and storage to businesses and public-sector customers, and a range of content and advertising services such as Prime Video and Amazon Advertising.

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Ark Invest's Cathie Wood has made a name for herself with her aggressive style of investing. She likes innovative companies that have the potential to disrupt industries. Perhaps not surprisingly then, her flagship Ark Innovation ETF (ARKK -2.83%) has a history of wild swings.

For example, the fund produced a 67.6% gain in 2023, but that was after a 23.4% loss in 2021 and a 67% drawback in 2023. This year the fund has trailed the market, having a slight negative return.

Wood has also long been a fan of Elon Musk. Ark Innovation counts Tesla as its top holding, and recently she has been selling down the exchange-traded fund's position in Advanced Micro Devices (AMD -2.31%) and buying stock in Musk's other company, SpaceX (SPCX +2.56%). However, that is the exact opposite of what I'd be doing right now. Let's take a closer look at the two stocks and why I'd be selling SpaceX and buying AMD.

Image source: Getty Images.

SpaceX: Overvalued hype SpaceX is arguably both one of the most hyped and overvalued stocks in the market today. In his typical style, Musk has made bold, outrageous claims to try to get investors excited, such as saying one day SpaceX will be worth more than the Earth itself.

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One of SpaceX's big goals is to put data centers in space, with Musk recently saying this could happen as early as next year. However, protecting semiconductor chips from cosmic radiation and developing a cooling system that works in the vacuum of space are two major technological hurdles that would need to be overcome first. Meanwhile, a lot is riding on its Starship super rocket, which is still in the flight test phase. The massive rocket still needs to demonstrate that it can enter a stable orbit and that it can "catch" not only its booster (which it has done) but also the upper stage of the rocket so that they are both reusable.

SpaceX still has a lot of challenges to overcome to realize Musk's vision. Meanwhile, the stock trades around a price-to-sales (P/S) ratio of more than 85 times and a forward P/S multiple of more than 35 times based on Morgan Stanley 2026 estimates. That's a huge valuation for a capex-heavy, money-losing business with negative free cash flow that will eventually need to raise more cash either through debt or equity issuances.

In addition, SpaceX investors will face a plethora of additional shares hitting the open market this year as lock-ups expire, creating a natural headwind for the stock.

AMD: Massive growth ahead While SpaceX has captured the imagination of investors about what the future could hold, AMD is actually in the early stages of riding two powerful trends in inference and agentic AI.

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The company's chiplet design is ideal for inference, as it can be packaged with more memory and is designed to operate as part of a larger interconnected system, resulting in high bandwidth and low latency. AMD has already secured important graphics processing unit (GPU) deals to supply its chips and Helios server racks to large hyperscalers, which is set to be a major revenue driver for the company.

In addition to its huge GPU catalyst with inference, the company has a significant opportunity with its central processing units (CPUs) and agentic AI. AI data centers handling AI agents will need significantly more CPUs, as they act as the brains of the operation and supply the sequential logic these agents need to act properly. AMD is a leader in the space and has designed high-performance CPUs specifically for agentic AI. Demand for these types of CPUs is through the roof, and prices are rising, which adds another big growth layer for the stock.

With AMD having a clear line of sight to massive growth over the next few years, I'd be a buyer of this AI stock.

Losses to Asics are offset by gains in the more durable performance category.

AMF Tjanstepension AB lifted its position in NVIDIA Corporation (NASDAQ:NVDA – Free Report) by 2.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,192,840 shares of the computer hardware maker’s stock after purchasing an additional 198,915 shares during the quarter. NVIDIA accounts for 9.5% of AMF Tjanstepension AB’s portfolio, making the stock its largest position. AMF Tjanstepension AB’s holdings in NVIDIA were worth $1,428,831,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its holdings in NVIDIA by 12.4% during the 4th quarter. Brighton Jones LLC now owns 324,901 shares of the computer hardware maker’s stock worth $43,631,000 after purchasing an additional 35,815 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its position in NVIDIA by 1.0% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 2,346,417 shares of the computer hardware maker’s stock worth $315,100,000 after buying an additional 22,929 shares in the last quarter. Highview Capital Management LLC DE raised its holdings in shares of NVIDIA by 6.7% in the 4th quarter. Highview Capital Management LLC DE now owns 58,396 shares of the computer hardware maker’s stock valued at $7,842,000 after purchasing an additional 3,653 shares during the period. Hudson Value Partners LLC boosted its holdings in shares of NVIDIA by 30.7% during the 4th quarter. Hudson Value Partners LLC now owns 50,658 shares of the computer hardware maker’s stock worth $6,805,000 after buying an additional 11,900 shares during the period. Finally, Wealth Group Ltd. boosted its stake in NVIDIA by 15.7% in the 1st quarter. Wealth Group Ltd. now owns 6,598 shares of the computer hardware maker’s stock valued at $715,000 after purchasing an additional 896 shares during the period. 65.27% of the stock is owned by institutional investors.

NVIDIA Price Performance NVIDIA stock opened at $208.76 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.44 and a quick ratio of 2.85. NVIDIA Corporation has a one year low of $164.07 and a one year high of $236.54. The firm has a market capitalization of $5.05 trillion, a P/E ratio of 31.97, a PEG ratio of 0.41 and a beta of 2.21. The business has a fifty day moving average price of $208.22 and a 200-day moving average price of $195.73.

NVIDIA (NASDAQ:NVDA – Get Free Report) last released its earnings results on Wednesday, May 20th. The computer hardware maker reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.11. NVIDIA had a return on equity of 96.94% and a net margin of 62.97%.The business had revenue of $81.61 billion for the quarter, compared to analysts’ expectations of $78.42 billion. During the same quarter in the prior year, the firm earned $0.81 earnings per share. The firm’s revenue was up 85.2% on a year-over-year basis. As a group, equities research analysts forecast that NVIDIA Corporation will post 8.79 EPS for the current year.

NVIDIA Increases Dividend The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Thursday, June 4th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Thursday, June 4th. This is a positive change from NVIDIA’s previous quarterly dividend of $0.01. NVIDIA’s dividend payout ratio is presently 15.31%.

NVIDIA announced that its board has authorized a share buyback program on Wednesday, May 20th that permits the company to buyback $80.00 billion in shares. This buyback authorization permits the computer hardware maker to purchase up to 1.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

NVIDIA News Summary Here are the key news stories impacting NVIDIA this week:

Positive Sentiment: NVIDIA announced a joint AI research lab with KAIST in Seoul, backed by a $300 million five-year collaboration, to advance agentic AI models for Korean industries and language use cases. The deal includes compute contributions, funding for at least 10 researchers annually, and NVIDIA internships/full-time hiring pathways, reinforcing NVIDIA’s global AI ecosystem and talent pipeline. Article Title Positive Sentiment: NVIDIA’s partnership with Amkor to support U.S. advanced chip packaging expansion is another supportive development, as it strengthens supply-chain capacity for next-generation AI chips and helps meet rising demand for AI infrastructure. Article Title Positive Sentiment: Investor sentiment remains constructive on NVIDIA’s AI leadership, with analysts and market commentators highlighting its dominance in GPUs, strong fundamentals, and technical breakout signals above key moving averages. Article Title Neutral Sentiment: Some commentary suggests the stock may face near-term “sell-the-news” pressure after its latest earnings beat, especially as traders reassess whether AI spending momentum has already been priced in. Neutral Sentiment: Broader AI-capex headlines from Alphabet and other hyperscalers continue to drive sector interest, but they also appear to be fueling rotation within semiconductors rather than uniformly lifting NVIDIA shares. Negative Sentiment: NVIDIA is also facing renewed competitive noise, including AMD’s push with Anthropic and a wave of articles questioning whether large AI spending could eventually favor other chip and memory suppliers, which may temper enthusiasm for NVDA in the short term. Article Title Analysts Set New Price Targets Several equities analysts have recently issued reports on the company. Rosenblatt Securities reiterated a “buy” rating and issued a $325.00 price target on shares of NVIDIA in a research note on Thursday, May 21st. Craig Hallum increased their price target on NVIDIA from $245.00 to $275.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Melius Research set a $400.00 target price on NVIDIA in a research report on Thursday, May 21st. China Renaissance assumed coverage on NVIDIA in a report on Friday, June 5th. They set a “buy” rating and a $319.00 price target on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $350.00 price objective on shares of NVIDIA in a research note on Thursday, May 21st. Three investment analysts have rated the stock with a Strong Buy rating, forty-eight have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $304.26.

Check Out Our Latest Analysis on NVDA

Insiders Place Their Bets In other NVIDIA news, Director John Dabiri sold 625 shares of the stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $214.00, for a total transaction of $133,750.00. Following the transaction, the director directly owned 14,163 shares in the company, valued at $3,030,882. This trade represents a 4.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen C. Neal sold 15,500 shares of NVIDIA stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $215.73, for a total transaction of $3,343,815.00. Following the transaction, the director directly owned 116,135 shares in the company, valued at $25,053,803.55. This trade represents a 11.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,901,125 shares of company stock valued at $410,583,015 over the last quarter. 3.94% of the stock is owned by corporate insiders.

NVIDIA Profile (Free Report)

NVIDIA Corporation, founded in 1993 and headquartered in Santa Clara, California, is a global technology company that designs and develops graphics processing units (GPUs) and system-on-chip (SoC) technologies. Co-founded by Jensen Huang, who serves as president and chief executive officer, along with Chris Malachowsky and Curtis Priem, NVIDIA has grown from a graphics-focused chipmaker into a broad provider of accelerated computing hardware and software for multiple industries.

The company’s product portfolio spans discrete GPUs for gaming and professional visualization (marketed under the GeForce and NVIDIA RTX lines), high-performance data center accelerators used for AI training and inference (including widely adopted platforms such as the A100 and H100 series), and Tegra SoCs for automotive and edge applications.

Further Reading Five stocks we like better than NVIDIA Premium Retail’s Stress Test Is Separating Winners From Losers D-Wave Quantum or a Quantum ETF: Which Is the Better Bet? GE Vernova Just Sent a Mixed AI Signal to Investors Alphabet Crushed Earnings, But One Number Spooked the Market Want to see what other hedge funds are holding NVDA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NVIDIA Corporation (NASDAQ:NVDA – Free Report).

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Citizens Business Bank cut its stake in NVIDIA Corporation (NASDAQ:NVDA – Free Report) by 1.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 178,617 shares of the computer hardware maker’s stock after selling 3,039 shares during the period. NVIDIA makes up approximately 5.2% of Citizens Business Bank’s investment portfolio, making the stock its 3rd biggest position. Citizens Business Bank’s holdings in NVIDIA were worth $31,151,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its holdings in shares of NVIDIA by 12.4% in the 4th quarter. Brighton Jones LLC now owns 324,901 shares of the computer hardware maker’s stock worth $43,631,000 after purchasing an additional 35,815 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its holdings in NVIDIA by 1.0% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 2,346,417 shares of the computer hardware maker’s stock worth $315,100,000 after buying an additional 22,929 shares in the last quarter. Highview Capital Management LLC DE grew its position in NVIDIA by 6.7% in the fourth quarter. Highview Capital Management LLC DE now owns 58,396 shares of the computer hardware maker’s stock worth $7,842,000 after buying an additional 3,653 shares during the last quarter. Hudson Value Partners LLC grew its position in NVIDIA by 30.7% in the fourth quarter. Hudson Value Partners LLC now owns 50,658 shares of the computer hardware maker’s stock worth $6,805,000 after buying an additional 11,900 shares during the last quarter. Finally, Wealth Group Ltd. increased its holdings in shares of NVIDIA by 15.7% in the first quarter. Wealth Group Ltd. now owns 6,598 shares of the computer hardware maker’s stock valued at $715,000 after buying an additional 896 shares in the last quarter. Institutional investors own 65.27% of the company’s stock.

NVIDIA Trading Down 1.6% NVIDIA stock opened at $208.76 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.85 and a current ratio of 3.44. The business’s 50-day simple moving average is $208.22 and its 200-day simple moving average is $195.73. The firm has a market capitalization of $5.05 trillion, a PE ratio of 31.97, a PEG ratio of 0.41 and a beta of 2.21. NVIDIA Corporation has a 52 week low of $164.07 and a 52 week high of $236.54.

NVIDIA (NASDAQ:NVDA – Get Free Report) last released its earnings results on Wednesday, May 20th. The computer hardware maker reported $1.87 EPS for the quarter, beating the consensus estimate of $1.76 by $0.11. The firm had revenue of $81.61 billion during the quarter, compared to analysts’ expectations of $78.42 billion. NVIDIA had a net margin of 62.97% and a return on equity of 96.94%. The business’s quarterly revenue was up 85.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.81 EPS. Equities research analysts forecast that NVIDIA Corporation will post 8.79 earnings per share for the current year.

NVIDIA announced that its board has authorized a share repurchase program on Wednesday, May 20th that permits the company to buyback $80.00 billion in shares. This buyback authorization permits the computer hardware maker to reacquire up to 1.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

NVIDIA Increases Dividend The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Thursday, June 4th were paid a dividend of $0.25 per share. This is a positive change from NVIDIA’s previous quarterly dividend of $0.01. This represents a $1.00 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Thursday, June 4th. NVIDIA’s dividend payout ratio is 15.31%.

