Trade Desk klesá před výsledky za 2. čtvrtletí, které firma zveřejní po dnešním uzavření trhu. Analytici čekají zisk 40 centů na akcii a tržby 751,39 milionu USD.
The Trade Desk Inc. (NASDAQ:TTD) shares are retreating Thursday as traders reduce exposure ahead of the programmatic advertising platform’s second-quarter results arriving after today’s close.
Trade Desk shares are retreating from recent levels. What’s pressuring TTD stock? Pre-Earnings Caution Builds as Growth Deceleration Weighs on SentimentAnalysts are expecting earnings of 40 cents per share on revenue of $751.39 million when the company reports after the bell, a target that sits just above the floor of the company’s own second-quarter guidance of at least $750 million in revenue alongside approximately $260 million in adjusted EBITDA, both figures issued when first-quarter results were released.
The first quarter introduced a note of caution that investors are carrying into today’s session. Revenue of $689 million advanced 12% from the prior year, a visible deceleration from the 25% expansion the company delivered in the same quarter of 2025. Adjusted EBITDA of $206 million produced a 30% margin, four percentage points below the 34% achieved a year earlier, while adjusted earnings per share of 28 cents retreated from the 33 cents recorded in the comparable period.
CEO Jeff Green described the period as a strong quarter and credited strategic improvements across the organization for the outperformance, while acknowledging that the broader macroeconomic environment created headwinds the business had to navigate.
Customer retention held above 95% for more than a decade consecutively, and the company rolled out several initiatives during the period that could support future growth. Koa Agents brought agentic AI capabilities to media planning, buying and measurement across the open internet, while OpenTTD created a unified login and integrated analytics experience for clients and partners.
TTD Versus The Tape: A Downtrend That Still Has The WheelThe technical setup is straightforward. TTD sits 38% below its 200‑day SMA at $28.64 and 14.7% below its 100‑day SMA at $20.82. It is also trading under the 20‑day and 50‑day averages, and with the 20‑day SMA still beneath the 50‑day SMA, the short‑term trend remains tilted bearish. That is the kind of structure that tends to get punished when the market turns defensive.
There is one small sign that selling pressure may be easing. MACD has crossed above its signal line and the histogram is positive, which suggests the downside impulse is losing momentum compared with the prior leg lower. It does not repair the chart, but it does open the door for any rebound that starts reclaiming moving averages to travel farther than skeptics expect.
Key resistance: $20.50 — A nearby round‑number zone close to the 100‑day SMA where rebounds have stalled. Key support: $17.00 — A floor near the recent 52‑week low at $16.70, where buyers have stepped in. If $17.00 holds, the next question is whether the stock can work back into the $18.50–$19.50 zone and start rebuilding credibility. If it cannot, the market will continue treating strength as an opportunity to exit.
TTD Shares Are FallingTTD Price Action: Trade Desk shares were down 6.01% at $17.82 at the time of publication on Thursday. The stock is trading near its 52-week low of $16.70, according to Benzinga Pro.
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The Trade Desk ve 2. čtvrtletí zvýšil výnosy na 715 mil. USD, ale čistý zisk klesl na 64 mil. USD z 90 mil. USD před rokem. Pro 3. čtvrtletí očekává výnosy alespoň 650 mil. USD.
LOS ANGELES--(BUSINESS WIRE)--The Trade Desk, Inc. (“The Trade Desk,” the “Company” or “we”) (NASDAQ: TTD), a provider of a global technology platform for buyers of advertising, today announced financial results for its second quarter ended June 30, 2026.
“This quarter did not meet the standard we set for ourselves, but it has reinforced our belief that we are focused on the right opportunities for the future,” said Jeff Green, Co-Founder and CEO of The Trade Desk. “Marketers are navigating a complex environment, but complexity increases the value of decisioning, measurement and AI. We have a clear understanding of the factors that impacted our performance, and we are taking decisive action to strengthen our execution, upgrade our platform, and sharpen our focus on the areas where we can create the greatest value. While there is work ahead, I am confident our actions will help marketers drive better business outcomes and support the shift of media budgets toward the open internet.”
Second Quarter 2026 Financial Highlights:
The following table summarizes the Company’s unaudited consolidated financial results for the three and six months ended June 30, 2026 and 2025 ($ in millions, except per share amounts):
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
GAAP Results
Revenue
$
715
$
694
$
1,404
$
1,310
Increase in revenue year over year
3
%
19
%
7
%
22
%
Net income
$
64
$
90
$
104
$
141
Net income margin
9
%
13
%
7
%
11
%
GAAP diluted earnings per share
$
0.14
$
0.18
$
0.22
$
0.28
Non-GAAP Results
Adjusted EBITDA
$
241
$
271
$
447
$
479
Adjusted EBITDA margin
34
%
39
%
32
%
37
%
Non-GAAP net income
$
158
$
203
$
292
$
368
Non-GAAP diluted earnings per share
$
0.34
$
0.41
$
0.62
$
0.74
Second Quarter and Recent Business Highlights:
Strong Customer Retention: Customer retention remained over 95% during the second quarter, as it has for over a decade. New Innovation and Partnership Announcements: Dentsu named The Trade Desk as the first DSP partner for its new end-to-end retail data offering from New Stream Media. The Trade Desk expanded its commerce media ecosystem through integrations with leading travel, hospitality and mobility including Booking.com, Agoda, Kayak, Priceline, Marriott, Uber and United Airlines, helping advertisers activate high-intent commerce and travel signals and unify campaign activation, measurement and optimization across the open internet. Databricks named The Trade Desk a launch partner for CustomerLake, connecting first-party data and agentic AI directly to media execution across the open internet. Adobe and The Trade Desk forged a new integration connecting paid media exposure data directly to first-party profiles in Adobe Real-Time CDP. Connected TV (CTV): The Trade Desk offers advertisers access to premium inventory across major networks and streaming services around the world. Netflix joined The Trade Desk’s Sellers and Publishers 500+, enabling advertiser access to Netflix’s premier streaming environment automatically through the company’s scaled inventory marketplace. Samsung Ads opened its premium home screen inventory to programmatic buyers, with The Trade Desk named among the first platforms granted access, giving advertisers a unified view of creative and measurement performance. Strengthened Executive Leadership and Governance: The Trade Desk recently appointed Nate Olmstead as Chief Financial Officer, Sarah Gavin as Chief Marketing Officer and EVP, Kristi Argyilan as Chief Commercial Officer and EVP, Ron Lamprecht as Chief Business Development Officer and SVP, and Vinny Rinaldi as Vice President of Client Strategy & Growth, further strengthening the company’s leadership across finance, marketing, commercial strategy, data partnerships and strategic partnerships. The Company also added advertising, AI, and global scaling expertise to its Board of Directors, through the appointments of Penry Price and David Haddad to its board of directors. Share Repurchases: The Company used approximately $78 million of cash to repurchase its Class A common stock in the second quarter of 2026. As of June 30, 2026, the Company had $269 million available and authorized for repurchases. Industry Recognition: Wall Street Journal’s Best Companies for the Future, 2026 Newsweek’s America’s Greatest Workplaces, 2026 Newsweek’s America’s Greatest Workplaces for Entry Level, 2026 QKS SPARK Matrix, Leader - Ad Tech Platforms, 2026 Financial Guidance:
Third Quarter 2026 outlook summary:
Revenue at least $650 million Adjusted EBITDA of approximately $160 million The Company has not provided an outlook for GAAP net income or reconciliation of Adjusted EBITDA guidance to net income, the closest corresponding U.S. GAAP measure, because net income outlook is not available without unreasonable efforts on a forward-looking basis due to the variability and complexity with respect to the charges included in the calculation of this GAAP measure; in particular, the measures and effects of our stock-based compensation expense that are directly impacted by unpredictable fluctuations in our share price. The Company expects the variability of the above charges could have a significant and potentially unpredictable impact on our future U.S. GAAP financial results.
Use of Non-GAAP Financial Information
Included within this press release are the non-GAAP financial measures of Adjusted EBITDA, Adjusted EBITDA margin, Non-GAAP net income and Non-GAAP diluted earnings per share (“EPS”) that supplement the Condensed Consolidated Statements of Operations of the Company prepared under generally accepted accounting principles (“GAAP”). Adjusted EBITDA is net income before depreciation and amortization expense; stock-based compensation expense; interest income, net; and provision for income taxes. Adjusted EBITDA margin is Adjusted EBITDA divided by revenue, and Adjusted EBITDA margin’s closest corresponding U.S. GAAP measure is net income margin, which is GAAP net income divided by revenue. Non-GAAP net income excludes charges and the related income tax effects for stock-based compensation. Tax rates on the tax-deductible portions of the stock-based compensation expense approximating 25% to 30% have been used in the computation of non-GAAP net income and non-GAAP diluted EPS. Reconciliations of GAAP to non-GAAP amounts for the periods presented herein are provided in schedules accompanying this release and should be considered together with the Condensed Consolidated Statements of Operations. These non-GAAP measures are not meant as a substitute for GAAP, but are included solely for informational and comparative purposes. The Company’s management believes that this information can assist investors in evaluating the Company's profitability, operational trends and financial performance. Management believes these non-GAAP measures allow investors to evaluate the Company’s financial performance using some of the same measures as management and securities analysts. However, the non-GAAP financial measures should not be considered in isolation of, as a replacement for, or as superior to corresponding, similarly captioned, GAAP measures and may be different from non-GAAP financial measures used by other companies.
Second Quarter 2026 Financial Results Webcast and Conference Call Details
When: August 6, 2026 at 2:00 P.M. Pacific Time (5:00 P.M. Eastern Time). Webcast: A live webcast of the call can be accessed from the Investor Relations section of The Trade Desk’s website at http://investors.thetradedesk.com. Following the call, a replay will be available on the Company’s website. Dial-in: To access the call via telephone in North America, please dial 877-545-0320. For callers outside the United States, please dial +1-973-528-0002. Participants should reference the conference call ID code “515323” after dialing in. Audio replay: An audio replay of the call will be available beginning about two hours after the call. To listen to the replay in the United States, please dial 877-481-4010 (replay code: 54293). Outside the United States, please dial +1-919-882-2331 (replay code: 54293). The audio replay will be available via telephone until August 13, 2026. The Trade Desk, Inc. uses its Investor Relations website (http://investors.thetradedesk.com), its X feed (@TheTradeDesk), LinkedIn page (https://www.linkedin.com/company/the-trade-desk), Facebook page (https://www.facebook.com/TheTradeDesk) and Jeff Green’s LinkedIn profile (https://www.linkedin.com/in/jefftgreen) as a means of disclosing information about the Company and for complying with its disclosure obligations under Regulation FD. The information that is posted through these channels may be deemed material. Accordingly, investors should monitor these channels in addition to The Trade Desk’s press releases, SEC filings, public conference calls and webcasts.
About The Trade Desk
The Trade Desk™ is a technology company that empowers buyers of advertising. Through its self-service, cloud-based platform, ad buyers can create, manage, and optimize digital advertising campaigns across ad formats and devices. Integrations with major data, inventory, and publisher partners ensure maximum reach and decisioning capabilities, and enterprise APIs enable custom development on top of the platform. Headquartered in Ventura, CA, The Trade Desk has offices across North America, Europe and Asia Pacific. To learn more, visit thetradedesk.com or follow us on Facebook, X, LinkedIn and YouTube.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to expectations concerning matters that (a) are not historical facts, (b) predict or forecast future events or results, or (c) embody assumptions that may prove to have been inaccurate, including statements relating to industry and market trends, the Company’s growth and financial targets, such as revenue and Adjusted EBITDA. When words such as “believe,” “expect,” “anticipate,” “will,” “outlook” or similar expressions are used, the Company is making forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give readers any assurance that such expectations will prove correct. These forward-looking statements involve risks, uncertainties and assumptions, including those related to the Company’s ability to maintain and grow its client base and revenue through its platform and related offerings, which makes it difficult to evaluate the Company’s business and prospects, the market for programmatic advertising developing slower or differently than the Company’s expectations, the demands and expectations of clients and the ability to attract and retain clients. The actual results may differ materially from those anticipated in the forward-looking statements as a result of numerous factors, many of which are beyond the control of the Company. These are disclosed in the Company’s reports filed from time to time with the Securities and Exchange Commission, including its most recent Form 10-K and any subsequent filings on Forms 10-Q or 8-K, available at www.sec.gov. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company does not intend to update any forward-looking statement contained in this press release to reflect events or circumstances arising after the date hereof.
THE TRADE DESK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Revenue
$
715,057
$
694,039
$
1,403,914
$
1,310,060
Operating expenses (1):
Platform operations
184,333
150,980
366,303
293,819
Sales and marketing
174,404
161,131
346,583
313,874
Technology and development
140,742
134,251
283,462
266,653
General and administrative
114,001
130,900
239,342
264,485
Total operating expenses
613,480
577,262
1,235,690
1,138,831
Income from operations
101,577
116,777
168,224
171,229
Other expense (income):
Total other income, net
(11,514
)
(16,424
)
(23,825
)
(37,741
)
Income before income taxes
113,091
133,201
192,049
208,970
Provision for income taxes
48,697
43,072
87,658
68,163
Net income
$
64,394
$
90,129
$
104,391
$
140,807
Earnings per share:
Basic
$
0.14
$
0.18
$
0.22
$
0.29
Diluted
$
0.14
$
0.18
$
0.22
$
0.28
Weighted-average shares outstanding:
Basic
468,359
490,631
471,494
492,767
Diluted
469,948
495,776
473,397
499,340
THE TRADE DESK, INC.
STOCK-BASED COMPENSATION EXPENSE
(Amounts in thousands)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Platform operations
$
8,816
$
9,083
$
17,214
$
18,300
Sales and marketing
30,645
30,368
57,663
59,304
Technology and development
43,138
42,800
83,921
83,781
General and administrative (1)
26,957
46,634
59,804
95,753
Total
$
109,556
$
128,885
$
218,602
$
257,138
THE TRADE DESK, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)
As of June 30,
2026
As of December 31,
2025
ASSETS
Current assets:
Cash and cash equivalents
$
1,122,979
$
658,175
Short-term investments, net
362,354
644,882
Accounts receivable, net
3,200,824
3,770,194
Prepaid expenses and other current assets
129,670
187,753
Total current assets
4,815,827
5,261,004
Property and equipment, net
455,151
396,819
Operating lease assets
335,228
342,042
Deferred income taxes
55,700
55,700
Other assets, non-current
102,540
97,655
Total assets
$
5,764,446
$
6,153,220
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
2,562,580
$
3,007,651
Accrued expenses and other current liabilities
150,174
181,991
Operating lease liabilities
80,922
76,355
Total current liabilities
2,793,676
3,265,997
Operating lease liabilities, non-current
353,188
359,975
Other liabilities, non-current
43,230
42,857
Total liabilities
3,190,094
3,668,829
Stockholders’ equity:
Preferred stock
—
—
Common stock
—
—
Additional paid-in capital
3,293,840
3,075,303
Accumulated deficit
(719,488
)
(590,912
)
Total stockholders’ equity
2,574,352
2,484,391
Total liabilities and stockholders’ equity
$
5,764,446
$
6,153,220
THE TRADE DESK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
Six Months Ended June 30,
2026
2025
OPERATING ACTIVITIES:
Net income
$
104,391
$
140,807
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense
61,571
50,689
Stock-based compensation expense
218,602
257,138
Noncash lease expense
38,057
34,253
Provision for expected credit losses on accounts receivable
4,290
1,177
Gain on sale of property and equipment
(13,772
)
—
Other
4,850
(13,899
)
Changes in operating assets and liabilities:
Accounts receivable
548,109
80,033
Prepaid expenses and other current and non-current assets
59,754
(18,281
)
Accounts payable
(427,941
)
(19,839
)
Accrued expenses and other current and non-current liabilities
(16,828
)
(24,081
)
Operating lease liabilities
(35,684
)
(31,551
)
Net cash provided by operating activities
545,399
456,446
INVESTING ACTIVITIES:
Purchases of investments
(238,872
)
(577,834
)
Sales of investments
112,060
—
Maturities of investments
409,583
346,120
Purchases of property and equipment
(125,966
)
(104,352
)
Proceeds from sale of property and equipment
15,513
—
Capitalized software development costs
(7,399
)
(5,739
)
Business acquisition
—
(4,350
)
Net cash provided by (used in) investing activities
164,919
(346,155
)
FINANCING ACTIVITIES:
Repurchases of Class A common stock
(241,331
)
(647,093
)
Proceeds from exercise of stock options
4,706
14,085
Proceeds from employee stock purchase plan
11,929
32,450
Taxes paid relating to net settlement of restricted stock
(20,818
)
(57,048
)
Proceeds from short-term borrowings
—
74,239
Net cash used in financing activities
(245,514
)
(583,367
)
Increase (decrease) in cash and cash equivalents
464,804
(473,076
)
Cash and cash equivalents—Beginning of period
658,175
1,369,463
Cash and cash equivalents—End of period
$
1,122,979
$
896,387
Non-GAAP Financial Metrics
(Amounts in thousands, except per share amounts)
(Unaudited)
The following tables show the Company’s non-GAAP financial metrics reconciled to the comparable GAAP financial metrics included in this release.
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Net income
$
64,394
$
90,129
$
104,391
$
140,807
Add back (deduct):
Depreciation and amortization expense
30,140
26,704
61,571
50,689
Stock-based compensation expense
109,556
128,885
218,602
257,138
Interest income, net
(11,508
)
(18,035
)
(24,877
)
(38,167
)
Provision for income taxes
48,697
43,072
87,658
68,163
Adjusted EBITDA
$
241,279
$
270,755
$
447,345
$
478,630
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
GAAP net income
$
64,394
$
90,129
$
104,391
$
140,807
Add back (deduct):
Stock-based compensation expense
109,556
128,885
218,602
257,138
Adjustment for income taxes
(16,396
)
(15,940
)
(31,218
)
(29,878
)
Non-GAAP net income
$
157,554
$
203,074
$
291,775
$
368,067
GAAP diluted earnings per share
$
0.14
$
0.18
$
0.22
$
0.28
GAAP weighted-average shares outstanding—diluted
469,948
495,776
473,397
499,340
Non-GAAP diluted earnings per share
$
0.34
$
0.41
$
0.62
$
0.74
Non-GAAP weighted-average shares used in computing Non-GAAP earnings per share, diluted
Aflac ve 2. čtvrtletí zvýšil čistý zisk na 825 mil. USD, zatímco tržby klesly o 1,0 % na 4,1 mld. USD. Představenstvo zároveň schválilo dividendu 0,61 USD na akcii za třetí čtvrtletí.
, /PRNewswire/ -- Aflac Incorporated (NYSE: AFL) today reported its second quarter results.
For the Quarter
Total revenues were $4.1 billion, which was a 1.0% decrease year over year. Net earnings were $825 million, or $1.63 per diluted share, compared with $599 million, or $1.11 per diluted share a year ago. Adjusted earnings* were $883 million, compared with $957 million a year ago, reflecting a decrease of 7.7%. Adjusted earnings per diluted share* decreased 1.7% to $1.75. The annualized return on average shareholders' equity was 10.9%. The annualized adjusted return on equity excluding foreign currency remeasurement* was 16.6%. The company returned $1.3 billion to shareholders, consisting of $983 million in share repurchase and $309 million in dividends. Commenting on the company's results, Aflac Incorporated Chairman and Chief Executive Officer Daniel P. Amos stated: "Aflac delivered solid earnings for the quarter and for the first six months. These results reflect execution of our strategy, driving long-term value for shareholders. In Japan, we have secured new opportunities through successful product initiatives including Anshin Palette (medical insurance), Miraito (cancer insurance) and Tsumitasu (life insurance). In the U.S., our focus is on meeting the evolving needs of employers and their employees with supplemental health products and related benefits.
"We continue to pursue more profitable growth and the tactical, opportunistic deployment of capital. We treasure our 2025 milestone of 43 consecutive years of dividend increases, and the Board set us on a path to extend this record in 2026. We intend to continue our balanced approach of investing in growth and driving long-term value."
AFLAC INCORPORATED CONSOLIDATED RESULTS
AFLAC INCORPORATED SELECTED OPERATING RESULTS FOR THE QUARTER
(IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS)
2Q26
2Q25
% Change
Total revenues
$ 4,117
$ 4,160
(1.0) %
Net earnings
825
599
37.7 %
Adjusted earnings*
883
957
(7.7) %
Net earnings per share (diluted)
1.63
1.11
46.8 %
Adjusted earnings per share (diluted)*
1.75
1.78
(1.7) %
Total shareholders' equity
30,312
27,200
11.4 %
Total liabilities and shareholders' equity
115,961
124,736
(7.0) %
Total revenues were $4.1 billion in the second quarter of 2026, compared with $4.2 billion in the second quarter of 2025. Net earnings were $825 million, or $1.63 per diluted share, compared with $599 million, or $1.11 per diluted share a year ago. Net earnings in the second quarter of 2026 included net investment losses of $153 million, or $0.30 per diluted share, compared with net investment losses of $421 million, or $0.78 per diluted share a year ago. These net investment losses include net losses from sales and redemptions of $238 million; $77 million of current expected credit losses (CECL); impairments of $11 million; offset by an $87 million gain from an increase in the fair value of equity securities; and net gains of $86 million on certain derivatives and foreign currency activities.
Adjusted earnings* in the second quarter were $883 million, compared with $957 million in the second quarter of 2025, reflecting a decrease of 7.7%. Adjusted earnings per diluted share* decreased 1.7% to $1.75 in the quarter. The average yen/dollar exchange rate in the second quarter of 2026 was 159.45, or 9.3% weaker than the average rate of 144.60 in the second quarter of 2025. The weaker yen/dollar exchange rate had a negative $0.05 impact on adjusted earnings per share.
Shareholders' equity was $30.3 billion, or $60.35 per share, at June 30, 2026, compared with $27.2 billion, or $50.86 per share, at June 30, 2025. Shareholders' equity at the end of the second quarter included a cumulative increase of $10.4 billion for the effect of the change in discount rate assumptions on insurance reserves, compared with a corresponding cumulative increase of $5.6 billion at June 30, 2025 and a net unrealized loss on investment securities and derivatives of $2.8 billion, compared with a net unrealized loss of $1.8 billion at June 30, 2025. Shareholders' equity at the end of the second quarter also included an unrealized foreign currency translation loss of $5.0 billion, compared with an unrealized foreign currency translation loss of $4.3 billion at June 30, 2025.
For the first six months of 2026, total revenues were up 12.0% to $8.5 billion, compared with $7.6 billion in the first half of 2025. Net earnings were $1.8 billion, or $3.61 per diluted share, compared with $628 million, or $1.16 per diluted share, for the first six months of 2025. Adjusted earnings for the first half of 2026 were $1.8 billion, or $3.50 per diluted share, compared with $1.9 billion, or $3.43 per diluted share, in 2025. For the first six months, the average exchange rate was 158.14, or 6.2% weaker than the rate of 148.32 a year ago. Excluding the negative impact of $0.07 per share from the weaker yen/dollar exchange rate, adjusted earnings per diluted share increased 4.1% to $3.57 for the first six months of 2026.
Shareholders' equity excluding accumulated other comprehensive income (AOCI), or adjusted book value,* was $27.6 billion, or $55.01 per share at June 30, 2026, compared with $27.7 billion, or $51.78 per share, at June 30, 2025. Adjusted book value excluding foreign currency remeasurement* was $20.7 billion, or $41.22 per share at June 30, 2026, compared with $23.0 billion, or $42.97 per share, at June 30, 2025. The annualized adjusted return on equity excluding foreign currency remeasurement* in the second quarter was 16.6%.
