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Vertex’s Crinetics Deal Balances Growth with Integration RiskVertex Pharmaceuticals NASDAQ: VRTX reported second-quarter 2026 revenue growth of 12% year over year to $3.3 billion, driven by continued growth in its cystic fibrosis franchise and rising contributions from newer products CASGEVY and JOURNAVX.

Chief Executive Officer and President Reshma Kewalramani said the company made progress across commercial operations, clinical development and regulatory activities during the quarter. Vertex raised its full-year revenue guidance to $13.1 billion to $13.2 billion, while maintaining its expectation that non-cystic-fibrosis products will generate at least $500 million in 2026 revenue.

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Cystic Fibrosis Franchise Continues to Expand CRISPR Therapeutics Gains After Earnings as Pipeline Hope GrowsGlobal cystic fibrosis revenue increased 11% from a year earlier, supported by uptake of ALYFTREK and continued performance from TRIKAFTA. Chief Commercial Officer Duncan McKechnie said ALYFTREK surpassed $1 billion in revenue during the first half of 2026.

In the U.S., ALYFTREK growth included patients new to therapy, patients returning to therapy and patients switching from TRIKAFTA. McKechnie said most ALYFTREK revenue continued to come from patients switching from TRIKAFTA. In Germany and the United Kingdom, more than one-third of eligible cystic fibrosis patients are now using ALYFTREK, according to the company.

How Royalty Pharma Prints Cash Without Biotech's Biggest RisksVertex has initiated global regulatory submissions for ALYFTREK in children ages 2 to 5 and is progressing submissions for TRIKAFTA in patients ages 1 to 2. The company expects data in the second half of 2026 from VX-828, its next-generation 3.0 CFTR modulator. Kewalramani said Vertex will advance future CF candidates only if they show potential to surpass ALYFTREK on measures including the number of patients reaching sweat chloride levels below 30 millimoles per liter, along with once-daily dosing and favorable drug-interaction properties.

CASGEVY and JOURNAVX Gain Momentum CASGEVY generated $76 million in second-quarter revenue, representing approximately 75% sequential growth and more than 150% growth from the prior year, McKechnie said. The company reported more CASGEVY infusions in the first half of 2026 than in all of 2025 and said the second quarter marked the third consecutive quarter with more than 100 patient initiations.

The FDA approved CASGEVY for children as young as 2 with sickle cell disease and beta thalassemia last month. Vertex said the approval came 53 days after filing and that its first pediatric patient had initiated therapy and completed cell collection. The company also cited reimbursement progress in Germany, the United Kingdom, Italy and the Middle East.

JOURNAVX, Vertex’s treatment for moderate-to-severe acute pain, recorded $50 million in second-quarter revenue, up about 70% sequentially. Prescriptions rose approximately 45% sequentially to roughly 535,000 in the quarter, bringing first-half prescriptions to more than 900,000.

McKechnie said revenue benefited from channel inventory build following a first-quarter drawdown, adding that quarterly revenue may remain affected by wholesaler and retail buying patterns. The company said JOURNAVX is now included on about 1,400 hospital pathways and 130 integrated delivery network pathways. Vertex added approximately 18,000 healthcare professional prescribers during the quarter.

JOURNAVX has coverage for approximately 260 million of a potential 320 million lives, including 180 million lives with unrestricted access, Vertex said. The company expects gross-to-net deductions to normalize in the first half of 2027 as physician education and payer access improve.

Renal Pipeline and Povi Launch Preparation Vertex is preparing for a potential U.S. launch of povetacicept, or Povi, in immunoglobulin A nephropathy. The FDA accepted the biologics license application and set a Nov. 30 PDUFA date. Kewalramani said the company plans to present the full interim data set from the RAINIER Phase III trial at a fall medical conference.

Vertex has completed hiring its renal field force, with about 90% of representatives having nephrology experience, according to McKechnie. The company expects Povi to compete based on its efficacy profile, tolerability and once-monthly, low-volume at-home autoinjector administration.

In primary membranous nephropathy, the independent data monitoring committee selected an 80-milligram subcutaneous dose administered every four weeks for the Phase III portion of the OLYMPUS study. Vertex said the committee based the decision on efficacy data involving PLA2R, a disease biomarker, and safety data.

Vertex also expects results this fall from the AMPLIFIED Phase II basket study of inaxaplin in expanded populations with APOL1-mediated kidney disease. Enrollment in the pivotal AMPLITUDE study is expected to finish by year-end, with an interim analysis planned for early 2027. The company said the potential accelerated-approval filing pathway for AMPLITUDE would be based on the one-year estimated glomerular filtration rate endpoint.

Diabetes Program and Crinetics Deal Vertex resumed dosing in its zimislecel Phase I/II/III type 1 diabetes study following a voluntary pause for manufacturing analysis. The FDA also cleared the investigational new drug application for VX-017, a type O, or universal-donor, islet-cell therapy designed for patients of all blood types.

Kewalramani said VX-017 could expand the addressable market from about 60,000 to about 120,000 patients in the U.S. and Europe. Vertex expects to begin the VX-017 Phase I/II study in the near term and plans to provide updated type 1 diabetes development and commercialization plans later this year.

The company also expects its acquisition of Crinetics Pharmaceuticals to close in the third quarter. Vertex agreed to acquire Crinetics for approximately $8.8 billion net of cash acquired and expects to fund the transaction through cash and a $4.5 billion term loan. Vertex said the transaction is expected to become accretive to non-GAAP operating income in 2029 and would establish rare endocrine diseases as its fifth commercial pillar.

Chief Operating Officer and Chief Financial Officer Charles Wagner said Vertex ended the quarter with approximately $13.6 billion in cash and investments. Second-quarter non-GAAP earnings per share rose 5% year over year to $4.73. The company reiterated combined non-GAAP operating expense guidance of $5.65 billion to $5.75 billion, while now expecting to land at the high end of that range.