Insiders Place Their Bets In other NVIDIA news, Director Stephen C. Neal sold 15,500 shares of the company’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $215.73, for a total value of $3,343,815.00. Following the sale, the director directly owned 116,135 shares in the company, valued at $25,053,803.55. This represents a 11.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Mark A. Stevens sold 885,000 shares of NVIDIA stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $210.17, for a total value of $186,000,450.00. Following the transaction, the director directly owned 5,207,271 shares of the company’s stock, valued at approximately $1,094,412,146.07. The trade was a 14.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,901,125 shares of company stock worth $410,583,015 over the last quarter. Company insiders own 3.94% of the company’s stock.

Analysts Set New Price Targets Several equities research analysts have recently commented on NVDA shares. Morgan Stanley set a $288.00 target price on NVIDIA and gave the company an “overweight” rating in a report on Thursday, May 21st. Itau BBA Securities cut their price objective on NVIDIA from $256.00 to $218.00 in a report on Wednesday, June 24th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $255.00 price objective (up from $220.00) on shares of NVIDIA in a research note on Thursday, May 21st. UBS Group lifted their target price on shares of NVIDIA from $275.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Finally, President Capital boosted their price target on shares of NVIDIA from $280.00 to $295.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Three equities research analysts have rated the stock with a Strong Buy rating, forty-eight have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $304.26.

Check Out Our Latest Stock Report on NVDA

Key Stories Impacting NVIDIA Here are the key news stories impacting NVIDIA this week:

Positive Sentiment: NVIDIA announced a joint AI research lab with KAIST in Seoul, backed by a $300 million five-year collaboration, to advance agentic AI models for Korean industries and language use cases. The deal includes compute contributions, funding for at least 10 researchers annually, and NVIDIA internships/full-time hiring pathways, reinforcing NVIDIA’s global AI ecosystem and talent pipeline. Article Title Positive Sentiment: NVIDIA’s partnership with Amkor to support U.S. advanced chip packaging expansion is another supportive development, as it strengthens supply-chain capacity for next-generation AI chips and helps meet rising demand for AI infrastructure. Article Title Positive Sentiment: Investor sentiment remains constructive on NVIDIA’s AI leadership, with analysts and market commentators highlighting its dominance in GPUs, strong fundamentals, and technical breakout signals above key moving averages. Article Title Neutral Sentiment: Some commentary suggests the stock may face near-term “sell-the-news” pressure after its latest earnings beat, especially as traders reassess whether AI spending momentum has already been priced in. Neutral Sentiment: Broader AI-capex headlines from Alphabet and other hyperscalers continue to drive sector interest, but they also appear to be fueling rotation within semiconductors rather than uniformly lifting NVIDIA shares. Negative Sentiment: NVIDIA is also facing renewed competitive noise, including AMD’s push with Anthropic and a wave of articles questioning whether large AI spending could eventually favor other chip and memory suppliers, which may temper enthusiasm for NVDA in the short term. Article Title NVIDIA Profile (Free Report)

NVIDIA Corporation, founded in 1993 and headquartered in Santa Clara, California, is a global technology company that designs and develops graphics processing units (GPUs) and system-on-chip (SoC) technologies. Co-founded by Jensen Huang, who serves as president and chief executive officer, along with Chris Malachowsky and Curtis Priem, NVIDIA has grown from a graphics-focused chipmaker into a broad provider of accelerated computing hardware and software for multiple industries.

The company’s product portfolio spans discrete GPUs for gaming and professional visualization (marketed under the GeForce and NVIDIA RTX lines), high-performance data center accelerators used for AI training and inference (including widely adopted platforms such as the A100 and H100 series), and Tegra SoCs for automotive and edge applications.

Featured Stories Five stocks we like better than NVIDIA Premium Retail’s Stress Test Is Separating Winners From Losers D-Wave Quantum or a Quantum ETF: Which Is the Better Bet? GE Vernova Just Sent a Mixed AI Signal to Investors Alphabet Crushed Earnings, But One Number Spooked the Market Want to see what other hedge funds are holding NVDA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NVIDIA Corporation (NASDAQ:NVDA – Free Report).

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The AI chip maker hasn't been trading like a chip stock recently, aligning more with its Big Tech peers.

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:

Delek US Holdings, Inc. (DK - Free Report) : This integrated downstream energy company has seen the Zacks Consensus Estimate for its current year earnings increasing 29.1% over the last 60 days.

PBF Energy Inc. (PBF - Free Report) : This petroleum refining company has seen the Zacks Consensus Estimate for its current year earnings increasing 56.5% over the last 60 days.

American Airlines Group Inc. (AAL - Free Report) : This airline company has seen the Zacks Consensus Estimate for its current year earnings increasing 303.6% over the last 60 days.

HCI Group, Inc. (HCI - Free Report) : This property and casualty insurance company has seen the Zacks Consensus Estimate for its current year earnings increasing 3.3% over the last 60 days.

Hudson Pacific Properties, Inc. (HPP - Free Report) : This real estate investment trust has seen the Zacks Consensus Estimate for its current year earnings increasing 3.9% over the last 60 days.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Bank of Nova Scotia boosted its holdings in shares of Mastercard Incorporated (NYSE:MA – Free Report) by 1.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 192,216 shares of the credit services provider’s stock after purchasing an additional 2,609 shares during the period. Bank of Nova Scotia’s holdings in Mastercard were worth $96,044,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Border to Coast Pensions Partnership Ltd raised its stake in Mastercard by 7.3% during the 1st quarter. Border to Coast Pensions Partnership Ltd now owns 139,844 shares of the credit services provider’s stock valued at $70,089,000 after purchasing an additional 9,504 shares during the period. Assetmark Inc. boosted its stake in Mastercard by 4.5% in the 4th quarter. Assetmark Inc. now owns 229,299 shares of the credit services provider’s stock worth $130,902,000 after purchasing an additional 9,795 shares during the period. Global X Japan Co. Ltd. grew its holdings in Mastercard by 396.3% during the 4th quarter. Global X Japan Co. Ltd. now owns 46,145 shares of the credit services provider’s stock valued at $26,343,000 after buying an additional 36,848 shares in the last quarter. Marble Wealth LLC bought a new stake in shares of Mastercard during the fourth quarter valued at approximately $1,328,000. Finally, Canada Post Corp Registered Pension Plan raised its position in shares of Mastercard by 6.1% during the fourth quarter. Canada Post Corp Registered Pension Plan now owns 65,414 shares of the credit services provider’s stock valued at $37,344,000 after buying an additional 3,768 shares during the last quarter. Institutional investors own 97.28% of the company’s stock.

Analysts Set New Price Targets MA has been the subject of a number of research reports. TD Cowen dropped their target price on shares of Mastercard from $671.00 to $664.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Piper Sandler initiated coverage on Mastercard in a report on Monday, June 29th. They set an “overweight” rating and a $597.00 price objective on the stock. BMO Capital Markets assumed coverage on shares of Mastercard in a report on Tuesday, April 21st. They issued an “outperform” rating and a $605.00 target price for the company. Susquehanna reduced their price target on shares of Mastercard from $670.00 to $665.00 and set a “positive” rating on the stock in a research report on Friday, May 1st. Finally, Weiss Ratings lowered shares of Mastercard from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, April 24th. Eight research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $653.92.

Read Our Latest Research Report on Mastercard

Mastercard Stock Performance Mastercard stock opened at $530.52 on Friday. The company has a debt-to-equity ratio of 2.56, a current ratio of 0.98 and a quick ratio of 0.98. Mastercard Incorporated has a 1-year low of $464.52 and a 1-year high of $601.77. The firm has a market capitalization of $468.75 billion, a P/E ratio of 30.70, a price-to-earnings-growth ratio of 1.66 and a beta of 0.73. The company’s 50-day moving average is $507.37 and its 200 day moving average is $514.85.

Mastercard (NYSE:MA – Get Free Report) last announced its earnings results on Thursday, April 30th. The credit services provider reported $4.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.41 by $0.19. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.26 billion. Mastercard had a return on equity of 212.96% and a net margin of 45.88%.The company’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.73 earnings per share. Research analysts forecast that Mastercard Incorporated will post 19.62 EPS for the current year.

Mastercard Dividend Announcement The firm also recently declared a quarterly dividend, which will be paid on Friday, August 7th. Investors of record on Thursday, July 9th will be paid a dividend of $0.87 per share. This represents a $3.48 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Thursday, July 9th. Mastercard’s dividend payout ratio (DPR) is currently 20.14%.

Insider Buying and Selling In related news, insider Sandra A. Arkell sold 200 shares of the business’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $540.00, for a total transaction of $108,000.00. Following the completion of the transaction, the insider owned 3,322 shares in the company, valued at $1,793,880. The trade was a 5.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Raj Seshadri sold 1,977 shares of the company’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $529.73, for a total value of $1,047,276.21. Following the completion of the transaction, the insider directly owned 16,429 shares in the company, valued at $8,702,934.17. This trade represents a 10.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 7,005 shares of company stock valued at $3,689,976 over the last three months. 0.09% of the stock is owned by corporate insiders.

Key Headlines Impacting Mastercard Here are the key news stories impacting Mastercard this week:

Positive Sentiment: Mastercard announced new enhancements to its virtual card platform, including stronger security controls, embedded payments capabilities, and single-API access. This supports growth in B2B payments and could improve adoption of Mastercard’s commercial payment tools. Mastercard Expands Virtual Card Platform with New Security Controls, Embedded Payments Network and Single API Access Positive Sentiment: Mastercard is being highlighted by commentators like Jim Cramer as a “tech company in bank clothing,” reinforcing the market’s view of MA as a high-margin payments compounder with durable growth characteristics. Mastercard (NYSE:MA): Jim Cramer’s “Tech Company in Bank Clothing” Positive Sentiment: Wall Street expectations are building for Mastercard’s upcoming earnings report, with analysts looking for another earnings beat and continued profit growth. That can support the stock if results and guidance confirm strong consumer spending and transaction volume trends. MasterCard (MA) Reports Next Week: Wall Street Expects Earnings Growth Neutral Sentiment: Mastercard is also expanding into the creator economy through a new debit card partnership, which adds another growth avenue but is not yet large enough to move fundamentals on its own. Mastercard Sees the Next Payments Customer in the Creator Economy Neutral Sentiment: Several recent articles and market commentary have focused on Mastercard’s valuation, long-term moat, and competitive positioning versus peers like Affirm. These pieces are more about sentiment than immediate catalysts, though they contribute to the mixed tone around the stock. Mastercard vs. Affirm: Which Fintech Stock Has More Room to Run? Negative Sentiment: Some coverage suggests Mastercard may be less attractive than faster-growing fintech names such as Affirm on a valuation and upside basis, which could temper investor enthusiasm. Mastercard vs. Affirm: Which Fintech Stock Has More Room to Run? Negative Sentiment: There is also ongoing speculation about a possible sale of a majority stake in Mastercard’s UK payments subsidiary Vocalink, which adds uncertainty around a key infrastructure asset. Is Mastercard (MA) Cheap Or Fully Valued On Vocalink Sale Talk? Mastercard Company Profile (Free Report)

Mastercard Incorporated is a global payments technology company that operates a network connecting consumers, financial institutions, merchants, governments and businesses in more than 200 countries and territories. The company facilitates electronic payments and transaction processing for credit, debit and prepaid card products carrying the Mastercard brand, while also providing a range of payment-related services to issuers, acquirers and merchants. Its technology and network enable authorization, clearing and settlement of payments and support a broad set of use cases including point-of-sale, e-commerce and mobile payments.

Beyond core transaction processing, Mastercard offers a suite of value-added services such as fraud and risk management, identity and authentication tools, tokenization and digital wallet support, cross-border and commercial payment solutions, and data analytics and consulting services for merchants and financial partners.

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, /PRNewswire/ -- Bank of America Corporation today announced that the Board of Directors declared a regular quarterly cash dividend on Bank of America common stock of $0.32 per share, up $0.04 from the prior quarter, an increase of 14%. The dividend is payable on September 25, 2026 to shareholders of record as of September 4, 2026.

"The increase in our dividend reflects the strength of our earnings, the power of our franchise and our confidence in Bank of America's ability to drive long-term growth and create value for shareholders," said Bank of America Chair and CEO Brian Moynihan. "Today's announcement also reflects our continued commitment to return excess capital to shareholders while supporting economic growth, investing in clients and communities, and maintaining strength and stability through the economic cycle."

The company also continues to repurchase common stock under a $40 billion authorization from the Board of Directors, which has been in effect since August 1, 2025. In the first half of 2026, the company repurchased $13.2 billion of common stock and paid $4 billion in dividends. As of June 30, 2026, the current share repurchase program had approximately $17 billion in common stock repurchases remaining.

