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Gates Industrial (NYSE:GTES – Get Free Report) will likely be announcing its Q2 2026 results before the market opens on Friday, July 31st. Analysts expect Gates Industrial to post earnings of $0.40 per share and revenue of $925.4410 million for the quarter. Gates Industrial has set its FY 2026 guidance at 1.520-1.680 EPS. Individuals are encouraged to explore the company’s upcoming Q2 2026 earning report for the latest details on the call scheduled for Friday, July 31, 2026 at 10:00 AM ET.
Gates Industrial (NYSE:GTES – Get Free Report) last posted its quarterly earnings data on Friday, May 1st. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.03. The firm had revenue of $851.10 million during the quarter, compared to analysts’ expectations of $859.72 million. Gates Industrial had a net margin of 7.23% and a return on equity of 10.00%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter last year, the company posted $0.36 EPS. On average, analysts expect Gates Industrial to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.
Gates Industrial Stock Down 1.4% Shares of NYSE GTES opened at $27.02 on Friday. The firm has a market cap of $6.86 billion, a price-to-earnings ratio of 28.14 and a beta of 1.25. The company has a quick ratio of 2.66, a current ratio of 3.67 and a debt-to-equity ratio of 0.61. Gates Industrial has a 52-week low of $20.88 and a 52-week high of $29.17. The business’s 50 day moving average is $26.42 and its two-hundred day moving average is $25.24.
Institutional Inflows and Outflows Hedge funds and other institutional investors have recently bought and sold shares of the stock. Invesco Ltd. increased its holdings in Gates Industrial by 5.9% during the 4th quarter. Invesco Ltd. now owns 8,322,654 shares of the company’s stock worth $178,687,000 after purchasing an additional 461,160 shares during the period. Corient Private Wealth LLC raised its position in Gates Industrial by 9.3% in the 4th quarter. Corient Private Wealth LLC now owns 190,929 shares of the company’s stock valued at $3,890,000 after purchasing an additional 16,219 shares in the last quarter. EP Wealth Advisors LLC purchased a new position in shares of Gates Industrial in the 4th quarter valued at about $402,000. Mackenzie Financial Corp boosted its stake in shares of Gates Industrial by 17.7% in the 4th quarter. Mackenzie Financial Corp now owns 844,064 shares of the company’s stock valued at $18,381,000 after buying an additional 126,847 shares during the period. Finally, XTX Topco Ltd grew its position in shares of Gates Industrial by 529.5% during the fourth quarter. XTX Topco Ltd now owns 255,562 shares of the company’s stock worth $5,487,000 after buying an additional 214,965 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth A number of equities research analysts have recently weighed in on GTES shares. Robert W. Baird dropped their price objective on Gates Industrial from $39.00 to $37.00 and set an “outperform” rating for the company in a research note on Monday, May 4th. Weiss Ratings reissued a “hold (c+)” rating on shares of Gates Industrial in a research note on Monday, June 29th. Morgan Stanley raised their target price on Gates Industrial from $27.00 to $28.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. Wall Street Zen downgraded Gates Industrial from a “strong-buy” rating to a “buy” rating in a research report on Sunday, May 10th. Finally, Barclays cut their price target on shares of Gates Industrial from $32.00 to $28.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 1st. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $31.36.
Read Our Latest Stock Analysis on GTES
Gates Industrial Company Profile (Get Free Report)
Gates Industrial Corporation PLC (NYSE: GTES) is a leading global manufacturer of engineered power transmission belts and fluid power products. The company’s portfolio includes synchronous belts, V-belts, hose assemblies, fittings and hydraulic components designed to support a wide range of industrial and automotive applications. Gates Industrial serves sectors such as agriculture, mining, construction, manufacturing, transportation and consumer markets, offering solutions that improve performance, reliability and efficiency in demanding operating environments.
In its power transmission segment, Gates Industrial produces high-strength belts engineered for precise motion control and minimal maintenance.
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Badger Meter (NYSE:BMI) reported lower second-quarter 2026 sales and earnings from the prior year, but management said revenue improved sequentially as previously awarded advanced metering infrastructure projects began shipping and reaffirmed its expectation for improving quarterly revenue through the rest of the year.
Chief Financial Officer and Treasurer Dan Weltzin said total sales for the quarter were $222.3 million, down 7% year-over-year. Excluding about $2 million in sales from UDlive, which Badger Meter acquired on May 1, base sales declined 7.5% from the prior-year period. However, base sales rose 9% from the first quarter, which management said reflected initial shipment ramps on several awarded projects.
Chairman, President and Chief Executive Officer Ken Bockhorst said the results were in line with expectations. “As expected, we delivered sequentially improved sales in the second quarter as a number of our previously awarded AMI projects began initial ramping of shipments,” he said. He added that the company saw “a modest increase” in short-term order rates and in flow instrumentation.
Utility Water Sales Decline, Flow Instrumentation Grows Weltzin said utility water sales declined 8% year-over-year, or 9% excluding the acquisition, due to the project pacing dynamics the company has been discussing. Lower AMI-related product revenue was partially offset by higher software and growth in what the company calls beyond-the-meter offerings. On an organic basis, utility sales increased 8% sequentially.
Flow instrumentation sales rose 6% from a year earlier, supported by broad-based water application demand. In the question-and-answer session, Bockhorst said the company benefited from orders tied to data center applications, including clamp-on meters and magnetic meters used for cooling towers and flow monitoring. However, he cautioned that the business should still be viewed as having “GDP-like” growth over the company’s five-year strategic horizon.
The company also confirmed that product shipments for the PRASA project have begun. Bockhorst said several other awarded projects have also started, and that the overall cohort of nine previously discussed awarded projects “feels like it’s pretty solid at this point.” Management declined to provide individual project-level details.
Margins Hold Within Range Despite Lower Volumes Operating earnings declined 12% year-over-year, and operating margin fell 110 basis points to 17.7%. Excluding UDlive, base operating margin was 18.4%, down 40 basis points from the year-ago quarter.
Gross margin was 40.8%, down 30 basis points from the second quarter of 2025. Weltzin attributed the decline primarily to lower sales volumes and project mix, but said gross margins remained in the upper half of the company’s normalized range, reflecting “the resiliency of our overall structural mix and pricing discipline.”
Selling, engineering and administrative expenses totaled $51.4 million, down $1.6 million from the prior year. Weltzin said spending controls, lower incentive compensation and cost containment actions more than offset about $3 million of year-over-year spending tied to UDlive and transaction-related costs. The company expects UDlive intangible asset amortization of approximately $5 million annually.
Diluted earnings per share were $1.02, down from $1.17 a year earlier. The effective tax rate was 25.2%, compared with 24.5% in the prior-year quarter.
Cash Flow Lower; Buybacks Continue Free cash flow was $21.9 million, down from $40.6 million in the prior-year quarter. Weltzin cited lower earnings and temporary increases in working capital. Primary working capital as a percentage of sales rose to 22.9% from 20.0% at the end of the prior quarter.
Weltzin said the increase in receivables was related to revenue timing, while inventory levels were above average due to revenue pacing dynamics. He said the company expects to work down inventory through the fiscal year and remains focused on full-year cash flow conversion in excess of 100% of net earnings.
During the quarter, Badger Meter repurchased 204,000 shares for $25.3 million. Weltzin said the company has about $90 million remaining under its current share repurchase authorization and has deployed roughly $80 million in buybacks over the past three quarters. The company also renewed a five-year, $150 million credit facility, which remains undrawn.
Management Reaffirms Full-Year Organic Revenue Outlook Management reaffirmed its outlook for sequential improvement in base quarterly revenue for the balance of 2026. Excluding UDlive, Badger Meter continues to expect full-year organic revenue to be “flat-ish” with 2025 levels.
Bockhorst emphasized that the outlook should not be interpreted as perfectly flat, citing variability in project ramping and short-term order patterns. He said year-over-year base sales growth is expected to be heavily weighted toward the fourth quarter because it represents the company’s easiest comparison.
On short-cycle demand, Bockhorst said the first quarter was an outlier and that second-quarter order rates were “more normal-ish” and typical of the operating environment. He said a higher daily turn rate of orders in the second quarter, combined with project activity, supports the company’s full-year stance.
Management also discussed electronic component cost and availability pressures driven by demand from artificial intelligence and data center build-outs. Weltzin said the company has been able to mitigate the impacts to date, but the pressures are not easing. Bockhorst said Badger Meter has managed similar supply chain challenges before and remains positioned to work through them.
Customer Interest Remains Focused on AMI and Software Bob Wrocklage, Executive Vice President of North America Municipal Utility, said feedback from the AWWA ACE 2026 trade show in Washington, D.C., remained constructive. He said utilities continue to prioritize modernization, efficiency and visibility across water and wastewater networks.
Wrocklage said discussions with consultants and customers focused on both hardware and software components of the company’s Network as a Service offerings, including network resiliency, dynamic multi-carrier SIM technology and the ORION Lens endpoint solution for metal pit lids. He also cited interest in EyeOnWater Premium, the BEACON Field app and Badger Meter’s embedded AI functionality, Cobalt.
Management said the company is continuing to educate utilities on stormwater and sewer line applications through SmartCover and UDlive. Bockhorst said the company’s confidence in the long-term outlook remains intact, supported by replacement demand, AMI adoption, recurring software, beyond-the-meter technologies and acquisitions.
About Badger Meter (NYSE:BMI) Badger Meter, founded in 1905 and headquartered in Milwaukee, Wisconsin, is a global leader in flow measurement and control solutions. The company’s core business centers on the design, manufacture and sale of water meters, control valves and related accessories for municipal and industrial water utilities. Over its more than a century of operation, Badger Meter has built a reputation for precision engineering, durability and compliance with international regulatory standards.
The company’s product portfolio includes mechanical and ultrasonic water meters, electromagnetic flow meters for industrial applications, and a range of control valves that help utilities manage pressure and flow in distribution networks.
Deckers Outdoor delivered a solid quarter with 5.7% YoY revenue growth, led by Hoka (+7.7%) and UGG (+4.9%). Despite a 12.7% SG&A increase pressuring operating income, DECK's gross margin improved to 56.4%, and international sales rose 8.4%. At a P/E of 13x, DECK offers compelling value, especially given its growth profile, strong balance sheet, and optionality in underpenetrated markets.
Cal-Maine Foods (NASDAQ:CALM) reported a sharp decline in fourth-quarter results as historically low conventional shell egg prices weighed on revenue and margins, while management emphasized progress in diversifying the company through specialty eggs and prepared foods.
President and CEO Sherman Miller said the company faced “one of the most difficult conventional egg pricing environments” it has experienced, driven by industry oversupply rather than weaker demand. He said the company continues to see favorable long-term demand fundamentals for eggs, citing household penetration above 97%, higher retail volume as prices have retreated, and continued consumer interest in protein, nutrition, convenience and value.
For the fourth quarter of fiscal 2026, Cal-Maine reported consolidated revenue of $552.6 million, down 49.9% from the prior-year period. Gross profit was $34.1 million, with a gross margin of 6.2%. The company posted an operating loss of $58.8 million and a net loss attributable to Cal-Maine Foods of $35.9 million, or a diluted loss of $0.76 per share.
New Segment Structure Highlights Shift in Business Mix Vice President and CFO Max Bowman said Cal-Maine revised its internal reporting in the fourth quarter to reflect how management now reviews the business. The company identified three reportable segments: Conventional Shell Eggs, Specialty Shell Eggs and Prepared Foods. Prior-year periods have been recast under the new structure.
The conventional shell egg segment generated fourth-quarter revenue of $210.8 million, down 70% year over year, with an operating loss of $40.6 million. Bowman said the segment reflected a pricing environment that declined steadily through fiscal 2026 and reached historically low inflation-adjusted levels in the fourth quarter.
The specialty shell egg segment reported fourth-quarter revenue of $239.7 million, down 21.4% from the prior year, with operating income of $17.5 million and an operating margin of 7.3%. Prepared foods revenue was $60.4 million, with operating income of $8.8 million and a 14.6% operating margin.
For the full fiscal year, consolidated revenue was $2.912 billion, down 31.7% from the prior year. Net income attributable to Cal-Maine Foods was $316.7 million, or $6.63 per diluted share. Conventional shell eggs generated full-year revenue of $1.348 billion and operating income of $216.6 million. Specialty shell eggs generated $1.070 billion in revenue and $181.5 million in operating income. Prepared foods generated $244.8 million in revenue and $33.9 million in operating income.
Management Points to Oversupply, Not Demand Weakness Miller said industry supply conditions remained elevated, referencing commentary from the American Egg Board and Urner Barry. He said the American Egg Board estimated the U.S. laying flock at 340 million to 347 million hens based on producer assessment data, materially above USDA’s published estimate.
However, Miller said early indicators suggest the market may be starting to rebalance, including slowing breeder activity, increased chick cancellations, softer hatchery demand and more aggressive flock rotations. If accurate, he said those developments are likely to tighten supply in the near term and could suggest moderation over coming quarters.
During the question-and-answer session, Miller said Cal-Maine’s conventional pricing arrangements remained steady, with about half of the business tied to market pricing and the other half tied to grain-based or hybrid structures. He said the company’s market realization was 102% of the Urner Barry market in the quarter, but the benchmark itself was at an “all-time low inflation-adjusted” level.
Miller also said highly pathogenic avian influenza remains an uncertainty, citing recent layer outbreaks in the U.S., continued presence in the U.S. dairy herd and outbreaks in Australia and South Korea. He said the issue should not be considered “a problem of the past.”
Prepared Foods Remains a Growth Focus Management highlighted prepared foods as a key part of Cal-Maine’s strategy to reduce earnings cyclicality and expand into higher-value consumer-facing markets. Prepared foods accounted for 10.9% of consolidated net sales in the fourth quarter and 8.4% for fiscal 2026. Combined specialty eggs and prepared foods represented 53% of fourth-quarter net sales and 44.4% of full-year net sales.
Miller said the company completed several strategic moves during fiscal 2026, including the acquisition of certain assets of Creighton Brothers LLC and affiliates, as well as the Van’s Foods brand acquisition. Subsequent to fiscal year-end, Cal-Maine also expanded its Eggland’s Best franchise territory in the Northeast.
The company announced a new $54 million investment to expand prepared foods production capacity, which Miller said is expected to add about 30% incremental capacity to the segment beginning in the first half of fiscal 2028. Together with previously announced organic capacity growth and capacity added through the Van’s acquisition, management expects prepared foods production capacity to increase more than 60% from the end of fiscal 2026 through the first half of fiscal 2028.
John Zoeller, CFO of Prepared Foods, said previously announced capacity additions for pancakes, scrambled eggs and Crepini products remain on track, with some capacity expected to come online in fiscal 2027 and additional growth continuing into fiscal 2028. He said the newly announced $54 million investment is expected to begin contributing around mid-fiscal 2028.
Balance Sheet, Buybacks and Dividend Policy Bowman said Cal-Maine ended the quarter with $924.1 million in cash and temporary cash investments and remained virtually debt-free. Net cash flow from operations for the quarter was $2.8 million, down 99.3%.
The company repurchased 396,083 shares during the quarter for $30.1 million. Bowman said $320.7 million remains available under the company’s $500 million share repurchase authorization.
Under Cal-Maine’s variable dividend policy, the company will not pay a cash dividend for the fourth quarter or for any subsequent profitable quarter until it is profitable on a cumulative basis from the most recent quarter for which a dividend was paid. As of May 30, 2026, Bowman said the cumulative loss to be recovered before payment of a dividend was $35.9 million.
Company Sees Improving Conditions Beyond Early Fiscal 2027 Looking ahead, Miller said market prices averaged $0.72 during the first five weeks of the first quarter of fiscal 2027, about 54% below the comparable period in the fourth quarter of fiscal 2026. He described that period as part of the seasonal trough typical of June and July.
More recently, Miller said pricing had strengthened by more than 90% in only a few weeks. He said early indications point to an improving supply-demand balance and a more constructive egg pricing environment heading into the fall, historically a seasonally stronger period.
Miller said Cal-Maine’s long-term strategy is not dependent on any single market environment. He said the company remains focused on disciplined capital allocation, operational execution, specialty egg growth and building a prepared foods platform that extends its egg-focused business into additional product formats and consumption occasions.
About Cal-Maine Foods (NASDAQ:CALM) Cal-Maine Foods, Inc, together with its subsidiaries, produces, grades, packages, markets, and distributes shell eggs. The company offers specialty shell eggs, such as nutritionally enhanced, cage free, organic, free-range, pasture-raised, and brown eggs under the Egg-Land's Best, Land O' Lakes, Farmhouse Eggs, Sunups, Sunny Meadow, and 4Grain brand names. It sells its products to various customers, including national and regional grocery store chains, club stores, independent supermarkets, foodservice distributors, and egg product consumers primarily in the southwestern, southeastern, mid-western, and mid-Atlantic regions of the United States.
Pegasystems (NASDAQ:PEGA) executives said the company faced a challenging first half of 2026 as customer uncertainty around artificial intelligence, a back-half-weighted renewal portfolio and go-to-market execution issues weighed on annual contract value growth.
On the company’s second-quarter earnings call, Founder and CEO Alan Trefler said the software market is undergoing a “fundamental transformation driven by AI,” but that the shift has also created confusion for enterprise buyers. He said organizations are reassessing how software should be designed, built and operated as AI pricing models evolve from low-cost or free access toward usage-based token pricing.
“This cost uncertainty is leading many organizations to sort of freeze and try to figure out what’s going on and take a more deliberate approach to technology investments,” Trefler said. He added that decision cycles have lengthened as customers seek clarity on AI strategies and the potential variability of token costs.
ACV Growth Slows as Customers Delay Decisions COO and CFO Ken Stillwell said annual contract value, or ACV, remains one of Pegasystems’ most important operating metrics because it provides a clearer view of business momentum in a subscription model.
Pega Cloud ACV increased by $165 million year over year, growing 22% both as reported and in constant currency. Stillwell said the cloud business remains the fastest-growing and most important part of the company’s subscription model, although growth moderated from 27% in constant currency at the end of the prior quarter.