About Vertex Pharmaceuticals (NASDAQ:VRTX)Vertex Pharmaceuticals Inc is a Boston-based biotechnology company focused on the discovery, development and commercialization of therapies for serious diseases. Founded in 1989, Vertex built its reputation on research-driven drug development and is best known for its work in cystic fibrosis (CF), where its portfolio of small-molecule CFTR modulators transformed standards of care for many people with the disease. The company operates research and development, manufacturing and commercial organizations and serves patients and healthcare systems in multiple international markets.

Vertex's marketed products center on CFTR modulators that target the underlying cause of cystic fibrosis rather than just treating symptoms.

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

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CRISPR Therapeutics AG (CRSP - Free Report) came out with a quarterly loss of $0.94 per share versus the Zacks Consensus Estimate of a loss of $1.1. This compares to a loss of $1.29 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +14.55%. A quarter ago, it was expected that this company would post a loss of $1.14 per share when it actually produced a loss of $1.28, delivering a surprise of -12.28%.

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

CRISPR Therapeutics, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $10.18 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 37.28%. This compares to year-ago revenues of $0.89 million. The company has topped consensus revenue estimates just once 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.

CRISPR Therapeutics shares have lost about 8.5% since the beginning of the year versus the S&P 500's gain of 9.4%.

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$1.19 on $7.93 million in revenues for the coming quarter and -$4.90 on $28.88 million 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, Medical - Biomedical and Genetics is currently in the top 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, CAMP4 Therapeutics Corporation (CAMP - Free Report) , is yet to report results for the quarter ended June 2026.

This company is expected to post quarterly loss of $0.24 per share in its upcoming report, which represents a year-over-year change of +61.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

CAMP4 Therapeutics Corporation's revenues are expected to be $1.35 million, down 10% from the year-ago quarter.

New Jersey Resources (NJR - Free Report) came out with quarterly earnings of $0.11 per share, beating the Zacks Consensus Estimate of $0.06 per share. This compares to earnings of $0.06 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +83.33%. A quarter ago, it was expected that this energy services holding company would post earnings of $1.89 per share when it actually produced earnings of $2.2, delivering a surprise of +16.4%.

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

New Jersey Resources, which belongs to the Zacks Utility - Gas Distribution industry, posted revenues of $349.18 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.27%. This compares to year-ago revenues of $298.95 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.

New Jersey Resources shares have added about 25.5% since the beginning of the year versus the S&P 500's gain of 9.4%.

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

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

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.16 on $379.41 million in revenues for the coming quarter and $3.58 on $2.24 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, Utility - Gas Distribution is currently in the bottom 31% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, UGI (UGI - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.

This natural gas and electric utilities operator. is expected to post quarterly loss of $0.35 per share in its upcoming report, which represents a year-over-year change of -3400%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

UGI's revenues are expected to be $1.55 billion, up 11.1% from the year-ago quarter.

SBA Communications NASDAQ: SBAC reported second-quarter results in line with its expectations and modestly increased its full-year 2026 outlook for site leasing revenue, funds from operations (FFO) and FFO per share, citing higher straight-line revenue and improved net cash interest expense.

Chief Financial Officer Marc Montagner said second-quarter FFO per share was $3.05. The company paid a quarterly cash dividend of $1.25 per share and declared another $1.25-per-share dividend payable Sept. 17 to shareholders of record as of Aug. 20. The declared dividend is about 13% higher than the dividend paid in the prior-year period, according to Montagner.

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“We had another good quarter, and our results were in line with our expectation,” Montagner said. SBA said its companywide Tower Cash Flow margin was just under 80% during the quarter.

Leasing Activity Remains Steady In the U.S., SBA added about $9 million of new lease and amendment billings during the second quarter, with most activity coming from new co-locations as carriers densified networks and expanded coverage. Internationally, the company added about $4 million of new lease and amendment billings.

President and Chief Executive Officer Brendan Cavanagh said U.S. application volumes entering the second half remained relatively consistent with the first half of the year. One customer was more active than the others, though he said changing levels of activity among carriers were not unusual.

The company expects U.S. new-leasing contributions to be lower in the second half than in the first half, consistent with its prior outlook. Cavanagh said the company had not changed that expectation.

International demand remained healthy, though churn continued to be elevated because of carrier consolidations, bankruptcies, restructurings and network rationalizations. Cavanagh said SBA is working with customers on longer-term arrangements intended to provide more stable and predictable cash flow, sometimes involving rental relief in exchange for greater contractual certainty.

SBA expects it is nearing the end of its period of heightened international churn, though Cavanagh declined to provide a specific outlook for next year while discussions with customers continue.

Investment-Grade Debt Offering Reshapes Capital Structure In July, SBA issued $3.5 billion of unsecured investment-grade bonds, its first such offering. The company used net proceeds to fully repay its Term Loan B and outstanding balances under its revolving credit facility. As of the call, SBA’s revolver was fully paid down and it had about $570 million in cash.

The offering included:

$1.35 billion of notes due in 2030 with a 4.78% cash coupon; $1.35 billion of notes due in 2031 with a 5.15% cash coupon; and $800 million of notes due in 2033 with a 5.45% cash coupon. The bonds had a blended cash coupon of 5.11% and a weighted average maturity of five years. SBA also established a new unsecured revolving credit facility with $2.5 billion of capacity.

Montagner said secured debt now represents less than 50% of the company’s debt following the transaction. SBA ended the quarter with approximately $13 billion in total debt and net debt-to-adjusted EBITDA leverage of 6.4 times, within its target range of 6 to 7 times. In June, S&P upgraded SBA’s credit rating to BBB from BBB-.

The company continues to assume that its $1.2 billion asset-backed securities maturity in November will be refinanced at a 5.25% rate. While SBA expects to benefit from its investment-grade status, Cavanagh noted that some debt being refinanced had lower rates than current market borrowing costs.

Buybacks Take Priority Over Higher-Valued Acquisitions Cavanagh said SBA intends to resume share repurchases in the second half of 2026 after completing its July refinancing. He said management views buybacks as the best use of capital at current valuation levels and characterized the company’s shares as trading below what management believes is their intrinsic value.