Bank of America's ability to make capital distributions depends, in part, on its ability to maintain regulatory capital levels above minimum capital requirements. The timing and amount of common stock repurchases made pursuant to the Bank of America common stock repurchase program are subject to various factors, including the company's capital position, liquidity, financial performance and alternative uses of capital, stock trading price, regulatory requirements and general market conditions, and may be suspended or discontinued at any time. Such repurchases may be effected through open market purchases or privately negotiated transactions, including repurchase plans that satisfy the conditions of Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

The Board also declared a regular quarterly cash dividend of $1.75 per share on the 7% Cumulative Redeemable Preferred Stock, Series B. The dividend is payable on October 23, 2026 to shareholders of record as of October 9, 2026.

Forward-looking statements

Certain statements contained in this news release may constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the current expectations, plans or forecasts of Bank of America based on available information. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements often use words like "expects," "anticipates," "believes," "estimates," "targets," "intends," "plans," "predicts," "goal" and other similar expressions or future or conditional verbs such as "will," "may," "might," "should," "would" and "could." Forward-looking statements speak only as of the date they are made, and Bank of America undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

Forward-looking statements represent Bank of America's current expectations, plans or forecasts of its future results, revenues, expenses, dividends, efficiency ratio, capital measures, and future business and economic conditions more generally, and other future matters. These statements are not guarantees of its future results or performance and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond Bank of America's control. Actual outcomes and results may differ materially from those expressed in, or implied by, any forward-looking statements due to a variety of factors. You should not place undue reliance on any forward-looking statement and should consider all of the precautionary statements, uncertainties and risks discussed in Bank of America's filings with the Securities and Exchange Commission (SEC), including in Bank of America's Current Report on Form 8-K dated July 23, 2025, announcing Bank of America's common stock repurchase program, under Item 1A. "Risk Factors" of Bank of America's Annual Report on Form 10-K for the year ended December 31, 2025, and in any of Bank of America's other subsequent SEC filings.

Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving more than 69 million clients with approximately 3,500 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 60 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. As the #1 small business lender in the United States (FDIC), Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries and/or jurisdictions. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

Investors may contact

Lee McEntire, Bank of America
Phone: 1.980.388.6780
[email protected]

Jonathan G. Blum, Bank of America (Fixed Income)
Phone: 1.212.449.3112
[email protected]

Reporters may contact

Jocelyn Seidenfeld, Bank of America
Phone: 1.646.743.3356
[email protected]

SOURCE Bank of America Corporation

Balefire LLC increased its stake in JPMorgan Chase & Co. (NYSE:JPM – Free Report) by 18.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,836 shares of the financial services provider’s stock after buying an additional 1,855 shares during the quarter. Balefire LLC’s holdings in JPMorgan Chase & Co. were worth $3,482,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Norges Bank bought a new position in JPMorgan Chase & Co. in the 4th quarter valued at $11,396,496,000. Cardano Risk Management B.V. lifted its position in shares of JPMorgan Chase & Co. by 889.3% during the fourth quarter. Cardano Risk Management B.V. now owns 8,673,530 shares of the financial services provider’s stock worth $2,794,785,000 after purchasing an additional 7,796,814 shares during the last quarter. American Assets Investment Management LLC grew its holdings in shares of JPMorgan Chase & Co. by 1,172.2% in the fourth quarter. American Assets Investment Management LLC now owns 2,259,400 shares of the financial services provider’s stock worth $728,024,000 after purchasing an additional 2,081,800 shares during the last quarter. Viking Global Investors LP grew its holdings in shares of JPMorgan Chase & Co. by 86.1% in the second quarter. Viking Global Investors LP now owns 4,042,034 shares of the financial services provider’s stock worth $1,171,826,000 after purchasing an additional 1,870,386 shares during the last quarter. Finally, PFA Pension Forsikringsaktieselskab purchased a new position in JPMorgan Chase & Co. in the 4th quarter worth about $474,516,000. 71.55% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets In other news, COO Jennifer Piepszak sold 4,919 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $309.42, for a total transaction of $1,522,036.98. Following the sale, the chief operating officer owned 85,082 shares in the company, valued at approximately $26,326,072.44. The trade was a 5.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jeremy Barnum sold 3,022 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $309.41, for a total value of $935,037.02. Following the sale, the chief financial officer owned 32,438 shares in the company, valued at $10,036,641.58. The trade was a 8.52% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 18,876 shares of company stock valued at $5,907,051. 0.41% of the stock is currently owned by corporate insiders.

Trending Headlines about JPMorgan Chase & Co. Here are the key news stories impacting JPMorgan Chase & Co. this week:

Positive Sentiment: JPMorgan raised $9 billion through debt offerings, underscoring its access to cheap funding and strong balance-sheet flexibility. JPMorgan Chase Raises $9 Billion Through Debt Offerings Positive Sentiment: The company’s Q2 results showed record revenue and a record $21.2 billion quarterly profit, reinforcing earnings momentum and helping support the stock’s recent strength. JPMorgan Chase Q2 2026 Earnings Call Transcript Positive Sentiment: Multiple market commentary pieces highlighted JPMorgan’s AI-driven efficiency and growth potential, with some suggesting the bank could be on a path toward a $1 trillion market cap. JPMorgan’s AI Advantage Positions the Bank for a $1T Market Cap Neutral Sentiment: JPMorgan amended its bylaws to strengthen board independence, a governance-related move that is unlikely to move the stock on its own. JPMorgan Chase Strengthens Board Independence With Bylaw Change Negative Sentiment: House lawmakers grilled former executive Jes Staley over Jeffrey Epstein ties, keeping reputational risk and regulatory scrutiny in the headlines. House lawmakers grill former JPMorgan executive Jes Staley over Epstein ties JPMorgan Chase & Co. Stock Up 0.3% NYSE:JPM opened at $349.40 on Friday. The company’s 50-day simple moving average is $322.64 and its 200-day simple moving average is $310.84. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.86 and a current ratio of 0.85. JPMorgan Chase & Co. has a fifty-two week low of $279.10 and a fifty-two week high of $351.24. The stock has a market capitalization of $936.23 billion, a P/E ratio of 14.97, a P/E/G ratio of 1.54 and a beta of 0.99.

JPMorgan Chase & Co. Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Monday, July 6th will be paid a $1.50 dividend. The ex-dividend date is Monday, July 6th. This represents a $6.00 dividend on an annualized basis and a yield of 1.7%. JPMorgan Chase & Co.’s dividend payout ratio (DPR) is 25.71%.

Analyst Ratings Changes A number of equities research analysts recently weighed in on the stock. Wells Fargo & Company lifted their price objective on shares of JPMorgan Chase & Co. from $360.00 to $375.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Autonomous Res dropped their target price on shares of JPMorgan Chase & Co. from $360.00 to $324.00 and set a “neutral” rating on the stock in a research note on Monday, April 6th. Bank of America raised their target price on shares of JPMorgan Chase & Co. from $408.00 to $420.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. Evercore reaffirmed an “outperform” rating and set a $360.00 price target on shares of JPMorgan Chase & Co. in a research note on Monday, July 6th. Finally, Morgan Stanley reiterated a “positive” rating and issued a $370.00 price target on shares of JPMorgan Chase & Co. in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $358.67.

Read Our Latest Stock Report on JPM

About JPMorgan Chase & Co. (Free Report)

JPMorgan Chase & Co (NYSE: JPM) is a diversified global financial services firm headquartered in New York City. The company provides a wide range of banking and financial products and services to consumers, small businesses, corporations, governments and institutional investors worldwide. Its operations span retail banking, commercial lending, investment banking, asset management, payments and card services, and treasury and securities services.

The firm’s principal business activities are organized across several core lines: Consumer & Community Banking, which offers deposit accounts, mortgages, auto loans, credit cards and branch and digital banking under the Chase brand; Corporate & Investment Banking, which provides capital markets, advisory, underwriting, trading and risk management services; Commercial Banking, delivering lending, treasury and capital solutions to middle-market and corporate clients; and Asset & Wealth Management, which offers investment management, private banking and retirement services to institutions and high-net-worth individuals.

Featured Stories Five stocks we like better than JPMorgan Chase & Co. Premium Retail’s Stress Test Is Separating Winners From Losers D-Wave Quantum or a Quantum ETF: Which Is the Better Bet? GE Vernova Just Sent a Mixed AI Signal to Investors Alphabet Crushed Earnings, But One Number Spooked the Market

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On Dec. 31, arguably the greatest investor of our generation, Warren Buffett, hung up his work coat for the final time as CEO of Berkshire Hathaway (BRKA +0.53%)(BRKB +0.24%). During his more than half-century as CEO, he led Berkshire's Class A shares (BRKA) to a nearly 6,100,000% return, earning him the "Oracle of Omaha" nickname.

But Warren Buffett was fallible. Although he's affably remembered for his first rule of investing, "don't lose money," he had his fair share of investing foul-ups as Berkshire's boss. However, none of his swings and misses have arguably been as sizable as with Apple (AAPL -1.27%) and Walt Disney (DIS -3.00%).

Warren Buffett retired as Berkshire's CEO on Dec. 31. Image source: The Motley Fool.

Warren Buffett was fallible, but being wrong never cost him (or Berkshire) a fortune Occasionally, the Oracle of Omaha's investments didn't go as planned.

For instance, Buffett made a sizable investment in Paramount (now Paramount Skydance) in early 2022. By the midpoint of 2024, the entirety of this stake was disposed of, with Paramount's stock crumbling under the weight of cord-cutting and a reduced dividend.

It was a similar story for Berkshire's boss during the early stages of the COVID-19 pandemic. Roughly six years ago, he sold more than $4 billion in various airline stocks, taking steep losses in the process.

But these aren't Buffett's largest nominal-dollar misses at Berkshire Hathaway. Rather, it was his decision to pare down or sell shares of Apple and Walt Disney (in hindsight) far too early.

Image source: Getty Images.

The Oracle or Omaha's biggest misses came from selling too early In the nine quarters leading up to his retirement (Oct. 1, 2023 – Dec. 31, 2025), Buffett sold 687,642,574 shares of Apple, equating to roughly 75% of his company's stake. On Sept. 29, 2023, Apple's stock closed at $171.21. As of July 22, 2026, Apple's shares had rallied to $325.89. Had Warren Buffett not sold a single share of Apple since the third quarter of 2023, Berkshire's stake in the company would have appreciated by another $106.4 billion!

Berkshire's now-former boss's error with Walt Disney wasn't nearly as steep -- but it's not a drop in the bucket, either. In 1966, he and a consortium of investors took a 5% stake in theme-park operator and burgeoning media company Disney for (drum roll)... $4 million. He flipped this stake one year later (1967) for $6 million. Today, a 5% stake in Disney would be worth around $8.3 billion.

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The kicker is that Buffett had a second chance with Walt Disney stock in 1996. Disney acquired Capital Cities/ABC in an all-stock deal, and Berkshire was a shareholder in Capital Cities/ABC. Although Warren Buffett held these shares for a few years, he ultimately kicked Disney to the curb by 2000.

The Oracle of Omaha's most memorable misses weren't stocks that he got wrong -- it was the companies he was spot-on about that he sold too early.

A contract crew from Verizon installs 5G telecommunications equipment on a tower in Orem, Utah, U.S. December 3, 2019. Picture taken December 3, 2019. REUTERS/George Frey/File Photo Purchase Licensing Rights, opens new tab

July 24 (Reuters) - Verizon (VZ.N), opens new tab raised its annual forecast for adjusted profit and free cash flow, as the network provider's latest ​unlimited 5G plans and rewards programs helped it add more wireless ‌subscribers than expected in the June quarter.

Shares of the company were up 3% in premarket trading on Friday.

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The company is in the midst of a strategic transition under ​new CEO Dan Schulman, rolling out simplified mobile plans, a ​new loyalty program and bundled wireless-broadband offerings to improve customer additions ⁠after trailing rivals in subscriber growth.

Verizon gained 184,000 monthly-bill paying wireless ​subscribers in the second quarter, surpassing estimates of 103,900 additions by analysts polled ​by FactSet.

In June, Verizon overhauled its wireless offerings with the launch of Simplicity, an unlimited wireless plan that replaces a more complex lineup with transparent pricing and includes ​access to the company's fastest 5G network and mobile hotspot data.

The company ​also introduced Verizon One, a bundled offering that pairs wireless service with home internet ‌under ⁠a single monthly bill, mirroring a broader industry push towards convergence to deepen customer relationships.

"We are gaining subscribers and earning long-term retention based on real value rather than subsidized promotions," CEO Schulman said.

The company now expects an ​annual adjusted profit ​of $4.99 to $5.04 per ⁠share, compared with prior guidance of $4.95 to $4.99.

Free cash flow is expected to grow between 9% and 10% this year, ​higher than its previous estimate of about 7% or ​more.

Second-quarter revenue ⁠came in at $34.3 billion, below analysts' estimate of $35.16 billion, according to data compiled by LSEG, as equipment revenue fell due to slower phone upgrade activity, ⁠with ​customers holding on to their devices for longer.

