Track market-moving stories before they get noisy

HubSpot (HUBS - Free Report) came out with quarterly earnings of $3.26 per share, beating the Zacks Consensus Estimate of $3.02 per share. This compares to earnings of $2.19 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +7.95%. A quarter ago, it was expected that this cloud-based marketing and sales software platform would post earnings of $2.47 per share when it actually produced earnings of $2.72, delivering a surprise of +10.12%.

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

HubSpot, which belongs to the Zacks Internet - Software industry, posted revenues of $911.74 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.55%. This compares to year-ago revenues of $760.87 million. The company has topped consensus revenue estimates four times over the last four quarters.

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

HubSpot shares have lost about 38% since the beginning of the year versus the S&P 500's gain of 13%.

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

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

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

Ahead of this earnings release, the estimate revisions trend for HubSpot was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.44 on $935.98 million in revenues for the coming quarter and $13.11 on $3.7 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Software is currently in the top 44% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Rigetti Computing, Inc. (RGTI - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.

This company is expected to post quarterly loss of $0.03 per share in its upcoming report, which represents a year-over-year change of +40%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Rigetti Computing, Inc.'s revenues are expected to be $4.92 million, up 173.1% from the year-ago quarter.

Order Growth and Robotics Momentum Continued as Margin Recovery Progressed More Slowly Than Expected

Net Sales of $324 Million, a 1.7% Increase over Prior-Year Period

Adjusted EBITDA of $35 Million as Residual ERP and EMEA Cost Pressures Weighed on Margin

Full-Year Net Sales Guidance Raised to $1.270 - $1.310 Billion; Adjusted EBITDA Guidance Lowered to $155 - $170 Million

MINNEAPOLIS--(BUSINESS WIRE)--Tennant Company ("Tennant" or the "Company") (NYSE: TNC) today reported its financial results for the quarter ended June 30, 2026.

(In millions, except per share data)

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

Incr /
(Decr)

2026

2025

Incr /
(Decr)

Net sales

$

324.0

$

318.6

1.7

%

$

621.9

$

608.6

2.2

%

Net income

$

7.6

$

20.2

(62.4

)%

$

7.8

$

33.3

(76.6

)%

Diluted EPS

$

0.44

$

1.08

(59.3

)%

$

0.45

$

1.77

(74.6

)%

Adjusted diluted EPS(a)

$

0.83

$

1.49

(44.3

)%

$

1.41

$

2.60

(45.8

)%

Adjusted EBITDA(a)

$

35.3

$

51.0

(30.8

)%

$

64.4

$

92.0

(30.0

)%

Adjusted EBITDA(a) margin %

10.9

%

16.0

%

(510) bps

10.4

%

15.1

%

(470) bps

Highlights

ERP stabilization held during the quarter, though the expected optimization benefits did not fully materialize, with residual inefficiencies in North America and continued pricing and volume pressure in EMEA weighing on results. Orders of $339.5 million increased 6.6% year over year, growing across most regions and building backlog to $127 million, reinforcing healthy underlying demand. Net sales of $324.0 million increased 1.7% year over year, reflecting price realization and favorable foreign currency effects, partially offset by an organic sales decline driven by softer volumes in EMEA and APAC. Adjusted EBITDA(a) of $35.3 million, or 10.9% of net sales, declined compared to the prior year as gross margin and cost leverage fell short of expectations, driven by residual ERP-related inefficiencies in North America and pricing and cost pressure in EMEA. Adjusted diluted EPS(a) of $0.83 declined compared to the prior year, primarily due to lower gross margin rates and higher operating costs, partially offset by the benefit of share repurchases. Robotics momentum continued to build, with AMR sales of approximately $31 million increasing 37% year over year, underscoring progress toward the Company's $250 million AMR revenue target by 2028. “Our second quarter results reflect solid demand and order growth, though margin recovery progressed more slowly than we expected,” said Dave Huml, Tennant President and Chief Executive Officer. “Orders grew across most of our regions, robotics revenue grew approximately 37%, and backlog continued to build, underscoring the strength of underlying demand for our products. At the same time, residual ERP-related inefficiencies in North America and margin pressure in EMEA weighed on profitability more than we anticipated. We are taking targeted actions to address these challenges. Reflecting the strength of our order book, backlog, and continued robotics momentum, we are raising our full-year net sales guidance while lowering our full-year Adjusted EBITDA guidance range to reflect both the profitability impacts experienced in the first half of the year and a more measured pace of margin recovery in the second half.”

Net Sales

Consolidated net sales for the second quarter of 2026 totaled $324.0 million, a 1.7% increase compared to consolidated net sales of $318.6 million in the second quarter of 2025. The components of the consolidated net sales change were as follows:

Three Months Ended
June 30,

Six Months Ended
June 30,

2026 vs. 2025

Price

3.0%

3.6%

Volume

(3.5)%

(4.8)%

Organic decline

(0.5)%

(1.2)%

Acquisitions

0.6%

0.6%

Foreign currency

1.6%

2.8%

Total

1.7%

2.2%

Organic Sales

Organic sales, which exclude the effects of foreign currency and acquisitions, decreased 0.5% in the second quarter compared to the prior year. This decrease was the result of price realization being more than offset by lower volume, reflecting production and fulfillment constraints in North America and softer demand in certain EMEA and APAC markets.

Three Months Ended June 30, 2026

Six Months Ended June 30, 2026

Americas

EMEA

APAC

Total

Americas

EMEA

APAC

Total

Organic sales growth / (decline)

1.4%

(2.8)%

(10.6)%

(0.5)%

(0.7)%

(1.0)%

(6.8)%

(1.2)%

Americas(b): The 1.4% increase in the second quarter was primarily driven by price realization and continued strength in Latin America, partially offset by lower volumes in North America due to production and fulfillment constraints.

EMEA(c): The 2.8% decrease in the second quarter was primarily due to lower equipment volumes in certain European markets, including parts of Southern Europe and the Benelux region, as well as softer demand in export markets impacted by geopolitical developments in the Middle East.

APAC(d): The 10.6% decrease in the second quarter was primarily driven by lower equipment volumes across most countries, reflecting softer market demand and distributor overstock in certain markets, partially offset by price realization and volume growth in India.

Operating Results

The gross profit margin of 39.5% in the second quarter of 2026 was 260 basis points lower compared to the second quarter of 2025. The margin rate decline was driven primarily by ERP-related recovery costs, supply constraints, and elevated freight and tariff-related material costs in North America. In EMEA, margin was pressured by competitive price concessions, volume deleverage, and unfavorable mix. These impacts were partially offset by price realization and cost management actions.

Selling and administrative ("S&A") expense totaled $99.5 million in the second quarter of 2026, a $5.8 million increase compared to the second quarter of 2025. The increase was primarily driven by unfavorable foreign currency, higher people-related costs and technology spend, partially offset by lower bad debt expense and other administrative expenses. S&A expense as a percentage of sales was 30.7% in the second quarter of 2026, compared to 29.4% in the second quarter of 2025. Adjusted S&A(a) as a percentage of net sales increased to 29.1% in the second quarter of 2026, compared to 27.3% in the second quarter of 2025.

Research and development ("R&D") expense totaled $12.5 million in the second quarter of 2026, compared to $9.8 million in the second quarter of 2025. The increase was primarily driven by continued investment in innovation, including robotics and autonomous solutions.

Adjusted EBITDA(a) was $35.3 million in the second quarter of 2026, compared to $51.0 million in the prior-year period. The decrease in Adjusted EBITDA(a) was primarily due to gross margin declines coupled with S&A deleverage. Adjusted EBITDA margin(a) for the second quarter of 2026 was 10.9%, down 510 basis points compared to 16.0% in the prior-year period.

Net income was $7.6 million in the second quarter of 2026, compared to $20.2 million in the second quarter of 2025. Adjusted net income(a) was $14.4 million in the second quarter of 2026, a decrease of $13.4 million compared to the second quarter of 2025. The decrease was primarily driven by lower operating performance from gross margin compression coupled with S&A deleverage.

Adjusted diluted EPS(a) was $0.83 in the second quarter of 2026, compared to $1.49 in the second quarter of 2025. The decrease was driven by lower adjusted net income resulting from gross margin compression and S&A deleverage, partially offset by a reduction of approximately 1.5 million diluted weighted average shares outstanding versus the prior-year period.

Cash Flow, Liquidity and Capital Allocation

Tennant generated $5.0 million of cash flow for operating activities during the second quarter of 2026, a $17.5 million decrease compared to the prior‑year period, primarily driven by lower operating performance and increased working capital requirements, including higher accounts receivable and inventory balances and lower accounts payable. Working capital levels and cash conversion were adversely affected by operational and process inefficiencies associated with the North America ERP implementation, and management remains focused on improving working capital efficiency as stabilization and fulfillment efforts progress.

Liquidity remained strong with a balance of $76.9 million in cash and cash equivalents at the end of the second quarter, and $289.4 million of unused borrowing capacity under the Company's revolving credit facility.

The Company continues to strategically deploy cash flow to meet operational capital requirements and to return capital to shareholders in alignment with its capital allocation priorities. During the second quarter of 2026, the Company invested $5.3 million in capital expenditures and returned $5.3 million to shareholders through dividends. The Company remains diligent in managing its debt and maintaining a strong balance sheet. The Company had a net leverage ratio (Adjusted Net Debt(a) / trailing twelve months (TTM) Adjusted EBITDA(a)) of 2.0 times as of June 30, 2026.

2026 Guidance

Our first-half results reflect solid demand and order growth, though gross margin recovery progressed more slowly than we anticipated. Residual ERP-related inefficiencies in North America, together with pricing and volume pressure in EMEA and incremental freight and material costs tied to Middle East disruptions, weighed on margin performance during the second quarter. Order momentum remained healthy, with orders up 6.6% year over year and backlog building to $127 million, and robotics revenue grew approximately 37% year over year. Based on our first-half performance and our outlook for the second half, we are raising our full-year net sales guidance, reflecting our order and backlog position and continued robotics momentum, while lowering our full-year Adjusted EBITDA guidance range to reflect the slower pace of margin recovery, as follows.

(In millions, except per share data)

2026

Guidance Ranges

Net sales

$1,270 - $1,310

Organic net sales growth

3.5% - 7.0%

Diluted net income per share

$2.15 - $2.80

Adjusted diluted net income per share**

$3.80 - $4.45

Adjusted EBITDA**

$155 - $170

Adjusted EBITDA margin**

12.2% - 13.0%

Capital expenditures

~$25

Adjusted effective tax rate**

24% - 29%

Conference Call

Tennant will host a conference call to discuss its 2026 second quarter results on August 6, 2026, at 9 a.m. Central Time (10 a.m. Eastern Time). The conference call and accompanying slides will be available via webcast on Tennant's investor website. To listen to the call live and view the slide presentation, go to investors.tennantco.com and click on the link at the bottom of the overview page. A replay of the conference call, with slides, will be available at investors.tennantco.com.

Company Profile

Founded in 1870, Tennant Company (TNC), headquartered in Eden Prairie, Minnesota, is a world leader in the design, manufacture and marketing of solutions that help create a cleaner, safer and healthier world. Its products include equipment for maintaining surfaces in industrial, commercial and outdoor environments; detergent-free and other sustainable cleaning technologies; and cleaning tools and supplies. Tennant's global field service network is the most extensive in the industry. Tennant Company had sales of $1.20 billion in 2025 and has approximately 4,500 employees. Tennant has manufacturing operations throughout the world and sells products directly in more than 21 countries and through distributors in more than 100 countries. For more information, visit www.tennantco.com and www.ipcworldwide.com. The Tennant Company logo and other trademarks designated with the symbol “®” are trademarks of Tennant Company registered in the United States and/or other countries.

Forward-Looking Statements

Certain statements contained in this document are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These statements do not relate to strictly historical or current facts and provide current expectations or forecasts of future events. Any such expectations or forecasts of future events are subject to a variety of factors. These include factors that affect all businesses operating in a global market as well as matters specific to us and the markets the Company serves. Particular risks and uncertainties presently facing it include: geopolitical and economic uncertainty throughout the world; our ability to comply with global laws and regulations; changes in foreign currency exchange rates; our ability to adapt to customer pricing sensitivities; the competition in our business; fluctuations in the cost, quality or availability of raw materials and purchased components; our ability to adjust pricing to respond to cost pressures; unforeseen product liability claims or product quality issues; our ability to attract, retain and develop key personnel and create effective succession planning strategies; our ability to effectively develop and manage strategic planning and growth processes and the related operational plans; our ability to successfully upgrade and evolve our information technology systems; our ability to successfully protect our information technology systems from cybersecurity risks; complications with our new ERP system; the occurrence of a significant business interruption; our ability to maintain the health and safety of our workers; our ability to integrate acquisitions; our ability to develop and commercialize new innovative products and services; and risks related to our business transformation and strategic initiatives.

The Company cautions that forward-looking statements must be considered carefully and that actual results may differ in material ways due to risks and uncertainties both known and unknown. Information about factors that could materially affect the Company's results can be found in its 2025 Form 10-K. Shareholders, potential investors and other readers are urged to consider these factors in evaluating forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements.

The Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Investors are advised to consult any further disclosures by the Company in its filings with the Securities and Exchange Commission and in other written statements on related subjects. It is not possible to anticipate or foresee all risk factors, and investors should not consider any list of such factors to be an exhaustive or complete list of all risks or uncertainties.

Non-GAAP Financial Measures

This news release and the related conference call include presentation of Non-GAAP measures that include or exclude special items of a nonrecurring and/or nonoperational nature (hereinafter referred to as “special items”). Management believes that the Non-GAAP measures provide useful information to investors regarding the Company’s results of operations and financial condition because they permit a more meaningful comparison and understanding of Tennant Company’s operating performance for the current, past or future periods. Management uses these Non-GAAP measures to monitor and evaluate ongoing operating results and trends and to gain an understanding of the comparative operating performance of the Company.

The Company believes that disclosing S&A expense – as adjusted, S&A expense as a percent of net sales – as adjusted, operating income – as adjusted, operating margin – as adjusted, income before income taxes – as adjusted, income tax expense – as adjusted, net income – as adjusted, net income per diluted share – as adjusted, EBITDA – as adjusted, and EBITDA margin – as adjusted (collectively, the “Non-GAAP measures”), excluding the impacts from special items, is useful to investors as a measure of operating performance. The Company uses these measures to monitor and evaluate operating performance. The Non-GAAP measures are financial measures that do not reflect United States Generally Accepted Accounting Principles (GAAP). The Company calculates the Non-GAAP measures by adjusting for legal contingency costs, ERP modernization costs, ERP amortization costs, legal and financial advisory costs, restructuring-related costs, transaction and integration-related costs, equity method losses and amortization expense. The Company calculates income tax expense – as adjusted by adjusting for the tax effect of these Non-GAAP measures. The Company calculates net income per diluted share – as adjusted by adjusting for the after-tax effect of these Non-GAAP measures and dividing the result by the diluted weighted average shares outstanding. The Company calculates EBITDA margin – as adjusted by dividing EBITDA – as adjusted by net sales.

