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Aramark (ARMK - Free Report) came out with quarterly earnings of $0.52 per share, beating the Zacks Consensus Estimate of $0.48 per share. This compares to earnings of $0.4 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +8.33%. A quarter ago, it was expected that this provider of food, facilities and uniform services would post earnings of $0.47 per share when it actually produced earnings of $0.49, delivering a surprise of +4.26%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Aramark, which belongs to the Zacks Retail - Restaurants industry, posted revenues of $5.06 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.24%. This compares to year-ago revenues of $4.63 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Aramark shares have added about 51.1% since the beginning of the year versus the S&P 500's gain of 13.3%.

What's Next for Aramark?While Aramark has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Aramark was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.76 on $5.26 billion in revenues for the coming quarter and $2.24 on $19.97 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Retail - Restaurants is currently in the bottom 31% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Arcos Dorados (ARCO - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 13.

This restaurant owner is expected to post quarterly earnings of $0.15 per share in its upcoming report, which represents a year-over-year change of +36.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Arcos Dorados' revenues are expected to be $1.28 billion, up 12.1% from the year-ago quarter.

Key Takeaways Sonic Automotive's Q2 adjusted EPS beat estimates by 4%, while revenues rose 8% to $3.93 billion.EchoPark revenues rose 15% as retail used-vehicle sales volume increased 17%, but unit profit fell 12%.Sonic Automotive's Powersports revenues surged 53%, while new and used retail unit volumes rose sharply. Sonic Automotive, Inc. (SAH - Free Report) reported second-quarter 2026 adjusted earnings of $1.82 per share. Earnings declined 17% year over year but beat the Zacks Consensus Estimate of $1.75 by 4%. Revenues rose 8% to $3.93 billion and topped the consensus mark of $3.78 billion by 4%. The quarter benefited from higher retail new and used vehicle volumes and growth across EchoPark and Powersports segments.

At the consolidated level, gross profit rose 2% to $616.2 million. Adjusted SG&A expenses increased 6% to $443.4 million. Adjusted SG&A, as a percentage of gross profit, was 72.0% compared with 69.2% a year earlier. Adjusted net income fell 23% to $58.3 million.

SAH’s Franchise Revenues Rise as Vehicle Margins NarrowFranchised Dealerships segment revenues increased 6% year over year to $3.28 billion. New-vehicle revenues rose 5% to $1.76 billion, while used-vehicle revenues increased 9% to $814.3 million. Parts, service and collision repair revenues advanced 6% to $515.5 million, while finance, insurance and other revenues increased 2% to $147.9 million.

Retail new-vehicle unit volume rose 1%, and used-vehicle volume advanced 6%. Profit per vehicle remained under pressure. Reported retail new-vehicle gross profit per unit fell 11% to $3,024, while used-vehicle gross profit per unit declined 12% to $1,399.

Segment income was $70.7 million, down 23% from the year-ago period. Management cited difficult comparisons tied to pre-tariff consumer demand pull-forward in the second quarter of 2025.

Sonic’s EchoPark Growth Comes With Lower Unit ProfitEchoPark revenues increased 15% to $582.9 million, while gross profit rose 4% to a second-quarter record $64.3 million. Retail used-vehicle sales volume increased 17% as Sonic carried more affordable inventory and expanded its non-auction sourcing mix. Wholesale vehicle volumes increased 12%.

That volume growth came with lower per-unit economics. Total used-vehicle and F&I gross profit per unit fell 12% to $3,292. Segment income dropped 38% to $7.2 million, while adjusted EBITDA declined 15% to $13.9 million.

SAH’s Powersports Business Posts Strong ExpansionPowersports revenues surged 53% to a second-quarter record $73.5 million. Gross profit increased 58% to $19.7 million. New retail unit volume rose 27% to 1,775 units, while used retail volume jumped 61% to 1,317 units.

Finance and insurance revenues climbed 75% to $3.5 million, with F&I gross profit per unit up 27% to $1,125. Segment income improved to $2.3 million from breakeven, and adjusted EBITDA increased 145% to $4.9 million. The five Harley-Davidson dealerships acquired in April are expected to add about $100 million in annualized revenue.

SAH Raises New-Vehicle GPU View, Keeps Growth FocusSonic ended the quarter with about $294 million of cash and floor plan deposits and roughly $676 million of total available liquidity. The board approved a quarterly dividend of 41 cents per share, to be paid out on Oct. 15, 2026, to stockholders of record as of Sept. 15.

Management raised full-year new-vehicle gross profit per unit guidance to $2,850-$3,000 from $2,700-$3,000. EchoPark is still expected to deliver 12%-15% retail used-unit growth, total gross profit per unit of $3,100-$3,300 and adjusted EBITDA of $35-$40 million. Sonic also expects $8-$12 million of incremental EchoPark brand marketing expense in the fourth quarter and plans to open an Orlando location during the quarter.

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

Peer ReleasesPenske Automotive Group, Inc. (PAG - Free Report) reported second-quarter 2026 adjusted earnings of $3.62 per share, beating the Zacks Consensus Estimate of $3.38 by 7.1%. Adjusted earnings declined 4.2% from the comparable $3.78 per share a year ago. Penske’s revenues rose 6% year over year to $8.51 billion and topped the Zacks Consensus Estimate of $7.93 billion by 7.4%. For the first six months of 2026, cash flow from operations totaled $418 million and capital expenditures were $134.9 million. As of June 30, Penske’s liquidity was about $1.4 billion, including $69.5 million in cash.

Lithia Motors (LAD - Free Report) posted second-quarter 2026 adjusted earnings of $10.03 per share, which increased 9% from $9.20 a year ago. The bottom line beat the Zacks Consensus Estimate of $8.67 by 15.7%. Quarterly revenues increased 2.2% year over year to $9.79 billion and topped the consensus estimate of $9.64 billion by 1.6%. As of June 30, 2026, Lithia had cash, restricted cash and cash equivalents of $363.9 million, up from $341.8 million as of Dec. 31, 2025.During the quarter, Lithia repurchased roughly 854,000 shares at a weighted average price of $284, representing $242 million of share repurchases.

AutoNation, Inc. (AN - Free Report) reported second-quarter 2026 adjusted earnings of $5.56 per share, up 1.8% from $5.46 a year ago. Earnings beat the Zacks Consensus Estimate of $5.43 by 2.4%. Revenues of $6.93 billion declined 0.6% year over year and missed the consensus estimate of $6.97 billion by 0.6%. Parts and service revenues increased 3.4% year over year to $1.26 billion. Gross profit rose 1.4% to a record $607.1 million, making After-Sales the largest contributor to AutoNation's gross profit. As of June 30, 2026, AutoNation had cash and cash equivalents of $53.3 million. Non-vehicle debt was $4.43 billion.

Shares of AI infrastructure provider Vertiv (VRT -0.84%) plunged 27.9% in July, according to data from S&P Global Market Intelligence.

Vertiv is one of the main infrastructure suppliers for AI data centers, supplying electricity and water-cooling systems that are becoming increasingly important as the latest AI-powered chips consume more energy.

The company delivered what appeared to be a solid earnings report toward the end of the month. Still, the report wasn't "perfect," and Vertiv appeared to get caught up in the negative sentiment surrounding AI semiconductors in July, following a huge run-up in their stock prices during the first half of the year.

Today's Change

(

-0.84

%) $

-2.30

Current Price

$

270.10

Vertiv posts strong growth, but not enough for skittish investors In July, market sentiment turned sharply negative toward AI-related semiconductor stocks and "AI-adjacent" industrial stocks that serve AI data centers, such as Vertiv.

A combination of prominent short-seller Michael Burry promoting his short bets against AI stocks, the release of China's Kimi 3 open-weight model, and the "blow-up" of AI-focused hedge fund Situational Awareness conspired to send virtually all AI stocks into a tailspin in July.

Vertiv is seen as a key player within the AI data center build-out, providing electrical systems and cooling systems, so it wasn't spared. The predictably negative reaction to a fairly strong but imperfect earnings report at the end of the month capped off a brutal month.

In the second quarter, Vertiv's revenue grew 24% to $3.72 billion, while adjusted (non-GAAP) earnings per share surged 60% to $1.52 per share. While earnings growth beat Wall Street's expectations, even the robust 24% revenue growth figure fell slightly short. Vertiv had grown 30% in its prior quarter, so perhaps that imperfection caused the post-earnings sell-off, as investors were in an unforgiving mood.

Image source: Getty Images.

But the pessimism seems misplaced The good news for investors is that the "disappointing" second-quarter revenue appears to be due to timing issues rather than a lack of demand. Vertiv forecasts revenue to reaccelerate in the second half of the year, raising third-quarter revenue guidance by $400 million and full-year guidance by $250 million at the midpoint of the range. That implies some revenue spilled from the second quarter to the third quarter, while the overall outlook for the full year actually improved.

2026 adjusted earnings per share are now expected to be $6.70 at the midpoint of the new guidance, putting the current stock price at 40 times this year's earnings expectations.

That seems like a steep price to pay for an industrial stock; however, with the AI build-out continuing and large cloud giants raising billions in new capital to fund it, it doesn't appear that Vertiv's growth will slow anytime soon.

Key Takeaways Penske Automotive's Q2 revenues rose 6% to $8.51 billion, while adjusted EPS beat estimates at $3.62.Retail auto revenues climbed 6%, with used vehicle sales up 9.4% and service gross profit rising 3.1%.Class 8 orders surged 170%, while Penske Automotive's 2026 secured order book reached nearly $660 million. Penske Automotive Group, Inc. (PAG - Free Report) reported second-quarter 2026 adjusted earnings of $3.62 per share, beating the Zacks Consensus Estimate of $3.38 by 7.1%. Adjusted earnings declined 4.2% from the comparable $3.78 per share a year ago.

Revenues rose 6% year over year to $8.51 billion and topped the Zacks Consensus Estimate of $7.93 billion by 7.4%. Retail automotive same-store new and used units increased 5%, while same-store service and parts gross margin improved 80 basis points to 59.5%.

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

PAG's Retail Automotive Sales RiseRetail automotive revenues increased 6% year over year to $7.3 billion. New vehicle revenues rose 5.9% to $3.38 billion, used vehicle revenues advanced 9.4% to $2.47 billion and finance and insurance revenues increased 1.3% to $211 million. Service and parts revenues rose 1.6% to $867.1 million, while fleet and wholesale revenues declined 0.8% to $375.6 million. Same-store revenues grew 5.7% to $7.12 billion.

Retail automotive gross profit slipped 0.7% to $1.16 billion, with gross margin contracting to 15.8% from 16.9%. New vehicle gross profit per retail unit fell 10.4% to $4,782, while used vehicle gross profit per unit declined 8.8% to $2,095. Service and parts gross profit increased 3.1% to $517 million.

Penske Automotive Sees Truck Market ImprovementRetail commercial truck revenues declined 1.7% year over year to $927.8 million. Total new and used truck units retailed increased 1.7% to 5,431, as a 64.8% jump in used units offset a 7.8% decline in new units. Retail commercial truck gross profit slipped 0.6% to $142.8 million, while gross margin improved 20 basis points to 15.4%.

Class 8 market orders increased 170% in the second quarter. Premier Truck Group's backlog was about 10,400 units, with the majority expected to convert into retail sales in the second half of 2026. Used truck demand also strengthened as freight conditions improved.

PAG's Distribution Business Delivers GrowthCommercial Vehicle Distribution and Other revenues jumped 41.1% year over year to $283.9 million. Gross profit rose 30.5% to $57.7 million, although gross margin declined to 20.3% from 22%.

Australia's off-highway business was a key contributor, with revenues increasing 63% in the quarter. The company secured more than $300 million of orders during the period, bringing its 2026 secured order book to nearly $660 million, supported by energy solutions, mining and defense demand.

Penske Automotive Gets Lift From PTSPenske Transportation Solutions contributed $57.4 million in earnings to PAG, up 7% year over year. The improvement reflected growth in full-service leasing, better fleet utilization, lower operating expenses and lower interest costs.

PTS managed more than 379,200 trucks, tractors and trailers. Continued weakness in the rental market and a lower gain on used-truck sales partly offset the benefits from improved freight conditions and fleet-rightsizing actions.

PAG's Profitability Faces Margin PressureConsolidated gross profit edged up 0.4% to $1.36 billion, but gross margin narrowed to 15.9% from 16.8%. Selling, general and administrative expenses increased 3.2% to $974 million, and operating income declined 7.6% to $337.6 million.

Operating margin fell to 4% from 4.5%. Adjusted EBITDA was $401.8 million, up 0.3%, while other interest expense rose 53.2% to $33.1 million, reflecting higher borrowing costs associated with acquisitions.

PAG’s Balance Sheet and Capital ReturnsFor the first six months of 2026, cash flow from operations totaled $418 million and capital expenditures were $134.9 million. As of June 30, liquidity was about $1.4 billion, including $69.5 million in cash.

PAG repurchased 265,104 shares for $42.5 million in the first half, leaving $221.2 million available under its repurchase authorization. The board also raised the quarterly dividend 1.4% to $1.44 per share, marking the company's 23rd consecutive quarterly increase.

Peer ReleasesSonic Automotive, Inc. (SAH - Free Report) reported second-quarter 2026 adjusted earnings of $1.82 per share, which fell 17% year over year but beat the Zacks Consensus Estimate of $1.75 by 4%. Revenues rose 8% to $3.93 billion and topped the consensus mark of $3.78 billion by 4%. Sonic ended the quarter with about $294 million of cash and floor plan deposits and roughly $676 million of total available liquidity. The company raised full-year new-vehicle gross profit per unit guidance to $2,850-$3,000 from $2,700-$3,000. Sonic’s EchoPark unit is still expected to deliver 12%-15% retail used-unit growth this year.

Lithia Motors (LAD - Free Report) posted second-quarter 2026 adjusted earnings of $10.03 per share, which increased 9% from $9.20 a year ago. The bottom line beat the Zacks Consensus Estimate of $8.67 by 15.7%. Quarterly revenues increased 2.2% year over year to $9.79 billion and topped the consensus estimate of $9.64 billion by 1.6%. As of June 30, 2026, Lithia had cash, restricted cash and cash equivalents of $363.9 million, up from $341.8 million as of Dec. 31, 2025.During the quarter, Lithia repurchased roughly 854,000 shares at a weighted average price of $284, representing $242 million of share repurchases.

AutoNation, Inc. (AN - Free Report) reported second-quarter 2026 adjusted earnings of $5.56 per share, up 1.8% from $5.46 a year ago. Earnings beat the Zacks Consensus Estimate of $5.43 by 2.4%. Revenues of $6.93 billion declined 0.6% year over year and missed the consensus estimate of $6.97 billion by 0.6%. Parts and service revenues increased 3.4% year over year to $1.26 billion. Gross profit rose 1.4% to a record $607.1 million, making After-Sales the largest contributor to AutoNation's gross profit. As of June 30, 2026, AutoNation had cash and cash equivalents of $53.3 million. Non-vehicle debt was $4.43 billion.