Total ACV grew 7% as reported and 8% in constant currency year over year, with gains in Pega Cloud offset by decreases in maintenance ACV and subscription license ACV. Stillwell said Pega Cloud now represents 57% of total ACV and could ultimately reach approximately 75% of the total over time.
Stillwell identified three primary reasons for the slower first-half performance:
A renewal portfolio that is significantly weighted toward the second half of the year, limiting first-half expansion opportunities. Customer uncertainty caused by rapid changes in the software market and AI economics. Slower-than-expected execution on go-to-market changes intended to deepen engagement with clients and prospects. Because a meaningful portion of Pegasystems’ net new ACV comes from cross-selling and upselling into its existing customer base, fewer renewal opportunities in the first half naturally resulted in fewer expansion opportunities, Stillwell said.
Executives Say Pipeline Remains Active Despite Longer Sales Cycles In response to analyst questions, Stillwell said Pegasystems is not seeing customers abandon transformation projects or disengage from the company. Instead, he said many opportunities have elongated rather than disappeared.
“A lot of those pipeline deals in Q2 just didn’t close,” Stillwell said. “They elongated.” He said the company’s pipeline is growing and that late-stage pipeline is “very strong” compared with last year, but acknowledged that the duration of customer uncertainty is difficult to predict.
Trefler said the company saw “movement” in customer conversations after a period of heightened uncertainty in the second quarter. He said customers are still trying to determine how AI fits into their future technology plans, but added that many have “serious things they need to get done.”
Stillwell said Pegasystems had assumed that one-third of its full-year net new ACV additions would occur in the first half of 2026 and two-thirds in the second half. He said the company underachieved that first-half expectation and will work to recover as much of the shortfall as possible, though he described that task as “very difficult.”
Pegasystems Emphasizes AI Cost Predictability A central theme of the call was Pegasystems’ positioning around AI costs. Trefler argued that enterprises are becoming more concerned about opaque token consumption, particularly “reasoning tokens” used internally by large language models. He said these costs can become unexpectedly expensive when AI agents reason through processes repeatedly at runtime.
Pegasystems is emphasizing an alternative approach that uses AI heavily at design time through Pega Blueprint AI, then runs structured workflows predictably at scale with selective AI use at runtime. Trefler compared the approach to a restaurant that designs recipes in advance rather than reinventing every dish for each customer.
“Our goal is simple,” Trefler said. “Help our clients avoid AI chaos and the mess that comes from it by delivering predictable outcomes at predictable costs.”
Stillwell said Pegasystems does not charge customers per token. Instead, he said the company’s AI monetization strategy is based on business value created on the Pega platform. Blueprint is intended to make it faster for customers to create and deploy applications, while advanced AI-powered runtime capabilities can carry a case price uplift.
New Infinity Studio Release Extends Blueprint Trefler highlighted the release of Pega Infinity 2026 and the introduction of Infinity Studio, which he said extends Blueprint AI from design into application development, deployment and ongoing evolution. He said the release allows Pega Cloud and client cloud customers to use Blueprint AI to deploy new applications and improve existing ones.
He said Pegasystems initially focused Blueprint on new customers and new applications, but Infinity 2026 makes the technology available to help existing customers reimagine and modernize current Pega applications. Trefler called Infinity Studio “a really big deal” and said the company will roll it out aggressively through the rest of the year.
Executives also discussed the company’s use of Model Context Protocol, or MCP. Trefler said every workflow in Pega is automatically available through MCP in Infinity 2026, allowing agents built on other platforms to find and invoke Pega workflows.
Free Cash Flow, Buybacks and 2028 Target Despite slower ACV growth, Stillwell emphasized Pegasystems’ cash generation. The company generated $288 million of free cash flow in the first half of 2026, which he described as a record. He said strong cash generation provides flexibility for capital allocation.
In the first half, Pegasystems repurchased 9 million shares for more than $360 million under prior authorizations. Stillwell said the cash spent on repurchases represented well over 100% of free cash flow generated during the period, and that total common shares were reduced by 6 million in the first half.
The company reiterated its expectation to generate more than $700 million of free cash flow in 2028. Stillwell said slower ACV growth in the first half of 2026 does not change that objective, but it will require the company to reevaluate certain investment priorities. He cited cloud scale, mix shift, sales productivity, gross margin improvement and disciplined investment prioritization as levers supporting the target.
Asked about the company’s free cash flow outlook for 2026, Stillwell said any ACV shortfall would put pressure on the company’s ability to reach its $575 million free cash flow outlook for the year, though he said Pegasystems continues to see cash flow durability in the business.
Trefler closed the call by acknowledging the challenging environment but said the company has navigated major technology and market shifts before. “We have a really good understanding of how to react strongly but smartly,” he said.
About Pegasystems (NASDAQ:PEGA) Pegasystems Inc is a software company specializing in customer engagement and digital process automation solutions. Headquartered in Cambridge, Massachusetts, Pegasystems develops enterprise applications designed to help organizations streamline operations, manage customer interactions and automate complex workflows. Its platform supports a wide range of use cases, from sales and marketing optimization to case management and robotic process automation.
The core of Pegasystems’ offering is the Pega Platform, a low-code development environment that enables businesses to build and deploy applications with minimal hand-coding.
Portland General Electric (NYSE:POR – Get Free Report) will likely be issuing its Q2 2026 results before the market opens on Friday, July 31st. Analysts expect the company to post earnings of $0.71 per share and revenue of $847.5980 million for the quarter. Interested persons can check the company’s upcoming Q2 2026 earning results page for the latest details on the call scheduled for Friday, July 31, 2026 at 11:00 AM ET.
Portland General Electric (NYSE:POR – Get Free Report) last announced its earnings results on Thursday, April 30th. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.19). Portland General Electric had a return on equity of 7.57% and a net margin of 7.12%.The firm had revenue of $879.00 million for the quarter, compared to analyst estimates of $953.24 million. During the same quarter last year, the business earned $0.91 EPS. The company’s revenue for the quarter was down 5.3% compared to the same quarter last year. On average, analysts expect Portland General Electric to post $3 EPS for the current fiscal year and $4 EPS for the next fiscal year.
Portland General Electric Trading Down 1.0% Shares of POR stock opened at $52.41 on Friday. The company has a market capitalization of $6.07 billion, a P/E ratio of 23.40, a P/E/G ratio of 2.22 and a beta of 0.52. Portland General Electric has a 12-month low of $39.73 and a 12-month high of $54.62. The company has a quick ratio of 0.95, a current ratio of 1.09 and a debt-to-equity ratio of 1.19. The firm has a 50-day moving average price of $50.98 and a 200 day moving average price of $51.26.
Analyst Upgrades and Downgrades POR has been the subject of a number of research analyst reports. Wells Fargo & Company set a $51.00 target price on shares of Portland General Electric in a research note on Tuesday, April 21st. BMO Capital Markets decreased their price target on Portland General Electric from $55.00 to $54.00 and set a “market perform” rating on the stock in a research report on Wednesday. Zacks Research cut Portland General Electric from a “hold” rating to a “strong sell” rating in a report on Monday, July 6th. JPMorgan Chase & Co. lifted their price objective on Portland General Electric from $51.00 to $54.00 and gave the company a “neutral” rating in a research report on Monday, April 20th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Portland General Electric in a research note on Friday, May 15th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $50.90.
View Our Latest Research Report on POR
Insider Activity In related news, CFO Joseph R. Trpik, Jr. sold 7,500 shares of Portland General Electric stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $49.03, for a total value of $367,725.00. Following the completion of the sale, the chief financial officer directly owned 31,897 shares in the company, valued at $1,563,909.91. This trade represents a 19.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert N. Hoglund bought 2,000 shares of the business’s stock in a transaction on Monday, May 11th. The shares were acquired at an average price of $48.80 per share, for a total transaction of $97,600.00. Following the completion of the transaction, the director owned 2,519 shares in the company, valued at approximately $122,927.20. This trade represents a 385.36% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 0.52% of the company’s stock.
Institutional Trading of Portland General Electric Several institutional investors and hedge funds have recently made changes to their positions in the business. Johnson Financial Group Inc. bought a new position in shares of Portland General Electric in the 3rd quarter worth $27,000. Northwestern Mutual Wealth Management Co. lifted its stake in Portland General Electric by 272.5% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 719 shares of the utilities provider’s stock valued at $35,000 after buying an additional 526 shares during the period. IFP Advisors Inc lifted its stake in Portland General Electric by 61.7% in the third quarter. IFP Advisors Inc now owns 1,080 shares of the utilities provider’s stock valued at $48,000 after buying an additional 412 shares during the period. Smartleaf Asset Management LLC boosted its holdings in Portland General Electric by 18.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,469 shares of the utilities provider’s stock worth $71,000 after buying an additional 226 shares during the last quarter. Finally, CIBC Private Wealth Group LLC grew its position in shares of Portland General Electric by 202.7% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,816 shares of the utilities provider’s stock worth $80,000 after buying an additional 1,216 shares during the period.
About Portland General Electric (Get Free Report)
Portland General Electric (NYSE:POR) is an investor-owned electric utility headquartered in Tigard, Oregon, with roots tracing back to the late 19th century. The company generates, transmits and distributes electricity to residential, commercial and industrial customers across a broad territory in Oregon, primarily encompassing the Portland metropolitan area and surrounding regions.
As one of Oregon’s largest electric utilities, Portland General Electric operates a diverse portfolio of generation assets, including hydroelectric facilities, natural gas–fired plants and renewable energy sources.
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Nejvýraznější růst si v úvodu obchodování připisují akcie Gevorkyanu (+2,20 %), Monety Money Bank (+1,17 %) a Kofoly (+1,00 %). Moneta Money Bank zveřejnila své hospodářské výsledky za 2Q 2026. Čistý zisk za 2Q dosáhl 1,8 mld. Kč a management o 200 mil. Kč navýšil celoroční výhled. Výsledky hodnotíme neutrálně.
Nejvíce momentálně oslabují akcie CSG (-3,69 %), ČEZ (-1,04 %) a Komerční banky (-0,10 %).
Index nákupních manažerů PMI ve výrobě (S&P Global / BME) (červenec - předběžný):
aktuální hodnota: 52,2 b.
očekávání trhu: 50,5 b.
předchozí hodnota: 50,3 b.
Index nákupních manažerů PMI ve službách (S&P Global) (červenec - předběžný):
aktuální hodnota: 49,6 b.
očekávání trhu: 49,0 b.
předchozí hodnota: 48,6 b.
Index nákupních manažerů PMI - kompozitní (S&P Global) (červenec - předběžný):
aktuální hodnota: 51,2 b.
očekávání trhu: 49,7 b.
předchozí hodnota: 49,5 b.
Softwarová společnost SAP včera po uzavření trhu reportovala výsledky za 2Q 2026. Výnosy z cloudových služeb předčily očekávání a analytici celkově hodnotí report jako solidní. Očekávání nenaplnila společnost výší provozního zisku, na jehož úrovni snížilo SAP také roční výhled kvůli negativnímu vlivu uskutečněných akvizic.
Výsledky společnosti SAP (SAP) za 2Q 2026 2Q 2026 Konsensus 2Q 2026 2Q 2026 Tržby (mld. EUR) 9,88 9,85 9,03 Čistý zisk (mld. EUR) 2,21 1,95 1,75 Očištěný zisk na akcii (EPS, EUR/akcie) 1,59 1,75 1,50 Výsledky za 2Q 2026 Společnost SAP dále pokračuje v transformaci z obchodního modelu On-Premise na Off-Premise, když výnosy z cloudových služeb ve 2Q 2026 vzrostly na 6,28 mld. EUR o 24 % na konstantní měnové bázi při analytickém očekávání 23,2% růstu. Objem nevyřízených zakázek (backlog) z tohoto segmentu potom vzrostl na 22,9 mld. EUR o 26 %, přičemž analytici očekávali růst 23,8 %. Naopak slábnoucí segment licencí a podpory klesl bez měnového vlivu o 8 % na 2,57 mld. EUR. Výnosy segmentu cloudu a licencí dohromady činily 8,85 mld. EUR, což mírně předčilo očekávání trhu ve výši 8,82 mld. EUR.
Pod odhady společnost reportovala na úrovni provozního zisku, který činil 2,74 mld. EUR (+9 % meziročně). Analytický konsenzus byl 2,91 mld. EUR.
Volný hotovostní tok činil 3 mld. EUR v souladu s očekáváním trhu.
Výhled na rok 2026 Výnosy z cloudu 25,8 – 26,2 mld. EUR (23 % - 25 % meziročně) Výnosy z cloudu a licencí 36,3 – 36,8 mld. EUR (12 – 13 % meziročně) Mírné zpomalení backlogu (z 25 % v roce 2025) Volný hotovostní rok přibližně 10 mld. EUR SAP však snížil výhled provozního zisku z rozmezí 11,9 – 12,3 EUR do pásma 11,8 – 12,2 mld. EUR. Analytický konsenzus byl 11,97 mld. EUR. Toto rozhodnutí reflektuje dopad akvizic Dremio a Prior Labs, které byly dokončeny v červenci. Negativní dopad společnost odhaduje na 100 mil. EUR.
Komentář analytiků Bloomberg Intelligence: Současný 26% růst backlogu ve 2Q při konstantních měnách je více než 200 bazických bodů nad konsenzem a v rozporu s naším opatrným krátkodobým výhledem pro celé odvětví. Výhled managementu pro celý rok, který počítá s mírným zpomalením růstu z 25 %, může být spíše konzervativní.
Evercore ISI: Bylo to solidní čtvrtletí. Celkově jsou výsledky „do značné míry dostatečně dobré, zejména po výrazném poklesu ceny akcií od začátku roku. Lepší než očekávaný růst současného cloudového backlogu a cloudových tržeb vyvážil slabší ziskovost.
Morgan Stanley: Zatímco hlavní ukazatele tržeb byly v souladu s očekáváním nebo je mírně překonaly, provozní zisk zaostal za očekáváním, především kvůli vyšším investicím do výzkumu a vývoje (R&D).
Akcie SAP
SAP SE (SAP) +4,8 % na 134,52 EUR Ukazatel Ukazatel Kapitalizace (mld. EUR) 165,4 P/E 20,1 Vývoj za letošní rok (%) -35,4 Očekávané P/E 18,7 52týdenní minimum (EUR) 127,5 Prům. cílová cena (EUR) 201,3 52týdenní maximum (EUR) 258,7 Dividendový výnos (%) 1,9 Zdroj: SAP, Bloomberg
Booz Allen Hamilton (NYSE:BAH) held its 2026 annual meeting of stockholders on July 22, with shareholders approving the company’s three management proposals and rejecting a shareholder proposal seeking to expand the right to act by written consent.
The virtual meeting was led by Jacob Bernstein, Booz Allen’s Deputy General Counsel and Secretary, and Horacio Rozanski, the company’s Chairman and Chief Executive Officer. Bernstein said a quorum was present and that notice of the meeting and proxy materials had been mailed beginning June 11 to stockholders of record as of June 1.
Shareholders Approve Management Proposals Rozanski said the board recommended that stockholders vote in favor of management proposals one, two and three, and against proposal four, which had been submitted by a stockholder. The transcript did not detail the substance of the first three proposals beyond noting that they were outlined in the company’s proxy statement.
After voting closed, Bernstein said the Inspector of Election had completed a preliminary tabulation. He reported that proposals one, two and three had been “duly approved” by stockholders, while proposal four had not been approved. Bernstein said the final vote tabulation would be filed with the Securities and Exchange Commission within four business days.
Written Consent Proposal Rejected Proposal four was presented by John Chevedden, a private investor and shareholder proponent. Chevedden asked shareholders to support a proposal requesting that Booz Allen’s board take steps to permit shareholders to act by written consent with the minimum number of votes required to authorize an action at a meeting where all shareholders entitled to vote were present and voting.
Chevedden argued that the right to act by written consent would allow shareholders to put forward proposals on a timely basis without waiting for the next annual meeting. He said written consent is designed for issues with broad shareholder support and requires formal backing from a majority of all shares outstanding.
“Many companies incorrectly give the impression that written consent gives too much influence to a minority,” Chevedden said, adding that, in his view, a minority’s role would be limited to initiating a proposal capable of attracting broad support.
CEO Cites Technology Shifts and Market Uncertainty Following the formal portion of the meeting, Rozanski offered remarks on Booz Allen’s market positioning and operating environment. He said “American technology leadership has never been more important” and described Booz Allen’s work as focused on national security, homeland defense and essential civilian services.
Rozanski pointed to several technology and market trends, including the development of “agentic” artificial intelligence, increasingly autonomous cyber threats and the convergence of powerful technologies. He also said the government is placing greater emphasis on speed, commercial technology, outcome-based acquisition and accountability.
“Booz Allen has been advocating, preparing, and investing for these types of changes for years,” Rozanski said. He added that the company believes those shifts will be positive for the country, its customers, Booz Allen and its stockholders over time, while acknowledging that large-scale changes can create near-term uncertainty and disruption.
Fiscal 2026 Described as Challenging Rozanski said fiscal 2026, which ended March 31, reflected that uncertainty. He described the year as challenging, with results shaped by “significant market changes and a highly dynamic macro environment.”
He said the company focused on execution, investment and strategic transformation during the period. “As a result, Booz Allen is stronger than we were a year ago,” Rozanski said. “We are more focused, more agile, and better positioned to lead in a market defined by speed, accountability, and technology-driven outcomes.”
Rozanski said Booz Allen believes its investments in artificial intelligence, cyber, defense technology and next-generation technologies will drive “substantial shareholder value in the medium term.”
No stockholder questions were submitted during the meeting’s question-and-answer period, Bernstein said. Ernst & Young representatives Jill Wheeler and Caitlin Bell were present and available to respond to questions concerning the company’s financial statements, according to Rozanski.
About Booz Allen Hamilton (NYSE:BAH) Booz Allen Hamilton Holding Corporation is a publicly traded management and technology consulting firm headquartered in McLean, Virginia. The company provides a wide range of professional services and solutions in strategy, analytics, digital transformation, engineering and cyber security. Its expertise spans from supporting federal civilian agencies to defense, intelligence and homeland security organizations, as well as select commercial industries.
Key offerings include data analytics and artificial intelligence applications, software development and modernization, systems integration, and cyber risk management.