FINANCIAL TABLES FOLLOW

TENNANT COMPANY

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

  (In millions, except shares and per share data)

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Net sales

$

324.0

$

318.6

$

621.9

$

608.6

Cost of sales

196.1

184.5

380.4

354.5

Gross profit

127.9

134.1

241.5

254.1

Selling and administrative expense

99.5

93.7

197.6

184.4

Research and development expense

12.5

9.8

23.1

19.5

Operating income

15.9

30.6

20.8

50.2

Interest expense, net

(4.3

)

(2.2

)

(7.7

)

(4.5

)

Net foreign currency transaction loss

(0.3

)

(0.8

)

(0.7

)

(1.0

)

Other expense, net

(1.0

)

(0.3

)

(1.2

)

(0.2

)

Income before income taxes

10.3

27.3

11.2

44.5

Income tax expense

2.7

7.1

3.4

11.2

Net income

$

7.6

$

20.2

$

7.8

$

33.3

Net income per share

Basic

$

0.44

$

1.10

$

0.45

$

1.79

Diluted

$

0.44

$

1.08

$

0.45

$

1.77

Weighted average shares outstanding

Basic

16,898,741

18,508,758

17,226,826

18,605,187

Diluted

17,171,367

18,687,918

17,456,349

18,820,298

GEOGRAPHICAL NET SALES(1) (Unaudited)

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

% Change

2026

2025

% Change

Americas

$

218.7

$

213.5

2.4

%

$

412.7

$

410.8

0.5

%

Europe, Middle
East and Africa

86.5

84.7

2.1

%

173.4

160.7

7.9

%

Asia Pacific

18.8

20.4

(7.8

)%

35.8

37.1

(3.5

)%

Total

$

324.0

$

318.6

1.7

%

$

621.9

$

608.6

2.2

%

TENNANT COMPANY

CONSOLIDATED BALANCE SHEETS (Unaudited)

(In millions, except shares and per share data)

June 30,
2026

December 31,
2025

ASSETS

Cash and cash equivalents

$

76.9

$

106.4

Receivables, less allowances of $10.9 and $10.4, respectively

286.3

256.8

Inventories

201.9

198.5

Prepaid and other current assets

48.7

38.0

Total current assets

613.8

599.7

Property, plant and equipment, less accumulated depreciation of $301.7 and $289.0, respectively

187.7

189.8

Operating lease assets

54.4

56.9

Goodwill

208.3

208.6

Intangible assets, net

48.6

52.6

Other assets

158.0

161.3

Total assets

$

1,270.8

$

1,268.9

LIABILITIES AND EQUITY

Current portion of long-term debt

$

0.5

$

0.4

Accounts payable

112.9

127.5

Employee compensation and benefits

42.8

40.9

Other current liabilities

144.0

124.3

Total current liabilities

300.2

293.1

Long-term debt

358.4

273.2

Long-term operating lease liabilities

32.4

35.5

Employee benefits

16.0

15.7

Deferred income taxes

3.9

3.3

Other liabilities

24.7

44.7

Total long-term liabilities

435.4

372.4

Total liabilities

$

735.6

$

665.5

Common Stock, $0.375 par value; 60,000,000 shares authorized; 17,049,303 and 17,846,681 shares issued and outstanding, respectively

6.4

6.7

Additional paid-in capital

1.3

—

Retained earnings

564.4

628.1

Accumulated other comprehensive loss

(38.7

)

(33.2

)

Total Tennant Company shareholders' equity

533.4

601.6

Noncontrolling interest

1.8

1.8

Total equity

535.2

603.4

Total liabilities and total equity

$

1,270.8

$

1,268.9

TENNANT COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)

Six Months Ended
June 30,

2026

2025

OPERATING ACTIVITIES

Net income

$

7.8

$

33.3

Adjustments to reconcile net income to net cash used in operating activities:

Depreciation expense

23.1

21.9

Amortization expense

6.8

6.8

Loss from equity method investments

0.5

—

Deferred income tax expense (benefit)

3.9

(0.2

)

Share-based compensation expense

3.6

5.8

Bad debt and returns expense

1.2

3.3

Other, net

0.4

0.3

Changes in operating assets and liabilities:

Receivables

(31.1

)

(2.4

)

Inventories

(18.3

)

(8.3

)

Accounts payable

(12.7

)

(6.2

)

Employee compensation and benefits

1.9

(13.9

)

Other assets and liabilities

(13.3

)

(18.3

)

Net cash (used in) provided by operating activities

(26.2

)

22.1

INVESTING ACTIVITIES

Purchases of property, plant and equipment

(8.5

)

(10.8

)

Payments made in connection with business acquisition, net of cash acquired

(7.2

)

—

Investment in leased assets

(0.2

)

(0.2

)

Cash received from leased assets

0.5

0.4

Net cash used in investing activities

(15.4

)

(10.6

)

FINANCING ACTIVITIES

Proceeds from borrowings

115.0

15.0

Repayments of borrowings

(30.0

)

(0.8

)

Repurchases from exercise of stock options, net of employee tax withholdings obligations of $3.2 and $2.9, respectively

(2.3

)

(2.4

)

Repurchases of common stock

(60.5

)

(33.6

)

Dividends paid

(10.8

)

(11.0

)

Net cash provided by (used in) financing activities

11.4

(32.8

)

Effect of exchange rate changes on cash and cash equivalents

0.7

1.6

Net decrease in cash and cash equivalents

(29.5

)

(19.7

)

Cash and cash equivalents at beginning of period

106.4

99.8

Cash and cash equivalents at end of period

$

76.9

$

80.1

TENNANT COMPANY

SUPPLEMENTAL NON-GAAP FINANCIAL TABLES

Reported to Adjusted Net Income and Net Income Per Share

  (In millions, except per share data)

Three Months Ended June 30,

Six Months Ended June
30,

2026

2025

2026

2025

Net income - as reported

$

7.6

$

20.2

$

7.8

$

33.3

Adjustments:

Amortization expense

2.4

2.5

5.0

5.0

Restructuring-related charge (S&A expense) (2)

1.0

(0.3

)

1.4

0.8

ERP modernization costs (S&A expense) (3)

2.3

5.1

6.4

9.6

ERP amortization costs (S&A expense) (4)

0.5

—

1.0

—

Transaction and integration-related costs (S&A expense) (5)

0.1

—

0.2

—

Legal contingency costs (S&A expense) (6)

0.1

0.3

0.3

0.3

Legal and financial advisory costs (S&A expense) (7)

—

—

2.2

—

Equity method losses (Other expense, net) (8)

0.4

—

0.4

—

Net income - as adjusted

$

14.4

$

27.8

$

24.7

$

49.0

Net income per share - as reported:

Diluted

$

0.44

$

1.08

$

0.45

$

1.77

Adjustments:

Amortization expense

0.15

0.14

0.29

0.27

Restructuring-related charge (S&A expense) (2)

0.06

(0.02

)

0.08

0.04

ERP modernization costs (S&A expense) (3)

0.12

0.27

0.36

0.51

ERP amortization costs (S&A expense) (4)

0.03

—

0.06

—

Transaction and integration-related costs (S&A expense) (5)

0.01

—

0.01

—

Legal contingency costs (S&A expense) (6)

—

0.02

0.01

0.02

Legal and financial advisory costs (S&A expense) (7)

—

—

0.13

—

Equity method losses (Other expense, net) (8)

0.02

—

0.02

—

Net income per diluted share - as adjusted

$

0.83

$

1.49

$

1.41

$

2.60

TENNANT COMPANY SUPPLEMENTAL NON-GAAP FINANCIAL TABLES

Reported Net Income to Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization
(EBITDA)

  (In millions)

Three Months Ended June
30,

Six Months Ended June
30,

2026

2025

2026

2025

Net income - as reported

$

7.6

$

20.2

$

7.8

$

33.3

Adjustments:

Interest expense, net

4.3

2.2

7.7

4.5

Income tax expense

2.7

7.1

3.4

11.2

Depreciation expense

11.7

11.3

23.1

21.9

Amortization expense

3.3

3.4

6.8

6.8

EBITDA

29.6

44.2

48.8

77.7

Adjustments:

Restructuring-related charge (S&A expense) (2)

1.3

(0.3

)

1.8

1.2

ERP modernization costs (S&A expense) (3)

2.8

6.7

8.4

12.7

ERP amortization costs (S&A expense) (4)

0.7

—

1.3

—

Transaction and integration-related costs (S&A expense) (5)

0.2

—

0.3

—

Legal contingency costs (S&A expense) (6)

0.2

0.4

0.4

0.4

Legal and financial advisory costs (S&A expense) (7)

—

—

2.9

—

Equity method losses (Other expense, net) (8)

0.5

—

0.5

—

EBITDA - as adjusted

$

35.3

$

51.0

$

64.4

$

92.0

EBITDA margin - as adjusted

10.9

%

16.0

%

10.4

%

15.1

%

TENNANT COMPANY SUPPLEMENTAL NON-GAAP FINANCIAL TABLES

Reported to Adjusted Selling and Administrative Expense (S&A expense) and Operating Income

  (In millions)

Three Months Ended June
30,

Six Months Ended June
30,

2026

2025

2026

2025

S&A expense - as reported

$

99.5

$

93.7

$

197.6

$

184.4

S&A expense as a percent of net sales - as reported

30.7

%

29.4

%

31.8

%

30.3

%

Adjustments:

Restructuring-related charge (S&A expense) (2)

(1.3

)

0.3

(1.8

)

(1.2

)

ERP modernization costs (S&A expense) (3)

(2.8

)

(6.7

)

(8.4

)

(12.7

)

ERP amortization costs (S&A expense) (4)

(0.7

)

—

(1.3

)

—

Transaction and integration-related costs (S&A expense) (5)

(0.2

)

—

(0.3

)

—

Legal contingency costs (S&A expense) (6)

(0.2

)

(0.4

)

(0.4

)

(0.4

)

Legal and financial advisory costs (S&A expense) (7)

—

—

(2.9

)

—

S&A expense - as adjusted

$

94.3

$

86.9

$

182.5

$

170.1

S&A expense as a percent of net sales - as adjusted

29.1

%

27.3

%

29.3

%

27.9

%

Operating income - as reported

$

15.9

$

30.6

$

20.8

$

50.2

Operating margin - as reported

4.9

%

9.6

%

3.3

%

8.2

%

Adjustments:

Restructuring-related charge (S&A expense) (2)

1.3

(0.3

)

1.8

1.2

ERP modernization costs (S&A expense) (3)

2.8

6.7

8.4

12.7

ERP amortization costs (S&A expense) (4)

0.7

—

1.3

—

Transaction and integration-related costs (S&A expense) (5)

0.2

—

0.3

—

Legal contingency costs (S&A expense) (6)

0.2

0.4

0.4

0.4

Legal and financial advisory costs (S&A expense) (7)

—

—

2.9

—

Operating income - as adjusted

$

21.1

$

37.4

$

35.9

$

64.5

Operating margin - as adjusted

6.5

%

11.7

%

5.8

%

10.6

%

TENNANT COMPANY

SUPPLEMENTAL NON-GAAP FINANCIAL TABLES

Reported to Adjusted Other Expense, Net, Income Before Income Taxes and Income Tax Expense

(In millions)

Three Months Ended June
30,

Six Months Ended June
30,

2026

2025

2026

2025

Other expense, net - as reported

$

(1.0

)

$

(0.3

)

$

(1.2

)

$

(0.2

)

Adjustments:

Equity method losses (Other expense, net) (8)

0.5

—

0.5

—

Other expense, net - as adjusted

$

(0.5

)

$

(0.3

)

$

(0.7

)

$

(0.2

)

Income before income taxes - as reported

$

10.3

$

27.3

$

11.2

$

44.5

Adjustments:

Amortization expense

3.3

3.4

6.8

6.8

Restructuring-related charge (S&A expense) (2)

1.3

(0.3

)

1.8

1.2

ERP modernization costs (S&A expense) (3)

2.8

6.7

8.4

12.7

ERP amortization costs (S&A expense) (4)

0.7

—

1.3

—

Transaction and integration-related costs (S&A expense) (5)

0.2

—

0.3

—

Legal contingency costs (S&A expense) (6)

0.2

0.4

0.4

0.4

Legal and financial advisory costs (S&A expense) (7)

—

—

2.9

—

Equity method losses (Other expense, net) (8)

0.5

—

0.5

—

Income before income taxes - as adjusted

$

19.3

$

37.5

$

33.6

$

65.6

Income tax expense - as reported

$

2.7

$

7.1

$

3.4

$

11.2

Effective tax rate - as reported

26.3

%

26.0

%

30.5

%

25.2

%

Adjustments (9):

Amortization expense

0.9

0.9

1.8

1.8

Restructuring-related charge (S&A expense) (2)

0.3

—

0.4

0.4

ERP modernization costs (S&A expense) (3)

0.5

1.6

2.0

3.1

ERP amortization costs (S&A expense) (4)

0.2

—

0.3

—

Transaction and integration-related costs (S&A expense) (5)

0.1

—

0.1

—

Legal contingency costs (S&A expense) (6)

0.1

0.1

0.1

0.1

Legal and financial advisory costs (S&A expense) (7)

—

—

0.7

—

Equity method losses (Other expense net) (8)

0.1

—

0.1

—

Income tax expense - as adjusted

$

4.9

$

9.7

$

8.9

$

16.6

Effective tax rate - as adjusted

25.7

%

25.9

%

26.8

%

25.3

%

TENNANT COMPANY

SUPPLEMENTAL NON-GAAP FINANCIAL TABLES

Net Leverage Ratio Based on TTM Adjusted EBITDA

Adjusted Net Debt

(In millions)

June 30, 2026

December 31, 2025

Long-term debt

$

358.4

$

273.2

Current portion of long-term debt

0.5

0.4

Cash and cash equivalents

(76.9

)

(106.4

)

Adjusted net debt

$

282.0

$

167.2

Net Leverage Ratio

The following table shows the calculation of the net leverage ratio (in millions, except for the net leverage ratio).

June 30, 2026

December 31, 2025

Adjusted net debt (numerator)

$

282.0

$

167.2

TTM adjusted EBITDA (denominator) (10)

139.8

167.4

Net leverage ratio

2.0

1.0

GUADALAJARA, Mexico, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) announces preliminary terminal passenger traffic figures for July 2026, compared with July 2025.

During July 2026, the 12 Mexican airports operated by GAP recorded a 3.9% increase in total passenger traffic compared to July 2025. Guadalajara and Tijuana airports reported an increase of 13.2% and 7.2%, respectively, while Puerto Vallarta and Los Cabos reported a decrease of 12.1% and 6.9%, respectively, compared to July 2025. With respect to GAP’s airports in Jamaica, Kingston recorded an increase of 2.9%, while Montego Bay Kingston recorded a decrease of 26.6%.

Domestic Terminal Passengers (in thousands):

AirportJul-25Jul-26% ChangeJan - Jul 25Jan - Jul 26% ChangeGuadalajara1,092.51,225.612.2%7,204.67,447.23.4%Tijuana*776.3811.64.6%4,972.94,753.8(4.4%)Los Cabos282.9302.67.0%1,691.51,654.2(2.2%)Puerto Vallarta321.5323.30.6%1,805.41,747.3(3.2%)Montego Bay0.00.0(100.0%)0.00.0(100.0%)Guanajuato204.0212.74.3%1,296.41,257.4(3.0%)Hermosillo195.6182.1(6.9%)1,249.81,159.8(7.2%)Kingston0.10.1(48.5%)0.30.9208.6%Morelia76.374.3(2.5%)435.5439.00.8%La Paz126.4141.411.9%735.1812.910.6%Mexicali121.4111.1(8.5%)720.2635.4(11.8%)Aguascalientes59.568.915.8%378.7368.6(2.7%)Los Mochis61.766.06.9%406.1404.8(0.3%)Manzanillo11.613.415.1%77.774.7(3.9%)Total3,329.83,533.06.1%20,974.320,755.9(1.0%)        International Terminal Passengers (in thousands):

AirportJul-25Jul-26% ChangeJan - Jul 25Jan - Jul 26% ChangeGuadalajara563.9649.715.2%3,458.13,640.85.3%Tijuana*379.1427.212.7%2,445.72,274.8(7.0%)Los Cabos403.9336.9(16.6%)3,011.12,793.9(7.2%)Puerto Vallarta229.1160.9(29.8%)2,550.72,058.9(19.3%)Montego Bay510.6374.8(26.6%)3,114.22,284.1(26.7%)Guanajuato108.7102.1(6.1%)624.5582.1(6.8%)Hermosillo6.87.611.4%47.050.98.4%Kingston191.8197.43.0%1,073.31,047.6(2.4%)Morelia71.976.56.4%401.9483.920.4%La Paz2.53.124.2%20.128.541.6%Mexicali0.80.84.2%4.44.52.9%Aguascalientes32.431.2(3.7%)188.5193.42.6%Los Mochis0.91.232.0%4.85.28.2%Manzanillo4.03.5(12.3%)66.156.5(14.6%)Total2,506.22,372.9(5.3%)17,010.415,505.0(8.9%)        Total Terminal Passengers (in thousands):

AirportJul-25Jul-26% ChangeJan - Jul 25Jan - Jul 26% ChangeGuadalajara1,656.41,875.413.2%10,662.711,088.04.0%Tijuana*1,155.31,238.87.2%7,418.77,028.6(5.3%)Los Cabos686.8639.5(6.9%)4,702.74,448.1(5.4%)Puerto Vallarta550.6484.2(12.1%)4,356.13,806.1(12.6%)Montego Bay510.6374.8(26.6%)3,114.22,284.1(26.7%)Guanajuato312.8314.80.7%1,920.81,839.5(4.2%)Hermosillo202.5189.7(6.3%)1,296.71,210.7(6.6%)Kingston191.9197.52.9%1,073.61,048.5(2.3%)Morelia148.1150.81.8%837.4922.910.2%La Paz128.9144.512.1%755.3841.411.4%Mexicali122.2111.9(8.4%)724.6639.9(11.7%)Aguascalientes91.8100.08.9%567.2562.0(0.9%)Los Mochis62.667.27.3%410.9409.9(0.2%)Manzanillo15.616.88.1%143.9131.2(8.8%)Total5,836.05,906.01.2%37,984.736,260.9(4.5%)        *Passengers in Tijuana who use CBX in both directions are classified as international.

