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Key Takeaways Summit sold ridinilazole rights to Biossil for upfront cash, milestones and royalties.SMMT's phase III ridinilazole program missed its primary endpoint despite encouraging exploratory benefits.Summit said the divestiture supports its strategic focus on developing ivonescimab in oncology. Summit Therapeutics (SMMT - Free Report) has entered into an agreement with Toronto-based Biossil Inc. to divest its investigational antibiotic candidate, ridinilazole. The late-stage asset was being developed for the treatment of patients with clostridioides difficile infection (CDI), a serious bacterial infection of the colon.

Financial Terms of Summit’s Deal With BiossilPer the agreement, Biossil will assume responsibility for the further development and commercialization of ridinilazole.

In return, Summit will receive an upfront payment of $500,000 and will be eligible for up to $104.5 million in regulatory and commercial milestone payments. The company is eligible to receive tiered royalties on future net sales of the product.

Year to date, Summit's shares have lost 11.6% compared with the industry’s 2.8% decline.

Image Source: Zacks Investment Research

Ridinilazole's Clinical ProfileSummit evaluated ridinilazole in the phase III Ri-CoDIFy program, combining the Ri-CoDIFy 1 and Ri-CoDIFy 2 studies for patients with CDI, versus vancomycin, the standard of care in 2021, with a twice-daily dosing regimen.

Although the primary endpoint of these studies was not met, the antibiotic showed several clinically encouraging exploratory benefits. These include better preservation of the gut microbiome, lower recurrence rates, reduced toxin production, favorable tolerability and a convenient dosing regimen compared with the current standard of care.

Summit held a Type C meeting with the FDA in 2022 to discuss a possible pathway to advance ridinilazole with the goal of achieving marketing authorization. Following the meeting, the company determined that ridinilazole would likely require at least one additional phase III study to support regulatory approval. Conducting another large-scale CDI study would have required significant time and financial resources, with an uncertain likelihood of success. As a result, the company decided to seek a development partner or divest the asset rather than continue its development independently.

Clostridioides difficile infection is a contagious bacterial infection of the colon that causes severe diarrhea and inflammation and can lead to serious complications such as sepsis, bowel perforation and death. It is a major healthcare-associated infection, causing nearly 500,000 cases and contributing to more than 29,000 deaths annually in the United States.

Summit Shifts Strategic Focus to OncologySummit believes Biossil's AI-driven drug development platform is well-positioned to further advance the ridinilazole program. The divestiture also enables Summit to sharpen its strategic focus on oncology, particularly the development of its lead investigational oncology drug, ivonescimab.

Ivonescimab is currently being evaluated in multiple late-stage clinical studies across several treatment settings in non-small cell lung cancer (NSCLC) and colorectal cancer. Summit is developing the therapy in partnership with China-based Akeso. In January, the FDA accepted Summit’s biologics license application (BLA), seeking approval of ivonescimab plus chemotherapy for patients with EGFR-mutated, locally advanced or metastatic non-squamous NSCLC who have progressed after treatment with third-generation EGFR-TKIs. The BLA filing was based on encouraging results from the phase III HARMONi study. The FDA decision is expected by Nov. 14, 2026.

SMMT’s Zacks Rank & Stocks to ConsiderSummit currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the biotech sector are Neurocrine Biosciences (NBIX - Free Report) , Amarin Corporation (AMRN - Free Report) and Liquidia Corporation (LQDA - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, estimates for Neurocrine Biosciences’ 2026 earnings per share have risen from $9.15 to $9.48. Over the same period, EPS estimates for 2027 have increased from $10.23 to $10.79. NBIX shares have gained 21.3% year to date.

Neurocrine Biosciences’ earnings beat estimates in three of the trailing four quarters and missed in the remaining one, the average surprise being 9.08%.

Over the past 60 days, loss-per-share estimates for Amarin Corporation have narrowed from $15.20 to 65 cents for 2026. Over the same period, estimates for loss per share have also narrowed from $13.00 to 51 cents for 2027. AMRN shares have risen 3% year to date.

Amarin Corporation’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, the average surprise being 50.02%.

Over the past 60 days, estimates for Liquidia’s 2026 earnings per share have increased to $3.02 from $2.97. Over the same period, EPS estimates for 2027 have risen to $4.92 from $4.81. LQDA shares have gained 121.8% year to date.

Liquidia’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 54.40%.

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SummaryTesla, Inc. delivered record Q2 2026 volumes, but quality of demand is deteriorating amid heavy incentives and falling average selling prices.Despite strong top-line growth, TSLA faces negative free cash flow projections for 2026–2027 as capital expenditures outpace operating cash generation.My sum-of-the-parts analysis yields a fair value of $127/share, implying 68% downside versus the current ~$400 price—justifying a continued Strong Sell rating.At TSLA stock's current valuation, the market is pricing in unproven future success for Robotaxi, Optimus, and FSD, while core automotive profitability and cash flow weaken. Marvin Samuel Tolentino Pineda/iStock Editorial via Getty Images

Executive Summary Did you know that a restaurant can fill all its tables Monday through Sunday and still lose money? It seems absurd, but all it takes is offering overly generous discounts, or financing

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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.

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Nvidia CEO Jensen Huang. Chung Sung-Jun/Getty Images Even Nvidia isn't immune to the AI chip shortage.

The company's automotive division still has to compete internally for access to the GPUs that have made Nvidia the world's most valuable company, according to Xinzhou Wu, Nvidia's head of automotive.

"Even at Nvidia, basically we do have a limited supply of GPU for compute," Wu said in an episode of The Verge's "Decoder" podcast that aired on Monday.

As demand for Nvidia's chips continues to surge from AI companies building massive data centers, Wu said different teams across the company regularly compete for computing resources needed to train and test their own AI models.

"We have an internal priority, and I'm working with my colleagues basically almost on a weekly basis to decide how to set aside this different compute, sometimes for training, sometimes for test resources for different threads of work in the company," Wu said.

"And sometimes we need Jensen to help," Wu said of the company's CEO, Jensen Huang.

The comments offer a rare glimpse into how Nvidia allocates resources inside a company whose GPUs have become the backbone of the generative AI boom. Demand for its chips has consistently outpaced supply as companies, including OpenAI, Microsoft, Meta, xAI, and Amazon, race to build ever-larger AI models.

Wu said decisions aren't driven solely by near-term revenue.

"It's all of the above," he said when asked how those trade-offs are made. Nvidia balances current business needs with long-term strategic opportunities, including what Huang calls "the zero trillion dollar business" — entirely new markets that could eventually be worth trillions of dollars, Wu said.

One of those bets is autonomous driving.

Wu said Nvidia believes "everything that moves will be autonomous" and is investing heavily in supplying chips, software, AI models, simulation tools, and safety systems for self-driving vehicles. While the automotive business remains much smaller than Nvidia's booming data-center division, Huang continues to prioritize it.

"We are strong believers — Jensen himself as well — of the AV [autonomous vehicle] future," Wu said. "We are keeping investing basically in this technology and in this future, not only from allocating external compute but from fab capacity as well."

Wu also said that even semiconductor manufacturing capacity has become another internal battleground as demand for Nvidia's chips continues to soar.

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Thibault Spirlet You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

Thibault is a business reporter at Business Insider's London office.He covers the intersection of wealth, work, and technology — focusing on the global economy, AI’s impact on the workplace, job and cognitive skills, and how economic changes are affecting careers. Before moving to the trending team, Thibault covered international affairs, including the Russia-Ukraine war, tensions in the South China Sea, and Russia’s economy on the news desk.He has previously worked at the Daily Express and held internships at Agence France-Presse, Politico Europe, and Factal.Il parle français. Se habla español.Email Thibault at [email protected], connect with him on LinkedIn @ThibaultSpirlet, or follow him on X @ThibaultSpirlet and BlueSky @thibaultspirlet.bsky.social.Expertise

AI and the future of work Job and cognitive skills in the AI economyWorkforce trendsFirst-person, "as-told-to" business storiesPopular articles

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Johnson & Johnson (JNJ - Free Report) came out with quarterly earnings of $2.9 per share, beating the Zacks Consensus Estimate of $2.84 per share. This compares to earnings of $2.77 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +2.11%. A quarter ago, it was expected that this world's biggest maker of health care products would post earnings of $2.67 per share when it actually produced earnings of $2.7, delivering a surprise of +1.12%.

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

Johnson & Johnson, which belongs to the Zacks Large Cap Pharmaceuticals industry, posted revenues of $25.31 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.53%. This compares to year-ago revenues of $23.74 billion. The company has topped consensus revenue estimates four 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.

Johnson & Johnson shares have added about 22.7% since the beginning of the year versus the S&P 500's gain of 10.2%.

What's Next for Johnson & Johnson?While Johnson & Johnson 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 Johnson & Johnson 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 $3.02 on $25.34 billion in revenues for the coming quarter and $11.59 on $100.88 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, Large Cap Pharmaceuticals is currently in the bottom 7% 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, AbbVie (ABBV - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on July 31.

This drugmaker is expected to post quarterly earnings of $3.68 per share in its upcoming report, which represents a year-over-year change of +23.9%. The consensus EPS estimate for the quarter has been revised 0% lower over the last 30 days to the current level.

AbbVie's revenues are expected to be $16.81 billion, up 9% from the year-ago quarter.

UnitedHealth shares are experiencing downward pressure. What’s pulling UNH shares down? Earnings Preview & HistoryUnitedHealth is expected to report earnings per share of $4.85 along with revenue of $110.77 billion. The company has beaten EPS estimates in 3 consecutive quarters.

In the most recent quarter, UnitedHealth Group reported EPS of $7.23, beating estimates of $6.56 by 0.10%. Revenue came in at $111.72B, exceeding the estimate of $109.57B by 0.02%.

Investors should watch Medicare Advantage membership trends and pricing commentary tied to the recent payment hike, since that’s the macro tailwind currently supporting sentiment in the group. They should also track growth in Optum’s services and pharmacy benefit businesses, which would need to offset any flat-to-down consolidated revenue.

Analyst Consensus & Recent Actions The stock carries a Buy rating with an average price target of $432.63. Recent analyst moves include:

TD Cowen: Hold (Raises Target to $430.00) (July 14) Truist Securities: Buy (Raises Target to $480.00) (July 14) Keybanc: Overweight (Raises Target to $475.00) (July 14) UnitedHealth Shares TumbleUNH Price Action: At the time of publication, UnitedHealth shares are trading 2.20% lower at $415.85, according to data from Benzinga Pro.

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AMC shares are advancing steadily. Why are AMC shares climbing? Earnings Preview & HistoryAMC Entertainment is expected to report a loss of 5 cents per share along with revenue of $1.45 billion.

In the most recent quarter, AMC reported a loss of 36 cents per share, missing estimates of 33 cent-loss by 0.09%. Meanwhile, Revenue came in at $1.04 billion, exceeding the estimate of $974.61 million by 0.07.

Investors will likely key in on whether stronger box-office demand is improving the quality of earnings, not just the headline revenue number.

That means watching attendance and admissions revenue per patron for signs that higher traffic is paired with pricing power and premium-format mix — a signal for whether the jump to an expected $1.45 billion in revenue is margin-accretive.

Food and beverage revenue and per-capita spending will also be closely watched, since concessions are typically a major profit driver for theaters, making stronger per-cap trends a tell that demand is translating into operating leverage.

Given how central balance-sheet concerns have been to the recent debate around the stock, any commentary on interest expense, liquidity, cash levels, or debt refinancing terms could move shares more than a modest EPS beat or miss.

Analyst Consensus & Recent ActionsThe stock carries a Hold rating with an average price target of $1.80 (range: $1.20 to $2.50) across 6 analysts. Recent analyst moves include:

Macquarie: Neutral (Raises Target to $2.00) (July 8) Citigroup: Sell (Raises Target to $1.20) (May 7) Benchmark: Upgraded to Buy (Target $2.50) (May 6) Above the Trend Lines, Below the Breakout PointAMC is trading at $2.02, which keeps it above its key longer-term trend gauges: it’s 10.1% above the 50-day SMA ($1.83), 30.2% above the 100-day SMA ($1.55), and 10.3% above the 200-day SMA ($1.83). The one near-term friction point is the 20-day SMA at $2.09, with the stock still trading 3.6% below that level—often a sign the tape is trying to transition from "bounce" to "trend."

The moving-average structure is still a tailwind: the 20-day SMA is above the 50-day SMA, and the golden cross in July (50-day SMA moving above the 200-day SMA) keeps the intermediate trend biased upward as long as price holds those longer averages. That said, the stock’s 12-month performance remains down 37.18%, so rallies can still run into overhead supply from prior breakdown zones.

Momentum is best read through RSI, which sits at 50.07—basically neutral—suggesting the stock isn’t stretched and could move either way as catalysts approach. RSI is a momentum gauge that helps show whether buying or selling pressure is getting "overdone," and right now it’s signaling balance rather than exhaustion.

Key Resistance: $2.00 — a round-number pivot that’s also sitting near the current price, making it a key "line in the sand" for follow-through AMC Shares Trend HigherAMC Price Action: At the time of publication, AMC shares are trading 3.47% higher at $2.03, according to data from Benzinga Pro.

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Conference call scheduled for Thursday, August 13, 2026, at 4:30 p.m. Eastern time July 15, 2026 09:00 ET  | Source: Workhorse Group, Inc.