The company will continue building towers and considering acquisitions, but Cavanagh said the limited supply of U.S. assets available for purchase generally carries valuations substantially higher than SBA’s own valuation. As a result, he said repurchasing shares is currently more attractive than pursuing acquisitions that could be dilutive.

SBA expects to build roughly 600 new towers during 2026, primarily in Central America, with a meaningful number also planned in Tanzania. The company built 99 towers in the second quarter, up from 75 in the first quarter. Cavanagh said construction activity should rise in each successive quarter through the rest of the year.

New tower construction has offered stronger returns internationally than in the U.S., where competition has at times compressed potential returns, according to Cavanagh. He said SBA sees opportunities in Africa and Central America and expects risk-adjusted returns on international builds to exceed its cost of capital, often beginning on the first day of operation.

Spectrum, Edge Computing and Satellite Seen as Longer-Term Drivers Cavanagh pointed to future spectrum auctions as potential long-term sources of equipment deployments and leasing growth. The Federal Communications Commission adopted a plan to auction 160 megahertz of Upper C-band spectrum beginning in April 2027. Combined with previously auctioned Lower C-band spectrum, the auction would create 440 megahertz of contiguous mid-band spectrum for wireless use.

He said the FCC’s build-out conditions, including population-coverage requirements and automatic license termination for failure to meet a later benchmark, should encourage spectrum holders to deploy their licenses. However, Cavanagh said the new spectrum opportunities are more likely to affect results over the next five or more years rather than materially influence next year’s leasing growth.

SBA also sees potential opportunities in edge computing. Cavanagh said the company is speaking with multiple parties interested in more distributed computing architectures that use power- and fiber-connected locations to reduce latency, improve redundancy and support artificial intelligence-oriented applications. He said developments could emerge over the next 12 months, though he did not identify customers or provide financial estimates.

Management said roughly half of SBA’s U.S. portfolio could be well suited to the edge-computing uses currently under discussion. The facilities being considered would generally be smaller than one-megawatt deployments, Cavanagh said.

On satellite direct-to-device services, Cavanagh said SBA views satellite connectivity as complementary to terrestrial wireless networks rather than a replacement. He said satellite providers seeking to offer ubiquitous, high-quality service competitive with traditional mobile networks would likely need terrestrial network components. SBA has spoken with multiple satellite providers, he said, but characterized the discussions as early stage.

While some rural or fringe tower locations could face competitive pressure from satellite service, Cavanagh said SBA’s internal analysis suggests those sites represent no more than roughly 2% to 3% of its portfolio, while satellite data could also help identify locations where additional terrestrial infrastructure is needed.

About SBA Communications (NASDAQ:SBAC)SBA Communications Corporation NASDAQ: SBAC is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.

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

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Oneok Inc. (OKE - Free Report) reported $12.05 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 52.8%. EPS of $1.53 for the same period compares to $1.34 a year ago.

The reported revenue represents a surprise of +13.03% over the Zacks Consensus Estimate of $10.66 billion. With the consensus EPS estimate being $1.39, the EPS surprise was +10.07%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Oneok performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Raw feed throughput - Natural Gas Liquids: 1,630.00 MBBL/d versus 1,528.46 MBBL/d estimated by two analysts on average.Adjusted EBITDA- Natural Gas Liquids: $659 million versus $717.28 million estimated by two analysts on average.Adjusted EBITDA- Refined Products & Crude: $627 million compared to the $562.39 million average estimate based on two analysts.Adjusted EBITDA- Natural Gas Pipelines: $297 million compared to the $276.42 million average estimate based on two analysts.Adjusted EBITDA- Natural Gas Gathering and Processing: $546 million versus $546.41 million estimated by two analysts on average.View all Key Company Metrics for Oneok here>>>

Shares of Oneok have returned +3.4% over the past month versus the Zacks S&P 500 composite's +0.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Gulfport Energy (GPOR - Free Report) came out with quarterly earnings of $3.91 per share, missing the Zacks Consensus Estimate of $3.94 per share. This compares to earnings of $4.24 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -0.76%. A quarter ago, it was expected that this natural gas producer would post earnings of $7.72 per share when it actually produced earnings of $7.28, delivering a surprise of -5.7%.

Over the last four quarters, the company has not been able to surpass consensus EPS estimates.

Gulfport, which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry, posted revenues of $323.23 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 8.42%. This compares to year-ago revenues of $447.62 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.

Gulfport shares have lost about 22.4% since the beginning of the year versus the S&P 500's gain of 9.4%.

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $5.44 on $342.05 million in revenues for the coming quarter and $23.05 on $1.46 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, Oil and Gas - Exploration and Production - United States is currently in the bottom 13% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, HighPeak Energy, Inc. (HPK - Free Report) , is yet to report results for the quarter ended June 2026.

This company is expected to post quarterly earnings of $0.03 per share in its upcoming report, which represents a year-over-year change of -70%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

HighPeak Energy, Inc.'s revenues are expected to be $274.1 million, up 36.8% from the year-ago quarter.

Ichor NASDAQ: ICHR reported second-quarter revenue of $294.8 million, up 15% sequentially, as demand strengthened across semiconductor equipment markets and the company continued efforts to expand internal manufacturing and improve margins.

The company said isolated part shortages late in the quarter delayed recognition of some revenue until shortly after the June 26 quarter-end. Ichor said it surpassed $300 million in revenue for the 13 weeks ended July 3 and has since resolved the shortages.

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Phil Barros said the company now expects a steeper demand ramp in the second half of 2026 than it forecast three months earlier. Ichor expects sequential revenue growth of more than 10% in each of the next two quarters and second-half revenue volumes at least 25% above first-half levels.

“Our confidence in both the magnitude and the duration of this growth cycle is higher today than at any point during this year,” Barros said, citing investments in advanced etch and deposition applications for AI infrastructure, gate-all-around chip architectures, advanced memory and leading-edge process technologies.