CBX users (in thousands):

AirportJul-25Jul-26% ChangeJan - Jul 25Jan - Jul 26% ChangeTijuana371.6421.613.4%2,401.22,243.7(6.6%) Highlights for the month:

Seats and load factors
The seats available during July 2026 increased by 0.7%, compared to July 2025. The load factors for the month went from 84.8% in July 2025 to 85.2% in July 2026.

New routes Guanajuato - Santa Lucia: MexicanaHermosillo - Santa Lucia: MexicanaManzanillo – Santa Lucia: VivaMontego Bay - Guadeloupe: Liat Air
Company Description                                                                                                                                                                       

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concessioner Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the Norman Manley International Airport operation in Kingston, Jamaica, and took control of the operation in October 2019.

This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends, or results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and Article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party responsible for collecting these complaints, is 800 04 ETICA (38422) or WhatsApp +52 55 6538 5504. The website is www.lineadedenunciagap.com or by email at [email protected]. GAP’s Audit Committee will be notified of all complaints for immediate investigation.

  AeropuertosGAPAlejandra Soto, Investor Relations and Social Responsibility [email protected] @aeropuertosGAPGisela Murillo, Investor [email protected] @aeropuertosgap  +52 33 3880 1100 ext. 20294 

Figma stock is taking a hit today. What’s weighing on FIG shares? Figma Q2 HighlightsFigma reported second-quarter revenue of $370.08 million, beating estimates of $351.56 million, per Benzinga Pro. The collaborative web-based software company reported adjusted earnings of eight cents per share, beating estimates of four cents per share.

Total revenue was up 48% year-over-year. Figma generated $60.9 million of net cash from operations and $53.2 million of free cash flow during the quarter.

“Q2 was Figma’s third straight quarter of accelerated revenue growth, and as code gets commoditized and value moves up the stack, the opportunity ahead of us has only grown,” said Dylan Field, CEO of Figma.

Figma had 15,964 paid customers with more than $10,000 in ARR and 1,635 paid customers with more than $100,000 in ARR as of June 30.

Figma said it expects third-quarter revenue to be in the range of $373 million to $375 million versus estimates of $364.87 million. The company also raised its full-year revenue outlook from a range of $1.422 billion to $1.428 billion to a new range of $1.463 billion to $1.467 billion, versus estimates of $1.437 billion.

“Net Dollar Retention Rate remained strong at 136% as customers expanded both seats and AI credit add-ons. The strength of these signals gives us the confidence to raise our full year revenue outlook while continuing to invest behind the products we introduced at Config,” said Praveer Melwani, CFO of Figma.

Figma executives will further discuss the quarter on an earnings call set for 5 p.m. ET.

FIG Shares Face Heavy Selling PressureFIG Price Action: Figma shares were down 16.52% in after-hours Wednesday, trading at $23.50 at the time of publication, according to Benzinga Pro.

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Live Coverage Updates appear automatically as they are published.

Live Updates 1 hour ago

Live

That wraps up our initial coverage of SanDisk’s Q4 results. Thank you for stopping by!

1 hour ago

Live

SanDisk produced $7.08 billion in free cash flow during the fiscal fourth quarter and $5.04 billion in adjusted free cash flow after accounting for payments and deposits related to its New Business Model agreements.

For the full fiscal year, adjusted free cash flow reached $8.74 billion, compared with just $238 million one year earlier. Cash and cash equivalents finished the year at $4.76 billion.

SanDisk’s board responded by authorizing an additional $14 billion share-repurchase program, bringing its total remaining authorization to $15.5 billion. The massive buyback reflects management’s belief that AI-driven growth in earnings and cash flow can prove durable.

1 hour ago

Live

Artificial intelligence demand is rapidly transforming SanDisk’s business. Data Center revenue reached $2.98 billion during the fiscal fourth quarter, more than doubling sequentially from $1.47 billion.

For the full fiscal year, Data Center revenue skyrocketed 437% to $5.15 billion as SanDisk shifted toward higher-value customers. Edge revenue also jumped 195% to $12.16 billion, while the Consumer segment grew a much slower 29%.

SanDisk has now signed five additional New Business Model agreements since its April earnings call, including three contracts with new customers and two expansions of existing deals.

The company has doubled its announced NBM agreement count to 10 in just a few months, strengthening the case that AI storage demand extends well beyond a single quarter.

1 hour ago

Live

SanDisk’s fiscal fourth-quarter results crushed Wall Street expectations, and management expects the momentum to continue into fiscal 2027.

The company guided for first-quarter revenue between $10.3-$10.8 billion, representing another 15% to 20% sequential increase from the fourth quarter’s $8.97 billion. SanDisk also expects adjusted EPS between $44 and $46, up from $39.25 during the latest quarter.

Adjusted gross margin is projected to be between 83% and 85%, remaining close to the extraordinary 84.6% achieved in Q4. Despite the strong outlook, SanDisk shares initially fell 5%, suggesting investors had already priced in another significant increase in guidance.

2 hours ago

Live

SanDisk just reported earnings, with shares initially falling 5% despite beating expectations. Here are the key numbers:

Revenue: $8.965 billion vs. $8.39 billion expected Adjusted EPS: $39.25 vs. $34.52 expected Quick Read:

SanDisk crushed expectations, beating revenue estimates by 7% and EPS expectations by 14%, but the stock still dropped following the release.

Revenue exploded 372% year over year and 51% sequentially, while EPS climbed 68% from the previous quarter.

2 hours ago

Live

Beyond the bull/bear debate, four wildcards aren’t fully priced in ahead of tonight’s report.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and SanDisk didn't make the cut. Grab the names FREE today.

Under-the-Radar Catalysts Options term structure divergence: Aug 7 calls and puts are near parity at 1.04:1, but Jan 2027 LEAPS show puts dominating calls 3.7:1. Institutional hedging suggests skepticism about margin durability. Kioxia JV concentration: Flash Ventures manufacturing dependence remains a single point of failure; any commentary on Kioxia capacity expansion could pressure NAND ASPs. Tariff and FX exposure: Global manufacturing footprint means trade-policy escalation or dollar swings can compress the guided 78.9% to 80.9% gross margin. Intraday tape: Shares are down 2.94% today with a 69.76-point swing, signaling fragile positioning into the release. 2 hours ago

Live

With SanDisk (NASDAQ:SNDK | SNDK Price Prediction) up 501.41% year-to-date and shares at $1,401.47, the setup is loaded.

Bull Case Datacenter revenue grew 645% YoY last quarter, with guidance calling for $7.75B–$8.25B in Q4 revenue and non-GAAP EPS of $30.00–$33.00. Gross margin expanded to 78.4%, aided by BiCS8 ramp and NBM contracts providing visibility. Polymarket assigns a 94.6% probability of a beat, with 18 Buy ratings. Bear Case Valuation is stretched: market cap near $211.42 billion, P/E of 44. NAND pricing is cyclical; peak margins may not persist. Shares already dropped 18.19% over the past month, signaling fragile positioning. Reddit sentiment swung from 78 to 18 in days, reflecting retail whiplash. 2 hours ago

Live

With SanDisk (NASDAQ:SNDK) reporting after the close and Polymarket odds now at 94.6% for a beat, here’s what to listen for on the call.

Top 5 Analyst Questions How many additional NBM contracts were signed, and can bit coverage exceed 50% of FY27? Is Datacenter growth still tracking mid-70s% for calendar 2026? QLC Stargate ramp progress and hyperscaler qualifications? Pace of the $6 billion buyback? HBF system timing into early-to-mid 2027? Key Topics & Buzzwords Listen for “inflection point,” “structurally higher earnings power,” BiCS8, KV cache, and disciplined supply. Watch fiscal 2027 mix commentary and Kioxia JV cadence. Red Flags Consumer weakness worsening beyond -10% sequential. Guidance merely meeting the $30.00 to $33.00 EPS range. Any softening in NAND pricing language. 2 hours ago

Live

SanDisk reports fiscal fourth-quarter 2026 earnings after the closing bell, with Wall Street expecting adjusted earnings of $34.52 per share on $8.39 billion in revenue.

The biggest questions surround NAND pricing, the company’s growing exposure to data centers, and execution on its NBM contracts. SanDisk’s Data Center revenue soared 645% year over year last quarter, placing the AI memory buildout at the center of tonight’s report.

Prediction-market traders are highly confident, with Polymarket assigning a 98.5% probability that SanDisk beats earnings expectations again.

A strong beat accompanied by a richer fiscal 2027 product mix and additional NBM contracts would strengthen the case that SanDisk has entered an era of structurally higher earnings power. However, guidance merely in-line with expectations could trigger multiple compression following the stock’s extraordinary run.

SanDisk (NASDAQ:SNDK) reports Q4 FY2026 results today after the bell at 4:05 PM ET. Shares sit at $1,419.96 after a 501.41% year-to-date run, making tonight’s earnings report the highest-stakes report since the Western Digital separation.

Momentum Meets Execution Risk Q3 FY26 marked what CEO David Goeckeler called “a fundamental inflection point.” Revenue landed at $5.95 billion, up 251% YoY, while non-GAAP EPS of $23.41 beat consensus by 59.67%.

Gross margin expanded to 78.4% from 22.5% a year earlier, powered by NAND pricing and a Datacenter mix shift. Free cash flow hit $2.99 billion, and the company retired $650 million in debt to reach a zero long-term debt balance sheet. However, shares are down 18.19% over the past month, signaling the bar has moved.

Consensus Estimates Metric Q4 FY26 Estimate Company Guide Revenue $8.39B $7.75B to $8.25B EPS (Non-GAAP) $34.52 $30.00 to $33.00 Non-GAAP Gross Margin n/a 79.0% to 81.0% The Street already sits above management’s own top-line and bottom-line ranges. Consensus embeds continued Datacenter mix leverage and further NAND ASP expansion, leaving little room for in-line results to satisfy investors.

What I’m Watching: Datacenter Mix, NBM Commitments, and Margin Cadence Tonight, I’ll be watching to see whether Datacenter sustains its 233% sequential pace, because that segment now anchors the company’s structural earnings-power thesis. Analysts will also focus on how many of the five signed NBM agreements translate into revenue linearity and whether management adds more customers under firm financial commitments.

Gross margin cadence matters next. Guidance calls for 79.0% to 81.0%, and I want commentary on how pricing holds into FY27 given the structural NAND shortage narrative through 2028. Consumer weakness is worth tracking as well after a 10% sequential decline last quarter.

Management tone on Kioxia, BiCS8 ramp, and share repurchase pacing will shape the post-report reaction. Reddit sentiment flipped bullish only recently, with the “SNDK Holders – we’re so back!!” post gaining traction, while options traders lean neutral with a 0.79 put/call ratio.

Earnings History Quarter EPS Surprise 1-Day Move 1-Week Move 30-Day Move Q3 FY26 +59.67% +5.8% +31.62% +54.3% Q2 FY26 +74.97% +15.44% +3.77% +3.96% Q1 FY26 +37.08% +11.89% +6.13% -2.76% Q4 FY25 +866.67% +2.2% +4.11% +110.98% On average, shares moved +11.24% in the week following earnings over the past year.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and SanDisk didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

(All amounts in U.S. dollars)

TORONTO--(BUSINESS WIRE)--Celestica Inc. (NYSE: CLS) (TSX: CLS) (“Celestica” or the “Company”), a global leader in data center infrastructure and advanced technology solutions, today announced an equity offering totaling $3 billion, in order to fund investments in its business to support unprecedented multi-year demand from its customer base.

Proposed Offering

Celestica today announced a $3 billion treasury offering of common shares. The Company intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the common shares offered.

BofA Securities and Citigroup are acting as joint lead bookrunners (in alphabetical order) and TD Securities is acting as bookrunner for the offering.

Capitalizing on Multi-Year AI Infrastructure Expansion

Driven by robust demand and expanding visibility across the global AI infrastructure buildout, Celestica is announcing a $3 billion equity offering to accelerate its long-term growth strategy. As a critical engineering and manufacturing partner to the world’s leading technology companies, Celestica is investing to capture multi-year growth opportunities across its key markets of high-performance AI compute and data center Ethernet networking.

“We are experiencing accelerating momentum across our business, giving us strong conviction to continue investing behind our capabilities,” said Mandeep Chawla, Chief Financial Officer. “Maintaining a robust capital structure with enhanced balance sheet flexibility is central to executing our long-term strategy, ensuring we can seamlessly scale alongside our customers’ evolving multi-year capital deployment plans.”

“Strong operational execution across both segments, combined with unprecedented demand from our Connectivity & Cloud Solutions (CCS) customers, underscores the significant scale of the AI infrastructure buildout,” said Rob Mionis, Chief Executive Officer. “Our demand outlook is the strongest in the Company’s history, and our multi-year visibility continues to strengthen. Celestica’s market leadership and disciplined execution, fully supported by this transaction, position us to capitalize on this secular growth and deliver long-term shareholder value.”

Use of Proceeds

Net proceeds from the offering are expected to be used for working capital and to support investments in capital expenditures, in addition to other general corporate purposes.

Closing

The closing of the offering is subject to customary closing conditions, including the entering into of an underwriting agreement and the listing of the additional common shares on the New York Stock Exchange and the Toronto Stock Exchange.

About Celestica

Celestica is a technology leader dedicated to driving customer success and market advancements. With deep expertise in design, engineering, manufacturing, supply chain, and platform solutions, Celestica enables critical data center infrastructure for AI, cloud and hybrid cloud, and advances technologies in high-growth markets. With a talented team and a strategic global network, Celestica helps its customers achieve competitive advantages. For more information on Celestica, visit www.celestica.com. Our securities filings can be accessed at www.sedarplus.ca and www.sec.gov.

The information contained on or accessible through www.celestica.com is not incorporated by reference into, and does not form part of, this release.

Registration Statement and Prospectus

Celestica has filed a final base shelf prospectus containing important information relating to the securities described in this press release with the securities regulatory authorities in each of the provinces and territories of Canada. The final base shelf prospectus, any applicable shelf prospectus supplement and any amendment to the documents are accessible through SEDAR+. An automatic shelf registration statement (including a base shelf prospectus) on Form S-3 (File No. 333-285515) has been filed with the U.S. Securities and Exchange Commission (the “SEC”) for the offering to which this press release relates. Before you invest, you should read the prospectus in that registration statement and other documents Celestica has filed with the SEC for more complete information about Celestica. Any offering of these securities will be made only by means of a prospectus and any applicable prospectus supplement. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies of any of the documents may be obtained, without charge, if you request them in Canada from Merrill Lynch Canada Inc., 181 Bay Street-Suite 400, Toronto, Ontario M5J 2V8; Citigroup Global Markets Canada Inc., c/o: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (+1-800-831-9146); or TD Securities Inc., Attention: Symcor, NPM, at 1625 Tech Avenue, Mississauga, ON L4W 5P5, by telephone at (289) 360-2009, or by email at [email protected], or in the United States by contacting BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001 (Attention: Prospectus Department); Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (+1-800-831-9146); or TD Securities (USA) LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at [email protected].

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration and qualification under the securities laws of such state or jurisdiction.

Cautionary Note Regarding Forward-looking Statements

This press release contains forward-looking statements, including, without limitation, those related to: unprecedented multi-year and strengthening demand in our businesses, demand environment, outlook and customer forecasts, multi-year growth opportunities, our anticipated financial and/or operational results, guidance and outlook, including statements with respect to expected revenue growth in 2026 and 2027, developments related to new customer or program wins, anticipated economic conditions, industry and market trends and projections underlying market growth rates, customer demand, prospects and opportunities, and strategic initiatives, maintaining a robust capital structure and enhanced balance sheet flexibility, and the timing of, closing conditions (including listing of the common shares on the NYSE and TSX) to and use of net proceeds of the offering. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “continues,” “projects,” "target," "outlook," "goal," "guidance," “potential,” “possible,” “contemplate,” “seek,” or similar expressions, or may employ such future or conditional verbs as “may,” “might,” “will,” “could,” “should,” or “would,” or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995, where applicable, and for forward-looking information under applicable Canadian securities laws.