DETROIT, July 15, 2026 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (NASDAQ: WKHS) (“Workhorse”) a North American OEM and provider of all-electric trucks, shuttles and buses, plans to conduct a conference call to discuss its second quarter results and business outlook on Thursday, August 13, 2026, at 4:30 p.m. Eastern time.

Prior to the conference call, Workhorse will issue its second quarter earnings press release. The press release, once posted, may be viewed on Workhorse’s website at ir.workhorse.com.

A link to listen to the conference call webcast will be available on the Investor Relations section of Workhorse’s website.

The phone numbers to listen via telephone are (877)-407-0789 (U.S.) or (201)-689-8562 (international). A telephonic replay of the conference call will be available after 7 p.m. Eastern time on the same day through August 27, 2026.

Toll-free replay number: (844)-512-2921

International replay number: (412)-317-6671

Replay ID: 13761353

About Workhorse Group Inc.

Headquartered in the Detroit area with a commercial-scale manufacturing plant in Union City, Indiana, Workhorse (Nasdaq: WKHS) is redefining what a medium-duty truck should be. Workhorse builds software-first electric trucks, shuttles and buses that are powerful, cost-efficient, reliable, safe and comfortable — all with zero tailpipe emissions. Our deep experience building electric vehicles at scale drives intentional innovations designed to help customers lower operating costs, improve fleet performance, enhance the driver experience, and maximize uptime without compromise. More information is available at www.workhorse.com.

Media Relations Contacts:
Workhorse
John Williams, Communications
+1-206-660-5503, [email protected]

ICR, Inc.
[email protected]

Investor Relations Contact:
[email protected]

Morgan Stanley has identified three stocks that could outperform as the second-quarter earnings season gets underway. The Wall Street bank highlighted GE Vernova NYSE:GEV, Lam Research (NASDAQ: LRCX), and United Airlines (NASDAQ: UAL) among its top picks, citing expectations that they will deliver strong quarterly earnings. 

GE Vernova stock has done well this year, helped by the rising demand for power equipment amid the artificial intelligence boom. It has soared by 61% this year and by nearly 100% in the last 12 months.

Recently, however, the stock has wavered and now sits a few points below its all-time high. Even so, Morgan Stanley analysts believe that the company will bounce back after its earnings on July 22. It expects it to publish stronger-than-expected numbers, helped by its new gas turbine contracts.

The management has already hinted that it will sell out its gas turbines reservations through 2030. Morgan Stanley’s Michael Wilson said:

“Capex is broadening beyond data centers and reshoring progress suggests the U.S. industrial economy may be entering a sustained growth cycle as international production becomes more expensive than domestic.”

MarketBeat data shows that the average target for GEV stock among analysts is $1,089, slightly above the current $1,067. Bernstein has a target of $1,206, while Jefferies recently lowered the target to $1,210 from the previous $1,350.

Morgan Stanley is also bullish on United Airlines as it expects the giant to issue a positive forward guidance for the rest of the year. Its stock has jumped by 7% this year and by 43% from its lowest point this year. This rebound happened as the US and Iran started their ceasefire, which brought jet fuel prices lower.

The risk, however, is that the two countries have resumed their fighting, pushing oil prices higher. Brent and WTI have all jumped to over $80 this week, which will translate into higher jet fuel prices. Morgan Stanley wrote:

“Airline demand and booking intent remain healthy, with seven consecutive price increases absorbed without demand destruction. With oil prices moving lower, airlines are unlikely to roll back pricing, though sustained demand will remain the key test.”

Analysts are largely bullish on the stock, with those from Susquehanna, Cowen, Goldman Sachs, BMO, and Bernstein boosting their targets this month. 

READ MORE: Top reasons a United Airlines and American merger is unlikely to happen

Morgan Stanley analysts are also bullish on Lam Research, a company whose stock has more than doubled this year. After hitting a record high of $437 in June, Lam shares have dropped by 20% to the current $346.

Morgan Stanley believes that the company will release better-than-estimated revenue and earnings. It will then boost its earnings per share as it has done in the past. The statement said:

“AI demand remains robust with rising token prices and continued strength across the ecosystem despite recent market pullbacks. New equipment orders are improving.” 

Analysts are also bullish on Lam Research even as its valuation concerns remain. The company has a forward price-to-earnings ratio of 62, much higher than other top companies like Nvidia, Micron, and SanDisk. 

Stifel raised its target from $325 to $425, while Needham boosted the target from $300 to $390. Other analysts who boosted their target for the shares are from Mizuho, Susquehanna, and Cantor Fitzgerald.

READ MORE: Applied Materials stock jumps as Meta AI chip plan lifts semiconductor names

Tailored direct lithium extraction solutions combine advanced sorbents, membranes, ion exchange resins, and technical expertise to enable high-performance lithium recovery across diverse brine compositions

, /PRNewswire/ -- DuPont (NYSE: DD) today announced it has launched an end-to-end Direct Lithium Extraction (DLE) portfolio comprising more than 20 products across multiple technologies, designed to improve lithium recovery and provide tailored solutions for diverse brine resources, supporting scalable lithium production amid accelerating global demand. As an alternative to traditional lithium processing approaches such as hard rock mining or evaporation, DLE is well positioned to support growing lithium demand through advanced separation technologies designed to extract lithium effectively and efficiently from brine.

The new DLE portfolio spans lithium-selective sorbents, nanofiltration and reverse osmosis membranes, and ion exchange resins across the entire lithium brine treatment process, from extraction and purification to final concentration. This integrated flowsheet design enables customers to implement end-to-end solutions or select individual technologies tailored to their specific process requirements and brine compositions.

A key differentiator of DuPont's new portfolio is its breadth and flexibility, which allows DuPont to design customized solutions across a wide range of lithium extraction applications. For example, the portfolio includes specialized lithium-selective DuPont™ AmberSorb™ adsorbent technologies for both high- and low-temperature brine streams to meet the needs for efficient lithium recovery from diverse global resources. In addition, DuPont provides different grades of FilmTec™ LiNE nanofiltration and reverse osmosis elements, offering unique separation characteristics and incorporation of low salt rejection reverse osmosis (LSRRO) technology to achieve ultra-high lithium concentration.

These capabilities are enhanced by advanced DuPont™ IntegraTec™ and Inge™ ultrafiltration modules, FilmTec™ nanofiltration and reverse osmosis membranes, and DuPont™ AmberLite™ ion exchange resins, which improve lithium yield, purity, and concentration throughout the process. By bringing these technologies together into a single, cohesive platform, DuPont enables customers to optimize performance and recovery across the full direct lithium extraction flowsheet.

"DLE processes are highly sensitive to the lithium brine composition, temperature, and competing ions. By integrating the lithium-selective sorbents, membranes, and ion exchange technologies into a single process design framework, we can optimize the full flowsheet rather than treating them in isolation," said Dr. Martin Deetz, Senior R&D Laureate for DuPont Water Solutions. "Our customers are trying to move from the lab to reliable lithium production as quickly as possible. By combining these technologies with advanced modeling, testing, and piloting support, we can help accelerate the design of tailored, end-to-end lithium extraction flowsheets for their specific brine resources and goals."

DuPont further supports customers through its global research and development network, offering advanced laboratory testing and process modeling. These services allow lithium producers to validate performance using real brine samples and accelerate process development. This approach positions DuPont as a technical collaborator, helping customers move from initial evaluation to implementation with greater speed, confidence, and process reliability. As demand for lithium surges to power electric vehicles and energy storage systems, the industry is increasingly adopting DLE as a more coordinated and efficient approach to unlocking new lithium resources.

DuPont's technical experts hosted an educational webinar on June 18, 2026 to help customers understand how tailored DLE technologies can increase lithium yield and purity while addressing the unique characteristics of their brine resources. The session highlighted how customers can leverage DuPont's testing, modeling, and piloting support to evaluate and implement customized solutions. Watch on-demand here: https://www.dupont.com/water/contact-us.html?dfp=water-webinar-direct-lithium-extraction&src=ws_global_newsletter_dlewebinar_website_pressrelease_2026-07-14 

Learn more about DuPont's Direct Lithium Extraction portfolio at https://www.dupont.com/water/applications/direct-lithium-extraction-solutions.html.

About DuPont

DuPont (NYSE: DD) is a global innovation leader, providing advanced solutions that help transform industries and improve everyday life across our key markets of healthcare, water, construction, and industrial. More information about the company, its businesses and solutions can be found at www.dupont.com. Investors can access information included on the Investor Relations section of the website at investors.dupont.com.

DuPont™, the DuPont Oval Logo, and all trademarks and service marks denoted with ™, ℠ or ® are owned by affiliates of DuPont de Nemours, Inc. unless otherwise noted.

SOURCE DuPont

Kratos’ Pennsylvania Operations Engineer, Manufacture and Test Mission-Critical, Military-Grade Hardware Supporting Certain of the Nation's Highest-Priority Hypersonic, Air Defense, Missile, Radar and Counter-Unmanned Aircraft System (C-UAS) Programs

Kratos’ Expanded Pennsylvania Operations Accelerate Development and Large-Scale Mass Production of Mil-Spec Hardware to Strengthen National Security

SAN DIEGO, July 15, 2026 (GLOBE NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a technology company specializing in defense, national security and global markets, today announced the opening of a 167,000-square-foot advanced manufacturing facility in York, Pennsylvania. The plant expands Kratos' existing Pennsylvania operations, which now span three facilities and employ more than 440 people, supporting a growing portfolio of critical national security programs. Additionally, Kratos announced plans to purchase new state-of-the-art equipment, totaling over $7 Million, to further expand production capability.

The new facility and planned investments in manufacturing equipment significantly increase Kratos' production capacity to meet accelerating customer demand for advanced defense systems while reinforcing the company's commitment to strengthening the U.S. defense industrial base through rapid innovation and mission-speed production.

Kratos’ Pennsylvania operations engineer, manufacture and test mission-critical, military-grade hardware supporting certain of the nation's highest-priority air defense, missile, radar and counter-unmanned aircraft system (C-UAS) initiatives. Including the new facility, Kratos' Pennsylvania operations actively support C-UAS initiatives by delivering complex equipment for directed energy weapons, missile transporters, mobile missile launcher systems, hypersonic systems and strategic system radar platforms.

Tom Mills, President of Kratos C5ISR Division, said, “Leveraging proven manufacturing methodologies and advanced production technologies, Kratos’ Pennsylvania operations recently completed delivery of highly engineered solutions for both High Power Microwave (HPM) and High Energy Laser (HEL) programs. These efforts included the design, manufacture and testing of specialty structures and components that enhance system mobility and survivability, along with system integration involving custom mechanical assemblies, actuators, thermal management and electrical subsystems. This new Kratos facility and investment will both expand and accelerate our capabilities in additional mission critical national security programs, including strategic systems”.

“Kratos is committed to building the Arsenal of Freedom by investing in the people, facilities and manufacturing capabilities needed to deliver critical systems, at scale, to our customers faster than ever before,” said Eric DeMarco, President and CEO of Kratos. “This expansion marks another important milestone in continuing to grow Kratos’ capability to provide mil-spec hardware for national defense and mission critical programs. Pennsylvania has proven to be an exceptional manufacturing hub, including a highly skilled workforce, and this investment positions Kratos to continue delivering affordable, high-performance, leading technology systems that address our nation's most pressing security challenges. Kratos' ability to manufacture highly complex hardware at production scale—where quality, precision and reliability are mission-critical—continues to differentiate our Company as a trusted partner to the U.S. Department of War and allied customers.”

The new facility and related manufacturing equipment provides expanded space and capabilities for advanced manufacturing, systems integration and testing, enabling Kratos to scale production while meeting increasing customer requirements for speed, affordability and performance.

Kratos’ expansion in Pennsylvania represents the company’s continued investment in American manufacturing and its commitment to delivering warfighter-ready capabilities that outpace evolving threats while strengthening the nation's defense industrial base.

About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading-edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing which is a value-add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win (PWin) is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of PWin is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, hypersonic vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com and follow Kratos on LinkedIn and X.

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 28, 2025, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

Press Contact:
Claire Cantrell
[email protected]

Kratos Investor Information:
877-934-4687
[email protected]

ARLINGTON, Va., July 15, 2026 (GLOBE NEWSWIRE) -- Leonardo DRS, Inc. (Nasdaq: DRS) announced today the company has signed a contract to supply more than 50,000 Tenum® Orbit™ thermal imaging cameras under a blanket purchase agreement, marking a major production milestone for the company and underscoring growing demand for advanced thermal imaging technology across emerging mission applications.

The agreement positions Leonardo DRS to support high-volume customer requirements for compact, high-performance thermal imaging systems used in applications including unmanned systems and other rapidly evolving platforms. It also reflects customer confidence in the company’s manufacturing capacity and ability to deliver sophisticated sensing technologies at scale.

“This agreement demonstrates the strength of our thermal imaging technology and our readiness to deliver at scale,” said Jerry Hathaway, senior vice president and general manager of the Leonardo DRS EO/IS business unit. “We have made strategic investments in our production capabilities so we can respond quickly and reliably to growing customer demand across a wide range of mission applications.”

Developed for high-volume production across multiple end uses, including drones, the Tenum® Orbit™ thermal imaging module is backed by Leonardo DRS investments in factory infrastructure and manufacturing capacity designed to support annual production in the hundreds of thousands of units. The Tenum® Orbit™ is also designed to support exportability and compliance with applicable international trade regulations, helping customers integrate advanced thermal imaging technology more efficiently across global markets.