Margins and Earnings Improve All profit and loss measures discussed by the company on the call were non-GAAP measures, according to Chief Financial Officer Greg Swyt. The measures exclude items including share-based compensation, acquired-intangible amortization, non-recurring charges and certain tax items.

Second-quarter gross margin rose 130 basis points sequentially to 14.1%, exceeding the high end of Ichor’s guidance range. Swyt attributed the gain to progress in the company’s machining strategy and a more favorable product mix.

Operating expenses were $25.3 million, while operating margin exceeded 5.5%. Earnings per share reached $0.34 on 36.3 million diluted shares, representing the company’s highest quarterly earnings in three years, according to management.

EBITDA increased more than 50% sequentially to more than $21 million. However, cash from operations was a use of $15.9 million as the company increased inventory to support anticipated customer demand. Swyt said inventory investment would continue in the near term, with inventory turns expected to begin improving in the first half of 2027.

Ichor said it remains on track to improve gross margin by roughly 100 basis points per quarter through the balance of 2026. For the third quarter, it projected gross margin of 14.5% to 15.5%.

Capacity, Internal Content and Malaysia Ramp Management highlighted the company’s manufacturing footprint realignment and its effort to increase the proportion of proprietary Ichor-made content in the systems it builds. Barros said internal content was at about a 25% run rate at the end of the second quarter and is expected to reach about 30% by the end of the third quarter and about 35% by the end of the fourth quarter.

The company said manufacturing transitions remain on schedule, including qualifications at its high-volume Malaysian manufacturing site. During the quarter, Ichor received qualifications from its two major customers for machining and welding operations in Malaysia, according to Barros.

Management said customers are seeking additional internal supply options as they address supply-chain risks. The company said faster-than-normal product qualifications indicate customers are working to reduce those risks.

Ichor said it currently has capacity to support $500 million in quarterly revenue, or roughly $2 billion annually. With targeted investment, including additional clean-room space and machining capacity, management said it believes it can expand capacity within its existing footprint to more than $3 billion annually. Barros clarified that current manufacturing capacity is not a constraint on customer demand.

Capital expenditures totaled $7.8 million in the second quarter. The company expects capital spending to rise in the second half as it accelerates investments in factory clean rooms and machining capacity, while remaining near its target of approximately 3% of revenue.

Liquidity and Third-Quarter Outlook Cash and equivalents totaled $256 million at quarter-end, up $167 million from the first quarter. During the quarter, Ichor completed its $200 million at-the-market equity offering, issuing 2.48 million shares at an average price of $80.70 per share and generating approximately $195 million in net proceeds.

Total debt was $120.6 million at the end of the quarter. Days sales outstanding remained at 32 days and inventory turns were 3.7 times, both similar to the prior quarter.

Third-quarter revenue guidance: $315 million to $345 million. Revenue growth at the midpoint: 12% sequentially and 38% year over year in revenue volumes. Third-quarter EPS guidance: $0.40 to $0.50. Expected third-quarter operating expenses: approximately $25.5 million. Swyt said Ichor expects full-year 2026 operating expenses to rise about 6% from 2025, with nearly all of the increase in research and development. The company expects annual revenue growth of at least 30% from 2025, aligning with what management described as the high end of wafer-fab-equipment market expectations.

Management also pointed to growth in its non-semiconductor operations, particularly commercial space. Barros said the commercial space business grew significantly in the second quarter and is expected to continue growing in the second half following a qualification for a particular part family. He also said aerospace and defense activity was growing, though commercial space was the larger driver.

About Ichor (NASDAQ:ICHR)Ichor Holdings Ltd. is a global supplier of critical subsystems used in the fabrication of semiconductor devices. The company specializes in the design, engineering and manufacturing of gas delivery systems, vacuum pumps and abatement solutions that manage process gases and by-products in wafer-processing tools. Its modular subsystems are designed to integrate with lithography, etch, deposition and cleaning equipment, helping to ensure precise control of gas flow, pressure and purity throughout the chip-manufacturing cycle.

Founded in the mid-1980s and headquartered in Fremont, California, Ichor has expanded its footprint across Asia, Europe and North America.

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

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

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Ichor wasn't on the list.

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Ultra Clean Holdings, Inc. (UCTT) Q2 2026 Earnings Call August 3, 2026 4:45 PM EDT

Company Participants

Rhonda Bennetto - Senior Vice President of Investor Relations
James Xiao - CEO & Director
Sheri Brumm - Chief Financial Officer & Senior VP of Finance

Conference Call Participants

Timothy Arcuri - UBS Investment Bank, Research Division
Yu Shi - Needham & Company, LLC, Research Division
Edward Yang - Oppenheimer & Co. Inc., Research Division
Christian Schwab - Craig-Hallum Capital Group LLC, Research Division

Presentation

Operator

Good afternoon, ladies and gentlemen, and welcome to the Ultra Clean Q2 2026 Earnings Call. [Operator Instructions] This call is being recorded on Monday, August 3, 2026.

I would now like to turn the conference over to Rhonda Bennetto of Investor Relations.

Rhonda Bennetto
Senior Vice President of Investor Relations

Thank you, operator. Good afternoon, everyone, and thank you for joining us. With me today are James Xiao, CEO; Sheri Savage, CFO; and Mike Keogh, CFO beginning August 5. James will begin with some prepared remarks about the industry and highlight some of the opportunities ahead for UCT. Sheri will follow with the financial review, and then we'll open up the call for questions.

Today's call contains forward-looking statements that are subject to risks and uncertainties. For more information, please refer to the Risk Factors section in our SEC filings. All forward-looking statements are based on estimates, projections and assumptions as of today, and we assume no obligation to update them after this call. Discussion of our financial results will be presented on a non-GAAP basis. A reconciliation of GAAP to non-GAAP can be found in today's press release posted on our website.

And with that, I'd like to turn the call over to James. James, please go ahead.