Forward-looking statements are provided to assist readers in understanding management’s current expectations and plans relating to the future. Forward-looking statements reflect our current estimates, beliefs and assumptions, which are based on management’s perception of historic trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances, including certain assumptions about: revenue growth in 2026 and 2027 (including continued strengthening of customer demand, close alignment with key customers on demand planning, sustained improvements in demand visibility, and continued strengthening of adjusted operating margins); accelerating growth from our customer base, including our CCS customer base; demand levels across our businesses, including continued growth in demand from data center customers in 2026 and 2027; programs and production ramps occurring and progressing as anticipated in line with expected timelines, specifications, qualification requirements and production schedules, customer decisions, design changes, silicon and component availability, qualification outcomes, deployment timelines and priorities, constraints affecting data center development, construction, equipping or operation, and other technical, commercial, regulatory or supply-chain factors, and our expected role in such programs, including our 800G and 1.6T networking, and AI/machine learning compute programs with data center customers; technology upgrade cycles; our ability to retain programs and customers; continuing operating leverage and improving mix; the impact of anticipated market conditions on our businesses; the reliability of third party market forecasts and customer indications of future demands and roadmaps, including with respect to data center infrastructure; continued advancement and commercialization of AI technologies and cloud computing; supporting sustained high levels of capital expenditure investments by leading hyperscaler, AI, and data center customers; our ability to develop new capabilities; scaling of our operations to meet the anticipated growth in customer demand; the successful recruitment and retention of skilled talent; capital investments proceeding as anticipated, including timely completion of construction and operationalization of assets, securing required materials, utilities, and equipment for our expansion plans; our ability to secure adequate component and materials supply; alignment of our capacity with our business demands; the economy; our customers; our suppliers; tax and interest rates; no material changes to tariffs, trade restrictions, customs administration, or related refund or recovery processes, including developments relating to duties imposed under the International Emergency Economic Powers Act of 1977 and any replacement, continuing or retaliatory tariff measures, compared to what are in effect as of August 5, 2026; that our customers will retain liability for and we will continue to be able to recover substantially all costs from customers relating to product/component tariffs and countermeasures; no material changes in business activities resulting from current macroeconomic trends and uncertainties, including evolving global tariffs, trade negotiations, and geopolitical conflicts; our ability to achieve our strategic goals; the availability of cash from operations to fund planned capital investments; the availability of capital resources for, and the permissibility under our credit facility of, repurchases of outstanding common shares under our current normal course issuer bid; as well as other market, financial and operational assumptions. Readers are cautioned that such information may not be appropriate for other purposes. Readers should not place undue reliance on such forward-looking information.

Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including, among others, risks related to: changing customer capacity roadmaps for 2026 and beyond; realization of the long-term demand outlook; customer and segment concentration; reduction in customer revenue; erosion in customer market competitiveness; changes in revenue mix and margins; uncertain market, industry, political and economic conditions; customer requests to transfer manufacturing of products from one facility to another; changes to policies or legislation; operational challenges (including inventory management, supply chain constraints, and components, materials or supply shortages); volatility in energy and commodity prices; program ramps not progressing as anticipated; the cyclical nature and/or volatility of certain of our businesses; talent management and inefficient employee utilization, including recruiting, training and retaining sufficient qualified personnel in required jurisdictions and within required timeframes; our expansion plans or consolidation of our operations; planned capital expenditures to support anticipated growth in customer demand; competition risk from evolving AI technologies, including lower-cost/open-source AI models; energy, power and water constraints in the data center ecosystem; cash flow, revenue, and operating results; tax and interest rates variability; technology and IT disruption; increasing legal, tax and regulatory complexity and uncertainty (including in relation to our or our customers' businesses); integrating and achieving the anticipated benefits from acquisitions; and the potential adverse impacts of events outside of our control.

For more exhaustive information on the foregoing and other material risks, uncertainties and assumptions, readers should refer to our public filings at www.sedarplus.ca and www.sec.gov, including in our most recent Management's Discussion and Analysis of Financial Condition and Results of Operations, Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed with, or furnished to, the U.S. Securities and Exchange Commission, and the Canadian Securities Administrators, as applicable.

Forward-looking statements speak only as of the date on which they are made, and we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

Payment processing giant Visa recently conducted a brutal layoff of 2,600 jobs — and not even top executives were spared.

The San Francisco-based credit card titan filed a notice with California on July 31 revealing that 320 employees will lose their jobs at its Foster City campus.

The bloodbath hit well beyond rank-and-file workers: The filing shows 37 senior directors are being cut, along with 16 chief engineering and architect positions, as well as dozens of senior software engineers, researchers and other technical employees.

Visa’s recent layoffs eliminated nearly 3,000 jobs, with the cuts affecting top executives making six-figure salaries. Getty Images Six vice presidents also lost their jobs; LinkedIn job postings cited by SFGATE show those VP roles advertised salaries ranging from $235,700 to $458,000, excluding potential sales incentive payments.

The job cuts are part of the wider 2,600-job reduction across the company, around a 7% reduction, Bloomberg reported.

Ryan Mcinerney. “I have deep conviction that we are doing what is right for Visa, our clients and our partners as we continue to focus on driving efficiency across the company in order to reinvest in our highest potential opportunities,” Visa CEO Ryan McInerney wrote.

“To capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work,” he continued. “AI is also helping to accelerate this evolution and shape the way work gets done at Visa.”

Part of the layoff effort could be fueled by Silicon Valley’s artificial intelligence boom, which many companies have turned to as a justification for needing fewer workers.

Visa had only recently announced its $2.4 billion cash acquisition of BioCatch, an Israeli company specializing in AI-powered fraud detection. In an Aug. 3 news release, the acquired company said it will be able to detect fraud through AI analyzing keystrokes, touch gestures and other data.

“The acquisition of BioCatch complements Visa’s existing cyber, fraud, risk, and security solutions and is expected to help clients better protect themselves and their customers,” the news release said.

Visa recently announced its $2.4 billion cash acquisition of BioCatch, an Israeli company specializing in AI-powered fraud detection. REUTERS The fintech space is going through similar layoffs. Mastercard said in January, when it announced it will lay off 4% of its workforce to “refocus investments in other areas.”

The AI boom has had negative consequences for the broader tech sector.

US tech employment had its worst start to the year since 2023, with AI blamed for tens of thousands of brutal job cuts, according to a new report. The first three months of 2026 saw 52,050 tech layoffs — a 40% jump from the same period last year, executive coaching firm Challenger, Gray & Christmas said in a report published earlier in the year.

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EL SEGUNDO, Calif., Aug. 05, 2026 (GLOBE NEWSWIRE) -- Beyond Meat, Inc. (NASDAQ: BYND), otherwise known as Beyond The Plant Protein Company™ (the “Company” or “Beyond Meat”), today reported financial results for its second quarter ended June 27, 2026.

Second Quarter 2026 Financial Highlights1

Net revenues were $68.8 million, a decrease of 8.2% year-over-year.Gross profit was $5.9 million, or gross margin of 8.5%, compared to gross profit of $7.9 million, or gross margin of 10.6%, in the year-ago period. Gross profit and gross margin included $1.6 million in expenses related to the cessation of the Company’s operational activities in China, compared to $1.7 million in the year-ago period. Loss from operations was $30.8 million, or operating margin of -44.8%, compared to loss from operations of $37.5 million, or operating margin of -50.0%, in the year-ago period. Loss from operations included the following charges recorded in operating expenses: $4.7 million in incremental share-based compensation expense related to the Company’s convertible debt exchange; $0.5 million in certain non-routine SG&A expenses; $0.4 million in amortization of costs related to a partial lease termination of a portion of the Company’s campus headquarters building in El Segundo, California (the “Campus Headquarters”); and a credit of $11.0 million reflecting the settlement of arbitration proceedings related to a previously-disclosed contractual dispute with a former co-manufacturer, compared to an expense of $2.5 million in the year-ago period. Net income was $16.4 million, compared to net loss of $(31.8) million in the year-ago period. Net income per share available to common stockholders - basic was $0.03, compared to net loss per share available to common stockholders - basic of $(0.42) in the year-ago period. Net loss per share available to common stockholders - diluted was $(0.06), compared to net loss per share available to common stockholders - diluted of $(0.42) in the year-ago period. The increase in net income was primarily driven by a $57.7 million non-cash gain on debt extinguishment in connection with conversions of a portion of the Company’s 2030 Notes.Adjusted EBITDA was a loss of $27.7 million, or -40.2% of net revenues, compared to an Adjusted EBITDA loss of $24.7 million, or -33.0% of net revenues, in the year-ago period. Beyond Meat President and CEO Ethan Brown commented, “Our second quarter results represent directional progress, with net revenues, gross margin and operating expenses all sequentially improving, and our top line comfortably exceeding the high end of our guidance.”

Brown continued, “We continue to work to stabilize our plant-based meat business, with highlights including growth in international retail and the U.S. retail debut of Beyond Steak Filet, and to build upon this core as we reposition around Beyond The Plant Protein CompanyTM to pursue faster-growing adjacent categories. The exciting launch of Beyond Immerse represents the first output of this expanded aperture, and we expect more to come as we execute our plan to deliver the superpowers of plants to a broadening group of consumers.”

Second Quarter 2026

Net revenues decreased 8.2% to $68.8 million in the second quarter of 2026, compared to $75.0 million in the year-ago period. The decrease in net revenues was primarily driven by a 9.5% decrease in volume of products sold, partially offset by a 1.3% increase in net revenue per pound. The decrease in volume of products sold was primarily driven by lower sales of burger and chicken products to Quick Service Restaurant (“QSR”) customers in the international foodservice channel, and by weak category demand and reduced points of distribution in the U.S. foodservice and retail channels. The increase in net revenue per pound was primarily driven by changes in product sales mix and favorable changes in foreign currency exchange rates, partially offset by higher trade discounts.

U.S. retail channel net revenues decreased 9.9% to $29.6 million in the second quarter of 2026, compared to $32.9 million in the year-ago period. The decrease in U.S. retail channel net revenues was primarily driven by a 5.7% decrease in volume of products sold and a 4.5% decrease in net revenue per pound. The decrease in volume of products sold was primarily driven by weak category demand and reduced points of distribution within certain channels. The decrease in net revenue per pound was primarily driven by higher trade discounts and lower price realization on certain of the Company’s products, partially offset by changes in product sales mix.

U.S. foodservice channel net revenues decreased 27.6% to $8.0 million in the second quarter of 2026, compared to $11.1 million in the year-ago period. The decrease in U.S. foodservice channel net revenues was primarily driven by a 27.4% decrease in volume of products sold and a 0.2% decrease in net revenue per pound. The decrease in volume of products sold was primarily driven by weak category demand and reduced points of distribution. The decrease in net revenue per pound was primarily driven by lower price realization on certain of the Company’s products and higher trade discounts, partially offset by changes in product sales mix.

International retail channel net revenues increased 16.5% to $18.5 million in the second quarter of 2026, compared to $15.9 million in the year-ago period. The increase in international retail channel net revenues was primarily driven by an 8.2% increase in volume of products sold and a 7.7% increase in net revenue per pound. The increase in volume of products sold was primarily driven by higher sales of burger products and chicken products in European markets and the U.K., and increased sales of ground beef products in Canada. The increase in net revenue per pound was primarily driven by price increases of certain of the Company’s products and favorable changes in foreign currency exchange rates, partially offset by higher trade discounts.

International foodservice channel net revenues decreased 16.0% to $12.7 million in the second quarter of 2026, compared to $15.1 million in the year-ago period. The decrease in international foodservice channel net revenues was primarily driven by a 20.4% decrease in volume of products sold, partially offset by a 5.5% increase in net revenue per pound. The decrease in volume of products sold was primarily driven by lower sales of burger and chicken products to certain QSR customers. The increase in net revenue per pound was primarily driven by favorable changes in foreign currency exchange rates and lower trade discounts.

Net revenues by channel (unaudited):

The following table presents the Company's net revenues by channel for the respective periods presented (in thousands, except for percentages):

  Three Months Ended Change Six Months Ended Change  June 27,
2026 June 28,
2025 Amount % June 27,
2026 June 28,
2025 Amount %U.S.:                Retail $29,637 $32,909 $(3,272) (9.9)% $56,191 $64,269 $(8,078) (12.6)%Foodservice  8,005  11,055  (3,050) (27.6)%  14,624  20,468  (5,844) (28.6)%U.S. net revenues  37,642  43,964  (6,322) (14.4)%  70,815  84,737  (13,922) (16.4)%International:                Retail  18,479  15,867  2,612  16.5%  32,188  28,549  3,639  12.7%Foodservice  12,711  15,127  (2,416) (16.0)%  24,036  30,403  (6,367) (20.9)%International net revenues  31,190  30,994  196  0.6%  56,224  58,952  (2,728) (4.6)%Net revenues $68,832 $74,958 $(6,126) (8.2)% $127,039 $143,689 $(16,650) (11.6)%
Volume of products sold by channel (unaudited):

The following table presents consolidated volume of the Company’s products sold in pounds for the respective periods presented (in thousands, except for percentages):

  Three Months Ended Change Six Months Ended Change  June 27,
2026 June 28,
2025 Amount % June 27,
2026 June 28,
2025 Amount %U.S.:                Retail 5,785 6,136 (351) (5.7)% 10,684 11,877 (1,193) (10.0)%Foodservice 1,313 1,809 (496) (27.4)% 2,389 3,387 (998) (29.5)%International:                Retail 3,689 3,410 279  8.2% 6,361 6,074 287  4.7%Foodservice 3,691 4,635 (944) (20.4)% 6,875 9,359 (2,484) (26.5)%Volume of products sold 14,478 15,990 (1,512) (9.5)% 26,309 30,697 (4,388) (14.3)%
Gross profit in the second quarter of 2026 was $5.9 million, or gross margin of 8.5%, compared to gross profit of $7.9 million, or gross margin of 10.6%, in the year-ago period. Gross profit and gross margin in the second quarter of 2026 included $1.6 million in expenses related to the cessation of the Company’s operational activities in China, compared to $1.7 million in the year-ago period. Additionally, gross profit and gross margin in the second quarter of 2026 were negatively impacted by a 3.8% increase in cost of goods sold per pound, partially offset by a 1.3% increase in net revenue per pound. The increase in cost of goods sold per pound primarily reflected increased materials costs and higher manufacturing expenses, including depreciation, which included $1.6 million in expenses related to the cessation of our operational activities in China, partially offset by lower inventory provision.
Operating expenses were $36.7 million in the second quarter of 2026, compared to $45.4 million in the year-ago period. Operating expenses in the second quarter of 2026 included $4.7 million in incremental share-based compensation expense related to the Company’s convertible debt exchange, $0.5 million in certain non-routine SG&A expenses, $0.4 million in amortization of costs related to a partial lease termination of a portion of the Company’s Campus Headquarters, and a credit of $11.0 million reflecting the settlement of arbitration proceedings related to a previously-disclosed contractual dispute with a former co-manufacturer, compared to an expense of $2.5 million in the year-ago period.

Loss from operations in the second quarter of 2026 was $30.8 million, compared to $37.5 million in the year-ago period. The reduction in loss from operations was driven by the decrease in operating expenses, partially offset by the decrease in gross profit.

The following table summarizes certain charges recorded in the Company’s condensed consolidated statement of operations for the second quarter of 2026 (unaudited):

(in thousands)   Three Months Ended
June 27, 2026      Charges recorded in cost of goods sold   Expenses related to cessation of operational activities in China $1,560 Total charges recorded in cost of goods sold   1,560       Charges recorded in operating expenses   Incremental non-cash share-based compensation expense  4,747 Certain non-routine SG&A expenses   467 Amortization of costs related to partial lease termination  387 Settlement related to contractual dispute with former co-manufacturer (11,000)Total charges recorded in operating expenses  (5,399)Total    $(3,839)
Total other income, net, was $47.2 million in the second quarter of 2026, compared to $5.7 million in the year-ago period. The increase in total other income, net, was primarily due to $57.7 million in non-cash gain on debt extinguishment in connection with conversions of a portion of the Company’s 2030 Notes, partially offset by a $4.6 million increase in interest expense and a $3.8 million non-cash loss from the remeasurement of derivative liability.

Net income was $16.4 million in the second quarter of 2026, compared to net loss of $(31.8) million in the year-ago period. Net income per share available to common stockholders - basic was $0.03, compared to net loss per share available to common stockholders - basic of $(0.42) in the year-ago period. Net loss per share available to common stockholders - diluted was $(0.06), compared to net loss per share available to common stockholders - diluted of $(0.42) in the year-ago period. The increase in net income in the second quarter of 2026 was primarily driven by the increase in total other income, net, and the decrease in loss from operations.

Adjusted EBITDA was a loss of $27.7 million, or -40.2% of net revenues, in the second quarter of 2026, compared to an Adjusted EBITDA loss of $24.7 million, or -33.0% of net revenues, in the year-ago period.

Balance Sheet and Cash Flow Highlights

The Company’s cash and cash equivalents balance, including restricted cash, was $186.1 million and total outstanding carrying value of debt, net of debt discount, was $323.8 million as of June 27, 2026, which included the total undiscounted future cash flows of the 2030 Notes recorded at the completion of the Company’s convertible debt exchange. Net cash used in operating activities was $23.2 million in the six months ended June 27, 2026, compared to $58.0 million in the year-ago period. Capital expenditures totaled $4.0 million in the six months ended June 27, 2026, compared to $6.4 million in the year-ago period. Net cash used in investing activities was $2.3 million in the six months ended June 27, 2026, compared to $6.1 million in the year-ago period. Net cash used in financing activities was $6.6 million in the six months ended June 27, 2026, compared to net cash provided by financing activities of $32.3 million in the year-ago period.