Adjusted ​profit of $1.30 per share, however, beat estimates of $1.27, helped by cost controls and reduced spending ​on device subsidies.

Reporting by Harshita Mary Varghese in Bengaluru; Editing by Shinjini Ganguli

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

Verizon Communications gained a net 184,000 postpaid phone connections in the second quarter, beating Wall Street's expectations on a metric that gauges new lucrative customers.

Posted by Defense World Staff on Jul 24th, 2026

Bank of Nova Scotia grew its position in The Home Depot, Inc. (NYSE:HD – Free Report) by 109.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 722,758 shares of the home improvement retailer’s stock after buying an additional 378,393 shares during the period. Bank of Nova Scotia owned 0.07% of Home Depot worth $237,709,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in HD. Advocate Investing Services LLC acquired a new stake in Home Depot during the fourth quarter worth $25,000. Parvin Asset Management LLC lifted its stake in shares of Home Depot by 110.0% in the 3rd quarter. Parvin Asset Management LLC now owns 63 shares of the home improvement retailer’s stock valued at $26,000 after purchasing an additional 33 shares during the last quarter. Cache Advisors LLC acquired a new position in shares of Home Depot in the 1st quarter valued at $27,000. Key Capital Management INC purchased a new position in shares of Home Depot during the 4th quarter worth $28,000. Finally, Merkkuri Wealth Advisors LLC purchased a new position in shares of Home Depot during the 1st quarter worth $28,000. Institutional investors and hedge funds own 70.86% of the company’s stock.

Home Depot Price Performance Shares of HD opened at $325.17 on Friday. The firm has a market capitalization of $324.24 billion, a price-to-earnings ratio of 23.09, a PEG ratio of 3.83 and a beta of 0.95. The firm’s fifty day simple moving average is $328.81 and its 200-day simple moving average is $344.81. The Home Depot, Inc. has a twelve month low of $289.10 and a twelve month high of $426.75. The company has a current ratio of 1.04, a quick ratio of 0.28 and a debt-to-equity ratio of 3.23.

Home Depot (NYSE:HD – Get Free Report) last issued its earnings results on Tuesday, May 19th. The home improvement retailer reported $3.43 EPS for the quarter, topping analysts’ consensus estimates of $3.41 by $0.02. The firm had revenue of $41.77 billion during the quarter, compared to the consensus estimate of $41.59 billion. Home Depot had a net margin of 8.41% and a return on equity of 117.24%. The company’s revenue was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.56 earnings per share. Home Depot has set its FY 2026 guidance at 14.690-15.278 EPS. Equities analysts forecast that The Home Depot, Inc. will post 15.01 EPS for the current fiscal year.

Home Depot Announces Dividend The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, June 4th were given a dividend of $2.33 per share. This represents a $9.32 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Thursday, June 4th. Home Depot’s dividend payout ratio is currently 66.19%.

Analysts Set New Price Targets HD has been the topic of several research analyst reports. BNP Paribas Exane reduced their price objective on shares of Home Depot from $348.00 to $325.00 and set a “neutral” rating on the stock in a report on Tuesday, May 19th. JPMorgan Chase & Co. lowered their target price on shares of Home Depot from $423.00 to $396.00 and set an “overweight” rating for the company in a research note on Wednesday, May 20th. Weiss Ratings upgraded shares of Home Depot from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, July 7th. HSBC reduced their price target on shares of Home Depot from $392.00 to $310.00 and set a “hold” rating on the stock in a research note on Wednesday, May 20th. Finally, Telsey Advisory Group decreased their price objective on shares of Home Depot from $435.00 to $410.00 and set an “outperform” rating on the stock in a report on Wednesday, May 20th. Eighteen equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $371.71.

View Our Latest Research Report on HD

Key Home Depot News Here are the key news stories impacting Home Depot this week:

Positive Sentiment: Home Depot launched its 2026 Halloween collection with upgraded Skelly animatronics and broader seasonal merchandise, a move that could help drive customer traffic and sales during a key retail period. Home Depot (HD) Launches 2026 Halloween Collection With Upgraded Skelly Animatronics Positive Sentiment: Bernstein reportedly reiterated a positive stance on Home Depot, and Guggenheim also upgraded the stock to Buy, suggesting some analysts still see value in the shares. Home Depot (HD) Gets a Hold from Bernstein Home Depot (NYSE:HD) Earns “Buy” Rating from Guggenheim Neutral Sentiment: Analysts are expecting only modest year-over-year EPS growth when Home Depot reports next month, keeping expectations relatively subdued ahead of earnings. Earnings Preview: What To Expect From The Home Depot’s Report Negative Sentiment: Weak housing-market conditions are slowing big-ticket last-mile delivery and signaling softer demand tied to fewer home transactions, which is a headwind for Home Depot’s core business. Weak housing market hurts big and bulky last-mile delivery Negative Sentiment: Home Depot was reported to be falling more than the broader market, reinforcing that investors are reacting negatively to the housing slowdown and near-term growth concerns. Home Depot (HD) Falls More Steeply Than Broader Market: What Investors Need to Know Home Depot Company Profile (Free Report)

The Home Depot, Inc (NYSE: HD) is a leading home improvement retailer that operates large-format stores and an integrated online platform offering a broad range of products and services for do-it-yourself consumers, professional contractors and businesses. The company was founded in 1978 by Bernard Marcus and Arthur Blank and is headquartered in Atlanta, Georgia. Since opening its first stores at the end of the 1970s, Home Depot has grown into a multinational retailer known for its orange-branded stores and wide assortment of home improvement merchandise.

Home Depot’s core business includes the sale of building materials, lumber, tools, hardware, appliances, paint, plumbing and electrical supplies, lawn and garden products, and home décor.

Further Reading Five stocks we like better than Home Depot Premium Retail’s Stress Test Is Separating Winners From Losers D-Wave Quantum or a Quantum ETF: Which Is the Better Bet? GE Vernova Just Sent a Mixed AI Signal to Investors Alphabet Crushed Earnings, But One Number Spooked the Market

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« PREVIOUS HEADLINEBank of Nova Scotia Increases Holdings in iShares MSCI South Korea ETF $EWY

Posted by Defense World Staff on Jul 24th, 2026

Bank of Nova Scotia lessened its holdings in PepsiCo, Inc. (NASDAQ:PEP – Free Report) by 12.5% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 943,071 shares of the company’s stock after selling 134,729 shares during the period. Bank of Nova Scotia owned 0.07% of PepsiCo worth $146,450,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PEP. Vanguard Group Inc. raised its holdings in shares of PepsiCo by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 138,483,870 shares of the company’s stock valued at $19,875,205,000 after buying an additional 1,612,652 shares in the last quarter. State Street Corp boosted its stake in PepsiCo by 1.8% in the third quarter. State Street Corp now owns 59,499,819 shares of the company’s stock worth $8,356,155,000 after buying an additional 1,079,970 shares in the last quarter. Auto Owners Insurance Co grew its position in PepsiCo by 14,857.8% during the fourth quarter. Auto Owners Insurance Co now owns 49,252,907 shares of the company’s stock valued at $7,068,777,000 after acquiring an additional 48,923,629 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of PepsiCo by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 33,617,937 shares of the company’s stock worth $4,814,835,000 after acquiring an additional 360,936 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of PepsiCo by 1.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 28,090,426 shares of the company’s stock worth $4,031,646,000 after acquiring an additional 295,955 shares during the last quarter. 73.07% of the stock is currently owned by hedge funds and other institutional investors.

PepsiCo Trading Down 0.5% Shares of PEP opened at $134.95 on Friday. The stock has a market capitalization of $184.19 billion, a P/E ratio of 17.69, a PEG ratio of 2.98 and a beta of 0.36. PepsiCo, Inc. has a twelve month low of $133.73 and a twelve month high of $171.48. The company has a quick ratio of 0.74, a current ratio of 0.93 and a debt-to-equity ratio of 1.91. The firm has a fifty day simple moving average of $142.36 and a two-hundred day simple moving average of $151.03.

PepsiCo (NASDAQ:PEP – Get Free Report) last released its quarterly earnings data on Thursday, July 9th. The company reported $2.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.19 by $0.01. The firm had revenue of $24.18 billion for the quarter, compared to analysts’ expectations of $23.95 billion. PepsiCo had a net margin of 10.78% and a return on equity of 54.63%. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.92 earnings per share. PepsiCo has set its FY 2026 guidance at 8.550-8.710 EPS. On average, research analysts anticipate that PepsiCo, Inc. will post 8.58 EPS for the current year.

PepsiCo Dividend Announcement The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Friday, September 4th will be given a dividend of $1.48 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $5.92 dividend on an annualized basis and a yield of 4.4%. PepsiCo’s dividend payout ratio is presently 77.59%.

Wall Street Analyst Weigh In Several equities analysts recently commented on the stock. BNP Paribas Exane reduced their target price on shares of PepsiCo from $195.00 to $183.00 and set an “outperform” rating on the stock in a report on Wednesday, July 8th. Citigroup downgraded shares of PepsiCo from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $170.00 to $145.00 in a research note on Friday, July 10th. The Goldman Sachs Group raised their price objective on PepsiCo from $180.00 to $183.00 and gave the company a “buy” rating in a research note on Friday, April 17th. Morgan Stanley decreased their price objective on PepsiCo from $180.00 to $160.00 and set an “equal weight” rating on the stock in a report on Friday, July 10th. Finally, UBS Group set a $159.00 target price on PepsiCo in a research note on Thursday, July 9th. Seven investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $157.90.

View Our Latest Stock Report on PepsiCo

About PepsiCo (Free Report)

PepsiCo, Inc (NASDAQ: PEP) is a multinational food and beverage company headquartered in Purchase, New York. The company develops, manufactures, markets and sells a broad portfolio of branded food and beverage products, including carbonated and noncarbonated soft drinks, bottled water, sports drinks, juices, ready-to-drink teas and coffees, salty snacks, cereals, and other convenient foods. Its leading consumer brands include Pepsi, Mountain Dew, Gatorade, Tropicana, Quaker, Lay’s, Doritos and Cheetos, among others.

Formed through the 1965 merger of Pepsi-Cola and Frito-Lay, PepsiCo has grown into a global business with integrated manufacturing, distribution and marketing operations.

Read More Five stocks we like better than PepsiCo Premium Retail’s Stress Test Is Separating Winners From Losers D-Wave Quantum or a Quantum ETF: Which Is the Better Bet? GE Vernova Just Sent a Mixed AI Signal to Investors Alphabet Crushed Earnings, But One Number Spooked the Market Want to see what other hedge funds are holding PEP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PepsiCo, Inc. (NASDAQ:PEP – Free Report).

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« PREVIOUS HEADLINEBank of Nova Scotia Acquires 183,580 Shares of Wheaton Precious Metals Corp. $WPM

Beats Estimates, Raises OutlookThe chipmaker beat second-quarter expectations, with revenue rising 25% year over year to $16.13 billion, above the $14.42 billion estimate. Adjusted EPS of 42 cents doubled estimates of 21 cents, while Data Center and AI revenue jumped 59% and Intel Foundry revenue rose 31%.

The company also guided third-quarter revenue to $15.8 billion to $16.8 billion, ahead of the $15.01 billion estimate. Intel expects adjusted EPS of 38 cents, topping the 24-cent estimate.

Wall Street largely viewed Intel’s quarter as further evidence that its turnaround is gaining momentum. Analysts said stronger-than-expected results, improving foundry execution and robust AI-driven server demand reinforce the recovery narrative.

However, they cautioned that Intel still must consistently execute, attract more external foundry customers and convert its heavy AI investments into sustainable, profitable growth as it competes with Advanced Micro Devices Inc., NVIDIA Corp. and Taiwan Semiconductor Manufacturing Company Ltd..

Intel Foundry Execution Remains The Key CatalystSemiAnalysis’ Doug O’Laughlin told CNBC on Friday that Intel’s upside depends on whether it can execute its foundry strategy after years of missteps.

He said Intel should announce more external customers over time, including potential interest from Apple Inc., Microsoft Corp. and Amazon.com Inc., but first needs to prove it can deliver for the customers it has already won.

Benchmark’s Cody Acree also told CNBC on Friday that Intel needs firmer foundry customer announcements to drive the stock higher. He said the company is making progress on yields and development, which could help attract more interest.

Benefits From AI-Driven Server CPU DemandAcree said Intel’s second-quarter results showed broad strength across foundry, PC and server businesses. He said server CPU demand remains strong as hyperscalers continue spending on AI infrastructure.

Acree said AI workloads are moving toward inference and agentic AI, which require CPUs to orchestrate and manage activity alongside GPUs.

He said AMD has gained share from Intel, but the expanding server CPU market could benefit both companies as Intel’s products become more competitive.

Intel Valuation Hinges On Turnaround ExecutionDeepwater Asset Management’s Gene Munster told CNBC on Friday that Intel’s post-earnings rally gives investors more upside potential, helped by stronger September-quarter guidance and commentary around 14A, which he sees as a 2028 catalyst.