James Xiao
CEO & Director

Thank you, Rhonda, and good afternoon, everyone. We appreciate you

TKO Group, the home of UFC and WWE, saw revenue jump 18% to $1.5 billion for the three months ended in June, beating Wall Street estimates as execs touted its partners Paramount and Netflix, the UFC Freedom 250 match and the World Cup, which buoyed its On Location business.

The stock, which has been taking its knocks this year, jumped in late trading after the earnings report, which included higher forecasts for 2026 full-year revenue and adjusted ebidta, key metrics for investors as executive chair and CEO Ariel Emanuel noted strong momentum heading into the back half of the year.

“Despite a challenging global environment, TKO delivered solid results in Q2,” he said. “Premium live content and experiences are heating up in an increasingly AI-driven world, and our businesses are well positioned to fully capitalize on societal secular tailwinds.”

At UFC, revenue rose by $120 million to $536 million. Higher UFC media rights fees reflected the impact of a key distribution agreement with Paramount that began in January. The league also saw new partners and an increase in fees from renewals vs the year before driven by the UFC Freedom 250 event held at the White House in June. Q2 ticket sales fell, since none were sold for that high-profile event.

As expected, the company ended up taking a hit of about $30 million on the spectacle, but, executives said on a call after earnings, TKO successfully leveraged UFC Freedom 250 to boost its relationships with existing partners and create a point of entry for new categories and formats.

At WWE, revenue rose by $64.7 million to $621 million.

TKO’s IMG segment saw sales up by $48 million to $354.7 million.

TKO net income grew $31 million to $304 million on higher revenue partly offset by increased expense, including $98 million of legal fees and settlement costs associated with stockholder litigation related to WWE.

The company’s adjusted ebitda rose 23% to $649.9 million. Free cash flow of $349.6 million fell by $25.3 million

TKO shares closed up 1.2% ahead of earnings and are about 2% after, at $187.

“From UFC Freedom 250 to the FIFA World Cup, TKO continues to deliver on the biggest stages and this quarter reinforced our 2026 execution story,” said TKO president and COO Mark Shapiro, saying its move to raise full-year guidance reflects “both our performance to date and our confidence in TKO’s multi-year trajectory,”

“Our global fan base is expanding, and we are capitalizing on the commercial promise across ticketing, premium hospitality, marketing partnerships, and financial incentive packages. The demand in the experience economy is undeniable and positions us well for multi-year growth, margin expansion, and overall value creation.”

Shapiro pushed back on speculation that in a period of industry consolidation the company has M&A on its mind, including a possible hookup with Formula One. Totally untrue he said, the company has lots of moving pieces, is growing and fully focused on “execution.”

After delivering strong earnings but receiving mixed initial reactions, the hyperscalers are suddenly surging. Amazon ((AMZN - Free Report) ) and Microsoft ((MSFT - Free Report) ) have rallied roughly 20%–25% from their pre-earnings levels, while Alphabet ((GOOGL - Free Report) ) and Meta Platforms ((META - Free Report) ) have recovered sharply from their post-report lows. What began as another round of anxiety over runaway AI spending has quickly turned into renewed enthusiasm for the companies building the infrastructure behind the boom.

At the beginning of earnings season, however, investors were looking at these results through a very different lens.

Alphabet delivered what was, by almost any operating measure, an exceptional quarter. Revenue increased 24%, operating income climbed 30% and Google Cloud revenue surged 82%, with Cloud operating margins expanding to 35.6%. Yet investors focused overwhelmingly on the company’s $44.9 billion of quarterly capital expenditures and the resulting $5.9 billion free-cash-flow outflow.

Meta faced a similar reaction. Revenue increased 28% year over year, supported by a 14% increase in ad impressions and a 12% increase in average ad prices. But quarterly capital expenditures reached $31.1 billion, leaving the company with just $784 million of free cash flow, down from $8.5 billion a year earlier. Investors again treated the spending as the main story, overlooking the continued strength of the underlying business.

The central question hanging over the entire AI trade was straightforward: What kind of return can these companies ultimately earn on hundreds of billions of dollars of AI investment?

Until Amazon reported, the answer remained somewhat opaque. There were signs of accelerating demand across cloud, advertising and enterprise AI, but investors lacked a clear example connecting the enormous infrastructure buildout to both rapid revenue growth and expanding profits.

Amazon provided that example.

Second-quarter revenue increased 20% to $200.6 billion, while operating income surged 43% to $27.5 billion. More importantly, AWS revenue accelerated 37% to $42.2 billion, its fastest growth in 18 quarters, while AWS operating income jumped 64% to $16.6 billion. Despite the massive investment required to support that growth, the segment produced an operating margin of 39.4%.

The results underneath those headline numbers were even more revealing. Amazon disclosed that its AI business has surpassed a $25 billion annualized revenue run rate and continues to grow at a triple-digit percentage rate. Its custom-chip business, which includes Trainium and Graviton, has also exceeded a $25 billion run rate while growing at a triple-digit pace. AWS as a whole is now operating at a $169 billion annualized revenue rate.

That is what flipped the narrative.

Amazon is still spending aggressively, and its trailing-12-month free cash flow has fallen to a $7.6 billion outflow as infrastructure investment has surged. But the spending is no longer supported only by projections about future AI demand. It is already feeding businesses generating tens of billions of dollars in revenue, growing at exceptional rates and producing substantial operating profits.

Microsoft reinforced the same conclusion. Azure revenue increased 43% during the latest quarter, while annual Azure revenue surpassed $100 billion after growing 41% for the fiscal year. Microsoft Cloud generated $59.3 billion of quarterly revenue, up 27%, and Microsoft 365 Copilot surpassed 30 million paid seats, up from 20 million a year earlier.

We still do not have a complete answer to the AI ROI question. Amazon and Microsoft have demonstrated that the hyperscalers can monetize the infrastructure layer through cloud consumption, custom silicon, software subscriptions and enterprise services. The remaining uncertainty rests more heavily with the AI labs themselves, including OpenAI, Anthropic and their competitors where the ultimate margins, pricing power and economics of training and serving increasingly capable models remain less visible.