Third Quarter 2026 Outlook

The Company continues to experience an elevated level of uncertainty and volatility within its operating environment, which has, and may continue to have, unforeseen impacts on the Company’s actual realized results. In light of this uncertainty, the Company is limiting its outlook to the following:

In the third quarter of 2026, net revenues are expected to be approximately $60 million to $65 million. Conference Call and Webcast

The Company will host a conference call to discuss these results at 5:00 p.m. Eastern, 2:00 p.m. Pacific on Wednesday, August 5, 2026. Investors interested in participating in the live call can dial 412-902-4255. There will also be a simultaneous, live webcast available on the Investors section of the Company’s website at www.beyondmeat.com. The webcast will also be archived.

About Beyond Meat

Beyond Meat, Inc. (NASDAQ: BYND), otherwise known as Beyond The Plant Protein Company™, is a plant protein company offering a portfolio of plant-based products made from simple ingredients without GMOs, no added hormones or antibiotics, and 0 mg of cholesterol per serving. Founded in 2009, Beyond Meat’s core products are designed to have the same taste and texture as animal-based meat while being better for people and the planet. Beyond Meat’s brand promise, Eat What You Love®, represents a strong belief that there is a better way to feed our future and that the positive choices we all make, no matter how small, can have a great impact on our personal health and the health of our planet. By shifting from animal-based protein to plant-based protein, we can positively impact four growing global issues: human health, climate change, constraints on natural resources and animal welfare. Visit www.BeyondMeat.com and follow @BeyondMeat on Facebook, Instagram, Threads and LinkedIn.

Forward-Looking Statements

Certain statements in this release constitute “forward-looking statements" within the meaning of the federal securities laws, including statements related to the Company’s expectations with respect to its third quarter 2026 outlook, its strategic repositioning and expansion into adjacent product categories, and efforts towards sustainable growth and improved financial performance.

Forward-looking statements are based on management's current opinions, expectations, beliefs, plans, objectives, assumptions and projections regarding financial performance, prospects, future events and future results, including ongoing uncertainty related to macroeconomic issues, including high inflation and interest rates, prolonged, weakening demand in the plant-based meat category, ongoing concerns about the likelihood of a recession and increased competition, among other matters, and involve known and unknown risks that are difficult to predict. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “project,” “predict,” “outlook,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. These forward-looking statements are only predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which or whether, such performance or results will be achieved. Actual results, levels of activity, performance, achievements and events could differ materially from those stated, anticipated or implied by such forward-looking statements. While Beyond Meat believes that its assumptions are reasonable, it is very difficult to predict the impact of known factors and, of course, it is impossible to anticipate all factors that could affect actual results. There are many risks and uncertainties that could cause actual results to differ materially from forward-looking statements made herein including, but not limited to: a further decrease in demand, and the underlying factors negatively impacting demand, in the plant-based meat category, including the exacerbation of weakness in the category by macroeconomic trends; the success of our marketing initiatives and the ability to maintain and grow our brand awareness, maintain, protect and enhance our brand, or rebrand altogether, attract and retain new customers and maintain and grow our market share, particularly while we are seeking to reduce our operating expenses; the success of our strategic repositioning to "Beyond The Plant Protein Company," including risks related to brand dilution or confusion, the failure to achieve meaningful consumer acceptance of an expanded portfolio of plant-based protein offerings across multiple categories and adjacencies, and the diversion of management time and financial resources from our existing business or other priorities; changes in the retail landscape, including our ability to maintain and expand our distribution footprint, the timing, success and level of trade and promotion discounts, our ability to maintain and grow market share and increase household penetration, repeat purchases, buying rates (amount spent per buyer) and purchase frequency, our ability to maintain and increase sales velocity of our products, and the timing and success of our efforts to expand distribution channels, such as our direct-to-consumer (DTC) channel, and planned new products or recently launched products; our ability to successfully innovate and commercialize new plant-based protein products, including in adjacent categories outside of our core, meat analog offerings, such as our Beyond Immerse functional beverage line of sparkling plant-based protein drinks, and consumer acceptance of such new products; the sufficiency of our cash and cash equivalents to meet our liquidity needs, including estimates of our expenses, future revenues, capital expenditures and capital requirements; our ability to obtain additional equity and/or debt financing, the terms of any such financing, and our ability to continue to bolster our balance sheet, particularly because we no longer satisfy the eligibility requirements for use of a registration statement on Form S-3 and, as a result, are unable to access our ATM Program; risks associated with our indebtedness, leverage and liquidity relating to our significant debt, including our ability to repay, refinance, equitize (in the case of our 0% Convertible Senior Notes due 2027 (the “2027 Notes”) that remain outstanding) and otherwise satisfy our obligations under each of the Loan and Security Agreement, the 2027 Notes that remain outstanding and our 7.00% Convertible Senior Secured Second Lien PIK Toggle Notes due 2030 (the “2030 Notes” and, together with the 2027 Notes, the “Notes”) issued in the exchange offer related to the 2027 Notes, which was completed on October 30, 2025 (the “Exchange Offer”), and our ability to comply with the covenants in the Loan and Security Agreement and respective indentures governing the Notes; our ability to raise the funds necessary to repurchase the Notes for cash, under certain circumstances, or to pay any cash amounts due under the Notes; the impact of the Exchange Offer on future availability of our pre-change net operating loss carryforwards and other tax attributes to offset our future net taxable income; the annual limitations on utilization of any remaining operating loss and tax credit carryforwards due to ownership change limitations provided by the Internal Revenue Code and similar state tax provisions, and the outcomes of any related audits or examinations; the significant dilution to our stockholders that resulted from the Exchange Offer and the additional dilution that resulted and will continue to result if we continue to exchange any portion of our outstanding Notes for equity, issue shares of our common stock with respect to the 2030 Notes (including any 2030 Notes issued as payment-in-kind interest on such 2030 Notes), including in connection with conversions of the 2030 Notes at our option or at the option of holders, upon equitization of the 2030 Notes, as payment of accrued interest in the form of common stock or in payment of certain make-whole payments on the 2030 Notes, in each case pursuant to the terms of the 2030 Notes, or if the lenders under the Loan and Security Agreement exercise their related warrants to purchase shares of our common stock or if the holders of the Big Geyser, Inc. warrants exercise their related warrants to purchase shares of our common stock; provisions in the respective indentures governing the Notes and in the Loan and Security Agreement delaying or preventing an otherwise beneficial takeover of us; and any adverse impact on our reported financial condition and results from the accounting methods for the Notes; our ability to remediate the existing material weaknesses in our internal control over financial reporting and maintain effective internal control over financial reporting and disclosure controls and procedures; risks and uncertainties related to failures to maintain effective internal control over financial reporting, and related to the identification of errors in our previously issued financial statements, such as those disclosed and corrected in this release, and a potential need to restate financial statements in such instances; market price fluctuations in the price of our common stock, whether due to dilution, adverse business or financial performance or the perception of such adverse performance, failure to meet the Nasdaq continued listing requirement for minimum bid price or other Nasdaq listing requirements and the potential delisting of our common stock, or market and trading dynamics unrelated to our underlying business, operating and financial performance or prospects or macro or industry fundamentals which may not coincide in timing with the disclosure of news or developments by or affecting us, could cause the market price of our common stock to fluctuate dramatically or decline rapidly, regardless of any developments in our business or financial results; the impact of general economic conditions in the U.S. and international markets on us, our customers, our suppliers, our vendors and consumers, including concerns related to inflation, geopolitical and economic uncertainty and instability, a potential recession, the shutdown of the federal government including regulatory agencies, tariffs and trade wars, and the effects of those conditions on consumer spending; the impact of adverse and uncertain political conditions in the U.S. and international markets, such as greater restrictions on free trade through significant increases in tariffs on raw materials, ingredients, finished goods and other products and supplies imported into the United States and increased uncertainty surrounding international trade policy and regulations, trade wars, including through the implementation of retaliatory tariffs or related counter-measures, and the negative effects of anti-American sentiment, the conflict in the Middle East (including with Iran), as well as the impact of inflation and high interest rates on consumer behavior, including higher food, grocery, raw materials, transportation, energy, labor and fuel costs; risks and uncertainties related to identifying and executing our current and future cost-reduction initiatives, cost structure improvements, workforce reductions, executive leadership changes and other organizational changes, including realignment of reporting structures, and the timing and success of continuing to reduce operating expenses and achieving our profitability, cash flow and financial performance objectives; our ability to streamline operations and improve cost efficiencies, which could result in the contraction of our business and the continued implementation of significant cost cutting measures such as further downsizing, consolidating or exiting certain operations, including product lines, domestically and/or abroad; the timing and success of narrowing our commercial focus to certain anticipated growth opportunities; accelerating activities that prioritize gross margin expansion and cash generation, including as part of our review of our global operations initiated in 2023 (“Global Operations Review”); changes to our pricing architecture; cash-accretive inventory reduction initiatives; and further cost-reduction initiatives; our ability to successfully execute our Global Operations Review and any resulting strategic plans, including the exit or discontinuation of select product lines; the impact of non-cash charges such as provision for excess and obsolete inventory and potential additional impairment charges, write-offs, disposals and accelerated depreciation of fixed assets, and losses on sale and write-down of fixed assets and assets held for sale; further optimization of our manufacturing capacity and real estate footprint; workforce reductions; and the cessation of our operational activities in China in 2025; our ability to successfully execute the Transformation Office initiatives including, among other things, positioning the business for a more fundamental resizing of operating expenses, driving margin recovery, including through targeted investments in our facilities and supply chain cost reductions, reducing inventory and associated carrying costs through SKU rationalization and the discontinuation of certain product lines, and preserving cash and monetizing non-strategic or idle assets; our ability to meet our obligations under leases for our corporate offices, manufacturing facilities and warehouses, including matters relating to our Campus Headquarters including, without limitation, the ability to meet our obligations under our Campus Headquarters lease, as amended from time to time (the “Campus Lease”), the impact of workforce reductions or other cost-reduction initiatives on our space demands, the impact of the surrender of a portion of the existing premises, the impact of the sublease of a portion of the existing premises, other efforts to develop, repurpose or consolidate our use of our leased premises, and the timing and success of surrendering, subleasing, assigning or otherwise transferring, developing or repurposing the remaining used or excess leased space or negotiating additional partial lease terminations and/or subleases or other dispositions of our Campus Headquarters on terms advantageous to us or at all, including any additional impairment charges that may result, the amount of which could be material to our consolidated financial statements; reduced consumer confidence and changes in consumer spending, including spending to purchase our products, and negative trends in consumer purchasing patterns due to levels of consumers’ disposable income, credit availability and debt levels, and economic conditions, including due to potential recessionary and inflationary pressures, and geopolitical instability and wars; our inability to properly manage and ultimately sell our inventory in a timely manner, which has in the past and could in the future require us to sell our products through liquidation channels at lower prices, write-down or write-off excess or obsolete inventory, or increase inventory provision; ongoing and persistent declines in demand in the plant-based meat category and for our products, or strategic decisions that result in changes to our product portfolio, including the potential discontinuation of certain product lines through initiatives stemming from our transformation office and program or other strategic measures, which may require us to write-down or write-off excess or obsolete inventories; impairment charges, including due to any future changes in estimates, judgments or assumptions, failure to achieve forecasted operating results, due to weakness in the economic environment, demand for our products or other factors, changes in market conditions and declines in our publicly-quoted stock price and market capitalization, failure to sublease, assign or otherwise transfer any excess space or negotiate additional partial lease terminations and/or subleases or other dispositions of our Campus Headquarters or other facilities on terms advantageous to us or at all, and the cessation of our operational activities in China in 2025; our ability to accurately predict consumer taste preferences, trends and demand and successfully innovate, introduce and commercialize new products, including in new geographic markets; the effects of competitive activity from our market competitors, including through consolidation in the plant-based food industry or vertical consolidation of diversified food businesses with existing plant-based food businesses, and new market entrants, which may include companies with substantially greater financial resources than us; our ability to protect our brand against misinformation about our products and the plant-based meat category, real or perceived quality or health issues with our products, marketing campaigns aimed at generating negative publicity regarding our products and the plant-based meat category, including regarding the nutritional value of our products, and other issues that could adversely affect our brand and reputation; disruption to, and the impact of uncertainty in, our domestic and international supply chain, including labor shortages and disruption, shipping delays and disruption, the impact of tariffs on raw materials, ingredients, finished goods and other products and supplies imported into the U.S., and the impact of cyber incidents at suppliers and vendors; the impact of uncertainty as a result of doing business internationally, including as a result of the cessation of our operational activities in China in 2025; the volatility of or inability to access the capital markets, including due to macroeconomic factors, geopolitical tensions, trade policy uncertainty (including tariffs and retaliatory trade measures), or the outbreak or escalation of hostilities or war—for example, the ongoing war between Russia and Ukraine and the conflict in the Middle East (including with Iran), and their impacts on the surrounding areas and global economy; changes in the foodservice landscape, including the timing, success and level of marketing and other financial incentives to assist in the promotion of our products, our ability to maintain and grow market share and attract and retain new foodservice customers or retain existing foodservice customers, and our ability to introduce and sustain offering of our products on menus; the timing and success of distribution expansion and new product introductions, including the success of our DTC channel, and the timing and success of planned new products or recently launched products in increasing revenues and market share, including the success of our distribution partnership with Big Geyser for Beyond Immerse; our ability to differentiate and continuously create innovative products, respond to competitive innovation and achieve speed-to-market, including the timing and success of planned new products or recently launched products; the timing and success of strategic Quick Service Restaurant (“QSR”) partnership launches and limited time offerings resulting in permanent menu items and our ability to attract and retain QSR and other strategic customers; the outcomes of, and costs related to, legal or administrative proceedings, including any settlements, appeals from initial decisions or other developments in such proceedings, or new legal or administrative proceedings filed against us; foreign currency exchange rate fluctuations; the effectiveness of our business systems and processes; our estimates of the size of our market opportunities and ability to accurately forecast market conditions; our ability to effectively optimize our manufacturing and production capacity, and real estate footprint, including consolidating manufacturing facilities and production lines, exiting co-manufacturing arrangements or entering into new arrangements under terms that are ultimately beneficial to us and effectively managing capacity for specific products with shifts in demand; risks associated with underutilization of capacity which have in the past and could in the future give rise to increased cost of goods sold per pound, underutilization fees, termination fees and other costs to exit certain supply chain arrangements and product lines, and/or the write-down or write-off of certain equipment and other fixed assets and impairment charges, all of which could negatively impact gross margin, driving less leverage on fixed costs and delaying the speed at which cost savings initiatives positively impact our financial results; our ability to accurately forecast our future results of operations and financial goals or targets, including as a result of fluctuations in demand for our products and in the plant-based meat category generally, increased competition, the impact and success of launching new products and new channels, and the impact of broader macroeconomic conditions and market uncertainty; our ability to accurately forecast demand for our products and manage our inventory, including the impact of customer orders ahead of holidays and the timing of customer promotions, shelf reset activities, and price increases as a result of tariffs or otherwise; customer and distributor changes and buying patterns, such as reductions in targeted inventory levels; and supply chain and labor disruptions, including due to the impact of cyber incidents at suppliers and vendors; our operational effectiveness and ability to fulfill orders in full and on time; variations in product selling prices and costs, the timing and success of changes to our pricing architecture, our ability to pass on price increases in full or at all, including due to the impact of tariffs and macroeconomic conditions, and the mix of products sold; our ability to successfully enter new geographic markets, manage our international business and comply with any applicable laws and regulations, including risks associated with doing business in foreign countries, and our ability to comply with the U.S. Foreign Corrupt Practices Act or other anti-corruption laws; the effects of global outbreaks of pandemics, epidemics or other public health crises, or fear of such crises; our ability to attract, maintain and effectively expand our relationships with key strategic foodservice partners; our ability to attract and retain our suppliers, distributors, vendors, co-manufacturers and customers; our ability to procure sufficient high-quality raw materials at competitive prices to manufacture our products; the availability of pea and other proteins and avocado oil that meet our standards; our ability to diversify the protein sources and avocado oil sources used for our products; our ability to successfully execute our strategic initiatives; the volatility associated with ingredient, packaging, transportation and other input costs, including due to the impact of tariffs and rising energy and fuel costs; our ability to keep pace with technological changes impacting the development of our products and implementation of our business needs; significant disruption in, or breach in security of our or our suppliers’ or vendors’ information technology systems, including any inability to detect or timely report any cybersecurity incidents, and resultant interruptions in service and any related impact on our reputation, including data privacy, and any potential impact on our supply chain, including on customer demand, order fulfillment and lost sales, and the resulting timing and/or amount of net revenues recognized; the ability of our transportation providers to ship and deliver our products in a timely and cost-effective manner; senior management and key personnel changes, the attraction, training and retention of qualified employees and key personnel, and our ability to maintain our company culture; risks related to use of a professional employer organization to administer human resources, payroll and employee benefits functions for certain of our international employees, and use of certain third party service providers for the performance of several business operations including payroll, human capital, supply chain optimization, financial reporting and accounting, and certain other management services; the impact of potential workplace hazards; the effects of natural or man-made catastrophic or severe weather events, including events brought on by climate change, particularly involving our or any of our co-manufacturers’ manufacturing facilities, our suppliers’ facilities or any other vital aspects of our supply chain; accounting estimates based on judgment and assumptions that may differ from actual results; changes in laws and government regulation, and their enforcement, affecting our business, including the U.S. Food and Drug Administration (“FDA”) and the U.S. Federal Trade Commission governmental regulation, and state, local and foreign regulation; new or pending legislation, or changes in laws, regulations or policies of governmental agencies or regulators, both in the U.S. and abroad, affecting plant-based meat, the labeling, packaging or naming of our products, including requirements regarding nutrient content claims, our brand name or logo, or the definition of “ultraprocessed” foods or ingredients; the failure of acquisitions and other investments to be efficiently integrated and produce the results we anticipate; risks inherent in investment in real estate; adverse developments affecting the financial services industry, including the potential failure of financial institutions with which we have deposits or other business relationships; the financial condition of, and our relationships with our suppliers, vendors, co-manufacturers, distributors, retailers and foodservice customers, and their future decisions regarding their relationships with us; our ability and the ability of our suppliers, vendors and co-manufacturers to comply with food safety, environmental or other laws or regulations and the impact of any non-compliance on our operations, brand reputation and ability to fulfill orders in full and on time; seasonality, including increased levels of grilling activity and higher levels of purchasing by customers ahead of holidays, customer shelf reset activity and the timing of product restocking by our retail customers; the impact of increased scrutiny from a variety of stakeholders, institutional investors and governmental bodies on environmental, social and governance (“ESG”) practices; our suppliers’ and our co-manufacturers’ ability to protect our proprietary technology, intellectual property and trade secrets adequately; the impact of changes in tax laws; and the risks discussed in Part I, Item 1A, Risk Factors, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) on April 9, 2026, the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 27, 2026 to be filed with the SEC, and those discussed in other documents we file from time to time with the SEC. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. Such forward-looking statements are made only as of the date of this release. Beyond Meat undertakes no obligation to publicly update or revise any forward-looking statement because of new information, future events, changes in assumptions or otherwise, except to the extent required by applicable laws. If the Company does update one or more forward-looking statements, no inference should be made that it will make additional updates with respect to those or other forward-looking statements.