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Index spotřebitelské důvěry (červenec):
aktuální hodnota: 105,6 b.
očekávání trhu: 107,0 b.
předchozí hodnota: 106,5
Spotřebitelská a podnikatelská důvěra (červenec):
aktuální hodnota: 101,1 b.
očekávání trhu: 101,5 b.
předchozí hodnota: 101,0 b.
Podnikatelská důvěra (červenec):
aktuální hodnota: 100,2 b.
očekávání trhu: 99,8 b.
předchozí hodnota: 99,8 b.
„Důvěra podnikatelů v ekonomiku se v červenci zvýšila ve všech sledovaných odvětvích, což vedlo k jejímu návratu na úroveň dlouhodobého průměru. Z průzkumů je ale patrné, že mezi respondenty přetrvává vysoká míra nejistoty související především s geopolitickým vývojem ve světě,“ uvedl Jiří Obst, vedoucí oddělení konjunkturálních průzkumů ČSÚ.
„Červencové zhoršení spotřebitelské důvěry odráží rostoucí nejistotu domácností ohledně jejich finanční situace i hospodářského vývoje v České republice v následujících 12 měsících,“ sdělila Veronika Ptáčková z oddělení konjunkturálních průzkumů ČSÚ.
Přední asijsko-pacifické indexy uzavřely páteční obchodování v červených číslech. Investoři pokračovali ve výprodejích v návaznosti na obavy růstu kapitálových výdajů na umělou inteligenci. Indexy reagovali výsledky společnosti Alphabet, která navýšila výhled kapitálových výdajů v tomto roce a v roce následujícím by tyto výdaje měly nadále růst. Největší pokles zaznamenal jihokorejský index Kospi (-5,7 %).
Japonský Nikkei 225 -2,73 % na 64611,15 b.
Hongkongský Hang Seng -1,39 % na 24859,73 b.
Čínský Shanghai Composite -1,61 % na 3814,1978 b.
Jihokorejský Kospi -5,72 % na 6690,62 b.
Australský S&P/ASX 200 -0,75 % na 8772,3 b.
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.
HAYWARD, Calif. & MIAMI--(BUSINESS WIRE)---- $SMMT--Arcus Biosciences, Inc. (NYSE: RCUS), a clinical-stage, global biopharmaceutical company focused on developing differentiated molecules and combination therapies for people with cancer and inflammatory and autoimmune diseases, and Summit Therapeutics Inc. (Nasdaq: SMMT), a biopharmaceutical company focused on patient-friendly oncology therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical ne.
Equinor ASA (NYSE:EQNR) reported higher second-quarter earnings and production, with Chief Financial Officer Torgrim Reitan saying the company is executing in line with plans presented at its recent Capital Markets Day to grow energy output, cash flow and returns through 2030.
Reitan said Equinor produced 2.165 million barrels of oil equivalent per day in the quarter, up 3% from the same period last year. Adjusted operating income totaled $11.5 billion before tax, while IFRS net income was $4.8 billion. Adjusted earnings per share were $1.33. Cash flow from operations after tax reached $13.7 billion year to date.
“While energy markets remain impacted by geopolitical unrest, we continue to focus on what we control, our operations, how we remain robust through price cycles, and our commitment to cost and capital discipline,” Reitan said.
Production Growth Driven by Norway and New Fields Reitan said production on the Norwegian continental shelf rose 4%, driven by new fields including Johan Castberg, Halten East and Verdande, with Eirin and Symra also coming on stream during the quarter. He highlighted another strong quarter from Johan Sverdrup, where Equinor now expects the annual decline to be at the low end of its previously indicated 10% to 20% range.
Production was affected by turnarounds, maintenance and a temporary outage at Johan Castberg. In response to an analyst question, Reitan said issues related to turbine waste heat took 18 days to resolve, and the field resumed production on July 13. He said the impact to Equinor in the third quarter would be about 14,000 barrels per day.
Internationally, production growth was supported by Adura in the U.K. and Bacalhau in Brazil, offsetting lower ownership in Peregrino and the divestment of onshore Argentina assets. Reitan said first-half production growth totaled 6%, making the company’s full-year guidance of 3% growth “more robust,” though Equinor left its production guidance unchanged.
Financial Results Lifted by Prices, Trading and Refining Equinor said liquids and European gas prices were higher than the same quarter last year, while U.S. gas prices were lower. Adjusted operating income in E&P Norway was $9.2 billion before tax and $2.1 billion after tax. In international E&P, Reitan said operating income nearly doubled on 4% production growth and an improved portfolio.
The company’s Marketing, Midstream and Processing segment delivered $777 million in pretax income, well above its $400 million-per-quarter guidance. Reitan attributed the performance to crude trading and strong results at the Mongstad refinery, which benefited from higher margins. He said European refinery product markets were tight, with FCC margins around $25 per barrel in the second quarter, and that Mongstad continued to deliver strong results early in the third quarter.
Power results reflected a strong contribution from power trading for a second consecutive quarter. Equinor produced 1.2 terawatt-hours of power in the quarter, with growth from Dogger Bank in the U.K. and new onshore assets.
Cash Flow, Divestments and Shareholder Returns Cash flow from operations before tax was $14.8 billion in the quarter. Equinor paid $7.1 billion in taxes, including three Norwegian continental shelf installments totaling about $6.4 billion. Organic capital expenditure was $3.4 billion, and net cash flow before distributions was positive $5.5 billion.
The company distributed $1.1 billion to shareholders during the quarter. Its board approved an ordinary cash dividend of $0.39 per share and a third tranche of share buybacks of up to $1.125 billion, including the Norwegian state’s share.
Reitan said Equinor ended the quarter with about $24 billion in cash and cash equivalents, while its net debt ratio declined to 10.4%. At current forward prices, he said the company expects the net debt ratio to be somewhat below 10% at year-end.
Equinor also recorded proceeds from portfolio actions. The sale of Argentina onshore assets generated $558 million in proceeds during the quarter, in addition to $88 million received in the first quarter, and Equinor recorded a $467 million gain. A partial divestment of its financial position in Scatec generated $171 million in proceeds and an accumulated recorded gain of $61 million.
Gas Market Outlook and Capital Allocation Asked about European natural gas markets, Reitan described the situation as “vulnerable” heading into autumn and winter, citing uncertainty around LNG flows and European storage levels. He said storage was 53% full, more than 15 percentage points below average, and that Equinor does not expect Europe to reach 80% storage before winter.
Reitan said Equinor is already producing gas at maximum levels in the short term, but can optimize flows through its production and transportation system toward markets where gas is most needed and prices are highest. He said Equinor keeps its natural gas exposure floating, with 70% linked to day-ahead prices and 30% to month-ahead prices.
On whether strong cash flow could lead to share buybacks above the $3 billion now planned for the year, Reitan said no. He said additional cash has been directed toward increasing oil and gas investments by $1 billion, strengthening the balance sheet and doubling the share buyback program for the year.
Project Pipeline and Cost Focus Reitan pointed to several projects supporting future growth, including the ramp-up of Bacalhau, which he said is expected to reach plateau by year-end. He also cited Raia in Brazil, Sparta in the Gulf of Mexico, Rosebank and Jekta in the U.K., and the recently sanctioned Greater PAJ project in Angola.
On Bay du Nord in Canada, Reitan said BP is handing its ownership to Equinor and that the timeline remains unchanged, with a sanctioning target in 2027. He said Equinor is working to bring in another partner and described the project as supported by the Canadian government.
Reitan said Equinor continues to manage cost inflation through portfolio-level contracting, standardization and simplification. He said the company’s new developments have a break-even below $40 per barrel and that its NCS 2035 operating model aims to double development speed and cut costs by half across a portfolio of projects.
Equinor left its guidance unchanged for production, capital spending and capital distribution, with Reitan saying the quarter demonstrated progress toward the company’s stated objectives of increasing production by 150,000 barrels per day to 2030, growing cash flow from operations by 30% and targeting a 15% return on capital employed through the decade.
About Equinor ASA (NYSE:EQNR) Equinor ASA (NYSE: EQNR) is a Norway-based integrated energy company headquartered in Stavanger. Historically established as Statoil in the 1970s to develop Norway’s petroleum resources, the company changed its name to Equinor in 2018 to reflect a strategic shift toward a broader energy portfolio. Equinor’s operations span the full upstream value chain, including exploration, development and production of oil and natural gas, alongside trading and marketing activities that support its global commercial operations.
In recent years Equinor has pursued a transition strategy that combines continued development of conventional oil and gas resources with growing investments in low‑carbon energy.
SL Green Realty Corp. (SLG) Q2 2026 Earnings Call July 23, 2026 2:00 PM EDT
Company Participants
Marc Holliday - Chairman & CEO
Matthew Diliberto - Chief Financial Officer
Steven Durels - Executive VP and Director of Leasing & Real Property
Harrison Sitomer - President & Chief Investment Officer
Robert DeWitt
Conference Call Participants
Nicholas Yulico - Scotiabank Global Banking and Markets, Research Division
Alexander Goldfarb - Piper Sandler & Co., Research Division
Steve Sakwa - Evercore ISI Institutional Equities, Research Division
Thomas Catherwood
John Kim - BMO Capital Markets Equity Research
Blaine Heck - Wells Fargo Securities, LLC, Research Division
Peter Abramowitz - Deutsche Bank AG, Research Division
Anthony Paolone - JPMorgan Chase & Co, Research Division
Seth Bergey - Citigroup Inc., Research Division
Vikram Malhotra - Mizuho Securities USA LLC, Research Division
Ronald Kamdem - Morgan Stanley, Research Division
Brendan Lynch - Barclays Bank PLC, Research Division
Caitlin Burrows - Goldman Sachs Group, Inc., Research Division
Michael Lewis - Truist Securities, Inc., Research Division
Presentation
Operator
Thank you, everybody, for joining us, and welcome to SL Green Realty Corp. Second Quarter 2026 Earnings Results Conference Call. This conference call is being recorded. At this time, the company would like to remind listeners that during the call, management may make forward-looking statements. You should not rely on forward-looking statements as predictions of future events as actual results and events may differ from any forward-looking statements that management may make today.
All forward-looking statements made by management on this call are based on their assumptions and beliefs as of today. Additional information regarding the risks, uncertainties and other factors that could cause such differences to appear are set forth in the risk factors and MD&A sections of the company's latest Form 10-K and other subsequent reports filed by the company with the Securities and Exchange Commission.
Also, during today's conference call, the company may discuss non-GAAP financial
ECB včera v souladu s všeobecným očekáváním ponechala depozitní sazbu beze změny na 2,25 %. Finanční trhy však mnohem více zajímalo, zda centrální banka nabídne alespoň náznak toho, jak hodlá reagovat na nový energetický šok vyvolaný námořní blokádou Husijů v Rudém moři. Toho se však investoři nedočkali.
Prezidentka Christine Lagardeová znovu zdůraznila přístup „zasedání od zasedání“ a závislost měnové politiky na příchozích makroekonomických datech. ECB sice připustila, že aktuální ceny energií se zatím pohybují poblíž základního scénáře červnové prognózy, zároveň ale bude pečlivě vyhodnocovat, zda vyšší ceny ropy a především zemního plynu nezanechají trvalejší stopu v inflaci prostřednictvím sekundárních efektů.
Zajímavý moment nicméně zazněl během tiskové konference. Přestože bylo včerejší rozhodnutí jednomyslné, někteří členové Rady guvernérů si podle Lagardeové kladli otázku, zda by nebylo vhodné zvýšit sazby již nyní. Pro finanční trhy to byl další argument, proč nepřehodnocovat sázky na zářijové zvýšení sazeb. To je nyní téměř plně zaceněno a investoři zároveň počítají s tím, že ECB do konce roku přidá ještě jedno zvýšení o 25 bazických bodů (depozitní sazba by tak vzrostla na 2,75 %).
Prezidentka ECB navíc poznamenala, že finanční trhy velmi dobře rozumějí reakční funkci centrální banky. My si tento komentář vykládáme jako poměrně silný signál, že na zářijovém zasedání skutečně dojde ke zvýšení sazeb o 25 bazických bodů, a tomuto scénáři přizpůsobujeme i náš výhled eurových úrokových sazeb.
Vedle zasedání ECB se však odehrával ještě jeden z nejzajímavějších příběhů posledních týdnů na dluhopisových trzích. Eskalace napětí v Rudém moři – druhé klíčové dopravní tepně z Blízkého východu – tlačí vzhůru nejen ceny ropy, ale především evropské ceny zemního plynu. To se postupně promítá i do růstu dluhopisových výnosů. Německé výnosy napříč splatnostmi atakují nejvyšší úrovně za mnoho let a dvouletý eurový swap se již vyšplhal nad 3 %. Trh tak stále více sází na scénář, v němž úrokové sazby zůstanou zvýšené déle, než se ještě před několika týdny očekávalo.
Právě delší konec výnosových křivek přitom přepisuje historické milníky. Výnos desetiletého francouzského státního dluhopisu krátce překonal hranici 4 % poprvé od roku 2009, zatímco některé německé splatnosti se dostávají na úrovně naposledy zaznamenané před globální finanční krizí. Podobný obrázek nabízí i Spojené státy, kde výnos třicetiletého vládního dluhopisu opět atakuje letošní květnová maxima, která byla nejvyšší od roku 2007. Jinými slovy, dluhopisové trhy začínají stále vážněji zohledňovat možnost, že současný energetický šok nebude pouze krátkodobou epizodou, ale faktorem, který může centrálním bankám výrazně zkomplikovat návrat inflace k cíli i ve střednědobém horizontu.
TRHY
Koruna
Vyšší ceny plynu, odrážející uzavřený Hormuzský průliv a nové napětí v Rudém moři jsou rizikem i pro náš inflační výhled v Česku. Spotové ceny plynu v Amsterdamu vystoupaly na nejvyšší úrovně od začátku roku (62,5 EUR/MWH) a spolu s nimi rostou i forwardové ceny na rok 2027. Pravě proto nově vidíme inflaci v příštím roce o desetinku výše na 3,3% a rizika jsou v tuto chvíli vychýlena spíše směrem vzhůru.
Pro ČNB to zatím nic bezprostředně neznamená - inflace v nejbližších měsících zůstane velmi nízká. Pokud současný tlak na trzích vydrží, výrazně však vzroste pravděpodobnost dalšího růstu sazeb na konci roku 2026.
Korunu zatím geopolitická nejistota netrápí a drží se i nadále v blízkosti 24,20 EUR/CZK.
Eurodolar
Kombinace cen ropy nad hranicí 100 USD za barel, překvapivě silných makroekonomických dat z USA a ECB, která nevyloučila zvýšení sazeb již na zářijovém zasedání (viz úvodník), vedla k výraznému posunu tržních očekávání. Investoři začali spekulovat, že Fed by mohl přistoupit ke zvýšení sazeb již příští středu. Výsledkem byl prudký růst dolarových úrokových sazeb a výrazné posílení americké měny, a to nejen vůči euru, ale například i vůči japonskému jenu.
Náš základní scénář nicméně nadále předpokládá, že Fed sazby na nejbližším zasedání ponechá beze změny a k případnému zvýšení přistoupí až v září. Domníváme se však, že finanční trhy budou tímto příběhem žít minimálně do nadcházejícího zasedání Fedu, což bude eurodolar držet pod tlakem. Dolar navíc může zůstat silný tím spíše, pokud se ceny ropy udrží poblíž současných úrovní, případně zamíří ještě výše.
Včerejší výprodeje v Evropě (-1,5 %) a USA (SP500 -1,2 %) se v noci přenesly do Asie. Region ztratil -2,4 %, lídři jako Samsung a Hynix klesli o přibližně -7 %. Raketový růst cen energií, kdy ropa Brent vystoupala k metě 100 USD za barel, zhoršil sentiment na trhu. Investoři se navíc potýkají s pochybnostmi o výnosech z investic do AI. Aktuálně futures kontrakty na indexy naznačují v pátek ráno v Evropě snahu o konsolidaci po čtvrtečním propadu. Nevýrazné jsou také zámořské futures. Intel po závěru obchodování včera překonal odhady, ale po růstu se akcie následně vracely zpět. Pokračuje výsledková sezóna, ráno reportoval SAP (příjmy z cloudu rostly rychlejším tempem, než odhady trhu). Volkswagen snížil odhady tržeb pro tento rok, především klesají prodeje v Číně. V Praze Moneta zvýšila celoroční prognózu čistého zisku, nyní vidí 6,8 mld. CZK (předtím 6,6 mld. CZK). Akcie Moneta by mohly zareagovat pozitivně, uvidíme, zdali se jim podaří návrat nad 190 Kč. Celkově index PX včera oslabil -0,7 %, podle očekávání se nedařilo Erste (-3 %). Růst cen komodit naopak vyhovuje ČEZu (+0,7 %).
Space Exploration Technologies (SPCX +2.56%) has grand ambitions, including sending humans to Mars. This may require breakthroughs in space travel even more impressive than those the company has already achieved. It's not surprising, then, that Ark Investment Management -- a firm led by the famous investor Cathie Wood, a staunch believer in the power of innovation -- is doubling down on SpaceX stock. The space company is the fourth-largest holding across Ark Investment Management's combined portfolio, with the firm buying more shares as recently as July 22. However, I wouldn't follow in Wood's footsteps on this one. Here's why I am not ready to buy SpaceX stock yet.
Image source: Getty Images.
The price is not right First, let's give credit where credit is due. SpaceX has already revolutionized space travel and is currently a leader in providing orbital launch services to U.S. government agencies. The company is still making progress. SpaceX is developing a next-gen rocket, Starship, that could significantly reduce launch costs. SpaceX will make progress elsewhere thanks to Starship, including in its Starlink segment, where it provides internet services through a constellation of Low Earth Orbit satellites. Starship will help SpaceX launch substantially more satellites into orbit, thereby improving its services and expanding its addressable market.
SpaceX's artificial intelligence (AI) business also seems to be slowly taking off. The company has a deal in place to provide Alphabet (GOOG -6.89%) (GOOGL -7.12%) with compute capacity. SpaceX is also reportedly in talks to provide computing power to the U.S. Department of Defense in a potential multi-billion-dollar deal. Over the next few years, SpaceX could record growing revenue thanks to Starlink, which already boasts 10.3 million subscribers, a number that should keep growing at a good clip. We could also see revenue growth in its space and AI units ramping up.