AFLAC JAPAN
AFLAC JAPAN SELECTED OPERATING RESULTS FOR THE QUARTER
(IN BILLIONS OF YEN AND MILLIONS OF DOLLARS)
2Q26
2Q25
% Change
2Q26
2Q25
% Change
Total net earned premiums
¥ 245
¥ 255
(3.7) %
$ 1,537
$ 1,761
(12.7) %
Yen-denominated investment income
30
36
(14.9) %
190
246
(22.8) %
U.S. dollar-denominated investment income
70
67
4.2 %
438
464
(5.6) %
Adjusted net investment income
98
101
(2.9) %
616
699
(11.9) %
Total adjusted revenues
345
357
(3.6) %
2,161
2,472
(12.6) %
Total benefits and claims, net
157
169
(7.5) %
983
1,172
(16.1) %
Total adjusted expenses
70
74
(5.6) %
437
509
(14.1) %
Pretax adjusted earnings
118
114
3.4 %
741
790
(6.2) %
Change in
bps
Premium persistency (12-mo. rolling)
92.7 %
93.7 %
(100)
Total benefits and claims, net / Total net earned premiums
64.0 %
66.5 %
(250)
Total adjusted expenses / Total adjusted revenues
20.2 %
20.6 %
(40)
Pretax adjusted earnings / Total adjusted revenues
34.3 %
32.0 %
230
In yen terms, Aflac Japan's net earned premiums were ¥245.1 billion for the quarter, or 3.7% lower than a year ago, mainly due to the impact of a new external reinsurance transaction for WAYS and Tsumitasu as well as limited pay products reaching paid-up status. Adjusted net investment income decreased 2.9% to ¥98.3 billion, primarily due to reduced call income and lower dollar-denominated floating-rate income partially offset by higher income on U.S. dollar-denominated assets due to the weakening of the yen and higher dollar-denominated fixed-rate income. Total adjusted revenues in yen declined 3.6% to ¥344.6 billion. Pretax adjusted earnings in yen for the quarter increased 3.4% on a reported basis to ¥118.2 billion, primarily driven by favorable benefits. Pretax adjusted earnings decreased 2.1% on a currency-neutral basis. The pretax adjusted profit margin for the Japan segment was 34.3%, compared with 32.0% a year ago.
For the first six months, net earned premiums in yen were ¥491.8 billion, or 3.8% lower than a year ago. Adjusted net investment income increased 0.4% to ¥191.0 billion. Total adjusted revenues in yen were down 2.6% to ¥685.4 billion. Pretax adjusted earnings were ¥237.3 billion, or 5.8% higher than a year ago. As a result, the pretax adjusted profit margin for the Japan segment was 34.6%, compared with 31.9% a year ago.
In dollar terms, net earned premiums decreased 12.7% to $1.5 billion in the second quarter. Adjusted net investment income decreased 11.9% to $616 million. Total adjusted revenues declined by 12.6% to $2.2 billion. Pretax adjusted earnings declined 6.2% to $741 million.
For the first six months, net earned premiums in dollars were $3.1 billion, or 9.6% lower than a year ago. Adjusted net investment income decreased 6.1% to $1.2 billion. Total adjusted revenues were down 8.7% to $4.3 billion. Pretax adjusted earnings were $1.5 billion, or 0.8% lower than a year ago.
For the quarter, total new annualized premium sales (sales) decreased 5.6% to ¥19.6 billion, or $123 million, reflecting a high prior-year sales baseline for Miraito cancer insurance following its launch in March 2025, partially offset by strong growth in the refreshed Tsumitasu savings-type life insurance and Anshin Palette, the new medical insurance product launched in December 2025. For the first six months, sales increased 7.0% to ¥37.3 billion, or $235 million.
AFLAC U.S.
AFLAC U.S. SELECTED OPERATING RESULTS FOR THE QUARTER
(IN MILLIONS OF DOLLARS)
2Q26
2Q25
% Change
Total net earned premiums
$ 1,539
$ 1,504
2.3 %
Adjusted net investment income
208
207
0.5 %
Total adjusted revenues
1,771
1,728
2.5 %
Total benefits and claims, net
762
712
7.0 %
Total adjusted expenses
639
628
1.8 %
Pretax adjusted earnings
370
388
(4.6) %
Change
in bps
Persistency rate (12-mo. rolling)
79.4 %
79.2 %
20
Total benefits and claims, net / Total net earned premiums
49.5 %
47.3 %
220
Total adjusted expenses / Total adjusted revenues
36.1 %
36.3 %
(20)
Pretax adjusted earnings / Total adjusted revenues
20.9 %
22.5 %
(160)
Aflac U.S. net earned premiums increased 2.3% to $1.5 billion in the second quarter compared to the prior year, reflecting improved sales and continued strong persistency. Adjusted net investment income increased 0.5% to $208 million. Total adjusted revenues were up 2.5% to $1.8 billion. Pretax adjusted earnings were $370 million, 4.6% lower than a year ago, primarily driven by higher benefits. The pretax adjusted profit margin for the U.S. segment was 20.9%, compared with 22.5% a year ago.
For the first six months, net earned premiums increased 2.9% to $3.1 billion. Adjusted net investment income remained flat at $409 million. Total adjusted revenues were up 2.9% to $3.6 billion. Pretax adjusted earnings were $733 million, 1.7% lower than a year ago. As a result, the pretax adjusted profit margin for the U.S. segment was 20.6%, compared with 21.6% a year ago.
Aflac U.S. sales increased 2.6% in the quarter to $349 million, primarily benefiting from sales of group voluntary benefits and network dental and vision products. For the first six months, total new sales increased 2.8% to $667 million.
CORPORATE AND OTHER
CORPORATE AND OTHER SELECTED OPERATING RESULTS
(IN MILLIONS OF DOLLARS)
2Q26
2Q25
% Change
Total net earned premiums
$ 176
$ 206
(14.6) %
Adjusted net investment income
114
128
(10.9) %
Total adjusted revenues
291
336
(13.4) %
Total benefits and claims, net
106
126
(15.9) %
Interest expense
62
51
21.6 %
Other adjusted expenses
133
139
(4.3) %
Total benefits and adjusted expenses
301
316
(4.7) %
Pretax adjusted earnings
(10)
20
(150.0) %
For the quarter, total adjusted revenues decreased 13.4% to $291 million. Pretax adjusted earnings were a loss of $10 million, compared with a $20 million gain last year, primarily driven by lower adjusted net investment income from reduced short-term income and reduced hedge benefits that were partially offset by higher fixed-rate income. Higher interest expense and runoff impacts from closed blocks of business also contributed to the net loss for the quarter.
For the first six months, total adjusted revenues decreased 11.9% to $583 million. Pretax adjusted earnings were a loss of $10 million, compared with a gain of $63 million a year ago.
SHAREHOLDER DIVIDEND
The board of directors declared the third quarter dividend of $0.61 per share, payable on September 1, 2026 to shareholders of record at the close of business on August 19, 2026.
*See Non-U.S. GAAP Financial Measures section for an explanation of foreign exchange and its impact on the financial statements and definitions of the non-U.S. GAAP financial measures used in this earnings release, as well as a reconciliation of such non-U.S. GAAP financial measures to the most comparable U.S. GAAP financial measures.
ABOUT AFLAC INCORPORATED
Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for more than seven decades to millions of policyholders and customers through its subsidiaries in the U.S. and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.1 In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance in terms of policies in force.2 The company takes pride in being there for its policyholders when they need us most, as well as being included in the World's Most Ethical Companies by Ethisphere for 20 consecutive years (2026) and Fortune's World's Most Admired Companies for 25 years (2026). In addition, the company became a signatory of the Principles for Responsible Investment (PRI) in 2021. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/espanol.
1 LIMRA 2025 U.S. Supplemental Health Insurance Total Market Report
2 As of March 31, 2025, Aflac estimates based on company data
Aflac Incorporated periodically provides information for investors on its corporate website, investors.aflac.com, including information regarding its commitment to corporate social responsibility and sustainability, press releases, financial information, SEC filings, corporate governance materials, annual meeting information, and other information that may be important to investors.
A copy of Aflac's financial supplement for the quarter can be found at investors.aflac.com.
Aflac Incorporated will webcast its second quarter 2026 earnings conference call on Friday, August 7, 2026 at 8:00 a.m. (ET) .
Note: Tables within this document may not foot due to rounding.
AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS)
THREE MONTHS ENDED JUNE 30,
2026
2025
% Change
Total revenues
$ 4,117
$ 4,160
(1.0) %
Benefits and claims, net
1,852
2,010
(7.9)
Total acquisition and operating expenses
1,270
1,328
(4.4)
Earnings before income taxes
995
822
21.0
Income taxes
170
223
Net earnings
$ 825
$ 599
37.7 %
Net earnings per share – basic
$ 1.64
$ 1.12
46.4 %
Net earnings per share – diluted
1.63
1.11
46.8
Shares used to compute earnings per share (000):
Basic
504,123
536,688
(6.1) %
Diluted
505,578
538,425
(6.1)
Dividends paid per share
$ 0.61
$ 0.58
5.2 %
AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED INCOME STATEMENT
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS)
SIX MONTHS ENDED JUNE 30,
2026
2025
% Change
Total revenues
$ 8,463
$ 7,558
12.0 %
Benefits and claims, net
3,684
3,955
(6.9)
Total acquisition and operating expenses
2,559
2,636
(2.9)
Earnings before income taxes
2,220
967
129.6
Income taxes
376
339
Net earnings
$ 1,844
$ 628
193.6 %
Net earnings per share – basic
$ 3.63
$ 1.16
212.9 %
Net earnings per share – diluted
3.61
1.16
211.2
Shares used to compute earnings per share (000):
Basic
508,572
540,676
(5.9) %
Diluted
510,150
542,629
(6.0)
Dividends paid per share
$ 1.22
$ 1.16
5.2 %
AFLAC INCORPORATED AND SUBSIDIARIES CONDENSED BALANCE SHEET
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AMOUNTS)
JUNE 30,
2026
2025
% Change
Assets:
Total investments and cash
$ 103,003
$ 111,769
(7.8) %
Deferred policy acquisition costs
8,948
9,296
(3.7)
Other assets
4,010
3,671
9.2
Total assets
$ 115,961
$ 124,736
(7.0) %
Liabilities and shareholders' equity:
Policy liabilities
$ 64,348
$ 78,904
(18.4) %
Notes payable and lease obligations
8,729
8,933
(2.3)
Other liabilities
12,572
9,699
29.6
Shareholders' equity
30,312
27,200
11.4
Total liabilities and shareholders' equity
$ 115,961
$ 124,736
(7.0) %
Shares outstanding at end of period (000)
502,257
534,809
(6.1) %
NON-U.S. GAAP FINANCIAL MEASURES
This document includes references to the Company's financial performance measures which are not calculated in accordance with United States generally accepted accounting principles (U.S. GAAP) (non-U.S. GAAP). The financial measures exclude items that the Company believes may obscure the underlying fundamentals and trends in insurance operations because they tend to be driven by general economic conditions and events or related to infrequent activities not directly associated with insurance operations.
Due to the size of Aflac Japan, where the functional currency is the Japanese yen, fluctuations in the yen/dollar exchange rate can have a significant effect on reported results. In periods when the Japanese yen weakens, translating Japanese yen into U.S. dollars results in fewer U.S. dollars being reported. When the Japanese yen strengthens, translating Japanese yen into U.S. dollars results in more U.S. dollars being reported. Consequently, Japanese yen weakening has the effect of suppressing current period results in relation to the comparable prior period, while Japanese yen strengthening has the effect of magnifying current period results in relation to the comparable prior period. A significant portion of the Company's business is conducted in Japanese yen and never converted into U.S. dollars but translated into U.S. dollars for U.S. GAAP reporting purposes, which results in foreign currency impact to earnings, cash flows and book value on a U.S. GAAP basis. Management evaluates the Company's financial performance both including and excluding the impact of foreign currency translation to monitor, respectively, cumulative currency impacts and the currency-neutral operating performance over time. The average yen/dollar exchange rate is based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM).
The company defines the non-U.S. GAAP financial measures included in this earnings release as follows:
Adjusted earnings are adjusted revenues less benefits and adjusted expenses. Adjusted earnings per share (basic or diluted) are the adjusted earnings for the period divided by the weighted average outstanding shares (basic or diluted) for the period presented. The adjustments to both revenues and expenses account for certain items that are outside of management's control because they tend to be driven by general economic conditions and events or are related to infrequent activities not directly associated with insurance operations. Adjusted revenues are U.S. GAAP total revenues excluding adjusted net investment gains and losses. Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest from derivatives associated with notes payable but excluding any non-recurring or other items not associated with the normal course of the Company's insurance operations and that do not reflect the Company's underlying business performance. Management uses adjusted earnings and adjusted earnings per diluted share to evaluate the financial performance of the Company's insurance operations on a consolidated basis and believes that a presentation of these financial measures is vitally important to an understanding of the underlying profitability drivers and trends of the Company's insurance business. The most comparable U.S. GAAP financial measures for adjusted earnings and adjusted earnings per share (basic or diluted) are net earnings and net earnings per share, respectively. Adjusted earnings excluding current period foreign currency impact are computed using the average foreign exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign exchange rate changes. Adjusted earnings per diluted share excluding current period foreign currency impact is adjusted earnings excluding current period foreign currency impact divided by the weighted average outstanding diluted shares for the period presented. The Company considers adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact important because a significant portion of the Company's business is conducted in Japan and foreign exchange rates are outside management's control; therefore, the Company believes it is important to understand the impact of translating foreign currency (primarily Japanese yen) into U.S. dollars. The most comparable U.S. GAAP financial measures for adjusted earnings excluding current period foreign currency impact and adjusted earnings per diluted share excluding current period foreign currency impact are net earnings and net earnings per share, respectively. Adjusted return on equity is annualized adjusted earnings divided by average shareholders' equity, excluding accumulated other comprehensive income. Management uses adjusted return on equity to evaluate the financial performance of the Company's insurance operations on a consolidated basis and believes that a presentation of this financial measure is vitally important to an understanding of the underlying profitability drivers and trends of the Company's insurance business. The Company considers adjusted return on equity important as it excludes components of accumulated other comprehensive income, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity is return on equity as determined using annualized net earnings and average total shareholders' equity. Adjusted return on equity excluding foreign currency remeasurement is annualized adjusted earnings divided by average shareholders' equity, excluding both accumulated other comprehensive income and the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The Company considers adjusted return on equity excluding foreign currency remeasurement important because it excludes both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measure for adjusted return on equity excluding foreign currency remeasurement is return on equity as determined using annualized net earnings and average total shareholders' equity. Amortized hedge costs/income represent costs/income incurred or recognized as a result of using foreign currency derivatives to hedge certain foreign currency exchange risks. These amortized hedge costs/income are estimated at the inception of the derivatives based on the specific terms of each contract and are recognized on a straight-line basis over the contractual term of the derivative. The Company believes that amortized hedge costs/income measure the periodic currency risk management costs/income related to hedging certain foreign currency exchange risks and are an important component of net investment income. There is no comparable U.S. GAAP financial measure for amortized hedge costs/income. Adjusted book value is the U.S. GAAP book value (representing total shareholders' equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet. Adjusted book value per common share is adjusted book value at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value and adjusted book value per common share important as they exclude accumulated other comprehensive income, which fluctuates due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value and adjusted book value per common share are total book value and total book value per common share, respectively. Adjusted book value excluding foreign currency remeasurement is the U.S. GAAP book value (representing total shareholders' equity), less accumulated other comprehensive income as recorded on the U.S. GAAP balance sheet and excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. Adjusted book value excluding foreign currency remeasurement per common share is adjusted book value excluding foreign currency remeasurement at the period end divided by the ending outstanding common shares for the period presented. The Company considers adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share important as they exclude both accumulated other comprehensive income and the cumulative foreign currency remeasurement gains/losses, which fluctuate due to market movements that are outside management's control. The most comparable U.S. GAAP financial measures for adjusted book value excluding foreign currency remeasurement and adjusted book value excluding foreign currency remeasurement per common share are total book value and total book value per common share, respectively. Adjusted net investment income is net investment income adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, and ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are reclassified from net investment gains and losses to net investment income. The Company considers adjusted net investment income important because it provides a more comprehensive understanding of the costs and income associated with the Company's investments and related hedging strategies. The most comparable U.S. GAAP financial measure for adjusted net investment income is net investment income. Adjusted net investment gains and losses are net investment gains and losses adjusted for i) amortized hedge cost/income related to foreign currency exposure management strategies and certain derivative activity, ii) net interest income/expense from foreign currency and interest rate derivatives associated with certain investment strategies, which are both reclassified to net investment income, and iii) the impact of interest from derivatives associated with notes payable, which is reclassified to interest expense as a component of total adjusted expenses. The Company considers adjusted net investment gains and losses important as it represents the remainder amount that is considered outside management's control, while excluding the components that are within management's control and are accordingly reclassified to net investment income and interest expense. The most comparable U.S. GAAP financial measure for adjusted net investment gains and losses is net investment gains and losses. RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS
(UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS)
THREE MONTHS ENDED JUNE 30,
2026
2025
% Change
Net earnings
$ 825
$ 599
37.7 %
Items impacting net earnings:
Adjusted net investment (gains) losses
106
377
Other and non-recurring (income) loss
—
—
Income tax (benefit) expense on items excluded
from adjusted earnings
(48)
(19)
Adjusted earnings
883
957
(7.7) %
Current period foreign currency impact1
27
N/A
Adjusted earnings excluding current period foreign
currency impact2
$ 910
$ 957
(4.9) %
Net earnings per diluted share
$ 1.63
$ 1.11
46.8 %
Items impacting net earnings:
Adjusted net investment (gains) losses
0.21
0.70
Other and non-recurring (income) loss
—
—
Income tax (benefit) expense on items excluded
from adjusted earnings
(0.09)
(0.04)
Adjusted earnings per diluted share
1.75
1.78
(1.7) %
Current period foreign currency impact1
0.05
N/A
Adjusted earnings per diluted share excluding
current period foreign currency impact2
$ 1.80
$ 1.78
1.1 %
1
Prior period foreign currency impact reflected as "N/A" to isolate change for current period only.
2
Amounts excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes.
RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS
(UNAUDITED – IN MILLIONS, EXCEPT FOR PER-SHARE AMOUNTS)
SIX MONTHS ENDED JUNE 30,
2026
2025
% Change
Net earnings
$ 1,844
$ 628
193.6 %
Items impacting net earnings:
Adjusted net investment (gains) losses
3
1,301
Other and non-recurring (income) loss
—
53
Income tax (benefit) expense on items excluded
from adjusted earnings
(63)
(119)
Adjusted earnings
1,784
1,863
(4.2) %
Current period foreign currency impact1
35
N/A
Adjusted earnings excluding current period foreign
currency impact2
$ 1,819
$ 1,863
(2.4) %
Net earnings per diluted share
$ 3.61
$ 1.16
211.2 %
Items impacting net earnings:
Adjusted net investment (gains) losses
0.01
2.40
Other and non-recurring (income) loss
—
0.10
Income tax (benefit) expense on items excluded
from adjusted earnings
(0.12)
(0.22)
Adjusted earnings per diluted share
3.50
3.43
2.0 %
Current period foreign currency impact1
0.07
N/A
Adjusted earnings per diluted share excluding
current period foreign currency impact2
$ 3.57
$ 3.43
4.1 %
1
Prior period foreign currency impact reflected as "N/A" to isolate change for current period only.
2
Amounts excluding current period foreign currency impact are computed using the average foreign currency exchange rate for the comparable prior-year period, which eliminates fluctuations driven solely by foreign currency exchange rate changes.
RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES
(UNAUDITED – IN MILLIONS)
THREE MONTHS ENDED JUNE 30,
2026
2025
% Change
Net investment (gains) losses
$ 153
$ 421
(63.7) %
Items impacting net investment (gains) losses:
Amortized hedge costs
(12)
(11)
Amortized hedge income
19
30
Net interest income (expense) from derivatives associated
with certain investment strategies
(54)
(64)
Impact of interest from derivatives associated with
notes payable1
—
—
Adjusted net investment (gains) losses
$ 106
$ 377
(71.9) %
1 Amounts are included with interest expenses that are a component of adjusted expenses.
RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME
(UNAUDITED – IN MILLIONS)
THREE MONTHS ENDED JUNE 30,
2026
2025
% Change
Net investment income
$ 984
$ 1,081
(9.0) %
Items impacting net investment income:
Amortized hedge costs
(12)
(11)
Amortized hedge income
19
30
Net interest income (expense) from derivatives associated
with certain investment strategies
(54)
(64)
Adjusted net investment income
$ 937
$ 1,036
(9.6) %
RECONCILIATION OF NET INVESTMENT (GAINS) LOSSES TO ADJUSTED NET INVESTMENT (GAINS) LOSSES
(UNAUDITED – IN MILLIONS)
SIX MONTHS ENDED JUNE 30,
2026
2025
% Change
Net investment (gains) losses
$ 104
$ 1,384
(92.5) %
Items impacting net investment (gains) losses:
Amortized hedge costs
(27)
(18)
Amortized hedge income
37
60
Net interest income (expense) from derivatives associated
with certain investment strategies
(111)
(129)
Impact of interest from derivatives associated with
notes payable1
—
4
Adjusted net investment (gains) losses
$ 3
$ 1,301
(99.8) %
1 Amounts are included with interest expenses that are a component of adjusted expenses.
RECONCILIATION OF NET INVESTMENT INCOME TO ADJUSTED NET INVESTMENT INCOME
(UNAUDITED – IN MILLIONS)
SIX MONTHS ENDED JUNE 30,
2026
2025
% Change
Net investment income
$ 1,940
$ 2,036
(4.7) %
Items impacting net investment income:
Amortized hedge costs
(27)
(18)
Amortized hedge income
37
60
Net interest income (expense) from derivatives associated
with certain investment strategies
(111)
(129)
Adjusted net investment income
$ 1,839
$ 1,949
(5.6) %
RECONCILIATION OF U.S. GAAP BOOK VALUE TO ADJUSTED BOOK VALUE
(EXCLUDING FOREIGN CURRENCY REMEASUREMENT)
(UNAUDITED – IN MILLIONS, EXCEPT FOR SHARE AND PER-SHARE AMOUNTS)
U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.
2
See separate reconciliation of net income to adjusted earnings.
3
Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity - reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency remeasurement.
RECONCILIATION OF U.S. GAAP RETURN ON EQUITY (ROE) TO ADJUSTED ROE
(EXCLUDING IMPACT OF FOREIGN CURRENCY)
SIX MONTHS ENDED JUNE 30,
2026
2025
U.S. GAAP ROE - Net earnings1
12.3 %
4.7 %
Impact of excluding unrealized foreign currency translation gains (losses)
(2.2)
(0.8)
Impact of excluding unrealized gains (losses) on securities and derivatives
(1.0)
(0.2)
Impact of excluding effect of changes in discount rate assumptions
4.0
0.7
Impact of excluding pension liability adjustment
—
—
Impact of excluding AOCI
0.9
(0.3)
U.S. GAAP ROE - less AOCI
13.2
4.4
Differences between adjusted earnings and net earnings2
(0.4)
8.7
Adjusted ROE - reported
12.8
13.1
Impact of excluding gains (losses) associated with foreign currency remeasurement3
U.S. GAAP ROE is calculated by dividing net earnings (annualized) by average shareholders' equity.
2
See separate reconciliation of net income to adjusted earnings.
3
Impact of gains/losses associated with foreign currency remeasurement is calculated by excluding the cumulative (beginning January 1, 2021) foreign currency gains/losses associated with i) foreign currency remeasurement and ii) sales and redemptions of invested assets. The impact is the difference of adjusted return on equity - reported compared with adjusted return on equity, excluding from shareholders' equity, gains/losses associated with foreign currency.
EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS1
(SELECTED PERCENTAGE CHANGES, UNAUDITED)
THREE MONTHS ENDED JUNE 30,
Including
Currency
Changes
Excluding
Currency
Changes2
Net earned premiums3
(6.3) %
(1.1) %
Adjusted net investment income4
(9.6)
(7.6)
Total benefits and expenses
(6.5)
(1.5)
Adjusted earnings
(7.7)
(4.9)
Adjusted earnings per diluted share
(1.7)
1.1
1
Refer to previously defined adjusted earnings and adjusted earnings per diluted share.