About Leonardo DRS

Leonardo DRS, Inc. (Nasdaq: DRS) is at the forefront of developing transformative defense technologies using its proven agility and delivering innovative solutions for U.S. national security customers and allies worldwide. We specialize in rapidly providing high-performance, multi-domain capabilities across next-generation advanced sensing, network computing, force protection, and electric power and propulsion. Our reputation as a trusted provider is built on a continuous focus on practical innovation, delivering quality, and meeting our customers’ most demanding mission requirements. For further information on our complete range of capabilities, visit www.LeonardoDRS.com.

Forward-Looking Statements

This communication contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Those statements reflect current expectations, assumptions and estimates of future performance and economic conditions. The company cautions investors that any forward-looking statements which include contract values, contract performance and our development and production of products are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements.

Leonardo DRS Investor Relations Contact
Steve Vather
Senior Vice President, Corporate Development (M&A) and Investor Relations
+1 703 409 2906
[email protected]  

Leonardo DRS Media Contact
Carrie Robinson
Vice President, Marketing and Corporate Communications
+1 321 266 7691
[email protected]

July 15, 2026 07:00 ET  | Source: Axsome Therapeutics, Inc.

FDA sets PDUFA target action date of May 1, 2027

NEW YORK, July 15, 2026 (GLOBE NEWSWIRE) -- Axsome Therapeutics, Inc. (NASDAQ: AXSM), a biopharmaceutical company leading a new era in the treatment of central nervous system (CNS) disorders, today announced that the U.S. Food and Drug Administration (FDA) has accepted for filing the Company’s New Drug Application (NDA) for AXS-12 (reboxetine) for the treatment of cataplexy in narcolepsy. The FDA has set a Prescription Drug User Fee Act (PDUFA) target action date of May 1, 2027. The FDA also indicated that it does not currently plan to hold an advisory committee meeting to discuss the application.

About Narcolepsy

Narcolepsy is a serious and debilitating orphan neurological condition that causes dysregulation of the sleep-wake cycle and is characterized clinically by excessive daytime sleepiness, cataplexy, hypnagogic hallucinations, sleep paralysis, and disrupted nocturnal sleep.1-3 Cataplexy is seen in an estimated 70% of narcolepsy patients and is a sudden reduction or loss of muscle tone while a patient is awake, typically triggered by strong emotions such as laughter, fear, anger, stress, or excitement.4-5 Narcolepsy is a life-long condition that interferes with cognitive, psychological, and social functioning, increases the risk of work- and driving-related accidents, and is associated with a 1.5-fold higher mortality rate.6-8

About AXS-12

AXS-12 (reboxetine) is a highly selective and potent norepinephrine reuptake inhibitor and cortical dopamine modulator under development for the treatment of narcolepsy. AXS-12 is thought to modulate noradrenergic activity to maintain muscle tone during wakefulness, and noradrenergic and cortical dopaminergic signaling to promote wakefulness and cognition function. AXS-12 has been granted U.S. Food and Drug Administration (FDA) Orphan Drug Designation for the treatment of narcolepsy. AXS-12 is not approved by the FDA.

About Axsome Therapeutics

Axsome Therapeutics is a biopharmaceutical company leading a new era in the treatment of central nervous system (CNS) conditions. We deliver scientific breakthroughs by identifying critical gaps in care and develop differentiated products with a focus on novel mechanisms of action that enable meaningful advancements in patient outcomes. Our industry-leading neuroscience portfolio includes FDA-approved treatments for major depressive disorder, agitation associated with dementia due to Alzheimer’s disease, excessive daytime sleepiness associated with narcolepsy and obstructive sleep apnea, and migraine, as well as multiple novel product candidates addressing a broad range of serious neurological and psychiatric conditions that impact over 150 million people in the United States. Together, we are on a mission to solve some of the brain’s biggest problems so patients and their loved ones can flourish. For more information, please visit us at www.axsome.com and follow us on LinkedIn and X.

Forward Looking Statements

Certain matters discussed in this press release are “forward-looking statements”. The Company may, in some cases, use terms such as “predicts,” “believes,” “potential,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. In particular, the Company’s statements regarding trends and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the commercial success of the Company’s SUNOSI®, AUVELITY®, and SYMBRAVO® products and the success of the Company’s efforts to obtain any additional indication(s) with respect to solriamfetol and/or AXS-05; the Company’s ability to maintain and expand payer coverage; the success, timing and cost of the Company’s ongoing clinical trials and anticipated clinical trials for the Company’s current product candidates, including statements regarding the timing of initiation, pace of enrollment and completion of the trials (including the Company’s ability to fully fund the Company’s disclosed clinical trials, which assumes no material changes to the Company’s currently projected revenues or expenses), futility analyses and receipt of interim results, which are not necessarily indicative of the final results of the Company’s ongoing clinical trials, and/or data readouts, and the number or type of studies or nature of results necessary to support the filing of a new drug application (“NDA”) for any of the Company’s current product candidates; the Company’s ability to fund additional clinical trials to continue the advancement of the Company’s product candidates; the timing of and the Company’s ability to obtain and maintain U.S. Food and Drug Administration (“FDA”) or other regulatory authority approval of, or other action with respect to, the Company’s product candidates, including statements regarding the timing of any NDA submission; the Company’s ability to successfully defend its intellectual property or obtain the necessary licenses at a cost acceptable to the Company, if at all; the Company’s ability to successfully resolve any intellectual property litigation, and even if such disputes are settled, whether the applicable federal agencies will approve of such settlements; the successful implementation of the Company’s research and development programs and collaborations; the success of the Company’s license agreements; the acceptance by the market of the Company’s products and product candidates, if approved; the Company’s anticipated capital requirements, including the amount of capital required for the commercialization of SUNOSI, AUVELITY, and SYMBRAVO and for the Company’s commercial launch of its other product candidates, if approved, and the potential impact on the Company’s anticipated cash runway; the Company’s ability to convert sales to recognized revenue and maintain a favorable gross to net sales; unforeseen circumstances or other disruptions to normal business operations arising from or related to domestic political climate, geo-political conflicts or a global pandemic and other factors, including general economic conditions and regulatory developments, not within the Company’s control. The factors discussed herein could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Investors:

Ashley Dong
Senior Director, Investor Relations
(929) 687-1614
[email protected]

Media:
Darren Opland
Senior Director, Corporate Communications
(929) 837-1065
[email protected]

References

American Academy of Sleep Medicine. The International Classification of Sleep Disorders. Third Edition (ICSD-3). 2014.National Institute of Neurological Disorders and Stroke. Narcolepsy. https://www.ninds.nih.gov/health-information/disorders/narcolepsy. Accessed September 2024.España RA, Scammell TE. Sleep neurobiology from a clinical perspective. Sleep. 2011 Jul 1;34(7):845-58.Narcolepsy Network. About Narcolepsy. https://narcolepsynetwork.org/about-narcolepsy/. Accessed September 2024.Swick TJ. Treatment paradigms for cataplexy in narcolepsy: past, present, and future. Nat Sci Sleep. 2015 Dec 11;7:159-69.Tadrous R, O'Rourke D, Mockler D, Broderick J. Health-related quality of life in narcolepsy: A systematic review and meta-analysis. J Sleep Res. 2021 Dec;30(6):e13383.Patil SP, Ayappa IA, Caples SM, Kimoff RJ, Patel SR, Harrod CG. Treatment of Adult Obstructive Sleep Apnea With Positive Airway Pressure: An American Academy of Sleep Medicine Systematic Review, Meta-Analysis, and GRADE Assessment. J Clin Sleep Med. 2019 Feb 15;15(2):301-334.Ohayon MM, Black J, Lai C, Eller M, Guinta D, Bhattacharyya A. Increased mortality in narcolepsy. Sleep. 2014 Mar 1;37(3):439-44.

The PNC Financial Services Group, Inc (PNC - Free Report) came out with quarterly earnings of $4.85 per share, beating the Zacks Consensus Estimate of $4.51 per share. This compares to earnings of $3.85 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +7.54%. A quarter ago, it was expected that this company would post earnings of $4.12 per share when it actually produced earnings of $4.32, delivering a surprise of +4.85%.

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

The PNC Financial Services Group, which belongs to the Zacks Financial - Investment Bank industry, posted revenues of $6.9 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 7.13%. This compares to year-ago revenues of $5.69 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.

The PNC Financial Services Group shares have added about 20.7% since the beginning of the year versus the S&P 500's gain of 10.2%.

What's Next for The PNC Financial Services Group?While The PNC Financial Services Group 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 The PNC Financial Services Group 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 $4.89 on $6.58 billion in revenues for the coming quarter and $18.83 on $25.9 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, Financial - Investment Bank is currently in the top 22% 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.

Robinhood Markets, Inc. (HOOD - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.

This company is expected to post quarterly earnings of $0.40 per share in its upcoming report, which represents a year-over-year change of -4.8%. The consensus EPS estimate for the quarter has been revised 6.7% higher over the last 30 days to the current level.

Robinhood Markets, Inc.'s revenues are expected to be $1.23 billion, up 23.9% from the year-ago quarter.

, /PRNewswire/ -- Conagra Brands, Inc. (NYSE: CAG) today announced that its Board of Directors approved a quarterly dividend payment of $0.175 per share of CAG common stock to be paid on September 2, 2026 to stockholders of record as of the close of business on July 30, 2026. Conagra Brands, Inc. has paid consecutive quarterly dividends since January 1976.

John Brase, president and chief executive officer of Conagra Brands, commented, "Resetting our dividend to an annualized rate of $0.70 per share proactively realigns our capital allocation, accelerates progress toward our leverage target, supports critical investments, and strengthens our financial flexibility, including the ability to shape the portfolio over time. Our commitment to shareholders hasn't changed; our objective remains a balanced capital allocation, with a dividend that returns meaningful capital to shareholders and enables the dividend to grow alongside earnings over time. This decision aligns with our priorities to stabilize and restore margins, increase investments in our brands and supply chain, and reduce complexity, and we are confident it is the right decision for the long-term success of Conagra."

About Conagra Brands
Conagra Brands, Inc. (NYSE: CAG), is one of North America's leading branded food companies. We combine a 100-year history of making quality food with agility and a relentless focus on collaboration and innovation. The company's portfolio is continuously evolving to satisfy consumers' ever-changing food preferences. Conagra's brands include Birds Eye®, Duncan Hines®, Healthy Choice®, Marie Callender's®, Reddi-wip®, Slim Jim®, Angie's® BOOMCHICKAPOP®, and many more. As a corporate citizen, we aim to do what's right for our business, our employees, our communities and the world. Headquartered in Chicago, Conagra Brands generated fiscal 2026 net sales of over $11 billion. For more information, visit www.conagrabrands.com. 

Forward-Looking and Cautionary Statements
This press release contains forward-looking statements within the meaning of the federal securities laws that provide our current expectations and beliefs concerning future events including dividend levels, strategic priorities, and capital allocation that are subject to risks and uncertainties which are difficult to predict and could cause our actual results to differ materially from the expectations expressed in or implied by such forward-looking statements. These risks and uncertainties include, among other things, our ability to act on our priorities and strategies and other risks described in our reports filed from time to time with the Securities and Exchange Commission. We undertake no responsibility to update these statements, except as required by law.

For more information, please contact: 
MEDIA: [email protected] 
INVESTORS: [email protected] 

SOURCE Conagra Brands, Inc.

JP Morgan has run the numbers on a renewed bid for Rightmove PLC (LSE:RMV) by REA Group and concluded the deal would deliver little for the Australian buyer's shareholders.

The bank, in a note by analysts Marcus Diebel and Bob Chen, estimates a revived takeover would generate only around 4% earnings per share accretion, an outcome it does not consider attractive on a risk and reward basis.

REA, the Australian property portal majority owned by News Corp (NASDAQ:NWSA), walked away from Rightmove at the end of 2024 after four approaches were rejected.

Its final proposal valued Rightmove at 775p a share plus a 6p special dividend.

That now looks compelling against a share price of around 430p, JP Morgan said, a gap causing some frustration among Rightmove shareholders.

The bank attributes the weakness, which began in September 2025, to two factors.

Rightmove's management has acknowledged years of underinvestment, driving elevated spending needs this year.

The wider online classifieds sector has also de-rated sharply, trading about 43% below its own two-year average on forward enterprise value to earnings before interest, tax, depreciation and amortisation, at roughly 11.5 times against 20.0 times.

Investors are worried about disruption from artificial intelligence and further investment requirements across the sector.

JPM's leveraged buyout framework assumes News Corp (NASDAQ:NWSA), which owns 62% of REA, would be unlikely to accept dilution below 50%, and that a fully debt-financed structure is not feasible.

On a 65% debt and 35% equity funding mix, a 45% premium in line with the three-year average, and around three times leverage against net cash today, the accretion maths still falls short.

The bank sees limited appetite from private equity at this stage.

In a recent sector study, JP Morgan argued that near-term catalysts for a re-rating at Rightmove are limited and that earnings risk is skewed to the downside, with potential pressure on margins.