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The Middleby Corporation (NASDAQ: MIDD), a global leader in commercial foodservice solutions, today reported net earnings for the second quarter of 2026.

Tim FitzGerald, CEO of the Middleby Corporation said, "The second quarter marked a transformational milestone for our company as we successfully completed the separation of our Food Processing business and launched Midera as an independent, publicly traded leader in food processing equipment. With this separation, Middleby is now a pure-play commercial foodservice company, focused on driving innovation and growth across the global foodservice industry. Throughout this transformation, we remained committed to disciplined capital allocation, repurchasing approximately 1.4 million shares, or 3% of our outstanding shares, during the second quarter and 8.7 million shares, or 16% of our outstanding shares, over the past six quarters. These actions underscore our confidence in the strength of our business and our commitment to creating long-term shareholder value.”

Tim FitzGerald continued, "We delivered strong second quarter results at our commercial foodservice business with 8% organic growth that was broad-based across channels, customer types, and regions. The strategic investments we have made in recent years are delivering results, and we continue to define the future of commercial foodservice through industry-leading innovation and customer-focused solutions. These results give us great confidence as we begin our journey as a pure-play commercial foodservice leader."

2026 Second Quarter Financial Results

All results presented are on the reported second quarter continuing operations basis, inclusive of Food Processing unless otherwise noted.

Net sales increased 9.9% in the second quarter over the comparative prior year period. Excluding the impacts of acquisitions and foreign exchange rates, sales increased 6.4% in the second quarter over the comparative prior year period.A reconciliation of organic net sales (a non-GAAP measure) by segment is as follows:($ in millions)

Commercial
Foodservice

Food
Processing

Total
Company

Net Sales

$

630.6

$

244.9

$

875.5

Reported Net Sales Growth

8.6

%

13.3

%

9.9

%

Acquisitions

—

%

11.0

%

3.0

%

Foreign Exchange Rates

0.3

%

1.0

%

0.5

%

Organic Net Sales Growth(1)(2)

8.3

%

1.3

%

6.4

%

(1) Organic net sales growth defined as total sales growth excluding impact of acquisitions and foreign exchange rates.

(2) Totals may be impacted by rounding.

Adjusted EBITDA (a non-GAAP measure) was $193.2 million in the second quarter compared to $181.6 million in the prior year.A reconciliation of organic adjusted EBITDA (a non-GAAP measure) by segment is as follows:($ in millions)

Commercial
Foodservice

Food
Processing

Total
Company(1)

Adjusted EBITDA

$

162.5

$

49.8

$

193.2

Adjusted EBITDA %

25.8

%

20.3

%

22.1

%

Acquisitions

—

%

—

%

—

%

Foreign Exchange Rates

—

%

(0.2

)%

—

%

Organic Adjusted EBITDA %(2)(3)

25.8

%

20.5

%

22.2

%

(1) Includes corporate and other general company expenses, which impact Segment Adjusted EBITDA, and amounted to $19.2 million.

(2) Organic Adjusted EBITDA defined as Adjusted EBITDA excluding impact of acquisitions and foreign exchange rates.

(3) Totals may be impacted by rounding.

Operating cash flows during the second quarter amounted to $99.7 million compared to $91.8 million in the prior year. Operating cash flows during the second quarter also include $7.5 million of payments of strategic transaction costs associated with the business portfolio transformation.Adjusted EPS excluding Food Processing is estimated to be $1.74 for second quarter compared to $1.40 in the prior year. These are preliminary estimates and will be finalized in Q3 2026 as the company reports the historical Food Processing results within discontinued operations. The growth in Adjusted EPS includes an increase related to organic growth, benefits from share repurchases and a discrete benefit related to foreign currency as part of the separation of the Food Processing business, partially offset by higher interest costs associated with the convertible notes maturity and a higher tax rate. Please reference the guidance section of the earnings release and our earnings slides for further details.The total leverage ratio per our credit agreements was 2.4x. The trailing twelve-month bank agreement pro-forma EBITDA was $787.7 million. Post spin the estimated total leverage ratio per our credit agreement was 2.7x.Net debt, defined as debt less cash, at the end of the 2026 fiscal second quarter amounted to $1.8 billion as compared to $2.0 billion at the end of fiscal 2025. Our borrowing availability at the end of the second quarter was approximately $2.6 billion.2026 Outlook

Management also provided the following expectations for the third quarter and full year 2026 for the total company post-spin of the Food Processing business and excluding Residential:

3rd Qtr, 2026

Full Year 2026

Net sales

$620-$640 M

$2.48-2.53 B

Organic Growth

4%

7%

Adjusted EBITDA(1)

$143-150 M

$572-588 M

Adjusted EPS(2)

$1.67-1.83

$6.73-6.89

(1) Includes corporate and other general company operations.

(2) FY 2026 Adjusted EPS expectation is the sum of the four quarters of Adjusted EPS, please reference earnings slides for further detail on guidance.

Beginning in the third quarter of 2026, the historical financial results of the Food Processing business for periods prior to the spin-off will be reflected in the company’s consolidated financial statements as discontinued operations. The below amounts represent Middleby excluding Food Processing and Residential which are to be considered preliminary and could change as the company finalizes discontinued operations.

1st Qtr, 2026

2nd Qtr, 2026

Net sales

$616 M

$631 M

Adjusted EBITDA(1)

$139 M

$145 M

Adjusted EPS

$1.55

$1.74

(1) Includes corporate and other general company operations.

1st Qtr, 2025

2nd Qtr, 2025

3rd Qtr, 2025

4th Qtr, 2025

Full Year 2025

Net sales

$563 M

$581 M

$606 M

$602 M

$2.35 B

Adjusted EBITDA(1)

$130 M

$139 M

$142 M

$140 M

$551 M

Adjusted EPS

$1.47

$1.40

$1.72

$1.52

$6.10

(1) Includes corporate and other general company operations.

Conference Call

The company has scheduled a conference call to discuss the second quarter results at 10 a.m. Eastern/9 a.m. Central Time on August 11th. The conference call is accessible through the Investor Relations section of the company website at www.middleby.com. If website access is not available, attendees can join the conference by dialing (844) 676-5090, or (412) 634-6754 for international access. The conference call will be available for replay from the company’s website.

Cautionary Statement Regarding Forward-Looking Statements

Statements in this press release or otherwise attributable to the company regarding the company's business which are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our expectations with respect to our future performance and the outcome of our strategic review. The company cautions investors that such statements are estimates of future performance and are highly dependent upon a variety of important factors that could cause actual results to differ materially from such statements. Such factors include variability in financing costs; quarterly variations in operating results; dependence on key customers; international exposure; foreign exchange and political risks affecting international sales; changing market conditions; the impact of competitive products and pricing; the timely development and market acceptance of the company's products; the availability and cost of raw materials; any variation between the preliminary and final historical results of the Food Processing business; and other risks detailed herein and from time-to-time in the company's SEC filings. Any forward-looking statement speaks only as of the date hereof, and the company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

The Middleby Corporation is a global leader in commercial foodservice solutions. The well-known Middleby brands develop and manufacture a broad portfolio of innovative products for commercial kitchens worldwide. Middleby serves a diverse customer base with equipment and technology offerings that include cooking, warming, beverage, ice and IoT while proudly showcasing its advanced foodservice solutions in five state-of-the-art Middleby Innovation Kitchens across North America and Europe.

THE MIDDLEBY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Amounts in 000’s, Except Per Share Information)

(Unaudited)

Three Months Ended

Six Months Ended

2nd Qtr,
2026

2nd Qtr,
2025

2nd Qtr,
2026

2nd Qtr,
2025

Net sales

$

875,549

$

796,799

$

1,715,457

$

1,527,422

Cost of sales

540,468

480,697

1,057,186

918,742

Gross profit

335,081

316,102

658,271

608,680

Selling, general and administrative expenses

186,601

167,598

374,898

329,407

Restructuring expenses

732

687

2,271

1,935

Income from continuing operations

147,748

147,817

281,102

277,338

Interest expense and deferred financing amortization, net

25,969

20,256

51,449

39,077

Net periodic pension benefit

(2,428

)

(1,601

)

(4,857

)

(3,117

)

Other (income)/expense, net

(2,177

)

2,128

(4,798

)

3,088

Earnings from continuing operations before income taxes

126,384

127,034

239,308

238,290

Provision for income taxes

43,275

25,368

70,915

51,561

Earnings from continuing operations before equity in net losses of affiliate

83,109

101,666

168,393

186,729

Equity in losses of affiliate, net of tax

(28,895

)

—

(28,895

)

—

Net earnings from continuing operations

54,214

101,666

139,498

186,729

Earnings/(loss) from discontinued operations, net of tax

598

4,290

(134,759

)

11,579

Net earnings

$

54,812

$

105,956

$

4,739

$

198,308

Net earnings/(loss) per share(1):

Basic from continuing operations

$

1.20

$

1.93

$

3.01

$

3.52

Basic from discontinued operations

0.01

0.08

(2.91

)

0.22

Basic earnings per share

$

1.21

$

2.01

$

0.10

$

3.73

Diluted from continuing operations

$

1.20

$

1.91

$

3.01

$

3.47

Diluted from discontinued operations

0.01

0.08

(2.91

)

0.21

Diluted earnings per share

$

1.21

$

1.99

$

0.10

$

3.68

Weighted average number of shares

Basic

45,326

52,616

46,279

53,105

Diluted

45,343

53,154

46,293

53,888

(1) Earnings/(loss) per share amounts for continuing operations and discontinued operations are calculated independently and may not sum to total earnings per share due to rounding.

THE MIDDLEBY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in 000’s)

(Unaudited)

Jul 4, 2026

Jan 3, 2026

ASSETS

Cash and cash equivalents

$

159,178

$

222,239

Accounts receivable, net

601,178

573,039

Inventories, net

737,633

692,589

Prepaid expenses and other

111,222

111,176

Prepaid taxes

22,761

41,159

Current assets held for sale - discontinued operations

11,836

1,102,441

Total current assets

1,643,808

2,742,643

Property, plant and equipment, net

423,052

431,622

Goodwill

1,794,299

1,799,649

Other intangibles, net

1,030,987

1,061,192

Long-term deferred tax assets

6,729

8,209

Pension benefits assets

112,235

106,444

Equity method investment

109,724

—

Note receivable

86,879

—

Other assets

152,940

165,407

Total assets

$

5,360,653

$

6,315,166

LIABILITIES AND STOCKHOLDERS' EQUITY

Current maturities of long-term debt

$

44,101

$

44,420

Accounts payable

224,281

206,666

Accrued expenses

549,383

574,810

Current liabilities held for sale - discontinued operations

9,522

242,335

Total current liabilities

827,287

1,068,231

Long-term debt

1,935,423

2,128,582

Long-term deferred tax liability

212,184

156,723

Accrued pension benefits

7,308

7,629

Other non-current liabilities

168,497

177,772

Stockholders' equity

2,209,954

2,776,229

Total liabilities and stockholders' equity

$

5,360,653

$

6,315,166

THE MIDDLEBY CORPORATION

NON-GAAP SEGMENT INFORMATION

(Amounts in 000’s, Except Percentages)

(Unaudited)

Commercial
Foodservice

Food
Processing

Total
Company(1)

Three Months Ended July 4, 2026

Net sales

$

630,613

$

244,936

$

875,549

Segment income from continuing operations

$

143,564

$

43,978

$

147,748

Income from continuing operations % of net sales

22.8

%

18.0

%

16.9

%

Depreciation

7,302

4,197

12,040

Amortization

10,558

2,541

13,099

Restructuring expenses

571

161

732

Acquisition related adjustments

(297

)

(1,063

)

(3,000

)

Facility consolidation related expenses

828

—

828

Strategic transaction costs

—

—

14,479

Stock compensation

—

—

7,253

Segment adjusted EBITDA from continuing operations(2)

$

162,526

$

49,814

$

193,179

Adjusted EBITDA from continuing operations % of net sales

25.8

%

20.3

%

22.1

%

Three Months Ended June 28, 2025

Net sales

$

580,605

$

216,194

$

796,799

Segment income from continuing operations

$

137,946

$

42,679

$

147,817

Income from continuing operations % of net sales

23.8

%

19.7

%

18.6

%

Depreciation

6,911

3,095

10,705

Amortization

10,952

2,629

13,581

Restructuring expenses

745

(58

)

687

Acquisition related adjustments

37

(2,496

)

(2,335

)

Strategic transaction costs

—

—

5,591

Stock compensation

—

—

5,590

Segment adjusted EBITDA from continuing operations

$

156,591

$

45,849

$

181,636

Adjusted EBITDA from continuing operations % of net sales

27.0

%

21.2

%

22.8

%

(1) Includes corporate and other general company expenses, which impact Segment Adjusted EBITDA, and amounted to $19.2 million and $20.8 million for the three months ended July 4, 2026 and June 28, 2025, respectively.

(2) Foreign exchange rates favorably impacted Segment Adjusted EBITDA by approximately $0.3 million for the three months ended July 4, 2026.

THE MIDDLEBY CORPORATION

NON-GAAP SEGMENT INFORMATION

(Amounts in 000’s, Except Percentages)

(Unaudited)

Commercial
Foodservice

Food
Processing

Total
Company(1)

Six Months Ended July 4, 2026

Net sales

$

1,246,149

$

469,308

$

1,715,457

Segment income from continuing operations

$

283,230

$

78,343

$

281,102

Income from continuing operations % of net sales

22.7

%

16.7

%

16.4

%

Depreciation

14,546

7,902

23,540

Amortization

21,181

5,262

26,443

Restructuring expenses

1,260

104

2,271

Acquisition related adjustments

(119

)

(374

)

(2,133

)

Facility consolidation related expenses

828

—

828

Strategic transaction costs

—

—

24,424

Stock compensation

—

—

17,327

Segment adjusted EBITDA from continuing operations(2)

$

320,926

$

91,237

$

373,802

Adjusted EBITDA from continuing operations % of net sales

25.8

%

19.4

%

21.8

%

Six Months Ended June 28, 2025

Net sales

$

1,143,322

$

384,100

$

1,527,422

Segment Income from Continuing Operations

$

270,042

$

66,189

$

277,338

Income from continuing operations % of net sales

23.6

%

17.2

%

18.2

%

Depreciation

13,541

5,986

21,051

Amortization

22,246

5,543

27,789

Restructuring expenses

1,883

52

1,935

Acquisition related adjustments

309

(1,858

)

(1,933

)

Strategic transaction costs

—

—

9,063

Stock compensation

—

—

7,878

Segment adjusted EBITDA from continuing operations

$

308,021

$

75,912

$

343,121

Adjusted EBITDA from continuing operations % of net sales

26.9

%

19.8

%

22.5

%

(1) Includes corporate and other general company expenses, which impact Segment Adjusted EBITDA, and amounted to $38.4 million and $40.8 million for the six months ended July 4, 2026 and June 28, 2025, respectively.