2
Amounts excluding currency changes were determined using the same foreign currency exchange rate for the current period as the comparable period in the prior year, which eliminates dollar-based fluctuations driven solely from currency rate changes.
3
Net of reinsurance
4
Refer to previously defined adjusted net investment income.
EFFECT OF FOREIGN CURRENCY ON ADJUSTED RESULTS1
(SELECTED PERCENTAGE CHANGES, UNAUDITED)
SIX MONTHS ENDED JUNE 30,
Including
Currency
Changes
Excluding
Currency
Changes2
Net earned premiums3
(4.2) %
(0.9) %
Adjusted net investment income4
(5.6)
(4.3)
Total benefits and expenses
(4.5)
(1.2)
Adjusted earnings
(4.2)
(2.4)
Adjusted earnings per diluted share
2.0
4.1
1
Refer to previously defined adjusted earnings and adjusted earnings per diluted share.
2
Amounts excluding currency changes were determined using the same foreign currency exchange rate for the current period as the comparable period in the prior year, which eliminates dollar-based fluctuations driven solely from currency rate changes.
3
Net of reinsurance
4
Refer to previously defined adjusted net investment income.
GLOSSARY OF OPERATIONAL MEASURES
The Company defines the operational measures included in this document as follows:
Operating ratios are used to evaluate the Company's financial condition and profitability. Examples include: (1) Ratios to total adjusted revenues, which present expenses as percentage of total revenues and (2) Ratios to total premium, including benefit ratio. Operating ratios include: Benefit Ratio and Expense Ratio. New annualized premium sales are sometimes referred to as new sales or sales. An operating measure that is not reflected on the Company's financial statements. New annualized premium sales generally represent annual premiums on policies and riders the Company sold and incremental increases from policy conversions that would be collected over a 12-month period assuming the policies remain in force for that entire period. For Aflac Japan, new annualized premium sales are determined by applications submitted during the reporting period. For Aflac U.S., new annualized premium sales are determined by applications that are issued during the reporting period. Policy conversions are defined as the positive difference in the annualized premium when a policy upgrades in the current reporting period. The Company believes that this metric is a key indicator of the Company's future source of earnings. Premium persistency is the percentage of premiums remaining in force at the end of a period, usually one year, and presented on a trailing 12-month average basis. For example, 95% persistency would mean that 95% of the premiums in force at the beginning of a period are still in force at the end of the period. The Company believes that this metric is a key driver of in force levels, which is a key measure of the size of the Company's business and future sources of earnings. FORWARD-LOOKING INFORMATION
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" to encourage companies to provide prospective information, so long as those informational statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those included in the forward-looking statements. Aflac Incorporated (the Parent Company) and its subsidiaries (collectively with the Parent Company, the Company) desire to take advantage of these provisions. This document contains cautionary statements identifying important factors that could cause actual results to differ materially from those projected herein, and in any other statements made by Company officials in communications with the financial community and contained in documents filed with or furnished to the Securities and Exchange Commission (SEC). Forward-looking statements are not based on historical information and relate to future operations, strategies, financial results or other developments. Furthermore, forward-looking information is subject to numerous assumptions, risks and uncertainties. In particular, statements containing words such as "expect," "anticipate," "believe," "goal," "objective," "strategy," "may," "should," "estimate," "intend," "project," "future," "will," "assume," "potential," "target," "outlook," "continue" or similar words as well as specific projections of future results, generally qualify as forward-looking. The Company undertakes no obligation to update such forward-looking statements, except as may be required by law.
The Company cautions readers that the following factors, in addition to other factors mentioned from time to time, could cause actual results to differ materially from those contemplated by the forward-looking statements:
difficult conditions in global capital markets and the economy, including inflation defaults and credit downgrades of investments global fluctuations in interest rates and exposure to significant interest rate risk concentration of business in Japan limited availability of acceptable Japanese yen-denominated investments foreign currency fluctuations in the yen/dollar exchange rate differing interpretations applied to investment valuations significant valuation judgments in determination of expected credit losses recorded on the Company's investments decreases in the Company's financial strength or debt ratings decline in creditworthiness of other financial institutions the Company's ability to attract and retain qualified sales associates, brokers, employees, and distribution partners deviations in actual experience from pricing and reserving assumptions ability to continue to develop and implement improvements in information technology systems and on successful execution of revenue growth and expense management initiatives interruption in telecommunication, information technology and other operational systems, or a failure to maintain the security, confidentiality, integrity or privacy of sensitive data residing on such systems, and uncertainty regarding the impact of the incident involving unauthorized access to the Company's network in June 2025 subsidiaries' ability to pay dividends to the Parent Company inherent limitations to risk management policies and procedures operational risks of third-party vendors tax rates applicable to the Company may change failure to comply with restrictions on policyholder privacy and information security extensive regulation and changes in law or regulation by governmental authorities competitive environment and ability to anticipate and respond to market trends catastrophic events, including, but not limited to, epidemics, pandemics, tornadoes, hurricanes, earthquakes, tsunamis, war or other military action, major public health issues, terrorism or other acts of violence, and damage incidental to such events ability to protect the Aflac brand and the Company's reputation ability to effectively manage key executive succession changes in accounting standards level and outcome of litigation or regulatory inquiries allegations or determinations of worker misclassification in the United States Analyst and investor contact - David A. Young, 706.596.3264; 800.235.2667 or [email protected]
Media contact - Ines Gutzmer, 762.207.7601 or [email protected]
Cameco po zveřejnění výsledků za 2. čtvrtletí vzrostla o 7 %, i když upravený zisk meziročně klesl o 75 % a tržby o 7 % na 814 milionů CAD. Firma zároveň oznámila, že Westinghouse důvěrně podal návrh na draft Form S-1 k SEC pro navrhované IPO kmenových akcií.
Key Takeaways Cameco rose 7% after Q2 results, even as adjusted earnings fell 75% and revenues declined 7%.Lower uranium and fuel-services volumes outweighed higher realized prices, pressuring quarterly results.Westinghouse's proposed IPO adds a catalyst, but Cameco's premium valuation may limit near-term upside. Cameco (CCJ - Free Report) reported second-quarter 2026 results on Friday. Total revenues were down 7% year over year to CAD 814 million ($588 million) on lower sales volumes despite higher prices. Adjusted earnings plunged 75% year over year to CAD 0.18 per share or 13 cents. While revenues beat the Zacks Consensus Estimate, earnings fell short.
Alongside its earnings release, Cameco announced that Westinghouse Electric Company, jointly owned with Brookfield Renewable Partners, has confidentially submitted a draft Form S-1 registration statement to the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock.
Investors looked past the earnings miss, sending Cameco shares up 7% following the results. In the past six months, Cameco shares have declined 21.9% compared with the industry’s 3.2% dip. Meanwhile, the broader Oils-Energy sector has moved up 7.1%, while the S&P 500 has climbed 10.8%.
Cameco has outperformed peers like Ur-Energy Inc. (URG - Free Report) and Energy Fuels (UUUU - Free Report) , which have declined 22.6% and 46.1%, respectively.
Cameco’s 6-Month Price Performance vs. Industry, Sector & Peers
Image Source: Zacks Investment Research
Let us delve deeper into the company’s second-quarter results and long-term prospects before assessing whether to buy, hold or sell the stock.
Lower Volumes Weigh on Cameco's Q2 PerformanceUranium production declined 15% year over year to 3.9 million pounds. Output at McArthur River/Key Lake increased 28% to 2.3 million pounds, but this was more than offset by a 43% decline at Cigar Lake to 1.6 million pounds following its scheduled annual maintenance outage.
Uranium sales volumes fell 18% to 7.1 million pounds, reflecting normal quarterly delivery timing and Cameco's disciplined contracting strategy, which calls for lower planned deliveries in 2026.
Cameco’s uranium revenues were down 7% to CAD 659 million ($469 million). The 18% decline in sales volumes was offset by a 15% increase in the Canadian dollar average realized price to CAD 93.13 per pound due to the impact of market-priced contracts on its portfolio.
Fuel Services also posted weaker results. Production decreased 6% to 3 million kgU, while sales volumes fell 18% to 3.6 million kgU. Segment revenues declined 6% to CAD 152 million ($108 million), as higher realized prices were unable to offset lower deliveries.
Overall, Cameco’s revenues were down 7% to CAD 814 million ($588 million) due to weaker performance in both segments.
Total cost of sales inched up 1% to around CAD 624 million ($446 million). In the uranium segment, costs climbed around 3% due to a 26% increase in the average unit cost of sales, partially offset by lower sales volume. Costs were higher due to higher purchased material costs, product loan impacts and the Cigar Lake maintenance shutdown. Costs in the Fuel Services segment rose 1% as a 21% increase in the average unit cost of sales due to mix of products and services was offset by lower sales volume.
Adjusted EBITDA was down 42% year over year to CAD 391 million ($279 million). Adjusted earnings declined 75% year over year to CAD 0.18 per share or 13 cents. The decline was due to lower uranium sales volumes and a sharp reduction in equity earnings from Westinghouse. In the prior-year quarter, Westinghouse recognized significant revenues from its participation in the Czech Republic's Dukovany nuclear project, contributing roughly $170 million to Cameco's share of Westinghouse's revenues and adjusted EBITDA.
Cameco Expects Slightly Lower Revenues in 2026Cameco maintained its uranium production projection between 19.5 million pounds and 21.5 million pounds for 2026 despite temporary operational disruptions at Key Lake and McArthur River in May, and at Cigar Lake in July. Production guidance for the fuel services segment is 13 million to 14 million kgUs.
Cameco expects uranium deliveries of 29–32 million pounds for 2026. Uranium revenue guidance now stands at CAD 2.7-2.9 billion, based on a higher realized price assumption of CAD 91-96 per pound. At the midpoint, uranium revenues would decline about 2% from 2025 due to lower delivery volumes. Fuel Services revenues are projected at CAD 610-650 million, implying roughly 12% year-over-year growth.
Overall, Cameco expects total 2026 revenues of CAD 3.32-3.57 billion. The midpoint represents about a 1% decline from 2025.
CCJ’s Earnings Estimates See Upward Revision ActivityThe Zacks Consensus Estimate for Cameco’s earnings for both 2026 and 2027 has moved up over the past 60 days, as shown in the chart below.
Image Source: Zacks Investment Research
The consensus estimate for Cameco’s earnings for 2026 indicates year-over-year growth of 27.2%. The same for 2027 implies growth of 55.8%.
Image Source: Zacks Investment Research
Cameco’s Valuation Looks StretchedCCJ stock is trading at a forward price-to-sales ratio of 15.97 compared with the industry’s 4.99. CCJ’s Value Score of F suggests that the stock is not so cheap and a stretched valuation at this moment.
Image Source: Zacks Investment Research
Energy Fuels is trading higher at 16.20 while Ur-Energy is a cheaper option, trading at 4.70.
Westinghouse IPO Plans Add Another Long-Term Growth LeverCameco continues to benefit from its strategic investment in Westinghouse, which helps broaden its exposure beyond uranium mining into nuclear technology and reactor services. In June, the U.S. Department of Energy announced a conditional commitment of up to $17.5 billion through its Office of Energy Dominance Financing to support procurement of long-lead components for up to 10 new Westinghouse AP1000 reactors in the United States.
Westinghouse has a pipeline of 91 potential AP1000 reactor opportunities (105 GWe) globally, providing a significant long-term growth runway. Westinghouse’s proposed IPO, if completed, could unlock shareholder value, improve financial flexibility and increase visibility into the business, creating another potential catalyst for Cameco investors.
CCJ’s Long-Term Fundamentals Remain StrongCameco continues to strengthen its long-term portfolio. It has long-term obligations to deliver an average 28 million pounds of uranium annually over the next five years. These agreements provide strong revenue visibility, stable cash flows and support future investment plans.
Cameco’s uranium production capacity accounts for nearly 15% of global output and it is further investing to expand production to capture favorable market conditions. This includes extending Cigar Lake’s mine life to 2036 and ramping up output at McArthur River and Key Lake toward their licensed annual capacity of 25 million pounds (100% basis). The company recently increased ownership interest in Cigar Lake to 57.418%, which further supports its focus on proven tier-one assets.
Growing energy security concerns, geopolitical uncertainty and the global transition toward low-carbon electricity continue to support long-term uranium demand. Combined with its exposure to Westinghouse's reactor business, Cameco remains well-positioned to benefit from the ongoing nuclear power renaissance.
Should You Buy Cameco Stock Now?Cameco remains one of the strongest long-term investment opportunities in the uranium space, supported by world-class mining assets, long-term contracts and increasing exposure to nuclear technology through Westinghouse. However, new investors can wait for a better entry point, considering the premium valuation and the lower revenue expectations for the year. The stock currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- T. Rowe Price Group (NASDAQ-GS: TROW), a global asset management firm and a leader in retirement, announced today that its Board of Directors has declared a quarterly dividend of $1.30 per share payable on September 29, 2026, to stockholders of record as of the close of business on September 15, 2026.
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.9 trillion in client assets as of July 31, 2026, about two-thirds of which are retirement-related. Renowned for nearly 90 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amid evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.
Marriott International vyhlásila čtvrtletní hotovostní dividendu ve výši 73 centů na akcii kmenových akcií. Vyplacena bude 30. září 2026 akcionářům zapsaným k 20. srpnu 2026.
, /PRNewswire/ -- Marriott International, Inc. (Nasdaq: MAR) today announced that its board of directors declared a quarterly cash dividend of 73 cents per share of common stock. The dividend is payable on September 30, 2026, to shareholders of record as of the close of business on August 20, 2026.
ABOUT MARRIOTT INTERNATIONAL
Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of compelling brands across luxury, premium, select, midscale, extended stay, and all-inclusive, with over 10,000 properties in 148 countries and territories, as of June 30, 2026. Marriott franchises, operates, and licenses hotel, residential, timeshare, yacht, outdoor, and other lodging products all around the world. The company offers Marriott Bonvoy®, its highly awarded travel platform. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on X and Instagram.
Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on its investor relations website at www.marriott.com/investor or Marriott's news center website at www.marriottnewscenter.com, which may be material. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the U.S. Securities and Exchange Commission, and any references to the websites are intended to be inactive textual references only.
Toyota svolává v USA 508 000 Camry modelových let 2025 a 2026 kvůli vadnému 7palcovému přístrojovému panelu, který může vypnout směrovky, výstražná světla i zvukové upozornění pásů. Oprava softwaru bude zdarma.
ToplineToyota on Thursday announced a recall covering 508,000 Camry vehicles in the U.S. over a dashboard defect that could inadvertently disable turn signals, hazard lights and seat belt warning chimes, potentially increasing the risk of a crash.
A faulty meter could go blank, potentially disrupting turn signals and safety alerts.
Getty Images
Key FactsToyota’s recall covers about 508,000 Camry vehicles from the 2025 and 2026 model years with a defective 7-inch combination meter—the dashboard screen behind the steering wheel that shows information like speed, fuel level and warning lights—that may go blank at startup, the automaker announced.
The malfunction may prevent affected vehicles from meeting federal safety standards, as turn signals, hazard lamps and warning chimes could be disabled, Toyota said, adding the risk of injury or a crash increases depending on the defect’s scale.
Toyota dealers can reprogram the combination meter software at no cost to drivers, who will be notified by the automaker by early October.
Drivers can check whether their Camry is included in the recall on Toyota’s website or the National Highway Traffic Safety Administration database by entering their Vehicle Identification Number or license plate.
big number18. That’s how many recalls Toyota has issued in the U.S. this year, tied with Hyundai for the fourth-most among all automakers and ranking behind General Motors (19), Chrysler (25) and Ford (63), according to NHTSA data. Ford issued 153 recalls in 2025, a record that covered 12.9 million vehicles, which surpassed the next four automakers combined, including Chrysler (53), Forest River (36), General Motors (28) and International Motors (26).
key backgroundThe Toyota Camry has ranked among the top-selling passenger cars in the U.S. for years, and the automaker said 2025 was its best-ever year for the model’s sales. Toyota does not issue as many large-scale recalls as other automakers, and its notices this year cover from as few as four vehicles to as many as 550,000. That latter recall covered defects affecting some of Toyota’s Highlander and Highlander Hybrid vehicles, which regulators said had second-row seat backs that may fail to lock in place and restrain a passenger during a crash.
further readingForbesFord’s Growing Recall List—Trapping Seats, Moving Seats And Engine Fires—Adds 80,000 SUVsBy Ty Roush
Permian Resources Corporation oznámila konferenční hovor k výsledkům za 2. čtvrtletí 2026. V úvodu zaznělo pouze to, že vedení bude komentovat výsledky a bude používat i ne-GAAP ukazatele.
Permian Resources Corporation (PR) Q2 2026 Earnings Call August 6, 2026 10:00 AM EDT
Company Participants
Hays Mabry - Vice President of Investor Relations
William Hickey - Co-CEO & Director
James Walter - Co-CEO & Director
Guy Oliphint - Executive VP & CFO
Conference Call Participants
Scott Hanold - RBC Capital Markets, Research Division
Neal Dingmann - William Blair & Company L.L.C., Research Division
Neil Mehta - Goldman Sachs Group, Inc., Research Division
John Freeman - Raymond James & Associates, Inc., Research Division
Kevin MacCurdy - Pickering Energy Partners Insights
John Abbott - Wolfe Research, LLC
Phillip Jungwirth - BMO Capital Markets Equity Research
Hsu-Lei Huang
Joshua Silverstein - UBS Investment Bank, Research Division
Gabe Daoud - Truist Securities, Inc., Research Division
Leo Mariani - ROTH Capital Partners, LLC, Research Division
Paul Diamond - Citigroup Inc., Research Division
Sean Mitchell - Daniel Energy Partners, LLC
Presentation
Operator
Good morning, and welcome to Permian Resources conference call to discuss its second quarter 2026 earnings. Today's call is being recorded. A replay of the call will be available by visiting the company's website at www.permianres.com.
At this time, I will now turn the call over to Hays Mabry, Permian Resources Vice President of Investor Relations, for some opening remarks. Please go ahead.
Hays Mabry
Vice President of Investor Relations
Thanks, Eldi, and thank you all for joining us. On the call today are Will Hickey and James Walter, our Chief Executive Officers; and Guy Oliphint, our Chief Financial Officer.
Many of the comments during this call are forward-looking statements that involve risks and uncertainties that could affect our actual results and are discussed in more detail in our filings with the SEC. We may also refer to non-GAAP financial measures. For any non-GAAP measure we use, a reconciliation to the nearest corresponding GAAP measure can be found in our earnings release or presentation.
ConocoPhillips uvedla, že případné zpoždění projektu LNG v Kataru bude nejspíš jen v řádu měsíců, ne více než roku. Nečeká ani dopad na volný peněžní tok.
QatarEnergy's liquefied natural gas (LNG) production facilities, amid the U.S.-Israeli conflict with Iran, in Ras Laffan Industrial City, Qatar March 2, 2026. REUTERS/Stringer/File Photo Purchase Licensing Rights, opens new tab
CompaniesAug 6 (Reuters) - ConocoPhillips (COP.N), opens new tab said on Thursday that any delay to its Qatar LNG project would likely be in months rather than a year or more and it does not expect any impact on free cash flow.
The U.S. oil and gas producer is a partner in QatarEnergy's main LNG project, which includes offshore facilities in the North Field and onshore facilities at Ras Laffan.
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"We're expecting any delays that may come on first gas or first cargo to be in the nature of months, you know, not a full year," a ConocoPhillips executive said on a post-earnings call.
Planned maintenance at Ras Laffan was completed during the second quarter and a ramp-up in production is expected in the third quarter, the executive added.
The U.S.-Iran war has forced QatarEnergy, one of the world's biggest LNG exporters, to shut liquefaction trains, declare force majeure on deliveries and suspend exports.
Qatar accounts for about a fifth of global LNG trade, and a prolonged outage would tighten supplies and raise prices for key buyers.
Reporting by Pooja Menon in Bengaluru and Arathy Somasekhar in Houston; Editing by Shinjini Ganguli and Joyjeet Das
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Uniswap ovládá 57 % objemu stablecoinových swapů napříč EVM sítěmi, oproti 43 % na začátku roku. Zároveň se chystá podpořit spuštění mainnetu Arc od Circle hned od prvního dne.
Uniswap has quietly turned itself into the dominant venue for stablecoin-to-stablecoin swaps across EVM-compatible chains, processing 57% of that trading volume. That’s up from 43% at the start of the year.
The timing isn’t accidental. Circle’s Arc, a Layer-1 blockchain purpose-built for stablecoin applications, is set to launch its public mainnet on September 16. Uniswap will be there from day one, providing swap infrastructure and liquidity on a chain that counts BlackRock, Visa, and Mastercard among its founding validators.
The numbers behind Uniswap’s stablecoin dominance Uniswap’s cumulative trading volume has now surpassed $4.4 trillion. The protocol’s stablecoin market share has grown by 14 percentage points in a matter of months.
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Uniswap’s integration with Arc, announced around mid-June 2026, locks in that advantage on an entirely new chain. Rather than waiting for organic liquidity to develop, Arc gets access to battle-tested automated market maker technology immediately.
What Arc actually is, and why institutions care Arc is designed specifically for stablecoins, real-time payments, tokenization, and institutional finance. USDC serves as Arc’s native gas token, which means every transaction on the chain is denominated in dollars rather than a volatile cryptocurrency.
The founding validator set includes BlackRock, DTCC, Visa, Mastercard, and Standard Chartered. BlackRock has plans to deploy its BUIDL tokenized fund on Arc using native USDC.
Over 100 builders are already active on Arc’s private mainnet as of August 2026. Aave and Aerodrome are among the early participants, meaning Arc will launch with lending, borrowing, and liquidity protocols already operational.
What this means for investors The UNI token has responded to these developments with a notable rally, reflecting investor anticipation around what the Arc integration could mean for Uniswap’s revenue and volume metrics.
There’s also the competitive angle. Uniswap isn’t the only DEX that could serve stablecoin markets. Aerodrome, already confirmed as an Arc participant, could compete for the same liquidity.
For traders and liquidity providers, the Arc launch creates a concrete catalyst to watch. September 16 will reveal whether the institutional validators actually drive meaningful volume. The gap between Uniswap’s current 57% stablecoin dominance and whatever share it captures on Arc will tell investors whether the protocol’s moat travels across chains.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Rarible spustilo NFT marketplace na Solaně a jako první zvýrazněnou kolekci nabízí Claynosaurz. Firma chce v dalších dnech a týdnech přidávat další projekty z ekosystému.
Rarible has launched its NFT marketplace on Solana, selecting Claynosaurz as the first featured collection available through the new integration.
The company said Thursday that it had spent several months developing, testing, and preparing the Solana rollout. Rarible plans to add more collections from across the ecosystem over the coming days and weeks.
Rarible said its preparations also included discussions with Solana NFT communities and project teams. Feedback from those conversations helped shape decisions around the marketplace and will continue informing future additions, according to the announcement.
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The company said it intends to work directly with individual projects rather than simply adding their collections to the platform. This approach will include marketplace experiences designed around each project’s identity, community, and content.
Claynosaurz, a collection of 10,000 animated three dimensional dinosaur NFTs launched on Solana in November 2022, will serve as the first featured project.
Rarible also pointed to the earlier launch of its Gacha Station product on Solana as an initial indication of its broader expansion plans. The feature allows users to open digital packs containing collectible assets and is currently promoted through Rarible’s marketplace.
In July, Rarible said it had started development, integrations, and security audits for its planned Solana marketplace launch, with the company targeting a rollout within four weeks.
Rarible said the current marketplace represents the foundation of a broader Solana expansion. The company plans to introduce additional projects, marketplace improvements, content, features, and community activations as the rollout continues.
Rarible Protocol previously added support for Solana based NFTs in 2022. The latest rollout extends the company’s consumer marketplace and collection focused experience across the ecosystem.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Icmfun na Solaně údajně spustil první platební protokol krytý akciemi a přes Apple Pay umožňuje utrácet tokenizované akcie přímo u pokladny. Infrastrukturu pro kartu zajišťuje Zebec.