Non-GAAP Financial Measures

The Company refers to certain financial measures that are not recognized under U.S. generally accepted accounting principles (GAAP) in this press release, including: Adjusted loss from operations, Adjusted operating margin, Adjusted net loss, Adjusted net loss per diluted common share, Adjusted EBITDA and Adjusted EBITDA as a % of net revenues. See “Non-GAAP Financial Measures” below for additional information and reconciliations of such non-GAAP financial measures.

Availability of Information on Beyond Meat’s Website and Social Media Channels

Investors and others should note that Beyond Meat routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the Beyond Meat Investor Relations website. The Company also intends to use certain social media channels as a means of disclosing information about it and its products to consumers, and its customers, investors and the public (e.g., @BeyondMeat on Facebook, Instagram, Threads and LinkedIn. The information posted on social media channels is not incorporated by reference in this press release or in any other report or document we file with the SEC. While not all of the information that the Company posts to the Beyond Meat Investor Relations website or to social media accounts is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in Beyond Meat to review the information that it shares at the “Investors” link located at the bottom of the Company’s webpage at https://investors.beyondmeat.com/investor-relations and to sign up for and regularly follow the Company’s social media accounts. Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting “Request Email Alerts” in the “Investors” section of Beyond Meat’s website at https://investors.beyondmeat.com/investor-relations.

Contacts

Media:
Shira Zackai
[email protected]

Investors:
Raphael Gross
[email protected]

Correction of Previously Issued Interim Unaudited Condensed Consolidated Financial Statements

During the fourth quarter and full year 2025 financial close procedures, the Company identified errors in its previously issued interim unaudited condensed consolidated financial statements for the first three quarters of 2025 relating to (i) inventory valuation and (ii) debt issuance costs. The Company determined that the errors identified were immaterial to its previously issued interim unaudited condensed consolidated financial statements for the three and six months ended June 28, 2025 and has corrected these errors prospectively in the interim unaudited condensed consolidated financial statements for the three and six months ended June 28, 2025 in accordance with Accounting Standards Codification 250, “Accounting Changes and Error Corrections.”

As a result, the comparative financial information for the three and six months ended June 28, 2025 included in the unaudited condensed consolidated financial statements and related non-GAAP reconciliations presented herein reflects these corrections and may differ from amounts previously reported in the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 28, 2025.

To assist investors in reconciling amounts previously reported to the “as corrected” amounts presented herein, the Company has included the following tables that summarize the affected line items and totals. Readers should review these tables together with the discussion above, the unaudited condensed consolidated financial statements included herein, and the additional detail in the Company’s Quarterly Report on Form 10‑Q for the quarter ended June 27, 2026, when filed with the SEC.

Condensed Consolidated Statement of Operations (unaudited)      Three Months Ended June 28, 2025  As Previously
Reported Inventory
Valuation Debt
Issuance
Costs As
CorrectedCost of goods sold $66,367  $671  $—  $67,038 Gross profit  8,591   (671)  —   7,920 Selling, general and administrative expenses  37,696   —   1,932   39,628 Total operating expenses  43,503   —   1,932   45,435 Loss from operations  (34,912)  (671)  (1,932)  (37,515)Loss before taxes  (29,183)  (671)  (1,932)  (31,786)Net loss  (29,242)  (671)  (1,932)  (31,845)Net loss per share available to common stockholders—basic and diluted $(0.38) $(0.01) $(0.03) $(0.42) Condensed Consolidated Statement of Operations (unaudited)      Six Months Ended June 28, 2025  As Previously
Reported Inventory
Valuation Debt
Issuance
Costs As
CorrectedCost of goods sold $136,163  $6,531  $—  $142,694 Gross profit  7,526   (6,531)  —   995 Selling, general and administrative expenses  85,368   —   4,242   89,610 Total operating expenses  98,637   —   4,242   102,879 Loss from operations  (91,111)  (6,531)  (4,242)  (101,884)Loss before taxes  (82,088)  (6,531)  (4,242)  (92,861)Net loss  (82,158)  (6,531)  (4,242)  (92,931)Net loss per share available to common stockholders—basic and diluted $(1.08) $(0.08) $(0.06) $(1.22)  Condensed Consolidated Statement of Comprehensive Loss (unaudited)       Three Months Ended June 28, 2025  As Previously
Reported Inventory
Valuation Debt
Issuance
Costs As
CorrectedNet loss $(29,242) $(671) $(1,932) $(31,845)Comprehensive loss $(31,710) $(671) $(1,932) $(34,313)        Condensed Consolidated Statement of Comprehensive Loss (unaudited)       Six Months Ended June 28, 2025  As Previously
Reported Inventory
Valuation Debt
Issuance
Costs As
CorrectedNet loss $(82,158) $(6,531) $(4,242) $(92,931)Comprehensive loss $(85,666) $(6,531) $(4,242) $(96,439)       Condensed Consolidated Cash flows           Six Months Ended June 28, 2025  As Previously
Reported Inventory
Valuation Debt
Issuance
Costs As
CorrectedNet loss $(82,158) $(6,531) $(4,242) $(92,931)Inventories  4,709   6,531   —   11,240 Prepaid expenses and other current assets  (8,473)  —   5,623   (2,850)Net cash used in operating activities  (59,355)  —   1,381   (57,974)         Debt issuance costs  (5,117)  —   (1,381)  (6,498)Net cash provided by financing activities $33,640  $—  $(1,381) $32,259  BEYOND MEAT, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(unaudited)
           Three Months Ended Six Months Ended  June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025Net revenues $68,832  $74,958  $127,038  $143,689 Cost of goods sold  62,959   67,038   119,180   142,694 Gross profit  5,873   7,920   7,858   995 Operating expenses:        Research and development expenses  4,189   5,807   9,409   13,269 Selling, general and administrative expenses  32,490   39,628   70,359   89,610 Total operating expenses  36,679   45,435   79,768   102,879 Loss from operations  (30,806)  (37,515)  (71,910)  (101,884)Other income (expense), net:        Interest expense  (6,571)  (2,002)  (13,303)  (3,026)Remeasurement of delayed draw term loan warrant liability  (76)  —   1,224   — Remeasurement of derivative liability  (3,838)  —   8,053   — Gain on debt extinguishment  57,729   —   63,789   — Other (expense) income, net  (18)  7,731   101   12,049 Total other income, net  47,226   5,729   59,864   9,023 Income (loss) before taxes  16,420   (31,786)  (12,046)  (92,861)Income tax expense  —   —   —   — Equity in losses of unconsolidated joint venture  16   59   32   70 Net income (loss) $16,404  $(31,845) $(12,078) $(92,931)Net income (loss) per share attributable to common stockholders:        Basic $0.03  $(0.42) $(0.03) $(1.22)Diluted  (0.06)  (0.42)  (0.03)  (1.22)Weighted average common shares outstanding        Basic  501,304,934   76,491,594   476,742,903   76,348,524 Diluted  591,868,891   76,491,594   476,742,903   76,348,524  BEYOND MEAT, INC. AND SUBSIDIARIESCondensed Consolidated Balance Sheets(In thousands, except share and per share data)(unaudited)  June 27,
2026
 December 31,
2025
Current assets:    Cash and cash equivalents $171,369  $203,890 Restricted cash, current  5,516   4,350 Accounts receivable, net  25,725   26,060 Inventory  63,127   84,032 Prepaid expenses and other current assets  21,168   13,758 Assets held for sale  8,744   9,394 Total current assets  295,649   341,484 Restricted cash, non-current  9,250   9,291 Property, plant, and equipment, net  201,672   213,262 Operating lease right-of-use assets  4,613   5,661 Prepaid lease costs, non-current  42,503   40,931 Other non-current assets, net  4,675   2,595 Investment in unconsolidated joint venture  1,491   1,523 Total assets $559,853  $614,747 Liabilities and stockholders’ deficit    Current liabilities:    Accounts payable $25,015  $20,525 2027 Notes  29,459   — Current portion of operating lease liabilities  2,162   2,132 Accrued expenses and other current liabilities  12,709   8,975 Accrued litigation expenses  38,900   38,900 Short-term finance lease liabilities  3,998   4,385 Total current liabilities  112,243   74,917 Long-term liabilities:    2027 Notes  —   29,459 2030 Notes, net  208,705   308,404 Delayed draw term loans, net  85,632   77,877 Delayed draw term loan warrants at fair value  3,843   5,066 Operating lease liabilities, net of current portion  3,058   4,059 Finance lease liabilities  74,799   76,590 2030 Notes Embedded Derivative liability at fair value  14,596   39,152 Other long-term liabilities  220   220 Total long-term liabilities  390,853   540,827 (continued on next page)Commitments and contingencies    Stockholders’ deficit:    Preferred stock, par value $0.0001 per share — 500,000 shares authorized, none issued and outstanding  —   — Common stock, par value $0.0001 per share — 3,000,000,000 shares authorized; 515,793,219 shares and 453,688,312 shares issued and outstanding at June 27, 2026 and December 31, 2025, respectively  52   45 Additional paid-in-capital  1,096,070   1,029,308 Accumulated deficit  (1,034,585)  (1,022,507)Accumulated other comprehensive loss  (4,780)  (7,843)Total stockholders’ equity (deficit)  56,757   (997)Total liabilities and stockholders' equity (deficit) $559,853  $614,747  BEYOND MEAT, INC. AND SUBSIDIARIESCondensed Consolidated Statements of Cash Flows(In thousands)(unaudited)  Six Months Ended  June 27,
2026 June 28,
2025Cash flows from operating activities:    Net loss $(12,078) $(92,931)Adjustments to reconcile net loss to net cash used in operating activities:    Depreciation and amortization  13,549   15,682 Non-cash lease expense  985   2,889 Share-based compensation expense  13,919   10,157 Amortization of debt issuance costs and debt discount  3,652   1,970 Loss on sale and write-down of fixed assets  162   223 Equity in losses of unconsolidated joint venture  32   70 Remeasurement of delayed draw term loan warrant liability  (1,224)  — Remeasurement of derivative liability  (8,053)  — Gain on debt extinguishment  (63,789)  — Unrealized losses (gains) on foreign currency transactions  3,093   (11,161)Paid-in-kind interest  6,315   — Net change in operating assets and liabilities:    Accounts receivable  168   (9,291)Inventories  20,580   11,240 Prepaid expenses and other current assets  (8,540)  (2,850)Accounts payable  5,140   25,710 Accrued expenses and other current liabilities  4,006   (3,638)Prepaid lease costs, non-current  (155)  (3,888)Operating lease liabilities  (918)  (2,156)Net cash used in operating activities  (23,156)  (57,974)Cash flows from investing activities:    Purchases of property, plant and equipment  (4,015)  (6,423)Proceeds from sales of fixed assets  1,924   348 Payments of security deposits  (204)  — Net cash used in investing activities  (2,295)  (6,075)Cash flows from financing activities:    Proceeds from delayed draw term loan $—  $40,000 Payments of debt issuance costs  —   (6,498)Principal payments under finance lease obligations  (3,594)  (937)Payments of minimum withholding taxes on net share settlement of equity awards  (3,019)  (312)Net cash (used in) provided by financing activities  (6,613)  32,259 Effect of foreign currency exchange rate changes on cash  668   3,505 Net decrease in cash, cash equivalents and restricted cash  (31,396)  (28,285)Cash, cash equivalents and restricted cash at the beginning of the period  217,531   145,554 Cash, cash equivalents and restricted cash at the end of the period $186,135  $117,269 Supplemental disclosures of cash flow information:    Non-cash investing and financing activities:    Conversion of 2030 Notes by issuance of common stock $54,627  $— Issuance of delayed draw term loan warrants $—  $20,143 Non-cash additions to property, plant and equipment $161  $1,345 Operating lease right-of-use assets obtained in exchange for lease liabilities $83  $2,082 Reclassification of pre-paid lease costs to finance lease right-of-use assets $—  $19,929 Non-cash additions to finance leases $—  $10,091 
Non-GAAP Financial Measures

Beyond Meat uses the non-GAAP financial measures set forth below in assessing its operating performance and in its financial communications. Management believes these non-GAAP financial measures provide useful additional information to investors about current trends in the Company's operations and are useful for period-over-period comparisons of operations. In addition, management uses these non-GAAP financial measures to assess operating performance and for business planning purposes. Management also believes these measures are widely used by investors, securities analysts, rating agencies and other parties in evaluating companies in the Company’s industry as a measure of its operational performance. These non-GAAP financial measures should not be considered in isolation or as substitutes for the comparable GAAP measures. In addition, these non-GAAP financial measures may not be computed in the same manner as similarly titled measures used by other companies.

“Adjusted loss from operations” is defined as loss from operations adjusted to exclude, when applicable, costs attributable to special items, which are those items deemed not to be reflective of the Company’s ongoing normal business activities.

“Adjusted operating margin” is defined as Adjusted loss from operations divided by net revenues.

“Adjusted net loss” is defined as net loss adjusted to exclude, when applicable, costs attributable to special items, which are those items deemed not to be reflective of the Company’s normal business activities.

“Adjusted net loss per diluted common share” is defined as Adjusted net loss divided by the number of diluted common shares outstanding.

The Company considers Adjusted loss from operations, Adjusted operating margin, Adjusted net loss and Adjusted net loss per diluted common share to be useful indicators of operating performance because excluding special items allows for period-over-period comparisons of its ongoing operations. Adjusted net loss per diluted common share is a performance measure and should not be used as a measure of liquidity.

“Adjusted EBITDA” is defined as net income (loss) adjusted to exclude, when applicable, income tax expense (benefit), interest expense, depreciation and amortization expense, share-based compensation expense, non-cash charges related to the cessation of our operational activities in China, costs related to a partial lease termination of a portion of the Campus Headquarters, settlement related to dispute with former co-manufacturer, remeasurement of delayed draw term loan warrant liability, remeasurement of derivative liability, and Other, net, including interest income, gain on debt extinguishment, foreign currency transaction gains and losses, and the reclassification of cumulative foreign currency translation losses from accumulated other comprehensive loss to Other (expense) income, net upon the cessation of our operational activities in China.