(2) Foreign exchange rates favorably impacted Segment Adjusted EBITDA by $2.6 million for the six months ended July 4, 2026.

THE MIDDLEBY CORPORATION

NON-GAAP INFORMATION

(Amounts in 000’s, Except Per Share Information)

(Unaudited)

Three Months Ended

2nd Qtr, 2026

2nd Qtr, 2025

$

Diluted per
share

$

Diluted per
share

Net earnings from continuing operations

$

54,214

$

1.20

$

101,666

$

1.91

Amortization(1)

13,724

0.30

15,357

0.29

Restructuring expenses

732

0.02

687

0.01

Acquisition related adjustments

(3,000

)

(0.07

)

(2,335

)

(0.04

)

Facility consolidation related expenses

828

0.02

—

—

Net periodic pension benefit

(2,428

)

(0.05

)

(1,601

)

(0.03

)

Strategic transaction costs

14,479

0.32

5,591

0.11

Change in fair value of note receivable

(2,693

)

(0.06

)

—

—

Equity in losses of affiliate, net

28,895

0.64

—

—

Discrete tax impact of Spin related transactions

4,629

0.10

—

—

Income tax effect of pre-tax adjustments

(2,964

)

(0.07

)

(3,540

)

(0.07

)

Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings(2)

—

—

—

0.02

Adjusted net earnings from continuing operations

$

106,416

$

2.35

$

115,825

$

2.20

Diluted weighted average number of shares

45,343

53,154

Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings(2)

—

(511

)

Adjusted diluted weighted average number of shares

45,343

52,643

Six Months Ended

2nd Qtr, 2026

2nd Qtr, 2025

$

Diluted per
share

$

Diluted per
share

Net earnings from continuing operations

$

139,498

$

3.01

$

186,729

$

3.47

Amortization(1)

27,694

0.60

31,362

0.58

Restructuring expenses

2,271

0.05

1,935

0.04

Acquisition related adjustments

(2,133

)

(0.05

)

(1,933

)

(0.04

)

Facility consolidation related expenses

828

0.02

—

—

Net periodic pension benefit

(4,857

)

(0.10

)

(3,117

)

(0.06

)

Strategic transaction costs

24,424

0.53

9,063

0.17

Change in fair value of note receivable

(4,499

)

(0.10

)

—

—

Equity in losses of affiliate, net

28,895

0.62

—

—

Discrete tax impact of Spin related transactions

4,629

0.10

—

—

Income tax effect of pre-tax adjustments

(8,817

)

(0.19

)

(8,059

)

(0.15

)

Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings(2)

—

—

—

0.06

Adjusted net earnings from continuing operations

$

207,933

$

4.49

$

215,980

$

4.07

Diluted weighted average number of shares

46,293

53,888

Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings(2)

—

(769

)

Adjusted diluted weighted average number of shares

46,293

53,119

(1) Includes amortization of deferred financing costs and convertible notes issuance costs.

(2) Adjusted diluted weighted average number of shares was calculated based on excluding the dilutive effect of shares to be issued upon conversion of the notes to satisfy the amount in excess of the principal since the company's capped call offsets the dilutive impact of the shares underlying the convertible notes. The calculation of adjusted diluted earnings per share excludes the principal portion of the convertible notes as this will always be settled in cash. Given the settlement of the convertible notes in the third quarter of 2025 the weighted average number of shares will no longer require an adjustment in 2026.

THE MIDDLEBY CORPORATION

NON-GAAP INFORMATION

(Amounts in 000’s)

(Unaudited)

Three Months Ended

Six Months Ended

2nd Qtr, 2026

2nd Qtr, 2025

2nd Qtr, 2026

2nd Qtr, 2025

Net Cash Flows Provided By (Used In):

Operating activities(1)

$

99,714

$

91,761

$

187,526

$

229,047

Investing activities(2)

(11,649

)

(18,101

)

544,878

(45,669

)

Financing activities

(102,803

)

(346,368

)

(787,468

)

(403,459

)

Free Cash Flow

Cash flow from operating activities(1)

$

99,714

$

91,761

$

187,526

$

229,047

Less: Capital expenditures(3)

(10,695

)

(14,584

)

(18,634

)

(41,064

)

Free cash flow

$

89,019

$

77,177

$

168,892

$

187,983

(1) Includes payments of strategic transaction costs of $7.5 million and $15.2 million for the three and six months ended July 4, 2026.

(2) Includes proceeds from sale of 51% interest in Residential Kitchen Equipment Group, net of cash transferred, of $564.6 million for the six months ended July 4, 2026.

(3) Includes purchase of previously leased food processing manufacturing facility for the six months ended June 28, 2025.

THE MIDDLEBY CORPORATION

NON-GAAP INFORMATION(1)

(Amounts in 000’s)

(Unaudited)

1st Qtr, 2026

2nd Qtr, 2026

Net sales

$

839,908

$

875,549

Less: Food Processing

(224,372

)

(244,936

)

Net sales excluding Food Processing

$

615,536

$

630,613

Income from continuing operations

$

133,354

$

147,748

Less: Food Processing

(22,685

)

(26,850

)

Income from continuing operations excluding Food Processing

$

110,669

$

120,898

Depreciation

7,795

7,843

Amortization

10,623

10,558

Restructuring expenses

1,596

571

Acquisition related adjustments

178

(1,937

)

Facility consolidation related expenses

—

828

Stock compensation

8,531

6,004

Adjusted EBITDA from continuing operations excluding Food Processing

$

139,392

$

144,765

1st Qtr, 2025

2nd Qtr, 2025

3rd Qtr, 2025

4th Qtr, 2025

Full Year 2025

Net sales

$

730,623

$

796,799

$

807,355

$

866,425

$

3,201,202

Less: Food Processing

(167,906

)

(216,195

)

(201,353

)

(264,701

)

(850,155

)

Net sales excluding Food Processing

$

562,717

$

580,604

$

606,002

$

601,724

$

2,351,047

Income from continuing operations

$

129,521

$

147,817

$

147,718

$

149,835

$

574,891

Less: Food Processing

(21,547

)

(32,783

)

(24,088

)

(40,939

)

(119,357

)

Income from continuing operations excluding Food Processing

$

107,974

$

115,034

$

123,630

$

108,896

$

455,534

Depreciation

7,455

7,610

7,646

8,277

30,988

Amortization

11,294

10,952

10,657

10,654

43,557

Restructuring expenses

1,137

746

349

519

2,751

Acquisition related adjustments

(237

)

161

283

(1,878

)

(1,671

)

Stock compensation

2,001

4,661

(495

)

4,699

10,866

Impairments

—

—

—

9,298

9,298

Adjusted EBITDA from continuing operations excluding Food Processing

$

129,624

$

139,164

$

142,070

$

140,465

$

551,323

(1) These amounts represent Middleby excluding Food Processing and Residential which are to be considered preliminary and could change as the company finalizes discontinued operations.

THE MIDDLEBY CORPORATION

NON-GAAP INFORMATION(1)

(Amounts in 000’s, Except Per Share Information)

(Unaudited)

1st Qtr, 2026

2nd Qtr, 2026

$

Diluted per
share

$

Diluted per
share

Net earnings from continuing operations

$

85,284

$

1.81

$

54,214

$

1.20

Less: Food Processing

(18,786

)

(0.40

)

(8,242

)

(0.19

)

Net earnings from continuing operations excluding Food Processing

$

66,498

$

1.41

$

45,972

$

1.01

Amortization(2)

11,247

0.24

11,183

0.25

Restructuring expenses

1,596

0.03

571

0.01

Acquisition related adjustments

178

—

(1,937

)

(0.04

)

Facility consolidation related expenses

—

—

828

0.02

Net periodic pension benefit

(2,429

)

(0.05

)

(2,428

)

(0.05

)

Change in fair value of note receivable

(1,806

)

(0.04

)

(2,693

)

(0.06

)

Equity in losses of affiliate, net

—

—

28,895

0.64

Income tax effect of pre-tax adjustments

(2,267

)

(0.04

)

(1,425

)

(0.04

)

Adjusted net earnings from continuing operations excluding Food Processing

$

73,017

$

1.55

$

78,966

$

1.74

Diluted weighted average number of shares

47,243

45,343

Adjusted diluted weighted average number of shares

47,243

45,343

(1) These amounts represent Middleby excluding Food Processing and Residential which are to be considered preliminary and could change as the company finalizes discontinued operations.

(2) Includes amortization of deferred financing costs and convertible notes issuance costs.

THE MIDDLEBY CORPORATION

NON-GAAP INFORMATION(1)

(Amounts in 000’s, Except Per Share Information)

(Unaudited)

1st Qtr, 2025

2nd Qtr, 2025

$

Diluted per
share

$

Diluted per
share

Net earnings from continuing operations

$

85,063

$

1.56

$

101,666

$

1.91

Less: Food Processing

(15,988

)

(0.30

)

(37,047

)

(0.69

)

Net earnings from continuing operations excluding Food Processing

$

69,075

$

1.26

$

64,619

$

1.22

Amortization(2)

13,091

0.24

12,728

0.24

Restructuring expenses

1,137

0.02

746

0.01

Acquisition related adjustments

(237

)

—

161

—

Net periodic pension benefit

(1,516

)

(0.03

)

(1,601

)

(0.03

)

Income tax effect of pre-tax adjustments

(2,844

)

(0.05

)

(2,744

)

(0.05

)

Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings(3)

—

0.03

—

0.01

Adjusted net earnings from continuing operations excluding Food Processing

$

78,706

$

1.47

$

73,909

$

1.40

Diluted weighted average number of shares

54,621

1.26

53,154

Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings(3)

(1,028

)

(511

)

Adjusted diluted weighted average number of shares

53,593

52,643

3rd Qtr, 2025

4th Qtr, 2025

$

Diluted per
share

$

Diluted per
share

Net earnings from continuing operations

$

94,452

$

1.87

$

86,086

$

1.72

Less: Food Processing

(16,535

)

(0.33

)

(23,872

)

(0.48

)

Net earnings from continuing operations excluding Food Processing

$

77,917

$

1.54

$

62,214

$

1.24

Amortization(2)

12,725

0.25

11,322

0.23

Restructuring expenses

349

0.01

519

0.01

Acquisition related adjustments

283

0.01

(1,878

)

(0.04

)

Net periodic pension benefit

(1,597

)

(0.03

)

(1,580

)

(0.03

)

Impairments

—

—

9,298

0.19

Income tax effect of pre-tax adjustments

(2,681

)

(0.06

)

(4,031

)

(0.08

)

Adjusted net earnings from continuing operations excluding Food Processing

$

86,996

$

1.72

$

75,864

$

1.52

Diluted weighted average number of shares

50,521

50,032

Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings(3)

53

—

Adjusted diluted weighted average number of shares

50,574

50,032

(1) These amounts represent Middleby excluding Food Processing and Residential which are to be considered preliminary and could change as the company finalizes discontinued operations.

(2) Includes amortization of deferred financing costs and convertible notes issuance costs.

(3) Adjusted diluted weighted average number of shares was calculated based on excluding the dilutive effect of shares to be issued upon conversion of the notes to satisfy the amount in excess of the principal since the company's capped call offsets the dilutive impact of the shares underlying the convertible notes. The calculation of adjusted diluted earnings per share excludes the principal portion of the convertible notes as this will always be settled in cash.

THE MIDDLEBY CORPORATION

NON-GAAP INFORMATION(1)

(Amounts in 000’s, Except Per Share Information)

(Unaudited)

Full Year 2025

$

Diluted per
share

Net earnings from continuing operations

$

367,267

$

7.04

Less: Food Processing

(93,441

)

(1.79

)

Net earnings from continuing operations excluding Food Processing

$

273,826

$

5.25

Amortization(2)

49,866

0.96

Restructuring expenses

2,751

0.05

Acquisition related adjustments

(1,671

)

(0.03

)

Net periodic pension benefit

(6,294

)

(0.12

)

Impairments

9,298

0.18

Income tax effect of pre-tax adjustments

(12,301

)

(0.24

)

Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings(3)

—

0.05

Adjusted net earnings from continuing operations excluding Food Processing

$

315,475

$

6.10

Diluted weighted average number of shares

52,179

Adjustment for shares excluded due to anti-dilution effect on GAAP net earnings(3)

(468

)

Adjusted diluted weighted average number of shares

51,711

(1) These amounts represent Middleby excluding Food Processing and Residential which are to be considered preliminary and could change as the company finalizes discontinued operations.

(2) Includes amortization of deferred financing costs and convertible notes issuance costs.

(3) Adjusted diluted weighted average number of shares was calculated based on excluding the dilutive effect of shares to be issued upon conversion of the notes to satisfy the amount in excess of the principal since the company's capped call offsets the dilutive impact of the shares underlying the convertible notes. The calculation of adjusted diluted earnings per share excludes the principal portion of the convertible notes as this will always be settled in cash.

USE OF NON-GAAP FINANCIAL MEASURES

The company supplements its consolidated financial statements presented on a GAAP basis with this non-GAAP financial information to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. The non-GAAP financial measures disclosed by the company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated. In addition, the non-GAAP financial measures included in this press release do not have standard meanings and may vary from similarly titled non-GAAP financial measures used by other companies.

The company believes that organic net sales growth, adjusted EBITDA, organic adjusted EBITDA, segment adjusted EBITDA, net debt, net leverage, adjusted net earnings and adjusted diluted per share measures are useful as supplements to its GAAP results of operations to evaluate certain aspects of its operations and financial performance, and its management team primarily focuses on non-GAAP items in evaluating performance for business planning purposes. The company also believes that these measures assist it with comparing its performance between various reporting periods on a consistent basis, as these measures remove from operating results the impact of items that, in its opinion, do not reflect its core operating performance including, for example, intangibles amortization expense, impairment charges, restructuring expenses, and other charges which management considers to be outside core operating results.

The company believes that free cash flow is an important measure of operating performance because it provides management and investors with a measure of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, repaying debt and repurchasing our common stock.