A specially designed Google logo, during the opening of Google's new Artificial Intelligence (AI) centre in Berlin, Germany, March 5, 2026. REUTERS/Annegret Hilse/File Photo Purchase Licensing Rights, opens new tab

CompaniesLUXEMBOURG, July 15 (Reuters) - Alphabet (GOOGL.O), opens new tab unit Google on Wednesday urged Europe's top court to dismiss EU antitrust regulators' appeal against a lower court ​ruling that scrapped a €1.49 billion ($1.7 billion) fine, saying the regulators' ‌arguments were flawed.

The dispute reached the Court of Justice of the European Union after regulators appealed a 2024 General Court ruling that annulled the fine imposed on Google in 2019. ​The lower court cited errors in the European Commission's assessment of ​the case.

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The Commission, the EU's competition watchdog, said Google used ⁠restrictive clauses in contracts with publishers that prevented rivals from placing search ​advertisements on the publishers' websites, reinforcing Google's dominance in online search advertising.

The ​Commission said the practices ran from 2006 to 2016. Google, whose AdSense platform provides search advertising, removed the contested clauses from publisher agreements in 2016.

Google's lawyer, Josh Holmes, rejected ​the Commission's arguments.

"The Commission's new arguments are flawed. The General Court's reasons ​are clear and complete," he told the panel of five judges.

Holmes said the Commission had ‌ignored ⁠evidence showing Google's rivals had substantial opportunities to compete.

Commission lawyer Anthony Dawes criticised the lower court's ruling, saying it imposed an unprecedented obligation on regulators to analyse issues already settled by case law.

"This finding turns case law ​on its head," he ​said, adding that ⁠the lower court's reasoning would effectively treat exclusive clauses as lawful by default.

A court adviser is due to ​issue a non-binding opinion on November 12, with a final ​ruling expected ⁠in the following months.

The AdSense fine was one of four EU antitrust penalties that have cost Google €9.5 billion during its nearly two-decade dispute with the ⁠Commission. The ​lower court's decision to annul the fine ​marked a rare legal setback for the EU watchdog.

The case is C-826/24 P Commission v Google ​and Alphabet (Google AdSense)

($1 = 0.8771 euros)

Reporting by Foo Yun Chee. Editing by Mark Potter

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

An agenda-setting and market-moving journalist, Foo Yun Chee is a 21-year veteran at Reuters. Her stories on high profile mergers have pushed up the European telecoms index, lifted companies' shares and helped investors decide on their next move. Her knowledge and experience of European antitrust laws and developments helped her break stories on Microsoft, Google, Amazon, Meta and Apple, numerous market-moving mergers and antitrust investigations. She has previously reported on Greek politics and companies, when Greece's entry into the eurozone meant it punched above its weight on the international stage, as well as on Dutch corporate giants and the quirks of Dutch society and culture that never fail to charm readers.

Warren Buffett said Wednesday he — not Berkshire Hathaway's new CEO Greg Abel — was the driving force behind the recent big investment in Alphabet.

"I initiated it," Buffett said in an interview with CNBC's Becky Quick. "I am not doing anything that he doesn't approve of. He's not doing anything I don't approve of. We talk all the time, but he is the decider."

Berkshire first disclosed a stake in Alphabet during the third quarter of 2025 and has dramatically increased its investment since. Last month, the conglomerate invested an additional $10 billion through a private stock purchase.

"The trick in life is to find — I mean investing — is to find businesses that are going to earn high returns on capital for an extended period of time," Buffett said.

Buffett, who stepped down as Berkshire's chief executive earlier this year but remains chairman, said he and CEO Greg Abel continue to work closely together on investment decisions.

This is breaking news. Please refresh for updates.

Key Takeaways Bank of America expects 2026 NII growth at the high end of 6-8%, backed by loans, deposits and repricing.BAC raised full-year operating leverage guidance to 300-400 basis points after a strong first half.More than 200,000 employees use AI tools as broad segment growth supports stronger earnings power. Bank of America Corporation (BAC - Free Report) used its second-quarter 2026 call to push a forward-looking message rather than simply celebrate a beat. Management framed the quarter as evidence that broad client activity, disciplined expenses and steady balance sheet optimization are translating into stronger earnings power.

That mattered because executives also tightened the focus on what comes next: net interest income at the high end of prior guidance, continued loan and deposit growth, and more operating leverage even as the company keeps spending on technology, marketing and AI tools.

BAC Raises the Bar on 2026 NIIChairman and CEO Brian Moynihan said the quarter showed organic growth across every business segment. Revenues of $31.6 billion beat the Zacks Consensus Estimate of $30.62 billion and rose 15% year over year. EPS of $1.21 topped the Zacks Consensus Estimate of $1.13 and increased 34% from the prior-year quarter. 

The more important takeaway was the outlook. Chief financial officer Alastair Borthwick said Bank of America now expects full-year 2026 net interest income growth at the upper end of its 6% to 8% range, supported by loan and deposit growth, fixed-rate asset repricing and balance sheet optimization.

Borthwick also said the company’s banking book remains asset sensitive, while a 100-basis point parallel shift above the forward curve would add about $1 billion of NII over the next 12 months. That gave investors a clearer sense of the embedded earnings lift management still sees in the core franchise.

Bank of America Defends Deposit StrategyA KBW analyst pressed management on deposit pricing and whether BAC could keep outperforming peers in a higher-for-longer setting. Borthwick’s answer centered on client mix rather than rate competition. He said the company is prioritizing operating accounts and relationship deposits, not chasing rate-sensitive balances.

That response aligned with the quarter’s balance sheet trends. Average deposits rose to $2.02 trillion, the 12th straight quarter of sequential growth, while average loans and leases increased 8% from a year earlier to $1.22 trillion. Average consumer deposits were $957 billion, and Moynihan said spending trends strengthened during the quarter.

Management also sounded constructive on the second-half loan demand. In Q&A, Borthwick said commercial growth remains healthy and card balances are moving toward management’s target pace, reinforcing the view that NII growth is being driven by underlying business activity rather than a temporary market tailwind.

BAC Keeps Leaning Into Operating LeverageMoynihan and Borthwick repeatedly returned to operating leverage as one of the quarter’s defining features. The bank posted 6.6% operating leverage in the quarter, while the efficiency ratio improved 359 basis points from a year ago to 59%.

Borthwick said first-half 2026 operating leverage exceeded 450 basis points, leading management to lift its full-year expectation to 300-400 basis points from prior commentary of more than 200 basis points. He cautioned that second-half comparisons get harder because NII and investment banking were already accelerating in the back half of 2025.

A Bernstein analyst and a Citi analyst both tested whether that leverage outlook implied underinvestment. Moynihan rejected that framing, saying Bank of America is still investing heavily in financial centers, marketing, rewards, digital capabilities and AI, while productivity gains are helping offset some of that spending.

Bank of America Highlights AI and Segment BreadthManagement treated AI as a practical productivity story, not a separate growth narrative. Moynihan said more than 200,000 employees are using AI-enabled capabilities, generating over 400,000 prompts a day, with 300-plus approved AI use cases and 114 live generative AI use cases.

That message was tied directly to execution inside the businesses. Consumer Banking posted 10% net income growth, Global Wealth and Investment Management delivered 42% net income growth on record revenues, Global Banking benefited from a 50% jump in total corporation investment banking fees and Global Markets produced its 17th consecutive quarter of year-over-year sales and trading revenue growth.

In Q&A, management also linked AI enthusiasm to underwriting discipline. Moynihan said the bank is evaluating how AI affects borrowers and industries while also using the technology internally to improve speed, consistency and client coverage. That kept the tone measured even as executives sounded upbeat on the long-term opportunity.

BAC Leaves an Upbeat But Disciplined ToneThe call ended with a management team emphasizing breadth, not a single standout line item. Moynihan pointed to resilient consumers, healthy commercial activity, strong capital markets pipelines and continued capital returns, including $8 billion returned to its shareholders in the quarter through dividends and repurchases.

Borthwick’s closing tone was similarly disciplined. He described activity as healthy across lending, payments, wealth, investment banking and markets, while maintaining that credit quality remains stable and the balance sheet remains a source of strength.

Zacks Signals for Bank of AmericaBAC currently carries a Zacks Rank #3 (Hold) with a Value Score of C, Growth Score of C, Momentum Score of A and VGM Score of B. Under the Zacks framework, the rank is the first screen because earnings estimate revisions are the most important driver, while Style Scores help refine opportunity by value, growth and momentum characteristics.

That combination points to balanced style characteristics with stronger momentum than value or growth at the moment. The VGM Score of B is constructive, but the Style Score framework is most favorable when paired with Zacks Rank #1 (Strong Buy) or 2 (Buy) stocks. A Zacks Rank can change after earnings as analyst estimate revisions move in response to the just-reported results. You can see the complete list of today’s Zacks #1 Rank stocks here.

New IBM Power Autonomous Operations software identifies and resolves capacity constraints up to 15x1 faster than manually performing the operation IBM Bob™ Premium Package for i helps accelerate application development on IBM i Entry-level Power S1112 server helps enterprises innovate at every scale , /PRNewswire/ -- IBM (NYSE: IBM) today announced IBM Power Autonomous Operations, an AI agent that can help continuously monitor Power systems and autonomously resolve issues to keep operations running smoothly. It complements the recently launched IBM Bob™ Premium Package for i, which brings agentic-driven software designed to accelerate application development on IBM i. These capabilities can accelerate building modern applications so enterprises can innovate at the pace required by their business. Additionally, the entry-level Power S1112 server provides a new compact, efficient option powerful enough to run AI inference locally.

IBM Power S1112, a 1-socket, half-wide Power11 server. (Image credit: Thomas Prior for IBM)

IBM PowerS1112, tower chassis form factor. (Image credit: Thomas Prior for IBM) IBM Power has long been IBM's platform for mission-critical enterprise workloads. As AI becomes part of that critical infrastructure, Power is built to support it.  IBM introduced Power11 last year as autonomous IT for the AI era, built for availability, resiliency, and scale across on-premises and IBM Cloud environments. IBM Power Virtual Server is a fully managed cloud service on which enterprises can run AIX, IBM i and Linux workloads while offloading much of the routine management for system operations. Now, IBM is embedding autonomous IT across the Power platform, from code to runtime, with new capabilities and systems.

According to the IBM IBV 2026 Tech Leader Study: Building the IT foundation for agentic AI at scale, by 2027, enterprises expect to deploy an average of 1,661 AI agents—a 38% increase. At that rate, tech leaders are tasked with managing hundreds of thousands of autonomous decisions daily. And manual governance can't keep up with that math.2 Additionally, according to the IBM Institute for Business Value, Enterprise 2030 study, AI is changing what companies do and how they do it.3 Closing that gap in scale requires an IT foundation that can run and optimize itself while teams focus on innovation.

These newly announced capabilities utilize AI agents to build automation directly into IBM Power across operations, security, and application development so clients can innovate with AI while prioritizing control and resilience. Power Autonomous Operations automates running and optimizing systems, with an embedded agent that lets teams manage Power through simple chat-style prompts. IBM Bob Premium Package for i makes IBM i development accessible to a broad range of engineers, expanding who can build and modernize their applications on the platform.

"Enterprises should not need to choose between moving at the speed of AI and keeping their systems stable and secure," said Hillery Hunter, General Manager for IBM Power and CTO, IBM Infrastructure. "We're making Power increasingly self-operating, so the routine work of helping to keep systems available, optimized, and secured can happen autonomously, and our clients' teams can spend their time on innovation instead of upkeep. That's how a business scales AI with control and resilience."

IBM Power S1112: Extending the Capabilities of Power Servers

As enterprises push AI workloads beyond the data center, the IBM Power S1112 is a new one-socket Power11 system built for compact on-prem deployment. The S1112 runs AI workloads locally using Power11 on-chip Matrix Math Acceleration (MMA) for faster inferencing. Power S1112 offers 2x better core performance versus Power S9144 and 3x better core performance versus Power S8145  — with up to 69% greater energy efficiency than the S9146.

To provide clients with the right level of support for this new system, IBM Technology Lifecycle Services is introducing IBM Power Expert Care Premium Essentials, a new incident-focused support tier available exclusively for the Power S1112. Premium Essentials delivers priority access to IBM experts, accelerated response, and intelligent support automation.

IBM Power Autonomous Operations: Managing Infrastructure Through Conversation

IBM Power Autonomous Operations resolves capacity constraint issues up to 15x faster than manual intervention7. Today's enterprise systems can seem to demand constant attention, but manual operations management can make it difficult to manage. IBM Power Autonomous Operations redefines this model by automating and optimizing day-to-day operations across the IBM Power environment. An embedded AI agent that enables natural, conversational interaction can help teams to manage, tune, and streamline their environments without relying on deep domain expertise for every task. The result is a resilient, self-optimizing infrastructure architected to reduce operational burden while accelerating performance and uptime.

IBM Bob Premium Package for i: Making IBM i Development Accessible to More Engineers

IBM i is a fully integrated operating system that remains a vital part of the core business of many companies across major industries, yet modernizing IBM i applications has historically required specialized skills for RPG applications. To help address this challenge, IBM Bob is an AI-powered development assistant that offers an agentic SDLC experience for enterprise developers.