Munster said Intel remains much smaller than NVIDIA in data center and AI, and NVIDIA’s GPU business still holds a stronger position in the AI infrastructure buildout. Still, he said Intel’s smaller base gives it more room for upside than larger AI leaders.

O’Laughlin said Intel can look expensive on current sales and cash-flow metrics, but investors are paying for the possibility of margin recovery if the company executes in foundry.

Turnaround Still Needs ProofO’Laughlin said Intel’s U.S. manufacturing footprint gives it scarcity value because the company spans process design through fabrication domestically. The analyst said Intel should not give up its Ohio cleanroom, especially as AI chip demand accelerates.

He said partnerships with memory suppliers such as SK hynix Inc. matter because leading-edge AI accelerators require both logic chips and memory packaging.

He also said Intel’s restructuring reflects an effort to move past organizational bloat, noting that AMD and Taiwan Semiconductor had previously employed fewer people combined despite stronger performance.

Acree said Intel’s valuation looks stretched versus its history, but he sees that as secondary while the company remains early in its turnaround and investors wait for proof from foundry, PCs, servers and AI infrastructure.

Intel Price ActionINTC Stock Price Activity: Intel shares were up 5.55% at $105.79 during premarket trading on Friday, according to Benzinga Pro data.

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Computer motherboard and Intel chip appear in this illustration taken August 25, 2025. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

July 24 (Reuters) - Intel's (INTC.O), opens new tab shares rose 6% in premarket trading on Friday after bullish forecasts signaled the AI boom was propelling the chipmaker's long-awaited turnaround.

The company forecast third-quarter ​revenue above Wall Street expectations and raised this year's ‌capital expenditure estimate to $20 billion from $18 billion.

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Intel's improving outlook reflects growing adoption of its data center central processing units (CPUs) by customers building infrastructure for artificial intelligence, as CEO ​Lip-Bu Tan works to position the company as a broader ​beneficiary of AI-driven semiconductor demand despite Nvidia's (NVDA.O), opens new tab lead in ⁠accelerator chips.

"The capex increase not only signals confidence in cash flow ​upside and demand visibility from long-term agreements for products, but also ​confidence that Foundry customers are coming (for packaging and 14A wafers)," analysts at Melius Research said.

This month's selloff in global chip stocks has pushed Intel off record highs, ​but the shares have more than doubled this year, driven ​by optimism around the company's turnaround efforts.

The strong results prompted at least six analysts to ‌raise ⁠their price targets, leaving the median target about 8.8% above the stock's last close, according to data compiled by LSEG.

Tan has spent the past year strengthening Intel's finances, securing backing from the U.S. government ​and major investors ​as the ⁠chipmaker seeks to play a key role in Washington's push to revive domestic semiconductor manufacturing.

"The aggressive capex ​raise is a proof point that Intel is likely ​to ⁠see continued customer acquisition as the United States demands more domestic semiconductor manufacturing," D.A. Davidson analysts said.

Demand for data center CPUs has surged alongside ⁠the ​rise of AI agents, with Intel executives ​noting earlier this year that orders were running ahead of the company's production capacity.

Reporting ​by Joel Jose in Bengaluru; Editing by Amanda Cooper and Devika Syamnath

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

American Express reports better-than-expected second-quarter profit. Cardmember spending growth is behind the the performance.

An American Express credit card mockup is seen in this illustration taken July 17, 2026. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

July 24 (Reuters) - American Express (AXP.N), opens new tab increased its full-year revenue growth forecast and beat Wall Street expectations for second-quarter profit on Friday as its ​affluent customers continued to swipe their cards for travel and dining ‌despite lingering economic uncertainty.

Unlike many rivals that cater to a broader range of borrowers, the credit card issuer derives much of its business from higher-income consumers, who are generally better-positioned ​to weather inflationary pressures and maintain discretionary spending.

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Billed business, a measure ​of total spending on AmEx cards, rose 9% to $455.8 billion, on ⁠a foreign exchange-adjusted basis. Its revenue rose 10% to $19.6 billion in the quarter.

"Six ​months into the year, we're seeing stronger momentum than we expected. The investments ​we made in our value propositions have driven accelerated spend and revenue growth," said CEO Stephen Squeri in a statement.

The company now expects 2026 revenue to grow 10% — in line with Wall ​Street expectations, according to estimates compiled by LSEG. The stock was last down 1.4% ​in volatile premarket trading after AmEx maintained its profit growth forecast.

AmEx's earnings offer an early look ‌at ⁠spending patterns among affluent consumers, providing investors with an early read on discretionary spending before other major card networks report results.

The company posted a profit of $4.53 per share for the three months ended June 30, compared with $4.08 per share a ​year earlier. Analysts ​expected earnings of $4.40 ⁠per share.

The New York-based company set aside $1.1 billion in consolidated provisions for credit losses in the quarter, versus $1.4 billion a ​year ago.

U.S. consumer sentiment rebounded from record lows in June, ​despite households ⁠remaining worried about the high cost of living, according to the University of Michigan's Surveys of Consumers.

Loan-loss provisions, often referred to as rainy-day reserves, reflect how much a ⁠lender ​sets aside to cover loans it expects may ​not be repaid, offering a window into how confident it is that borrowers will keep up ​with payments.

Reporting by Rishab Shaju and Manya Saini in Bengaluru; Editing by Joyjeet Das

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

Arrowstreet Capital Limited Partnership lessened its holdings in Cisco Systems, Inc. (NASDAQ:CSCO – Free Report) by 22.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,585,957 shares of the network equipment provider’s stock after selling 4,999,373 shares during the quarter. Cisco Systems accounts for 0.7% of Arrowstreet Capital Limited Partnership’s investment portfolio, making the stock its 22nd biggest position. Arrowstreet Capital Limited Partnership owned 0.45% of Cisco Systems worth $1,364,494,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CSCO. World Investment Advisors lifted its holdings in shares of Cisco Systems by 15.4% in the fourth quarter. World Investment Advisors now owns 198,549 shares of the network equipment provider’s stock valued at $13,905,000 after buying an additional 26,455 shares during the period. WCG Wealth Advisors LLC grew its holdings in Cisco Systems by 101.8% during the fourth quarter. WCG Wealth Advisors LLC now owns 107,306 shares of the network equipment provider’s stock worth $8,266,000 after acquiring an additional 54,141 shares during the period. Vise Technologies Inc. grew its holdings in Cisco Systems by 47.1% during the fourth quarter. Vise Technologies Inc. now owns 200,341 shares of the network equipment provider’s stock worth $15,432,000 after acquiring an additional 64,144 shares during the period. Truist Financial Corp raised its position in Cisco Systems by 6.8% in the fourth quarter. Truist Financial Corp now owns 4,311,098 shares of the network equipment provider’s stock worth $332,084,000 after acquiring an additional 275,456 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Cisco Systems by 3.2% in the fourth quarter. Principal Financial Group Inc. now owns 4,873,274 shares of the network equipment provider’s stock worth $375,388,000 after acquiring an additional 151,395 shares in the last quarter. Institutional investors own 73.33% of the company’s stock.

Analysts Set New Price Targets Several research firms have recently weighed in on CSCO. Evercore raised their price objective on shares of Cisco Systems from $110.00 to $150.00 and gave the company an “outperform” rating in a research report on Thursday, May 14th. Barclays increased their target price on shares of Cisco Systems from $76.00 to $121.00 and gave the company an “equal weight” rating in a research note on Thursday, May 14th. Wall Street Zen upgraded shares of Cisco Systems from a “hold” rating to a “buy” rating in a report on Monday. CICC Research lifted their price target on shares of Cisco Systems from $96.00 to $125.00 and gave the stock an “outperform” rating in a research report on Monday, May 18th. Finally, Wells Fargo & Company upped their price target on Cisco Systems from $95.00 to $130.00 and gave the company an “overweight” rating in a report on Thursday, May 14th. Three analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $123.14.

Get Our Latest Analysis on Cisco Systems

Key Stories Impacting Cisco Systems Here are the key news stories impacting Cisco Systems this week:

Positive Sentiment: Cisco shares were boosted after an analyst upgrade, suggesting Wall Street sees more upside in the stock. Cisco Systems (NASDAQ:CSCO) Shares Up 1.3% on Analyst Upgrade Positive Sentiment: Cisco is getting attention ahead of its quarterly earnings, with analysts forecasting double-digit growth in earnings per share, which could help reinforce investor confidence if results and guidance come in strong. Cisco Systems’ Quarterly Earnings Preview: What You Need to Know Positive Sentiment: SuccessKPI announced a partnership with Cisco to integrate workforce engagement and intelligence tools into Webex Contact Center, strengthening Cisco’s cloud contact-center platform and adding another AI-related growth angle. Has Cisco Systems (CSCO) Run Ahead Of Fair Value Following Its Webex Contact Center Deal? Neutral Sentiment: Cisco’s AI security research showed that multi-turn attacks can defeat leading AI models far more often than single-turn tests suggest, highlighting Cisco’s security expertise but also underscoring broader industry risks. Multi-turn attacks broke AI models 88% of the time — single-turn testing missed it, Cisco AI security lead warns at VB Transform 2026 Neutral Sentiment: Analyst commentary on Cisco and other technology companies was published, but the headline did not indicate a major new rating change for Cisco itself. Analysts Offer Insights on Technology Companies: Twilio (TWLO) and Cisco Systems (CSCO) Cisco Systems Stock Up 0.5% NASDAQ:CSCO opened at $112.76 on Friday. The business’s fifty day moving average price is $118.04 and its 200 day moving average price is $94.43. The firm has a market capitalization of $444.44 billion, a price-to-earnings ratio of 36.61, a PEG ratio of 2.86 and a beta of 1.02. The company has a current ratio of 0.92, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. Cisco Systems, Inc. has a 1-year low of $65.75 and a 1-year high of $130.37.

Cisco Systems (NASDAQ:CSCO – Get Free Report) last announced its quarterly earnings data on Wednesday, May 13th. The network equipment provider reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. The firm had revenue of $15.84 billion during the quarter, compared to analyst estimates of $15.56 billion. Cisco Systems had a return on equity of 28.44% and a net margin of 20.14%.The business’s quarterly revenue was up 12.0% compared to the same quarter last year. During the same period last year, the company posted $0.96 EPS. Cisco Systems has set its Q4 2026 guidance at 1.160-1.180 EPS and its FY 2026 guidance at 4.270-4.290 EPS. On average, sell-side analysts forecast that Cisco Systems, Inc. will post 3.54 earnings per share for the current fiscal year.

Cisco Systems Announces Dividend The business also recently declared a quarterly dividend, which was paid on Wednesday, July 22nd. Stockholders of record on Monday, July 6th were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Monday, July 6th. Cisco Systems’s payout ratio is currently 54.55%.

Insiders Place Their Bets In related news, EVP Oliver Tuszik sold 2,761 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $114.61, for a total transaction of $316,438.21. Following the completion of the sale, the executive vice president directly owned 180,877 shares in the company, valued at approximately $20,730,312.97. This trade represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Charles Robbins sold 21,400 shares of Cisco Systems stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $120.03, for a total value of $2,568,642.00. Following the sale, the chief executive officer directly owned 637,085 shares of the company’s stock, valued at approximately $76,469,312.55. The trade was a 3.25% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 47,650 shares of company stock valued at $5,668,823 in the last three months. Company insiders own 0.01% of the company’s stock.

Cisco Systems Company Profile (Free Report)

Cisco Systems, Inc is a global technology company that designs, manufactures and sells networking hardware, software and telecommunications equipment. Its core business focuses on enabling enterprise and service-provider networks through products such as routers, switches, network security appliances and wireless systems. Over time Cisco has broadened its portfolio to emphasize software-defined networking, cybersecurity, cloud infrastructure and edge computing solutions that help organizations build and manage modern IT environments.

In addition to hardware, Cisco offers a growing range of software platforms and subscription services for network management, security, analytics and collaboration.

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NEW YORK, July 24, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm  Bleichmar Fonti & Auld LLP announces an investigation into International Business Machines Corporation (NYSE:IBM) for potential securities fraud after its significant stock drop. If you invested in IBM, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/ibm-class-action-lawsuit.

RAHWAY, N.J.--(BUSINESS WIRE)---- $MRK #MRK--Voluntary licensing agreements cover 129 countries in regions which account for the substantial majority of new HIV diagnoses globally.

, /PRNewswire/ -- Charter Communications, Inc. (along with its subsidiaries, the "Company" or "Charter"), which operates the Spectrum brand, today reported financial and operating results for the three and six months ended June 30, 2026.