The company believes that its presentation of these non-GAAP financial measures is useful because it provides investors and securities analysts with the same information that Middleby uses internally for purposes of assessing its core operating performance.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260811523406/en/

, /PRNewswire/ -- Blue Owl Capital Inc. ("Blue Owl") (NYSE: OWL) today announced that its indirect subsidiary, Blue Owl Finance LLC, intends to offer 10-year senior unsecured notes (the "notes"), subject to market and other conditions. The notes will be fully and unconditionally guaranteed by each of Blue Owl, Blue Owl Capital GP Holdings LLC, Blue Owl Capital GP LLC, Blue Owl Capital Holdings LP, Blue Owl Capital Carry LP, Blue Owl Capital Group LLC, Blue Owl GPSC Holdings LLC, Blue Owl Capital GP Holdings LP, Blue Owl GP Stakes GP Holdings LLC, Blue Owl Real Estate Holdings LP, Blue Owl Real Estate GP Holdings LLC and Blue Owl Capital Holdings LLC. Blue Owl intends to use the net proceeds from this offering to repay a portion of outstanding borrowings under its revolving credit facility.

BofA Securities, Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers.

The notes are being offered pursuant to an effective shelf registration statement on file with the U.S. Securities and Exchange Commission (the "SEC") and only by means of a prospectus and prospectus supplement. An electronic copy of the prospectus supplement, together with the accompanying prospectus, is available on the SEC's website at www.sec.gov. Alternatively, copies of the prospectus supplement and accompanying prospectus may be obtained by contacting the joint book-running managers: BofA Securities, Inc., NC1-004-03-43, Attn: Prospectus Department, 200 North College Street, 3rd floor, Charlotte NC 8255-0001, Email: [email protected]; Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, NY 10282, Email: [email protected], Telephone: (866) 471-2526; or Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase the notes or any other securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

About Blue Owl

Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives®. With $319 billion in assets under management as of June 30, 2026, we invest across three multi-strategy platforms: Credit, Real Assets and GP Strategic Capital. Anchored by a strong permanent capital base, we provide businesses with private capital solutions to drive long-term growth and offer institutional investors, individual investors, and insurance companies differentiated alternative investment opportunities that aim to deliver strong performance, risk-adjusted returns, and capital preservation.

Together with over 1,380 experienced professionals globally, Blue Owl brings the vision and discipline to create the exceptional.

Forward-Looking Statements

Certain statements made in this release, including those relating to the timing, size and other terms of the offering, are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "would," "should," "future," "propose," "target," "goal," "objective," "outlook" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date made. Blue Owl assumes no obligation to update or revise any such forward-looking statements except as required by law.

These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Blue Owl's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

Important factors, among others, that may affect actual results or outcomes include the inability to recognize the anticipated benefits of strategic acquisitions; costs related to acquisitions; the inability to maintain the listing of Blue Owl's shares on the New York Stock Exchange; Blue Owl's ability to manage growth; Blue Owl's ability to execute its business plan and meet its projections; potential litigation involving Blue Owl; changes in applicable laws or regulations; and the possibility that Blue Owl may be adversely affected by other economic, business, geo-political and competitive factors.

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SOURCE Blue Owl Capital

CPI Data Sparks Rally in Biotech StocksLegend Biotech NASDAQ: LEGN reported second-quarter 2026 results marked by continued global growth for CARVYKTI and the company’s first quarter of company-wide profitability on both an IFRS and adjusted basis, management said during its earnings call.

Interim Chief Executive Officer Alan Bash said the company generated approximately $657 million in worldwide net trade sales for CARVYKTI during the quarter, up 50% from a year earlier and 10% sequentially. He also said Legend generated adjusted net income of $63 million and expects to remain adjusted-net-income profitable during the second half of 2026.

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Why Legend Biotech Stock Is Having Its Best Month YetThe call followed the departure of former CEO Dr. Ying Huang last month. Bash said the leadership change does not represent a change in strategy, with the company remaining focused on expanding CARVYKTI, advancing its next-generation pipeline and strengthening execution.

CARVYKTI Growth Driven by Earlier-Line Use and International Expansion CARVYKTI sales in the U.S. increased 32% year over year, while sales outside the U.S. rose 128%, according to Bash. U.S. sales grew 9% sequentially, supported primarily by accelerating adoption in earlier treatment lines. International sales increased 13% sequentially as launches continued across 19 markets and the company expanded its activated treatment-site network.

Legend said CARVYKTI is now available through 348 treatment sites globally. More than 150 authorized treatment centers are in the U.S., including community hospitals representing roughly 40% of those sites.

Management said use in the second through fourth lines of treatment now accounts for more than 70% of CARVYKTI’s U.S. volume. The company had previously said second- and third-line use represented 41% of total mix, but said it does not plan to provide that more detailed breakout every quarter.

Bash said the company and its partner, Johnson & Johnson, continue to position CARVYKTI as a “one-and-done” treatment option compared with continuous therapies. Management also cited clinical and real-world data suggesting patients may have better outcomes when they receive CAR-T therapy before other BCMA-directed treatment options.

Legend reiterated its view that CARVYKTI has peak annual sales potential above $5 billion.

In Vivo CAR-T Data and Pipeline Plans The company highlighted early clinical data for LB2501, a CD19/CD20 dual-targeting in vivo CAR-T therapy being studied in relapsed or refractory non-Hodgkin’s lymphoma. Data presented at the European Hematology Association Congress included 12 patients in an ongoing China-based investigator-initiated Phase I dose-escalation trial.

At the second dose level, six patients with diffuse large B-cell lymphoma, mantle cell lymphoma or follicular lymphoma had a 100% objective response rate and an 83.3% complete response rate, Bash said. CAR-T cells were detected in peripheral blood for as long as 116 days. The treatment was reported to be well tolerated, with no dose-limiting toxicities, serious adverse events or deaths reported in the data set.

Legend expects to file a U.S. investigational new drug application for LB2501 by the end of 2026 and intends to conduct the initial U.S. Phase I study itself. The company said it plans to present additional data from the China study at future medical conferences and is ultimately targeting an update on six-month complete-response rates.

During the question-and-answer session, management also disclosed that Legend will conduct an investigator-initiated study in China of LB2505, an investigational BCMA-targeted in vivo CAR-T treatment for multiple myeloma. The program is subject to the company’s collaboration agreement with Johnson & Johnson, and management did not provide additional details.

Legend said it remains interested in pursuing in vivo CAR-T opportunities in autoimmune disease across multiple potential targets. Management distinguished its lentiviral vector-based platform from Sail’s preclinical circular mRNA and lipid nanoparticle platform.

Beyond in vivo programs, the company said it continues to advance autologous CAR-T candidates targeting Claudin 18.2, DLL3, GPRC5D and other targets, as well as allogeneic programs for autoimmune disease and B-cell malignancies. Interim Head of R&D Yuhong Qiu said Legend continues to see a role for allogeneic therapies and expects to provide future updates on its LUCAR-G39D program.

Financial Results, Margins and Cash Position Chief Financial Officer Carlos Santos said total revenue increased 52% year over year, while operating margin improved to positive 15% from negative 9% in the prior-year period. He said revenue has grown at a 74% compound annual growth rate since the second quarter of 2023, while operating margin has improved from negative 142% over that span.

Gross margin on net product sales was 58% in the second quarter, compared with 41% in the first quarter. Santos said the first-quarter figure had been affected by one-time manufacturing-expansion costs that were reversed in the second quarter, along with other one-time favorability.

Management expects gross margin on net product sales to fall into the lower-50% range in the third quarter before rebounding to the mid-50% range in the fourth quarter. Santos said a growing outpatient mix, which is approaching 60% of total volume, introduces different margin dynamics. Over time, the company expects manufacturing scale and utilization to support gross margins of about 75%.

Research and development expense declined 2% year over year as costs from later-stage BCMA frontline studies declined, partly offset by increased investment in in vivo assets. Selling, general and administrative expense increased 19%, primarily reflecting investments supporting CARVYKTI’s position in BCMA CAR-T markets. Income tax expense was $22.3 million, compared with about $600,000 a year earlier, reflecting higher taxable income in the U.S., Belgium and China. Santos said Legend expects its tax rate to be in the high-20% range over the next several quarters, although the company is still negotiating a unilateral advanced pricing agreement with Chinese tax authorities.

As of June 30, Legend held approximately $965 million in cash equivalents and time deposits and had no long-term debt. The balance included about $212 million in net proceeds from a June public equity offering.

Management described the financing as opportunistic following the LB2501 data release and said the proceeds provide flexibility to accelerate development of the in vivo platform. The company also expects to fully settle a roughly $300 million loan obligation to Johnson & Johnson, including accrued interest, during 2026 through a combination of cash payments and collaboration-profit recoupments.

Legend maintained its objectives of sequential CAR-T growth through the rest of 2026, adjusted-net-income profitability in the second half, a fourth-quarter IND filing for LB2501 and additional in vivo data presentations at future medical meetings.

About Legend Biotech (NASDAQ:LEGN)Legend Biotech NASDAQ: LEGN is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson.

The company's lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)–directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Should You Invest $1,000 in Legend Biotech Right Now?Before you consider Legend Biotech, you'll want to hear this.

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The AI boom extends far beyond the biggest tech names. Discover 10 companies supplying the memory, storage, networking, semiconductor manufacturing, and power infrastructure that make AI possible. Learn where the next wave of AI investment opportunities may emerge—and the key risks investors should watch as the global AI buildout accelerates.

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On Holding (ONON - Free Report) came out with quarterly earnings of $0.44 per share, in line with the Zacks Consensus Estimate . This compares to a loss of $0.11 per share a year ago. These figures are adjusted for non-recurring items.

A quarter ago, it was expected that this running-shoe and apparel company would post earnings of $0.35 per share when it actually produced earnings of $0.47, delivering a surprise of +34.29%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

On Holding, which belongs to the Zacks Retail - Apparel and Shoes industry, posted revenues of $1.08 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 3.42%. This compares to year-ago revenues of $907.78 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

On Holding shares have lost about 16.6% since the beginning of the year versus the S&P 500's gain of 13.3%.

What's Next for On Holding?While On Holding has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for On Holding was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.51 on $1.2 billion in revenues for the coming quarter and $1.77 on $4.47 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Retail - Apparel and Shoes is currently in the top 42% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Urban Outfitters (URBN - Free Report) , is yet to report results for the quarter ended July 2026.

This clothing and accessories retailer is expected to post quarterly earnings of $1.72 per share in its upcoming report, which represents a year-over-year change of +8.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Urban Outfitters' revenues are expected to be $1.65 billion, up 9.5% from the year-ago quarter.

Americká farmaceutická společnost Eli Lilly dosáhla významného milníku v rozšiřování svého portfolia léků na obezitu. Britský regulátor schválil její přípravek Foundayo (orforglipron) ve formě pilulky pro léčbu obezity a diabetu 2. typu. Jde o první schválení tohoto léku mimo Spojené státy a zároveň o druhý perorální lék v Evropě – o dva měsíce napřed je dánský Novo Nordisk se svým konkurenčním lékem Wegovy.

Britská agentura pro regulaci léčiv a zdravotnických produktů v pondělí oznámila, že orforglipron, prodávaný pod názvem Foundayo, bude k dispozici pro řízení hmotnosti a léčbu diabetu 2. typu na předpis.

Schválení regulátorem však ještě automaticky neznamená širokou dostupnost v rámci britského veřejného zdravotnictví, upozorňuje server CNBC. Léky totiž nyní čeká na posouzení ze strany National Institute for Health and Care Excellence (NICE), který bude hodnotit jeho nákladovou efektivitu před případným zařazením do systému National Health Service (NHS).

Novo Nordisk mezitím využívá svého časového náskoku na trhu a prezentuje tabletovou verzi Wegovy jako nejúčinnější dostupnou perorální možnost pro redukci tělesné hmotnosti.

Eli Lilly naopak zdůrazňuje praktičnost svého přípravku. Foundayo je malomolekulární léčivo, které lze podle firmy užívat bez zvláštních omezení týkajících se jídla či nápojů. To je jeden z hlavních rozdílů oproti tabletové formě Wegovy. Tu musí pacienti užívat ráno nalačno, zapít malým množstvím vody a následně minimálně půl hodiny nejíst ani nepít.

NEPŘEHLÉDNĚTE: Eli Lilly vs. Novo Nordisk: Revoluce v léčbě obezity je podle Kunové teprve na začátku

Patria Podcasts · Eli Lilly vs. Novo Nordisk: Revoluce v léčbě obezity je podle Kunové teprve na začátku" target="_blank" style="color: #cccccc; text-decoration: none;">ROZHOVORY: Eli Lilly vs. Novo Nordisk: Revoluce v léčbě obezity je podle Kunové teprve na začátku

Přestože Foundayo vstoupilo na americký trh již v dubnu, jeho komerční rozjezd zatím zaostává za výsledky konkurenčního přípravku od Novo Nordisku. Generální ředitel Eli Lilly David Ricks v dubnu uvedl, že pomalejší adopce souvisí především s tím, že jde o zcela nový lék, který si teprve buduje pozici mezi lékaři a pacienty.

Výhodou Wegovy je naopak skutečnost, že využívá již známou účinnou látku semaglutid, kterou obsahují injekční verze léku na hubnutí. Díky tomu má perorální Wegovy podle analytiků i lékařské komunity určitou výhodu v povědomí trhu.

Foundayo vygenerovalo v USA ve druhém čtvrtletí tržby ve výši 98 milionů dolarů. Obě společnosti přitom tvrdí, že nástup tabletových forem nerozšiřuje pouze nabídku pro stávající uživatele injekčních léčiv, ale přináší na trh zcela nové skupiny pacientů, kteří by o injekční terapii jinak neměli zájem.

"Vidím budoucnost, kdy bude tento trh do značné míry trh s pilulkami," řekl nedávno pro CNBC generální ředitel Novo Mike Doustdar. Současně odmítl obavy, že zájem o tabletovou verzi Wegovy slábne poté, co její prodeje ve druhém čtvrtletí mírně zaostaly za některými analytickými odhady.

Podle jeho slov naznačují první týdny po uvedení na britský trh velmi silnou poptávku. Za první tři týdny dostupnosti ve Velké Británii mělo podle odhadů léčbu tabletovým Wegovy zahájit přibližně 300 tisíc pacientů.

Zdroj foto: Eli Lilly

The multi-million-dollar strategic program - "Digital Bat" is to provide a next-generation low-cost tactical attack drone platform powered by advanced software designed to address the Israeli Ministry of Defense evolving operational requirements.

The program reflects similar operational priorities driving the U.S. Drone Dominance Program (DDP), including rapidly fielding scalable and cost-effective unmanned attack capabilities.