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However, SpaceX likely won't be consistently profitable anytime soon. The company is investing heavily to tap into what it sees as transformational opportunities. That's especially true in its AI business, where it is spending more on capex than in its two other segments combined. Whether or not that's the right move, time will tell. But for a company worth $1.6 trillion, it's hard to justify a revenue of just $4.7 billion in the first quarter of 2026, which increased by just 15% year over year.
At its current valuation, SpaceX's revenue should either be much higher or should be growing much faster (or both). Note that the company's price-to-sales ratio is an incredible 78.09 as of this writing. That's far too high by any standard, particularly since the reasonably valued range typically starts below "2." All of this suggests the market is already factoring in SpaceX's success across its connectivity and, especially, its AI businesses, and the stock could decline over the next few years as it faces increased competition. That's why the company's shares aren't attractive right now. They'd have to drop significantly from current levels before becoming so.
Japan’s Nikkei fell sharply on Friday as Alphabet’s spending plans revived doubts over how quickly the artificial-intelligence boom will translate into cash returns for the companies funding it.
The Nikkei 225 dropped 2.69% to 64,634.04 in early trading, while the broader Topix lost 1.28% to 4,002.09.
The gap reflected concentrated selling in the technology heavyweights that dominate the Nikkei.
The benchmark has now fallen more than 7% in July after entering correction territory last week, leaving investors increasingly sensitive to signals from US chip and platform companies.
Alphabet shares sank about 7% in New York even after Google Cloud revenue surged 82% to $24.8 billion.
Investors instead focused on second-quarter capital expenditure of $44.9 billion and negative free cash flow of $5.9 billion, both driven by the rapid expansion of AI infrastructure.
The Google parent also raised its 2026 capital-spending forecast to between $195 billion and $205 billion from $180 billion to $190 billion.
Management said spending would remain elevated as customer demand continued to exceed available computing capacity.
The market reaction showed that growth alone is no longer enough.
Investors increasingly want evidence that higher data-centre and server spending can produce durable cash returns, rather than only faster revenue and cloud bookings.
That concern also dragged the Nasdaq more than 2% lower overnight.
The sell-off hit the companies most closely tied to the AI hardware cycle.
Advantest dropped 6.33%, Tokyo Electron lost 5.43% and memory producer Kioxia declined 4.4%. SoftBank Group slid 7.42%, making it one of the largest drags on the Nikkei.
IwaiCosmo strategist Kazuaki Shimada said the retreat was being driven mainly by overseas technology signals rather than a deterioration in Japan’s domestic economy.
Japanese corporate earnings could help change the direction of the market if companies deliver strong guidance.
The Nikkei’s price-weighted construction also magnifies movements in high-priced technology shares, helping explain why it fell more than twice as much as the capitalisation-weighted Topix.
The session was not a broad market capitulation.
Central Japan Railway rose 1.17% and East Japan Railway gained 0.6%, while Kawasaki Kisen and Mitsui OSK Lines also advanced. Otsuka Holdings climbed 1.6% to lead Nikkei gainers.
Those moves point to a rotation towards businesses with domestic revenues, steadier cash flows and less exposure to AI valuations.
Strong Japanese earnings could help separate local fundamentals from the global technology unwind. Another weak round of US chip results, however, would leave the Nikkei vulnerable to further selling.
Databricks and Microsoft extend strategic partnership through the 2030s to scale enterprise AI Databricks deepens its bet on Azure, growing its use of Azure Databricks to run its own core business operations and analytics, while both companies advance native integration across the Microsoft stack, including Databricks Genie and Microsoft 365 Databricks increases its use of Microsoft Azure Cobalt to improve performance and efficiency , /PRNewswire/ -- Microsoft Corp. and Databricks on Wednesday announced an expansion of their decade-long strategic partnership, extending into the 2030s. Databricks will deepen its use of Azure Databricks to run core business operations and build its unified lakehouse, while leveraging Azure Cobalt, Microsoft's next-generation Arm-based infrastructure, to improve performance and efficiency. Microsoft will also continue integrating Databricks Data and AI platform across its products, bringing capabilities like Genie, Databricks' AI co-worker, directly into customer workflows. Together, the companies are helping enterprises build AI grounded in their own business context with the cost efficiency, control and choice needed to scale successfully.
Enterprises want AI that understands their customers, products, operations, metrics and business processes, all while running securely where work happens. Yet, most still struggle to connect AI to trusted business knowledge, govern models and agents consistently, and control costs. Microsoft and Databricks are helping customers close that gap:
"For nearly a decade, Databricks and Microsoft have helped enterprises innovate with data and AI," said Ali Ghodsi, Co‑Founder and CEO of Databricks. "Today, our partnership is stronger than ever. With Databricks Genie and Unity AI Gateway deeply integrated across Microsoft's products, we're helping enterprises unify their data and ground AI in business knowledge. This lets customers get the full benefits of agents and models while controlling costs and ensuring governance."
"The next generation of AI will be defined by how effectively organizations turn their unique knowledge into intelligence," said Judson Althoff, CEO, Microsoft Commercial Business. "Microsoft and Databricks are helping customers connect data, AI and business context to accelerate decision-making and drive measurable impact. With Databricks deepening its investment in Azure Databricks and Azure Cobalt-powered infrastructure, customers will benefit from greater performance, efficiency and scale for their most demanding workloads. Databricks' decision to run its own core business operations on Azure Databricks also gives customers confidence in a platform proven at enterprise scale."
Databricks runs core business operations on Azure Databricks
As part of this latest deal, Databricks deepens its commitment to Azure, running its own core business operations and analytics on Azure Databricks, using the very platform it delivers to customers at scale.
Advancing performance with Azure Cobalt
Databricks will also expand its use of Azure Cobalt, Microsoft's next-generation Arm-based infrastructure, to improve performance and efficiency for agentic and data-intensive workloads. Databricks currently uses Cobalt 100 and plans to adopt Cobalt 200, which delivers up to 50% better performance and includes memory encryption enabled by default.
Deep integrations for Databricks Genie and Unity AI Gateway with Microsoft product stack
By combining the Databricks Data + AI Platform with Azure's global scale, customers can accelerate AI transformation while maintaining control and reliability. As a native Azure service, Azure Databricks makes its AI capabilities available directly within customers' existing Microsoft environment, grounding and operating agents on enterprise data with Genie and Genie Ontology, and governing models, agents and cost through Unity AI Gateway. Deeply integrated across the Microsoft ecosystem spanning Microsoft Entra, Azure Data Lake Storage, Azure security, Microsoft OneLake, Power BI, Microsoft Purview, Microsoft Foundry, Power Platform, Microsoft 365, Teams and Copilot, these capabilities bring governed, real-time data and AI into business workflows, giving organizations the context, control, choice and cost efficiency needed to drive impact.
Continued investment is evident from our recent announcements with Databricks at Data + AI Summit in June.
Customer impact with Azure Databricks
The deepened collaboration strengthens support for joint customers running data, analytics and AI workloads on Azure Databricks, delivering improved performance, security, AI governance and enterprise readiness. Thousands of customers, including Banco Bradesco, the Cincinnati Reds, Electrolux, SMBC and Unilever, already use Azure Databricks to run critical workloads and scale AI with confidence.
Read more on the proven business value of the Databricks and Microsoft partnership on the Microsoft Azure blog.
About Databricks
Databricks is the Data and AI company. More than 20,000 organizations worldwide — including AT&T, Bayer, BMW Group, HSBC, T-Mobile, Unilever, and 70% of the Fortune 500 — rely on Databricks Data + AI Platform to build and scale data and AI apps, analytics and agents. Headquartered in San Francisco with 30+ offices around the globe, Databricks offers a unified platform that includes Genie, Lakebase, Agent Bricks, Lakeflow, Lakehouse, and Unity Catalog. To learn more, follow Databricks on LinkedIn, X, YouTube, and Instagram.
About Microsoft
Microsoft (Nasdaq "MSFT" @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.
Nvidia (NVDA -1.56%) is taking a larger equity position in Nebius (NBIS +1.29%).
*Stock prices used were the afternoon prices of July 21, 2026. The video was published on July 23, 2026.
Parkev Tatevosian, CFA has positions in Nvidia. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy. Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool.
Alphabet’s (GOOG -6.89%) (GOOGL -7.12%) YouTube has long been the leading user-created video platform, but the Google parent is so big that YouTube doesn’t get the same level of attention it would if it were a standalone company.
After all, YouTube makes up less than 10% of Alphabet’s revenue, and it pales in comparison to the massive Google Search business.
However, in the video entertainment arena, YouTube is a giant in its own right, and Netflix has long considered it its chief rival. YouTube just topped $10 billion in ad revenue in the second quarter for the first time ever, bringing in $11.1 billion in ad revenue, which doesn’t include subscriptions for YouTube Premium tiers.
At that level, YouTube is not far behind Netflix, which brought in $12.6 billion in total revenue in the second quarter.
Can YouTube catch the streaming leader? Let’s take a closer look.
Image source: Getty Images.
YouTube reported 12.8% revenue growth in the second quarter, slightly slower than Netflix’s 13.4%.
Netflix’s growth has slowed in recent quarters, and the stock has stumbled as investors worry about weak engagement, maturing markets, and its eagerness to make an acquisition, which suggests it is searching for its next growth leg. The streamer sees even slower growth in the third quarter, calling for an 11.7% increase in revenue.
YouTube’s growth rate has fluctuated within a similar range, between 9% and 21%, over the last ten quarters.
Though they have different business models, with Netflix charging a monthly fee to watch traditional television and movie programming, and YouTube selling ads alongside user-generated content, both platforms are highly profitable. Netflix reported an operating margin of 33.4% in the second quarter. Alphabet does not report operating margins for YouTube, but Wall Street analysts estimate it to be somewhere in the teens. YouTube shares revenue with content creators, which decreases its margins. Alphabet’s Google Services business, which is mostly made up of advertising, reported an operating margin of more than 40% in the second quarter.
Netflix and YouTube have also borrowed from each other’s playbooks in recent years. YouTube, once an entirely free service, has begun selling premium subscriptions for everything from music to traditional pay-TV to NFL Sunday TIcket.
Netflix, on the other hand, launched its advertising tier a few years ago, and it continues to be one of its strongest sources of growth for the company, and it’s aiming to double ad revenue from $1.5 billion to $3 billion this year.
A win-winNetflix’s lead over YouTube, though narrow, looks safe for now. While the two companies are competitors, there’s room in the market for both to succeed, as they serve different niches. Though Netflix sees all viewing time as competition, it’s often serving a different use case than YouTube.
Investors can’t invest directly in YouTube, but both of these platforms look poised for continued success and are likely to continue learning from each other. Expect both to continue delivering double-digit growth in the years ahead.
PURCHASE, N.Y.--(BUSINESS WIRE)--Mastercard announced a series of capability and control enhancements to its industry-leading virtual card number platform.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Today, McDonald's Board of Directors declared a quarterly cash dividend of $1.86 per share of common stock payable on September 16, 2026 to shareholders of record at the close of business on September 1, 2026.
Upcoming Communications
For important news and information regarding McDonald's, including the timing of future investor conferences and earnings calls, visit the Investor Relations section of the Company's Internet home page at www.investor.mcdonalds.com. McDonald's uses this website as a primary channel for disclosing key information to its investors, some of which may contain material and previously non-public information.
About McDonald's
McDonald's is the world's leading global foodservice retailer with over 45,000 locations in over 100 countries. Approximately 95% of McDonald's restaurants worldwide are owned and operated by independent local business owners.
Forward-Looking Statements
This document contains certain forward-looking statements, which reflect management's expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from expectations are detailed in the Company's filings with the Securities and Exchange Commission, including the Company's Form 10-Q filing for the quarter ended March 31, 2026. The Company undertakes no obligation to update such forward-looking statements, except as may otherwise be required by law.
MIAMI--(BUSINESS WIRE)--Starboard today announced the debut of an expansive collection of immersive retail experiences onboard Royal Caribbean's Legend of the Seas.
Luxury Travelers Embrace the Rejuvenating Power of Travel Through Wellness Experiences Rooted in Local Traditions
Oceania Vista® sailing in Santorini, Greece, and yoga and stretch classes aboard Oceania Cruises' ships. Download high-resolution images here. (Credit: Oceania Cruises®)
, /PRNewswire/ -- From practicing tai chi in Bangkok, to dance therapy in Colombo, to yoga and wine tasting in Santorini, Oceania Cruises®, the world's leading destination- and culinary-focused luxury cruise line, invites discerning travelers to embrace a new era of exploration through its acclaimed Wellness Discovery Tours.
Yoga classes offered on Oceania Cruises Responding to a growing interest in wellness experiences, Oceania Cruises offers more than 50 Wellness Discovery Tours in destinations throughout Asia, Europe and South America, as luxury travelers are increasingly seeking journeys that allow them to learn new skills and explore the world differently. This signature collection of tours offers opportunities to engage with centuries-old healing traditions, mindfulness practices and local cultures across the globe.
"Travel has become one of the most powerful ways people invest in their wellbeing. It's a means of stepping outside of their usual routine to slow down, explore different cultures and destinations, and return home with a renewed perspective," said Jason Montague, Chief Luxury Officer of Oceania Cruises. "Our Wellness Discovery Tours are designed for those seeking to nurture their wellbeing and discover the rejuvenating power of travel. For today's luxury guest, travel is much more than movement from place to place – it is a journey of discovery, with every voyage offering the chance to expand horizons, deepen understanding and return home transformed by new perspectives."
Intended to inspire connection and enrichment, Oceania Cruises' small-group, wellness-oriented tours bring guests together with local specialists and like-minded travelers. Experiences range from mineral-rich baths and yoga to dance, power walking and culinary classes.
These shoreside encounters are complemented by a wealth of enriching experiences on board Oceania Cruises' intimate, luxurious ships. With culinary lectures, hands-on cooking classes and food and beverage pairing experiences, plus creative workshops in the Artist Loft, insightful guest speakers and performances by local musicians, guests can enjoy a diverse program designed to enhance their journey.
The enrichment options both ashore and on board are encompassed by the serenity of the adults-only environment aboard Oceania Cruises' boutique ships, allowing guests to explore an extraordinary array of destinations at their own pace and with like-minded travelers.
Highlights of Oceania Cruises Wellness Discovery Tours:
Ultimate Traditional Dance Therapy – Colombo, Sri Lanka: Release tension and lift your mood through Kandyan dance, learning the moves and rituals of Sri Lanka's national dance in an uplifting group setting. Saigonese Organic Food Tasting – Ho Chi Minh City, Vietnam: Savor organic teas and vegetarian cuisine, engaging with local experts and gaining insights into Vietnam's celebrated tea culture. Tai Chi at Viharn Sien Park – Bangkok, Thailand: Visit a serene urban park in the shadow of the temple Viharn Sien to practice the slow, fluid movements of tai chi, an ancient form of exercise improving strength, flexibility and balance. Healthy Stroll Along the Cliffs and Getxo – Bilbao, Spain: Traverse geologically rich cliff paths, pass 18th-century windmills and fortresses, and experience the Basque fishing village of Getxo – with time to enjoy local tapas and authentic culture. Thermal Baths of the Popes – Rome (Civitavecchia), Italy: Restore mind and body at Terme dei Papi, soaking in mineral-rich waters beloved by popes, artists and poets for centuries, set in the inspirational Italian countryside. Traditional Chinese Medicine Experience – Hong Kong, China: Consult with a traditional medicine doctor and try therapies such as acupuncture or cupping, learning ancient methods to promote relaxation and vitality. Yoga & Wine Tasting Overlooking Caldera – Santorini, Greece: Find tranquility with a meditative yoga session on a winery terrace, followed by tastings of Santorini's distinct vintages while admiring the breathtaking views. Tai Chi & Vegetarian Lunch at a Monastery – Hanoi, Vietnam: Experience mindful movement surrounded by spectacular natural beauty and spiritual heritage in a Buddhist monastery on Yen Tu Mountain. Volcanic Thermal Pools and Naples – Naples/Pompeii, Italy: Alternate between hot and cold pools, surrounded by ancient landscapes and timeless healing traditions. Patagonian Hot Springs & Fjord Cruise – Puerto Chacabuco, Chile: Invite relaxation and mindfulness with a journey through the Aysén Fjord by catamaran to the secluded Ensenada Perez Hot Springs, where Patagonian landscapes surround naturally heated pools. Oceania Cruises is celebrated for its personalized service, award-winning cuisine and a crew-to-guest ratio designed for exceptional comfort. With destination-intensive itineraries ranging from seven to 180 days, guests return home with renewed energy, inspiration and stories that last a lifetime.
For more information visit OceaniaCruises.com or call 855-OCEANIA.
About Oceania Cruises®
Oceania Cruises® is the world's leading destination- and culinary-focused luxury cruise line, celebrated for its port-rich voyages and authentic cultural and culinary experiences. The line's intimate, luxurious ships feature an adults-only environment, with a high proportion of spacious rooms and suites, calling on more than 600 marquee and boutique ports in more than 100 countries across seven continents, with destination-intensive itineraries ranging from seven to 180 days. Aboard the designer-inspired ships, guests enjoy personalized service supported by a strong crew-to-guest ratio, alongside The Finest Cuisine at Sea®, prepared by one of the highest chef-to-guest ratios at sea. Oceania Cruises® is also recognized as one of the world's most awarded cruise lines, with accolades spanning luxury, dining, service and destination experiences. Oceania Cruises® has five Sonata Class ships on order scheduled for delivery in 2027, 2029, 2032, 2035 and 2037. Oceania Cruises® is a wholly owned subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH).
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Charter Communications, Inc. (NASDAQ:CHTR) will release its second quarter earnings report before the opening bell on Friday, July 24.
Analysts expect the Stamford, Connecticut-based company to report quarterly earnings of $10 per share, up from $9.18 per share in the year-ago period. The consensus estimate for Charter Communications’ quarterly revenue is $13.51 billion. It reported $13.77 billion last year, according to Benzinga Pro.
On April 24, Charter Communications reported worse-than-expected first-quarter EPS results.