Second quarter Spectrum MobileTM lines increased by 406,000 and by 1.7 million over the last twelve months. As of June 30, 2026, Charter served 12.5 million mobile lines. During the second quarter, Spectrum Internet® customers declined by 172,000. As of June 30, 2026, Charter served 29.4 million Internet customers. Video customers decreased by 21,000 in the second quarter and declined by 107,000, or 0.8%, over the last twelve months. As of June 30, 2026, Charter served 12.5 million video customers. As of June 30, 2026, customer relationships totaled 31.5 million and connectivity customers totaled 30.4 million. Second quarter revenue of $13.5 billion declined 1.7% year-over-year, primarily driven by lower residential video revenue. Net income attributable to Charter shareholders totaled $1.3 billion in the second quarter. Second quarter Adjusted EBITDA1 of $5.4 billion declined 4.3% year-over-year and by 3.2% excluding transition expenses. Second quarter capital expenditures totaled $2.9 billion. Second quarter net cash flows from operating activities of $3.9 billion vs. $3.6 billion in the prior year. Second quarter free cash flow1 of $969 million declined $77 million versus the prior year, primarily due to an unfavorable change in accrued expenses related to capital expenditures, partly offset by higher operating cash flow. During the second quarter, Charter purchased 4.0 million shares of Charter Class A common stock for $838 million and $1.2 billion in aggregate principal amount of Charter Communications Operating, LLC and CCO Holdings, LLC notes under an open market repurchase program for $1.0 billion in cash. "We operate in a competitive environment across all of our products, and our strategy for growing connectivity services is simple -- deliver the best products, at the best overall value, with the best service," said Chris Winfrey, President and CEO of Charter. "We look forward to delivering the benefits of that strategy to Cox's customers and communities after the transaction closes. As the nation's leading provider of converged connectivity services, Spectrum will have additional scale to develop new products with industry and technology partners. And by saving customers money with Spectrum products, serviced by 100% US-based employees -- we will drive customer and shareholder value for years to come."

1.

Adjusted EBITDA and free cash flow are non-GAAP measures defined in the "Use of Adjusted EBITDA and Free Cash Flow Information" section and are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the addendum of this news release.

Key Operating Results

Approximate as of

June 30, 2026 (d)

June 30, 2025 (d)

Y/Y Change

Footprint

Estimated Passings (e)

58,981

57,540

2.5 %

Customer Relationships (f)

Residential

29,276

29,819

(1.8) %

Small Business

2,223

2,241

(0.8) %

Total Customer Relationships

31,499

32,060

(1.7) %

Residential

(176)

(95)

(81)

Small Business

(8)

(5)

(3)

Total Customer Relationships Quarterly Net Additions

(184)

(100)

(84)

Total Customer Relationship Penetration of Estimated Passings (g)

53.4 %

55.7 %

(2.3) ppts

Monthly Residential Revenue per Residential Customer (h)

$               117.52

$               119.70

(1.8) %

Monthly Small Business Revenue per Small Business Customer (i)

$               165.27

$               162.91

1.4 %

Residential Customer Relationships Penetration (j)

One Product Penetration

47.4 %

48.7 %

(1.3) ppts

Two Product Penetration

35.1 %

33.8 %

1.3 ppts

Three or More Product Penetration

17.6 %

17.5 %

0.1 ppts

Connectivity (k)

Residential

28,306

28,705

(1.4) %

Small Business

2,069

2,076

(0.4) %

Total Connectivity Customers

30,375

30,781

(1.3) %

Residential

(140)

(53)

(87)

Small Business

(5)

(4)

(1)

Total Connectivity Quarterly Net Additions

(145)

(57)

(88)

Internet

Residential

27,358

27,868

(1.8) %

Small Business

2,030

2,040

(0.5) %

Total Internet Customers

29,388

29,908

(1.7) %

Residential

(166)

(111)

(55)

Small Business

(6)

(5)

(1)

Total Internet Quarterly Net Additions

(172)

(116)

(56)

Mobile Lines (l)

Residential

12,099

10,502

15.2 %

Small Business

441

354

24.4 %

Total Mobile Lines

12,540

10,856

15.5 %

Residential

385

471

(86)

Small Business

21

20

1

Total Mobile Lines Quarterly Net Additions

406

491

(85)

Video (m)

Residential

12,010

12,087

(0.6) %

Small Business

514

544

(5.4) %

Total Video Customers

12,524

12,631

(0.8) %

Residential

(11)

(73)

62

Small Business

(10)

(7)

(3)

Total Video Quarterly Net Additions

(21)

(80)

59

Voice

Residential

4,494

5,161

(12.9) %

Small Business

1,200

1,225

(2.1) %

Total Voice Customers

5,694

6,386

(10.8) %

Mid-Market & Large Business (n)

Mid-Market & Large Business Primary Service Units ("PSUs")

364

350

3.9 %

Mid-Market & Large Business Quarterly Net Additions

4

6

(2)

In thousands, except per customer and penetration data. See footnotes to unaudited summary of operating statistics on page 7 of the addendum of this news release. The footnotes contain important disclosures regarding the definitions used for these operating statistics.  All percentages are calculated using whole numbers. Minor differences may exist due to rounding. 

Second quarter total Internet customers decreased by 172,000, compared to a decline of 116,000 during the second quarter of 2025. Spectrum Internet delivers the most reliable Internet1, and the Company is evolving its connectivity network to offer symmetrical and multi-gigabit Internet speeds across its entire footprint and has launched symmetrical Internet service in several markets. Spectrum expects to complete its network evolution initiative in 2027. In February 2026, Spectrum launched its Invincible WiFiTM product, a tri-band advanced WiFi 7 router that integrates 5G cellular and battery backup to keep customers seamlessly and fully connected during a power outage or network disruption. In the first quarter, Spectrum launched its $1,000 savings guarantee; new or existing Spectrum Internet customers switching two or more mobile lines from Verizon, AT&T or T-Mobile are now guaranteed $1,000 of savings in their first year, or Spectrum will cover the difference.

During the second quarter of 2026, Charter added 406,000 total mobile lines, compared to growth of 491,000 during the second quarter of 2025. Spectrum Mobile has faster wireless speeds than the competition (AT&T, T-Mobile, Verizon).2 Spectrum Mobile is central to Charter's converged network strategy to provide customers a differentiated connectivity experience with highly competitive, simple data plans and pricing.

Total video customers decreased by 21,000 in the second quarter of 2026, compared to a decline of 80,000 in the second quarter of 2025, with the improvement driven by simplified pricing and packaging and benefits from the inclusion of programmers' streaming applications in Spectrum's expanded basic video packages. As of June 30, 2026, Charter had 12.5 million total video customers.

Spectrum TV Select video customers now receive up to approximately $127 per month of programmers' streaming application retail value at no extra cost, including the ad-supported versions of Disney+, Hulu, ESPN Unlimited, HBO Max, Paramount+, Peacock, AMC+, ViX, Tennis Channel, Fox One and Discovery+. Beginning in June 2026, Spectrum customers can purchase ad-supported and ad-free versions of Netflix through the Spectrum App Store. The Spectrum App Store is an innovative digital marketplace where Spectrum TV customers can activate, manage and upgrade the streaming apps included with their video plans. The Spectrum App Store also allows Spectrum customers without a traditional TV package to purchase and manage streaming apps à la carte.

During the second quarter of 2026, total wireline voice customers declined by 178,000, compared to a decline of 220,000 in the second quarter of 2025. As of June 30, 2026, Charter had 5.7 million total wireline voice customers.

Charter continues to work with federal, state and local governments to bring Spectrum Internet to unserved and underserved communities. During the second quarter of 2026, Charter activated 127,000 subsidized rural passings. Within Charter's subsidized rural footprint, total customer relationships increased by 47,000 in the second quarter of 2026.

1.

Most reliable Internet claim based on Broadband Reliability Experience among top 5 national providers in Opensignal USA: Fixed Broadband Experience Report – May 2026. Based on Opensignal independent analysis of Internet connectivity, completion, and sufficiency.

2.

Based on Download Speeds among top 5 national providers in Opensignal USA, Converged Experience, April 2026.

Second Quarter Financial Results
(in millions)

Three Months Ended June 30,

2026

2025

% Change

Revenues:

Internet

$    5,776

$    5,969

(3.2) %

Mobile service

1,095

921

18.9 %

Connectivity

6,871

6,890

(0.3) %

Video

3,149

3,488

(9.7) %

Voice

331

346

(4.5) %

Residential revenue

10,351

10,724

(3.5) %

Small business

1,104

1,096

0.7 %

Mid-market & large business

761

740

2.8 %

Commercial revenue

1,865

1,836

1.5 %

Advertising sales

416

371

12.3 %

Other

894

835

7.1 %

Total Revenues

$  13,526

$  13,766

(1.7) %

Net income attributable to Charter shareholders

$    1,292

$    1,301

(0.7) %

Net income attributable to Charter shareholders margin

9.6 %

9.4 %

Adjusted EBITDA1

$    5,449

$    5,693

(4.3) %

Adjusted EBITDA margin

40.3 %

41.4 %

Capital expenditures

$    2,871

$    2,874

(0.1) %

Net cash flows from operating activities

$    3,925

$    3,600

9.0 %

Free cash flow1

$       969

$    1,046

(7.4) %

All percentages are calculated using whole numbers. Minor differences may exist due to rounding.

1.

Adjusted EBITDA and free cash flow are non-GAAP measures defined in the "Use of Adjusted EBITDA and Free Cash Flow Information" section and are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the addendum of this news release. 

Revenues

Second quarter revenue decreased by 1.7% year-over-year to $13.5 billion, driven by lower residential video revenue mostly due to higher costs allocated to programmer streaming applications and netted within video revenue and lower residential Internet revenue, partly offset by an increase in residential mobile service revenue, higher mobile device revenue and higher advertising sales revenue. Excluding advertising sales revenue and costs allocated to programmer streaming applications and netted within video revenue, second quarter total revenue declined by 0.8% year-over-year.

Residential revenue totaled $10.4 billion in the second quarter, a decrease of 3.5% year-over-year, driven by a year-over-year decline in residential customers of 1.8% and a decrease in monthly residential revenue per residential customer of 1.8%. Excluding costs allocated to programmer streaming applications and netted within video revenue, residential revenue declined by 1.8%.

Second quarter 2026 monthly residential revenue per residential customer totaled $117.52, a decrease of 1.8% compared to the prior year period. The decline was driven by $251 million of costs allocated to programmer streaming applications and netted within video revenue versus $67 million in the prior year period, pricing and packaging mix within Charter's customer base and a decline in video customers during the last year, partly offset by the growth of Spectrum Mobile. Excluding costs allocated to programmer streaming applications and netted within video revenue, monthly residential revenue per residential customer decreased 0.1% compared to the prior year period.

Internet revenue declined 3.2% year-over-year to $5.8 billion, driven by a decline in Internet customers year-over year and pricing and packaging mix within Charter's customer base, partly offset by more favorable bundled revenue allocation year-over-year.

Second quarter mobile service revenue totaled $1.1 billion, an increase of 18.9% year-over-year, driven by mobile line growth and rate adjustments.

Video revenue totaled $3.1 billion in the second quarter, a decrease of 9.7% compared to the prior year period, driven by a higher mix of lower priced video packages within Charter's video customer base, $251 million of costs allocated to programmer streaming applications and netted within video revenue versus $67 million in the prior year period, more unfavorable bundled revenue allocation year-over-year and a decline in video customers during the last year, partly offset by promotional rate step-ups and video rate adjustments that pass through programmer rate increases.

Voice revenue decreased by 4.5% year-over-year to $331 million, driven by a decline in wireline voice customers, partly offset by voice rate adjustments.

Commercial revenue increased by 1.5% year-over-year to $1.9 billion, driven by mid-market and large business revenue growth of 2.8% year-over-year and an increase in small business revenue of 0.7%. Mid-market and large business revenue excluding wholesale increased by 3.5% year-over-year, mostly reflecting PSU growth. The year-over-year increase in second quarter 2026 small business revenue was driven by a 1.4% increase year-over-year in monthly small business revenue per small business customer, partly offset by a decline of 0.8% in small business customer relationships year-over-year.

Second quarter advertising sales revenue of $416 million increased by 12.3% compared to the year-ago quarter, primarily driven by higher political revenue. Excluding political revenue in both periods, advertising sales revenue decreased by 4.6% year-over-year driven by lower linear advertising revenue, partly offset by higher streaming advertising revenue.

Other revenue totaled $894 million in the second quarter, an increase of 7.1% compared to the second quarter of 2025, primarily driven by higher mobile device sales, partly offset by a $45 million one-time benefit in the prior year period.

Operating Costs and Expenses

Second quarter total operating costs and expenses were flat year-over-year at $8.1 billion, primarily driven by lower programming costs, offset by higher other costs of revenue and higher transition expenses.

Second quarter programming costs decreased by $218 million, or 9.7% as compared to the second quarter of 2025, reflecting $251 million of costs allocated to programmer streaming applications and netted within video revenue versus $67 million in the prior year period, a higher mix of lower cost packages within Charter's video customer base and fewer video customers, partly offset by contractual programming rate increases and renewals.

Other costs of revenue increased by $186 million, or 11.3% year-over-year, primarily driven by higher mobile device sales, higher mobile service direct costs and higher advertising sales costs given higher political revenue.

Field and technology operations expenses increased by $21 million, or 1.6% year-over-year, primarily driven by higher vehicle fuel costs and medical expenses.