“Adjusted EBITDA as a % of net revenues” is defined as Adjusted EBITDA divided by net revenues.

Our definition of Adjusted EBITDA has been updated from the definition used in our 2025 10-K to reflect the following changes: (i) we removed the adjustments for restructuring expenses, non-cash loss from impairment of long-lived assets and gain on debt restructuring, net of exchange fees, as these items related to transactions completed in 2025 and are not expected to recur in 2026; (ii) we removed litigation-related accruals as there were no such accruals in the three and six months ended June 27, 2026 and June 28, 2025; (iii) we removed accrued litigation settlement costs, as the class action settlement was finalized in 2025; (iv) we added settlement related to dispute with former co-manufacturer; and (v) we added gain on debt extinguishment to Other, net, to reflect gains arising from conversions of the 2030 Notes, in the three and six months ended June 27, 2026, and reclassification of cumulative foreign currency translation losses from accumulated other comprehensive loss to Other (expense) income, net upon the cessation of our operational activities in China. These definitional changes had no impact on previously reported Adjusted EBITDA for the comparative period presented, as there were no restructuring expenses, impairment charges, gain on debt restructuring, litigation-related accruals, accrued litigation settlement costs or gain on debt extinguishment in the three and six months ended June 28, 2025.

There are a number of limitations related to the use of Adjusted EBITDA and Adjusted EBITDA as a % of net revenues rather than their most directly comparable GAAP measures. Some of these limitations are:

Adjusted EBITDA excludes depreciation and amortization expense and, although these are non-cash expenses, the assets being depreciated may have to be replaced in the future increasing our cash requirements;Adjusted EBITDA does not reflect interest expense, or the cash required to service our debt, which reduces cash available to us;Adjusted EBITDA does not reflect income tax payments that reduce cash available to us;Adjusted EBITDA does not reflect share-based compensation expense and therefore does not include all of our compensation costs;Adjusted EBITDA excludes the SG&A decrease related to our settlement we received in a legal matter;Adjusted EBITDA does not reflect non-cash charges and reclassification of cumulative foreign currency translation losses from accumulated other comprehensive loss to earnings, related to the cessation of our operational activities in China;Adjusted EBITDA does not reflect certain cash costs related to a partial lease termination of a portion of the Campus Headquarters, which reduces cash available to us;Adjusted EBITDA does not reflect the non-cash impact of the gain on debt extinguishment;Adjusted EBITDA does not reflect the non-cash impact of the remeasurement of delayed draw term loan warrant liability;Adjusted EBITDA does not reflect the non-cash impact of the remeasurement of derivative liability;Adjusted EBITDA does not reflect Other, net, including interest income, gain on debt extinguishment and foreign currency transaction gains and losses, that may increase or decrease cash available to us; andother companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure. The following tables present the reconciliation of Adjusted loss from operations, Adjusted operating margin, Adjusted net loss and Adjusted net loss per common share to their most comparable GAAP measures, loss from operations, loss from operations as a % of net revenues, net income (loss) and net income (loss) per share available to common stockholders—basic, each as reported (unaudited):

 Three Months Ended Six Months Ended(in thousands)June 27,
2026 June 28,
2025 June 27,
2026 June 28,
2025Loss from operations, as reported$(30,806) $(37,515) $(71,910) $(101,884)Non-cash charges related to the cessation of operational activities in China 1,560   1,739   2,106   3,822 Costs related to partial lease termination 387   499   773   499 Settlement related to dispute with former co- manufacturer (11,000)  —   (11,000)  — Adjusted loss from operations$(39,859) $(35,277) $(80,031) $(97,563)Loss from operations as a % of net revenues (44.8)%  (50.0)%  (56.6)%  (70.9)%Adjusted operating margin (57.9)%  (47.1)%  (63.0)%  (67.9)%  Three Months Ended Six Months Ended(in thousands)June 27,
2026 June 28,
2025 June 27,
2026 June 28,
2025Net income (loss), as reported$16,404  $(31,845) $(12,078) $(92,931)Non-cash charges related to the cessation of operational activities in China 1,560   1,739   2,106   3,822 Costs related to partial lease termination 387   499   773   499 Remeasurement of delayed draw term loan warrant liability 76   —   (1,224)  — Remeasurement of derivative liability 3,838   —   (8,053)  — Gain on debt extinguishment (57,729)  —   (63,789)  — Settlement related to dispute with former co- manufacturer (11,000)  —   (11,000)  — Adjusted net loss$(46,464) $(29,607) $(93,265) $(88,610)  Three Months Ended Six Months Ended(in thousands, except share and per share amounts)June 27,
2026 June 28,
2025 June 27,
2026 June 28,
2025Numerator:       Net income (loss), as reported$16,404  $(31,845) $(12,078) $(92,931)Non-cash charges related to the cessation of operational activities in China 1,560   1,739   2,106   3,822 Costs related to partial lease termination 387   499   773   499 Remeasurement of delayed draw term loan warrant liability 76   —   (1,224)  — Remeasurement of derivative liability 3,838   —   (8,053)  — Gain on debt extinguishment (57,729)  —   (63,789)  — Settlement related to dispute with former co- manufacturer$(11,000) $—  $(11,000) $— Adjusted net loss used in computing Adjusted net loss per common share$(46,464) $(29,607) $(93,265) $(88,610)Denominator:       Net income (loss) per share available to common stockholders — basic$0.03  $(0.42) $(0.03) $(1.22)Weighted average common shares outstanding — basic 501,304,934   76,491,594   476,742,903   76,348,524 Weighted average shares used in computing Adjusted net loss per common share 501,304,934   76,491,594   476,742,903   76,348,524 Adjusted net loss per common share$(0.09) $(0.39) $(0.20) $(1.16)
The following table presents the reconciliation of Adjusted EBITDA to its most comparable GAAP measure, net income (loss), as reported, for the respective periods presented (unaudited) (in thousands, except for percentages):

  Three Months Ended Six Months Ended  June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025Net income (loss), as reported $16,404  $(31,845) $(12,078) $(92,931)Income tax expense  —   —   —   — Interest expense  6,571   2,002   13,303   3,026 Depreciation and amortization expense(1)(2)  5,167   6,530   11,443   12,476 Share-based compensation expense  7,398   4,304   13,919   10,157 Non-cash charges related to the cessation of operational activities in China(3)  1,560   1,739   2,106   3,822 Costs related to partial lease termination, net of amounts included in depreciation and amortization expense  —   275   —   275 Remeasurement of delayed draw term loan warrant liability  76   —   (1,224)  — Remeasurement of derivative liability  3,838   —   (8,053)  — Gain on debt extinguishment  (57,729)  —   (63,789)  — Settlement related to dispute with former co-manufacturer  (11,000)  —   (11,000)  — Other, net(4)(5)  18   (7,731)  (101)  (12,049)Adjusted EBITDA $(27,697) $(24,726) $(55,474) $(75,224)Net loss as a % of net revenues  23.8%  (42.5)%  (9.5)%  (64.7)%Adjusted EBITDA as a % of net revenues  (40.2)%  (33.0)%  (43.7)%  (52.4)% _____________

(1)Excludes $1.6 million and $1.7 million in accelerated depreciation and other non-cash charges related to the reassessment of useful lives of certain assets resulting from the cessation of our operational activities in China in the three months ended June 27, 2026, and June 28, 2025, respectively, and $2.1 million and $3.8 million in the six months ended June 27, 2026, and June 28, 2025, respectively.(2)Includes $0.4 million and $0.8 million in amortization of lease termination costs apportioned for the three and six months ended June 27, 2026, respectively, and $0.3 million incurred in the three and six months ended June 28, 2025.(3)Includes $1.6 million and $1.7 million in accelerated depreciation and other non-cash charges related to the reassessment of useful lives of certain assets resulting from the cessation of our operational activities in China in the three months ended June 27, 2026, and June 28, 2025, respectively, and $2.1 million and $3.2 million, respectively, and $0 and $0.6 million in inventory and asset write-offs related to the cessation of operational activities in China in the six months ended June 27, 2026, and June 28, 2025, respectively.(4)Includes $(1.8) million and $7.5 million in net realized and unrealized foreign currency transaction (losses) gains in the three months ended June 27, 2026 and June 28, 2025, respectively and $(3.1) million and $11.0 million in net realized and unrealized foreign currency transaction (losses) gains in the six months ended June 27, 2026 and June 28, 2025, respectively.(5)Includes $1.5 million and $0.5 million in interest income in the three months ended June 27, 2026 and June 28, 2025, respectively, and $3.0 million and $1.4 million in interest income in the six months ended June 27, 2026 and June 28, 2025, respectively. ____________________

1 This release includes references to non-GAAP financial measures. Refer to “Non-GAAP Financial Measures” later in this release for the definitions of the non-GAAP financial measures presented and a reconciliation of these measures to their closest comparable GAAP measures.

The MetLife Inc building is seen in Manhattan, New York, U.S., December 7, 2021. REUTERS/Andrew Kelly Purchase Licensing Rights, opens new tab

CompaniesAug 5 (Reuters) - Life insurer MetLife (MET.N), opens new tab posted a jump in second-quarter adjusted profit on Wednesday, powered by strong underwriting ​and broad volume growth, with standout results ‌in Asia and Latin America.

The industry has continued to benefit from resilient demand, robust sales growth and disciplined underwriting, while ​elevated interest rates have lifted investment returns.

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MetLife ​said premiums, fees and other revenue increased 7% ⁠in the second quarter to $13.7 billion.

This typically reflects ​the income insurers earn from selling insurance policies, annuities ​and related financial products.

Group benefits, which include employer-sponsored insurance products, posted a 25% increase in adjusted profit to $503 million.

Asia adjusted ​earnings grew 21% in the quarter, on a ​reported basis, while Latin America logged a 15% increase.

"This quarter further ‌reinforces ⁠our ability to create value for shareholders across cycles," CEO Michel Khalaf said in a statement.

The company's second-quarter net investment income surged 18% to $6.7 billion.

Insurers typically ​generate investment ​income by ⁠investing premiums they collect, primarily in bonds and other low-risk assets.

MetLife said adjusted ​earnings per share rose 20% to $2.43 in ​the ⁠three months ended June 30.

Founded in 1868, MetLife operates in more than 40 markets and is one of ⁠the ​world's largest life insurers, offering insurance, ​annuities, employee benefits and asset management services to individuals and institutions.

Reporting ​by Manya Saini in Bengaluru; Editing by Sriraj Kalluvila

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

Second Quarter Performance Reflected Improving Market Stability and Continued Execution to Strengthen Goodyear's Competitive Position

Second Quarter 2026 Highlights
Net sales of $4.3 billion, decreasing 4.8% YoY; down 1.4% organically as a result of lower volumes

Tire unit volume of 36.5 million units, decreasing 4.0% YoY, improving from a 12% YoY decline during the first quarter as destocking pressure moderated and market conditions showed more stability

Goodyear OE volumes and market share grew across both consumer and commercial in each region, reflecting the strength of the product portfolio and supporting long-term replacement demand

Segment operating income of $36 million; strong results in Asia Pacific and improvement in EMEA offset by moderating headwinds in the Americas

Goodyear Forward delivered $95 million of benefits; manufacturing footprint optimization is underway with recently announced action providing ~$270 million in expected annual savings by 2028

, /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ:GT) reported second quarter 2026 results today and the company will host an investor call tomorrow morning, Thursday, August 6, at 8:30 a.m. Eastern time led by Mark Stewart, Goodyear's chief executive officer and president, and Scott Deakin, the company's interim executive vice president and chief financial officer.

"We delivered second quarter results in line with our expectations, reflecting continued improvement in Asia Pacific and EMEA," said Stewart. "We're taking actions to improve performance in a competitive environment by strengthening our product lineup, building on original equipment growth across regions, and optimizing our manufacturing footprint. These actions are designed to strengthen our competitive position and deliver stronger profitability over time."

Financial Results
Goodyear's second quarter 2026 net sales were $4.3 billion, with tire unit volumes totaling 36.5 million. After adjusting for the impact of the sales of its Chemical business and the Dunlop brand of $153 million, organic net sales decreased 1.4% as a result of lower tire unit volume.

Second quarter 2026 Goodyear net loss was $204 million, or $0.71 per share, compared to Goodyear net income one year ago of $254 million, or $0.87 per share. Second quarter 2026 included several significant items, including, on a pre-tax basis, rationalization charges of $29 million. This significant item, and others, are excluded from adjusted earnings.

Second quarter 2026 adjusted net loss was $177 million, compared to adjusted net loss of $48 million in the prior year's quarter. Adjusted loss per share was $0.61, compared to an adjusted loss per share of $0.17 in the prior year's quarter. Per share amounts are diluted.

Segment Results
The company reported segment operating income of $36 million in the second quarter of 2026, compared to $159 million from one year ago.

After adjusting for the sales of its Chemical business and the Dunlop brand, segment operating income decreased $79 million. The decrease in segment operating income reflects the impact of lower volume of $132 million, higher tariffs and other costs of $100 million, and inflation of $53 million, partially offset by favorable price/mix versus raw material costs of $123 million and $95 million of benefits from Goodyear Forward.

Additional earnings materials can be found on Goodyear's investor relations website at http://investor.goodyear.com. 

Reconciliation of Non-GAAP Financial Measures
See "Non-GAAP Financial Measures" and "Financial Tables" for further explanation and reconciliation tables for historical Total Segment Operating Income and Margin; Adjusted Net Income (Loss); and Adjusted Diluted Earnings per Share, reflecting the impact of certain significant items on the 2026 and 2025 periods. Organic earnings measures exclude the impact of divestitures; see "Non-GAAP Financial Measures" for additional details.

Business Segment Results

AMERICAS

Second Quarter

Six Months

(In millions)

2026

2025

2026

2025

Tire Units

17.4

19.1

32.7

37.5

Net Sales

$2,382

$2,662

$4,445

$5,164

Segment Operating Income (Loss) 

$(10)

$141

$27

$296

Segment Operating Margin

(0.4 %)

5.3 %

0.6 %

5.7 %

Americas' second quarter 2026 net sales of $2.4 billion were 10.5% lower than the previous year, driven by a decline in consumer replacement volume and the sale of the Chemical business. Tire unit volume decreased 8.7%. Replacement tire unit volume decreased 13.0%, reflecting planned rationalization of lower-tier product offerings, lower industry sell-in volume in North America, and increased competition. Original Equipment (OE) tire unit volume increased 8.7%, reflecting market share gains.

Segment operating loss was $10 million, decreasing from $141 million in income last year. Excluding the impact of the sale of the Chemical business, Americas' segment operating income decreased $118 million driven by the impact of lower volume, inflation and other costs, partially offset by Goodyear Forward benefits and price/mix versus raw materials.

In July, the company announced the planned closure of its Fayetteville, North Carolina, facility as part of its strategy to align its footprint with its evolving product portfolio and improve the competitiveness of its manufacturing network in the Americas. This action is expected to generate approximately $90 million of Americas SOI improvement in 2027 and approximately $270 million annually beginning in 2028. Total pre-tax charges are expected to be between $535 million and $565 million, including $190 million to $210 million of cash costs, with the action expected to be substantially completed by the end of 2027.

EMEA

Second Quarter

Six Months

(In millions)

2026

2025

2026

2025

Tire Units

11.2

11.3

22.4

23.6

Net Sales

$1,372

$1,344

$2,735

$2,621

Segment Operating Income (Loss)

$(17)

$(25)

$(16)

$(30)

Segment Operating Margin

(1.2) %

(1.9) %

(0.6 %)

(1.1) %

EMEA's second quarter 2026 net sales of $1.4 billion increased 2.1% from second quarter 2025, driven by benefits from price/mix and currency, partly offset by lower tire volume, inclusive of the sale of the Dunlop brand. Replacement unit volume decreased 7.1%, driven by consumer market softness, increased competition and the planned rationalization of lower-tier product offerings. OE tire unit volume increased 8.3%, reflecting the tenth consecutive quarter of consumer market share gains.

Second quarter segment operating loss was $17 million, improving $8 million from the prior year. Excluding the impact of the sale of the Dunlop brand, EMEA's segment operating income increased $20 million driven by benefits from price/mix versus raw materials and Goodyear Forward, partly offset by higher costs, inflation and the impact of lower volume.

ASIA PACIFIC

Second Quarter

Six Months

(In millions)

2026

2025

2026

2025

Tire Units

7.9

7.5

15.4

15.3

Net Sales

$496

$459

$951

$933

Segment Operating Income 

$63

$43

$120

$88

Segment Operating Margin

12.7 %

9.4 %

12.6 %

9.4 %

Asia Pacific's second quarter 2026 net sales of $496 million were 8.1% higher than the previous year, as a result of higher volume and price/mix benefits. Tire unit volume increased 5.3%. Replacement volume increased 6.4% driven by higher consumer demand. OE volume increased 4.2% driven by growth primarily in China and Japan, reflecting consumer OE market share gains.