Charter Communications shares fell 2.1% to close at $126.50 on Thursday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
Considering buying CHTR stock? Here’s what analysts think:
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Moneta Money Bank představila výsledky za 2Q 2026, v 10:00 se koná konferenční hovor. Čistý zisk za 2Q dosáhl 1,8 mld. Kč a management o 200 mil. Kč navýšil celoroční výhled. Výsledky hodnotíme neutrálně.
Výsledky hospodaření Moneta Money Bank za 2Q 2026 v mil. Kč 2Q 2026 Konsensus trhu 2Q 2025 Čisté úrokové výnosy 2 644 2 587 2 421 Čisté poplatky a provize 906 863 818 Ostatní provozní výnosy 142 175 173 Provozní výnosy 3 692 3 625 3 412 Provozní náklady (1 367) (1 387) (1 375) Provozní zisk 2 325 2 238 2 037 Náklady na riziko (254) (209) (117) Čistý zisk 1 763 1 718 1 628 Výsledky za 2Q 2026 Čisté úrokové výnosy ve 2Q dosáhly 2 644 mil. Kč, meziročně o 9 % více, mírně nad naším očekáváním ve výši 2 595 mil. Kč. Růst byl tažen především vyšším úvěrovým portfoliem.
Čisté úrokový výnosy Moneta Money Bank
Čisté poplatky a provize meziročně vzrostly o 11 % především díky distribuci investičních produktů.
Ostatní provozní výnosy naopak meziročně poklesly o 18 % na 142 mil. Kč.
Celkově tak Moneta za 2Q dosáhla provozních výnosů 3 692 mil. Kč, lehce nad naším očekáváním ve výši 3 632 mil. Kč.
Provozní náklady zůstaly meziročně na podobné úrovni, když vyšší mzdové náklady byly kompenzovány nižšími administrativními náklady a odpisy.
Provozní náklady Moneta Money Bank ve 2Q 2026
Na provozní úrovni banka reportovala zisk ve výši 2 325 mil. Kč při našem odhadu ve výši 2 253 mil. Kč.
Náklady na riziko v 2Q 2026 dosáhly výše 254 mil. Kč.
Celkově tak Moneta reportovala 8% meziroční růst čistého zisku na 1 763 mil. Kč, na úrovni našeho očekávání ve výši 1 765 mil. Kč.
Čistý zisk Moneta Money Bank za 2Q 2026
Čistý zisk za první polovinu letošního roku vzrostl na 3 346 mil. Kč, meziročně +8 %.
Čistý zisk Moneta Money Bank za 1H 2026
Klientské úvěry vzrostly o 9,1 % na 310 mld. Kč, zatímco klientské vklady vzrostly meziročně o 3,7 % na 454 mld. Kč.
Moneta dále reportovala kapitálovou přiměřenost 20 % a návratnost hmotného kapitálu (ROTE) 23,3 %.
Výhled Management potvrdil střednědobý výhled a pro letošní rok očekává, že dosáhne čistého zisku 6,8 mld. Kč, tedy o 200 mil. Kč více.
Střednědobý výhled Moneta Money Bank, zdroj: Moneta Money Bank
Hodnocení výsledkového reportu Čisté úrokové výnosy se meziročně zvýšily o 9 % a mírně předčily naše očekávání, když byly taženy velmi solidním růstem úvěrového portfolia. Management nadále drží provozní náklady pevně pod kontrolou. Provozní zisk byl mírně nad našimi odhady, naopak náklady na riziko vyšší, než jsme očekávali. Na úrovni čistého zisku Moneta dodala námi odhadovaných téměř 1,8 mld. Kč. Navýšení celoročního výhledu čistého zisku o 200 mil. Kč na 6,8 mld. Kč je v souladu s naší projekcí na letošní rok. Výsledkový report hodnotíme neutrálně.
Akcie Monety (BAAGECBA) včera uzavřely na pražské burze na 188,80 Kč a na RM-SYSTÉMu na 189 Kč.
Zdroj: Moneta Money Bank
Karel Nedvěd, Fio banka, a.s.
Související odkazy Projekce hospodaření Moneta Money Bank za 2Q 2026 Moneta: Komerční banka nastavila cílovou cenu na 192 Kč při doporučení „Držet“ Moneta: PKO BP Securities zvyšuje cílovou cenu ze 149 Kč na 200 Kč s novým doporučením "hold" Moneta Money Bank vydala nástroj vedlejšího kapitálu Tier 1 (AT1) Manažerské obchody: V květnu byl aktivní manažer Moneta Money Bank
MINNEAPOLIS--(BUSINESS WIRE)--Wizards, witches and Muggles alike can bring a little magic into their homes with new and returning Harry Potter-inspired products from Pillsbury and Betty Crocker. Arriving at retailers nationwide just in time for a season full of Harry Potter celebrations, this lineup is made for new ways to experience the beloved stories at home. With millions of fans around the globe, Harry Potter has become a cultural phenomenon that continues to bring families together. With.
In TRIUMPH-2, adults with obesity or overweight and type 2 diabetes, a population with increased difficulties losing weight, lost up to an average of 49.6 lbs (20.8%) at 80 weeks
In TRIUMPH-3, adults with severe obesity and established cardiovascular disease, with or without type 2 diabetes, lost up to an average of 55.8 lbs (22.6%) at 80 weeks
Lilly plans to submit a Biologics License Application (BLA) for retatrutide to FDA in Q1 2027
, /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY), the maker of Zepbound (tirzepatide) and Foundayo (orforglipron), today announced positive topline results from TRIUMPH-2 and TRIUMPH-3, two pivotal Phase 3 trials evaluating retatrutide, an investigational, first-in-class GIP, GLP-1, and glucagon triple hormone receptor agonist. In both studies, retatrutide met the primary endpoint, delivering substantial weight loss in adults with obesity and some of its most serious complications: type 2 diabetes and established cardiovascular disease.
"Across five positive Phase 3 studies, retatrutide has shown powerful efficacy, and we believe it could be an important future tool in the management of cardiometabolic health," said Kenneth Custer, Ph.D., executive vice president and president, Lilly Cardiometabolic Health. "With the positive results from TRIUMPH-2 and TRIUMPH-3, we now have the clinical data package to support global submissions for retatrutide as a potential treatment for obesity, knee osteoarthritis pain, and obstructive sleep apnea. We look forward to working with regulators as they evaluate this first-of-its-kind medicine."
In TRIUMPH-2, all three studied doses of retatrutide (4 mg, 9 mg, and 12 mg) delivered substantial weight loss and improved glycemic control at 80 weeks in adults with type 2 diabetes and obesity or overweight. Participants taking retatrutide 4 mg, 9 mg, and 12 mg lost an average of 29.8 lbs (12.7%), 45.4 lbs (19.1%), and 49.6 lbs (20.8%), respectively, alongside A1C reductions of up to an average of 1.6%.
TRIUMPH-2 Efficacy Estimand Results in Participants with Obesity and Type 2 Diabetes1
Primary Endpoint at 80 Weeks
Retatrutide 4 mg
Retatrutide 9 mg
Retatrutide 12 mg
Placebo
Percent change in body weight from avg. baseline of 106.4 kg (234.6 lbs; BMI of 38.2 kg/m²)i
-12.7% (-13.5 kg; -29.8 lbs)
-19.1% (-20.6 kg; -45.4 lbs)
-20.8% (-22.5 kg; -49.6 lbs)
-4.0% (-4.2 kg; -9.3 lbs)
Key Secondary Endpoint at 80 Weeks
Change in A1C from a baseline of 7.7%
-1.4%
-1.6%
-1.5%
-0.2%
iPercent body weight reduction with retatrutide 4 mg was a key secondary endpoint.
In TRIUMPH-3, both studied doses of retatrutide (9 mg and 12 mg) delivered substantial weight loss in adults with severe obesity and established cardiovascular disease, with or without type 2 diabetes. Participants lost up to an average of 55.8 lbs (22.6%) at 80 weeks.
In the study, major adverse cardiovascular events (MACE) occurred less frequently than anticipated in both retatrutide and placebo arms. In pre-specified analyses for time to first occurrence of MACE, there were 44 MACE-5 (all-cause death, heart attack, stroke, heart failure event, or coronary revascularization) events observed in participants randomized to retatrutide (pooled 9 mg and 12 mg) and 52 events observed in those randomized to placebo, resulting in a hazard ratio of 0.82 (95.0% CI: 0.55 to 1.22). There were 27 MACE-3 (cardiovascular death, heart attack, or stroke) events in participants randomized to retatrutide and 23 in those randomized to placebo, resulting in a hazard ratio of 1.12 (95.0% CI: 0.64 to 1.96).
In TRIUMPH-3, retatrutide meaningfully reduced certain cardiovascular risk factors, with the highest dose delivering average reductions of 37.0% in triglycerides, 16.5% in non-HDL cholesterol, 9.3 mmHg in systolic blood pressure, 7.5 in (19.0 cm) in waist circumference, and 51.2% in high-sensitivity C-reactive protein (hsCRP).
TRIUMPH-3 Efficacy Estimand Results in Participants with Severe Obesity and Established Cardiovascular Disease1
Primary Endpoint at 80 Weeks
Retatrutide 9 mg
Retatrutide 12 mg
Placebo
Percent change in body weight from avg. baseline of 111.4 kg (245.6 lbs; BMI of 40.4 kg/m²)
-21.6% (-23.9 kg; -52.7 lbs)
-22.6% (-25.3 kg; -55.8 lbs)
-3.2% (-3.5 kg; -7.7 lbs)
Additional Analysesi
In-Study
On-Treatment
Time to first occurrence of MACE-5
Hazard ratio = 0.82
95.0% CI: 0.55 to 1.22
Hazard ratio = 0.73
95.0% CI: 0.47 to 1.12
Time to first occurrence of MACE-3
Hazard ratio = 1.12
95.0% CI: 0.64 to 1.96
Hazard ratio = 0.92
95.0% CI: 0.51 to 1.65
iHazard ratio was estimated from Cox proportional hazards model comparing retatrutide (pooled 9 mg and 12 mg) vs. placebo; in-study analysis (pre-specified) includes events which occurred during the study treatment period regardless of adherence to retatrutide or placebo, while on-treatment analysis (not pre-specified) excludes events which occurred more than 35 days after discontinuing retatrutide or placebo.
In TRIUMPH-2, the most common adverse events with retatrutide (4 mg, 9 mg, 12 mg vs. placebo, respectively) were diarrhea (27.4%, 33.5%, 33.6% vs. 13.2%), nausea (13.7%, 20.8%, 28.0% vs. 8.0%), constipation (14.0%, 16.2%, 16.8% vs. 9.4%), decreased appetite (5.8%, 12.3%, 17.1% vs. 4.5%), and vomiting (5.5%, 10.2%, 15.7% vs. 4.2%). In TRIUMPH-3, the most common adverse events with retatrutide (9 mg, 12 mg vs. placebo, respectively) were diarrhea (30.1%, 24.4% vs. 8.7%), nausea (21.7%, 22.4% vs. 5.8%), constipation (18.0%, 15.7% vs. 7.1%), decreased appetite (13.5%, 14.5% vs. 3.0%), and hyperglycemia (3.9%, 3.1% vs. 13.4%). In TRIUMPH-2, the incidence of dysesthesia and urinary tract infections were 4.5%, 5.6%, 7.3% vs. 0.7% and 3.8%, 6.3%, 8.0% vs. 6.6% with retatrutide 4 mg, 9 mg, 12 mg vs. placebo, respectively. In TRIUMPH-3, the incidence of dysesthesia and urinary tract infections were 6.4%, 6.4% vs. 1.3% and 6.1%, 7.0% vs. 5.3% with retatrutide 9 mg, 12 mg vs. placebo, respectively. These events were generally mild to moderate, and the majority resolved during treatment. Discontinuation rates due to adverse events in TRIUMPH-2 were 3.8% (4 mg), 11.6% (9 mg), and 7.7% (12 mg) with retatrutide, compared with 4.9% for placebo. Discontinuation rates due to adverse events in TRIUMPH-3 were 9.8% (9 mg) and 13.5% (12 mg) with retatrutide, compared with 4.8% for placebo.
Detailed results from TRIUMPH-2 and TRIUMPH-3 will be presented at future medical meetings and published in peer-reviewed journals. Lilly is completing the comprehensive Chemistry, Manufacturing, and Controls (CMC) data package required for a Biologics License Application (BLA) and plans to subsequently submit retatrutide in Q1 2027 for U.S. approval.
About retatrutide
Retatrutide is an investigational, once-weekly, triple hormone receptor agonist. Retatrutide is a single molecule that activates the body's receptors for glucose-dependent insulinotropic polypeptide (GIP), glucagon-like peptide-1 (GLP-1), and glucagon. Lilly is studying retatrutide in several Phase 3 clinical trials to evaluate its potential efficacy and safety in obesity and overweight with at least one weight-related medical problem, type 2 diabetes, knee osteoarthritis pain, moderate-to-severe obstructive sleep apnea, chronic low back pain, cardiovascular and renal outcomes, and metabolic dysfunction-associated steatotic liver disease. Retatrutide is an investigational molecule that cannot be legally sold or marketed for human use.
About TRIUMPH-2, TRIUMPH-3, and the TRIUMPH clinical trial program
TRIUMPH-2 (NCT05929079) is a Phase 3, 80-week, randomized, double-blind, and placebo-controlled trial under a basket design investigating the efficacy and safety of retatrutide once weekly compared with placebo in participants with type 2 diabetes and obesity or overweight. The study randomized 1,152 participants in a 1:1:1:1 ratio to receive retatrutide 4 mg, 9 mg, 12 mg, or placebo. Participants randomized to retatrutide initiated treatment with 2 mg once weekly and increased the dose in a stepwise approach every four weeks until reaching the target dose of 4 mg (via steps at 2 mg and 4 mg), 9 mg (via steps at 2 mg, 4 mg, and 6 mg) or 12 mg (via steps at 2 mg, 4 mg, 6 mg, and 9 mg). TRIUMPH-2 included a post-treatment follow-up period of four weeks.
TRIUMPH-3 (NCT05882045) is a Phase 3, 80-week, randomized, double-blind, placebo-controlled trial investigating the efficacy and safety of retatrutide once weekly compared with placebo in participants with severe obesity (Class 2 or Class 3), defined as BMI ≥35 kg/m2, and established cardiovascular disease. The study randomized 1,949 participants in a 1:1:2 ratio to receive retatrutide 9 mg, 12 mg, or placebo. Participants randomized to retatrutide initiated treatment with 2 mg once weekly and increased the dose in a stepwise approach every four weeks until reaching the target dose of 9 mg (via steps at 2 mg, 4 mg, and 6 mg) or 12 mg (via steps at 2 mg, 4 mg, 6 mg, and 9 mg).
The initial TRIUMPH Phase 3 clinical development program is evaluating the safety and efficacy of retatrutide for the treatment of patients with obesity or overweight, moderate-to-severe obstructive sleep apnea and obesity, and knee osteoarthritis pain across four global registrational trials. The program, which began in 2023, enrolled more than 5,800 participants.
Endnotes:
The efficacy estimand represents efficacy had all randomized participants remained on study intervention (with possible dose interruptions and modifications) without initiating prohibited weight management treatments (and glycemic rescue therapy for glycemic endpoints only). FOUNDAYO INDICATION AND SAFETY SUMMARY WITH WARNINGS
Foundayo (fown-DAY-oh) is a prescription medicine used with a reduced-calorie diet and increased physical activity to help adults with obesity, or some adults with overweight who also have weight-related medical problems, to lose excess body weight and keep the weight off.
Foundayo should not be used with other GLP-1 receptor agonist medicines. It is not known if Foundayo is safe and effective for use in children. Warnings – Foundayo may cause tumors in the thyroid, including thyroid cancer. Watch for possible symptoms, such as a lump or swelling in the neck, hoarseness, trouble swallowing, or shortness of breath. If you have any of these symptoms, tell your healthcare provider.
Do not use Foundayo if you or any of your family have ever had a type of thyroid cancer called medullary thyroid carcinoma (MTC). Do not use Foundayo if you have Multiple Endocrine Neoplasia syndrome type 2 (MEN 2). Do not use Foundayo if you have had a serious allergic reaction to orforglipron or any of the ingredients in Foundayo. Foundayo may cause serious side effects, including:
Inflammation of the pancreas (pancreatitis). Stop taking Foundayo and call your healthcare provider right away if you have severe pain in your stomach area (abdomen) that will not go away, with or without nausea or vomiting. Sometimes you may feel the pain from your abdomen to your back.
Severe stomach problems. Stomach problems, sometimes severe, have been reported in people who use Foundayo. Tell your healthcare provider if you have stomach problems that are severe or will not go away.
Dehydration leading to kidney problems. Diarrhea, nausea, and vomiting may cause a loss of fluids (dehydration), which may cause kidney problems. It is important for you to drink fluids to help reduce your chance of dehydration. Tell your healthcare provider right away if you have nausea, vomiting, or diarrhea that does not go away.
Low blood sugar (hypoglycemia). Your risk for getting low blood sugar may be higher if you use Foundayo with medicines that can cause low blood sugar, such as an insulin or sulfonylurea. Signs and symptoms of low blood sugar may include dizziness or light-headedness, sweating, confusion or drowsiness, headache, blurred vision, slurred speech, shakiness, fast heartbeat, anxiety, irritability, mood changes, hunger, weakness, or feeling jittery.
Serious allergic reactions. Stop using Foundayo and get medical help right away if you have any symptoms of a serious allergic reaction, including swelling of your face, lips, tongue or throat, problems breathing or swallowing, severe rash or itching, fainting or feeling dizzy, or very rapid heartbeat.
Changes in vision in patients with type 2 diabetes. Tell your healthcare provider if you have changes in vision during treatment with Foundayo.
Gallbladder problems. Gallbladder problems have happened in some people who use Foundayo. Tell your healthcare provider right away if you get symptoms of gallbladder problems, which may include pain in your upper stomach (abdomen), fever, yellowing of skin or eyes (jaundice), or clay-colored stools.