@Icmfun has launched what it describes as the first stock-backed payment protocol on @Solana, allowing users to spend tokenized equities directly at the point of sale through Apple Pay. The infrastructure powering the card comes from @Zebec_HQ, a decentralized payments network with roots in real-time, continuous settlement.
Spending Stocks at the Point of Sale The card supports real-time settlement across 15 primary stocks, including $META, $AAPL, $NVDA, and $MSFT. Rather than selling shares through a traditional brokerage and waiting for funds to clear, users can convert their tokenized equity holdings into spendable capital immediately at checkout. The integration bypasses the standard T+2 settlement window that governs conventional equity markets, a delay that has long been a friction point between investment portfolios and everyday spending.
The broader context matters here. Traditional financial rails are widely seen as overdue for an upgrade, and Solana has been positioning itself as the infrastructure layer for the next evolution in capital markets, with $21 billion in real-world assets already tokenized on public blockchains as of May 2025 and McKinsey projecting $2 trillion by 2030. The @Icmfun card is one of the first consumer-facing products to translate that infrastructure into a practical, everyday payment tool.
Zebec's Role as the Settlement Layer @Zebec_HQ is a decentralized infrastructure network for real-world value flows, having consolidated multiple protocols and integrated a portfolio of blockchain-enabled RWA payment, payroll, and retail products into an interconnected and interoperable infrastructure network. Its continuous settlement protocol enables real-time, perpetual money streams, targeting the elimination of delays and improving transparency across financial transactions.
Zebec's product lineup already includes real-time payroll, a traditional payroll app called WageLink with built-in web3 features, payment cards, and DePIN with its own point-of-sale systems. The @Icmfun integration extends that infrastructure into a new category: stock-backed consumer spending.
The move reflects a growing push on Solana to bring capital markets on-chain in a way that is accessible to ordinary users. Internet Capital Markets envision a future where anyone with an internet connection can participate in tokenized equities and on-chain economic systems, with dramatically reduced barriers to entry and fewer intermediaries. Connecting that vision to a payment card that works through Apple Pay is a meaningful step toward making that future tangible.
Sources:
Solana: Tokenized Equities on Solana
CoinMarketCap: Zebec Network (ZBCN)
Helius: Internet Capital Markets on Solana
Solana dosáhla nového historického maxima v sektoru RWA, který vzrostl na 3,73 miliardy USD. Roste zájem institucí o tokenizaci státních dluhopisů, akcií, private credit i fondů.
The Solana blockchain has reached a significant milestone in the tokenization of traditional financial instruments. Its real-world asset (RWA) sector has expanded to a total value of $3.73 billion, establishing a fresh all-time high for the network.This growth reflects increasing participation from institutional players who are transferring a range of conventional assets onto the Solana platform.
These include government-backed securities such as Treasuries, shares in public companies, private credit arrangements, investment funds, physical commodities, and additional categories of tangible value.
Once placed on Solana, these holdings gain new characteristics: they become programmable through smart contracts, able to interact seamlessly with other on-chain applications, and available for trading or use around the clock without traditional market-hour restrictions.
The shift underscores a broader trend in which established financial entities seek the operational advantages of blockchain technology.
By converting real assets into digital tokens on a high-throughput network like Solana, institutions can unlock efficiencies in settlement speed, reduce intermediary costs, and enable innovative uses such as automated collateralization or fractional ownership.
The 24/7 accessibility removes barriers associated with conventional banking and exchange schedules, allowing participants across time zones to engage continuously.
Observers note that the rise to $3.73 billion demonstrates growing confidence in Solana’s infrastructure for handling regulated and high-value assets.
The network’s design prioritizes low transaction fees and rapid confirmation times, factors that appeal to organizations managing large volumes of capital.
As more Treasuries, equities, and credit products migrate on-chain, the ecosystem creates opportunities for greater liquidity and composability—meaning these assets can be combined or used as building blocks within decentralized finance applications.
While the headline figure marks a peak in total value locked or represented, the underlying activity involves careful bridging between traditional finance and blockchain systems.
Institutions must navigate compliance requirements, custody solutions, and oracle mechanisms that accurately reflect real-world prices and ownership.
The successful scaling to this level suggests that technical and regulatory hurdles are being addressed sufficiently to support continued expansion.
The presence of diverse asset classes on Solana points to potential for further innovation.
Tokenized funds could offer automated rebalancing, commodities might enable more transparent supply-chain tracking, and private credit instruments could improve access for a wider range of investors.
The programmable nature of these assets allows developers to create novel products that were previously impractical in purely off-chain environments.
This milestone arrives amid wider industry interest in RWAs as a pathway for bringing substantial traditional capital into blockchain networks.
Solana’s achievement of a $3.73 billion RWA footprint highlights its position as a competitive venue for such activity.
As institutions continue to experiment with and deploy these instruments, the focus remains on realizing practical utility beyond mere representation—ensuring that on-chain assets can interact effectively with everyday financial obligations and real economic needs.
The record valuation signals meaningful progress in the integration of conventional finance with blockchain capabilities.
By making Treasuries, equities, private credit, funds, commodities, and similar holdings programmable, composable, and continuously available, Solana is facilitating a new phase of asset management that prioritizes efficiency, accessibility, and technological flexibility.
Targa Resources Corp. zveřejnila výsledky za 2. čtvrtletí 2026. V hovoru k výsledkům vystoupili CEO Matt Meloy, prezidentka Jen Kneale a CFO Will Byers.
Targa Resources Corp. (TRGP) Q2 2026 Earnings Call August 6, 2026 11:00 AM EDT
Company Participants
Tristan Richardson - VP of Investor Relations & Fundamentals
Matt Meloy - CEO & Director
Jennifer Kneale - President
William Byers - Chief Financial Officer
Benjamin Branstetter - President of Logistics & Transportation
Patrick McDonie - President of Gathering & Processing
Conference Call Participants
Jeremy Tonet - JPMorgan Chase & Co, Research Division
Spiro Dounis - Citigroup Inc., Research Division
Jacqueline Koletas - Goldman Sachs Group, Inc., Research Division
Julien Dumoulin-Smith - Jefferies LLC, Research Division
Gabriel Moreen - Mizuho Securities USA LLC, Research Division
Manav Gupta - UBS Investment Bank, Research Division
Burke Sansiviero - Wolfe Research, LLC
Jason Gabelman - TD Cowen, Research Division
Sunil Sibal - Seaport Research Partners
Presentation
Operator
Good day, and thank you for standing by. Welcome to the Targa Resources Corp. Second Quarter 2026 Earnings Webcast and Presentation. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Tristan Richardson, Vice President, Investor Relations and Fundamentals. Please go ahead.
Tristan Richardson
VP of Investor Relations & Fundamentals
Thanks, operator. Good morning, and welcome to the Second Quarter 2026 Earnings Call for Targa Resources Corp. The second quarter earnings release, a supplement presentation and our latest investor presentation are available in the Investors section of our website at targaresources.com. Statements made during this call that may include Targa's expectations or predictions should be considered forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in forward-looking statements. For a discussion of factors that could cause actual results to differ, please refer to our latest SEC filings.
Our speakers for the call today will be Matt Meloy, Chief Executive Officer; Jen Kneale, President; and Will Byers, Chief Financial
CMS Energy schválila čtvrtletní dividendu na preferenční akcie Series C ve výši 0,2625 USD na depozitární akcii. Vyplacena bude 15. října 2026 akcionářům k 1. říjnu 2026.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- The Board of Directors of CMS Energy has declared a dividend on the 4.200% Cumulative Redeemable Perpetual Preferred Stock, Series C of the Corporation.
The following dividend is payable Oct. 15, 2026, to shareholders of record at the close of business on Oct. 1, 2026: $0.2625 per depositary share (NYSE: CMS PRC).
Additional dividend information, including the tax status of CMS Energy's dividend distributions, can be obtained through the Tax Information section of CMS Energy's website.
CMS Energy (NYSE: CMS) is a Michigan-based energy provider featuring Consumers Energy as its primary business. It also owns and operates independent power generation businesses.
For more information on CMS Energy, please visit our website at cmsenergy.com.
To sign up for email alert notifications, please visit the Investor Relations section of our website.
EMCOR zvyšuje výhled na rok 2026 díky akvizicím a silné realizaci. Rekordní zbývající výkonnostní závazky 17,14 miliardy USD podporují dlouhodobý růst.
Key Takeaways EMCOR is funding acquisitions, technology and workforce investments while maintaining shareholder returns.Record $17.14 billion remaining performance obligations support long-term growth across key end markets.EME raised 2026 view as acquisitions and strong execution strengthen its electrical construction platform. EMCOR Group, Inc.’s (EME - Free Report) second-quarter 2026 financial results offer investors plenty to cheer about beyond another earnings beat. While record revenues, expanding margins and raised guidance grabbed the headlines, the company's disciplined capital allocation strategy may be the bigger long-term story.
The company continues to strike a healthy balance between rewarding shareholders and investing for future growth. During the first half of 2026, it maintained a strong balance sheet with $924 million in cash and almost negligible debt, giving it ample flexibility to pursue acquisitions, fund organic expansion and return capital through dividends and share repurchases. Management emphasized that financial strength remains a competitive advantage rather than merely a safety net. At the same time, EME generated solid operating cash flow despite the working-capital needs associated with rapid business growth.
The acquisition strategy also reflects disciplined execution rather than aggressive expansion. Recent deals are expanding EMCOR's technical capabilities, strengthening its electrical construction franchise and broadening its geographic footprint across several high-growth regions. Combined transaction metrics represent roughly $625 million in trailing revenues and approximately $105 million in EBITDA, reinforcing the company's position in attractive markets such as network & communications, healthcare, manufacturing and institutional construction. The company also continues to invest in prefabrication capabilities, Virtual Design and Construction technologies, and workforce expertise, helping improve productivity and customer execution.
Importantly, EMCOR's shareholder returns are not coming at the expense of growth investments. Record remaining performance obligations (RPOs) of $17.14 billion, robust AI-driven data center demand and strong bookings across water, healthcare and institutional markets provide the visibility needed to support both strategic reinvestment and continued capital returns. With raised full-year 2026 guidance and a balanced capital allocation model, EMCOR appears to be creating value well beyond dividends and buybacks, positioning itself for sustained long-term growth.
EMCOR, MasTec & Quanta: Betting Big Beyond BuybacksEMCOR's capital allocation strategy stands out as a key differentiator even as it competes with MasTec, Inc. (MTZ - Free Report) and Quanta Services, Inc. (PWR - Free Report) in a favorable public infrastructure environment. EME is leveraging its strong balance sheet to pursue disciplined acquisitions, expand its electrical construction capabilities and geographic footprint, while continuing to reward shareholders through dividends and share repurchases.
MasTec is aggressively reinvesting in its business through acquisitions and capital expenditures to strengthen its exposure to utility transmission, communications, clean energy and pipeline infrastructure, positioning itself to benefit from long-term federal infrastructure programs and rising power demand. Quanta continues to prioritize strategic acquisitions, workforce expansion and fleet investments to support its leadership in electric transmission, grid modernization, renewable energy and underground utility projects.
While MasTec and Quanta emphasize reinvestment to capture multi-year infrastructure opportunities, EMCOR distinguishes itself by pairing growth investments with disciplined shareholder returns, supported by record remaining performance obligations and strong execution across high-growth end markets.
EME Stock’s Price Performance & Valuation TrendShares of this Connecticut-based infrastructure service provider have gained 34.4% year to date, outperforming the Zacks Building Products - Heavy Construction industry, the Zacks Construction sector and the S&P 500 Index.
Image Source: Zacks Investment Research
EME stock is currently trading at a premium compared with the industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 26.1, as evidenced by the chart below.
Image Source: Zacks Investment Research
Earnings Estimate Revision of EMEEME’s earnings estimates for 2026 and 2027 have moved upward in the past seven days to $31.42 per share and $35.48 per share. The revised estimates for 2026 and 2027 imply year-over-year growth of 21.5% and 12.9%, respectively.
Image Source: Zacks Investment Research
EMCOR stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Algorand Foundation a Flow Traders oznámily partnerství, které přináší ALGO 24/7 institucionální likviditu. Flow Traders ji zpřístupní prostřednictvím své globální exekuční infrastruktury.
The partnership delivers 24/7 liquidity to ALGO for institutional counterparties
, /PRNewswire/ -- Algorand Foundation and Flow Traders, a leading global liquidity provider, today announced a partnership to deepen institutional liquidity across the Algorand blockchain. As part of this collaboration, Flow Traders will provide liquidity to support institutional participation in the Algorand ecosystem and make ALGO available to institutional counterparties through its global execution infrastructure, with execution available via FIX, OMS/EMS, ECNs, or high-touch OTC, and settlement in fiat or stablecoins through established workflows.
"This partnership means Algorand's infrastructure now benefits from Flow Traders' continuous, institutional-grade liquidity," said Amar Odedra, Chief Commercial Officer at the Algorand Foundation. "As Algorand's real-world asset ecosystem grows, deep, reliable liquidity in ALGO gives institutional counterparties the confidence to engage with the network at scale."
"We look forward to making ALGO available to institutional counterparties through our global execution infrastructure," said Michael Lie, Global Head of Digital Assets at Flow Traders. "Deep and reliable liquidity is essential to supporting institutional participation in digital asset markets. By expanding our coverage to ALGO, we are improving access to the Algorand ecosystem as it continues to grow across payments, tokenized assets and other on-chain use cases."
Flow Traders brings two decades of ETF expertise to digital assets, operating at the intersection of traditional finance and on-chain infrastructure. As institutional participation in digital asset markets grows, the Algorand Foundation and Flow Traders are committed to expanding liquidity coverage across the Algorand ecosystem.
The Algorand blockchain supports an established RWA ecosystem spanning real estate, commodities, private credit, and stablecoins, with institutional participants including Lofty, Enel, Aberdeen, and Meld. In Q2 2026, the network recorded 23.2 million RWA transactions across 1.2 million monthly active addresses, with $1.61 billion in USDC transacted volume.
About Algorand
Algorand is a public layer-1 blockchain built for financial empowerment. Algorand offers tools to move money across borders, issue and manage assets, verify identity, and develop services that rely on dependable performance and instant settlement. Developers and organizations use Algorand to create practical tools for payments, identity, asset tokenization, public records, and other financial services. Algorand's all-in-one blockchain infrastructure powers financial apps that are easy to build, simple to use, and unlock economic opportunity for users.
Today, the Algorand ecosystem spans startups, developers, governments, and global partners building real-world financial and digital asset solutions. With Algorand, you decide where your money lives, how it moves, and who can access it. To learn more and join the financial empowerment movement, visit algorand.co.
About Flow Traders
Flow Traders is a leading global ETF and digital asset liquidity provider, on a mission to become the liquidity provider of choice in a 24/7 global financial ecosystem. Founded in 2004, Flow Traders has built on its heritage in European equity ETFs to provide liquidity across more than 25,000 products in ETFs, equities, fixed income, commodities, FX and digital assets, on over 150 venues globally. With more than EUR 7 trillion in annual value traded and over 1,600 active counterparties, Flow Traders plays a central role in ensuring markets remain resilient and transparent. The Company is investing in frontier technologies to drive innovation across traditional and digital asset markets. Operating from eight offices across Europe, the Americas and Asia, Flow Traders brings together over 600 professionals representing more than 60 nationalities.
Disclaimer: This press release is provided for informational purposes only. The information is provided by the Algorand Foundation and, while we strive to keep it accurate and current, we make no representations or warranties of any kind, express or implied, as to its completeness, accuracy, reliability, or suitability for any purpose. Nothing in this release constitutes legal, financial, tax, or investment advice, nor an endorsement, guarantee, or investment recommendation. References to third parties, including any organizations, agencies, products, or platforms, are for informational purposes only and do not imply any endorsement, affiliation, or partnership beyond what is expressly stated. All third-party names and trademarks are the property of their respective owners. Operational figures reflect information available as of the date of this release and may be subject to revision. Any statements regarding future plans, integrations, deployments, or timelines are forward-looking and subject to change. The Algorand Foundation undertakes no obligation to update these statements except as required.
Shiba Inu faced a sharp decline in its daily token burn rate as only $7 worth of SHIB was removed from circulation over the past 24 hours, according to data from Shibburn. This represents a significant drop from recent periods, highlighting waning burn activity after a recent surge.
Burn Rate Fluctuations and Major ContributorsThe recent daily burn amounted to 1.38 million SHIB, substantially less than the figure recorded the day before last. The daily burn rate consequently fell by 87.63%, marking a reversal from the previous day’s increase of 706%, when the total burn reached 17,464,058 SHIB.
Over the past seven days, 315.80 million SHIB have been burned, pushing the weekly burn rate down by 69.94%. However, the monthly dynamics paint a different picture. In the last 30 days, the total burn soared 1,351% compared with previous periods, totaling 3.47 billion SHIB removed from circulation.
WoofSwap has played a dominant role in recent burn activity, sending 3,081,392,109 SHIB to dead wallets in the past month. Robinhood followed as the second-largest contributor, burning 154,315,629 SHIB during the same timeframe.
Throughout its history, Shiba Inu has seen 410,843,687,208,931 SHIB burned out of the original 1 quadrillion supply, distributed across 21,473 separate transactions.
Market Reaction and Derivatives DataThe decline in the SHIB burn rate has coincided with a price retreat. Shiba Inu dropped 3.35% in the last 24 hours amid mixed action in the broader cryptocurrency market. Most major coins showed little direction, contributing to a subdued trading atmosphere.
Derivatives market data signal muted engagement, with open interest in Shiba Inu falling 5.03% to $43.51 million, according to CoinGlass. This decrease suggests potential capital outflows as both Bitcoin and Ethereum futures lacked momentum, leading investors to adopt a wait-and-see approach or to reallocate toward selectively active altcoins.
Developer Activity and Expanding Use CasesDespite the lack of significant price and burn activity, underlying developer efforts remain steady. Mazrael, a key figure following Shiba Inu development, pointed out continued progress by the project’s team.
Developers have expanded 18 documentation pages to include detailed guidance on ERC-4337 gasless transactions via Paymaster, new crypto payments APIs, hosted endpoints for on-chain data, and an updated ShibaSwap SDK. These technical upgrades aim to equip developers with the fundamental tools needed to build consumer-focused applications on Shibarium, which could boost ecosystem utility over time.
As the market navigates periods of low momentum and shifting capital, platforms facilitating seamless asset access stand out. 1stepSwap is a highly practical solution that bridges traditional finance and crypto by moving real-world assets onto the blockchain. Users can gain exposure to leading U.S. equities or commodities like gold and silver directly from their wallets, all without unnecessary intermediaries or complex onboarding. Notably, 1stepSwap identifies optimal market prices in real-time, enabling users to transact leading global stocks and diversified assets with speed and efficiency.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- At their meeting held yesterday, the Board of Directors of Chesapeake Utilities Corporation (NYSE: CPK) declared a quarterly cash dividend of $0.735 per share on the Company's common stock. The $0.735 per share dividend will be paid on October 5, 2026, to all shareholders of record at the close of business on September 14, 2026.
With this dividend, Chesapeake Utilities will have paid dividends to its shareholders without interruption for 65 years and since 2004, has increased its annualized dividend every year.
About Chesapeake Utilities Corporation:
Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange (NYSE: CPK). Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions, and other businesses. For more information, visit www.chpk.com.
For more information, contact:
Lucia Dempsey
Head of Investor Relations
[email protected]
347-804-9067
NRG Energy po zveřejnění výsledků za 2. čtvrtletí 2026 klesá, protože tržby 7,48 miliardy USD i upravený EPS 1,49 USD zaostaly za odhady. Akcie jsou od pátku níže o 9,8 %.
With NRG Energy (NRG -0.43%) stock tumbling more than 8% in July, investors surely hoped that the company's reporting of its second-quarter 2026 financial results on Tuesday would help the stock recover from last month's decline. It didn't come to pass, though, as the electric utility failed to inspire the bulls.
According to data provided by S&P Global Market Intelligence, shares of NRG Energy are down 9.8% from the end of trading on Friday through 11:50 a.m. today.
Image source: Getty Images.
Failing to meet analysts' estimates is just one factor figuring into the stock's fall Reporting second-quarter 2026 revenue of $7.48 billion, NRG Energy failed to meet analysts' expectations of $7.79 billlion.
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The company also missed at the bottom of the income statement, posting adjusted earnings per share (EPS) of $1.49 -- coming up short of the the $1.74 that analysts anticipated.
Following the company's announcement of its financial results, two analysts pared back their expectations for NRG stock. Nicholas Amicucci, an Evercore analyst, reduced his price target to $195 from $215, while Bank of Nova Scotia analyst Andrew Weisel lowered his to $211 from $226.
Income investors may want to jump in as shares continue to sell off Analysts may see a little less upside in NRG Energy stock, but that shouldn't preclude income investors from taking a closer look as the company powers ahead with a plan to seize the opportunity in data center development.
Currently, NRG Energy stock offers a 1.6% forward yield, and it's 48% payout ratio suggests management isn't jeopardizing the company's financial health to reward shareholders. For those looking to power their passive income streams with a conservative utility stock, NRG Energy is certainly worth further investigation during this week's pullback in the stock price.
Scott Levine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Evercore and NRG Energy. The Motley Fool recommends Bank Of Nova Scotia. The Motley Fool has a disclosure policy.
Roivant čeká do konce září rozhodnutí FDA o brepocitinibu pro dermatomyozitidu po prioritním přezkumu. Firma říká, že je na případné uvedení na trh připravena.
Roivant said its first quarter was relatively quiet operationally but positioned the company for a more active second half of 2026, with a potential launch of brepocitinib in dermatomyositis, multiple clinical readouts and further updates from Immunovant NASDAQ: IMVT.
Chief Executive Officer Matt Gline said Roivant expects a decision from the U.S. Food and Drug Administration on brepocitinib for dermatomyositis by the end of September after receiving priority review. The company said its commercial, field-support and patient-support teams are trained and prepared for a potential launch.
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“We’re ready to launch on time,” Gline said, while emphasizing that Roivant expects to build the product franchise through a “slow and steady” approach rather than focusing on early launch metrics.
Brepocitinib Programs Advance Beyond dermatomyositis, Roivant has begun enrolling patients in a Phase III trial of brepocitinib for cutaneous sarcoidosis. The 140-patient study will compare 45 milligrams of brepocitinib with placebo over 16 weeks, with a mandatory steroid taper from week two through week eight. The primary endpoint is a CSAMI response of at least 50%. Roivant expects top-line data in 2028.
Gline said the Phase III design incorporates findings from the company’s Phase II study, in which he said brepocitinib showed a greater than 20-point benefit on the CSAMI scale relative to little change on placebo. Roivant estimates there are approximately 40,000 cutaneous sarcoidosis patients in the United States.
The company also said its registrational trial of brepocitinib in lichen planus, or LPP, is enrolling “extremely well,” according to Gline. Roivant added LPP as a fourth development indication for brepocitinib earlier this year.
Top-line data from brepocitinib’s Phase III noninfectious uveitis, or NIU, study are expected during the second half of 2026. Gline said variability in placebo response rates is a key uncertainty in immunology trials, but described the company’s Phase II NIU data as compelling. He said Roivant would seek to submit a supplemental new drug application quickly if the study produces a successful result.
In discussing the planned dermatomyositis launch, Gline said the company sees no direct launch analog because no targeted therapy has previously been launched for the disease. He noted that roughly 200 myositis referral centers treat about half of the U.S. dermatomyositis population.
Gline also addressed potential safety concerns surrounding the JAK inhibitor class. He said Roivant expects brepocitinib’s label to include boxed warnings consistent with other JAK inhibitors, but added that physicians treating dermatomyositis patients are accustomed to managing substantial risks associated with current treatment options, including high-dose steroids and immunosuppressants.
Additional Data Readouts Expected Roivant expects top-line Phase II data in the second half from mosliciguat in pulmonary hypertension associated with interstitial lung disease, or PH-ILD. The company said it is primarily looking for a clear signal in pulmonary vascular resistance, or PVR. The study was not powered for six-minute walk distance, although Gline said separation on that measure would be welcome.