IBM Bob Premium Package for i is engineered to provide built-in support for IBM i conventions and patterns across the full development lifecycle, to help engineers make changes faster, onboard sooner, and evolve applications while prioritizing team capacity along the way. From understanding complex code to moving modernization and AI projects forward, IBM Bob can expand the pool of developers who improve the IBM i applications that organizations depend on every day. Early adopters are already seeing results: Heartland Co-Op estimates 60% faster time for new-to-platform developers to understand complex applications.8

Client Momentum

Clients and partners are already running IBM Power on premises and in the cloud, drawn by its performance, resilience, and hybrid flexibility:

"For a business like ours, reliability and simplicity matter because our customers depend on us every day. IBM Power and IBM i have consistently delivered the stability and security we need to support our operations with confidence. And that continues with the introduction of IBM Bob and the IBM Power S1112. What excites me most about the new Power S1112 is the ability to do more with less through increased capacity, energy efficiency, and the growing focus IBM has on automation, making systems easier to manage for small and midsized businesses. We are also excited about how IBM Bob for IBM i can help our team accelerate modernization by quickly interpreting older RPG code, tracing field logic, generating documentation, and making decades of system knowledge easier to understand and act on. Together, IBM Power, IBM i, and IBM Bob give us a forward-looking foundation to modernize with confidence while continuing to deliver the reliability our business depends on." Jasmine Kaczmarek, vice president of technology, M.R. Williams.

"What I noticed about IBM Bob almost immediately was the level of detail provided as compared to other AIs. I like using AI to build and execute plans for specific projects. Given the exact same prompt, Bob's planning was always 10-fold more detailed than other AIs. More specifics, more details, and provided a better understanding of the steps through the project from beginning to end." Bob Richardson, ERP Support Analyst, Wynne Systems, Inc.

"The new IBM Power S1112 provides us with the flexibility to expand beyond traditional workloads and explore new AI opportunities by running Linux partitions alongside our IBM i environment," said Andy Buchholtz, Owner, Innovative Software Solutions. "Combining that flexibility with the security, reliability, and resilience we trust from the IBM Power platform gives us confidence as we continue to innovate and modernize our business."

"We're no longer reacting to weather. We're prepared for it," said Chad Simpson, CIO, City Home. "Our infrastructure is built to keep the business running, no matter what. We've honed our process to perform role swaps every quarter, and this capability gives us great confidence in our business continuity posture. It's a powerful thing, and it's all thanks to IBM Cloud and Power Virtual Server."

Availability

IBM Power S1112 is expected to be generally available on July 24, 2026, IBM Power Autonomous Operations is expected to be generally available on September 23, 2026, and IBM Bob Premium Package for i was made generally available on June 24, 2026. To learn more, visit ibm.com/power.

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 the competitive edge in their industries. Thousands of government 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.

Additional Sources

Power S1112 and autonomous IT capabilities blog IBM Power S1112 product page  IBM Institute for Business Value Enterprise 2030 study  Media contact:

Sarah Fraser
IBM Infrastructure Communications
[email protected]

1 Disclaimer 1: The performance and capacity management efficiency claim is based on IBM internal testing conducted in a controlled, representative IBM Power infrastructure environment consisting of eleven IBM Power systems. Capacity thresholds and alerting policies were preconfigured prior to test execution. Under this configuration, the manual operational process entailed—navigating to the performance dashboard for each system, exporting performance data to CSV/XLS format, reviewing and analyzing the data to identify required capacity adjustments, and implementing the changes—required on average 52.59 minutes to detect and resolve capacity‑related conditions across the eleven systems. In a comparable scenario, IBM Power Autonomous Operations, which includes alert ingestion and AI-based, agent-driven diagnostic analysis producing recommended and remedial actions with human-in-the-loop approval to remediate, completed the same process in on average 3.33 minutes.
2 https://www.ibm.com/thought-leadership/institute-business-value/en-us/c-suite-study/cxo
3 https://www.ibm.com/thought-leadership/institute-business-value/en-us/report/enterprise-2030
4 Based on published CPW results comparing Power S1112/4 core to IBM Power S914/4 core. Valid as of 7/14/2026 and available at: https://www.ibm.com/downloads/documents/us-en/10c31775c5d40fed
5 Based on published CPW results comparing Power S1112/4 core to IBM Power S814/4 core. Valid as of 7/14/2026 and available at: https://www.ibm.com/downloads/documents/us-en/10c31775c5d40fed
6 Based on system capability of Power S1112/10c performance 291,300E CPW (extrapolated from 116,500 CPW for 4-cores) @ 540E Watts (539 Performance/Watt) compared to Power S914/8cperformance of 122,500 CPW @ 383 Watts (319 Performance/Watt); 539 / 319 = 1.69 more Performance/Watt
7 Disclaimer 1: The performance and capacity management efficiency claim is based on IBM internal testing conducted in a controlled, representative IBM Power infrastructure environment consisting of eleven IBM Power systems. Capacity thresholds and alerting policies were preconfigured prior to test execution. Under this configuration, the manual operational process entailed—navigating to the performance dashboard for each system, exporting performance data to CSV/XLS format, reviewing and analyzing the data to identify required capacity adjustments, and implementing the changes—required on average 52.59 minutes to detect and resolve capacity‑related conditions across the eleven systems. In a comparable scenario, IBM Power Autonomous Operations, which includes alert ingestion and AI-based, agent-driven diagnostic analysis producing recommended and remedial actions with human-in-the-loop approval to remediate, completed the same process in on average 3.33 minutes.
8 Heartland Co-op Modernizes Grain Operations with IBM i and IBM Bob

SOURCE IBM

, /PRNewswire/ -- M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $818 million or $5.32 of diluted earnings per common share.

(Dollars in millions, except per share data)

2Q26

1Q26

2Q25

Earnings Highlights

Net interest income

$        1,792

$        1,752

$        1,713

Taxable-equivalent adjustment

12

11

9

Net interest income - taxable-equivalent

1,804

1,763

1,722

Provision for credit losses

120

140

125

Noninterest income

740

689

683

Noninterest expense

1,349

1,438

1,336

Net income

818

664

716

Net income available to common shareholders - diluted

781

620

679

Diluted earnings per common share

5.32

4.13

4.24

Return on average assets - annualized

1.51 %

1.26 %

1.37 %

Return on average common shareholders' equity - annualized

12.30

9.67

10.39

Average Balance Sheet

Total assets

$     216,532

$     213,828

$    210,261

Interest-bearing deposits at banks

15,061

16,231

19,698

Investment securities

38,728

37,845

35,335

Loans

141,427

138,423

135,407

Deposits (1)

163,524

164,176

163,258

Borrowings

20,794

16,759

14,263

Selected Ratios

(Amounts expressed as a percent, except per share data)

Net interest margin (1)

3.70 %

3.70 %

3.62 %

Efficiency ratio (2)

52.8

58.3

55.2

Net charge-offs to average total loans - annualized

.23

.31

.32

Allowance for loan losses to total loans

1.52

1.53

1.61

Nonaccrual loans to total loans

.84

.89

1.16

Common equity Tier 1 ("CET1") capital ratio (3)

10.19

10.33

10.99

Common shareholders' equity per share

$      176.03

$      173.82

$      166.94

(1)

In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.

(2)

A reconciliation of non-GAAP measures is included in the tables that accompany this release.

(3)

CET1 capital ratio at June 30, 2026 is estimated.

Financial Highlights

Taxable-equivalent net interest income increased $41 million in the recent quarter as compared with the first quarter of 2026 reflecting an additional day in the recent quarter, higher interest income on nonaccrual loans and growth in average earning assets. The net interest margin remained at 3.70%. A $3.0 billion increase in average loan balances in the recent quarter spanned all loan categories including $2.3 billion of growth in average commercial and industrial loans. Commercial real estate loans at June 30, 2026 increased $1.1 billion from March 31, 2026. Noninterest income in the recent quarter reflects a higher distribution from M&T's investment in Bayview Lending Group LLC ("BLG"), an increase in trust income and a rise in revenues from interest rate swap agreements entered into for commercial customers. The decline in noninterest expense reflects seasonal salaries and employee benefits expense recognized in the first quarter of 2026. The allowance for loan losses as a percent of total loans declined 1 basis point to 1.52% at June 30, 2026. In the recent quarter, M&T repurchased 2.1 million shares of its common stock at a total cost of $465 million. M&T's CET1 capital ratio is estimated to be 10.19% at June 30, 2026. Chief Financial Officer Commentary

"M&T generated record earnings per share in the second quarter, reflecting strong contributions from our commercial, retail and institutional services and wealth management businesses. These results reflect the enduring strength of our franchise and the dedication of our employees to making a meaningful difference in the lives of our customers and communities. I want to thank my M&T colleagues. As a result of their commitment, M&T continues to create lasting value for everyone we serve."

- Daryl N. Bible, M&T's Chief Financial Officer

Contact:

Investor Relations: 

Rajiv Ranjan       

716.842.5138

Steve Wendelboe

716.842.5138

Media Relations: 

Frank Lentini   

929.651.0447

 Non-GAAP Measures (1)

(Dollars in millions, except per share data)

2Q26

1Q26

Change
2Q26 vs.
1Q26

2Q25

Change
2Q26 vs.
2Q25

Net operating income

$            823

$            671

23 %

$            724

14 %

Diluted net operating earnings per common share

5.35

4.18

28

4.28

25

Annualized return on average tangible assets

1.59 %

1.33 %

1.44 %

Annualized return on average tangible common equity

18.57

14.51

15.54

Efficiency ratio

52.8

58.3

55.2

Tangible equity per common share

$       117.41

$       115.96

1

$       112.48

4

(1)

A reconciliation of non-GAAP measures is included in the tables that accompany this release.

M&T consistently provides supplemental reporting of its results on a "net operating" or "tangible" basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill and core deposit and other intangible asset balances, net of applicable deferred tax amounts) and expenses associated with merging acquired operations into M&T (when incurred), since such items are considered by management to be "nonoperating" in nature.

 Taxable-equivalent Net Interest Income (1)

(Dollars in millions)

2Q26

1Q26

Change

2Q26 vs.
1Q26

2Q25

Change

2Q26 vs. 
2Q25

Average earning assets

$     195,216

$     192,594

1 %

$     190,535

2 %

Average interest-bearing liabilities (2)

140,354

136,388

3

132,368

6

Net interest income - taxable-equivalent

1,804

1,763

2

1,722

5

Yield on average earning assets (2)

5.40 %

5.35 %

5.51 %

Cost of interest-bearing liabilities (2)

2.36

2.32

2.71

Net interest spread

3.04

3.03

2.80

Net interest margin (2)

3.70

3.70

3.62

(1)

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates are included in the accompanying table herein.

(2)

In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.

Taxable-equivalent net interest income increased $41 million, or 2%, compared with the first quarter of 2026 reflecting an additional calendar day, higher interest income from nonaccrual loans and growth in average loans in the recent quarter. Taxable-equivalent net interest income increased $82 million, or 5%, as compared with the year-earlier second quarter reflecting growth in average loans and investment securities and favorable earning asset and interest-bearing liability repricing, including an improved impact from interest rate swap agreements.

 Average Earning Assets

(Dollars in millions)

2Q26

1Q26

Change

2Q26 vs. 
1Q26

2Q25

Change

2Q26 vs.
2Q25

Interest-bearing deposits at banks

$      15,061

$      16,231

-7 %

$      19,698

-24 %

Investment securities

38,728

37,845

2

35,335

10

Loans (1)

Commercial and industrial

66,069

63,804

4

61,036

8

Real estate - commercial

23,553

23,496

—

25,333

-7

Real estate - residential

25,086

24,817

1

23,684

6

Consumer

26,719

26,306

2

25,354

5

Total loans

141,427

138,423

2

135,407

4

Other

—

95

-100

95

-100

Total earning assets

$    195,216

$    192,594

1

$    190,535

2

(1)

  Supplemental information on loan balances is included in the accompanying table herein.

Average earning assets rose $2.6 billion from the first quarter of 2026 reflecting loan growth and the purchases of investment securities predominantly in the immediately preceding quarter. The increase in average loans reflected broad-based growth in average commercial and industrial loan balances of $2.3 billion and higher average commercial real estate loan balances of $57 million, average residential real estate loan balances of $269 million and average consumer loan balances of $413 million.

Average earning assets increased $4.7 billion from the second quarter of 2025. Average interest-bearing deposits at banks decreased $4.6 billion as liquidity was deployed to originate loans and purchase investment securities. The growth in average loans reflected higher average balances of commercial and industrial loans of $5.0 billion, including growth in loans spanning most industry types, residential real estate loans of $1.4 billion and consumer loans of $1.4 billion. Those increases were partially offset by a $1.8 billion decline in average commercial real estate loan balances, reflecting payoffs.

 Average Interest-bearing Liabilities

(Dollars in millions)

2Q26

1Q26

Change

2Q26 vs.
1Q26

2Q25

Change

2Q26 vs.
2Q25

Interest-bearing deposits

Savings and interest-checking deposits (1)

$       105,752

$       106,570

-1 %

$       103,934

2 %

Time deposits (1)

13,808

13,059

6

14,171

-3

Total interest-bearing deposits (1)

119,560

119,629

—

118,105

1

Short-term borrowings

8,016

5,695

41

3,327

141

Long-term borrowings

12,778

11,064

15

10,936

17

Total interest-bearing liabilities (1)

$       140,354

$       136,388

3

$       132,368

6

(1)

In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.

Average interest-bearing liabilities in the recent quarter rose $4.0 billion from the first quarter of 2026 reflecting an increase in average short-term borrowings from the FHLB of New York and average long-term borrowings from issuances of senior notes and securitizations.