Food or liquid getting into the lungs during surgery or other procedures that use anesthesia or deep sleepiness (deep sedation). Foundayo may increase the chance of food getting into your lungs during surgery or other procedures. Tell your healthcare providers that you are taking Foundayo before you are scheduled to have surgery or other procedures.
Common side effects
The most common side effects of Foundayo include nausea, constipation, diarrhea, vomiting, indigestion, stomach (abdominal) pain, headache, swollen belly, feeling tired, belching, heartburn, gas, and hair loss. These are not all the possible side effects of Foundayo. Talk to your healthcare provider about any side effect that bothers you or doesn't go away.
Tell your doctor if you have any side effects. You can report side effects at 1-800-FDA-1088 or www.fda.gov/medwatch.
Before taking Foundayo
Tell your healthcare provider about all the medicines you take. Foundayo may affect the way some medicines work, and some medicines may affect the way Foundayo works. Pregnancy Exposure Registry: There will be a pregnancy exposure registry for women who have taken Foundayo during pregnancy. The purpose of this registry is to collect information about the health of you and your baby. Talk to your healthcare provider about how you can take part in this registry, or you may contact Eli Lilly and Company at 1-800-LillyRx (1-800-545-5979). If you take birth control pills by mouth, talk to your healthcare provider before you take Foundayo. Birth control pills may not work as well while taking Foundayo. Your healthcare provider may recommend another type of birth control for 30 days after starting Foundayo and for 30 days after each dose increase of Foundayo. Talk to your healthcare provider about low blood sugar and how to manage it. Tell your healthcare provider if you are taking medicines to treat diabetes including an insulin or sulfonylurea. Review these questions with your healthcare provider:
❑ Do you have other medical conditions, including problems with your pancreas or kidneys, or severe problems with your liver, severe problems with your stomach, such as slowed emptying of your stomach (gastroparesis) or problems digesting food?
❑ Do you have a history of diabetic retinopathy?
❑ Are you scheduled to have surgery or other procedures that use anesthesia or deep sleepiness (deep sedation)?
❑ Are you pregnant or plan to become pregnant? Foundayo may harm your unborn baby.
❑ Are you breastfeeding or plan to breastfeed? Breastfeeding is not recommended during treatment with Foundayo.
❑ Do you take any other prescriptions or over-the-counter medicines, vitamins, or herbal supplements?
How to take
Take Foundayo exactly as your healthcare provider tells you to. Use Foundayo with a reduced-calorie diet and increased physical activity. Take Foundayo by mouth 1 time each day, with or without food. Swallow tablets whole. Do not break, crush, or chew the tablet. If you miss a dose, take it as soon as possible. Do not take 2 doses of Foundayo in the same day. Do not take more than 1 tablet per day. If you miss taking Foundayo for 7 or more days in a row, call your healthcare provider to talk about how to restart your treatment. If you take too much Foundayo, call your healthcare provider or Poison Help line at 1-800-222-1222 or go to the nearest hospital emergency room right away. Learn more
Foundayo is a prescription medicine available in 0.8 mg, 2.5 mg, 5.5 mg, 9 mg, 14.5 mg, or 17.2 mg oral tablets. For more information, call 1-800-545-5979 or go to foundayo.lilly.com.
ZEPBOUND INDICATIONS AND SAFETY SUMMARY WITH WARNINGS
Zepbound® (ZEHP-bownd) is an injectable prescription medicine used with a reduced-calorie diet and increased physical activity to help adults with:
obesity, or some adults with overweight who also have weight-related medical problems, to lose excess body weight and keep the weight off. moderate-to-severe obstructive sleep apnea (OSA) and obesity to improve their OSA. Zepbound contains tirzepatide and should not be used with other tirzepatide-containing products or any GLP-1 receptor agonist medicines. It is not known if Zepbound is safe and effective for use in children.
Warnings - Zepbound may cause tumors in the thyroid, including thyroid cancer. Watch for possible symptoms, such as a lump or swelling in the neck, hoarseness, trouble swallowing, or shortness of breath. If you have any of these symptoms, tell your healthcare provider.
• Do not use Zepbound if you or any of your family have ever had a type of thyroid cancer called medullary thyroid carcinoma (MTC).
• Do not use Zepbound if you have Multiple Endocrine Neoplasia syndrome type 2 (MEN 2).
• Do not use Zepbound if you have had a serious allergic reaction to tirzepatide or any of the ingredients in Zepbound.
KwikPen®: Do not share your KwikPen with other people, even if the pen needle has been changed. You may give other people a serious infection or get a serious infection from them.
Zepbound may cause serious side effects, including:
Severe stomach problems. Stomach problems, sometimes severe, have been reported in people who use Zepbound. Tell your healthcare provider if you have stomach problems that are severe or will not go away.
Dehydration leading to kidney problems. Diarrhea, nausea, and vomiting may cause a loss of fluids (dehydration), which may cause kidney problems. It is important for you to drink fluids to help reduce your chance of dehydration. Tell your healthcare provider right away if you have nausea, vomiting, or diarrhea that does not go away.
Gallbladder problems. Gallbladder problems have happened in some people who use Zepbound. Tell your healthcare provider right away if you get symptoms of gallbladder problems, which may include pain in your upper stomach (abdomen), fever, yellowing of skin or eyes (jaundice), or clay-colored stools.
Inflammation of the pancreas (pancreatitis). Stop using Zepbound and call your healthcare provider right away if you have severe pain in your stomach area (abdomen) that will not go away, with or without nausea or vomiting. You may feel the pain from your abdomen to your back.
Serious allergic reactions. Stop using Zepbound and get medical help right away if you have any symptoms of a serious allergic reaction, including swelling of your face, lips, tongue or throat, problems breathing or swallowing, severe rash or itching, fainting or feeling dizzy, or very rapid heartbeat.
Low blood sugar (hypoglycemia). Your risk for getting low blood sugar may be higher if you use Zepbound with medicines that can cause low blood sugar, such as a sulfonylurea or insulin. Signs and symptoms of low blood sugar may include dizziness or light-headedness, sweating, confusion or drowsiness, headache, blurred vision, slurred speech, shakiness, fast heartbeat, anxiety, irritability, mood changes, hunger, weakness or feeling jittery.
Changes in vision in patients with type 2 diabetes. Tell your healthcare provider if you have changes in vision during treatment with Zepbound.
Food or liquid getting into the lungs during surgery or other procedures that use anesthesia or deep
sleepiness (deep sedation). Zepbound may increase the chance of food getting into your lungs during surgery or other procedures. Tell all your healthcare providers that you are taking Zepbound before you are scheduled to have surgery or other procedures.
Common side effects
The most common side effects of Zepbound include nausea, diarrhea, vomiting, constipation, stomach (abdominal) pain, indigestion, injection site reactions, feeling tired, allergic reactions, belching, hair loss, and heartburn. These are not all the possible side effects of Zepbound. Talk to your healthcare provider about any side effect that bothers you or doesn't go away.
Tell your doctor if you have any side effects. You can report side effects at 1-800-FDA-1088 or www.fda.gov/medwatch.
Before using Zepbound
Your healthcare provider should show you how to use Zepbound before you use it for the first time. Talk to your healthcare provider about low blood sugar and how to manage it. Tell your healthcare provider if you are taking medicines to treat diabetes including an insulin or sulfonylurea. If you take birth control pills by mouth, talk to your healthcare provider before you use Zepbound. Birth control pills may not work as well while using Zepbound. Your healthcare provider may recommend another type of birth control for 4 weeks after you start Zepbound and for 4 weeks after each increase in your dose of Zepbound. Review these questions with your healthcare provider:
❑ Do you have other medical conditions, including problems with your pancreas, or severe problems with your stomach, such as slowed emptying of your stomach (gastroparesis) or problems digesting food?
❑ Do you take diabetes medicines, such as insulin or sulfonylureas?
❑ Do you have a history of diabetic retinopathy?
❑ Are you scheduled to have surgery or other procedures that use anesthesia or deep sleepiness (deep sedation)?
❑ Do you take any other prescription medicines or over-the-counter drugs, vitamins, or herbal supplements?
❑ Are you pregnant, plan to become pregnant, breastfeeding, or plan to breastfeed? Zepbound may harm your unborn baby. Tell your healthcare provider if you become pregnant while using Zepbound. Zepbound may pass into your breast milk. You should talk with your healthcare provider about the best way to feed your baby while using Zepbound.
Pregnancy Exposure Registry: There will be a pregnancy exposure registry for women who have taken Zepbound during pregnancy. The purpose of this registry is to collect information about the health of you and your baby. Talk to your healthcare provider about how you can take part in this registry, or you may contact Lilly at 1-800-LillyRx (1-800-545-5979). How to take
Read the Instructions for Use that come with Zepbound. Use Zepbound exactly as your healthcare provider says. Use Zepbound with a reduced-calorie diet and increased physical activity. Inject Zepbound under the skin (subcutaneously) of your stomach (abdomen), thigh, or have another person inject in the back of the upper arm. Do not inject ZEPBOUND into a muscle (intramuscularly) or vein (intravenously). Use Zepbound 1 time each week, at any time of the day. Change (rotate) your injection site with each weekly injection. Do not use the same site for each injection. If you take too much Zepbound, call your healthcare provider, call the Poison Help line at 1-800-222-1222 or go to the nearest hospital emergency room right away.
Zepbound is approved as a 2.5 mg, 5 mg, 7.5 mg, 10 mg, 12.5 mg, and 15 mg injection.
Learn more
Zepbound is a prescription medicine. For more information, call 1-800-LillyRx (1-800-545-5979) [or goto www.zepbound.lilly.com].
This summary provides basic information about Zepbound but does not include all information known about this medicine. Read the information that comes with your prescription each time your prescription is filled. This information does not take the place of talking with your healthcare provider. Be sure to talk to your healthcare provider about Zepbound and how to take it. Your healthcare provider is the best person to help you decide if Zepbound is right for you.
ZP CON BS 25FEB2026
Zepbound®, its delivery device base and KwikPen® are registered trademarks owned or licensed by Eli Lilly and Company, its subsidiaries, or affiliates.
About Lilly
Lilly is a medicine company turning science into healing to make life better for people around the world. We've been pioneering life-changing discoveries for 150 years, and today our medicines help tens of millions of people across the globe. Harnessing the power of biotechnology, chemistry and genetic medicine, our scientists are urgently advancing new discoveries to solve some of the world's most significant health challenges: redefining diabetes care; treating obesity and curtailing its most devastating long-term effects; advancing the fight against Alzheimer's disease; providing solutions to some of the most debilitating immune system disorders; and transforming the most difficult-to-treat cancers into manageable diseases. With each step toward a healthier world, we're motivated by one thing: making life better for millions more people. That includes delivering innovative clinical trials that reflect the diversity of our world and working to ensure our medicines are accessible and affordable. To learn more, visit Lilly.com and Lilly.com/news, or follow us on Facebook, Instagram, and LinkedIn. P-LLY
Trademarks and Trade Names
All trademarks or trade names referred to in this press release are the property of the company, or, to the extent trademarks or trade names belonging to other companies are referenced in this press release, the property of their respective owners. Solely for convenience, the trademarks and trade names in this press release are referred to without the ® and ™ symbols, but such references should not be construed as any indicator that the company or, to the extent applicable, their respective owners will not assert, to the fullest extent under applicable law, the company's or their rights thereto. We do not intend the use or display of other companies' trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) about retatrutide as a potential treatment for adults with type 2 diabetes and obesity or overweight and adults with severe obesity and established cardiovascular disease, and the timeline for future readouts, presentations and other milestones relating to retatrutide and its clinical trials and reflects Lilly's current beliefs and expectations. However, as with any pharmaceutical product, there are substantial risks and uncertainties in the process of drug research, development and commercialization. Among other things, there is no guarantee that planned or ongoing studies will be completed as planned, that future study results will be consistent with expectations or study results to date, that retatrutide will prove to be a safe and effective treatment for type 2 diabetes, obesity or other potential indications, that retatrutide will receive regulatory approval, or that Lilly will execute its strategy as expected. For further discussion of these and other risks and uncertainties that could cause actual results to differ from Lilly's expectations, see Lilly's Form 10-K and Form 10-Q filings with the United States Securities and Exchange Commission. Except as required by law, Lilly undertakes no duty to update forward-looking statements to reflect events after the date of this release.
Refer to: Niki Biro; [email protected] (Media)
Michael Czapar; [email protected] (Investors)
Some stocks look too attractive to pass up, given their incredibly strong businesses and excellent prospects. In my view, that's the case with Eli Lilly (LLY +1.92%) and Intuitive Surgical (ISRG -2.47%), two healthcare companies. These stocks have delivered excellent returns over the past decade, but neither has peaked yet. Here is why Eli Lilly and Intuitive Surgical are outstanding stocks to buy.
Image source: The Motley Fool.
1. The weight loss leader Obesity is considered an epidemic. It affects a significant percentage of the population, particularly in the U.S., where about 40% of adults are obese, according to the U.S. Centers for Disease Control and Prevention. Obesity is linked to dozens of diseases and costs the U.S. healthcare system tens of billions of dollars every year. For all these reasons, the market for weight management medicines is growing rapidly, and Eli Lilly is currently the leader in this niche.
The company's approved portfolio features Zepbound, a subcutaneous anti-obesity drug, and Foundayo, an oral pill. Both are performing well and helping Eli Lilly grow its revenue much faster than its similarly sized peers in the pharmaceutical industry.
LLY Revenue (Quarterly YoY Growth) data by YCharts
However, Eli Lilly will start facing more competition in this area over the next few years. Not to worry: The company is working hard on next-gen weight-loss therapies, some of which could be even better than its current ones.
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Eli Lilly is looking to expand the market, as it did with Foundayo, which is attracting mostly brand-new patients. The company's newer, differentiated medicines might do the same. Eli Lilly's retatrutide, for instance, recently posted an average weight loss of up to 20.8% in patients with type 2 diabetes who were overweight or obese in an 80-week phase 3 study.
That's impressive considering people with diabetes have a harder time losing weight, but retatrutide could be highly effective at helping them do so, largely thanks to the fact that it works by activating three natural hormone pathways (compared to either one or two for most approved therapies) that help people eat less, burn more calories, and better control their blood sugar.
Retatrutide is just one example of Eli Lilly's deep pipeline in this area, which could help it ride the weight-loss tailwind over the next five years. And even beyond this market, Eli Lilly has a large pipeline in other areas, as well as other blockbusters in its approved portfolio. Eli Lilly has been one of the top-performing pharmaceutical giants in recent years, and should remain so. The stock is a no-brainer buy.
2. The sell-off is overdone Intuitive Surgical has faced headwinds in recent years, including increased competition, tariffs, and lower margins on the newest version of its da Vinci surgical system. The company's shares have significantly underperformed the broader market, declining by 33% over the past 12 months. However, Intuitive Surgical's medium-term prospects remain strong, making the current dip a buying opportunity.
Here's why the business is still healthy. Intuitive Surgical's launch of the da Vinci 5 has been hugely successful and presents the company with attractive opportunities, despite its lower margins. This new device lets surgeons feel how much force they're using and runs on a far more powerful computer, advantages which, over time, could enable smarter software, artificial intelligence-assisted surgery, fewer mistakes, and better patient outcomes.
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That means additional indications, eventually, and potentially, greater adoption of robotic-assisted surgery (RAS). So, the da Vinci 5's lower margins are worth it once we zoom out and focus on the company's long-term opportunities. It could also help Intuitive Surgical stay ahead of the new competition. The company's da Vinci system already has more than two decades of real-world outcomes to back it up, but it's important to continue innovating, which is what it did with the da Vinci 5.
Further, Intuitive Surgical benefits from a wide moat due to high switching costs, as its expensive devices, which also have a steep learning curve, become far too valuable for hospitals to replace with competitors' devices. That grants the company pricing power, which it might lean on to mitigate the impact of tariffs on its financial results. Intuitive Surgical's stock may remain volatile over the next year or so, but in five years, it could be far above its current levels. Patience will be rewarded.
Not every cheap stock is necessarily one worth owning. If you can find the right high-quality, high-yield tickers that are only temporarily beaten down, however, cheap stocks are actually bargains just waiting to be bought.
Here's a rundown of three dirt cheap dividend payers most investors are simply overlooking. That spells opportunity for you.
Novo Nordisk It's not too difficult to figure out why Novo Nordisk (NVO -0.02%) shares are down so much from their 2024 peak. The GLP-1 weight-loss drug race that it helped start has since turned incredibly competitive, so much so that Novo's now losing market share to rival Eli Lilly (LLY +1.92%) (and others) within a business it largely built, forcing price cuts. Investors are also concerned about the limited expansion of Wegovy's label in this environment.
More recently, Novo's decision to file a lawsuit against Lilly (claiming that its top competitor's GLP-1 drug's advertising is misleading) may be valid, but it also suggests a certain degree of concerning desperation. Never even mind the fact that 2026 is now being seen as a "reset" year far sooner than a reset should have been necessary for the company.
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However, with the stock now down more than 60% from its mid-2024 high and still within sight of a recently reached five-year low -- and priced at less than 12 times its trailing earnings -- the sellers have arguably overshot their target. They've priced in all of these problems, and then some, without factoring in the fact that Wegovy is still a powerful brand in all of its present and future forms.
That's not the crux of the reason to consider stepping into a position in NVO here and now, however. Rather, the top reason to take a closer look at the beaten-down name at this time is its dividend yield, which currently stands at a little over 3.6% on a forward-looking basis. At the very least, the cash flow supporting these dividend payments will remain intact while the company works through its reset and continues working on the 32 drug trials it's currently got underway, nine of which are now in phase 3.
PepsiCo Novo Nordisk isn't the only attractive dividend name currently dancing with a new 52-week low. Snack food and beverage powerhouse PepsiCo's (PEP -0.52%) shares are in a similar situation. The stock's down 20% from its early February peak, dragging its forward-looking price-to-earnings ratio down to a multiyear low of less than 16, and pumping its forward-looking dividend yield up to 4.4%.
This weakness makes superficial sense. Organic revenue growth remains at a tepid 2.5% pace, bogged down by its North American food business. Cost and health concerns are both contributing factors to this headwind. Meanwhile, last quarter's core operating margin of 16.8% was down 40 basis points from the year-ago comparison, as the company is using price cuts to prop up demand however and whenever it can. Several analysts lowered their price targets on PEP following the release of its Q2 results as well. Investors are understandably nervous.