The mosliciguat monotherapy results will be reported before data from a separate combination study, which began later and remains in enrollment. Gline said the combination study is open-label and is intended to provide additional safety experience and information that could help guide Phase III planning.
Roivant also expects an initial proof-of-concept readout for brepocitinib in cutaneous lupus erythematosus, or CLE, during the second half. The initial results will cover 12-week data comparing the 600-milligram dose with placebo. Gline described the trial as a small, fact-finding study intended to help the company evaluate the treatment benefit and potential position in an increasingly competitive development landscape.
At Immunovant, Roivant plans to provide a broader update later this year on IMVT-1402 in difficult-to-treat rheumatoid arthritis. The update is expected to include results from the randomized-withdrawal portion of the study, feedback from an anticipated FDA discussion, and the company’s plans for future trials. Gline said the open-label response data have generated positive attention, though the randomized-withdrawal results could affect whether the study can serve as a pivotal trial.
Roivant also highlighted its Graves’ disease program for IMVT-1402, with a pivotal readout expected in 2027. Gline said the company sees substantial unmet need in Graves’ disease and views the opportunity as one of building a new treatment market rather than competing for a limited number of patients.
Moderna Payment and Capital Allocation Roivant said it received the initial payment from its settlement with Moderna. The $950 million payment included approximately $770 million for Genevant and the remainder for Arbutus. The company said its separate appellate process related to a Section 1498 matter remains ongoing and could result in an additional $1.3 billion if the outcome is favorable.
Roivant also said it filed international proceedings against Pfizer and BioNTech, including actions in Canada and the Unified Patent Court, during July.
For the quarter, Roivant reported approximately $200 million in research and development expense, nearly $100 million in non-GAAP adjusted general and administrative expense, and $166 million in GAAP general and administrative expense. Cash stood at just under $4 billion before the receipt of $772 million associated with the Moderna settlement proceeds.
The company repurchased about $200 million of shares during the quarter, with additional repurchases occurring in March. Gline said Roivant accelerated its repurchase activity following the Moderna settlement announcement and plans to continue repurchasing shares under its existing authorizations.
About Immunovant (NASDAQ:IMVT)Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant's approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.
The company's lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.
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Evergy zveřejnila výsledky za 2. čtvrtletí 2026 a na konferenčním hovoru představila hlavní body hospodaření, plánované rozšíření zdrojů a regulační agendu.
Evergy, Inc. (EVRG) Q2 2026 Earnings Call August 6, 2026 9:00 AM EDT
Company Participants
Peter Flynn - Director of Investor Relations
David Campbell - CEO, President & Chairman of the Board
W. Buckler - Executive VP & CFO
Conference Call Participants
Stephen D’Ambrisi - RBC Capital Markets, Research Division
Andrew Kadavy - Wells Fargo Securities, LLC, Research Division
Paul Patterson - Glenrock Associates LLC
Anthony Crowdell - Mizuho Securities USA LLC, Research Division
Presentation
Operator
Good day, and thank you for standing by. Welcome to the Quarter 2 2026 Evergy, Inc. Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would like to now hand the conference over to your first speaker today, Senior Director of Insurance and Investor Relations, Peter Flynn. Please go ahead.
Peter Flynn
Director of Investor Relations
Thank you, Courtney, and good morning, everyone. Welcome to Evergy's Second Quarter 2026 Earnings Conference Call. Our webcast slides and supplemental financial information are available on our Investor Relations website at investors.evergy.com. Today's discussion will include forward-looking information. Slide 2 and the disclosures in our SEC filings contain a list of some of the factors that could cause future results to differ materially from our expectations. They also include additional information on our non-GAAP financial measures.
Joining us on today's call are David Campbell, Chairman and Chief Executive Officer; and Bryan Buckler, Executive Vice President and Chief Financial Officer. David will cover second quarter highlights, economic development, our planned resource additions and our regulatory agenda. Bryan will cover our second quarter results, retail sales trends and our financial outlook. Other members of management are with us and will be available during the Q&A portion of the call. I'll now turn the call over to David.
David Campbell
CEO, President & Chairman of the Board
Diamondback Energy ve 2. čtvrtletí překonala odhady zisku i tržeb; upravený EPS činil 6,48 USD a tržby 5,6 mld. USD. Firma zároveň zvýšila výhled těžby na rok 2026 a zdvojnásobila program zpětného odkupu akcií na 16 mld. USD.
Key Takeaways Diamondback Energy beat Q2 EPS and revenue estimates as realized oil prices and sales increased YoY.FANG raised its 2026 oil and total production outlook while maintaining cash capital spending guidance.Diamondback Energy doubled its share repurchase authorization to $16 billion and declared a $1.10 dividend. Diamondback Energy, Inc. (FANG - Free Report) reported second-quarter 2026 adjusted earnings per share (EPS) of $6.48, which beat the Zacks Consensus Estimate of $5.96 and more than doubled from the year-ago adjusted profit of $2.67. The outperformance was driven by production growth and a 53.1% improvement in the year-over-year realized oil prices.
This Midland, TX-based oil and gas exploration and production company’s revenues of $5.6 billion increased more than 51% from the year-ago quarter and topped the Zacks Consensus Estimate by about 17%, fueled primarily by higher sales of oil, natural gas and natural gas liquids, increased sales of purchased oil and higher revenues from other operating income.
In the second quarter of 2026, Diamondback Energy generated free cash flow and adjusted free cash flow of $2.3 billion. Over the same period, it bought back nearly 756,385 common shares for roughly $141 million at an average price of $186.63 per share, excluding excise taxes.
In July, the board of directors increased the company's share repurchase authorization from $8 billion to $16 billion, effectively doubling the program's capacity. Following this increase, approximately $9.9 billion remains available for future share repurchases under the authorization.
FANG’s board of directors approved a base quarterly dividend of $1.10 per common share for the second quarter of 2026, payable on Aug. 20 to its stockholders of record on Aug. 13.
FANG’s Q2 Production & Realized PricesFANG’s production of oil and natural gas averaged 1,017,659 barrels of oil equivalent per day (BOE/d), comprising 51.6% oil. The figure was up 10.6% from the year-ago quarter and beat our model estimate of 969,519.9 BOE/d. While crude and natural gas output increased 5.9% and 16.5% year over year, respectively, natural gas liquids volumes climbed 15.7%.
The average realized oil price during the quarter was $96.82 per barrel, 53.1% higher than the year-ago realization of $63.23. The figure also beat our estimate of $66.12 per barrel. Meanwhile, the average realized natural gas price decreased to a negative $2.15 per thousand cubic feet from 88 cents in the prior year. The figure was also below our model estimate of 60 cents. Overall, the upstream oil and gas company fetched $51.68 per barrel compared with $39.61 a year ago.
FANG’s Costs & Financial PositionDiamondback Energy’s second-quarter cash operating cost was $10.96 per BOE compared with $10.10 in the prior-year quarter and our estimate of $12.56. The increase in costs compared with the year-ago period reflected a rise in lease operating expenses to $5.96 per BOE from $5.26 in the second quarter of 2025 and an increase in Production and ad valorem taxes to $3.26 per BOE from $2.56 in the prior-year quarter.
However, FANG’s gathering, processing and transportation expenses decreased 29.5% year over year to $1.22 per BOE. Cash G&A expenses also fell in the second quarter of 2026 to 52 cents per BOE from 55 cents in the corresponding period of 2025.
Diamondback Energy logged $996 million in capital expenditure — spending $842 million on operated drilling and completion additions to oil and natural gas properties, and $154 million on non-operated additions. The company booked $2.3 billion in adjusted free cash flow in the second quarter.
As of June 30, the Permian-focused operator had approximately $462 million in cash and cash equivalents and $11.1 billion in long-term debt, representing a debt-to-capitalization of 20.1%.
FANG’s Q3 & 2026 GuidanceDiamondback Energy updated its 2026 guidance by raising its full-year oil production outlook to more than 522 MBO/d, up from the previous guidance of more than 520 MBO/d, and increasing its total production forecast to over 1,000 MBOE/d from more than 972 MBOE/d. The company maintained its full-year cash capital expenditure guidance at approximately $3.9 billion.
For the third quarter of 2026, this Zacks Rank #3 (Hold) company expects oil production to range between 517 MBO/d and 527 MBO/d, with total combined production projected at 995-1,015 MBOE/d. Third-quarter cash capital expenditures are expected to be between $950 million and $1.05 billion.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Important Energy Earnings at a GlanceWhile we have discussed FANG’s second-quarter results in detail, let us take a look at three other key reports in the energy space.
Expand Energy Corporation (EXE - Free Report) reported second-quarter 2026 adjusted earnings per share of $1.33, beating the Zacks Consensus Estimate of $1.22. The company’s bottom line increased from the year-ago adjusted profit of $1.10 per share, fueled by strong production and lower operating expenses.
Expand Energy’s ‘natural gas, oil and NGL’ revenues of $1.8 billion missed the Zacks Consensus Estimate of $2 billion. The top line was also below the year-ago figure of $2 billion.
As of June 30, 2026, the company had $663 million in cash and cash equivalents. Expand Energy had a long-term debt of $3.7 billion, reflecting a debt-to-capitalization of 16%.
NOV Inc. (NOV - Free Report) reported second-quarter 2026 adjusted earnings of 31 cents per share, which beat the Zacks Consensus Estimate of 16 cents. The bottom line also increased 6.9% from the year-ago quarter’s 29 cents, driven by outperformance of the Energy Equipment segment.
The oil and gas equipment and services company’s total revenues of $2.1 billion beat the Zacks Consensus Estimate by $39 million. However, NOV’s revenues fell 2.5% from the year-ago quarter’s figure of $2.2 billion due to lower year-over-year revenues from the Energy Products and Services segment.
As of June 30, the company had cash and cash equivalents of $1.2 billion and long-term debt of $1.7 billion with a debt-to-capitalization of 21.3%.
Core Laboratories Inc. (CLB - Free Report) reported second-quarter 2026 adjusted earnings of 11 cents per share, which beat the Zacks Consensus Estimate of 8 cents, driven by outperformance of the Production Enhancement segment. However, the bottom line decreased from the year-ago quarter’s reported figure of 19 cents due to the underperformance of the Reservoir Description segment and increased costs and expenses.
This oilfield service provider reported second-quarter operating revenues of $124.6 million, missing the Zacks Consensus Estimate of $128 million and decreasing from the earlier-year quarter’s reported figure of $130.1 million. This can be attributed to military conflicts in the Middle East and the Russia-Ukraine region, which disrupted energy infrastructure, delaying projects, disrupting crude oil trade and reducing demand for the company's international laboratory services.
As of June 30, 2026, the company had cash and cash equivalents of $22.7 million and long-term debt of $113.9 million. CLB’s debt-to-capitalization was about 29%.
Driven Brands Holdings Inc. (DRVN) Q2 2026 Earnings Call August 6, 2026 8:30 AM EDT
Company Participants
Steve Alexander - Senior Director of Investor Relations
Daniel Rivera - President, CEO & Director
Michael Diamond - CFO & Executive VP
Conference Call Participants
Craig Kennison - Robert W. Baird & Co. Incorporated, Research Division
Simeon Gutman - Morgan Stanley, Research Division
Mark Jordan - Goldman Sachs Group, Inc., Research Division
Michael Albanese - The Benchmark Company, LLC, Research Division
Phillip Blee - William Blair & Company L.L.C., Research Division
Sarah Morin - Piper Sandler & Co., Research Division
Tristan Thomas-Martin - BMO Capital Markets Equity Research
Presentation
Operator
Thank you for standing by. My name is Matt, and I will be your conference operator today. At this time, we would like to welcome everyone to the Driven Brands Second Quarter 2026 Earnings Call.
[Operator Instructions]
I would now like to turn the conference over to Steve Alexander, Investor Relations. You may begin.
Steve Alexander
Senior Director of Investor Relations
Good morning. Welcome to Driven Brands Second Quarter 2026 Earnings Conference Call. The earnings release and net leverage ratio reconciliation are available for download on our website at investors.drivenbrands.com.
On the call with me today are Danny Rivera, President and Chief Executive Officer; and Mike Diamond, Executive Vice President and Chief Financial Officer. In a moment, Danny and Mike will walk you through our financial and operating performance for the quarter.
Before we begin our remarks, I would like to remind you that management will refer to certain non-GAAP financial measures. You can find the reconciliations to the most directly comparable GAAP financial measures on the company's Investor Relations website and in its filings with the Securities and Exchange Commission. During this call, we will also make forward-looking statements regarding our current plans, beliefs and expectations. These statements are not guarantees of future performance
Fox Tungsten má v Britské Kolumbii dvě vrtné soupravy v provozu a směřuje k PEA ve 2. čtvrtletí 2027. Cena wolframu za poslední rok vzrostla o více než 500 % kvůli omezené nabídce.
Fox Tungsten Ltd (TSX-V:FOXT, OTC:HPYCF, FRA:1HC) is racing to prove its North American asset can become the West's answer to a tungsten shortage that shows no sign of easing.
With two drills turning on a high-grade tungsten resource in British Columbia, a fully funded treasury of about $15 million, and a preliminary economic assessment targeted for the second quarter of 2027, CEO Stephen Gray is trying to move faster than the market can catch up to the story.
That story has changed shape fast. Six months ago, the company was still called Happy Creek Minerals. Now it is Fox Tungsten, with a new name, a rebuilt leadership team, and a resource base it is racing to grow before it locks in its development plan.
The timing lines up with a structural shift in the metal itself: tungsten prices have jumped more than 500% over the past year as China, which controls roughly 80% of global supply, tightens its export restrictions, and Washington moves to secure what little domestic supply exists. In August, the US Department of Commerce moved to restrict exports of tungsten waste and scrap without a license, part of a broader push under the Defense Production Act to secure domestic supply of critical minerals deemed essential to national defense.
A rebuilt company The past several months have transformed the company from the ground up. Since rebranding, the team rebuilt the C-suite and welcomed new faces in the field. That overhaul was paired with a financing round earlier this year that raised $12.7 million, mostly through flow-through funding, leaving the company fully funded for its current work program. "It was a great vote of confidence from the market," Gray said.
With two drills currently turning at the Fox project, the company is running what Gray calls the largest drill program it has ever undertaken, roughly doubling the number of metres ever drilled on the deposit in a single season.
The 20,000-metre program is split across three priorities: about 60% is directed at resource growth at Fox, 30% at earlier-stage, greenfield-style exploration with larger stepouts, and the remaining 10% at the company's Silverboss target.
Gray frames the strategy as two parallel tracks. One is tightly focused stepout drilling meant to grow the existing resource and feed into an updated resource estimate, in support of a Preliminary Economic Assessment (PEA) targeted for the second quarter of 2027. The other is a broader hunt to understand just how large the deposit's full mineralized system might be.
That exploration push has already turned up a new zone at Fox North that was previously unknown. Meanwhile, stepout drilling at the RC zone is showing early signs that the deposit's three separate zones may connect into one larger mineralized system, though assay results are still pending.
"It is very exciting to see progress on both fronts," Gray said. "The RC zone is being successfully extended to the south, which supports our hypothesis that we can connect our three separate zones into one larger mineralized system."
Drilling at Fox is expected to continue until late October, with final assays anticipated around Christmas. Only then, Gray said, can the PEA work begin in earnest, though early-stage planning, including scoping metallurgical testing needs, is already underway.
Riding a structural shift in tungsten Tungsten has long been an overlooked commodity for resource investors, but that is changing fast. Prices have climbed by more than 500% over the past year, a move Gray attributes to a combination of geopolitical tension and a genuine supply and demand imbalance.
“There simply is not enough tungsten available to meet demand,” the CEO said. “We know that because Chinese tungsten prices are also high. If there were a large hidden supply glut in China, we would not be seeing those price levels."
Gray believes tungsten still requires investor education, and he has a preferred way of illustrating just how rich the Fox deposit is. At roughly 1% tungsten, the grade might not sound remarkable at first glance, especially next to something like a 1% copper deposit. But translated into metal-equivalent terms at current spot prices, Gray said, 1% tungsten is roughly equivalent to 20 grams per tonne gold or 25% copper.
"That puts the quality of the asset into perspective," he said. "We have an incredibly high-grade asset in a great location with the right commodity."
For Gray, the rebrand itself has already paid off in terms of clarity. "At a glance, people can understand what the company is about: it is about Fox, it is about tungsten, and it is about what we believe is the highest-grade tungsten resource in the world."
Looking ahead, Gray's focus is on turning exploration success into a real business. "We have successfully identified the deposit, completed the initial resource drilling, established our camp, and got the drills turning. The next step is to turn that exploration success into something tangible."
Revolution Medicines ve 2. čtvrtletí vykázala upravenou ztrátu 2,34 USD na akcii, vyšší, než čekal trh, a podruhé letos zvýšila výhled provozních nákladů na rok 2026 na 2,1 až 2,2 mld. USD.
Key Takeaways RVMD reported a Q2 adjusted loss of $2.34 per share, wider than expectations.Revolution Medicines raised its 2026 operating expense outlook for the second time this year.RVMD advanced daraxonrasib and other RAS-targeted programs in late-stage development. Revolution Medicines (RVMD - Free Report) reported an adjusted loss of $2.34 per share in the second quarter of 2026, wider than the Zacks Consensus Estimate of a loss of $1.93.
The adjusted figure excluded a non-cash charge of $151 million tied to a change in the fair value of warrants assumed through the EQRx acquisition, which closed in 2023. Including this item, the reported loss was $3.06 per share. The company had incurred a loss of $1.31 per share in the year-ago quarter.
Currently, RVMD does not have any approved products in its portfolio. It has yet to generate revenues.
Shares of the company fell in after-market trading yesterday as investors did not react favorably to the wider-than-expected loss. The decline also reflected concerns over management’s decision to raise its operating expense guidance for the second time this year.
The stock has skyrocketed 148% year to date compared with the industry’s nearly 3% growth.
Image Source: Zacks Investment Research
RVMD’s Operating Expenses Increase SharplyResearch and development expenses surged 76% year over year to around $395 million. The increase reflected higher costs associated with clinical studies and manufacturing for the company’s pipeline candidates, along with increased employee-related expenses.
General and administrative expenses increased nearly 172% to more than $110 million. The increase was driven by higher personnel and stock-based compensation costs, increased commercial preparation activities and elevated administrative expenses.
Revolution Medicines Raises 2026 Expense View AgainThe company revised its operating expenses guidance for the second time this year. It expects the figure to be between $2.1 billion and $2.2 billion, up from the previous projection of $1.7 billion to $1.8 billion.
The updated forecast includes expected non-cash stock-based compensation expenses of $270 million to $290 million compared with the prior estimate of $260 million to $280 million.
Management intends to increase spending on commercial and clinical manufacturing, expand the company’s development programs and strengthen launch readiness in the United States and international markets.
RVMD Strengthens Cash PositionThe company ended June with cash, cash equivalents and marketable securities of $3.9 billion, up from $1.9 billion as of March 31, 2026.
The increase was primarily driven by $2.225 billion in gross proceeds from concurrent offerings of common stock and convertible senior notes completed in April. The quarter-end balance also included a $250 million payment received from Royalty Pharma in May.
Revolution Medicines Advances Daraxonrasib in Pancreatic CancerLast month, Revolution Medicines announced that the FDA accepted a regulatory filing for its lead candidate, daraxonrasib, in previously treated patients with metastatic pancreatic ductal adenocarcinoma (PDAC). The filing is supported by data from the phase III RASolute 302 study, which showed statistically significant improvements in overall survival, progression-free survival and patient-reported quality of life versus chemotherapy.
The submission is being reviewed under the agency’s Commissioner’s National Priority Voucher (“CNPV”) pilot program, which significantly cuts down the review period to just one to two months. Revolution Medicines said its U.S. commercial infrastructure is ready to support a potential launch, including its sales organization, patient services platform, field access team and distribution network. The EMA also initiated a phased review under its Cancer Medicines Pathfinder project.
In the meantime, Revolution Medicines is evaluating daraxonrasib in two phase III studies — RASolute 303 and RASolute 304 — across earlier lines of treatment for PDAC. While RASolute 303 is assessing the drug in the first-line metastatic setting, RASolute 304 is evaluating its efficacy in the adjuvant setting.
Beyond PDAC, the company is also conducting the late-stage RASolve 301 study of daraxonrasib in patients with previously treated RAS-mutant non-small cell lung cancer (NSCLC). It expects to complete enrollment this year, supporting an initial readout in 2027.
RVMD Progresses Other Pipeline DrugsAlongside the earnings results, RVMD reported initial clinical data (as of the data cut-off of May 11, 2027) from separate studies on mutant-selective inhibitors, including elironrasib, which targets G12C, and zoldonrasib, which targets G12D.
Zoldonrasib combined with Merck’s (MRK - Free Report) Keytruda and platinum doublet chemotherapy produced an overall response rate (ORR) of 82% and a disease control rate (DCR) of 100% in evaluable patients with first-line RAS G12D NSCLC. Median follow-up was 3.4 months. Based on these results, the company recently started the phase III RASolve 308 study of this combination.
The elironrasib plus Keytruda and platinum doublet chemotherapy combination generated a confirmed ORR of 85% and a DCR of 97% in first-line RAS G12C NSCLC. At 8.7 months of median follow-up, 95% of patients remained progression-free at six months. Based on these findings, RVMD intends to start the phase III RASolve 307 study in the fourth quarter of 2026.
The company also announced that it recently started the phase III RASolute 309 study to evaluate the combination of zoldonrasib and daraxonrasib in previously treated RAS G12D PDAC. This initiation was supported by data from a phase I/II study, which showed that the regimen demonstrated compelling preliminary antitumor activity with a manageable safety and tolerability profile.
To further strengthen its position in the RAS-addicted cancer space, Revolution Medicines has entered into several agreements to accelerate the development of its pipeline. The company has established clinical collaborations with Bristol Myers (BMY - Free Report) , Summit Therapeutics (SMMT - Free Report) and Tango Therapeutics to evaluate combinations of its RAS inhibitors with their respective pipeline drugs.
RVMD’s Zacks RankThe stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Papa John's klesl po zveřejnění výsledků o 17,85 %, i když ve 2. čtvrtletí překonal odhady zisku i tržeb. Investory zklamalo, že firma zůstane nezávislá a od příštího čtvrtletí pozastaví dividendu.
Pizza chain Papa John's (PZZA -17.85%) stock crashed 15.9% through 1:25 p.m. ET Thursday despite beating analyst forecasts for Q2 earnings this morning.
Analysts had expected Papa John's to earn $0.44 per share on $482 million in sales, numbers the company edged out when it reported $0.46 per share in profit and $482.4 million in sales.
So why are investors disappointed today?
Image source: Getty Images.
Papa John's Q2 earnings: by the numbers Sales beat expectations, but nonetheless declined 5% year over year, with same-store sales down closer to 6%. (A net of 41 new restaurant openings in the quarter explained the difference.)
Earnings were even worse. Although Papa John's beat expectations here, too, the "$0.46" profit noted above was only a pro forma figure. Earnings calculated under generally accepted accounting principles (GAAP) were barely half that -- $0.24 per share -- and down 14% from last year's Q2.
Accentuating the positive, Papa John's emphasized its 1.5% increase in same-store sales for its international business (which makes the 9% decline in comps among North American restaurants look even worse).
Today's Change
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What's next for Papa John's stock? None of the above is what really upset investors, however. Knowing that Papa John's has been a buyout candidate for Qatari-backed Irth Capital Management, investors were hoping for a quick payout and a nice premium should Papa John's accept the Qatari offer. Today, management dashed that hope, confirming that Papa John's has decided to remain independent and try to turn its business around on its own.
"While our transformation is taking longer than anticipated," explained CEO Todd Penegor, "we continue to execute our strategy with discipline and focus and are seeing encouraging progress." Unfortunately, to pay for that progress, Papa John's is also suspending its dividend effective next quarter.
Cue sell-off.
Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Advanced Drainage Systems (WMS) zveřejnila výsledky za 1. čtvrtletí fiskálního roku 2027. Na konferenčním hovoru vedení představilo čtvrtletní výsledky a výhled.