Customer operations expenses increased by $8 million, or 1.1% year-over-year, driven by medical expenses.

Marketing and residential sales expenses decreased by $31 million or 3.1% year-over-year, due to lower marketing expenses from cost savings, despite higher marketing activity.

Transition expenses represent incremental costs incurred to prepare for the integration of the previously announced Cox transaction.

Other expenses decreased by $27 million, or 2.5% as compared to the second quarter of 2025, primarily driven by lower professional services expense.

Net Income Attributable to Charter Shareholders

Net income attributable to Charter shareholders totaled $1.3 billion in the second quarter of 2026 and 2025, with lower Adjusted EBITDA offset by a gain on extinguishment of debt related to open market debt repurchases in the second quarter of 2026.

Net income per basic common share attributable to Charter shareholders totaled $10.76 in the second quarter of 2026 compared to $9.41 during the same period last year. The increase was primarily the result of a 13.1% decrease in basic weighted average common shares outstanding versus the prior year period.

Adjusted EBITDA

Second quarter Adjusted EBITDA of $5.4 billion declined by 4.3% year-over-year, reflecting a decline in revenue of 1.7%, while operating costs and expenses remained flat. Excluding transition expenses, Adjusted EBITDA declined 3.2% year-over-year.

Capital Expenditures

Capital expenditures totaled $2.9 billion in the second quarter of 2026, in-line with the prior year period, with lower line extension spend offset by higher upgrade/rebuild (primarily network evolution).

Charter continues to expect full year 2026 capital expenditures, excluding impacts from the previously announced Cox transaction, to total approximately $11.4 billion. The actual amount of capital expenditures in 2026 will depend on a number of factors including, but not limited to, the pace of Charter's network evolution and expansion initiatives, supply chain timing and growth rates in Charter's residential and commercial businesses.

Cash Flow and Free Cash Flow

During the second quarter of 2026, net cash flows from operating activities totaled $3.9 billion, an increase from $3.6 billion in the prior year. The year-over-year increase was primarily due to lower cash taxes, partly offset by lower Adjusted EBITDA.

Free cash flow in the second quarter of 2026 totaled $969 million, a decrease of $77 million compared to the second quarter of 2025. The year-over-year decrease in free cash flow was driven by an unfavorable change in accrued expenses related to capital expenditures, partly offset by higher net cash flows from operating activities.

Liquidity & Financing

As of June 30, 2026, total principal amount of debt was $93.8 billion and Charter's credit facilities provided approximately $3.7 billion of additional liquidity in excess of Charter's $509 million cash position.

During the three months ended June 30, 2026, Charter purchased $1.2 billion in aggregate principal amount of various Charter Communications Operating, LLC and CCO Holdings, LLC notes under an open market repurchase program for $1.0 billion in cash.

Share Repurchases

During the three months ended June 30, 2026, Charter purchased 4.0 million shares of Charter Class A common stock for $838 million.

Webcast

Charter will host a webcast on Friday, July 24, 2026 at 8:00 a.m. Eastern Time (ET) related to the contents of this release.

The webcast can be accessed live via the Company's investor relations website at ir.charter.com. Participants should go to the webcast link no later than 10 minutes prior to the start time to register. The webcast will be archived at ir.charter.com two hours after completion of the webcast.

Additional Information Available on Website

The information in this press release should be read in conjunction with the financial statements and footnotes contained in the Company's Quarterly Report on Form 10-Q for the three and six months ended June 30, 2026, which will be posted on the "Results & SEC Filings" section of the Company's investor relations website at ir.charter.com, when it is filed with the Securities and Exchange Commission (the "SEC"). A slide presentation to accompany the conference call and a trending schedule containing historical customer and financial data will also be available in the "Results & SEC Filings" section.

Use of Adjusted EBITDA and Free Cash Flow Information

The Company uses certain measures that are not defined by U.S. generally accepted accounting principles ("GAAP") to evaluate various aspects of its business. Adjusted EBITDA and free cash flow are non-GAAP financial measures and should be considered in addition to, not as a substitute for, net income attributable to Charter shareholders and net cash flows from operating activities reported in accordance with GAAP. These terms, as defined by Charter, may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA and free cash flow are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the Addendum to this release.

Adjusted EBITDA is defined as net income attributable to Charter shareholders plus net income attributable to noncontrolling interest, net interest expense, income taxes, depreciation and amortization, stock compensation expense, other income (expenses), net and other operating (income) expenses, net, such as special charges, merger and acquisition costs and (gain) loss on sale or retirement of assets. As such, it eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of the Company's businesses as well as other non-cash or special items, and is unaffected by the Company's capital structure or investment activities. However, this measure is limited in that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues and the cash cost of financing. These costs are evaluated through other financial measures.

Free cash flow is defined as net cash flows from operating activities, less capital expenditures and changes in accrued expenses related to capital expenditures.

Management and Charter's board of directors use Adjusted EBITDA and free cash flow to assess Charter's performance and its ability to service its debt, fund operations and make additional investments with internally generated funds. In addition, Adjusted EBITDA generally correlates to the leverage ratio calculation under the Company's credit facilities or outstanding notes to determine compliance with the covenants contained in the facilities and notes (all such documents have been previously filed with the SEC). For the purpose of calculating compliance with leverage covenants, the Company uses Adjusted EBITDA, as presented, excluding certain expenses paid by its operating subsidiaries to other Charter entities. The Company's debt covenants refer to these expenses as management fees, which were $336 million and $702 million for the three and six months ended June 30, 2026, respectively, and $366 million and $732 million for the three and six months ended June 30, 2025, respectively.

About Charter

Charter Communications, Inc. (NASDAQ:CHTR) is a leading broadband connectivity company with services available to nearly 59 million homes and small to large businesses across 41 states through its Spectrum brand. Founded in 1993, Charter has evolved from providing cable TV to streaming, and from high-speed Internet to a converged broadband, WiFi and mobile experience. Over the Spectrum Fiber Broadband Network and supported by our 100% U.S.-based employees, the Company offers Seamless Connectivity and Entertainment with Spectrum Internet®, Mobile, TV and Voice products.

More information about Charter can be found at corporate.charter.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This communication includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies and prospects, both business and financial.  Although we believe that our plans, intentions and expectations as reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations.  Forward-looking statements are inherently subject to risks, uncertainties and assumptions including, without limitation, the factors described under "Risk Factors" from time to time in our filings with the SEC.  Many of the forward-looking statements contained in this communication may be identified by the use of forward-looking words such as "believe," "future," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," "aim," "on track," "target," "opportunity," "tentative," "positioning," "designed," "create," "predict," "project," "initiatives," "seek," "would," "could," "continue," "ongoing," "upside," "increases," "grow," "focused on" and "potential," among others.  Important factors that could cause actual results to differ materially from the forward-looking statements we make in this communication are set forth in our annual report on Form 10-K, and in other reports or documents that we file from time to time with the SEC, and include, but are not limited to:

our ability to sustain and grow revenues and cash flow from operations by offering Internet, mobile, video, voice, advertising and other services to residential and commercial customers, to adequately meet the customer experience demands in our service areas and to maintain and grow our customer base, particularly in the face of increasingly aggressive competition, the need for innovation and the related capital expenditures; the impact of competition from other market participants, including but not limited to incumbent telephone companies, direct broadcast satellite ("DBS") operators, wireless and satellite broadband and telephone providers, digital subscriber line ("DSL") providers, fiber to the home providers and providers of video content over broadband Internet connections; general business conditions, unemployment levels and the level of activity in the housing sector and economic uncertainty or downturn; our ability to develop and deploy new products and technologies including consumer services and service platforms; any events that disrupt our networks, information systems or properties and impair our operating activities or our reputation; the effects of governmental regulation on our business including subsidies to consumers, subsidies and incentives for competitors, costs, disruptions and possible limitations on operating flexibility related to, and our ability to comply with, regulatory conditions applicable to us; our ability to procure necessary services and equipment from our vendors in a timely manner and at reasonable costs including in connection with our network evolution and rural construction initiatives; our ability to obtain programming at reasonable prices or to raise prices to offset, in whole or in part, the effects of higher programming costs (including retransmission consents and distribution requirements); the ability to hire and retain key personnel; the availability and access, in general, of funds to meet our debt obligations prior to or when they become due and to fund our operations and necessary capital expenditures, either through (i) cash on hand, (ii) free cash flow, or (iii) access to the capital or credit markets; our ability to comply with all covenants in our indentures and credit facilities, any violation of which, if not cured in a timely manner, could trigger a default of our other obligations under cross-default provisions; our ability to satisfy the conditions to consummate the Liberty Broadband Combination and/or the Cox Transactions and/or to consummate the Liberty Broadband Combination and/or the Cox Transactions in a timely manner or at all; the risks related to us being restricted in the operation of our business while the Liberty Broadband Merger Agreement and the Cox Communications Transaction Agreement are in effect; other risks related to the Liberty Broadband Combination as described in the definitive joint proxy statement/prospectus with respect to the Liberty Broadband Combination, filed by Charter on January 22, 2025, including the sections entitled "Risk Factors" and "Where You Can Find More Information" included therein; and other risks related to the Cox Transactions as described in the definitive proxy statement with respect to the Cox Transactions, filed by Charter on July 2, 2025, including the sections entitled "Risk Factors" and "Where You Can Find More Information" included therein. All forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by this cautionary statement.  We are under no duty or obligation to update any of the forward-looking statements after the date of this communication.

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO GAAP MEASURES

(dollars in millions) 

Three Months Ended
June 30,

Six Months Ended
June 30,

Last Twelve Months
Ended June 30,

2026

2025

2026

2025

2026

2025

Net income attributable to Charter shareholders

$    1,292

$    1,301

$    2,455

$    2,518

$    4,924

$    5,264

Plus:  Net income attributable to noncontrolling interest

232

194

432

386

825

790

Interest expense, net

1,276

1,263

2,532

2,504

5,070

5,089

Income tax expense

475

414

940

859

1,773

1,635

Depreciation and amortization

2,197

2,176

4,408

4,357

8,762

8,670

Stock compensation expense

138

157

341

379

635

663

Other, net

(161)

188

(22)

453

349

752

Adjusted EBITDA (a)

$    5,449

$    5,693

$   11,086

$   11,456

$   22,338

$   22,863

Net cash flows from operating activities

$    3,925

$    3,600

$    8,229

$    7,836

$   16,470

$   15,201

Less:  Purchases of property, plant and equipment

(2,871)

(2,874)

(5,726)

(5,273)

(12,112)

(10,898)

Change in accrued expenses related to capital expenditures

(85)

320

(162)

47

377

910

Free cash flow (a)

$       969

$    1,046

$    2,341

$    2,610

$    4,735

$    5,213

The above schedule is presented in order to reconcile Adjusted EBITDA and free cash flow, non-GAAP measures, to the most directly comparable GAAP measures in accordance with Section 401(b) of the Sarbanes-Oxley Act.

UNAUDITED ALTERNATIVE PRESENTATION OF ADJUSTED EBITDA

(dollars in millions) 

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

% Change

2026

2025

% Change

REVENUES:

Internet

$        5,776

$        5,969

(3.2) %

$       11,628

$       11,899

(2.3) %

Mobile service

1,095

921

18.9 %

2,147

1,835

17.0 %

Connectivity

6,871

6,890

(0.3) %

13,775

13,734

0.3 %

Video

3,149

3,488

(9.7) %

6,401

7,068

(9.4) %

Voice

331

346

(4.5) %

669

702

(4.7) %

Residential revenue

10,351

10,724

(3.5) %

20,845

21,504

(3.1) %

Small business

1,104

1,096

0.7 %

2,194

2,184

0.4 %

Mid-market & large business

761

740

2.8 %

1,510

1,474

2.4 %

Commercial revenue

1,865

1,836

1.5 %

3,704

3,658

1.2 %

Advertising sales

416

371

12.3 %

774

711

9.0 %

Other

894

835

7.1 %

1,800

1,628

10.6 %

Total Revenues

13,526

13,766

(1.7) %

27,123

27,501

(1.4) %

COSTS AND EXPENSES:

Programming

2,035

2,253

(9.7) %

4,123

4,555

(9.5) %

Other costs of revenue

1,837

1,651

11.3 %

3,602

3,235

11.3 %

Field and technology operations

1,313

1,292

1.6 %

2,571

2,574

(0.1) %

Customer operations

785

777

1.1 %

1,551

1,549

0.2 %

Marketing and residential sales

927

958

(3.1) %

1,846

1,907

(3.2) %

Transition expenses (b)

65

—

n/a

89

—

n/a

Other expense (c)

1,115

1,142

(2.5) %

2,255

2,225

1.3 %

Total operating costs and expenses (c)

8,077

8,073

— %

16,037

16,045

(0.1) %

Adjusted EBITDA (a)

$        5,449

$        5,693

(4.3) %

$       11,086

$       11,456

(3.2) %

All percentages are calculated using whole numbers. Minor differences may exist due to rounding.  See footnotes on page 7.