But the burden of proof has shifted. The hyperscalers are no longer merely promising that AI investment will eventually produce attractive returns. Amazon just gave investors their clearest evidence yet that those returns are already beginning to appear.

JPMorgan Chase says it’s investing a whopping $750 billion through 2035 to help millions of Americans buy homes as many report the economic milestone slipping further out of reach.

The nation’s largest bank said the financing will build or preserve 1 million affordable housing units and help half a million customers purchase homes as part of its “American Dream Initiative” unveiled earlier this year, which aims to support small businesses and other economic pillars.

“An affordable and resilient housing market is essential to driving economic growth and increasing opportunity,” Michelle Herrick, JPMorgan’s head of commercial real estate, said in a Monday statement.

JPMorgan Chase on Monday announced plans to invest a whopping $750 billion through 2035 to help millions of Americans buy homes. tamas – stock.adobe.com The bank said it plans to help those 500,000 customers – including 200,000 first-time homebuyers – purchase houses by ramping up mortgage lending by more than 40% and hiring 850 new Home Lending Advisors.

It has carved out funding specifically for housing projects in the San Francisco area priced within reach of middle-income households, including nearly $200 million in financing for a 342-unit building on the waterfront, according to the bank.

JPMorgan CEO Jamie Dimon, who has led the bank for two decades, has long sounded the alarm over the future of the economy — specifically housing affordability issues in cities like New York City and San Francisco.

In June, the median price of existing homes reached a staggering $440,660, while the median age of first-time homebuyers last year jumped to 40 — the highest age on record, according to the National Association of Realtors.

In the New York City metro area, the crisis is even worse, with the median age of a homebuyer hitting 58.8 years old – just a few years shy of Social Security eligibility.

“Homeownership has always been at the heart of the American Dream. Owning a home can transform lives – providing stability, helping families build wealth, and creating a sense of community,” Sean Grzebin, CEO of Chase Home Lending, said in a statement Monday. 

“Our goal is to make the path to homeownership clearer and more accessible for more people, wherever they are in their financial journey.”

JPMorgan said the financing will build or preserve 1 million affordable housing units. AFP via Getty Images In May, Dimon said he had spoken to the Big Apple’s far-left Mayor Zohran Mamdani about his concerns for the city, particularly “affordable housing and child care.”

“I got to talk about affordable housing and child care. Most people want it. If you do it badly, it would be a disaster,” Dimon, a Queens native, told Fox Business Network host Maria Bartiromo. “Do it right. There are studies that can tell you how to do it right. Get people who know what they’re doing and implement proper policies.

“Good policy is free,” Dimon added. “I feel like telling the politicians, ‘Don’t try to raise more taxes or spend more money, sit down and fix policy.’”

He unveiled the bank’s American Dream Initiative in March, announcing plans to lend small businesses up to $80 billion over the next 10 years.

The multi-year effort will also focus on collaborating with states and local communities to streamline regulatory roadblocks and expand tax credit partnerships.

It will offer support to a revamped housing bill passed by Congress in June that seeks to cut red tape around environmental reviews on housing projects and remove certain building restrictions.

, /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), a Fortune 500 global branded food company, invites interested parties to participate in a webcast and conference call with Jeff Ettinger, interim chief executive officer; John Ghingo, president; and Paul Kuehneman, interim chief financial officer and controller, to discuss the Company's third quarter financial results. The Company will issue its earnings release before the markets open on Thursday, Aug. 27, 2026, and will host a conference call at 8 a.m. CT (9 a.m. ET).

The live webcast, replay, and other information related to the fiscal 2026 third quarter earnings conference call will be available on the Hormel Foods investor website, investor.hormelfoods.com.

About Hormel Foods
Hormel Foods Corporation, based in Austin, Minnesota, is a global branded food company with over $12 billion in annual revenue. Its brands include Planters®, Skippy®, SPAM®, Hormel® Natural Choice®, Applegate®, Wholly®, Hormel® Black Label®, Columbus®, Jennie-O® and more than 30 other beloved brands. The Company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named one of the best companies to work for by U.S. News & World Report and one of America's most responsible companies by Newsweek, was recognized by TIME magazine as one of the World's Best Companies and has received numerous other awards and accolades for its corporate responsibility and community service efforts. For more information, visit hormelfoods.com.

Investor Relations
[email protected] 

Media Relations
[email protected] 

SOURCE Hormel Foods Corporation

Many investors would be satisfied with a dividend payout streak of 12, 20, or 30 consecutive disbursements. Keep in mind that the typical dividend is paid quarterly, so there would be a gap of several months between each payment.

Now imagine a stock that not only had a run stretching back to 1969, but one that's dispensed a dividend monthly instead of quarterly, for a hard-to-believe total of 673 distributions (including its time as a privately held business). Well, no imagination is needed because such a company exists -- veteran real estate investment trust (REIT) Realty Income (O -0.61%).

Image source: Getty Images.

Generous for good reason To be clear, Realty Income isn't constantly paying a dividend purely out of the goodness of its heart. In the U.S., since 1960, REITs have been required to distribute at least 90% of their taxable income as shareholder payouts (the requirement was raised to 95% in 1980 but returned to the original level in 2001).

This is why REITs tend to have high dividend yields, well above the current average of 1.1% for all S&P 500 index component stocks. These days, Realty Income's yield floats slightly above 5%; this crushes the S&P 500 index average and is in line with other large REITs of its type, although some specialty and distressed REITs have yields approaching or exceeding 10%.

But what investors are buying with Realty Income is a monster in the sector, with over 15,500 properties across 92 separate industries. The vast majority of these are in the company's native U.S., but at the end of the previous decade, it diversified overseas and now has assets in major European markets such as the U.K., Germany, and Spain.

The vast majority of these are rented under triple-net (NNN) lease contracts. These obligate the tenant to pay not only rent but also property taxes, insurance, and maintenance costs. Tenants are willing to accept such terms because the REIT's real estate tends to be in choice, high-traffic areas.