Average interest-bearing liabilities increased $8.0 billion from the second quarter of 2025 reflecting growth in average savings and interest-checking deposits of $1.8 billion and higher average short-term borrowings from the FHLB of New York and long-term borrowings from issuances of senior notes and securitizations.

Provision for Credit Losses/Asset Quality

(Dollars in millions)

2Q26

1Q26

Change

2Q26 vs.

1Q26

2Q25

Change

2Q26 vs.

2Q25

At end of quarter

Nonaccrual loans

$         1,208

$         1,240

-3 %

$          1,573

-23 %

Real estate and other foreclosed assets

23

27

-14

30

-25

Total nonperforming assets

1,231

1,267

-3

1,603

-23

Accruing loans past due 90 days or more (1)

603

646

-7

496

22

Nonaccrual loans as % of loans outstanding

.84 %

.89 %

1.16 %

Allowance for loan losses

$         2,176

$         2,136

2

$          2,197

-1

Allowance for loan losses as % of loans outstanding

1.52 %

1.53 %

1.61 %

Reserve for unfunded credit commitments

$               95

$               95

—

$                80

19

For the period

Provision for loan losses

$             120

$             125

-4

$             105

14

Provision for unfunded credit commitments

—

15

-100

20

-100

Total provision for credit losses

120

140

-14

125

-4

Net charge-offs

80

105

-23

108

-26

Net charge-offs as % of average loans (annualized)

.23 %

.31 %

.32 %

(1)

Predominantly government-guaranteed residential real estate loans.

The provision for credit losses was $120 million in the second quarter of 2026 as compared with $140 million in the immediately preceding quarter and $125 million in the second quarter of 2025. The allowance for loan losses as a percent of loans outstanding was 1.52% at June 30, 2026 and 1.53% at March 31, 2026, improved from 1.61% at June 30, 2025. That improvement reflects lower levels of criticized loans.

Nonaccrual loans were $1.2 billion at each of June 30, 2026 and March 31, 2026, compared with $1.6 billion at June 30, 2025. The lower level of nonaccrual loans at June 30, 2026 and March 31, 2026 as compared with June 30, 2025 reflects a decrease in commercial and industrial and commercial real estate nonaccrual loans.

 Noninterest Income

(Dollars in millions)

2Q26

1Q26

Change

2Q26 vs. 
1Q26

2Q25

Change

2Q26 vs.
2Q25

Mortgage banking revenues (1)

$          127

$          127

— %

$          130

-2 %

Service charges on deposit accounts

144

139

4

137

4

Trust income

197

183

8

182

9

Brokerage services income

35

35

2

31

13

Trading account and other non-hedging derivative gains

22

14

61

12

100

Gain (loss) on bank investment securities

2

4

-57

—

—

Other revenues from operations (2)

213

187

14

191

12

Total

$          740

$          689

8

$          683

8

(1)

Supplemental information on mortgage banking activities is included in the accompanying table herein.

(2)

Supplemental information on other revenues from operations is included in the accompanying table herein.

Effective January 1, 2026, the Company elected to prospectively measure its residential mortgage loan servicing right assets at fair value with changes in fair value reflected in mortgage banking revenues. As a result, amortization associated with residential mortgage loan servicing right assets previously recognized in other costs of operations before 2026 is no longer recorded. Instead beginning in 2026, fair value changes in residential mortgage loan servicing right assets, inclusive of the realization of expected net servicing revenues over time, are included in mortgage banking revenues. On December 31, 2025, the Company began economically hedging the risk of fair value changes in these assets through the use of various interest rate derivative contracts, for which changes in fair value are also reflected in mortgage banking revenues.

Noninterest income in the second quarter of 2026 increased $51 million, or 8%, from 2026's first quarter.

Trust income rose $14 million reflecting higher revenues from the Company's institutional services and wealth management businesses, including seasonal tax service fees. Trading account and other non-hedging derivative gains increased $8 million reflecting higher revenues from interest rate swap transactions with commercial customers. Other revenues from operations increased $26 million reflecting a $47 million distribution from M&T's investment in BLG in the recent quarter as compared with $33 million in the first quarter of 2026 and higher merchant discount and credit card fees. Noninterest income rose $57 million, or 8%, as compared with the second quarter of 2025.

Service charges on deposit accounts increased $7 million reflecting higher commercial and consumer service charges. Trust income rose $15 million reflecting higher revenues from the Company's institutional services and wealth management businesses. Trading account and other non-hedging derivative gains increased $10 million reflecting higher revenues from interest rate swap transactions with commercial customers. Other revenues from operations increased $22 million reflecting a $47 million distribution from M&T's investment in BLG in the recent quarter, partially offset by a $15 million gain on the sale of an out-of-footprint residential builder and developer loan portfolio and a $10 million gain on the sale of a subsidiary that specialized in institutional services each in the second quarter of 2025.  Noninterest Expense

(Dollars in millions)

2Q26

1Q26

Change

2Q26 vs.
1Q26

2Q25

Change

2Q26 vs.
2Q25

Salaries and employee benefits

$          826

$          914

-10 %

$          813

2 %

Equipment and net occupancy

129

133

-2

130

—

Outside data processing and software

154

144

8

138

12

Professional and other services

89

93

-5

86

2

FDIC assessments

18

23

-27

22

-21

Advertising and marketing

27

21

31

25

8

Amortization of core deposit and other intangible assets

7

9

-26

9

-27

Other costs of operations

99

101

-2

113

-12

Total

$       1,349

$       1,438

-6

$       1,336

1

Noninterest expense declined $89 million, or 6%, from the first quarter of 2026.

Salaries and employee benefits expense decreased $88 million reflecting seasonally higher stock-based compensation, payroll-related taxes and other employee benefits expense in the first quarter of 2026 and lower average staffing levels in the recent quarter, partially offset by the full-quarter impact of annual merit increases and an additional working day in the recent quarter. Outside data processing and software costs increased $10 million reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems. Noninterest expense increased $13 million, or 1%, from the second quarter of 2025.

Salaries and employee benefits expense increased $13 million reflecting higher salaries expense from annual merit and other increases and a rise in incentive compensation, partially offset by lower staffing levels in the recent quarter. Outside data processing and software costs rose $16 million reflecting costs associated with enhancements to the Company's technology infrastructure, cybersecurity and financial recordkeeping and reporting systems. Other costs of operations decreased $14 million reflecting the amortization associated with residential mortgage loan servicing right assets in the second quarter of 2025, partially offset by higher expense associated with the Company's supplemental executive retirement savings plan. Income Taxes

The Company's effective income tax rate was 23.1% in the second quarter of 2026, compared with 23.0% and 23.4% in the first quarter of 2026 and the second quarter of 2025, respectively.

Capital and Liquidity

2Q26

1Q26

2Q25

CET1

10.19 %

(1)

10.33 %

10.99 %

Tier 1 capital

11.64

(1)

11.81

12.50

Total capital

13.72

(1)

13.61

13.96

Tangible capital – common

8.07

8.26

8.67

(1)

Capital ratios at June 30, 2026 are estimated.

M&T's capital ratios remained well above the minimum set forth by regulatory requirements. Cash dividends declared on M&T's common and preferred stock totaled $220 million and $35 million, respectively, for the quarter ended June 30, 2026. M&T's current stress capital buffer is 2.7%.

M&T repurchased shares of its common stock at a cost of $465 million during the recent quarter, compared with $1.25 billion and $1.08 billion in the first quarter of 2026 and the second quarter of 2025, respectively.

The CET1 capital ratio for M&T was estimated at 10.19% as of June 30, 2026. M&T's total risk-weighted assets at June 30, 2026 are estimated to be $167.9 billion. Reflecting loan growth and share repurchase activity in the recent quarter, M&T's tangible common equity to tangible asset ratio at June 30, 2026 decreased 19 basis points from March 31, 2026 and 60 basis points from June 30, 2025.

While not subject to the liquidity coverage ratio ("LCR") requirements, M&T estimates that its LCR on June 30, 2026 was 106%, exceeding the regulatory minimum standards that would be applicable if it were a Category III institution subject to the Category III reduced LCR requirements.

Conference Call

Investors will have an opportunity to listen to M&T's conference call to discuss second quarter financial results today at 8:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 347-7315. International participants, using any applicable international calling codes, may dial (785) 424-1755. Callers should reference M&T Bank Corporation or the conference ID #MTBQ226. The conference call will be webcast live through M&T's website at https://ir.mtb.com/news-events/events-presentations. A replay of the call will be available through Wednesday July 22, 2026, by calling (800) 695-2533 or (402) 530-9029 for international participants. No conference ID or passcode is required. The event will also be archived and available by 3:00 p.m. today on M&T's website at https://ir.mtb.com/news-events/events-presentations. 

About M&T

M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com. 

Forward-Looking Statements

This news release and related conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the SEC. Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions.

Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control.

Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted.

While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events, developments and current conditions in the financial services industry, including trust, brokerage and investment management businesses; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T's credit ratings; domestic or international political developments and other geopolitical events, including trade and tariff policies and international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-, brokerage-, and investment management-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the initiation and outcome of potential, pending and future litigation, investigations and governmental proceedings, including tax-related examinations and other matters; operational risk events, including loss resulting from fraud by employees or persons outside M&T and breaches in data and cybersecurity; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements.

These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors.

M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2025, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements.

Financial Highlights

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in millions, except per share, shares in thousands)

2026

2025

Change

2026

2025

Change

Performance

Net income

$         818

$         716

14 %

$       1,482

$       1,300

14 %

Net income available to common shareholders

781

679

15

1,401

1,226

14

Per common share:

Basic earnings

5.35

4.26

26

9.49

7.58

25

Diluted earnings

5.32

4.24

25

9.44

7.55

25

Cash dividends

1.50

1.35

11

3.00

2.70

11

Common shares outstanding:

Average - diluted

146,758

160,005

-8

148,424

162,511

-9

Period end

144,933

156,532

-7

144,933

156,532

-7

Return on (annualized):

Average total assets

1.51 %

1.37 %

1.39 %

1.25 %

Average common shareholders' equity

12.30

10.39

10.98

9.37

Taxable-equivalent net interest income

$       1,804

$       1,722

5

$       3,567

$       3,429

4

Yield on average earning assets (1)

5.40 %

5.51 %

5.38 %

5.51 %

Cost of interest-bearing liabilities (1)

2.36

2.71

2.35

2.70

Net interest spread (1)

3.04

2.80

3.03

2.81

Contribution of interest-free funds (1)

.66

.82

.67

.83

Net interest margin

3.70

3.62

3.70

3.64

Net charge-offs to average total net loans (annualized)

.23

.32

.27

.33

Net operating results (2)

Net operating income

$         823

$         724

14

$       1,494

$       1,318

13

Diluted net operating earnings per common share

5.35

4.28

25

9.52

7.66

24

Return on (annualized):

Average tangible assets

1.59 %

1.44 %

1.46 %

1.32 %

Average tangible common equity

18.57

15.54

16.52

14.03

Efficiency ratio

52.8

55.2

55.5

57.8

At June 30,

Loan quality

2026

2025

Change

Nonaccrual loans

$       1,208

$       1,573

-23 %

Real estate and other foreclosed assets

23

30

-25

Total nonperforming assets

$       1,231

$       1,603

-23

Accruing loans past due 90 days or more

$         603

$         496

22

Government guaranteed loans included in totals above:

Nonaccrual loans

$           78

$           75

4

Accruing loans past due 90 days or more

586

450

30

Nonaccrual loans to total loans

.84 %

1.16 %

Allowance for loan losses to total loans

1.52

1.61

Additional information

Period end common stock price

$     238.01

$     193.99

23

Full-service domestic banking offices (3)

911

941

-3

Full-time equivalent employees

21,662

22,590

-4

(1)

In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.

(2)

Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear herein.

(3)

In the first quarter of 2026, thirteen domestic branches formerly classified as full service were designated as limited service per regulatory filings.