WEST PALM BEACH, FL / ACCESS Newswire / August 11, 2026 / Ondas Inc. (NASDAQ:ONDS) ("Ondas" or the "Company"), a leading provider of autonomous systems and next-generation defense and security technologies, announced today that it has been awarded a multi-million-dollar strategic tender by the Israeli Ministry of Defense ("IMOD") to develop and produce the next-generation tactical attack drone capabilities. The program represents a broader effort to advance the IMOD's tactical drone capabilities. Under the program, Ondas will lead the development of a new generation of low-cost tactical attack drones designed to meet evolving operational requirements and enable scalable deployment across frontline combat units.

"This strategic award represents an important validation of the defense technology platform we are building at Ondas and our growing ability to serve as a prime contractor for complex, next-generation defense programs," said Eric Brock, Chairman and CEO of Ondas. "The Israeli Ministry of Defense operates at the forefront of modern defense technology and has some of the world's most demanding operational requirements. Their selection of Ondas reflects confidence in our internal engineering capabilities, operational experience, and ability to rapidly translate changing battlefield requirements into scalable, mission-ready systems.

"We are seeing a fundamental shift in defense priorities toward affordable autonomous systems that can be produced and deployed at a significant scale," Brock continued. "The U.S. Drone Dominance Program, a $1.1 billion initiative focused on rapidly fielding low-cost unmanned systems, including one-way attack drones, is a clear example of this broader trend. This program reflects similar operational priorities: providing frontline forces with cost-effective, scalable and rapidly deployable tactical attack capabilities. We believe Ondas is well positioned to address this growing requirement across Israel, the United States and other allied defense markets."

The program is intended to provide IMOD combat units with advanced tactical aerial capabilities that can be deployed rapidly and adapted to complex and changing operational environments. Tactical attack drones are becoming an increasingly important component of modern military operations, providing forces with responsive, precise and flexible aerial capabilities at the unit level. The next-generation capability will be developed to support the IMOD's evolving operational doctrine and its expanding use of unmanned and autonomous systems across tactical missions. The development effort is expected to address the complete operational capability, including the aerial platform, autonomous functionality, mission integration, system engineering, production readiness and compatibility with wider command-and-control environments.

The award expands Ondas' position in tactical aerial attack and precision-strike systems, one of the Company's core defense technology segments. Ondas is building an integrated autonomous defense platform across four principal mission areas: Air Defense and Counter-UAS, Aerial Intelligence, Aerial Attack and Unmanned Ground Systems. AI-powered command, mission-management and decision-support software serves as the connecting orchestration layer across these technology segments, enabling sensors, aerial platforms, robotic systems, operational units and command environments to function as part of a coordinated autonomous system-of-systems.

"This award represents an important opportunity to apply Ondas' autonomous systems capabilities to one of the most important emerging requirements on the modern battlefield," said Oshri Lugassy, Co-CEO of Ondas Autonomous Systems. "Tactical forces increasingly require aerial systems that can be deployed rapidly, integrated directly into operational workflows and adapted as missions and threats evolve. Our approach is to develop the complete operational capability-not simply an individual drone," Lugassy continued. "This includes the platform, autonomy, mission software, system integration, production infrastructure and operational support required to move from development into meaningful field deployment."

Within this architecture, tactical attack drones are intended to provide frontline forces with rapidly available aerial capabilities that can shorten operational response times, improve precision and extend the reach of tactical units. The systems can also complement longer-range one-way attack and precision-strike platforms by providing commanders with a broader range of tools suited to different mission requirements, operational distances and target environments.

The tender award builds on Ondas' continued expansion as a global defense and security technology company. Ondas' strategic growth plan is focused on combining specialized technologies like those under the Digital Bat program with shared engineering resources, manufacturing capacity, supply-chain capabilities, customer access, program management and field-support infrastructure. The Company believes this integrated operating model enables its individual technology groups to pursue larger programs, accelerate product development and provide customers with a broader range of coordinated capabilities.

About Ondas Inc.

Ondas Inc. (NASDAQ:ONDS) is a leading provider of autonomous systems, robotics, and mission-critical technologies for defense, homeland security, public safety, critical infrastructure, and industrial markets. The Company develops and deploys integrated unmanned and autonomous platforms across air, ground, and stratospheric environments, including autonomous drone systems, counter-UAS technologies, robotic ground systems, advanced unmanned aircraft and propulsion solutions, demining and engineering systems, and integrated sensing and communications technologies designed to support intelligence, surveillance, reconnaissance, security, and operational missions in complex environments. Ondas' solutions are deployed globally by government, defense, and commercial customers to protect infrastructure, borders, transportation networks, personnel, and strategic assets.

For additional information on Ondas Inc., visit www.ondas.com.

Forward-Looking Statements

Statements made in this release that are not statements of historical or current facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including the risks discussed under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law.

Contacts

IR Contact for Ondas Inc.
888-657-2377
[email protected]

Media Contact for Ondas Inc.
Escalate PR
[email protected]

Preston Grimes
Marketing Manager, Ondas Inc.
[email protected]

SOURCE: Ondas Inc.

August is a natural moment for investors to reflect on the remainder of the year. Summer is ending, and Wall Street is about to deploy sidelined funds for an end-of-year push. For long-term investors, stepping back to ask which businesses have already produced multi-decade compounding — and whether the moats that drove those returns are still intact today — is useful.

Past performance does not guarantee future returns. Durable competitive advantages, however, tend to persist, and the three names below have spent decades widening theirs. Here are three generational compounders that have made patient shareholders rich and that still look positioned to do it again.

Apple (NASDAQ: AAPL) Apple (NASDAQ:AAPL | AAPL Price Prediction) is the textbook example of a moat that keeps widening. The stock trades around $306.58 as of Aug. 10, with a market cap of roughly $4.47 trillion. Over the trailing 10 years, shares have gained 1,021% on an adjusted basis, and the stock is up 35% over the past year. Apple is also Warren Buffett’s largest equity position, sitting at about 22% of the Berkshire Hathaway portfolio per the Q2 2026 13F.

The bull case is the installed base and the recurring revenue that sits on top of it. In Q2 FY26, Apple reported EPS of $2.01 against a $1.94 estimate, on revenue of $111.18 billion, up 17% year over year. iPhone revenue jumped to $56.99 billion, Services hit $30.98 billion and the active device base now exceeds 2.5 billion. Management lifted the dividend 4% to 27 cents quarterly and authorized a fresh $100 billion buyback. Analyst consensus is 63% bullish, with an average target of $312.72.

The risk: valuation is full at 35x trailing earnings, and Apple remains exposed to global trade frictions and supply-chain concentration. A long-term holder is paying a premium for durability, and that premium is real.

Coca-Cola (NYSE: KO) Coca-Cola (NYSE:KO) is the dividend-compounder benchmark. The shares trade around $86.60, up more than 25% year to date and over 97% over the past decade on an adjusted basis. Coca-Cola has been a core Berkshire holding since the late 1980s, and the company just extended its dividend streak to 63-plus consecutive years of annual increases, putting it firmly in Dividend King territory.

The recent fundamentals back up the moat story. In Q1 2026, Coca-Cola posted EPS of 86 cents against an 81-cent estimate on revenue of $12.47 billion, up 12% year over year. Organic revenue grew 10%, unit case volume rose 3% and Coca-Cola Zero Sugar volume climbed 13% across every geography. Operating margin expanded to 35% from 33%, and free cash flow surged to $1.76 billion. Management raised 2026 guidance to comparable EPS growth of 8% to 9% and free cash flow near $12.2 billion. The current quarterly dividend sits at $0.53, up from $0.51 in 2025.

The risk: a $960 million BODYARMOR trademark impairment last quarter, ongoing IRS tax litigation, and a roughly 4% revenue headwind from divestitures including the pending Coca-Cola Beverages Africa sale. None of those threaten the franchise; they do compress near-term reported growth.

Microsoft (NASDAQ: MSFT) Microsoft (NASDAQ:MSFT) is the third leg of this stool, and arguably the most interesting today because it has bounced back nicely. Shares trade around $508.28, up 7.47% year to date after a challenging first half. The 10-year adjusted return is more than 782%. Microsoft has compounded enormously since the early 1990s on a split-adjusted basis, and the AI/cloud cycle reads like the next chapter rather than the end of one.

The numbers are doing the talking. In Q3 FY26, Microsoft reported EPS of $4.27 against a $4.07 estimate on revenue of $82.89 billion, up 18% year over year. Intelligent Cloud revenue grew 30% to $34.68 billion, Azure expanded 40%, and the AI business crossed a $37 billion annualized run rate, up 123% year over year. Commercial remaining performance obligations, essentially contracted backlog, hit $627 billion. CEO Satya Nadella framed it bluntly: “Our AI business surpassed an annual revenue run rate of $37 billion, up 123% year-over-year.” Analyst consensus is 95% bullish with a target of $561.39.

The risk: capital intensity. CapEx ran $30.88 billion in the quarter, up 84% year over year, and the market is openly debating whether AI infrastructure spending will earn an adequate return. That debate is the entire reason the stock is on sale.

What to watch from here The thread connecting Apple, Coca-Cola and Microsoft is a competitive position that survives recessions, technology shifts and management changes. The next decade will test each moat in different ways: Apple against trade and regulatory pressure, Coca-Cola against shifting consumer preferences, Microsoft against the return-on-AI-investment question. For long-term investors thinking past August, those are the right questions to be asking.

Contact [email protected] for any questions or corrections.

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SummaryAdvanced Micro Devices, Inc. delivered strong Q2 2026 results, with revenue up 1.5x YoY and data center sales doubling to $6.7B.Despite rapid growth, AMD’s $789B valuation already prices in a 20% AI data center market share, leaving little margin of safety.AMD faces structural margin constraints versus Nvidia, as lower gross/net margins force price competition and limit profit conversion.The Hold rating for AMD reflects priced-in success, execution risk, and looming CapEx and AI paradigm shifts that could cap future upside. Getty Images

Advanced Micro Devices, Inc. (AMD) closed the second quarter of 2026 with highly confident indicators. Aggregate revenue constituted $11.5 billion, having shown a 1.5x increment year-to-year. And the data center segment grew twofold, having reached the $6.7 billion mark. The success

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

The smart money is decisively bullish on Bank of America (NYSE:BAC | BAC Price Prediction), even as the stock trades at or near record highs. Of 24 analysts covering the shares, five rate it Strong Buy, 15 rate it Buy, four rate it Hold, and zero rate it Sell or Strong Sell, a lopsided consensus that stands in sharp contrast to a muted, skeptical retail crowd.

Shares closed at $63.86 on August 10, 2026, riding a 16.1% year-to-date advance and a 38.8% one-year gain. The stock hit a $64.00 52-week high on Monday, and the 10-year return runs to 328.3%. In plain terms, shares are pressing the top of their long-term range even as institutional coverage points higher.

What Wall Street Thinks The sell-side consensus price target is $68.77, implying additional upside from the current quote. The 24/7 Wall St. quantitative model goes further: a predicted price of $72.19 with a 0.9 confidence reading, translating to a Buy signal and 13.04% projected upside. The model’s bull case reaches $83.90 by August 2027; the bear case is $62.78.

Q2 2026 EPS of $1.21 beat the $1.12 consensus by 8.0%, extending a long streak of quarterly earnings beats. Quarterly earnings growth ran 34.1% year-over-year, and CEO Brian Moynihan told investors, “pipelines remain strong, and commercial borrowing has picked up.” Global Markets revenue jumped 34% to $8.02 billion, investment banking fees rose 50%, and the company returned $8.0 billion to shareholders in Q2 alone. Valuation remains undemanding at a trailing P/E of 15 and forward P/E of 14.

What Retail Thinks Retail has largely stayed on the sidelines. Reddit activity around Bank of America has been thin and speculative, concentrated in r/wallstreetbets during a late-July engagement spike, with peak activity scores in the 20 to 32 range and single-mention samples. The 24/7 model’s own sentiment component flagged bearish social sentiment as a −0.036 drag on the composite factor. Options positioning is mixed: the full-chain put/call ratio is 0.80, with front-week August 14 expiry running 1.04. That combination, quiet forums plus balanced options flow, describes a retail base that has largely missed or dismissed the run.

Insider Activity: Routine Compensation Mechanics CEO Brian Moynihan’s recent transactions are monthly RSU vesting events on the 15th of each month with consistent 18,083-share counts. These are automatic compensation-plan settlements executed on a preset schedule. The 10% owner activity attributed to Bank of America itself shows balanced buy/sell patterns consistent with 10b5-1 plan execution and portfolio rebalancing. Named-executive activity remains balanced and routine at these prices.

The Verdict The gap here favors the analysts. Both Wall Street’s target and the model’s sit above spot, backed by 83% bullish analyst sentiment, many straight earnings beats, and 34% earnings growth. Retail skepticism at record highs is common; it is rarely a reliable contrary signal in a large-cap money-center bank compounding at this rate. The key risk that retirement-oriented holders should weigh is rate sensitivity: management disclosed that a −100 bps parallel shift would reduce NII by roughly $2.2 billion over the next 12 months, while a +100 bps move adds about $1.0 billion. On the current data, the smart money read remains the more defensible one; retail hesitation is a check on position sizing, not a reason to fade the underlying trend.

Contact [email protected] for any questions or corrections.

First large-scale inference cluster with Together AI on IBM Cloud using NVIDIA HGX B300 systems to help enterprises run AI workloads, designed for fast and efficient production

, /PRNewswire/ -- IBM (NYSE: IBM) announced a collaboration with Together AI to deliver IBM and NVIDIA AI infrastructure. Under a multi-year $240M agreement between IBM and Together AI, IBM is positioned to deploy a large cluster of NVIDIA HGX B300 systems on IBM Cloud with expected availability in Q1 2027. Together AI will use this cluster to provide open-source model inference. This deployment is the first dedicated, large-scale cluster built for inference on IBM Cloud using HGX B300 systems and NVIDIA Spectrum-XTM Ethernet networking. According to NVIDIA, it is built to deliver 30x more AI factory output compared to prior generations.

This collaboration aims to enable Together AI to deliver better performance and token economics to enterprises as they look to efficiently scale their AI deployments. Together AI is built on the principle that open-source models are essential for the future of AI and developers should be able to build using open, modular stacks. The company recently raised an $800M Series C financing round at an $8.3B valuation to expand its AI Native Cloud and its platform spans capabilities across inference, training, fine tuning, and agentic workflows. The company reports that it has seen significant momentum for its inference product, now serving 400 trillion tokens monthly.         

Together AI selected IBM with NVIDIA because of their innovative product roadmaps and their ability to deliver GPU capacity at the pace required for rapid AI scaling and lowest token cost. Building on IBM's expertise in delivering enterprise-grade cloud capabilities, this collaboration aims to help Together AI to continue its expansion into the enterprise space while making open-source AI more accessible to developers and enterprises around the world.