Image source: Getty Images.
There's nothing PepsiCo is going through now that it hasn't been through and survived before. Although its stock doesn't necessarily recover very quickly from these sorts of setbacks (since the economic underpinnings are also slow-moving), it's now 20% below February's high and down more than 30% from its 2023 peak. This recent weakness is a great opportunity to step into a long-term position in a quality blue chip.
It's a quality blue chip, by the way, that's now raised its dividend for 54 consecutive years. That streak isn't likely to end anytime soon.
Accenture Last but not least, add Ireland-based Accenture Plc (ACN -0.96%) to your list of cheap dividend stocks to buy if you've got $1,000 -- or any other amount -- you're looking to put to work generating income.
It's not a household name, although there's a good chance you or someone in your household benefits from its work. Accenture offers a number of specialized business services, ranging from cybersecurity to supply chain optimization to technology overhauls to risk management. It's serving markets like banks, travel, retail, healthcare, utilities, and more. The company did $69.7 billion in sales last fiscal year, up 7.4% year over year, and is likely to report comparable growth again for the fiscal year ending in August.
Unfortunately, this growth wasn't enough to stave off the 64% setback this stock has suffered since February of last year. You can probably guess why. Investors are fearful that artificial intelligence will eventually be able to replicate much of what this company brings to the table -- and perhaps it will.
Today's Change
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As time marches on, however, institutions are learning that AI can't do everything, and too much of what it can do, it doesn't do particularly well. Companies still need plenty of actual people to make experienced judgment calls and apply good common sense that artificial intelligence platforms often just don't have. This is good news for Accenture, and by extension, for its shareholders. It's just not yet evident in the form of a rebound in the stock.
That doesn't mean you have time to wait if you're interested, though. Priced at only 10 times this year's expected per-share profit and with a forward-looking dividend yield of 4.6%, this ticker's apt to fall back into favor sooner rather than later.
Analysts think so, anyway. Their consensus price target of $175.41 is 25% above the stock's present price.
Strategy (MSTR -6.38%) was a huge winner from 2024 through 2025 as it aggressively issued stock and debt to fund Bitcoin purchases. As Bitcoin's price continued to rise, Strategy's massive stockpile soared in value, allowing the company to easily raise more capital, creating a powerful cycle that amassed an enormous Bitcoin stockpile.
Things have changed, though. Bitcoin's price has fallen nearly halfway from its peak last year, and Strategy hasn't been buying the dip lately. Strategy's latest 8-K filing shows that it hasn't purchased any Bitcoin for four consecutive weeks. Instead, it is selling stock to raise funds, increasing its cash reserves to $3.2 billion.
Should investors be concerned about buying Strategy stock amid the company's sudden pivot? Here's what you need to know.
Image source: The Motley Fool.
Fortifying the balance sheet isn't a bad thing Bitcoin is infamously volatile, so a steep decline was probably only a matter of time. It's one thing for an individual investor to buy into a dip, but Strategy is an enormous company with billions of dollars of assets. Opportunistic buying would be nice, but Strategy is focusing on strengthening its balance sheet and preparing for a scenario where Bitcoin continues to decline.
Strategy has 843,775 BTC at an average cost of $75,476 per token. That means that the company is currently sitting on paper losses. It has cash obligations in the form of interest payments on its debt and dividends paid out to preferred shares. Nobody can predict prices, so there's no telling how much lower Bitcoin might go or when it rebounds, or if it ever does.
Holding more cash provides a safety buffer from nightmare situations, such as having to sell at a loss to meet its obligations.
Today's Change
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But it does expose a flaw in Strategy's business model Strategy's recent pause in buying Bitcoin makes sense, but it raises some concerns. As a Bitcoin treasury, Strategy could maximize value for shareholders by accumulating Bitcoin at the lowest possible cost basis. If Strategy's playbook of raising money and buying Bitcoin only works when prices go up, that's a potential red flag.
In that case, it's fair to wonder what value Strategy's current business model can generate, other than functioning as a leveraged bet on rising Bitcoin prices. Remember, Strategy primarily issues debt and stock to fund BTC purchases. Issuing stock dilutes existing shareholders, and doesn't work nearly as well at lower share prices because it takes more shares and dilution to raise the same amount of capital.
Strategy is smart to fortify its balance sheet, but a prolonged decline in Bitcoin is still a massive threat to the business. At the end of the day, investors might be better off owning Bitcoin themselves or investing in a spot Bitcoin ETF.
OMAHA, Neb. & MONTREAL--(BUSINESS WIRE)--Union Pacific Railroad (NYSE: UNP) and CN (NYSE: CNI) today announced the signing of a binding Memorandum of Understanding that will strengthen rail service across North America, improving both railroads' ability to serve customers. The agreement provides Union Pacific with expanded operating rights over CN's Elgin, Joliet & Eastern Railway (EJ&E) corridor through Chicago, while granting CN new rights over Union Pacific's network between Memphis,.
SLB N.V. (NYSE:SLB) will release its second quarter earnings report before the opening bell on Friday, July 24.
Analysts expect the Houston, Texas-based company to report quarterly earnings of 52 cents per share, down from 74 cents per share in the year-ago period. The consensus estimate for SLB quarterly revenue is $8.68 billion. It reported $8.55 billion last year, according to Benzinga Pro.
On July 14, SLB announced an agreement with Liberty Energy Inc. (NYSE:LBRT) to form a strategic alliance for data center infrastructure and power.
SLB shares fell 0.9% to close at $47.22 on Thursday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
Considering buying SLB stock? Here’s what analysts think:
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NEW YORK, July 23, 2026 (GLOBE NEWSWIRE) -- Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the second quarter of 2026.
Second quarter 2026 net revenue1 was $1.5 billion, an increase of 15% on both a reported and adjusted2 basis over the second quarter of 2025. Solutions revenue3 grew 17% on both a reported and adjusted basis.
Annualized Recurring Revenue (ARR)3,4 of $3.3 billion increased 11% on a reported basis over the second quarter of 2025, or 12% on an organic basis2. Annualized SaaS revenue increased 12%, or 15% on an organic basis, and represented 38% of ARR.Financial Technology revenue was $539 million, an increase of 16% over the second quarter of 2025, or 15% on an organic basis.Index revenue of $271 million grew 38% or 35% on an adjusted basis over the second quarter of 2025, with $109 billion of net inflows over the trailing twelve months, including $51 billion in the second quarter of 2026.GAAP diluted earnings per share in the second quarter of 2026 was $0.89, an increase of 14% over the second quarter of 2025. Non-GAAP5 diluted earnings per share in the second quarter of 2026 was $1.07, an increase of 25% on both a reported and adjusted basis over the second quarter of 2025.In the second quarter of 2026, the company returned $174 million to shareholders through dividends and $356 million through repurchases of common stock. The company also net repaid $162 million of debt in the quarter. Second Quarter 2026 Highlights
(US$ millions, except per share)2Q26YoY change %Organic2
YoY change %Adjusted2
YoY change %Solutions revenue$1,16017%17%17%Market Services net revenue$34011%11%11%Net revenue$1,50015%16%15%GAAP operating income$71225% Non-GAAP operating income$85919%20%19%ARR$3,25811%12%12%GAAP diluted EPS$0.8914% Non-GAAP diluted EPS$1.0725%26%25%
Adena Friedman, Chair and CEO said, “Nasdaq delivered an outstanding second quarter, defined by new records and milestones. We delivered double-digit growth across all three divisions, surpassed $1 trillion in Index ETP AUM, and listed SpaceX, the largest IPO in exchange history.
As the forces reshaping global finance accelerate, from AI and market modernization to the increasingly complex regulatory and risk environment, Nasdaq's role as our clients' trusted transformation partner positions us for sustained leadership. We are confident in our ability to capture the opportunity ahead and deliver durable, long-term value for our clients and shareholders.”
Sarah Youngwood, Executive Vice President and CFO said, “Nasdaq's second quarter results mark another quarter of excellent Solutions revenue growth, expanding operating margins, strong EPS growth, and robust cash flow generation.
Nasdaq’s durable business model and consistent execution support our disciplined capital allocation strategy that returns meaningful capital to shareholders through both dividends and share repurchases while investing in innovations that will sustain our long-term growth trajectory.”
FINANCIAL REVIEW
Second quarter 2026 net revenue was $1.5 billion, reflecting 15% growth on both a reported and adjusted basis versus the prior year period.Solutions revenue was $1.2 billion in the second quarter of 2026, up 17% on both a reported and adjusted basis versus the prior year period, reflecting strong growth across Capital Access Platforms and Financial Technology. Capital Access Platforms revenue growth was 19% year-over-year on a reported basis, or 18% on an adjusted basis. Financial Technology revenue growth was 16% year-over-year, or 15% on an organic basis.ARR was $3.3 billion as of the second quarter of 2026, growing 11% year-over-year on a reported basis, or 12% year-over-year on an organic basis. Financial Technology ARR growth was 16% on both a reported and organic basis, and Capital Access Platforms ARR growth was 8% on both a reported and organic basis. Market Services net revenue was $340 million in the second quarter of 2026, up 11% on both a reported and organic basis versus the prior year period.Second quarter 2026 GAAP operating expenses were $788 million, an increase of 7% versus the prior year quarter and non-GAAP operating expenses were $641 million, up 10% on both a reported and organic basis versus the prior year quarter. The increases were primarily driven by higher compensation and benefits costs from our strong revenue execution, increased marketing and advertising costs due to a strengthening IPO environment, and increased investments in technology to drive long-term growth. On a GAAP basis, the increase was partially offset by lower merger and strategic initiatives expense.Cash flow from operations was $711 million in the second quarter, enabling the return of capital through Nasdaq’s efficient capital allocation framework. In the second quarter of 2026, the company returned $174 million to shareholders through dividends and $356 million through repurchases of common stock. As of June 30, 2026, there was $2.5 billion remaining under the board authorized share repurchase program. 2026 EXPENSE AND TAX GUIDANCE UPDATE6
The company is updating its 2026 non-GAAP operating expense guidance to a range of $2.530 billion to $2.570 billion. The company is maintaining its 2026 non-GAAP tax rate guidance in the range of 22.5% to 24.5%. STRATEGIC AND BUSINESS UPDATES
Financial Technology delivered double-digit revenue growth in each subdivision for the second consecutive quarter as the One Nasdaq strategy continues to unlock broad-based growth. In the second quarter, FinTech revenue increased 16% compared to the prior year period, or 15% on an organic basis, with 16% organic ARR growth. FinTech signed 58 new clients, 7 cross-sells, and 107 upsells in the quarter, with cross-sells remaining over 15% of the sales pipeline. Financial Crime Management Technology maintained strong momentum across both SMBs and enterprise clients while advancing AI-driven innovation in financial crime detection. During the quarter, Nasdaq Verafin signed 47 new small-and-medium bank (SMB) clients and 6 enterprise deals, including 2 cross-sells. Including signings early in the third quarter, Verafin has completed 11 enterprise signings year-to-date, surpassing the total signed in all of 2025. Nasdaq Verafin’s Agentic Workforce continued to gain traction, with 750 clients now leveraging the platform. The business introduced the next two agentic workers, the Agentic AML Analyst and the Agentic Fraud Analyst, while continuing to expand its innovation pipeline. Nasdaq Verafin enhanced the value of its gold-standard consortium data, surpassing $13 trillion in combined assets across more than 2,800 financial institutions.Regulatory Technology delivered strong performance across Surveillance and AxiomSL, driven by accelerating demand for Always-On infrastructure and regulatory modernization. The subdivision signed 9 new clients, including 2 cross-sells, and 63 upsells in the second quarter. Surveillance added 9 new clients, including 2 cross-sells, and 39 upsells with wins across geographies and client segments, including a new regulator win in Africa, and an upsell with a global broker-dealer. Early in the third quarter, Surveillance signed a notable first win for its AI-powered Calibration Copilot with a Tier 1 client. AxiomSL signed 24 upsells in the quarter with several client expansions that demonstrate the breadth of demand for AxiomSL's regulatory solutions, including with a domestic systemically important Australian bank and with a U.S. bank navigating heightened regulatory requirements following an acquisition.Capital Markets Technology delivered quarterly organic revenue growth of 14% and strong 17% organic ARR growth, reflecting the growing scale and reach of its global platform. The subdivision signed 7 new clients, including 3 cross-sells, and 42 upsells in the second quarter. Trade Management Services benefitted from strong demand for data center services and pricing. Calypso signed 3 new clients, including 1 cross-sell, and 31 upsells and is now available in more than 70 countries. Calypso expanded its global presence by signing a deal with the Georgian Financial Markets Treasury Association (GFTMA) to modernize the country’s treasury and financial markets infrastructure. The GFTMA deal includes a group of 5 of the country’s largest banks, which will adopt Calypso under a shared common infrastructure model. Market Technology continued to drive market modernization with the next-generation Eqlipse platform, signing 2 new digital marketplaces and 2 new clients on the Intelligence Platform. Index ETP assets under management (AUM) exceeded $1 trillion for the first time and achieved new net inflows records. Net inflows reached new all-time highs with $51 billion in the second quarter and $109 billion over the last twelve months. ETP AUM surpassed $1 trillion for the first time, with end-of-period ETP AUM of $1.114 trillion and average ETP AUM of $1.014 trillion. Nasdaq launched 34 new Index products in the second quarter, including 17 international products and 11 products in the institutional annuity space. Nasdaq expanded investor access to the Nasdaq-100 with the recent launch of BlackRock’s IQQ and State Street’s QNDX ETFs in the U.S.Listings set a quarterly record for total proceeds raised, headlined by the listing of SpaceX, the largest IPO in exchange history with an $86 billion raise. Nasdaq welcomed 7 of the top 10 largest operating company IPOs listed in the quarter, including Cerebras, the largest semiconductor IPO of all time, Quantinuum, the largest pure-play quantum IPO of all time, and Parabilis Medicines, the largest biotechnology IPO of all time. Nasdaq achieved a 74% win rate7 of new operating company listings. The momentum carried into the third quarter with the listing of SK hynix, the largest American Depositary Receipt (ADR) listing in U.S. capital markets history, underscoring the continued strength of the franchise.Market Services delivered records across quarterly net revenues and U.S. equity options volumes, supported by record industry volumes. In the second quarter, the business successfully facilitated the execution and trading of the SpaceX IPO. Nasdaq’s Closing Cross achieved new records across two landmark market events: during the Russell reconstitution, it executed 4.6 billion shares in 1.6 seconds representing a record $334 billion in notional value, and during the June Triple Witch, it executed a record $296 billion in notional value. Product innovation continued to drive incremental growth, with Index options revenue more than doubling year-over-year for the fourth consecutive quarter. Nasdaq received SEC approval to list event options tied to the Nasdaq-100 with an expected launch in the fourth quarter.Nasdaq advanced Always-On markets as Calypso supported proof of concept tokenized collateral trades on the Canton Network. Calypso, a leading platform managing the entire trade lifecycle, is powering the transition to hybrid tokenized and fiat infrastructure. Early in the third quarter, two of the world’s leading asset managers successfully completed tokenized collateral trades on the Canton Network, transmitting tokenized money market funds through Calypso. This milestone marks a significant step in the shift towards integrating tokenized and fiat infrastructure and reflects Nasdaq’s unique position as the trusted technology for next-generation markets.Nasdaq continued to optimize its portfolio early in the third quarter, entering into agreements to sell Nasdaq Fund Secondaries to Nasdaq Private Market and to acquire Dasseti. After the close of the Nasdaq Fund Secondaries transaction, Nasdaq will continue to hold an ownership stake in and remain a strategic partner of Nasdaq Private Market. Dasseti provides an AI-powered due diligence platform for institutional asset managers and allocators across public and private markets and will be integrated into eVestment’s leading institutional intelligence platform. Both transactions remain subject to customary closing conditions. ____________
1 Represents revenue less transaction-based expenses.
2 Organic change is calculated by removing the impacts of changes in foreign exchange rates, and acquisitions and divestitures during one-year period post transaction. Adjusted period over period change reflects the organic change, excluding the impact of a one-time revenue benefit in the second quarter of 2026 in our Index business due to a contract modification.
3 Solutions revenue and Annualized Recurring Revenue (ARR) constitutes revenue and ARR from our Capital Access Platforms and Financial Technology segments as well as revenue and ARR from our Solovis business which was sold in October 2025. Solovis revenues and ARR were previously included in our Capital Access Platforms segment, and have been reclassified into “Other” for all prior periods presented.
4 ARR for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ACV Bookings for our Financial Technology segment excluding Financial Crime Management Technology refers to the maximum annualized committed contract value at the time of signature, excluding one-time fees and not accounting for initial discounts. For Financial Crime Management Technology, ACV bookings is calculated by averaging the total contract value over the contract term, including fixed increases. ARR and ACV are supplemental metrics to help evaluate the performance of the business. These measures are not a replacement for, and should be viewed independently of, U.S. GAAP revenue and deferred revenue as they are performance metrics, and are not intended to be combined with any of these items. ARR and ACV are not a forecast, and the active contracts at the end of a reporting period used in calculating these measures may or may not be extended or renewed by our customers. There is no U.S. GAAP measure comparable to ARR or ACV. As these metrics do not have any standardized definition they may not be comparable to similarly titled measures presented by other companies and should be viewed independently of revenue and deferred revenue and are not intended to be combined with or to replace either of those items.
5 Refer to our reconciliations of U.S. GAAP to non-GAAP metrics and organic and adjusted impacts, included in the attached schedules.
6 U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.
7 Listings win rate includes eligible U.S. operating companies, direct listings, and SPAC business combinations.
ABOUT NASDAQ
Nasdaq (Nasdaq: NDAQ) is a leading technology platform that powers the world’s economies. We architect the infrastructure of the world’s most modern markets, power the innovation economy, and build trust in the financial system. We empower economic opportunity by designing and deploying advanced technology, data, and intelligence solutions that enable our clients to capture opportunities, navigate risk, and strengthen resilience. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.