Advanced Drainage Systems, Inc. (WMS) Q1 2027 Earnings Call August 6, 2026 10:00 AM EDT
Company Participants
Michael Higgins - Vice President of Corporate Strategy & Investor Relations
D. Barbour - CEO, President & Director
Scott Cottrill - Executive VP, CFO, Secretary & Treasurer
Craig Taylor - President Infiltrator & EVP of ADS
Conference Call Participants
Matthew Bouley - Barclays Bank PLC, Research Division
Michael Halloran - Robert W. Baird & Co. Incorporated, Research Division
John Lovallo - UBS Investment Bank, Research Division
Bryan Blair - Oppenheimer & Co. Inc., Research Division
Jeffrey Hammond - KeyBanc Capital Markets Inc., Research Division
Trey Grooms - Stephens Inc., Research Division
Jeffrey Reive - RBC Capital Markets, Research Division
Collin Verron - Deutsche Bank AG, Research Division
Jae Hyun Ko - Jefferies LLC, Research Division
Presentation
Operator
Good morning, ladies and gentlemen, and welcome to Advanced Drainage Systems First Quarter of Fiscal Year 2027 Results Conference Call. My name is Caleb, and I'm your operator for today's call. [Operator Instructions] I would now like to turn the presentation over to your host for today's call, Mr. Mike Higgins, Vice President of Corporate Strategy and Investor Relations. Sir, you may begin.
Michael Higgins
Vice President of Corporate Strategy & Investor Relations
All right. Good morning, everyone. Thanks for joining us today. Here with me, I have Scott Barbour, our President and CEO; Scott Cottrill, our Chief Financial Officer; and Craig Taylor, President of Infiltrator.
I would also like to remind you that we will discuss forward-looking statements. Actual results may differ materially from those forward-looking statements because of various factors, including those discussed in our press release and the risk factors identified in our Form 10-K filed with the SEC. While we may update forward-looking statements in the future, we disclaim any obligation to do so. You should not place undue reliance on these forward-looking statements, all of which
U-Haul Holding Company (UHAL) Q1 2027 Earnings Call August 6, 2026 11:00 AM EDT
Company Participants
Sebastien Reyes - Director of Investor Relations
Edward Shoen - Chairman of the Board, President & CEO
Jason Berg - Chief Financial Officer
Conference Call Participants
Steven Ramsey - Thompson Research Group, LLC
Steven Ralston - Zacks Investment Research, Inc.
Andy Liu - Wolfe Research, LLC
Jeffrey Kauffman - Citizens Bank
James Wilen - Wilen Investment Management Corp.
Presentation
Operator
Hello, everyone. Thank you for joining us, and welcome to U-Haul Holding Company's First Quarter Fiscal 2027 Investor Call. [Operator Instructions] I will now hand the conference over to Sebastien Reyes. Sebastien, please go ahead.
Sebastien Reyes
Director of Investor Relations
Good morning. Welcome to the U-Haul Holding Company First Quarter Fiscal 2027 Investor Call. Before we begin, I'd like to remind everyone that certain of the statements during this call, including, without limitation, statements regarding revenue, expenses, income and general growth of our business may constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. .
Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Certain factors could cause actual results to differ materially from those projected. For a discussion of the risks and uncertainties that may affect the company's business and future operating results, please refer to the company's public SEC filings and Form 10-Q for the quarter ended June 30, 2026, which is on file with the U.S. Securities and Exchange Commission.
I'll now turn the call over to Joe Shoen, Chairman of U-Haul Holding Company.
Edward Shoen
Chairman of the Board, President & CEO
Good morning, and welcome. We continue to have our work
Lexicon Pharmaceuticals zveřejnila výsledky za 2. čtvrtletí 2026 a na hovoru představila firemní aktualizaci. Společnost zároveň zmínila vývoj programů sotagliflozin, pilavapadin a LX9851.
Lexicon Pharmaceuticals, Inc. (LXRX) Q2 2026 Earnings Call August 6, 2026 8:30 AM EDT
Company Participants
Lisa DeFrancesco - Senior Vice President of Investor Relations & Corporate Communications
Michael Exton - CEO & Director
Craig Granowitz - Senior VP & Chief Medical Officer
Scott Coiante - Senior VP & CFO
Conference Call Participants
Joohwan Kim - Citigroup Inc., Research Division
Brian Balchin - Jefferies LLC, Research Division
Roanna Clarissa Ruiz - Leerink Partners LLC, Research Division
Yasmeen Rahimi - Piper Sandler & Co., Research Division
Presentation
Operator
Welcome to the Lexicon Pharmaceuticals Second Quarter 2026 Financial Results Conference Call. [Operator Instructions] As a reminder, this call is being recorded today, August 6, 2026.
I will now turn the call over to Lisa DeFrancesco, SVP, Investor Relations and Corporate Communications for Lexicon. Please go ahead, Lisa.
Lisa DeFrancesco
Senior Vice President of Investor Relations & Corporate Communications
Thank you, Therese. Good morning, and welcome to our Second Quarter 2026 Earnings Call. Joining me today are Dr. Mike Exton, Lexicon's Chief Executive Officer and Director; Dr. Craig Granowitz, Senior Vice President and Chief Medical Officer; and Scott Coiante, Senior Vice President and Chief Financial Officer.
This morning, Lexicon issued a press release announcing our financial results for the second quarter of 2026, which is available on our website at www.lexpharma.com and through our SEC filings. A webcast of this call, along with the slide presentation is also available on our website.
During this call, we will review the information provided in our release, provide a corporate update and then use the remainder of our time to answer your questions.
Before we begin, let me remind you that we will be making forward-looking statements, including statements relating to the safety, efficacy, clinical development, regulatory status and therapeutic and commercial potential of sotagliflozin, pilavapadin, LX9851 and our other drug programs as well as our business
Jacobs uvedl, že AI projekty tvořily ve 3. fiskálním čtvrtletí 11 % upravených čistých tržeb. Rekordní backlog ve výši 28,9 mld. USD má podpořit další růst.
Key Takeaways Jacobs' AI-related work reached 11% of adjusted net revenues, spanning key infrastructure markets.Advanced Facilities growth and a $28.9B backlog position Jacobs for AI infrastructure demand.Digital expansion boosts growth, but larger projects raise execution and cash conversion risks. Jacobs Solutions Inc. (J - Free Report) is turning Artificial Intelligence infrastructure into a meaningful growth engine. Fiscal third-quarter results showed that the opportunity now extends beyond data centers into semiconductors, power, industrial water and digital services.
The breadth of that exposure could support a longer growth runway than a single-market data-center cycle. It also raises the importance of execution as Jacobs takes on larger, more complex programs with demanding schedules and supply chains.
Jacobs’ AI Revenue Exposure Reaches 11%Businesses directly related to the Artificial Intelligence build-out represented 11% of adjusted net revenues in the fiscal third quarter, up about 100 basis points sequentially. The measure includes data centers, semiconductors, energy and power, water and digital services tied to those projects.
That mix reduces dependence on one type of Artificial Intelligence spending. Data centers require chip capacity, transmission infrastructure, cooling systems and digital tools, allowing Jacobs to participate at several points in the investment cycle.
J’s Advanced Facilities Business AcceleratesLife Sciences and Advanced Manufacturing adjusted net revenues increased 24.2% year over year to $476 million. Gross revenues in the category surged 116.6% to $1.63 billion, reflecting strong data-center and semiconductor activity as well as a larger amount of pass-through work.
Peer activity points to broad sector demand. Fluor Corporation (FLR - Free Report) reported new awards across data centers and power markets in its first-quarter 2026 update. AECOM (ACM - Free Report) also entered the year with record backlog and pipeline, highlighting continued spending across infrastructure and design services.
Jacobs Expands Beyond Design ServicesJacobs is widening its role from advisory and design into digital twins and full program delivery. That expanded scope can increase the value of each client relationship and position the company earlier in project planning and later in execution.
Its repeat sole-source engineering, procurement and construction management contract for Hut 8’s planned one-gigawatt Beacon Point campus illustrates the potential scale. Jacobs is also applying design elements from an earlier Hut 8 project and using a data-center digital twin to help reduce commissioning risk and shorten the path to operation.
J’s Backlog Can Extend the AI OpportunityTotal backlog reached a record $28.9 billion, up 27.3% year over year. The quarterly gross revenue book-to-bill ratio was 1.5, while the trailing 12-month ratio stood at 1.4.
Net revenues and gross profit embedded in backlog increased 11% and 14%, respectively. Continued bookings across data centers, semiconductors and supporting infrastructure could keep artificial intelligence-related work contributing beyond the current fiscal year.
Jacobs Faces Scale-Related Execution RisksLarge programs carry procurement, subcontractor, scheduling and commissioning risks. Delays, scope changes or inaccurate cost estimates can pressure margins and cash collection, particularly when multiple suppliers and jurisdictions are involved.
Pass-through revenues can also increase quarterly volatility. Jacobs generated gross revenue growth of 34.5% in the quarter, while adjusted net revenue growth was 8.3%, showing how client-funded materials and subcontracting can widen the gap between reported and underlying growth.
J’s Ratings Reflect Momentum but Mixed FundamentalsThe bottom line is that Artificial Intelligence infrastructure gives Jacobs a credible path to faster growth, broader client relationships and greater revenue visibility. The opportunity remains investable, but execution and cash conversion will determine how much of that demand reaches earnings.
Jacobs currently carries a Zacks Rank #2 (Buy), which supports a constructive near-term view. Its Momentum Score of B aligns with favorable price and estimate trends, while the Growth Score of D and VGM Score of D point to a less consistent profile across styles. Investors may therefore view the theme positively without overlooking valuation, project risk and financial discipline. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Apollo Global Management jmenovala Reeda Raymana do čela obchodů souvisejících s umělou inteligencí a chce více financovat velké projekty digitální infrastruktury. Zaměří se hlavně na čipy a jejich leasingové platby.
Apollo Global Management named a new leader to head artificial intelligence-related deals, The Information reported Wednesday (Aug. 5).
Partner Reed Rayman will lead the asset management company’s chip-focused efforts, according to the report, which cited unnamed sources.
It’s part of a larger strategy to capture more digital infrastructure deals and link them with investment teams across Apollo, with Rayman concentrating on developing relationships to help Apollo oversee the financing of more big and complex AI infrastructure projects, the report said.
Apollo and other major asset managers are aiming to capture more business from the massive financing required to fund AI infrastructure build-out, per the report. Some high-profile projects are too big for standard corporate loans, requiring an array of partnerships, backstops and other arrangements to spread the risk among AI labs, chip and cloud providers, and lenders.
Apollo earlier this year arranged financing for Broadcom that will help Google deploy its custom AI chips with Anthropic as its customer, the report said.
Apollo already has a large team working on AI-centric deals, with around 60 employees focused on digital infrastructure, according to the report. Rayman is focused on sourcing deals supported by semiconductors and their lease payments, rather than financing other aspects of AI infrastructure like data centers.
Meanwhile, a new class of buyers, sometimes called AI roll-ups, is emerging across accounting, property management and customer service, PYMNTS reported Tuesday (Aug. 4).
“Unlike traditional acquirers, these companies are not buying small service businesses to cut costs or flip them for a quick return,” the report said. “They are buying them to keep the customer relationships already in place, then rebuild the actual work behind those relationships with proprietary artificial intelligence. The wager is that AI does not just make an existing business more efficient. It replaces the work itself, at a scale no individual small business could reach on its own.”
In these deals, companies are wagering “that rebuilding the production layer with AI, not just consolidating ownership, is what creates value, whether the target is a local accounting practice or a publicly traded company generating billions,” according to the report.
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Optimism Foundation navrhuje přesunout 546,9 milionu OP z nevyužité airdropové alokace do nového Strategic Ecosystem Fundu pro růst OP Mainnetu a adopci OP Enterprise. Pokud návrh projde, OP se má dostávat do oběhu až do dubna 2027.
The Optimism Foundation has proposed converting the remaining unused portion of its User Airdrop allocation into a new Strategic Ecosystem Fund dedicated to accelerating OP Mainnet growth and OP Enterprise adoption.
The proposal, released on Aug. 6, would move 546.9 million OP tokens, worth about $48 million at current prices, into the new allocation category, allowing the Foundation to use them for grants and incentives supporting OP Mainnet and OP Enterprise.
The Foundation said airdrops were one of its most important growth tools during Optimism’s early years, with five campaigns distributing 269.1 million OP to onboard users and contributors.
However, analysis of past campaigns suggests that airdrops no longer match the Collective’s current priorities, which have shifted toward institutional adoption, production-grade blockchain infrastructure, and enterprise customers.
The Foundation said OP Enterprise has created a new growth opportunity by enabling fintechs, exchanges, payment providers, and financial institutions to build on the OP Stack through Fully Managed, Self Managed, and OP Mainnet offerings.
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The Strategic Ecosystem Fund would provide additional resources for partnership deals, ecosystem incentives, liquidity growth, and onboarding of major organizations and brands.
The proposal would leave all existing airdrop distributions untouched while creating a new allocation category for future deployment.
If approved, Optimism will update its token allocation records, apply existing grant oversight processes, and report fund usage through annual Foundation budget updates.
Optimism reduces OP spending as it pivots toward enterprise growth Apart from the proposed reallocation of the unused airdrop tokens, the Foundation on Thursday published its Year 4 budget update and Year 5 outlook outlining how it plans to deploy capital more selectively across the ecosystem.
As detailed, the Optimism Collective said it reduced new OP token commitments by about one-third in Year 4 (May 2025-April 2026), allocating roughly 150 million OP compared with 229.9 million OP a year earlier, as it shifted spending toward growing the OP Mainnet and attracting enterprise customers.
According to the budget update, new OP entering circulation from the Governance Fund declined 53% to 13.4 million tokens, Retro Funding fell 30% to 14.2 million tokens and no user airdrops were conducted.
The Foundation said spending was intentionally redirected away from broad incentive programs toward initiatives tied to revenue generation, enterprise customer acquisition and measurable network activity.
Optimism pointed to the launch of OP Enterprise, growth in institutional partnerships and more than 60% growth in OP Mainnet transactions as evidence of the strategy’s progress. It also noted that governance-approved buybacks have acquired more than 9 million OP using Superchain revenue.
For Year 5, the Foundation projects around 200 million OP from the Ecosystem Fund and 10 million OP from the Governance Fund will enter circulation, while airdrops and Retro Funding remain paused.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
DB Securities uzavřela s Optimism Foundation dohodu o budování infrastruktury pro STO a RWA v Jižní Koreji. Prvním plánovaným produktem mají být tokenizované příjmy z provozu 20faremní vaječné farmy na ostrově Jeju.
Eggs, Livestock, and K-Pop on the BlockchainDB Securities has signed a Memorandum of Understanding (MOU) with the Optimism Foundation to build security token offering (STO) and real-world asset (RWA) infrastructure in Jeju, South Korea. The deal puts the Korean brokerage among the first institutions actively sourcing assets ahead of a fast-approaching regulatory deadline.
South Korea's amended Capital Markets Act and Electronic Securities Act are scheduled to take full effect on February 4, 2027, inaugurating the country's first regulated environment for blockchain-based securities. DB Securities is not waiting for the rules to land. Digital asset lead Lee Ju-sik, speaking to Yonhap Infomax, said products won't materialize just because the rules do, so the firm is sourcing assets directly.
DB Securities said it will pursue a platform to tokenize Jeju smart farms, livestock assets, and K-content intellectual property, aiming to become a leading institution in South Korea's market for underlying assets for tokenized securities. Revenue from a 20-farm Jeju egg operation is lined up as its next STO product, with talks also underway with a major entertainment company to tokenize the operating rights of K-pop concerts.
The MOU signing ceremony was held at the Optimism Foundation's headquarters in Manhattan, New York, with Kyle Jenke, the foundation's Chief Business Officer, and Lee Ju-sik, head of DB Securities' digital asset business team, both in attendance.
A Hybrid Multichain Approach via OP StackOn the infrastructure side, DB is building a hybrid multichain setup using @Optimism's OP Stack. The choice of OP Stack is driven by the fact that it allows regulated institutions to operate their own infrastructure rather than sharing space on a third-party chain, settling on Ethereum while maintaining control over their roadmap and risk management.
The agreement will establish domestic and international STO and RWA business models by combining Optimism's blockchain infrastructure with DB Securities' institutional underwriting capabilities, implemented gradually over the next two years as both companies align development with evolving digital asset regulations in South Korea and overseas. DB Securities says the Superchain could carry it into global STO markets further down the line.
Lee said the agreement with @Optimism, whose technology is used by global platforms including Coinbase and which also partners with Upbit, would help bolster the credibility and stability of South Korea's STO and RWA businesses.
Sources:
Optimism Foundation: DB Securities MOU announcement
Coin Edition: DB Securities, Optimism Partner on Jeju-Focused Tokenized Asset Initiative
KoreaTechDesk: South Korea's amended Electronic Securities Act and STO framework
Installed Building Products oznámila výsledky za 2. čtvrtletí 2026. V přepisu hovoru ale nejsou uvedena žádná konkrétní čísla ani klíčové provozní komentáře.
Installed Building Products, Inc. (IBP) Q2 2026 Earnings Call August 6, 2026 10:00 AM EDT
Company Participants
Ryan Ricketts - Director of Investor Relations & Financial Planning
Jeffrey Edwards - Chairman, CEO & President
Michael Miller - CFO, Executive VP of Finance & Director
Brad Wheeler - Chief Operating Officer
Conference Call Participants
Susan Maklari - Goldman Sachs Group, Inc., Research Division
Richard Reid - Wells Fargo Securities, LLC, Research Division
Stephen Kim - Evercore ISI Institutional Equities, Research Division
Philip Ng - Jefferies LLC, Research Division
Keith Hughes - Truist Securities, Inc., Research Division
Ethan Roberts - Stephens Inc., Research Division
Kenneth Zener - Seaport Research Partners
Michael Dahl - RBC Capital Markets, Research Division
Adam Baumgarten - Vertical Research Partners, LLC
Kurt Yinger - D.A. Davidson & Co., Research Division
Presentation
Operator
Greetings. Welcome to the Installed Building Products Second Quarter 2026 Financial Results Conference Call.
[Operator Instructions] Please note, this conference is being recorded.
I will now turn the conference over to Ryan Ricketts, Managing Director, Investor Relations. Thank you, Ryan. You may begin.
Ryan Ricketts
Director of Investor Relations & Financial Planning
Good morning, and welcome to Installed Building Products second quarter 2026 earnings conference call.
Earlier today, we issued a press release on our financial results for the 2026 second quarter, which can be found in the Investor Relations section of our website.
On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements within the meaning of federal securities laws. These forward-looking statements are based on management's current beliefs and expectations and are subject to factors that could cause actual results to differ materially from those described today. Please refer to our SEC filings for cautionary statements and risk factors. We undertake no duty or obligation to update any forward-looking statement as a result of new information or future events, except as required by federal
E.l.f. Beauty ve 1. čtvrtletí fiskálního roku 2027 zvýšila tržby o 36 % na 479,4 mil. USD a upravený zisk na akcii překonal odhady. Firma zároveň obdržela asi 50 mil. USD na vráceném clu a většinu chce reinvestovat do cen a marketingu, přičemž dalších asi 8 mil. USD ještě očekává.
Shirley Pinkson Manas, Susan Yara, Hailey Bieber, Alicia Keys and Renee Snyder, left to right, and e.l.f. Beauty welcomes rhode to its family at the NYSE. (Photo by Diane Bondareff/Invision for e.l.f. Beauty/AP Content Services)
Invision
E.l.f. Beauty has delivered another quarter of blockbuster growth, but the biggest surprise in its latest earnings wasn't just the strength of sales, it was how the cosmetics company plans to deploy an unexpected $50 million windfall from tariff refunds to strengthen its position in an increasingly crowded beauty market.
The California-based beauty brand reported first-quarter fiscal 2027 revenue of $479.4 million, a 36% increase from a year earlier, comfortably beating analyst expectations. Adjusted earnings came in at $1.75 per share, more than double Wall Street forecasts, prompting the company to raise its full-year guidance for both revenue and profits.
Behind the earnings beat was a one-off boost from tariff refunds after duties previously paid by the company were struck down by the U.S. Supreme Court. During the quarter ending June 30, e.l.f. received approximately $50 million in tariff refunds, alongside related interest payments, lifting net income to $66.6 million from $33.3 million a year prior and expanding gross margins by around 14 percentage points.
Rather than banking the unexpected gain, CEO Tarang Amin said the company intends to reinvest virtually all of it into making its brands more competitive.
"Our plan is to fully reinvest that money in both pricing, to have a superior value proposition, as well as increased marketing across our entire portfolio of brands," Amin said following the results. "We feel we never should have had the tariffs to begin with."
E.l.f. Beauty Inc., a U.S.-based cosmetics and skincare company known for affordable and cruelty-free beauty products. (Photo illustration by Cheng Xin/Getty Images)
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The strategy reflects the philosophy that has helped transform e.l.f. from a value cosmetics challenger into one of the fastest-growing names in global beauty. While many consumer brands have used inflation and tariffs to justify permanent price increases, e.l.f. is using fresh capital to sharpen its value credentials while increasing investment behind customer acquisition and brand awareness.
Even stripping out the tariff benefit, the business continues to show improving profitability. Management said gross margins would still have expanded by roughly 3.5 percentage points thanks to pricing actions introduced last year and a more favourable tariff environment.
That pricing strategy has become increasingly sophisticated. Rather than applying blanket discounts, e.l.f. has been analysing customer purchasing behaviour across roughly 80% of its product range to determine where lower prices actually stimulate demand.
The company found that reducing prices by an average of around $1 across much of the portfolio produced little change in purchasing behaviour for about 90% of products. Consumers continued buying hero products such as the company's bestselling Power Grip Primer regardless of small price adjustments, suggesting strong brand loyalty and pricing resilience.
Other products proved more price sensitive. Cutting the price of Cream Glide Lip Liner from $3 to $2 generated a measurable increase in sales volumes, providing the company with detailed data on where promotional investment delivers the greatest return.
E.l.f. Beauty Raises GuidanceThe strong quarter also prompted management to raise full-year guidance. The company now expects fiscal 2027 revenue of between $1.94 billion and $1.97 billion, up from previous guidance of $1.84 billion to $1.87 billion and ahead of analyst expectations.
Growth is also becoming increasingly diversified geographically. During the quarter, the company continued expanding into Europe through Sephora while broadening distribution with Boots in the U.K. It has also entered Brazil, giving the business exposure to one of Latin America's largest beauty markets.
At the same time, the company’s brand portfolio has expanded following its acquisition of Rhode, the skincare label founded by Hailey Bieber, last year. Rhode contributed approximately $160 million in quarterly sales, adding a premium skincare brand that complements e.l.f.'s mass-market positioning and broadens its appeal across different consumer segments.
The acquisition demonstrates another shift in e.l.f.'s evolution. Once known almost exclusively as a low-cost cosmetics brand, the company is increasingly positioning itself as a diversified beauty. And while the tariff refund itself may not recur, with around $8 million still expected to be received, management's willingness to recycle that cash into the business highlights confidence that sustained market share gains are more valuable than a temporary profits boost.
Imperial Oil ve 2. čtvrtletí překonal odhady zisku na akcii díky vyšším cenovým realizacím, zatímco tržby meziročně vzrostly. Zároveň snížil výhled rafinérského throughputu na 370 000–380 000 barelů denně a využití na 85 %–88 % pro rok 2026.
Key Takeaways Imperial Oil beat Q2 earnings estimates as higher price realizations boosted profit and revenues rose YoY.IMO lowered 2026 refinery throughput and utilization guidance after downtime and a temporary rail issue.Imperial Oil increased operating cash flow YoY and returned C$421 million via dividends. Imperial Oil Limited (IMO - Free Report) reported second-quarter 2026 adjusted earnings per share of $3.27, which beat the Zacks Consensus Estimate of $2.99 and increased from the year-ago quarter’s $1.34, driven by higher price realizations.