"Enterprises want the performance of the best frontier models without the closed-model price tag, and that only works if the infrastructure underneath is fast and reliable at scale," said Vipul Ved Prakash, CEO at Together AI. "Working alongside IBM with NVIDIA gives us that foundation. This cluster lets us bring production-grade inference to more companies, faster, and it's a big step in our push to make open-source AI the obvious choice for enterprises."

IBM and NVIDIA Expand Collaboration to Power the Next Wave of AI Innovation

"Enterprises are in a race to adopt agentic AI at scale to drive real business outcomes," said Alan Peacock, General Manager of IBM Cloud. "IBM and NVIDIA are delivering scalable, economical, enterprise-grade AI infrastructure that can help Together AI accelerate innovation for the next generation of AI infrastructure."

"AI factories are becoming essential enterprise infrastructure—like electricity and telecommunications—turning compute and data into intelligence," said Dion Harris, Senior Director, HPC and AI Infrastructure Solutions, NVIDIA. "With NVIDIA HGX B300 systems and NVIDIA Spectrum-X Ethernet networking on IBM Cloud, IBM and Together AI will deliver an accelerated computing platform to help enterprises deploy open-source AI with the performance, efficiency and scale required for real-time AI services."

This work is the latest example of a larger collaboration between IBM and NVIDIA, who continue to work together to advance AI across infrastructure and software, to deliver performance and efficiency for enterprise and startup clients. A hybrid environment on IBM Cloud powered by NVIDIA GPUs connected with NVIDIA Spectrum-X Ethernet networking and Together AI's inference platform gives organizations a reliable foundation to build, deploy and scale AI systems. Additionally, IBM and NVIDIA recently announced progress across GPU-native data analytics, unstructured data extraction, on-premises and cloud infrastructure, and consulting services. These advancements are designed to help organizations operationalize AI at scale. For more information about the IBM and NVIDIA collaboration, visit www.ibm.com/products/gpu-ai-accelerator/nvidia.

Statements regarding IBM's future direction and intent are subject to change or withdrawal without notice, and represent goals and objectives only.

About IBM
IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain a competitive edge in their industries. Thousands of governments and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM's hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM's breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM's long-standing commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.

About Together AI
Together AI is the AI Native Cloud, combining state-of-the-art open-source models, high-performance infrastructure, and frontier research in AI efficiency and scalability. Founded in 2022, Together AI powers over a million of developers and some of the world's most demanding AI workloads, delivering production-scale inference, training, and reinforcement learning for the next generation of AI-native companies.

Media Contact
Kate Gazzillo 
[email protected]

SOURCE IBM

AbbVie (ABBV +0.78%) is aiming high with its $10.6 billion planned purchase of Apogee Therapeutics (APGE -0.14%). The deal, pending regulatory approvals, is expected to close in the third quarter.

The move is designed to supplement the pharmaceutical giant's already strong immunology portfolio. However, to fund the acquisition of the biotech company, AbbVie is taking on significant debt, which concerns some analysts. The payoff, AbbVie says, likely won't come for six years, with the deal not expected to boost adjusted earnings per share (EPS) until 2032.

Here are three reasons the deal makes sense, particularly for long-term investors:

Image source: Getty Images.

Apogee has a potential blockbuster in Zumilokibart Apogee's most important drug is a monoclonal antibody that targets interleukin-13, a cytokine seen in type 2 inflammation. Zumilokibart is seen primarily as an atopic dermatitis (AD) treatment that could expand into being a therapy for asthma and eosinophilic esophagitis (EoE). AD is one of the largest and most underpenetrated immunology markets, with tens of millions of patients worldwide.

Current biologics, such as Dupixent, require injections every two or three weeks, which limits adherence and convenience. Zumilokibart's three– to six-month dosing interval could improve patient compliance and quality of life, potentially capturing a significant share of the AD market and easily making it worth billions in annual sales. Dupixent, for example, had 15.7 billion euros in sales in 2025, according to Sanofi, equivalent to about $18 billion.

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The company has no plans to cut its dividend AbbVie has an above-average dividend yield of about 2.8% at its current share price. The company has increased its quarterly dividend, counting its time as a subsidiary of Abbott Labs (ABT +0.75%), for 53 consecutive years.

That is part of what AbbVie is, and the company knows that many investors expect an above-average dividend. The company raised its dividend, effective this year, by 5.5% to $1.73 and has increased its dividend by more than 330% since its spinoff from Abbott Labs in 2013. The company has stated its aim to preserve its A2/A- credit rating and reach about 2 times net leverage within two to three years after closing the deal.

Short-term loss for long-term gain AbbVie will take on $8 billion in debt to make the deal work. In the short term, that means the company will have to pay an additional $2.9 billion in interest. Chief Financial Officer Scott Reents, on the company's second-quarter earnings call, said the deal will have a $0.14 expected dilution on the company's annual adjusted earnings, dropping them to $13.87 to $14.07 from $13.91 to $14.11.

That's OK, because AbbVie's finances are ridiculously healthy. In the second quarter, it reported revenue of $16.9 billion, up 10.2%, and EPS of $2.03, an increase of 290% from the same period a year ago.

It's important to note that AbbVie has fared well through its acquisitions, including a $63 billion purchase of Allergan in 2020, which brought it a portfolio of aesthetic and neuroscience drugs, providing the financial runway to support the development of Skyrizi and Rinvoq. Those two immunology drugs have replaced the revenue lost by Humira, the former top-selling drug in the world, now that its patents have expired.

More recently, the company's $10.1 billion deal in 2024 to buy ImmunoGen brought it the drug Elahere, an antibody-drug conjugate to treat platinum-resistant ovarian cancer. In the second quarter, AbbVie reported $211 million in Elahere sales, an increase of 33%, year over year.

AbbVie is playing the long game, and so should you The company has already proven it is capable of thinking ahead to preserve its future growth. The purchase of Apogee, though there's no guarantee, could pay off handsomely with a drug with a safe profile that could unseat Dupixent as the top atopic dermatitis therapy.

In the pharmaceutical world, there is no such thing as staying even. Either a company is increasing sales, or it isn't. AbbVie is focused on improving its chances of developing blockbuster therapies to increase sales. The stock's gain this year is only 7.5%, but during the past decade, it has delivered a total return of more than 450%, giving plenty of reason to be patient for its latest acquisition to pay off.

Multi-year collaboration combines ongoing glucose insights from Abbott's Lingo biowearable with Google Health's technology to create a more comprehensive view of personal health Partnership includes a large-scale research study to better inform artificial intelligence (AI) coaching available in the Google Health app and future Lingo product features Lingo, Abbott's over-the-counter continuous glucose monitor (CGM), helps people understand the impact of nutrition, activity, sleep and stress on their glucose so they can make meaningful lifestyle changes , /PRNewswire/ -- Abbott (NYSE: ABT) today announced a first-of-its-kind partnership with Google Health to redefine how people understand and manage their health. By combining glucose insights from Abbott's Lingo biowearable with Google's expertise in artificial intelligence (AI) and consumer technology, the multi-year collaboration makes personalized metabolic insights more actionable, helping people take a more proactive approach to their health.

The collaboration is designed to bring metabolic health insights into people's daily routines through a seamless, AI-powered experience. Through the Google Health app, Lingo users will be able to view glucose trends alongside other health and wellness metrics in a unified experience, helping them better understand how daily behaviors influence their overall well-being. Google's Health Coach will use these insights to deliver personalized, contextual recommendations designed to help users build sustainable habits related to nutrition, activity, sleep and recovery.

The partnership will focus on three areas:

Connecting glucose data to a more complete picture of health: Integrating ongoing glucose insights from the Lingo continuous glucose monitor (CGM) into Google Health to help users understand their body's response to daily habits and make better lifestyle and nutrition choices in the moment. Delivering AI-powered, personalized health guidance: Combining glucose insights with Google Health Coach to provide tailored recommendations that help people build healthier habits. Establishing new science about metabolic health: Conducting one of the largest real-world metabolic health studies to date, integrating continuous glucose, wearable, laboratory, and survey data to uncover connections between activity, sleep, wellbeing, and metabolic health, informing more personalized guidance that supports healthier day-to-day decisions. Rates of metabolic health challenges continue to rise globally. Prediabetes, one of the fastest-growing health crises in the U.S., impacts over 115 million American adults with more than 2 in 5 adults affected and approximately 8 in 10 are completely unaware they have it.[1] Additionally, poor metabolic health can lead to other chronic conditions such as Type 2 diabetes, cardiovascular disease and certain cancers.[2] The partnership between Abbott and Google Health aims to help people better understand the connection between their daily habits and overall well-being, empowering earlier and more informed action to help slow the development and progression of conditions related to poor metabolic health.

"The biggest challenge in healthcare isn't treating disease—it's helping people stay healthier longer," said Olivier Ropars, divisional vice president of Abbott's Lingo business. "Abbott's leadership in biowearables and Google's expertise in AI and consumer technology create a powerful opportunity to make personalized insights available at unprecedented scale. Additionally, we are advancing metabolic health research through one of the largest real-world studies of its kind, generating new insights into the relationship between glucose and everyday behaviors. That research will help shape future AI-powered guidance and metabolic health innovation. Together, we can help people better understand their bodies and take action before health challenges become health conditions."

Lingo is for individuals 18 years of age or older who are not using insulin and want to make informed decisions about their health. By showing how food, movement and stress affect glucose, Lingo can help people make small, science-backed adjustments that can lead to measurable improvements in overall health and well-being.  

"The future of health lies in turning complex health information into personalized guidance that people can use every day," said Rishi Chandra, vice president and general manager of Google Health. "Abbott and Google are creating a more complete picture of health that can help people better understand the connections between their daily habits and overall well-being. We have an opportunity to provide powerful, personalized health insights that can help people live longer, healthier lives."

Lingo health integrations will continue to roll out in the Google Health app later this year. To learn more about Lingo and be among the first to hear about new features and updates, sign up at hellolingo.com.

Google Health Coach requires Google Health Premium subscription, Google Health app, and internet connection. Features subject to change; availability varies. Not intended for medical purposes. Check responses for accuracy; results may vary. Available on select devices. Gemini features work independently of Gemini apps.

Press assets including images and B-roll available here.

Frequently Asked Questions

What is Lingo?

Lingo is Abbott's over-the-counter continuous glucose monitoring (CGM) system designed for individuals 18 years and older who are not using insulin. Lingo provides ongoing glucose insights, helping people understand how food, exercise, sleep and stress affect their glucose levels and overall metabolic health. By turning real-time glucose data into personalized insights, Lingo is designed to help people make informed lifestyle choices that support better energy, wellness and long-term health.

What will this partnership bring to Lingo and Google Health users?

The partnership will combine Abbott's Lingo glucose insights with Google Health's AI-powered technology to create a more personalized health experience. People will be able to view ongoing glucose insights from Lingo within the Google Health app alongside other health information, providing a more complete picture of their health. Google Health Coach will use these insights to deliver personalized guidance designed to help users better understand how daily habits influence their metabolic health, energy, sleep and overall well-being.

Why are Abbott and Google partnering on metabolic health?

Abbott and Google are bringing together industry-leading biowearable technology, artificial intelligence and consumer health experiences to make personalized preventive health more accessible. By combining glucose insights from Abbott's Lingo biowearable with Google's AI capabilities, the companies aim to help people better understand the connection between their daily habits and overall health, empowering proactive decisions that support long-term well-being.

Why is tracking glucose important for people who do not have diabetes?

Glucose is the body's primary source of energy and plays a central role in overall metabolic health. Even in people without diabetes, glucose levels are influenced by everyday factors such as nutrition, physical activity, sleep and stress. Understanding glucose patterns can help people see how their bodies respond to daily habits and make more informed choices that support energy, well-being and long-term health goals. It can also provide early insight into changes in metabolic health, which is important given that more than 90 million adults in the United States are unaware they are living with prediabetes.[1]

About Lingo
The Lingo Glucose System is intended for users 18 years and older, not on insulin. It is not intended for diagnosis of diseases, including diabetes. The Lingo program does not guarantee that everyone will achieve the same results as individual responses may vary. Consult your healthcare professional before making changes to your diet or exercise regimen or if you have an eating disorder or a history of eating disorders.

Lingo can be purchased at hellolingo.com, Amazon, Walmart (in-store and online), Walgreens, BestBuy.com and Publix.

Lingo is available in the U.S. and the U.K. The Lingo app is now available for download for Android through the Google Play Store and for iOS on the Apple App Store.

About Abbott

Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 122,000 colleagues serve people in more than 160 countries.

Connect with us at www.abbott.com and on LinkedIn, Facebook, Instagram, X, and YouTube.

1 Centers for Disease Control and Prevention. (2026) National Diabetes Statistics Report, 11 Mar 2026. Available at https://usdss.cdc.gov/diabetes/report.html. (Accessed: 08/04/2026).
2 T2: Knowler WC, et al. N Engl J Med. 2002;346(6):393-403. CVD: Rooney MR, et al. Diabetologia. 2025 Feb;68(2):357-366. Cancers: Huang Y, et al. Diabetologia. 2014 Nov;57(11):2261-9. AD + dementia: Ezkurdia A, et al. Int J Mol Sci. 2023 Feb 22;24(5):4354.
1 https://www.cdc.gov/diabetes/communication-resources/prediabetes-statistics.html

SOURCE Abbott

Spotify will begin labeling AI-generated artists with “AI Persona” profile tags and ban their music from its editorial and algorithmic recommendations, the company announced on Tuesday.

In mid-September, Spotify users will see “AI Persona” badges appear on some artists’ profiles that signal the artist’s identity is AI-generated, instead of representing a real person. While Spotify will allow artists to identify themselves as AI Personas, the company says it won’t rely on self-disclosure alone.

Image Credits:Spotify It will also review artist profiles and identify those where the artist’s name and imagery appear to represent photorealistic AI-generated identities. Spotify said it will begin its review with profiles that have met pre-defined audience thresholds to ensure the more listened-to artists are covered first.

Once labeled, the AI Persona badges will appear on the artist’s profile in the banner and the About section, in Search, and on track rows across playlists.

By default, Spotify won’t include AI Personas in its editorial or algorithmic recommendations, nor will it add AI Personas’ music to users’ personalized recommendations — unless they happen to follow an AI Persona. Only users can choose to follow an artist, so it’s an explicit signal that the user wants to hear more music from that person or group.

Image Credits:Spotify The move is the latest expansion of Spotify’s AI policies, which detail guidelines for how AI-generated music appears on its service. First announced in September 2025, Spotify’s current policy identifies and labels AI music using industry-standard techniques, and bans unauthorized AI voice clones and deepfakes from its platform.