As a result, those tenants like to stick around. Realty Income's latest occupancy rate was a very lofty 98.9%. Not many of its properties are standing empty.

Today's Change

(

-0.61

%) $

-0.39

Current Price

$

63.48

Ever-expanding footprint With more than 15,500 revenue sources and new properties being added constantly, Realty Income is continually growing its business. In the first quarter alone, its revenue leaped 12% higher to almost $1.55 billion. Adjusted funds from operations (AFFO, widely considered to be the most accurate profitability gauge for REITs) gained 11% to $1.06 billion.

Zooming out some, thanks to growth in its legacy business and the acquisition of complementary assets, Realty Income's annual top line has nearly tripled over the past five years, from under $2.09 billion in 2021 to almost $5.76 billion last year. Not to be outdone, AFFO across that stretch advanced from $1.49 billion to $3.89 billion.

Realty Income offers the highly appealing combination of an immense, highly productive property portfolio and a dividend delivered every single month. It's more expensive on a valuation basis and has a lower yield than some other REITs, but there's a premium for size and performance. This is a very satisfying stock to own, particularly for income investors.

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Copyright ©2026 Investor's Business Daily, LLC. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

, /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE) announced financial and operating results for the second quarter ended June 30, 2026.

KEY HIGHLIGHTS

Operating results

2Q26

2Q25

1H26

1H25

Net (loss) income attributable to Alexandria's common stockholders – diluted:     

 In millions

$        (73.7)

$       (109.6)

$         286.7

$       (121.2)

 Per share

$        (0.43)

$        (0.64)

$           1.68

$         (0.71)

Funds from operations attributable to Alexandria's common stockholders – diluted, as adjusted:                    

 In millions

$        296.1

$        396.4

$         592.0

$         788.4

 Per share

$          1.73

$          2.33

$           3.46

$           4.63

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

Alexandria Real Estate Equities, Inc. All Rights Reserved. ©2026

A best-in-class REIT with a high-quality and diverse tenant base, strong margins, and long lease terms

(As of or for the three months ended June 30, 2026, unless stated otherwise)

Occupancy of operating properties

86.9 %

Occupancy of operating properties, including executed leases with future occupancy

90.9 %

Percentage of annual rental revenue in effect from Megacampus platform

80 %

Percentage of annual rental revenue in effect from investment-grade or publicly
    traded large cap tenants

57 %

Operating margin

69 %

Adjusted EBITDA margin

67 %

Percentage of leases containing annual rent escalations

97 %

Weighted-average remaining lease term:

 Top 20 tenants

10.0

years

 All tenants

7.7

years

Strong 2Q26 tenant collections(1):

 2Q26 rents and receivables collected as of August 3, 2026

99.9 %

(1)    Refer to "Tenant collections" under "Definitions and reconciliations" in the Supplemental Information.

Strong and flexible balance sheet with significant liquidity; top 20% credit rating ranking among all publicly traded U.S. REITs; long-duration remaining debt term (as of 6/30/26)

$21.84 billion in total market capitalization. $9.02 billion in total equity capitalization. Net debt and preferred stock to Adjusted EBITDA of 7.0x and fixed-charge coverage ratio of 3.3x for 2Q26 annualized; 4Q26 annualized targets: 5.6x–6.2x and 3.6x–4.1x, respectively. We expect improvement in our quarter-annualized net debt and preferred stock to Adjusted EBITDA ratio in 2H26 as we complete dispositions, sales of partial interests, and other capital sources. Significant liquidity of $3.60 billion and extension of our $5.0 billion unsecured senior line of credit to 2032. Only 6% of our total debt matures through 2028. 9.7-year weighted-average remaining debt term, the longest among S&P 500 REITs. Total debt and preferred stock to gross assets of 31%. Intermediate-term goal for leverage: mid-5x range. Solid 2Q26 leasing volume exceeding 1.0 million RSF

2Q26 total leasing volume surpassed 1.0 million RSF, increasing 60% from 1Q26 and exceeding the 2Q25–1Q26 quarterly average of 952,365 RSF by approximately 87,000 RSF. Includes 397,919 RSF for combined previously vacant and development and redevelopment space; second-highest amount since 2Q24, excluding the 466,598 RSF build-to-suit lease signed in 3Q25. 75% of our leasing activity during the last twelve months was generated from our existing tenant base.

Leasing Volume in RSF:

2Q26

1Q26

1H26

 Leasing of development and redevelopment space

68,771

117,935

186,706

 Leasing of previously vacant space

329,148

148,734

477,882

397,919

266,669

664,588

 Lease renewals and re-leasing of space

640,998

380,687

1,021,685

Total leasing volume

1,038,917

647,356

1,686,273

Lease renewals and re-leasing of space:

 Rental rate changes

(0.7) %

(15.0) %

(7.4) %

 Rental rate changes (cash basis)

(4.3) %

(15.8) %

(9.6) %

Ongoing execution of Alexandria's capital recycling strategy

We plan to continue funding a significant portion of our capital requirements for the year ending December 31, 2026 through dispositions of land, non-core dispositions, sales of partial interests, and other capital sources.

(in millions)

Sales Price

%

Completed as of August 3, 2026

$       170

Pending transactions subject to non-refundable deposits, signed letters of
  intent, and/or sale agreement negotiations

1,159

1,329

46 %

Dispositions, sales of partial interests, and other capital sources in process

1,100

38 %

Multiple alternatives under evaluation

471

16 %

2026 guidance midpoint for dispositions, sales of partial interests, and
    other capital sources

$     2,900

We expect to allocate this capital as follows (based on guidance midpoints):

(in millions)

2026
Guidance
(Midpoint)

Construction focused on highly leased developments and lease-up of vacant space

$              1,750

Reduction of debt to meet our leverage goal

1,675

Net cash provided by operating activities, as adjusted

(525)

$              2,900

Occupancy and leasing progress

Operating occupancy as of March 31, 2026

87.7 %

Key changes to occupancy:

 Reclassification of space at 3000 Minuteman Road from redevelopment to operating
   in 2Q26, fully leased with expected occupancy in 2Q27

(0.4)

(1)

Previously disclosed 2Q26 key lease expirations with expected downtime

(0.8)

Increase in occupancy, primarily due to the commencement of leases during 2Q26     

0.4

Operating occupancy as of June 30, 2026

86.9

 Vacant space with executed leases and future occupancy

4.0

(2)

Operating occupancy as of June 30, 2026, including executed leases with future
   occupancy

90.9 %

(1)

Refer to "Reduction of capital spend and funding needs" in this Earnings Press Release for additional details regarding the 159,947 RSF lease executed in 2Q26. 