Revenues of $11.6 billion missed the Zacks Consensus Estimate of $11.8 billion. However, the top line increased significantly from the year-ago quarter’s level of $8.1 billion, backed by strong performance in both the Upstream and Downstream segments.
During the quarter, Imperial Oil returned C$421 million to its shareholders through dividend payments.
On July 31, 2026, the Calgary-based integrated oil and gas company declared a quarterly dividend of 87 Canadian cents per share on its outstanding common shares, payable on Oct. 1 to its shareholders of record as of Sept. 4.
IMO’s Q2 Segmental InformationUpstream: Revenues of C$5.5 billion increased from the prior-year level of C$3.8 billion. The segment reported a net income of C$1.3 billion compared with C$664 million in the year-ago quarter.
The company recorded average upstream production of 414,000 gross oil-equivalent barrels per day (boe/d) in the second quarter, which decreased from the prior-year level of 427,000 boe/d. Moreover, the figure missed our expectation of 416,000 boe/d.
IMO recorded total gross bitumen production at Kearl averaged 257,000 barrels per day (182,000 barrels Imperial Oil's share), down from 275,000 barrels per day (195,000 barrels Imperial Oil's share) in the second quarter of 2025.
The company also posted gross bitumen production at Cold Lake, averaging 149,000 barrels per day (bpd), which was an increase from 145,000 bpd in the second quarter of 2025.
IMO’s share of gross production from Syncrude averaged 73,000 bpd, down from 77,000 bpd in the second quarter of 2025. Lower volumes at Syncrude were caused by extreme rainfall.
Bitumen price realizations totaled C$95.79 per barrel compared with C$65.82 in the year-ago period. IMO received an average realized price of C$141.10 per barrel for synthetic oil compared with the prior-year quarter’s C$87.85. For conventional crude oil, it received C$85.52 per barrel compared with C$39.31 in the corresponding period of 2025.
Downstream: Revenues of C$17.8 billion increased from the prior-year level of C$12.4 billion. Net income totaled C$787 million compared with C$322 million in the year-ago period.
The company recorded petroleum product sales of 446,000 bpd, compared to 480,000 bpd in the second quarter of 2025. The figure beat our expectation of 410,000 bpd. The refinery throughput in the second quarter averaged 331,000 bpd, down from the prior-year quarter’s level of 376,000 bpd. Moreover, the figure missed our estimate of 357,000 bpd. Imperial Oil recorded lower refinery throughput, primarily due to planned turnaround impacts. The capacity utilization of 76% was down from the year-ago level of 87%. The figure also missed our estimate.
Chemical: Revenues of C$447 million increased from C$356 million in the second quarter of 2025. Net income totaled C$65 million compared with C$21 million in the year-ago period.
IMO’s Total Costs & CapexTotal expenses of C$13.2 billion increased from the year-ago quarter’s C$10 billion.
In the quarter under review, this Zacks Rank #3 (Hold) company’s capital and exploration expenditures totaled C$531 million, up from the year-ago quarter’s C$473 million.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Financial Performance for IMOCash flow from operating activities was C$2.7 billion compared with C$1.5 billion in the year-ago quarter.
As of June 30, 2026, Imperial Oil had cash and cash equivalents of C$2.8 billion. Total debt of the company amounted to C$3.96 billion, with a debt-to-capitalization of 13.9%.
IMO’s Outlook for 2026Imperial Oil lowered its 2026 refinery guidance, reducing expected throughput from 395,000-405,000 barrels per day to 370,000-380,000 barrels per day and refinery utilization from 91%-93% to 85%-88%. The revised outlook reflects the impact of unplanned downtime and a temporary rail logistics issue at the Strathcona refinery, which the company expects to resolve by the end of the year.
Important Earnings at a GlanceWhile we have discussed IMO’s second-quarter results in detail, let us take a look at three other key reports in this space.
Fort Worth, TX-based oil and gas exploration and production company Range Resources Corporation (RRC - Free Report) reported second-quarter 2026 adjusted earnings of 79 cents per share, up 19.7% from 66 cents a year ago. Range Resources’ bottom line topped the Zacks Consensus Estimate of 56 cents by 41.1%. Strong quarterly results are driven by higher production and improved price realization.
The company’s net debt was $880.8 million at June 30, 2026, down 28% from $1.22 billion at year-end 2025. Range Resources repurchased $78 million of shares and paid $24 million in dividends during the quarter.
Houston, TX-based oil and gas storage and transportation company Kinder Morgan, Inc. (KMI - Free Report) reported second-quarter 2026 adjusted earnings of 37 cents per share, beating the Zacks Consensus Estimate of 31 cents by 19.35%. Earnings increased 32.1% from 28 cents per share in the year-ago quarter. Strong quarterly results benefited from broad-based segment growth, led by higher natural gas transportation and gathering volumes. Natural gas transport volumes rose 7%, while gathering volumes increased 26%.
As of June 30, 2026, Kinder Morgan reported $89 million in cash and cash equivalents. Kinder Morgan’s net debt stood at $32.03 billion at quarter-end. The net debt-to-adjusted EBITDA ratio improved to 3.6X from 3.8X at the end of 2025.
Patterson-UTI Energy (PTEN - Free Report) reported second-quarter 2026 adjusted earnings of break-even, outperforming the Zacks Consensus Estimate of a loss of 3 cents per share. The bottom line improved from the year-ago quarter's adjusted loss of 6 cents, primarily driven by stronger performance in its Completion Services segment and year-over-year improvement in the Drilling Products and Other operations.
This Houston, TX-based oil and gas drilling company’s total revenues of $1.23 billion beat the Zacks Consensus Estimate of $1.15 billion by 7%. The top line also increased about 0.7% year over year, driven by improved activity and pricing in the Completion Services segment, along with higher revenues from Drilling Products and Other operations.
As of June 30, 2026, PTEN had cash and cash equivalents of $203.2 million and long-term debt of $1.23 billion. Its debt-to-capitalization was 28.5%.
Key Takeaways CAVA is expected to benefit from healthy traffic, strong new restaurant performance and same-store sales.CAVA may see support from menu innovation, digital engagement and expanding delivery capabilities.CAVA has a positive Earnings ESP ahead of its second-quarter earnings report. CAVA Group, Inc. (CAVA - Free Report) is scheduled to report second-quarter 2026 results on Aug. 11. In the last reported quarter, the company’s earnings surpassed the Zacks Consensus Estimate by 17.7%.
CAVA’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, the average surprise being 16.6%.
CAVA’s Q2 EstimatesThe Zacks Consensus Estimate for earnings is pegged at 17 cents per share, indicating a gain of 6.3% from a year ago.
The consensus mark for revenues is pegged at $353.3 million, implying an increase of 25.9% from the year-ago quarter.
Factors to Note Ahead of CAVA’s Q2 ResultsCAVA's second-quarter 2026 revenues are likely to have benefited from continued healthy guest traffic, supported by its compelling value proposition and expanding restaurant base. Management noted that second-quarter same-restaurant sales trends remained in line with the strong first-quarter performance and were tracking above its raised full-year outlook. The company is also expected to have gained from contributions of recently opened restaurants, with new units continuing to deliver productivity above 100% and average unit volumes remaining robust.
Menu innovation and customer engagement initiatives are also likely to have supported the top line. The nationwide launch of Pomegranate-Glazed Salmon, the successful return of roasted white sweet potatoes and sustained digital and loyalty engagement are expected to have encouraged repeat visits and attracted new customers. Continued improvements in third-party delivery, stronger digital ordering capabilities and broad-based demand across regions and income groups, supported by disciplined pricing and marketing efforts, are likely to have further boosted sales momentum during the quarter.
CAVA's bottom line in the second quarter is likely to have been supported by strong sales leverage from healthy comparable-sales growth and continued strength in new restaurant performance. The company is also likely to have benefited from operating efficiencies, including leverage on occupancy and G&A expenses, while investments in technology, digital capabilities and restaurant operations helped enhance execution and productivity. Although salmon, wage investments and higher energy-related costs are likely to have created margin headwinds, management's strong restaurant-level economics, disciplined cost management and robust flow-through from higher sales are likely key drivers of earnings growth.
What Does the Zacks Model Unveil for CAVA?Our proven model predicts an earnings beat for CAVA this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is exactly the case here.
Earnings ESP: CAVA has an Earnings ESP of +20.30%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: CAVA currently has a Zacks Rank #3.
Other Stocks Poised to Beat on EarningsHere are a few other stocks from the Zacks Retail-Wholesale sector, which, too, according to our model, have the right combination of elements to post an earnings beat this reporting cycle.
El Pollo Loco Holdings, Inc. (LOCO - Free Report) currently has an Earnings ESP of +6.90% and a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the to-be-reported quarter, LOCO’s earnings are expected to increase 3.6% year over year. LOCO’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 18.9%.
Brinker International, Inc. (EAT - Free Report) currently has an Earnings ESP of +0.12% and a Zacks Rank of 3.
In the to-be-reported quarter, Brinker earnings are expected to register a 23.3% year-over-year decline. EAT’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 6.8%.
Sweetgreen, Inc. (SG - Free Report) has an Earnings ESP of +11.54% and a Zacks Rank of 2 at present.
In the to-be-reported quarter, Sweetgreen’s earnings are expected to register a 35% year-over-year increase. Sweetgreen’s earnings missed estimates in each of the trailing four quarters, with the average miss being 42.4%.
Akcie Figma před otevřením trhu klesají o více než 14 % poté, co investory znepokojily vysoké výdaje na AI. Tržby sice meziročně vzrostly o 48 % na 370,1 milionu USD, ale provozní ztráta činila 117,3 milionu USD.
Shares of Figma Inc (NYSE: FIG) are down more than 14% in premarket trading on Thursday as investors appear to be having doubts about its heavy investments in AI.
On Wednesday, August 5, the design software firm published its second quarter earnings report, including $426.9 million in operating expenses—nearly double year over year (YOY).
The largest chunk of expenses came from research and development, at $167.3 million for the quarter, compared to $83.1 million the year before.
Figma further reported a $117.3 million GAAP loss from operations.
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While Figma touted a 48% YOY revenue increase to $370.1 million, it wasn’t enough to calm investors, who have become easily spooked by fears of AI overinvestment.
The stock drop came despite Figma executives’ hinting at AI’s potential to reduce overhead.
In Figma’s postearnings call, CFO Praveer Melwani said the company is “hiring fewer people today than we originally had planned. And that’s because we’ve been able to augment the team that we have with AI and tools, and it’s seen modernization of processes across the board.”
CTO společnosti Figma Kris Rasmussen prodal 261 301 akcií za zhruba 6,6 milionu USD v rámci předem nastaveného plánu 10b5-1. Po transakci mu zůstává asi 9,5 milionu akcií.
Chief Technology Officer Kris Rasmussen disclosed a sale of ~261,000 shares of Figma, Inc. (FIG -13.94%) at $25.07 per share on July 29, 2026, according to a recent SEC Form 4 filing.
Transaction summaryMetricValueTransaction value~$6.6 millionShares sold261,301Post-transaction shares (directly held)9,492,946Post-transaction value$235.05 millionTransaction value based on SEC Form 4 weighted average sale price ($25.07); post-transaction value based on July 29, 2026 market close ($24.76).
Key questionsWhat was the nature of the transaction?
The sale was non-discretionary and structured through a Rule 10b5-1 trading plan established in August 2025, which allows insiders to set up a pre-arranged schedule for selling stocks to address personal liquidity needs.What is the insider's remaining exposure to Figma?
Following this sale, Kris Rasmussen retains ~9.5 million shares in direct ownership, which corresponds to a 0.0008% ownership percentage of the company.How has the company performed financially leading into this transaction?
Figma develops collaborative, browser-based design software and reported trailing-twelve-month revenue of $1.2 billion alongside a net loss of $1.5 billion.Company OverviewMetricValueShare Price (as of market close 2026-07-30)$23.76Market Capitalization$11.6 billionRevenue (TTM)$1.2 billionNet Income (TTM)-$1.5 billionCompany SnapshotFigma develops and operates a collaborative, browser-based design platform that enables teams to design, prototype, and build digital experiences through integrated tools including Figma Design for collaborative design workflows, Dev Mode for code inspection and translation, and FigJam for ideation and alignment.The company generates revenue through a subscription-based software-as-a-service (SaaS) model, providing tiered access to its design and collaboration platform for individual designers, design teams, and enterprise organizations.Figma's primary customers include design teams, product development organizations, and enterprises across technology, media, financial services, and other sectors seeking collaborative design and prototyping capabilities.Figma operates as a leading collaborative design platform serving a global market of design professionals and product teams. The company's cloud-native architecture and browser-based accessibility provide competitive advantages in enabling seamless cross-functional collaboration without requiring local software installation.
With 1,886 employees and a market cap of $11.6 billion, Figma continues to establish itself as a critical infrastructure provider in the digital product development ecosystem.
What this transaction means for investorsThe July 29 sale of Figma shares by Kris Rasmussen occurred amidst a 79% decline in price over the past year as of the transaction date. However, as a non-discretionary disposition executed as part of a Rule 10b5-1 plan, the sale doesn’t reflect a change in Rasmussen’s investment stance.
A Rule 10b5-1 plan allows corporate insiders to schedule share sales in advance to mitigate potential concerns regarding the use of material non-public information. Moreover, Rasmussen retained 9.5 million shares post-transaction, a substantial equity holding ensuring continued alignment with shareholder interests.
Figma stock is down after Wall Street became concerned artificial intelligence would wipe out the need for SaaS offerings, resulting in a sell-off earlier this year. Despite this fear, Figma is showing no slowdown in customer demand for its products.
In the second quarter, the company reported a whopping 48% year-over-year increase in sales to $370.1 million. It also raised its full-year guidance.
Figma management recently announced Kris Rasmussen’s departure from the Chief Technology Officer role to take over as Chief Architect.
Robert Izquierdo has positions in Figma. The Motley Fool has positions in and recommends Figma. The Motley Fool has a disclosure policy.
Fiserv snížil celoroční výhled tržeb a marže po slabších vyhlídkách pro druhou polovinu roku. Ve 2. čtvrtletí měl upravené tržby 4,96 miliardy USD a upravený EPS 1,84 USD.
Fiserv’s Debit Network Talks Raise a Bigger Question for Visa and MastercardFiserv NASDAQ: FISV reported second-quarter results that were in line with its guidance, while lowering its full-year revenue and margin outlook as Argentina-related pressures, delayed client implementations, hardware sales trends and additional technology spending weigh on its second-half expectations.
Chief Executive Officer Takis Georgakopoulos, who recently assumed the role, said the company generated more than $1 billion in free cash flow during the quarter and continued to see growth in its Clover payments platform. Clover gross payment volume rose 9%, while Clover revenue increased 13% after adjusting for anticipation and non-recurring revenue, according to the company.
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3 Tech ETFs That Could Bounce Back After the AI Selloff“This unfortunately is a transition year with noise,” Georgakopoulos said during the company’s earnings call. He said the updated outlook reflects the company’s “most accurate assessment” of client timelines and near-term operating conditions, rather than a structural change to its business.
Second-Quarter Results and Segment Performance Total second-quarter adjusted revenue was $4.96 billion, down 4% from a year earlier, while organic revenue declined 5%. Recurring revenue grew 2% and represented 84% of adjusted revenue, according to Chief Financial Officer Paul Todd.
Block’s Pivot to Profits and AI Is Turning HeadsAdjusted operating income totaled nearly $1.6 billion, producing an adjusted operating margin of 31.8%. Adjusted earnings per share were $1.84, and free cash flow reached $1.1 billion, representing 112% conversion. Todd said foreign-exchange rates in Latin America reduced adjusted EPS by $0.07 year over year.
Fiserv’s Merchant Solutions segment reported adjusted and organic revenue declines of 1%. Small-business volume grew 2%, with the company citing the anniversary of its CCV acquisition as a factor in the lower growth rate compared with the first quarter. Enterprise transactions rose 8%.
Clover revenue increased 2% on a reported basis. Excluding higher non-recurring revenue in the second quarter of 2025, Clover revenue would have increased 11%, Todd said. Excluding attrition, Clover revenue would have grown 13%. Clover GPV grew 9% as reported and 11% excluding a gateway conversion.
Merchant Solutions adjusted operating income declined 14% to $781 million, and the segment’s adjusted operating margin was 30%.
Financial Solutions adjusted and organic revenue each declined 8%, primarily reflecting higher non-recurring revenue in the year-earlier period. Within the segment, payment platform transactions increased 5%, while consumer payment platform transactions fell 1% as growth in Zelle was offset by slower Bill Pay activity. Global accounts on file increased 4%, and overall accounts and positions, including fintech, grew 6%.
Financial Solutions adjusted operating income fell 27% to $912 million, with an adjusted operating margin of 38.7%.
Updated 2026 Outlook Fiserv now expects full-year organic revenue growth in a range of negative 1% to flat, compared with its prior expectations for stronger second-half growth. Adjusted revenue is expected to decline between 1.5% and 0.5% for the full year. The company expects adjusted operating margin of 31% to 31.5% and adjusted EPS of $7.20 to $7.40.
For the second half, Fiserv expects adjusted revenue growth of about 2%, including a low-single-digit decline in the third quarter followed by mid-single-digit growth in the fourth quarter.
About 2 percentage points of second-half impact from delays in newly contracted revenue and enterprise client ramps. About 1 percentage point of impact from lower key-product and other revenue, including hardware. About 1 percentage point of impact from Argentina anticipation revenue. About 1 percentage point of impact from divestitures. Todd said the company expects to recognize the “vast majority” of delayed revenue, but at a later date. Georgakopoulos cited one large client whose planned September or October launch was delayed as the client undergoes a merger or acquisition process.
Argentina anticipation revenue reduced second-quarter adjusted revenue growth by 90 basis points and adjusted operating margin by 60 basis points, Todd said. Fiserv also cited softer expected hardware sales in its merchant business, following elevated hardware sales over the prior two years.
The company plans to invest more than $100 million incrementally in technology infrastructure during the second half, particularly within Financial Solutions. The investment will focus on infrastructure and cybersecurity, with the company aiming to improve platform stability, resiliency and client service.
Portfolio Review, Technology Strategy and Client Wins Georgakopoulos said Fiserv is expanding its review of businesses, products and capital commitments. The company has decided to divest its student loan servicing and managed ATM businesses and to exit unprofitable small-business and fuel segments in India. One of the two previously announced divestitures closed Aug. 5, and the other is expected to close in the third quarter.
The company plans to use divestiture proceeds for a combination of capital returns and debt reduction. Fiserv ended the quarter with gross debt-to-adjusted EBITDA below 3.2 times and continues to target approximately 3 times leverage by year-end.
Georgakopoulos said the review will extend beyond lower-growth businesses to assess whether individual products are best-in-class and whether Fiserv has the ability to compete effectively in each area. He said the company would consider alternatives for products where it does not see a clear path to compete, while seeking to avoid disruption to clients.
Fiserv said it has completed the identification phase of Project Elevate, its effort to identify at least $500 million in savings opportunities, and is prioritizing the largest initiatives. The company remains committed to about 50 basis points of annual adjusted operating-margin expansion beginning in 2027 and more than 200 basis points of total expansion from Project Elevate by 2029.
On the product front, the company said Western Alliance Bank went live on Clover, bringing the number of top 100 U.S. banks working with the platform to nearly 40. Its partnership with TD in Canada continues to expand, with Fiserv planning to convert TD’s existing merchant portfolio beginning in 2027. Fiserv also said Clover Practice Pay merchants have approximately 20% higher average volumes than its average small-business merchant.
In Financial Solutions, UW Credit Union selected Fiserv’s DNA platform as its future core banking system, while Flagstar Bank selected Finxact as the foundation of its core modernization strategy. Fiserv said Finxact positions and accounts grew more than 75% and noted that more than 100 financial institutions have shown interest in its agentOS offering since its announcement.
Fiserv also announced a strategic partnership with Mastercard to integrate Mastercard Merchant Cloud into Fiserv Commerce Hub. Georgakopoulos said the integration is expected to take a couple of quarters and is intended to expand the companies’ combined capabilities in enterprise payments.
About Fiserv (NASDAQ:FISV)Fiserv, Inc, founded in 1984 and headquartered in Brookfield, Wisconsin, is a global provider of financial services technology. The company develops and delivers integrated solutions for payments, processing, risk and compliance, customer and channel management, and business insights and optimization. Serving thousands of clients, Fiserv supports banks, credit unions, securities broker-dealers, leasing and finance companies, and retailers.
Fiserv’s core offerings include account processing systems that automate deposit, lending and transaction processing for financial institutions, as well as digital banking platforms that enable mobile and online banking services.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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SanDisk Corp.‘s (NASDAQ:SNDK) second quarter earnings may have disappointed investors with softer-than-expected guidance, but BNP Paribas argues the bigger story lies beneath the surface.
In a note titled “A Glass Half Full,” the firm said one of the most overlooked developments was the growing financial commitment hyperscale customers are making to secure future AI storage capacity.
Those commitments now extend beyond long-term supply agreements. According to BNP, SanDisk’s contracts are backed by $16.5 billion in financial guarantees, signaling that some of the world’s largest AI infrastructure builders are putting capital behind their demand forecasts rather than simply reserving future supply.
AI Customers Are Making Bigger CommitmentsFollowing the quarter, SanDisk has signed five additional long-term agreements, bringing its total to 10 contracts with minimum expected revenue of $93.9 billion, according to BNP Paribas.
More notably, those agreements now include $16.5 billion in financial guarantees, a sign that customers are willing to make binding financial commitments years in advance to secure NAND supply.
The firm noted that the agreements are expected to account for roughly half of SanDisk’s shipment volume in fiscal 2027 and about two-thirds in fiscal 2028, giving the company significantly greater visibility into future demand than the NAND industry has historically enjoyed.
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A More Predictable AI BusinessFor years, memory suppliers have operated in a market characterized by volatile pricing and rapidly changing demand. BNP argues SanDisk’s expanding portfolio of long-term agreements could help reduce some of that uncertainty by providing a larger base of contracted business.
The research firm estimates the agreements are expected to generate approximately 80% margins at floor pricing, offering downside protection even if market conditions weaken.
That growing visibility comes as AI inference and content generation continue to increase demand for enterprise solid-state drives, or SSDs, which BNP expects to remain a key driver of storage spending through 2026.
Why BNP Still Calls It ‘A Glass Half Full’ StoryDespite highlighting the strength of SanDisk’s long-term AI contracts, BNP maintained a Neutral rating and lowered its price target to $1,400 from $1,900, citing peer multiple compression.
The firm also pointed to several risks, including signs of softening consumer demand, increasing competition in China, rising inventory and concerns that gross margins may be nearing a peak.
Still, BNP concluded SanDisk’s improving long-term fundamentals offset some of those headwinds. While the near-term outlook remains mixed, the firm’s “glass half full” view suggests investors may be underappreciating how quickly AI customers are shifting from forecasting storage demand to financially committing to it.
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Ondas po akvizici DZYNE zvýšil výhled tržeb na rok 2026 na nejméně 525 milionů USD z 390 milionů USD. DZYNE má v roce 2026 přidat asi 191 milionů USD a v roce 2027 300 milionů USD.
Key Takeaways ONDS gained 20.7% as the DZYNE acquisition and higher 2026 revenue outlook fueled momentum.DZYNE is expected to add about $191 million in 2026 revenues and $300 million in 2027.Ondas faces high valuation, integration risks and near-term losses despite strong orders and backlog. Ondas Inc. (ONDS - Free Report) has delivered a 20.6% gain in the past month, outperforming the Wireless National industry (down 20.9%) and the S&P 500 composite (up 2.4%). The strong M&A activity including acquistion of DZYNE Technologies, LLC (July 6) and subsequent outlook raise are likely to have acted as the catalyst.
Price Performance
Image Source: Zacks Investment Research
Ondas has also outperformed some of its peers in the drone space. Red Cat Holdings (RCAT - Free Report) is down 6.2%, while Kratos Defense & Security Solutions (KTOS - Free Report) and AeroVironment (AVAV - Free Report) have gained 9.9% and 3.4%, respectively.