Second quarter 2026 segment operating income of $63 million was $20 million higher than the prior year driven by benefits from price/mix versus raw materials, Goodyear Forward and higher volume.

Conference Call
The company will host an investor call on Thursday, August 6, 2026, at 8:30 a.m. Eastern time. Please visit Goodyear's investor relations website: http://investor.goodyear.com, for additional earnings materials.

The investor call can be accessed on the website or via telephone by calling either (833) 419-0865 or (785) 838-9333 before 8:25 a.m. Eastern time and providing the conference ID "Goodyear." A replay will be available by calling (800) 723-1517 or (402) 220-2659. The replay will also be available on Goodyear's investor relations website.

About Goodyear
Goodyear is one of the world's largest tire companies. It employs about 63,000 people and manufactures its products in 48 facilities in 19 countries around the world. Its two Innovation Centers in Akron, Ohio, and Colmar-Berg, Luxembourg, strive to develop state-of-the-art products and services that set the technology and performance standard for the industry. For more information about Goodyear and its products, go to www.goodyear.com/corporate. 

Forward-Looking Statements
Certain information contained in this news release constitutes forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. There are a variety of factors, many of which are beyond our control, that affect our operations, performance, business strategy and results and could cause our actual results and experience to differ materially from the assumptions, expectations and objectives expressed in any forward-looking statements. These factors include, but are not limited to: our ability to implement successfully our strategic initiatives; actions and initiatives taken by both current and potential competitors; increases in the prices paid for raw materials and energy; inflationary cost pressures; delays or disruptions in our supply chain or the provision of services to us; a prolonged economic downturn or period of economic uncertainty; deteriorating economic conditions or an inability to access capital markets; a labor strike, work stoppage, labor shortage or other similar event; financial difficulties, work stoppages, labor shortages or supply disruptions at our suppliers or customers; the adequacy of our capital expenditures; changes in tariffs, trade agreements or trade restrictions; uncertainty regarding the timing and amount of any IEEPA tariff refund; foreign currency translation and transaction risks; our failure to comply with a material covenant in our debt obligations; potential adverse consequences of litigation involving the company; as well as the effects of more general factors such as changes in general market, economic or political conditions or in legislation, regulation or public policy. Additional factors are discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.

Non-GAAP Financial Measures (unaudited)
This news release presents non-GAAP financial measures, including Total Segment Operating Income and Margin, Adjusted Net Income (Loss), Adjusted Diluted Earnings Per Share (EPS), and organic earnings measures, which are important financial measures for the company but are not financial measures defined by U.S. GAAP, and should not be construed as alternatives to corresponding financial measures presented in accordance with U.S. GAAP.

Total Segment Operating Income is the sum of the individual strategic business units' (SBUs') Segment Operating Income as determined in accordance with U.S. GAAP. Total Segment Operating Margin is Total Segment Operating Income divided by Net Sales as determined in accordance with U.S. GAAP. Management believes that Total Segment Operating Income and Margin are useful because they represent the aggregate value of income created by the company's SBUs and exclude items not directly related to the SBUs for performance evaluation purposes. The most directly comparable U.S. GAAP financial measures to Total Segment Operating Income and Margin are Goodyear Net Income (Loss) and Return on Net Sales (which is calculated by dividing Goodyear Net Income (Loss) by Net Sales).

Adjusted Net Income (Loss) is Goodyear Net Income (Loss) as determined in accordance with U.S. GAAP adjusted for certain significant items. Adjusted Diluted Earnings Per Share (EPS) is the company's Adjusted Net Income (Loss) divided by Weighted Average Shares Outstanding-Diluted as determined in accordance with U.S. GAAP. Management believes that Adjusted Net Income (Loss) and Adjusted Diluted Earnings Per Share (EPS) are useful because they represent how management reviews the operating results of the company excluding the impacts of rationalizations, asset write-offs, accelerated depreciation, discrete tax items, impairments, asset sales and certain other significant items.

Organic earnings measures, including organic Net Sales growth, are non-GAAP financial measures that exclude the direct impacts of the divestitures of the Dunlop brand and Chemical business from year-over-year comparisons. We believe these measures provide investors with a supplemental understanding of underlying earnings trends by providing comparisons on a constant basis. We completed the sale of the Dunlop brand and our Chemical business in May 2025 and October 2025, respectively.

It should be noted that other companies may calculate similarly-titled non-GAAP financial measures differently and, as a result, the measures presented herein may not be comparable to such similarly-titled measures reported by other companies. See the following tables for reconciliations of historical Total Segment Operating Income and Margin, Adjusted Net Income (Loss) and Adjusted Diluted Earnings Per Share to the most directly comparable U.S. GAAP financial measures.

The Goodyear Tire & Rubber Company and Subsidiaries

Financial Tables (Unaudited)

Table 1: Consolidated Statements of Operations

Three Months Ended

Six Months Ended

June 30,

June 30,

(In millions, except per share amounts)

2026

2025

2026

2025

Net Sales

$ 4,250

$ 4,465

$ 8,131

$ 8,718

Cost of Goods Sold

3,569

3,705

6,757

7,218

Selling, Administrative and General Expense

703

692

1,371

1,342

Rationalizations

29

59

133

140

Interest Expense

105

112

200

227

Other (Income) Expense

22

31

31

56

Net (Gain) Loss on Asset Sales

(17)

(439)

(20)

(701)

Income (Loss) before Income Taxes

(161)

305

(341)

436

United States and Foreign Tax Expense

46

24

112

37

Net Income (Loss)

(207)

281

(453)

399

Less: Minority Shareholders' Net Income (Loss)

(3)

27

—

30

Goodyear Net Income (Loss)

$  (204)

$   254

$ (453)

$   369

Goodyear Net Income (Loss) — Per Share of Common Stock

Basic

$ (0.71)

$  0.88

$ (1.57)

$  1.28

Weighted Average Shares Outstanding

289

287

289

287

Diluted

$ (0.71)

$  0.87

$ (1.57)

$  1.27

Weighted Average Shares Outstanding

289

290

289

290

Table 2: Consolidated Balance Sheets

June 30,

December 31,

(In millions, except share data)

2026

2025

Assets:

Current Assets:

     Cash and Cash Equivalents

$             861

$             801

Accounts Receivable, less Allowance — $84 ($89 in 2025)

2,728

2,341

     Inventories:

          Raw Materials

633

616

          Work in Process

193

195

          Finished Products

3,090

2,761

3,916

3,572

     Assets Held for Sale

—

58

     Prepaid Expenses and Other Current Assets

407

446

          Total Current Assets

7,912

7,218

Goodwill

44

42

Intangible Assets

651

663

Deferred Income Taxes

352

348

Other Assets

1,121

1,096

Operating Lease Right-of-Use Assets

972

998

Property, Plant and Equipment, less Accumulated Depreciation — $12,400 ($12,390 in 2025)

7,598

7,843

          Total Assets

$          18,650

$           18,208

Liabilities:

Current Liabilities:

     Accounts Payable — Trade

$            3,878

$            3,879

     Compensation and Benefits

575

578

     Other Current Liabilities

1,215

1,259

     Notes Payable and Overdrafts

359

506

     Operating Lease Liabilities due Within One Year

191

196

     Long Term Debt and Finance Leases due Within One Year

1,059

364

          Total Current Liabilities

7,277

6,782

     Operating Lease Liabilities

832

862

     Long Term Debt and Finance Leases

5,772

5,328

     Compensation and Benefits

765

787

     Deferred Income Taxes

102

105

     Other Long Term Liabilities

901

941

          Total Liabilities

15,649

14,805

Commitments and Contingent Liabilities

Shareholders' Equity:

Goodyear Shareholders' Equity:

     Common Stock, no par value:

Authorized, 450 million shares, Outstanding shares — 288 million in 2026 (286 million in 2025)

288

286

     Capital Surplus

3,178

3,175

     Retained Earnings

2,907

3,360

     Accumulated Other Comprehensive Loss

(3,534)

(3,588)

          Goodyear Shareholders' Equity

2,839

3,233

Minority Shareholders' Equity — Nonredeemable

162

170

          Total Shareholders' Equity

3,001

3,403

          Total Liabilities and Shareholders' Equity

$          18,650

$           18,208

Table 3: Consolidated Statements of Cash Flows

Six Months Ended

June 30,

(In millions)

2026

2025

Cash Flows from Operating Activities:

Net Income (Loss)

$            (453)

$             399

     Adjustments to Reconcile Net Income (Loss) to Cash Flows from Operating Activities:

          Depreciation and Amortization

474

544

          Amortization and Write-Off of Debt Issuance Costs

6

10

          Provision for Deferred Income Taxes

(8)

(55)

          Net Pension Curtailments and Settlements

—

4

          Net Rationalization Charges

133

140

          Rationalization Payments

(123)

(204)

          Net (Gain) Loss on Asset Sales

(20)

(701)

          Operating Lease Expense

150

159

          Operating Lease Payments

(137)

(141)

          Pension Contributions and Direct Payments

(22)

(53)

     Changes in Operating Assets and Liabilities, Net of Asset Acquisitions and Dispositions:

          Accounts Receivable

(340)

(498)

          Inventories

(340)

(512)

          Accounts Payable — Trade

60

(59)

          Compensation and Benefits

39

2

          Other Current Liabilities

(21)

312

          Other Assets and Liabilities

(18)

(65)

     Total Cash Flows from Operating Activities

(620)

(718)

Cash Flows from Investing Activities:

          Capital Expenditures

(342)

(466)

          Asset Dispositions

3

1,328

          Other Transactions

—

(25)

     Total Cash Flows from Investing Activities

(339)

837

Cash Flows from Financing Activities:

          Short Term Debt and Overdrafts Incurred

362

557

          Short Term Debt and Overdrafts Paid

(506)

(632)

          Long Term Debt Incurred

5,803

8,888

          Long Term Debt Paid

(4,630)

(8,925)

          Other Transactions

(9)

5

     Total Cash Flows from Financing Activities

1,020

(107)

Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash

(6)

26

     Net Change in Cash, Cash Equivalents and Restricted Cash

55

38

Cash, Cash Equivalents and Restricted Cash at Beginning of the Period

910

864

     Cash, Cash Equivalents and Restricted Cash at End of the Period

$             965

$             902

Table 4: Reconciliation of Segment Operating Income & Margin

Three Months Ended

Six Months Ended

June 30,

June 30,

(In millions)

2026

2025

2026

2025

Total Segment Operating Income

$       36

$     159

$     131

$     354

     Less:

          Rationalizations

29

59

133

140

          Interest Expense

105

112

200

227

          Other (Income) Expense

22

31

31

56

          Net (Gain) Loss on Asset Sales

(17)

(439)

(20)

(701)

          Asset Write-Offs, Accelerated Depreciation, and Accelerated Lease Costs, net

—

41

16

87

          Corporate Incentive Compensation Plans

8

20

31

36

          Retained Expenses of Divested Operations

3

1

6

3

          Other

47

29

75

70

Income (Loss) before Income Taxes

$    (161)

$     305

$    (341)

$     436

United States and Foreign Tax Expense

46

24

112

37

Less: Minority Shareholders' Net Income (Loss)

(3)

27

—

30

Goodyear Net Income (Loss)

$    (204)

$     254

$    (453)

$     369

Net Sales

$  4,250

$  4,465

$  8,131

$  8,718

Return on Net Sales

(4.8) %

5.7 %

(5.6) %

4.2 %

Total Segment Operating Margin

0.8 %

3.6 %

1.6 %

4.1 %

Table 5: Reconciliation of Adjusted Net Income (Loss) and Adjusted Diluted Earnings Per Share

Second Quarter 2026

(In millions, except per share amounts)

As Reported

Rationalizations,
Asset Write-offs,
Accelerated
Depreciation and
Leases

Colombia
Labor Strike

Indirect Tax
Settlements
and Discrete
Tax Items

Asset and
Other Sales

As Adjusted

Net Sales

$     4,250

$              —

$         —

$          —

$          —

$        4,250

Cost of Goods Sold

3,569

—

(7)

—

—

3,562

Gross Margin

681

—

7

—

—

688

SAG

703

—

—

—

—

703

Rationalizations

29

(29)

—

—

—

—

Interest Expense

105

—

—

—

—

105

Other (Income) Expense

22

—

—

—

—

22

Net (Gain) Loss on Asset Sales

(17)

—

—

—

17

—

Pre-tax Income (Loss)

(161)

29

7

—

(17)

(142)

Taxes

46

—

—

(5)

(3)

38

Minority Interest

(3)

—

—

—

—

(3)

Goodyear Net Income (Loss)

$     (204)

$              29

$           7

$           5

$        (14)

$         (177)

EPS

$    (0.71)

$           0.10

$      0.02

$      0.02

$     (0.04)

$        (0.61)

Second Quarter 2025

(In millions, except per share amounts)

As Reported

Rationalizations,
Asset Write-offs,
Accelerated
Depreciation
and Leases

Goodyear
Forward and
Other
Transaction
Costs

Indirect Tax
Settlements
and
Discrete Tax
Items

Asset and
Other Sales

As
Adjusted

Net Sales

$    4,465

$              —

$           —

$        —

$          —

$    4,465

Cost of Goods Sold

3,705

(40)

—

—

—

3,665

Gross Margin

760

40

—

—

—

800

SAG

692

(1)

(3)

—

—

688

Rationalizations

59

(59)

—

—

—

—

Interest Expense

112

—

—

—

—

112

Other (Income) Expense

31

—

(2)

—

—

29

Net (Gain) Loss on Asset Sales

(439)

—

—

—

439

—

Pre-tax Income (Loss)

305

100

5

—

(439)

(29)

Taxes

24

8

2

4

(21)

17

Minority Interest

27

—

—

—

(25)

2

Goodyear Net Income (Loss)

$     254

$             92

$            3

$          (4)

$      (393)

$       (48)

EPS

$    0.87

$          0.33

$       0.01

$     (0.02)

$     (1.36)

$    (0.17)

Six Months 2026

(In millions, except  per share amounts)

As Reported

Rationalizations,
Asset Write-offs,
Accelerated
Depreciation
and Leases

Indirect Tax
Settlements and
Discrete Tax Items

Colombia
Labor Strike

Asset and
Other Sales

As Adjusted

Net Sales

$     8,131

$              —

$              —

$          —

$          —

$        8,131

Cost of Goods Sold

6,757

(15)

(8)

(7)

—

6,727

Gross Margin

1,374

15

8

7

—

1,404

SAG

1,371

(1)

—

—

—

1,370

Rationalizations

133

(133)

—

—

—

—

Interest Expense

200

—

—

—

—

200

Other (Income) Expense

31

—

—

—

—

31

Net (Gain) Loss on Asset Sales

(20)

—

—

—

20

—

Pre-tax Income (Loss)

(341)

149

8

7

(20)

(197)

Taxes

112

8

(25)

—

(3)

92

Minority Interest

—

1

—

—

—

1

Goodyear Net Income (Loss)

$     (453)

$            140

$               33

$           7

$        (17)

$         (290)

EPS

$    (1.57)

$           0.48

$            0.12

$      0.02

$     (0.05)

$        (1.00)

Six Months 2025

(In millions, except per share amounts)

As Reported

Rationalizations,
Asset Write-offs,
Accelerated
Depreciation
and Leases

Goodyear
Forward and
Other
Transaction
Costs

Pension
Settlement
Charges

Indirect Tax
Settlements
and
Discrete Tax
Items

Asset and
Other Sales

As
Adjusted

Net Sales

$    8,718

$             —

$           —

$           —

$           —

$           —

$     8,718

Cost of Goods Sold

7,218

(83)

—

—

—

—

7,135

Gross Margin

1,500

83

—

—

—

—

1,583

SAG

1,342

(4)

(5)

—

—

—

1,333

Rationalizations

140

(140)

—

—

—

—

—

Interest Expense

227

—

—

—

—

—

227

Other (Income) Expense

56

—

(6)

(4)

—

—

46

Net (Gain) Loss on Asset Sales

(701)

—

—

—

—

701

—

Pre-tax Income (Loss)

436

227

11

4

—

(701)

(23)

Taxes

37

30

3

1

5

(46)

30

Minority Interest

30

1

—

—

—

(25)

6

Goodyear Net Income (Loss)

$     369

$           196

$            8

$           3

$          (5)

$      (630)

$       (59)

EPS

$    1.27

$          0.69

$       0.03

$      0.01

$     (0.02)

$     (2.19)

$    (0.21)

SOURCE The Goodyear Tire & Rubber Company