Financial Highlights, Five Quarter Trend

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

(Dollars in millions, except per share, shares in thousands)

2026

2026

2025

2025

2025

Performance

Net income

$             818

$             664

$             759

$             792

$             716

Net income available to common shareholders

781

620

718

754

679

Per common share:

Basic earnings

5.35

4.16

4.71

4.85

4.26

Diluted earnings

5.32

4.13

4.67

4.82

4.24

Cash dividends

1.50

1.50

1.50

1.50

1.35

Common shares outstanding:

Average - diluted

146,758

150,109

153,712

156,553

160,005

Period end

144,933

146,917

151,840

154,518

156,532

Return on (annualized):

Average total assets

1.51 %

1.26 %

1.41 %

1.49 %

1.37 %

Average common shareholders' equity

12.30

9.67

10.87

11.45

10.39

Taxable-equivalent net interest income

$           1,804

$           1,763

$           1,790

$           1,773

$           1,722

Yield on average earning assets (1)

5.40 %

5.35 %

5.47 %

5.60 %

5.51 %

Cost of interest-bearing liabilities (1)

2.36

2.32

2.52

2.72

2.71

Net interest spread

3.04

3.03

2.95

2.88

2.80

Contribution of interest-free funds (1)

.66

.67

.75

.81

.82

Net interest margin (1)

3.70

3.70

3.70

3.69

3.62

Net charge-offs to average total net loans (annualized)

.23

.31

.54

.42

.32

Net operating results (2)

Net operating income

$             823

$             671

$             767

$             798

$             724

Diluted net operating earnings per common share

5.35

4.18

4.72

4.87

4.28

Return on (annualized):

Average tangible assets

1.59 %

1.33 %

1.49 %

1.56 %

1.44 %

Average tangible common equity

18.57

14.51

16.24

17.13

15.54

Efficiency ratio

52.8

58.3

55.1

53.6

55.2

June 30,

March 31,

December 31,

September 30,

June 30,

Loan quality

2026

2026

2025

2025

2025

Nonaccrual loans

$           1,208

$           1,240

$           1,252

$           1,512

$           1,573

Real estate and other foreclosed assets

23

27

35

37

30

Total nonperforming assets

$           1,231

$           1,267

$           1,287

$           1,549

$           1,603

Accruing loans past due 90 days or more

$              603

$              646

$              561

$              432

$              496

Government guaranteed loans included in totals above:

Nonaccrual loans

78

85

83

71

75

Accruing loans past due 90 days or more

586

634

543

403

450

Nonaccrual loans to total loans

.84 %

.89 %

.90 %

1.10 %

1.16 %

Allowance for loan losses to total loans

1.52

1.53

1.53

1.58

1.61

Additional information

Period end common stock price

$         238.01

$         206.72

$         201.48

$         197.62

$         193.99

Full-service domestic banking offices (3)

911

930

942

942

941

Full-time equivalent employees

21,662

21,866

22,080

22,383

22,590

(1)

In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.

(2)

Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear herein.

(3)

In the first quarter of 2026, thirteen domestic branches formerly classified as full service were designated as limited service per regulatory filings.

Condensed Consolidated Statement of Income

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in millions)

2026

2025

Change

2026

2025

Change

Interest income

$   2,620

$   2,609

— %

$   5,156

$   5,169

— %

Interest expense

828

896

-8

1,612

1,761

-8

Net interest income

1,792

1,713

5

3,544

3,408

4

Provision for credit losses

120

125

-4

260

255

2

Net interest income after provision for credit losses

1,672

1,588

5

3,284

3,153

4

Other income

Mortgage banking revenues

127

130

-2

254

248

2

Service charges on deposit accounts

144

137

4

283

270

5

Trust income

197

182

9

380

359

6

Brokerage services income

35

31

13

70

63

11

Trading account and other non-hedging

derivative gains

22

12

100

36

21

74

Gain (loss) on bank investment securities

2

—

—

6

—

—

Other revenues from operations

213

191

12

400

333

20

Total other income

740

683

8

1,429

1,294

10

Other expense

Salaries and employee benefits

826

813

2

1,740

1,700

2

Equipment and net occupancy

129

130

—

262

262

—

Outside data processing and software

154

138

12

298

274

9

Professional and other services

89

86

2

182

170

7

FDIC assessments

18

22

-21

41

45

-10

Advertising and marketing

27

25

8

48

47

1

Amortization of core deposit and other

intangible assets

7

9

-27

16

22

-27

Other costs of operations

99

113

-12

200

231

-13

Total other expense

1,349

1,336

1

2,787

2,751

1

Income before taxes

1,063

935

14

1,926

1,696

14

Income taxes

245

219

12

444

396

12

Net income

$      818

$      716

14 %

$   1,482

$   1,300

14 %

Condensed Consolidated Statement of Income, Five Quarter Trend

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

(Dollars in millions)

2026

2026

2025

2025

2025

Interest income

$        2,620

$        2,536

$             2,637

$             2,680

$        2,609

Interest expense

828

784

858

919

896

Net interest income

1,792

1,752

1,779

1,761

1,713

Provision for credit losses

120

140

125

125

125

Net interest income after provision for credit losses

1,672

1,612

1,654

1,636

1,588

Other income

Mortgage banking revenues

127

127

155

147

130

Service charges on deposit accounts

144

139

140

141

137

Trust income

197

183

184

181

182

Brokerage services income

35

35

34

34

31

Trading account and other non-hedging
     derivative gains

22

14

19

18

12

Gain (loss) on bank investment securities

2

4

1

1

—

Other revenues from operations

213

187

163

230

191

Total other income

740

689

696

752

683

Other expense

Salaries and employee benefits

826

914

809

833

813

Equipment and net occupancy

129

133

134

129

130

Outside data processing and software

154

144

146

138

138

Professional and other services

89

93

105

81

86

FDIC assessments

18

23

(8)

13

22

Advertising and marketing

27

21

32

23

25

Amortization of core deposit and other
     intangible assets

7

9

10

10

9

Other costs of operations

99

101

151

136

113

Total other expense

1,349

1,438

1,379

1,363

1,336

Income before taxes

1,063

863

971

1,025

935

Income taxes

245

199

212

233

219

Net income

$            818

$            664

$                759

$                792

$            716

Condensed Consolidated Balance Sheet

June 30,

(Dollars in millions)

2026

2025

Change

ASSETS

Cash and due from banks

$         1,939

$         2,128

-9 %

Interest-bearing deposits at banks

15,499

19,297

-20

Investment securities

38,374

35,568

8

Loans:

Commercial and industrial

66,143

61,660

7

Real estate - commercial

24,492

24,567

—

Real estate - residential

25,384

24,117

5

Consumer

27,174

25,772

5

Total loans

143,193

136,116

5

Less: allowance for loan losses

2,176

2,197

-1

Net loans

141,017

133,919

5

Goodwill

8,465

8,465

—

Core deposit and other intangible assets

48

84

-43

Other assets

13,919

12,123

15

Total assets

$     219,261

$     211,584

4 %

LIABILITIES AND SHAREHOLDERS' EQUITY

Noninterest-bearing deposits

$       48,295

$       47,485

2 %

Interest-bearing deposits

120,590

116,968

3

Total deposits

168,885

164,453

3

Short-term borrowings

4,614

2,071

123

Long-term borrowings

13,568

12,380

10

Accrued interest and other liabilities

4,248

4,155

2

Total liabilities

191,315

183,059

5

Shareholders' equity:

Preferred

2,434

2,394

2

Common

25,512

26,131

-2

Total shareholders' equity

27,946

28,525

-2

Total liabilities and shareholders' equity

$     219,261

$     211,584

4 %

Condensed Consolidated Balance Sheet, Five Quarter Trend

June 30,

March 31,

December 31,

September 30,

June 30,

(Dollars in millions)

2026

2026

2025

2025

2025

ASSETS

Cash and due from banks

$             1,939

$             1,903

$             1,701

$             1,950

$             2,128

Interest-bearing deposits at banks

15,499

14,445

17,068

16,751

19,297

Investment securities

38,374

38,621

36,649

36,864

35,568

Loans:

Commercial and industrial

66,143

65,391

63,548

61,887

61,660

Real estate - commercial

24,492

23,345

23,819

24,046

24,567

Real estate - residential

25,384

24,857

24,874

24,662

24,117

Consumer

27,174

26,321

26,461

26,379

25,772

Total loans

143,193

139,914

138,702

136,974

136,116

Less: allowance for loan losses

2,176

2,136

2,116

2,161

2,197

Net loans

141,017

137,778

136,586

134,813

133,919

Goodwill

8,465

8,465

8,465

8,465

8,465

Core deposit and other intangible assets

48

55

64

74

84

Other assets

13,919

13,469

12,977

12,360

12,123

Total assets

$        219,261

$        214,736

$        213,510

$        211,277

$        211,584

LIABILITIES AND SHAREHOLDERS' EQUITY

Noninterest-bearing deposits

$          48,295

$          45,892

$          46,509

$          44,994

$          47,485

Interest-bearing deposits

120,590

117,849

120,400

118,432

116,968

Total deposits

168,885

163,741

166,909

163,426

164,453

Short-term borrowings

4,614

7,851

2,149

2,059

2,071

Long-term borrowings

13,568

11,175

10,911

12,928

12,380

Accrued interest and other liabilities

4,248

3,997

4,364

4,136

4,155

Total liabilities

191,315

186,764

184,333

182,549

183,059

Shareholders' equity:

Preferred

2,434

2,434

2,834

2,394

2,394

Common

25,512

25,538

26,343

26,334

26,131

Total shareholders' equity

27,946

27,972

29,177

28,728

28,525

Total liabilities and shareholders' equity

$        219,261

$        214,736

$        213,510

$        211,277

$        211,584

Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates

Three Months Ended

Change in Balance

Six Months Ended

June 30,

March 31,

June 30,

June 30, 2026 from

June 30,

Change

2026

2026

2025

March 31,

June 30,

2026

2025

in

(Dollars in millions)

Balance

Rate

Balance

Rate

Balance

Rate

2026

2025

Balance

Rate

Balance

Rate

Balance

ASSETS

Interest-bearing deposits at banks

$   15,061

3.72 %

$   16,231

3.71 %

$   19,698

4.47 %

-7 %

-24 %

$   15,642

3.72 %

$   19,697

4.48 %

-21 %

Investment securities (1) (2)

38,728

4.29

37,845

4.22

35,335

3.80

2

10

38,289

4.25

34,909

3.88

10

Loans:

Commercial and industrial

66,069

6.00

63,804

6.00

61,036

6.40

4

8

64,942

6.00

61,046

6.38

6

Real estate - commercial (1)

23,553

6.27

23,496

6.11

25,333

6.40

—

-7

23,525

6.19

25,794

6.32

-9

Real estate - residential

25,086

4.64

24,817

4.56

23,684

4.52

1

6

24,952

4.60

23,431

4.48

6

Consumer

26,719

6.46

26,306

6.48

25,354

6.57

2

5

26,514

6.47

24,856

6.57

7

Total loans (1)

141,427

5.89

138,423

5.85

135,407

6.10

2

4

139,933

5.87

135,127

6.08

4

Other (1)

—

—

95

3.49

95

3.47

-100

-100

47

—

96

3.47

-51

Total earning assets (1)

195,216

5.40

192,594

5.35

190,535

5.51

1

2

193,911

5.38

189,829

5.51

2

Goodwill

8,465

8,465

8,465

—

—

8,465

8,465

—

Core deposit and other intangible assets

51

59

89

-13

-42

55

90

-39

Other assets

12,800

12,710

11,172

1

15

12,755

10,912

17

Total assets

$   216,532

$   213,828

$   210,261

1 %

3 %

$   215,186

$   209,296

3 %

LIABILITIES AND SHAREHOLDERS' EQUITY

Interest-bearing deposits

Savings and interest-checking

      deposits (1)

$   105,752

1.81 %

$   106,570

1.84 %

$   103,934

2.24 %

-1 %

2 %

$   106,159

1.82 %

$   102,741

2.22 %

3 %

Time deposits (1)

13,808

3.02

13,059

3.02

14,171

3.48

6

-3

13,435

3.02

14,140

3.52

-5

Total interest-bearing deposits (1)

119,560

1.95

119,629

1.97

118,105

2.39

—

1

119,594

1.96

116,881

2.38

2

Short-term borrowings

8,016

3.86

5,695

3.86

3,327

4.49

41

141

6,862

3.86

3,100

4.51

121

Long-term borrowings (1)

12,778

5.33

11,064

5.41

10,936

5.70

15

17

11,926

5.37

11,109

5.64

7

Total interest-bearing liabilities (1)

140,354

2.36

136,388

2.32

132,368

2.71

3

6

138,382

2.35

131,090

2.70

6

Noninterest-bearing deposits

43,964

44,547

45,153

-1

-3

44,254

45,294

-2

Other liabilities (1)

4,275

4,245

4,074

1

5

4,259

4,081

4

Total liabilities

188,593

185,180

181,595

2

4

186,895

180,465

4

Shareholders' equity

27,939

28,648

28,666

-2

-3

28,291

28,831

-2

Total liabilities and shareholders' equity

$   216,532

$   213,828

$   210,261

1 %

3 %

$   215,186

$   209,296

3 %

Net interest spread (1)

3.04

3.03

2.80

3.03

2.81

Contribution of interest-free funds (1)

.66

.67

.82

.67

.83

Net interest margin (1)

3.70 %

3.70 %

3.62 %

3.70 %

3.64 %

(1)

In conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. Previously reported amounts have been adjusted to conform to the current presentation.

(2)

Yields on investment securities for the three-month and six-month periods ended June 30, 2025 reflect $20 million and $18 million, respectively, of lower taxable-equivalent interest income resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People's United Financial, Inc.