Yet, despite this strong run, the stock remains well below the 52-week high of $15.28, closing its last day at $8.87. This raises a key question for investors: has the easy money already been made, or does Ondas still offer meaningful upside?
Let’s do a deep dive.
ONDS: DZYNE Sets the Tone for GrowthDZYNE is the latest name in Ondas’ long list of acquisitions. The deal is valued at $875.8 million, comprising $200 million in cash and roughly $675 million in stock. DZYNE further expands Ondas’ reach across c-UAS, multi-domain ISR, precision strike, mission intelligence and autonomous systems. Both World View and DZYNE will operate within the company’s newly launched business division, Ondas Sentinel.
Ondas, through rapid M&A, has built a multi-domain autonomy platform spanning Intelligence, Surveillance, Reconnaissance or ISR, c-UAS, loitering munitions/strike systems, unmanned ground vehicles and stratospheric sensing via World View acquisition.
Following this development, Ondas now expects 2026 revenues to be at least $525 million from the previous forecast of $390 million. DZYNE is expected to contribute approximately $191 million in revenues in 2026 and $300 million in 2027.
This increase also reflects contributions from the Omnisys (adds AI-powered battlefield orchestration software to its autonomous defense systems portfolio) acquisition announced in May 2026. ONDS also announced the $125 million acquisition of Cyberhawk, a provider of drone-based infrastructure inspection and AI-powered asset intelligence, in June 2026. In the first quarter, the company completed five acquisitions (World View, INDO Earth, Rotron Aerospace, Bird Aero and Mistral Inc).
Recently, Mistral secured a $50 million-plus contract from the U.S. Army for tactical Lethal Unmanned Systems (“LUS”) under a previously awarded $982 million multi-year Indefinite Delivery, Indefinite Quantity contract. Mistral's total awards, under the LUS program, to date have surpassed $240 million, including the new contract along with the initial $190.8 million award.
Ondas is eyeing the fast-growing precision strike segment within the defense space and the acquisitions of Mistral, DZYNE and Rotron strengthen its ability to deliver a wider portfolio of precision-strike solutions.
Further, on July 22, management noted that the company had secured $70 million in new orders across its defense, security and autonomous technology portfolio over the past four weeks. As of June 22, 2026, Ondas noted that second-quarter-to-date order activity stood at more than $150 million.
ONDS: Challenges Far From OverDespite the impressive growth story, Ondas carries substantial risks. Extensive M&A amplifies risks, as so many acquisitions in such a short period can create integration overload and execution risks, as achieving targets depends on timely integration and conversion of backlog into revenues.
Profitability remains concerning. Ondas faces rising operating costs as it invests in personnel and infrastructure capabilities to capture additional market opportunities. Amid rising costs, management expects adjusted EBITDA losses to stay elevated in the second quarter of 2026, likely marking the peak loss period. Beyond that, ONDS expects improvement throughout the year, driven by higher revenues, gross profit and operational scale.
Notably, management pulled forward the OAS EBITDA profitability target to the first quarter of 2027 — roughly six months ahead of the earlier target. Expectations for company-wide adjusted EBITDA profitability were unchanged, with the target being the first quarter of 2028. The key factor driving this is the company’s progress at the product level.
Nonetheless, the path to profitability remains heavily dependent on flawless execution. Any delays in integration and order conversion could push the profitability timeline further out. Increasing competition in the already crowded drone space is another headwind.
The drone industry is experiencing rapid growth, with the unmanned aerial vehicle drones market expected to witness a CAGR of 9.3% from 2026 to 2031, according to a report from Mordor Intelligence. Competition has intensified with drone companies such as Red Cat, Kratos Defense and AeroVironment striving hard to capture a larger share.
Image Source: Zacks Investment Research
Given these factors, analysts have downgraded their earnings estimates for ONDS’ second quarter over the past 60 days.
ONDS: Valuation Leaves Room for DebateONDS is trading at a forward 12-month price-to-sales ratio of 6.13X, a slight discount compared with the Zacks Wireless National industry’s 7.1X.
Image Source: Zacks Investment Research
The forward 12-month price/sales multiple for KTOS, AVAV and RCAT stand at 5.24X, 3.72X and 5.58X, respectively.
Ondas is moving forward with strong momentum in orders and backlog, but much depends on its ability to execute and integrate recent acquisitions effectively.
While the long-term opportunity remains compelling, the near-term profitability issues justify a balanced, wait-and-watch stance.
Investors already holding can remain invested and ride the M&A wave, but new investors would be better off waiting for a more attractive entry point.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Toky do zlatých ETF byly v červenci v celosvětovém měřítku kladné po dvou měsících odlivů. Fondy přidaly 23,5 tuny zlata za 3 miliardy dolarů, vedené Evropou.
Gold flows into ETFs flipped positive globally in July. After two consecutive months of outflows, every region reported positive flows of metal into gold-backed funds in July.
With Europe leading the way, gold ETFs reported net gold inflows of 23.5 tonnes in July, valued at $3 billion.
Assets under management (AUM) by gold-backed funds rose 1 percent to $530 billion. ETFs currently hold 4,068 tonnes of the yellow metal.
Year-to-date, ETFs have added a net 39 tonnes of gold to their collective holdings valued at $11 billion.
The World Gold Council pinpointed three factors driving the ETF turnaround in July:
Diversification amid tech volatilitySelective bargain hunting as prices fellPolicy and geopolitical uncertainty, particularly an unclear monetary policy outlook and the ongoing war in IranEuropean ETFs reported the second-strongest month of inflows this year in July, adding 17.3 tonnes of gold valued at around $2 billion.
Funds based in the UK and Switzerland led the surge.
According to the World Gold Council, it appears investors in Europe “rebuilt their positions” following a big selloff in June, as lower prices created buying opportunities.
“This mirrors the pattern seen earlier in the year, when European funds led the rebound following March's sharp U.S.-led outflows, suggesting investors were willing to add exposure after periods of market weakness.”
Asian funds reported a 4.8-tonne increase in gold holdings valued at $116 million. Chinese funds led the way with investors seeking a safe haven.
The CSI 300 Stock Index recorded its worst month since January 2016. Meanwhile, falling local yields reduced the opportunity cost of holding gold.
Japanese-listed funds reported outflows as rising local yields diverted investor demand.
Indian funds reported modest inflows of $157 million.
North American funds reported inflows of just 0.3 tonnes valued at $71 million. The World Gold Council called it a “tentative recovery” after two months of significant outflows.
North America remains the only region reporting net gold outflows for the year.
Funds in other regions, including Africa and Australia, reported gold inflows of 1 tonne valued at $140 million. ETFs listed in South Africa and Australia led the way.
ETFs are a convenient way for investors to play the gold market, but owning ETF shares is not the same as holding physical gold.
ETFs are relatively liquid. You can buy or sell an ETF with a couple of mouse clicks. You don’t have to worry about transporting or storing metal. In a nutshell, it allows investors to play the gold market without buying full ounces of metal at the spot price.
Since you are just buying a number in a computer, you can easily trade your ETF shares for another stock or cash whenever you want, even multiple times on the same day. Many speculative investors take advantage of this liquidity.
But while a gold ETF is a convenient way to play gold's price, you don’t possess any gold. You have paper. And you don’t know for sure that the fund has all the gold either, especially when it sees inflows. In such a scenario, there have been difficulties or delays in obtaining physical metal.
Trading volumesGlobal market liquidity averaged $356 billion per day in July, down 3.5 percent month-on-month.
Over-the-counter trading volumes also fell, ticking lower by about 3.4 percent to $205 billion per day.
Despite the decline, both LBMA volumes and Shanghai trading activity remained above their 2025 averages.
Total COMEX longs dropped modestly by 4.4 percent to 542 tonnes.
Managed money appears to be rebuilding its position, with longs adding 11 tonnes.
The World Gold Council described the current position as “near neutral.”
“Gold continues to be weighed down by the effects of the war in the Middle East, which has reinforced inflation risks and supported the dollar and yields, adding to the opportunity-cost headwind facing gold.”
To receive free commentary and analysis on the gold and silver markets, click here to be added to the Money Metals news service.
Oscar Health za první pololetí roku 2026 vykázala rekordní ziskovost a tržby vzrostly o 70 % na 4,9 miliardy USD díky vlastní technologii a AI. GoodRx zároveň zvýšila celoroční výhled po růstu tržeb z Pharma Direct.
The latest earnings from Oscar Health and GoodRx show both companies dealing with a changing customer base.
The former company reported half-year earnings Thursday (Aug. 6) showing record profitability for the first six months of 2026, with revenues surging 70% to $4.9 billion.
Speaking during an earnings call, Oscar Health Chief Executive Officer Mark Bertolini attributed much of this success to the company’s proprietary technology stack, which he said allows Oscar to deploy artificial intelligence (AI) more efficiently than its legacy rivals.
“We have one platform, we have one data set,” Bertolini told analysts. “As a result, we start with a huge advantage in being able to use AI at scale without having to make the investments in platform integration and data rationalization that a lot of our competitors do.”
Among the company’s AI tools is “Oswal,” an AI agent designed to guide members through the healthcare system by analyzing clinical history and claims data to recommend high-quality, lower-cost providers.
“We will expand this capability to additional procedures using care standards from leading centers of excellence. AI is powering operations across benefits, billing claims, clinical care and member support,” Bertolini said.
Beyond technology, Oscar is banking on a fundamental shift in consumer behavior. Bertolini added that the individual insurance market is expanding to accommodate a labor force increasingly defined by “entrepreneurs, gig workers, part-time employees and early retirees.”
He suggested that “AI will accelerate that shift” as workers move between full-time jobs, contract roles and retirement at twice the rate of previous generations.
Also Thursday, GoodRx reported second-quarter revenue of $200.4 million, a 1% dip, with management raising its full-year outlook based in part on a projected 70% jump in revenue from the company’s Pharma Direct business.
While its traditional monthly active consumer base declined 12% to 5 million, executives characterized this as a strategic transition toward deeper, recurring customer relationships as healthcare consumers face intensifying affordability pressures.
“Consumers are bearing more cost, facing less predictable coverage and increasingly need to know what a medication will cost before they reach the pharmacy counter,” CEO Wendy Barnes said during the earnings call.
“Employers are under the same pressure, and as costs rise, many are covering less or shifting more of the expense to employees across the board, coverage is becoming harder to maintain and more expensive to use.”
To address this, GoodRx in May introduced “GoodRx Companion,” a subscription service designed to provide predictable pricing for chronic conditions, taking multiple medications, or dealing with coverage limitations, or out-of-pocket costs.
Key Takeaways Coca-Cola sees India and China as major long-term growth opportunities across Asia Pacific.Affordability, cold-drink equipment and distribution investments are expanding consumer reach.Value-focused packaging and targeted innovation aim to protect U.S. share amid spending pressure. The Coca-Cola Company’s (KO - Free Report) long-term growth story increasingly hinges on its ability to capitalize on high-growth emerging markets while navigating a more mature and value-conscious U.S. market. Although management acknowledged that lower-income consumers in North America remain under pressure, the company believes its diversified global footprint, affordability initiatives and revenue growth management capabilities position it to sustain balanced growth. The strategy appears to be paying off, with broad-based momentum across geographies supporting management’s raised 2026 outlook.
Emerging markets remain the centerpiece of Coca-Cola’s expansion strategy. Management highlighted Asia Pacific, particularly India and China, as significant long-term opportunities, where investments in affordability, cold-drink equipment and distribution are aimed at expanding the consumer base. India currently accounts for seven of the company’s top 10 brands, while strong volume growth in both India and China reflects continued execution despite near-term pressure on price/mix. Coca-Cola also reported broad-based growth across Latin America, Africa and Asia Pacific, underscoring that its growth engine is becoming increasingly diversified beyond developed markets.
That said, the United States remains an important profit driver, and management acknowledged that lower-income consumers continue to face spending pressure. Coca-Cola is addressing this through value-focused packaging, affordable price points and targeted innovation rather than relying solely on pricing. While these initiatives should help preserve market share, sustained momentum in emerging markets is likely to play a larger role in offsetting any moderation in U.S. demand. If the company continues executing its balanced strategy of expanding consumer reach in developing economies while protecting profitability in mature markets, emerging market growth should remain a key cushion against a slowing U.S. environment.
Can PEP and KDP’s Global Expansion Counter U.S. Weakness?PepsiCo Inc. (PEP - Free Report) and Keurig Dr Pepper Inc. (KDP - Free Report) are betting on international expansion to cushion slowing U.S. demand and drive long-term growth.
PepsiCo continues to lean on its broad international footprint to counter softer demand in North America, where consumers remain pressured by inflation and are becoming increasingly value conscious. The company is investing aggressively in emerging markets through expanded distribution, localized product innovation and affordable pack sizes to drive household penetration and long-term consumption. With faster-growing regions such as Asia, Latin America and parts of Africa contributing a larger share of incremental growth, PepsiCo is better positioned to offset weakness in its mature U.S. beverage and snack businesses while sustaining balanced top-line performance.
Keurig Dr Pepper is also strengthening its international presence to diversify beyond its largely North America-centric business, although its emerging-market exposure remains more limited than larger global peers. The company is expanding select beverage brands in international markets while continuing to invest in premium offerings, innovation and distribution partnerships. However, given its heavier reliance on the U.S. market, KDP remains more exposed to slowing domestic consumer spending, making continued international expansion an important avenue for enhancing long-term growth and reducing dependence on mature markets.
The Zacks Rundown for Coca-ColaKO’s shares have risen 10.7% in the past three months compared with the industry’s growth of 4.4%.
Image Source: Zacks Investment Research
From a valuation standpoint, Coca-Cola is trading at a forward price-to-earnings ratio of 25.35X, higher than the industry’s 19.51X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for KO’s 2026 and 2027 earnings implies year-over-year growth of 9.7% and 6.7%, respectively. Earnings estimates for 2025 and 2026 have moved northward in the past seven days.
Image Source: Zacks Investment Research
Coca-Cola currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Jeff Bezos oznámil plán prodat téměř 4 miliardy USD akcií Amazonu, což poslalo akcie 4. srpna dolů o více než 2 % po rekordním závěru. Firma mezitím oznámila růst tržeb ve 2. čtvrtletí o 20 % na 200,6 miliardy USD.
Key Takeaways Amazon's planned insider share sale followed record highs after strong second-quarter results and guidance.Amazon posted 20% sales growth as AWS accelerated, while boosting 2026 AI and data-center spending.AMZN continues seeing strength across cloud, retail, advertising and Prime despite premium valuation. Jeff Bezos has filed to sell nearly $4 billion worth of Amazon (AMZN - Free Report) shares, days after the company posted a blowout second-quarter report. AMZN shares fell more than 2% on Aug. 4 after Bezos’ filing, but had already rallied to a record close of $284.02 the previous day and roughly 20% since the July 30 earnings report, pushing the market cap past $3 trillion.
The pre-arranged sale, executed under a trading plan adopted in November 2025, triggered a brief pullback in the stock. Yet the filing looks far more like a scheduled, tax-efficient liquidity event tied to a record share price than a signal about the company's outlook, and investors focused on fundamentals have every reason to stay the course, treating any near-term weakness as an opportunity rather than a warning sign.
Q2 Strength Sets the ToneAmazon's second-quarter net sales rose 20% to $200.6 billion, while operating income jumped 43% to $27.5 billion. AWS, the cloud unit, delivered its fastest growth in 18 quarters, with sales up 37% to a $169 billion annualized run rate and segment operating income nearly doubling.
For the third quarter, the company guided net sales toward $197-$202 billion and operating income between $22.5 billion and $26.5 billion, noting that growth would look meaningfully higher excluding the calendar shift of Prime Day into June. That guidance reflects continued momentum rather than deceleration, keeping the earnings narrative constructive into year-end as management prioritizes long-term infrastructure investment over near-term margin optimization across its fastest-growing segments. Amazon raised its full-year 2026 capital expenditure guidance to roughly $220 billion, up from about $200 billion, to fund continued AI infrastructure and data-center spending.
The Zacks Consensus Estimate for AMZN's 2026 earnings is pegged at $13.11 per share, indicating a 82.85% increase from the figure reported in the year-ago quarter.
Cloud, Retail and Prime Fuel the Next LegAWS' AI and custom chips businesses each now exceed a $25 billion annualized run rate, growing triple-digit percentages, aided by expanding Trainium adoption from labs including Anthropic and OpenAI and the general availability of Graviton5. Amazon Bedrock keeps broadening its foundation-model roster while customer spending accelerates. On the retail side, Amazon Now ultra-fast delivery expanded into dozens of new cities, Alexa for Shopping usage nearly doubled, and Amazon Business crossed $60 billion in annualized gross sales. Prime Video drew strong viewership from new originals and live sports, reinforcing the flywheel that keeps Prime members engaged and spending across categories, including grocery and everyday essentials, growing faster than the core business, while record delivery speeds strengthen customer loyalty across Amazon's broader retail ecosystem.
Valuation and Competitive LandscapeNow, let's look at the value Amazon offers investors at current levels. AMZN is trading at a premium with a forward 12-month P/S of 3.27X compared with the Zacks Internet - Commerce industry's 1.7X, reflecting a stretched valuation.
AMZN’s P/S F12M Ratio Depicts Stretched Valuation
Image Source: Zacks Investment Research
In cloud infrastructure, Amazon's primary rivals remain Alphabet (GOOGL - Free Report) -owned Google, Microsoft (MSFT - Free Report) and Oracle (ORCL - Free Report) . Google keeps expanding Gemini-powered cloud tools, Microsoft leverages its deep Azure-OpenAI partnership, and Oracle keeps scaling database and AI workloads at pace, yet AWS' reaccelerating growth and expanding order backlog suggest Amazon is holding its own against Google, Microsoft and Oracle even as all three continue investing aggressively across the same booming cloud infrastructure race worldwide, underscoring that Amazon's premium multiple is being earned through steady execution rather than momentum alone.
Shares of Amazon have returned 30.6% in the past six-month period, outperforming peers, the broader Zacks Retail-Wholesale sector’s increase of 5.7% and the S&P 500 index’s return of 10.8%.
AMZN’s 6-Month Performance
Image Source: Zacks Investment Research
Why Investors Should Stay InvestedAmazon's overall fundamentals look sturdy heading into the back half of 2026. AWS reacceleration, a broadening AI and chips business, disciplined operating leverage in North America, and steady advertising growth of 26% year over year support the third-quarter guidance range. Elevated capital expenditure reflects investment in data-center and AI capacity that management expects to convert into future revenues rather than a drag on the business.
Against this backdrop, Bezos's routine, pre-scheduled share sale should not be read as a fundamental red flag. With cloud, retail, advertising and Prime all contributing to growth simultaneously, Amazon still offers investors a diversified, innovation-driven growth story, and the current setup favors buying dips or staying invested through the next several quarters rather than reacting to a single scheduled insider transaction tied to a record close, since the underlying business momentum remains firmly intact heading into 2027. Amazon currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Amazon poprvé překonal tržní kapitalizaci 3 biliony USD po zveřejnění rekordních výsledků za 2. čtvrtletí. Tržby vzrostly meziročně o 20 % na 200,61 miliardy USD.
SummaryAmazon surpassed a $3 trillion market cap, driven by record Q2 2026 results and robust fundamentals, not just multiple expansion.Q2 revenue reached $200.61 billion (+20% YoY), AWS grew 36.7% YoY, and operating income soared 43% YoY to $27.5 billion with a 13.7% margin.CapEx guidance increased to $220 billion for 2026, but management emphasized demand is locked in, with a $496 billion AWS backlog growing triple digits YoY.I remain bullish as AWS, AI, and advertising scale rapidly; FCF inflection is the next catalyst, and $3 trillion is a milestone, not a ceiling. hapabapa/iStock Editorial via Getty Images
The $3 trillion club just added its newest member. On August 3rd, shares of Amazon.com, Inc. (AMZN) closed at a fresh all-time high and pushed the company's market cap above $3 trillion for the
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of AMZN either through stock ownership, options, or other derivatives. 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.
Disclaimer: I am not an investment advisor or professional. This article is my own personal opinion and is not meant to be a recommendation of the purchase or sale of stock. The investments and strategies discussed within this article are solely my personal opinions and commentary on the subject. This article has been written for research and educational purposes only. Anything written in this article does not take into account the reader’s particular investment objectives, financial situation, needs, or personal circumstances and is not intended to be specific to you. Investors should conduct their own research before investing to see if the companies discussed in this article fit into their portfolio parameters. Just because something may be an enticing investment for myself or someone else, it may not be the correct investment for you.
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.
Disney ve 3. čtvrtletí zvýšila tržby o 7 % a provozní zisk o 21 %, což potvrzuje obrat v segmentu Entertainment. Management pro fiskální rok 2026 čeká růst tržeb v vysokých jednociferných procentech a nejméně 9 mld. USD na zpětné odkupy.
SummaryDisney delivered a strong Q3 with 7% revenue growth, 21% operating income expansion, and a 13% SVOD margin—confirming the turnaround in Entertainment and continued strength in Experiences.DIS's management guided to high‑single‑digit FY26 revenue growth and at least $9B in buybacks, while segment trends show accelerating Entertainment, resilient Experiences, and a temporary dip in Sports.Despite improving fundamentals and a healthier balance sheet, valuation screens as fair; my DCF places intrinsic value near the current price, leading me to maintain a neutral rating on Disney.Looking for a helping hand in the market? Members of iREIT®+HOYA Capital get exclusive ideas and guidance to navigate any climate. Learn More » Getty Images
Introduction I last wrote on Disney (DIS) just over a year ago when I rated the stock as a hold. At that time, Disney was trading at $116 and has since dropped roughly 12% while the market has moved up by
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of NFLX either through stock ownership, options, or other derivatives. 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.
Jefferies snížila cílovou cenu SanDisk na 1 750 USD z 3 000 USD kvůli obavám z marží a zpomalujícího růstu cen NAND. Akcie SNDK po výsledcích klesly o 7,18 % na 1 253,58 USD.
On Thursday, Jefferies analyst Blayne Curtis cut his price target on SanDisk Corp. (NASDAQ:SNDK) to $1,750 from $3,000, a reduction of $1,250, while maintaining a Buy rating.
SNDK stock is down after earnings. See the chart and price action here. The cut followed fiscal fourth-quarter results in which SanDisk posted substantial upside for the quarter, but September-quarter guidance disappointed on several fronts that Jefferies flagged as central to the reset.
NAND PricingModerating NAND pricing sits at the core of the downgrade. SanDisk guided to only modest average selling price gains for the September quarter, a slowdown that Jefferies and peers view as a meaningful deceleration from the pricing surges that fueled the stock’s rally over the past year.
Wedbush analyst Matt Bryson, working from similar data, noted long-term and supply-commitment agreements cover only about half of SanDisk’s bits, while uncontracted NAND parts are seeing price increases above 20% — a gap that has fed skepticism about how conservative the company’s own guidance really is.
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Lower Margin GuidanceLower gross-margin guidance compounded the concern. Management guided to essentially stable margins for the September quarter rather than the continued expansion investors had priced in, even though the 83% to 85% range still landed ahead of Street consensus.
Jefferies’ target cut reflects a view that the combination of cooling ASP momentum and flattening margins signals the NAND pricing cycle may be losing the steam that drove SanDisk’s roughly 3,000% run over the past year, according to CNBC.
Other AnalystsOther desks moved in narrower steps. Morgan Stanley’s Joseph Moore held an Overweight rating with a matching $1,750 target, and Evercore’s Amit Daryanani trimmed his target to $2,800 from $3,100 while keeping Outperform, arguing five new supply agreements provide stronger multiyear visibility.
Wedbush kept a $2,000 target and an Outperform rating, betting the NAND supply gap won’t close before 2028. Evercore views SanDisk’s upcoming analyst day as the next catalyst for detail on capital allocation and the High Bandwidth Flash opportunity.
SNDK Stock Price Activity: SanDisk stock was down 7.18% at $1253.58 at the time of publication Thursday, according to data from Benzinga Pro.
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