NON-GAAP INFORMATION
In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP operating income, and non-GAAP operating expenses, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation tables of U.S. GAAP to non-GAAP information provided at the end of this release. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.
These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.
We understand that analysts and investors regularly rely on non-GAAP financial measures, such as those noted above, to assess operating performance. We use these measures because they highlight trends more clearly in our business that may not otherwise be apparent when relying solely on U.S. GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our ongoing operating performance.
Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenue and expenses are translated using monthly average exchange rates. Certain discussions in this release isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Operating results excluding the impact of foreign currency fluctuations are calculated by translating the current period’s results by the prior period’s exchange rates.
Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, dividend program, trading volumes, products and services, ability to transition to new business models, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, and U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
WEBSITE DISCLOSURE
Nasdaq intends to use its website, ir.nasdaq.com, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.
Media Relations Contact:
David Lurie
+1.914.538.0533 [email protected]
Investor Relations Contact:
Ato Garrett
+1.212.401.8737 [email protected]
-NDAQF-
Nasdaq, Inc.Condensed Consolidated Statements of Income(in millions, except per share amounts)(unaudited) Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2026 2025 2026 2025 Revenues: Capital Access Platforms$621 $520 $1,186 $1,028 Financial Technology 539 464 1,057 896 Market Services 1,372 1,101 2,419 2,240 Other Revenues — 16 8 32 Total revenues 2,532 2,101 4,670 4,196 Transaction-based expenses: Transaction rebates (712) (640) (1,436) (1,224)Brokerage, clearance and exchange fees (320) (155) (326) (429)Revenues less transaction-based expenses 1,500 1,306 2,908 2,543 Operating Expenses: Compensation and benefits 383 352 739 681 Professional and contract services 42 39 82 75 Technology and communication infrastructure 88 79 171 156 Occupancy 35 30 68 58 General, administrative and other 23 23 52 29 Marketing and advertising 24 14 44 28 Depreciation and amortization 165 158 331 313 Regulatory 9 14 19 29 Merger and strategic initiatives 5 20 9 44 Restructuring charges 14 9 24 15 Total operating expenses 788 738 1,539 1,428 Operating income 712 568 1,369 1,115 Interest income 8 12 13 24 Interest expense (86) (95) (172) (192)Net gain on divestitures — 39 89 39 Other income (losses) (2) 1 (15) — Net income from unconsolidated investees 21 23 47 50 Income before income taxes 653 548 1,331 1,036 Income tax provision 146 96 305 190 Net income$507 $452 $1,026 $846 Net loss attributable to noncontrolling interests — — — 1 Net income attributable to Nasdaq$507 $452 $1,026 $847 Per share information: Basic earnings per share$0.90 $0.79 $1.81 $1.47 Diluted earnings per share$0.89 $0.78 $1.80 $1.46 Cash dividends declared per common share$0.31 $0.27 $0.58 $0.51 Weighted-average common shares outstanding for earnings per share: Basic 564.2 574.1 565.5 574.6 Diluted 567.8 579.0 569.7 579.5 Nasdaq, Inc.Revenue Detail(in millions)(unaudited) Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2026 2025 2026 2025 CAPITAL ACCESS PLATFORMS Data and Listing Services$217 $198 $431 $391 Index 271 196 491 388 Workflow and Insights 133 126 264 249 Total Capital Access Platforms revenues 621 520 1,186 1,028 FINANCIAL TECHNOLOGY Financial Crime Management Technology 98 81 191 157 Regulatory Technology 120 104 238 206 Capital Markets Technology 321 279 628 533 Total Financial Technology revenues 539 464 1,057 896 MARKET SERVICES Market Services 1,372 1,101 2,419 2,240 Transaction-based expenses: Transaction rebates (712) (640) (1,436) (1,224)Brokerage, clearance and exchange fees (320) (155) (326) (429)Total Market Services revenues, net 340 306 657 587 OTHER REVENUES — 16 8 32 REVENUES LESS TRANSACTION-BASED EXPENSES$1,500 $1,306 $2,908 $2,543 Nasdaq, Inc.Condensed Consolidated Balance Sheets(in millions) June 30, December 31, 2026 2025 Assets (unaudited) Current assets: Cash and cash equivalents $520 $604 Restricted cash and cash equivalents 26 210 Default funds and margin deposits 2,323 5,842 Financial investments 198 28 Receivables, net 1,182 943 Other current assets 284 376 Total current assets 4,533 8,003 Property and equipment, net 767 728 Goodwill 14,245 14,371 Intangible assets, net 6,223 6,511 Operating lease assets 481 447 Other non-current assets 1,092 993 Total assets $27,341 $31,053 Liabilities Current liabilities: Accounts payable and accrued expenses $252 $280 Section 31 fees payable to SEC 313 — Accrued personnel costs 243 364 Deferred revenue 931 785 Other current liabilities 174 259 Default funds and margin deposits 2,323 5,842 Short-term debt 269 431 Total current liabilities 4,505 7,961 Long-term debt 8,492 8,573 Deferred tax liabilities, net 1,616 1,584 Operating lease liabilities 482 462 Other non-current liabilities 253 241 Total liabilities 15,348 18,821 Commitments and contingencies Equity Nasdaq stockholders' equity: Common stock 6 6 Additional paid-in capital 4,353 5,122 Common stock in treasury, at cost (784) (716)Accumulated other comprehensive loss (1,874) (1,773)Retained earnings 10,287 9,588 Total Nasdaq stockholders' equity 11,988 12,227 Noncontrolling interests 5 5 Total equity 11,993 12,232 Total liabilities and equity $27,341 $31,053 Nasdaq, Inc.Reconciliation of U.S. GAAP to Non-GAAP Net Income and Diluted Earnings Per Share(in millions, except per share amounts)(unaudited) Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2026 2025 2026 2025 U.S. GAAP net income $507 $452 $1,026 $847 Non-GAAP adjustments: Amortization expense of acquired intangible assets1 121 122 243 243 Merger and strategic initiatives expense2 5 20 9 44 Restructuring charges3 14 9 24 15 Gain from extinguishment of debt4 — — — (19)Legal and regulatory matters5 6 1 12 4 Net gain on divestitures6 — (39) (89) (39)Net income from unconsolidated investees7 (21) (23) (47) (50)Other losses8 6 1 20 1 Total non-GAAP adjustments 131 91 172 199 Non-GAAP adjustment to the income tax provision9 (33) (24) (44) (52)Other tax adjustments10 — (27) — (45)Total non-GAAP adjustments, net of tax 98 40 128 102 Non-GAAP net income $605 $492 $1,154 $949 U.S. GAAP diluted earnings per share $0.89 $0.78 $1.80 $1.46 Total adjustments from non-GAAP net income above 0.18 0.07 0.23 0.18 Non-GAAP diluted earnings per share $1.07 $0.85 $2.03 $1.64 Weighted-average diluted common shares outstanding for earnings per share: 567.8 579.0 569.7 579.5 Nasdaq, Inc.Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin(in millions)(unaudited) Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2026 2025 2026 2025 U.S. GAAP operating income $712 $568 $1,369 $1,115 Non-GAAP adjustments: Amortization expense of acquired intangible assets1 121 122 243 243 Merger and strategic initiatives expense2 5 20 9 44 Restructuring charges3 14 9 24 15 Gain from extinguishment of debt4 — — — (19)Legal and regulatory matters5 6 1 12 4 Other losses 1 1 1 1 Total non-GAAP adjustments 147 153 289 288 Non-GAAP operating income $859 $721 $1,658 $1,403 Revenues less transaction-based expenses $1,500 $1,306 $2,908 $2,543 U.S. GAAP operating margin11 47% 44% 47% 44% Non-GAAP operating margin12 57% 55% 57% 55% Note: The percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. Nasdaq, Inc.Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses(in millions)(unaudited) Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2026 2025 2026 2025 U.S. GAAP operating expenses $788 $738 $1,539 $1,428 Non-GAAP adjustments: Amortization expense of acquired intangible assets1 (121) (122) (243) (243)Merger and strategic initiatives expense2 (5) (20) (9) (44)Restructuring charges3 (14) (9) (24) (15)Gain on extinguishment of debt4 — — — 19 Legal and regulatory matters5 (6) (1) (12) (4)Other losses (1) (1) (1) (1)Total non-GAAP adjustments (147) (153) (289) (288)Non-GAAP operating expenses $641 $585 $1,250 $1,140 Nasdaq, Inc.Footnotes to Press ReleaseFinancial Tables 1We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.2We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2026, these costs included amounts associated with various strategic initiative costs. For the three and six months ended June 30, 2025, these costs primarily included amounts associated with the transfer of open positions in our Nordic power futures business, Adenza integration costs and other strategic initiative costs.3In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. We initiated the program upon the acquisition of Adenza and further expanded the program in the fourth quarter of 2024 following the achievement of our initial targets. We have incurred costs principally related to employee-related costs, contract terminations, asset impairments and other related costs and expect to incur additional costs in these areas in an effort to accelerate efficiencies through location strategy and enhanced AI capabilities. Actions taken as part of this program were completed as of December 31, 2025, and all costs have been incurred as of June 30, 2026.4For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income.5For the three and six months ended June 30, 2026 and 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in our Condensed Consolidated Statements of Income.6For the six months ended June 30, 2026, this primarily includes the recognition of an incremental gain on the divestiture of our Nordic power futures business, net of costs to sell. For the three and six months ended June 30, 2025, this includes gains on divestitures of our Nordic power futures business and our Nasdaq Risk Modelling for Catastrophes business.7We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.8For the three and six months ended June 30, 2026 and 2025, other items primarily include net gains and losses from strategic investments entered into through our corporate venture program. For the three and six months ended June 30, 2026, this also includes intangible asset impairments of customer relationships and licenses relating to the wind-down of our Nordic power futures business. The net effect of these items is included in other income (losses) in our Condensed Consolidated Statements of Income.9For the three and six months ended June 30, 2026 and 2025, the non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment.10For the three and six months ended June 30, 2025, other tax adjustments reflect a tax benefit related to payments made to certain former Adenza employees. For the six months ended June 30, 2025, this also reflects the release of the prior years' reserves following a favorable audit settlement.11U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.12Non-GAAP operating margin equals non-GAAP operating income divided by revenues less transaction-based expenses.
Nasdaq, Inc.Reconciliation of Organic and Adjusted Impacts (in millions, except per share amounts)(unaudited) Three Months
Ended
June 30, Total Variance FX/Divestitures/
Acquisition
impact Organic Variance1 Adjustment Adjusted
Variance1 2026
2025
$% $% $% $ $%Capital Access Platforms Data and Listing Services$217$198 $19 10% $1 —% $189% $— $189%Index 271 196 75 38% — —% 7538% 6 6935%Workflow and Insights 133 126 7 5% 1 —% 65% — 65%Total Capital Access Platforms revenues 621 520 101 19% 2 —% 9919% 6 9318% Financial Technology Financial Crime Management Technology 98 81 17 22% — —% 1722% — 1722%Regulatory Technology 120 104 16 15% 2 —% 1413% — 1413%Capital Markets Technology 321 279 42 15% 2 —% 4014% — 4014%Total Financial Technology revenues 539 464 75 16% 4 —% 7115% — 7115% Market Services net revenues 340 306 34 11% 1 —% 3311% — 3311% Other revenues — 16 (16)(100)% (16)(100)% ——% — ——% Revenues less transaction-based expenses$1,500$1,306 $194 15% $(9)(1)% $20316% $6 $19715% Solutions revenue 2$1,160$991 $169 17% $(1)(1)% $17017% $6 $16417% Non-GAAP Operating Expenses$641$585 $56 10% $(4)(1)% $6010% $— $6010% Non-GAAP Operating Income$859$721 $138 19% $(5)(1)% $14320% $6 $13719% Non-GAAP diluted earnings per share$1.07$0.85 $0.22 25% $— —% $0.2226% $0.01 $0.2125% Note: The percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding. 1 Adjusted and organic variance is calculated by removing the impacts of changes in foreign exchange rates, an acquisition, and divestitures. Adjusted variance also excludes a one-time revenue benefit in our Index business in the second quarter of 2026. 2 Total Solutions revenues includes Capital Access Platforms and Financial Technology revenues as well as $7 million of Other revenue in the second quarter of 2025, related to the sale of the Solovis business, which was sold in the fourth quarter of 2025. Nasdaq, Inc.Key Drivers Detail(unaudited) Three Months
Ended Six Months
Ended June 30, June 30, 2026 2025 2026 2025 Capital Access Platforms Annualized recurring revenues (in millions) 1$1,388 $1,286 $1,388 $1,286 Initial public offerings The Nasdaq Stock Market 68 79 131 142 Nasdaq operating company IPOs 26 38 41 83 SPACs 42 41 90 59 Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic 11 6 13 10 Total new listings The Nasdaq Stock Market 188 194 364 364 Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic 2 15 6 20 15 Number of listed companies The Nasdaq Stock Market 3 4,659 4,238 4,659 4,238 Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic 4 1,109 1,148 1,109 1,148 Index Number of licensed exchange traded products 481 422 481 422 Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions)$1,114 $745 $1,114 $745 Total average ETP AUM tracking Nasdaq indexes (in billions)$1,014 $663 $946 $662 TTM 5 net inflows ETP AUM tracking Nasdaq indexes (in billions)$109 $88 $109 $88 TTM 5 net appreciation ETP AUM tracking Nasdaq indexes (in billions)$260 $88 $260 $88 Financial Technology Annualized recurring revenues (in millions) 1 Financial Crime Management Technology$359 $308 $359 $308 Regulatory Technology 428 376 428 376 Capital Markets Technology 1,083 932 1,083 932 Total Financial Technology$1,870 $1,616 $1,870 $1,616 Market Services Equity Derivative Trading and Clearing U.S. equity options Total industry average daily volume (in millions) 66.5 52.5 64.6 53.0 Nasdaq PHLX matched market share 11.2% 9.6% 11.8% 9.4% The Nasdaq Options Market matched market share 2.6% 4.3% 2.6% 4.7% Nasdaq Texas Options matched market share (formerly Nasdaq BX) 1.3% 1.7% 1.3% 1.7% Nasdaq ISE Options matched market share 6.6% 6.6% 6.4% 6.7% Nasdaq GEMX Options matched market share 3.4% 4.4% 3.4% 4.0% Nasdaq MRX Options matched market share 4.0% 2.8% 4.1% 2.8% Total matched market share executed on Nasdaq's exchanges 29.1% 29.4% 29.6% 29.3% Nasdaq Nordic and Nasdaq Baltic options and futures Total average daily volume of options and futures contracts 221,789 223,450 235,945 240,133 Cash Equity Trading Total U.S.-listed securities Total industry average daily share volume (in billions) 20.2 18.4 20.1 17.1 Matched share volume (in billions) 184.5 158.4 368.2 295.5 The Nasdaq Stock Market matched market share 14.3% 13.5% 14.5% 13.8%Nasdaq Texas matched market share (formerly Nasdaq BX) 0.3% 0.3% 0.3% 0.3%Nasdaq PSX matched market share 0.1% 0.1% 0.1% 0.1%Total matched market share executed on Nasdaq's exchanges 14.7% 13.9% 14.9% 14.2%Market share reported to the FINRA/Nasdaq Trade Reporting Facility 46.4% 47.7% 46.0% 47.9%Total market share 6 61.1% 61.6% 60.9% 62.1%Nasdaq Nordic and Nasdaq Baltic securities Average daily number of equity trades executed on Nasdaq's exchanges 747,410 804,121 773,062 796,426 Total average daily value of shares traded (in billions)$6.2 $5.7 $6.5 $5.5 Total market share executed on Nasdaq's exchanges 7 74.5% 71.9% 74.4% 71.2% 1Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.2New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.3Number of total listings on The Nasdaq Stock Market for the three and six months ended June 30, 2026 and 2025 included 1,243 and 914 ETPs, respectively.4Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.5Trailing twelve months.6Includes transactions executed on The Nasdaq Stock Market's, Nasdaq Texas's (formerly Nasdaq BX) and Nasdaq PSX's systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.7European cash equities markets include cash equities exchanges of Sweden, Denmark, Finland, and Iceland. Minor adjustments to prior periods reflect data from a new consolidated data provider that accurately captures all primary trading venues and Multilateral Trading Facilities, or MTFs.
NEW YORK, July 23, 2026 (GLOBE NEWSWIRE) -- The Board of Directors of Nasdaq, Inc. (Nasdaq: NDAQ) has declared a regular quarterly dividend of $0.31 per share on the company's outstanding common stock. The dividend is payable on September 25, 2026 to shareholders of record at the close of business on September 11, 2026. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a leading technology platform that powers the world’s economies. We architect the infrastructure of the world’s most modern markets, power the innovation economy, and build trust in the financial system. We empower economic opportunity by designing and deploying advanced technology, data, and intelligence solutions that enable our clients to capture opportunities, navigate risk, and strengthen resilience. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.
Cautionary Note Regarding Forward-Looking Statements
Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance, and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, information regarding our dividend program and future payment obligations. Forward-looking statements involve a number of risks, uncertainties, or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
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SANTA CLARA, Calif.--(BUSINESS WIRE)--Agilent Technologies Inc. (NYSE: A) today announced it has received European Union (EU) certification for PD-L1 IHC 22C3 pharmDx, Code SK006, as a companion diagnostic indicated to aid in identifying patients with epithelial ovarian, fallopian tube, or primary peritoneal carcinoma, whose tumors express PD-L1 and who may be eligible for treatment with KEYTRUDA® (pembrolizumab), Merck's (known as MSD outside the United States and Canada) anti-PD-1 therapy. PD.
KENOSHA, Wis.--(BUSINESS WIRE)--Snap-on Incorporated today announced 2026 second quarter results, including net sales of $1,235.1 million and diluted EPS of $4.96 per share.
LOUISVILLE, Ky.--(BUSINESS WIRE)--Brown‑Forman Corporation (NYSE: BFA, BFB) stockholders convened today for their annual meeting, where they elected the slate of directors recommended by the Board of Directors, as submitted in the company's 2026 Proxy Statement. The stockholders also approved the compensation of the company's named executive officers on a non-binding advisory basis and ratified the selection of Ernst & Young LLP as Brown-Forman's independent registered public accounting firm for fiscal 2027.