Like others in the music industry, Spotify is attempting to balance innovations driven by AI, like its own AI-powered Prompted Playlists, AI DJ and chat, and forthcoming AI remixes, while still managing to thwart the deluge of AI-generated slop — low-quality content that AI has made it easier to mass produce. Allowing slop to proliferate could lead to a poor user experience and subscription cancellations.

Spotify also notes that artists will be able to appeal their AI Persona label if they think it’s been incorrectly applied.

Image Credits:Spotify Signaling its understanding of a growing consumer backlash against AI-generated art, Spotify wrote in its announcement that, “while we believe all artists have creative choice in determining how they present themselves, Spotify’s programming is focused on elevating music from authentic artists building careers in music.”

However, the company clarified that an AI Persona is a judgment on the artist’s profile, not the music.

“Although there’s a broad spectrum in how artists use AI as a creative tool, the question of whether a profile represents an actual human is one where Spotify can help make a clear determination. This badge is about the artist’s public identity, not about how the music was made,” the company said.

Information about how the music itself was made will continue to be available through Spotify’s other features, like AI Credits and SongDNA.

In the months ahead, Spotify will also roll out a tool that allows users to report artist profiles that appear to be AI Personas that haven’t yet been labeled.

The addition of the labels will also help Spotify users to differentiate between AI Personas and the forthcoming AI-generated remixes and covers, soon to be permitted by Spotify’s recent licensing deals with labels UMG and Merlin. The latter will allow for fan-made remixes and covers, while still funneling money back to the participating artists.

As for the AI Personas, Spotify says artists will be able to self-disclose starting on August 11, 2026, through Spotify for Artists. The labels themselves will appear starting next month.

When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.

Sarah has worked as a reporter for TechCrunch since August 2011. She joined the company after having previously spent over three years at ReadWriteWeb. Prior to her work as a reporter, Sarah worked in I.T. across a number of industries, including banking, retail and software.

You can contact or verify outreach from Sarah by emailing [email protected] or via encrypted message at sarahperez.01 on Signal.

Since August 2020, when it first launched its bold Bitcoin (BTC -0.81%) treasury company model, Michael Saylor's Strategy (MSTR -2.68%) has acquired a remarkable amount of Bitcoin. All told, the company now owns 840,447 BTC. To put that number into perspective, that's roughly 4% of all Bitcoin in circulation.

That's the good news. The bad news is that Strategy's Bitcoin position is now deep under water. The current price of Bitcoin is just $65,000, but Strategy's average price to acquire Bitcoin is $75,482. Thus, a position that took nearly $64 billion to acquire is now worth just $54 billion. That's why the company is sitting on a $10 billion paper loss.

The math no longer works This might sound obvious, but when the price of Bitcoin is zooming higher, Strategy is able to report massive paper gains. When the price of Bitcoin is falling (as it is now), the company is forced to report massive paper losses. Until the price of Bitcoin moves higher, then, Strategy is going to be reporting bad news to investors for the foreseeable future.

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The problem is that these paper losses have real world consequences for how investors perceive Strategy. Just take a look at Strategy's stock price. It's down 35% year to date. By way of comparison, Bitcoin is only down 25% year to date.

So investors in Strategy stock are getting pounded even harder than investors in Bitcoin. There should be no surprise here. Strategy has always been a leveraged bet on Bitcoin, and this is what happens on the downside.

Image source: Getty Images.

For now, Strategy has suspended its Bitcoin purchasing operations and unveiled a new capital management plan, all designed to boost the value of its stock offerings (both common and preferred).

Unfortunately, a key part of this strategy is a newfound willingness to sell Bitcoin to raise cash for ongoing operations. That's something the company promised it would never do. If there's one company associated with the advice "Never sell your Bitcoin," it's Strategy.

What numbers matter for Strategy? And it's not like Strategy's $10 billion paper loss is a hidden secret, either. Strategy has been very transparent about its Bitcoin operations. When it reports quarterly earnings to investors, it tells them exactly what is happening. On social media, there are regular updates about recent purchases or sales. On its website, Strategy's home page is an orange-and-black mosaic of different numbers, statistics, and metrics about its Bitcoin holdings.

Unfortunately, there is only one number that matters anymore: the price of Bitcoin. As long as the price of Bitcoin is under $75,482, there is absolutely no reason to consider investing in Strategy. You're better off just investing in Bitcoin itself and waiting for its price to recover.

Chipotle Mexican Grill (NYSE: CMG | CMG Price Prediction) has dropped 12.64% over the past week, opening Monday, Aug. 10, at $32.44. That puts the stock more than 26% below Wall Street’s consensus price target of $44.32. The selloff extends a brutal year for the fast-casual chain, with shares down 12.71% year to date, 21.37% over the past 12 months and 7.16% over the past month alone.

Chipotle operates over 4,000 restaurants serving customizable burritos, bowls and tacos. The company has been a growth story for years, but recent results show the wheels coming off. The gap between Chipotle’s current price and analyst targets reflects a market pricing in serious headwinds that Wall Street may be underestimating.

Transaction Declines and Margin Pressure Hit Hard The selloff accelerated after Chipotle reported Q2 results on July 29. Revenue came in at $3.35 billion, barely beating the $3.33 billion estimate, while EPS of 33 cents only beat the 32-cent consensus by a penny. 

Restaurant-level margin fell 220 basis points to 25.2%, while cost of sales, labor, and other operating expenses all increased. The margin story gets worse when you dig into the cost structure. CFO Adam Rymer explained that “Pricing discipline (1-2% vs. 3-4% inflation) [is] creating 150 bps headwind” for the full year. Management warned of heightened consumer caution, difficult promotional comparisons and an approximately 200-basis-point sales headwind related to industry concerns around Cyclospora; it expects roughly 1% comparable-sales growth in Q3 if the impact persists.

Wall Street Still Sees the Growth Story Intact Despite the weak results and cautious guidance, analyst targets remain well above current levels. Of the 33 analysts covering Chipotle, 24 rate it a Buy and nine rate it a Hold and zero rate it a Sell. Overall, the stock receives a consensus Moderate Buy rating, with an average price target that implies as much as 35% upside potential from current prices. 

The bull case centers on Chipotle’s long-term unit growth potential and operational initiatives. Management plans to open 350 to 370 new restaurants in 2026, with 80% featuring Chipotlane drive-thru formats. The company is also rolling out high-efficiency kitchen equipment to 2,000 restaurants by year-end 2026, which management claims is already driving “hundreds of basis points of improvement in comp sales” in test locations.

Analysts also point to Chipotle’s affluent customer base as a defensive moat. Boatwright noted that “60% of our core users are over $100,000 a year in income,” suggesting pricing power with less economically sensitive consumers. The company is increasing menu innovation to four limited-time offers in 2026 and relaunching its rewards program to drive frequency.

Key Factors to Watch The bull case strengthens if management proves it can stabilize transactions and protect margins despite the inflation squeeze. The equipment rollout and menu innovation could drive a meaningful reacceleration in the back half of 2026. The unit growth story remains intact, and the brand still commands premium positioning in fast-casual dining. If comparable sales inflect positive by mid-year and restaurant-level margins hold above 23%, the 22% upside to analyst targets could materialize.

The bear case persists if transaction trends continue deteriorating and margin pressure extends through the first half. The guidance for flat comps embeds expectations of negative 1% to negative 2% underlying trends in the first quarter. Labor and commodity inflation are structural headwinds that won’t disappear quickly. Peer McDonald’s trades at 27x earnings with a 2.16% dividend yield and 45.1% operating margins, offering defensive stability Chipotle can’t match right now.

Contact [email protected] for any questions or corrections.

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Invesco Ltd. (NYSE: IVZ)1, a leading global asset management firm, announced today preliminary month-end assets under management (AUM) of $2,447.1 billion, a decrease of 0.9% versus previous month-end. The firm delivered net long-term inflows of $8.6 billion in the month. Money market net inflows were $22.8 billion. AUM was negatively impacted by unfavorable market returns which decreased AUM by $59 billion. FX increased AUM by $4.6 billion. Preliminary average total AUM for the quarter through July 31 was $2,453.0 billion, and preliminary average active AUM for the quarter through July 31 was $1,216.9 billion.

Total Assets Under Management

(in billions)

Total

ETFs & Index
Strategies

QQQ

Fundamental
Fixed Income

Fundamental
Equities

Private
Markets

China JV

Multi-
Asset/Other

Global
Liquidity

July 31, 20261

$2,447.1

$750.5

$452.8

$315.7

$312.5

$135.8

$163.4

$83.4

$233.0

June 30, 2026

$2,470.3

$753.5

$490.1

$315.5

$318.1

$135.5

$163.2

$79.9

$214.5

May 31, 2026

$2,453.9

$745.8

$494.0

$316.5

$319.5

$135.5

$158.7

$79.6

$204.3

April 30, 2026

$2,339.4

$701.4

$440.3

$315.8

$312.2

$134.1

$154.3

$77.7

$203.6

1 All July numbers preliminary – subject to adjustment.

About Invesco Ltd.
Invesco Ltd. is one of the world's leading asset management firms serving clients in more than 120 countries. With US$2.5 trillion in assets under management as of June 30, 2026, we deliver a comprehensive range of investment capabilities across public, private, active, and passive. Our collaborative mindset, breadth of solutions and global scale mean we're well positioned to help retail and institutional investors rethink challenges and find new possibilities for success. For more information, visit www.invesco.com.

Category: AUM

Investor Relations Contacts:

Greg Ketron

404-724-4299

Jennifer Church

404-439-3428

Media Relations Contact:

Andrea Raphael

212-323-4202

SOURCE Invesco Ltd.

Also from this source

Super Micro Computer, Inc. (NASDAQ:SMCI) will release its fourth quarter earnings report after the closing bell on Tuesday, Aug. 11.

Analysts expect the San Jose, California-based company to report quarterly earnings of 96 cents per share, up from 41 cents per share in the year-ago period. The consensus estimate for SMCI’s quarterly revenue is $11.56 billion. It reported $5.76 billion last year, according to Benzinga Pro.

On July 21, Super Micro Computer provided strong preliminary results for the fourth quarter. Super Micro announced its backlog grew to "record levels" after the company received total new orders of more than $60 billion during its fiscal fourth quarter.

Super Micro Computer shares gained 1.1% to close at $31.46 on Monday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

Mizuho analyst Vijay Rakesh maintained a Neutral rating and cut the price target from $44 to $34 on July 23, 2026. This analyst has an accuracy rate of 84%. Barclays analyst Tim Long maintained an Equal-Weight rating and boosted the price target from $34 to $38 on July 22, 2026. This analyst has an accuracy rate of 74%. Needham analyst N. Quinn Bolton maintained a Buy rating and boosted the price target from $40 to $46 on July 22, 2026. This analyst has an accuracy rate of 77%. Citigroup analyst Asiya Merchant maintained a Neutral rating and raised the price target from $31 to $33 on July 13, 2026. This analyst has an accuracy rate of 91%. Wolfe Research analyst George Notter initiated coverage on the stock with a Peer Perform rating on June 11, 2026. This analyst has an accuracy rate of 82%. Considering buying SMCI stock? Here’s what analysts think:

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Posted by Defense World Staff on Aug 11th, 2026

Black Stone Minerals, L.P. (NYSE:BSM – Get Free Report) Director James Whitehead sold 2,127,105 shares of the stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $13.21, for a total value of $28,099,057.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Black Stone Minerals Stock Up 1.6% Shares of NYSE BSM opened at $14.32 on Tuesday. The company has a quick ratio of 3.76, a current ratio of 3.76 and a debt-to-equity ratio of 0.24. Black Stone Minerals, L.P. has a 52 week low of $11.78 and a 52 week high of $15.49. The firm’s fifty day moving average is $14.14 and its 200 day moving average is $14.40. The company has a market cap of $3.04 billion, a price-to-earnings ratio of 11.83 and a beta of 0.04.

Black Stone Minerals (NYSE:BSM – Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The oil and gas producer reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.24. The business had revenue of $148.97 million during the quarter, compared to analysts’ expectations of $108.28 million. Black Stone Minerals had a net margin of 61.72% and a return on equity of 41.48%. On average, equities research analysts expect that Black Stone Minerals, L.P. will post 0.96 earnings per share for the current year.

Black Stone Minerals Increases Dividend The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 13th. Stockholders of record on Thursday, August 6th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 8.9%. This is a positive change from Black Stone Minerals’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, August 6th. Black Stone Minerals’s payout ratio is currently 105.79%.

Analyst Upgrades and Downgrades Several analysts recently issued reports on BSM shares. Zacks Research raised Black Stone Minerals from a “strong sell” rating to a “hold” rating in a research note on Friday, July 31st. Royal Bank Of Canada assumed coverage on Black Stone Minerals in a research report on Friday, May 29th. They set a “sector perform” rating and a $16.00 price target for the company. Finally, Weiss Ratings cut Black Stone Minerals from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday. Five analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $15.00.

Check Out Our Latest Research Report on BSM

Hedge Funds Weigh In On Black Stone Minerals Several hedge funds and other institutional investors have recently modified their holdings of BSM. Royal Bank of Canada lifted its holdings in Black Stone Minerals by 7.0% in the first quarter. Royal Bank of Canada now owns 119,894 shares of the oil and gas producer’s stock worth $1,831,000 after buying an additional 7,818 shares during the period. Invesco Ltd. grew its holdings in shares of Black Stone Minerals by 10.2% during the 2nd quarter. Invesco Ltd. now owns 94,180 shares of the oil and gas producer’s stock worth $1,232,000 after acquiring an additional 8,730 shares during the period. Jump Financial LLC purchased a new position in shares of Black Stone Minerals during the 2nd quarter worth approximately $1,230,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Black Stone Minerals by 5.5% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 963,313 shares of the oil and gas producer’s stock worth $12,600,000 after acquiring an additional 49,818 shares in the last quarter. Finally, Raymond James Financial Inc. raised its position in shares of Black Stone Minerals by 6.6% in the 2nd quarter. Raymond James Financial Inc. now owns 263,307 shares of the oil and gas producer’s stock worth $3,444,000 after acquiring an additional 16,237 shares in the last quarter. Hedge funds and other institutional investors own 14.49% of the company’s stock.

About Black Stone Minerals (Get Free Report)

Black Stone Minerals L.P. (NYSE: BSM) is a publicly traded limited partnership that acquires and manages oil and natural gas mineral interests and producing royalty interests across the United States. The company’s business model centers on holding fractional ownership in subsurface mineral estates, which allows it to earn royalty income from hydrocarbon production without taking on the capital expenditures or operating risks associated with exploration and development.

Founded in 1876 and headquartered in Houston, Texas, Black Stone Minerals has built a diversified portfolio spanning key U.S.