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES 

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(dollars in millions, except per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

REVENUES

$      13,526

$      13,766

$       27,123

$       27,501

COSTS AND EXPENSES:

Operating costs and expenses (exclusive of items shown separately below)

8,215

8,230

16,378

16,424

Depreciation and amortization

2,197

2,176

4,408

4,357

Other operating expenses, net

51

81

66

204

10,463

10,487

20,852

20,985

Income from operations

3,063

3,279

6,271

6,516

OTHER INCOME (EXPENSES):

Interest expense, net

(1,276)

(1,263)

(2,532)

(2,504)

Other income (expenses), net

212

(107)

88

(249)

(1,064)

(1,370)

(2,444)

(2,753)

Income before income taxes

1,999

1,909

3,827

3,763

Income tax expense

(475)

(414)

(940)

(859)

Consolidated net income

1,524

1,495

2,887

2,904

Less: Net income attributable to noncontrolling interests

(232)

(194)

(432)

(386)

Net income attributable to Charter shareholders

$        1,292

$        1,301

$        2,455

$        2,518

EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CHARTER SHAREHOLDERS:

Basic

$        10.76

$         9.41

$        20.00

$        18.00

Diluted

$        10.66

$         9.18

$        19.81

$        17.59

Weighted average common shares outstanding, basic

120,121,017

138,205,810

122,789,924

139,889,251

Weighted average common shares outstanding, diluted

121,255,667

141,684,415

123,969,262

143,098,493

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES 

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in millions) 

June 30,

December 31

2026

2025

ASSETS

(unaudited)

CURRENT ASSETS:

Cash and cash equivalents

$               509

$               477

Accounts receivable, net

3,651

3,680

Prepaid expenses and other current assets

813

987

Total current assets

4,973

5,144

INVESTMENT IN CABLE PROPERTIES:

Property, plant and equipment, net

47,955

46,444

Customer relationships, net

238

440

Franchises

67,471

67,471

Goodwill

29,710

29,710

Total investment in cable properties, net

145,374

144,065

OTHER NONCURRENT ASSETS

5,271

5,004

Total assets

$         155,618

$         154,213

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts payable, accrued and other current liabilities

$           12,779

$           12,556

Current portion of long-term debt

999

750

Total current liabilities

13,778

13,306

LONG-TERM DEBT

92,960

94,006

EQUIPMENT INSTALLMENT PLAN FINANCING FACILITY

1,596

1,447

DEFERRED INCOME TAXES

20,237

19,841

OTHER LONG-TERM LIABILITIES

5,146

5,094

SHAREHOLDERS' EQUITY:

Controlling interest

16,952

16,054

Noncontrolling interests

4,949

4,465

Total shareholders' equity

21,901

20,519

Total liabilities and shareholders' equity

$         155,618

$         154,213

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES 

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in millions) 

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES:

Consolidated net income

$        1,524

$        1,495

$        2,887

$        2,904

Adjustments to reconcile consolidated net income to net cash flows from operating activities:

Depreciation and amortization

2,197

2,176

4,408

4,357

Stock compensation expense

138

157

341

379

Noncash interest, net

6

7

12

15

Deferred income taxes

203

(53)

417

(80)

Other, net

(212)

117

(86)

350

Changes in operating assets and liabilities, net of effects from acquisitions and dispositions:

Accounts receivable

(141)

(238)

(136)

(286)

Prepaid expenses and other assets

(3)

66

4

(169)

Accounts payable, accrued liabilities and other

213

(127)

382

366

Net cash flows from operating activities

3,925

3,600

8,229

7,836

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property, plant and equipment

(2,871)

(2,874)

(5,726)

(5,273)

Change in accrued expenses related to capital expenditures

(85)

320

(162)

47

Other, net

(243)

(67)

(285)

(199)

Net cash flows from investing activities

(3,199)

(2,621)

(6,173)

(5,425)

CASH FLOWS FROM FINANCING ACTIVITIES:

Borrowings of long-term debt

4,394

3,723

11,610

5,116

Borrowings of equipment installment plan financing facility

—

112

148

233

Repayments of long-term debt

(4,609)

(3,184)

(12,108)

(4,793)

Payments for debt issuance costs

—

(1)

(30)

(1)

Purchase of treasury stock

(852)

(1,451)

(1,878)

(2,253)

Proceeds from exercise of stock options

11

2

13

19

Purchase of noncontrolling interest

—

(232)

—

(252)

Distributions to noncontrolling interest

(20)

(121)

(22)

(124)

Other, net

327

(44)

212

(213)

Net cash flows from financing activities

(749)

(1,196)

(2,055)

(2,268)

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

(23)

(217)

1

143

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period

622

866

598

506

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period

$           599

$           649

$           599

$           649

CASH PAID FOR INTEREST

$        1,439

$        1,444

$        2,506

$        2,439

As of June 30, 2026, March 31, 2026, December 31, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, cash, cash equivalents and restricted cash includes $90 million, $105 million, $121 million, $43 million, $70 million and $47 million of restricted cash included in prepaid expenses and other current assets in the consolidated balance sheets, respectively.

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES 

UNAUDITED SUMMARY OF OPERATING STATISTICS

(in thousands, except per customer and penetration data)

Approximate as of

June 30,
2026 (d)

March 31,
2026 (d)

December 31,
2025 (d)

June 30,
2025 (d)

Footprint

Estimated Passings (e)

58,981

58,661

58,399

57,540

Customer Relationships (f)

Residential

29,276

29,452

29,609

29,819

Small Business

2,223

2,231

2,237

2,241

Total Customer Relationships

31,499

31,683

31,846

32,060

Residential

(176)

(157)

(125)

(95)

Small Business

(8)

(6)

(2)

(5)

Total Customer Relationships Quarterly Net Additions

(184)

(163)

(127)

(100)

Total Customer Relationship Penetration of Estimated Passings (g)

53.4 %

54.0 %

54.5 %

55.7 %

Monthly Residential Revenue per Residential Customer (h)

$   117.52

$   118.44

$     117.19

$   119.70

Monthly Small Business Revenue per Small Business Customer (i)

$   165.27

$   162.71

$     159.85

$   162.91

Residential Customer Relationships Penetration (j)

One Product Penetration

47.4 %

47.7 %

48.0 %

48.7 %

Two Product Penetration

35.1 %

34.8 %

34.5 %

33.8 %

Three or More Product Penetration

17.6 %

17.5 %

17.5 %

17.5 %

Connectivity (k)

Residential

28,306

28,446

28,563

28,705

Small Business

2,069

2,074

2,077

2,076

Total Connectivity Customers

30,375

30,520

30,640

30,781

Residential

(140)

(117)

(95)

(53)

Small Business

(5)

(3)

—

(4)

Total Connectivity Quarterly Net Additions

(145)

(120)

(95)

(57)

Internet

Residential

27,358

27,524

27,641

27,868

Small Business

2,030

2,036

2,039

2,040

Total Internet Customers

29,388

29,560

29,680

29,908

Residential

(166)

(117)

(119)

(111)

Small Business

(6)

(3)

—

(5)

Total Internet Quarterly Net Additions

(172)

(120)

(119)

(116)

Mobile Lines (l)

Residential

12,099

11,714

11,370

10,502

Small Business

441

420

396

354

Total Mobile Lines

12,540

12,134

11,766

10,856

Residential

385

344

406

471

Small Business

21

24

22

20

Total Mobile Lines Quarterly Net Additions

406

368

428

491

Video (m)

Residential

12,010

12,021

12,072

12,087

Small Business

514

524

533

544

Total Video Customers

12,524

12,545

12,605

12,631

Residential

(11)

(51)

49

(73)

Small Business

(10)

(9)

(5)

(7)

Total Video Quarterly Net Additions

(21)

(60)

44

(80)

Voice

Residential

4,494

4,665

4,832

5,161

Small Business

1,200

1,207

1,214

1,225

Total Voice Customers

5,694

5,872

6,046

6,386

Mid-Market & Large Business (n)

Mid-Market & Large Business Primary Service Units ("PSUs")

364

360

357

350

Mid-Market & Large Business Quarterly Net Additions

4

3

3

6

See footnotes on page 7.

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

 UNAUDITED CAPITAL EXPENDITURES

(dollars in millions) 

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Customer premise equipment (o)

$          654

$          593

$        1,322

$        1,066

Scalable infrastructure (p)

336

371

646

664

Upgrade/rebuild (q)

657

457

1,332

852

Support capital (r)

494

425

884

785

Capital expenditures, excluding line extensions

2,141

1,846

4,184

3,367

Subsidized rural construction line extensions

390

543

816

1,010

Other line extensions

340

485

726

896

Total line extensions (s)

730

1,028

1,542

1,906

Total capital expenditures

$        2,871

$        2,874

$        5,726

$        5,273

Capital expenditures included in total related to:

Commercial services

$          293

$          324

$          579

$          597

Subsidized rural construction initiative (t)

$          391

$          545

$          818

$       1,013

Mobile

$            70

$            59

$          129

$          112

Transition (b)

$            34

$            —

$            37

$            —

See footnotes on page 7.

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES 
 FOOTNOTES

(a)

Adjusted EBITDA is defined as net income attributable to Charter shareholders plus net income attributable to noncontrolling interest, net interest expense, income taxes, depreciation and amortization, stock compensation expense, other (income) expenses, net and other operating (income) expenses, net such as special charges, merger and acquisition costs and (gain) loss on sale or retirement of assets. As such, it eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of our businesses as well as other non-cash or special items, and is unaffected by our capital structure or investment activities.  Free cash flow is defined as net cash flows from operating activities, less capital expenditures and changes in accrued expenses related to capital expenditures.

(b)

Transition represents incremental costs incurred to prepare for the integration of Cox Communications' operations and to bring systems and processes into a uniform operating structure.

(c)

Other expense excludes stock compensation expense.  Total operating costs and expenses excludes stock compensation expense, depreciation and amortization and other operating (income) expenses, net.

(d)

We calculate the aging of customer accounts based on the monthly billing cycle for each account in accordance with our collection policies.  On that basis, at June 30, 2026, March 31, 2026, December 31, 2025 and June 30, 2025, customers included approximately 84,000, 87,600, 82,300 and 99,400 customers, respectively, whose accounts were over 60 days past due, approximately 10,100, 7,800, 9,700 and 11,600 customers, respectively, whose accounts were over 90 days past due and approximately 13,400, 13,600, 13,600 and 18,900 customers, respectively, whose accounts were over 120 days past due.     

(e)

Passings represent our estimate of the number of units, such as single family homes, apartment and condominium units and small business and mid-market & large business sites passed by our cable distribution network in the areas where we offer the service indicated.  These estimates are based upon the information available at this time and are updated for all periods presented when new information becomes available. 

(f)

Customer relationships include the number of customers that receive one or more levels of service, encompassing Internet, mobile, video and voice services, without regard to which service(s) such customers receive.  Customers who reside in residential multiple dwelling units ("MDUs") and that are billed under bulk contracts are counted based on the number of billed units within each bulk MDU.  Total customer relationships exclude mid-market & large business customer relationships.

(g)

Penetration represents residential and small business customers as a percentage of estimated passings. 

(h)

Monthly residential revenue per residential customer is calculated as total residential quarterly revenue divided by three divided by average residential customer relationships during the respective quarter.

(i)

Monthly small business revenue per small business customer is calculated as total small business quarterly revenue divided by three divided by average small business customer relationships during the respective quarter.

(j)

One product, two product and three or more product penetration represents the number of residential customers that subscribe to one product, two products or three or more products, respectively, as a percentage of residential customer relationships.

(k)

Connectivity customers represent all customers receiving our Internet and/or mobile connectivity services.

(l)

Mobile lines include phones and tablets which require one of our standard rate plans (e.g., "Unlimited" or "By the Gig").  Mobile lines exclude wearables and other devices that do not require standard phone rate plans.

(m)

Video customers only include customers that purchase Spectrum traditional or streaming linear video packages and exclude customers that only purchase streaming applications.

(n)

Mid-market & large business PSUs represents the aggregate number of fiber service offerings counting each separate service offering at each customer location as an individual PSU.

(o)

Customer premise equipment includes equipment and devices located at the customer's premise used to deliver our Internet, video and voice services (e.g., modems, routers and set-top boxes), as well as installation costs.

(p)

Scalable infrastructure includes costs, not related to customer premise equipment or our network, to secure growth of new customers or provide service enhancements (e.g., headend equipment).

(q)

Upgrade/rebuild includes costs to modify or replace existing fiber/coaxial cable networks, including our network evolution initiative.

(r)

Support capital includes costs associated with the replacement or enhancement of non-network assets (e.g., back-office systems, non-network equipment, land and buildings, vehicles, tools and test equipment).

(s)

Line extensions include network costs associated with entering new service areas (e.g., fiber/coaxial cable, amplifiers, electronic equipment, make-ready and design engineering).

(t)

The subsidized rural construction initiative subcategory includes projects for which we are receiving subsidies from federal, state and local governments, excluding customer premise equipment and installation.

SOURCE Charter Communications, Inc.