Supplemental Information - Loan Balances

June 30,

March 31,

December 31,

September 30,

June 30,

(Dollars in millions)

2026

2026

2025

2025

2025

Commercial and industrial

Commercial and industrial excluding

   owner-occupied real estate by industry:

Financial and insurance

$         13,852

$         13,545

$         12,794

$         12,084

$         12,138

Services

8,559

8,235

7,910

7,689

7,646

Motor vehicle and recreational finance dealers

6,972

7,069

7,191

6,637

6,502

Manufacturing

6,407

6,424

6,112

6,241

6,189

Wholesale

4,343

4,359

4,386

4,246

4,246

Transportation, communications, utilities

4,208

3,937

3,890

3,755

3,807

Retail

3,330

3,316

3,098

3,114

3,079

Construction

2,450

2,311

2,265

2,206

2,275

Health services

1,712

1,841

1,822

1,780

1,879

Real estate investors

1,526

1,668

1,579

1,506

1,314

Other

1,400

1,365

1,303

1,568

1,377

Total commercial and industrial

   excluding owner-occupied real estate

54,759

54,070

52,350

50,826

50,452

Owner-occupied real estate by industry:

Services

2,362

2,377

2,368

2,308

2,402

Motor vehicle and recreational finance dealers

2,180

2,217

2,234

2,162

2,239

Retail

1,926

1,916

1,893

1,825

1,808

Health services

1,464

1,335

1,268

1,320

1,313

Wholesale

1,035

1,029

978

975

951

Manufacturing

712

727

791

783

785

Real estate investors

607

617

616

634

630

Other

1,098

1,103

1,050

1,054

1,080

Total owner-occupied real estate

11,384

11,321

11,198

11,061

11,208

Total commercial and industrial

66,143

65,391

63,548

61,887

61,660

Commercial real estate

Permanent finance by property type:

Apartments/Multifamily

7,124

6,628

6,837

6,548

6,082

Retail/Service

4,259

4,237

4,164

4,320

4,435

Industrial/Warehouse

3,276

2,462

2,297

2,175

2,098

Office

3,147

3,282

3,423

3,487

3,720

Hotel

1,665

1,727

1,743

1,776

1,889

Health Services

1,583

1,507

1,548

1,554

1,669

Other

180

187

180

202

262

Total permanent

21,234

20,030

20,192

20,062

20,155

Construction/Development

3,258

3,315

3,627

3,984

4,412

Total commercial real estate

24,492

23,345

23,819

24,046

24,567

Residential real estate

Residential real estate

25,384

24,857

24,874

24,662

24,117

Consumer

Home equity lines and loans

4,891

4,796

4,807

4,730

4,634

Recreational finance

14,856

14,144

14,092

14,152

13,666

Automobile

4,969

5,016

5,167

5,223

5,260

Other

2,458

2,365

2,395

2,274

2,212

Total consumer

27,174

26,321

26,461

26,379

25,772

Total loans

$       143,193

$       139,914

$       138,702

$       136,974

$       136,116

Supplemental Information - Mortgage Banking Activities

Three Months Ended

Change

Six Months Ended

Change

June 30,

March 31,

June 30,

June 30,

(Dollars in millions)

2026

2026

Amount

%

2026

2025

Amount

%

Residential mortgage banking revenues

Gains on loans originated for sale

$               7

$                8

$       (1)

-9 %

$             15

$            14

$         1

5 %

Loan servicing:

Loan servicing fees

33

32

1

2

65

70

(5)

-6

Changes in fair value of mortgage loan

   servicing right assets, net of hedging activities

(11)

(13)

2

15

(24)

—

(24)

—

Loan sub-servicing and other fees

67

62

5

9

129

95

34

35

Total loan servicing

89

81

8

10

170

165

5

3

Total residential mortgage banking revenues

$             96

$              89

$         7

8 %

$           185

$          179

$         6

3 %

New commitments to originate loans for sale

$           411

$            400

$       11

3 %

$           811

$          612

$     199

33 %

June 30,

March 31,

December 31,

September 30,

June 30,

(Dollars in millions)

2026

2026

2025

2025

2025

Balances at period end

Loans held for sale

$               256

$               327

$               441

$               327

$               222

Commitments to originate loans for sale

258

222

224

329

248

Commitments to sell loans

467

544

645

576

407

Capitalized mortgage loan servicing assets

540

542

287

305

326

Loans serviced for others

35,253

35,586

35,873

36,421

36,952

Loans sub-serviced for others

183,599

123,968

156,938

161,785

157,608

Total loans serviced for others

$        218,852

$        159,554

$        192,811

$        198,206

$        194,560

Three Months Ended

Change

Six Months Ended

Change

June 30,

March 31,

June 30,

June 30,

(Dollars in millions)

2026

2026

Amount

%

2026

2025

Amount

%

Commercial mortgage banking revenues

Gains on loans originated for sale

$              13

$                18

$       (5)

-28 %

$              31

$              30

$         1

3 %

Loan servicing fees and other

18

20

(2)

-11

38

39

(1)

—

Total commercial mortgage banking revenues

$              31

$                38

$       (7)

-19 %

$              69

$              69

$       —

1 %

Loans originated for sale to other investors

$            746

$           1,135

$   (389)

-34 %

$         1,881

$         2,087

$   (206)

-10 %

June 30,

March 31,

December 31,

September 30,

June 30,

(Dollars in millions)

2026

2026

2025

2025

2025

Balances at period end

Loans held for sale

$               259

$               359

$               484

$               278

$               361

Commitments to originate loans for sale

485

529

773

1,074

659

Commitments to sell loans

740

903

1,253

1,292

1,017

Capitalized mortgage loan servicing assets

136

138

132

123

124

Loans serviced for others

31,368

30,934

30,309

28,957

28,416

Loans sub-serviced for others

4,072

4,194

4,231

4,297

4,209

Total loans serviced for others

$          35,440

$          35,128

$          34,540

$          33,254

$          32,625

Supplemental Information - Other Revenues from Operations

Three Months Ended

Six Months Ended

June 30,

March 31,

Change

June 30,

June 30,

Change

(Dollars in millions)

2026

2026

Amount

%

2026

2025

Amount

%

Letter of credit and other credit-related fees

$             55

$                54

$          1

— %

$           109

$           107

$          2

2 %

Merchant discount and credit card fees

47

41

6

17

88

89

(1)

-2

Bank owned life insurance revenue

20

18

2

5

38

35

3

8

Equipment operating lease income

11

11

—

1

22

25

(3)

-12

BLG income

47

33

14

43

80

—

80

—

Other

33

30

3

11

63

77

(14)

-17

Total other revenues from operations

$           213

$              187

$        26

14 %

$           400

$           333

$        67

20 %

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

(Dollars in millions)

2026

2026

2025

2025

2025

Letter of credit and other credit-related fees

$                  55

$                  54

$                    57

$                    55

$                  58

Merchant discount and credit card fees

47

41

46

51

50

Bank owned life insurance revenue

20

18

19

21

17

Equipment operating lease income

11

11

11

12

14

BLG income

47

33

—

20

—

Other

33

30

30

71

52

Total other revenues from operations

$                213

$                187

$                  163

$                  230

$                191

Supplemental Information - Interest Rate Swap Agreements

(Dollars in billions)

June 30, 2026

September 30, 2026

December 31, 2026

March 31, 2027

June 30, 2027

September 30, 2027

December 31, 2027

Fair value hedges:

Active

$         6.1

$             6.1

$             6.1

$          6.1

$         6.1

$             5.1

$             5.1

Cash flow hedges:

Active

16.0

13.7

14.5

14.0

12.7

10.7

9.6

Forward-starting

10.2

5.0

4.2

2.0

—

—

—

Fair value hedges -

   weighted-average fixed rate:

Active

3.56 %

3.56 %

3.56 %

3.56 %

3.56 %

3.66 %

3.66 %

Cash flow hedges -

   weighted-average fixed rate:

Active

3.82

3.62

3.62

3.60

3.64

3.63

3.57

Forward-starting

3.52

3.64

3.65

3.91

—

—

—

Reconciliation of Quarterly GAAP to Non-GAAP Measures

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

(Dollars in millions, except per share)

Income statement data

Net income

Net income

$       818

$       716

$    1,482

$    1,300

Amortization of core deposit and other intangible assets (1)

5

8

12

18

Net operating income

$       823

$       724

$    1,494

$    1,318

Earnings per common share

Diluted earnings per common share

$      5.32

$      4.24

$      9.44

$      7.55

Amortization of core deposit and other intangible assets (1)

.03

.04

.08

.11

Diluted net operating earnings per common share

$      5.35

$      4.28

$      9.52

$      7.66

Other expense

Other expense

$    1,349

$    1,336

$    2,787

$    2,751

Amortization of core deposit and other intangible assets

(7)

(9)

(16)

(22)

Noninterest operating expense

$    1,342

$    1,327

$    2,771

$    2,729

Efficiency ratio

Noninterest operating expense (numerator)

$    1,342

$    1,327

$    2,771

$    2,729

Taxable-equivalent net interest income

$    1,804

$    1,722

$    3,567

$    3,429

Other income

740

683

1,429

1,294

Less: Gain (loss) on bank investment securities

2

—

6

—

Denominator

$    2,542

$    2,405

$    4,990

$    4,723

Efficiency ratio

52.8 %

55.2 %

55.5 %

57.8 %

Balance sheet data

Average assets

Average assets

$ 216,532

$ 210,261

$ 215,186

$ 209,296

Goodwill

(8,465)

(8,465)

(8,465)

(8,465)

Core deposit and other intangible assets

(51)

(89)

(55)

(90)

Deferred taxes

17

26

18

26

Average tangible assets

$ 208,033

$ 201,733

$ 206,684

$ 200,767

Average common equity

Average total equity

$  27,939

$  28,666

$  28,291

$  28,831

Preferred stock

(2,434)

(2,394)

(2,505)

(2,394)

Average common equity

25,505

26,272

25,786

26,437

Goodwill

(8,465)

(8,465)

(8,465)

(8,465)

Core deposit and other intangible assets

(51)

(89)

(55)

(90)

Deferred taxes

17

26

18

26

Average tangible common equity

$  17,006

$  17,744

$  17,284

$  17,908

At end of quarter

Total assets

Total assets

$ 219,261

$ 211,584

Goodwill

(8,465)

(8,465)

Core deposit and other intangible assets

(48)

(84)

Deferred taxes

17

25

Total tangible assets

$ 210,765

$ 203,060

Total common equity

Total equity

$  27,946

$  28,525

Preferred stock

(2,434)

(2,394)

Common equity

25,512

26,131

Goodwill

(8,465)

(8,465)

Core deposit and other intangible assets

(48)

(84)

Deferred taxes

17

25

Total tangible common equity

$  17,016

$  17,607

(1)

After any related tax effect.

Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend

Three Months Ended

June 30,

March 31,

December 31,

September 30,

June 30,

2026

2026

2025

2025

2025

(Dollars in millions, except per share)

Income statement data

Net income

Net income

$             818

$             664

$             759

$             792

$             716

Amortization of core deposit and other intangible assets (1)

5

7

8

6

8

Net operating income

$             823

$             671

$             767

$             798

$             724

Earnings per common share

Diluted earnings per common share

$             5.32

$             4.13

$             4.67

$             4.82

$             4.24

Amortization of core deposit and other intangible assets (1)

.03

.05

.05

.05

.04

Diluted net operating earnings per common share

$             5.35

$             4.18

$             4.72

$             4.87

$             4.28

Other expense

Other expense

$           1,349

$           1,438

$           1,379

$           1,363

$           1,336

Amortization of core deposit and other intangible assets

(7)

(9)

(10)

(10)

(9)

Noninterest operating expense

$           1,342

$           1,429

$           1,369

$           1,353

$           1,327

Efficiency ratio

Noninterest operating expense (numerator)

$           1,342

$           1,429

$           1,369

$           1,353

$           1,327

Taxable-equivalent net interest income

$           1,804

$           1,763

$           1,790

$           1,773

$           1,722

Other income

740

689

696

752

683

Less: Gain (loss) on bank investment securities

2

4

1

1

—

Denominator

$           2,542

$           2,448

$           2,485

$           2,524

$           2,405

Efficiency ratio

52.8 %

58.3 %

55.1 %

53.6 %

55.2 %

Balance sheet data

Average assets

Average assets

$        216,532

$        213,828

$        212,891

$        211,053

$        210,261

Goodwill

(8,465)

(8,465)

(8,465)

(8,465)

(8,465)

Core deposit and other intangible assets

(51)

(59)

(69)

(79)

(89)

Deferred taxes

17

19

22

24

26

Average tangible assets

$        208,033

$        205,323

$        204,379

$        202,533

$        201,733

Average common equity

Average total equity

$         27,939

$         28,648

$         28,970

$         28,583

$         28,666

Preferred stock

(2,434)

(2,576)

(2,691)

(2,394)

(2,394)

Average common equity

25,505

26,072

26,279

26,189

26,272

Goodwill

(8,465)

(8,465)

(8,465)

(8,465)

(8,465)

Core deposit and other intangible assets

(51)

(59)

(69)

(79)

(89)

Deferred taxes

17

19

22

24

26

Average tangible common equity

$         17,006

$         17,567

$         17,767

$         17,669

$         17,744

At end of quarter

Total assets

Total assets

$        219,261

$        214,736

$        213,510

$        211,277

$        211,584

Goodwill

(8,465)

(8,465)

(8,465)

(8,465)

(8,465)

Core deposit and other intangible assets

(48)

(55)

(64)

(74)

(84)

Deferred taxes

17

18

20

23

25

Total tangible assets

$        210,765

$        206,234

$        205,001

$        202,761

$        203,060

Total common equity

Total equity

$         27,946

$         27,972

$         29,177

$         28,728

$         28,525

Preferred stock

(2,434)

(2,434)

(2,834)

(2,394)

(2,394)

Common equity

25,512

25,538

26,343

26,334

26,131

Goodwill

(8,465)

(8,465)

(8,465)

(8,465)

(8,465)

Core deposit and other intangible assets

(48)

(55)

(64)

(74)

(84)

Deferred taxes

17

18

20

23

25

Total tangible common equity

$         17,016

$         17,036

$         17,834

$         17,818

$         17,607

(1)

After any related tax effect.

SOURCE M&T Bank Corporation