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Posted by Defense World Staff on Aug 11th, 2026

Cactus, Inc. (NYSE:WHD – Get Free Report) CEO Steven Bender sold 25,000 shares of the firm’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $67.65, for a total value of $1,691,250.00. Following the sale, the chief executive officer directly owned 99,241 shares in the company, valued at approximately $6,713,653.65. This trade represents a 20.12% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Cactus Price Performance Shares of WHD opened at $70.85 on Tuesday. Cactus, Inc. has a 12-month low of $33.20 and a 12-month high of $71.09. The business has a 50-day simple moving average of $56.41 and a two-hundred day simple moving average of $54.95. The company has a quick ratio of 1.81, a current ratio of 2.59 and a debt-to-equity ratio of 0.01. The stock has a market cap of $5.68 billion, a PE ratio of 60.56, a PEG ratio of 2.43 and a beta of 1.36.

Cactus (NYSE:WHD – Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.64 by $0.29. Cactus had a return on equity of 16.66% and a net margin of 6.01%.The firm had revenue of $449.53 million during the quarter, compared to the consensus estimate of $400.82 million. During the same period last year, the company earned $0.66 earnings per share. The business’s quarterly revenue was up 64.3% on a year-over-year basis. Analysts anticipate that Cactus, Inc. will post 3.07 earnings per share for the current fiscal year.

Cactus Increases Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Monday, August 31st will be issued a $0.15 dividend. This is a boost from Cactus’s previous quarterly dividend of $0.14. The ex-dividend date is Monday, August 31st. This represents a $0.60 dividend on an annualized basis and a yield of 0.8%. Cactus’s dividend payout ratio (DPR) is 47.86%.

Wall Street Analysts Forecast Growth A number of equities research analysts have weighed in on the stock. Citigroup boosted their target price on shares of Cactus from $65.00 to $67.00 and gave the stock a “buy” rating in a report on Thursday, June 18th. Stifel Nicolaus lifted their price target on shares of Cactus from $68.00 to $72.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Piper Sandler lifted their price target on shares of Cactus from $72.00 to $73.00 and gave the stock an “overweight” rating in a report on Tuesday, July 14th. Wall Street Zen raised shares of Cactus from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Barclays increased their price objective on Cactus from $70.00 to $74.00 and gave the company an “overweight” rating in a report on Monday, August 3rd. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Cactus currently has a consensus rating of “Moderate Buy” and an average target price of $65.20.

Read Our Latest Stock Report on Cactus

Institutional Trading of Cactus A number of institutional investors and hedge funds have recently added to or reduced their stakes in WHD. VELA Investment Management LLC increased its holdings in Cactus by 24.2% in the fourth quarter. VELA Investment Management LLC now owns 146,042 shares of the company’s stock worth $6,671,000 after purchasing an additional 28,493 shares in the last quarter. Paradice Investment Management LLC boosted its holdings in shares of Cactus by 16.1% during the 4th quarter. Paradice Investment Management LLC now owns 675,932 shares of the company’s stock worth $30,877,000 after buying an additional 93,714 shares in the last quarter. UBS Group AG boosted its holdings in shares of Cactus by 81.8% during the 4th quarter. UBS Group AG now owns 380,513 shares of the company’s stock worth $17,382,000 after buying an additional 171,223 shares in the last quarter. Vest Financial LLC grew its position in shares of Cactus by 24.7% during the 4th quarter. Vest Financial LLC now owns 134,568 shares of the company’s stock worth $6,147,000 after buying an additional 26,669 shares during the period. Finally, Deprince Race & Zollo Inc. bought a new stake in shares of Cactus in the 1st quarter valued at $41,895,000. Institutional investors and hedge funds own 85.11% of the company’s stock.

About Cactus (Get Free Report)

Cactus, Inc, together with its subsidiaries, designs, manufactures, sells, and leases pressure control and spoolable pipes in the United States, Australia, Canada, the Middle East, and internationally. It operates through two segments, Pressure Control and Spoolable Technologies. The Pressure Control segment designs, manufactures, sells, and rents a range of wellhead and pressure control equipment under the Cactus Wellhead brand name through service centers. Its products are sold and rented primarily for onshore unconventional oil and gas wells for drilling, completion, and production phases of the wells.

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The Reserve Bank of Australia held the cash rate at 4.35%, with all nine board members voting to leave policy unchanged. The decision itself was expected. The more useful signal came from why the Bank chose to pause.

Inflation is still too high, but consumer spending, housing and the labour market are beginning to cool. After three rate hikes this year, the RBA now wants to see how much of that tightening is still working through the economy before deciding whether another increase is needed.

That leaves the RBA in an awkward middle ground: not enough evidence to hike again immediately, but not enough disinflation to declare the tightening cycle finished. For AUD, the next move is therefore a confirmation story rather than a simple hawkish-rate story.

The RBA is pausing to assess, not declaring victoryThe latest statement suggests the RBA believes tighter policy is starting to have a real effect. Trimmed mean inflation remains elevated, but softer consumer spending, cooler housing conditions in some capital cities and a softer labour market all point to demand losing some momentum.

That is why the hold should not be read as a dovish pivot. The Bank can keep policy restrictive while waiting for the lagged effect of earlier hikes. If inflation remains sticky, or global energy risks keep price pressures elevated, the option of another hike remains open.

For AUD, this is supportive at the margin, but it is not a one-way bullish signal. The currency still has to prove that the RBA backdrop is strong enough to overcome resistance and whatever the US dollar does next.

AUD/USD now has to clear 0.704-0.708AUDUSD is now testing the 0.704-0.708 resistance area on the daily chart. Price has pushed into a previous high range, but the latest candles are beginning to stall and momentum has failed to confirm the higher high.

From here, the US side of AUDUSD becomes the next immediate driver, with US CPI due tomorrow on 12 August.

A hotter US inflation print would make it harder for AUDUSD to break higher. The first pullback references sit near the channel midline around 0.700 and the lower channel area near 0.695. A clean channel failure would expose the larger 0.683-0.687 support zone.

A cooler US CPI print would give the pair more room to break above 0.708. If price can close above that area and hold it on a retest, the next references are around 0.718 and then 0.723-0.727.

Fundamentally, the RBA is in a much more comfortable position than earlier in the year.

Softer housing activity, lending, consumer spending and labour conditions suggest its previous hikes are beginning to cool demand, which should gradually ease inflation pressure. Technically, AUDUSD may also be forming bearish divergence at resistance. 

RBNZ shows a hawkish policy is not enoughThe RBNZ offers a useful warning against treating a hawkish central bank as an automatic bullish currency signal. It raised the Official Cash Rate to 2.50% on 8 July and said further increases are likely, although the timing remains uncertain.

Even so, NZD/USD remains below its long-running weekly downtrend and beneath the 0.603-0.612 resistance area. The pair has not converted renewed RBNZ tightening into a structural breakout of its trendline resistance.

That makes NZD/USD a control case for the RBA story. Domestic policy can support a currency, but relative growth, commodity exposure, the US dollar and existing price structure still decide how much of that support reaches the exchange rate.

AUD/NZD may be reaching a turning pointRemoving the US dollar from the equation, the RBA may finally be starting to see its aggressive tightening cycle pay off.

Housing activity and new lending have cooled, consumer spending has slowed, and labour conditions have softened, giving the Bank more reason to pause and assess the impact of the three hikes delivered between February and May.

The RBNZ, on the other hand, is at a much earlier stage. It only restarted tightening in July, raising the OCR to 2.50%, with further hikes still likely. That timing gap matters because Australia may now be moving into the later stages of its tightening cycle just as New Zealand begins applying more pressure.

If that gap starts to narrow, so could Australia’s relative rate advantage. That raises the risk that AUDNZD is approaching a turning point rather than simply extending higher.

The idea that AUD may weaken against the NZD is supported technically as well. 

The pair has tapped a major trendline resistance extending from 2019 with almost perfect precision. The current pullback could still form a bull-flag consolidation, but failure to recover would leave room for a deeper retracement towards roughly 1.162-1.169, where the trading volume weighted average price anchored from the start of the rally sits.

Singapurská technologická skupina Sea Limited, provozovatel e-commerce platformy Shopee, fintechu Monee a herní divize Garena, zveřejnila výsledky za druhý kvartál 2026. Tržby vzrostly meziročně o 48 % na 7,79 mld. USD a překonaly odhady trhu, stejně jako tržby všech tří hlavních divizí. Zisk na akcii ale mírně zaostal. Shopee by letos poprvé mělo dosáhnout mety 1 mld. USD v očištěném zisku EBITDA.

Výsledky společnosti Sea (SE) za 2Q 2026   2Q 2026 Konsensus 2Q 2026 2Q 2025 Tržby (mld. USD) 7,79 7,09 5,26 Čistý zisk (mld. USD) 0,46 -- 0,41 Zisk na akcii (EPS, USD/akcie) 0,70 0,72 0,65 Výsledky za 2Q Tržby vzrostly meziročně o 48,1 % na 7,79 mld. USD, přičemž konsensus trhu činil 7,09 mld. USD.

Tržby Shopee stouply o 48,2 % na 5,59 mld. USD (odhad 5,06 mld. USD). Tržby Monee vzrostly o 58,9 % na 1,40 mld. USD (odhad 1,31 mld. USD). Tržby Garena se zvýšily o 33,5 % na 746,6 mil. USD (odhad 666 mil. USD).

Hrubý zisk meziročně vzrostl o 47,3 % na 3,55 mld. USD.

Provozní zisk meziročně stoupl o 33,3 % na 650,3 mil. USD.

Očištěný zisk EBITDA se zvýšil o 10,6 % na 917,2 mil. USD, trh očekával 918,5 mil. USD.

Hrubá hotovostní pozice na konci června činila 10,3 mld. USD oproti 11,1 mld. USD na konci března. V rámci programu zpětných odkupů v objemu 1 mld. USD společnost ve 2Q odkoupila 4,7 mil. akcií za 416,8 mil. USD.

Shopee Největší e-commerce platforma v jihovýchodní Asii a na Tchaj-wanu a zároveň jedna z platforem v Brazílii Shopee zaznamenala meziroční růst hrubého objemu zboží (GMV) o 28,4 % na 38,3 mld. USD (odhad 37,44 mld. USD), hrubý počet objednávek stoupl o 27,5 % na 4,2 mld. Take rate (podíl tržeb na GMV) se meziročně zvýšil z 12,6 % na 14,6 %.

Tržby jádrového marketplace, tedy transakční poplatky a reklama, vzrostly o 65,6 % na 4,26 mld. USD. Naopak tržby z doplňkových služeb navázaných na logistiku klesly o 9,0 % na 676,4 mil. USD. Reklamní tržby podle společnosti stouply o více než 70 % a reklamní take rate se zvýšil o více než 90 bazických bodů.

Očištěný zisk EBITDA divize vzrostl o 12,2 % na 255,4 mil. USD, přičemž trh čekal 241,1 mil. USD. Průměrný počet měsíčně aktivních kupujících vzrostl o 18 % a frekvence nákupů o 8 %. Brazílie zůstala nejrychleji rostoucím trhem. Členská základna programu ShopeeVIP překročila na konci června 15 mil. uživatelů a tito zákazníci se v Asii podíleli na 24 % GMV.

Vývoj hrubého objemu zboží a počtu objednávek platformy Shopee, zdroj: Sea

Monee Divize digitálních finančních služeb Monee zaznamenala meziroční růst tržeb o 58,9 % na 1,40 mld. USD. Očištěný zisk EBITDA vzrostl o 12,8 % na 288,0 mil. USD, mírně pod odhadem trhu 296,5 mil. USD.

Úvěrové portfolio dosáhlo na konci června 11,1 mld. USD, což je meziroční růst o 62,5 %. Podíl úvěrů po splatnosti déle než 90 dní zůstal stabilní na 1,0 %.

Vývoj úvěrového portfolia a podílu úvěrů po splatnosti divize Monee, zdroj: Sea

Garena Herní divize Garena zaznamenala meziroční růst objednávek (bookings) o 15,5 % na 763,5 mil. USD. Očištěný zisk EBITDA stoupl o 16,7 % na 429,8 mil. USD.

Počet kvartálně aktivních uživatelů dosáhl 666,3 mil. a zaostal za odhadem 679,3 mil. Počet platících uživatelů naopak vzrostl o 10,2 % na 68,1 mil. (odhad 66,0 mil.). Tahounem zůstává hra Free Fire, která i v devátém roce existence přitahuje přes 100 mil. průměrných denně aktivních uživatelů. Garena zároveň ohlásila dva nové mobilní tituly postavené na globálně známých značkách: Palworld Online a Monster Hunter Outlanders.

Vývoj počtu aktivních uživatelů a podílu platících uživatelů divize Garena, zdroj: Sea

Výhled Společnost poskytla výhled ziskovosti Shopee, přičemž uvedla, že je optimistická ohledně dosažení mety 1 mld. USD očištěného zisku EBITDA za celý rok 2026. Dosud počítala s minimálně 880,6 mil. USD, konsensus trhu se pohyboval kolem 980,7 mil. USD.

Komentář CEO „Silná dynamika z prvního kvartálu pokračovala i ve druhém. Naše investice umožnily Shopee a Monee dále posilovat vedoucí postavení na trhu a zároveň zvyšovat penetraci mezi uživateli. Budeme i nadále obezřetně investovat do toho, abychom obsloužili více uživatelů a obsloužili je lépe, a rozšiřovali tak základnu pro ziskový růst do budoucna,“ uvedl generální ředitel Forrest Li.

Pohled analytiků Analytici z Bloomberg Intelligence uvedli, že očištěný zisk EBITDA divize Shopee je na cestě překonat konsensus poté, co vedení uvedlo, že v roce 2026 očekává dosažení 1 mld. USD, čímž překonává současný konsensus na úrovni 981 mil. USD. Tento optimistický výhled má podle analytiků být podpořen spíše silnější monetizací než omezením investic.

Analytici z Jefferies poznamenali, že výsledky ukazují lepší než očekávané hodnoty u klíčových ukazatelů, včetně celkových tržeb, tržeb z e-commerce a GMV Shopee.

Analytici z Vital Knowledge uvedli, že výsledky ukazují výrazně lepší tržby, ačkoliv zisk EBITDA byl jen zhruba v souladu s očekáváním kvůli slabším celkovým maržím EBITDA. Společnost nyní pro letošní rok očekává 1 mld. USD zisku EBITDA divize Shopee, což je nad předchozím výhledem minimálně 880,6 mil. USD a nad odhadem trhu.

Vývoj akcie Akcie společnosti Sea (SE) se obchodují na burze NYSE formou amerických depozitních certifikátů (ADR), přičemž jedno ADR odpovídá jedné podkladové akcii. V předburzovní fázi obchodování posilují o 7,09 % na 122,94 USD.

Michal Bárta, Fio banka, a.s.