(2)

Represents executed leases aggregating 1.4 million RSF with occupancy expected upon completion of building and/or tenant improvements. The weighted-average expected occupancy date is approximately November 2026, with expected annual rental revenue of approximately $69 million. We expect 64% of the total 1.4 million RSF to be occupied by December 31, 2026. These spaces are located primarily in the Greater Boston, San Diego, and San Francisco Bay Area markets.

KEY OPERATING METRICS

Operating metrics

2Q26

1H26

Same property performance:

 Net operating income changes

(10.6) %

(1)

(11.5) %

(1)

 Net operating income changes (cash basis)

(8.6) %

(1)

(11.2) %

(1)

 Occupancy – current-period average

87.1 %

88.2 %

 Occupancy – same-period prior-year average

92.6 %

93.5 %

Refer to "Same property comparisons" and "Net operating income" under "Definitions and reconciliations" in the Supplemental Information for additional details and their respective reconciliations from the most directly comparable financial measures presented in accordance with GAAP.

(1)

The decline was due to a decrease in same property occupancy, primarily driven by previously disclosed key lease expirations with expected downtime aggregating 657,492 RSF in 1Q26 and 260,888 RSF in 2Q26, with weighted-average lease expiration dates of January 2026 and April 2026, respectively.

Reduction of capital spend and funding needs

In 2Q26, we executed a lease aggregating 159,947 RSF with an advanced technology tenant at our redevelopment project at 3000 Minuteman Road in our Greater Boston market. The lease enables us to pivot a portion of the redevelopment project from future laboratory and/or biomanufacturing use to a lower-cost advanced technology use, reducing the project's expected aggregate construction budget by approximately $80 million. We expect to deliver the 159,947 RSF of leased space in 2Q27 upon completion of building and tenant improvements. As a result, the leased space was reclassified from redevelopment to operating, reducing the redevelopment project from 431,550 RSF as of 1Q26 to 271,603 RSF as of 2Q26. We continue to evaluate the business and financial strategy for five projects aggregating 1.4 million RSF, which may allow us to further reduce future construction funding requirements within our active pipeline. As of 2Q26, we executed letters of intent aggregating 108,800 RSF for advanced technology use at our redevelopment project at 311 Arsenal Street. If we are successful in executing these potential leases, we expect to evaluate whether all or a portion of this project will be placed back into operation without the need to further redevelop for laboratory use. Non-income-producing assets for 2Q26 are 16% of gross assets, a 4% reduction since 4Q24; targeting a range of 11% to 16% by 4Q26. Alexandria's development and redevelopment pipeline delivered incremental annual net operating income of $57 million during 2Q26, with an additional $42 million anticipated to be delivered by 4Q26

During 2Q26, we placed into service one development project aggregating 426,927 RSF that is 100% occupied by Bristol Myers Squibb at 4135 Campus Point Court in our University Town Center submarket and delivered incremental annual net operating income aggregating $57 million. Annual net operating income (cash basis) from recently delivered projects is expected to increase by $40 million upon the burn-off of initial free rent, which has a weighted-average remaining period of approximately five months. 79% of the RSF in our total development and redevelopment pipeline is within our Megacampus ecosystems.

Development and Redevelopment
Projects

Incremental

Annual Net
Operating Income

RSF

Occupied/

Leased/

Negotiating

Percentage

(dollars in millions)

Placed into service in 1H26

$                      58

532,219

91 %

Expected to be placed into service:

 2H26

$                      42

(1)

174,662

(2)

84 %

(3)

 2027–2028

93

1,258,004

68 %

$                    135

(1)

Includes expected partial deliveries through 2026 from projects expected to stabilize in 2027–2028, including speculative future leasing that is not yet fully committed. Refer to the initial and stabilized occupancy years under "New Class A/A+ development and redevelopment properties: under construction" in the Supplemental Information for additional details.

(2)

Represents the RSF of projects expected to stabilize in 2026. Does not include RSF for partial deliveries through 2026 from projects expected to stabilize in 2027–2028.

(3)

Represents the current leased/negotiating percentage of our 174,662 RSF development project that is expected to stabilize in 4Q26.

Continued successful management of general and administrative expenses

General and administrative expenses for 2Q26 aggregated $36.9 million, an increase of $7.7 million, or 26.5%, from 2Q25, but a decrease of $7.8 million, or 17.4%, from 2Q24, reflecting the continued benefit from cost‑efficiency initiatives implemented in prior years. Some of the cost savings in 2025 were temporary, and approximately half of the cost reductions achieved in 2025 are expected to continue in 2026. Compared to 2024, we continue to expect approximately $76 million of cumulative general and administrative expense savings in 2025 and 2026 (based on the midpoint of our 2026 guidance range). For the trailing twelve months ended June 30, 2026, our general and administrative expenses represented 6.6% of net operating income, approximately half the average of other S&P 500 REITs for 2023–2025. Key capital events

In July 2026, we executed an agreement to amend our $5.0 billion unsecured senior line of credit. The amendment is expected to become effective in September 2026, upon the satisfaction of certain conditions. The amendment extends the maturity date from January 22, 2030 to January 22, 2032, including extension options that we control. In addition, the amendment reduces the applicable borrowing rate to SOFR plus 0.725% from the currently applicable SOFR plus 0.835%. In connection with the amendment, we expect to recognize a loss on early extinguishment of debt of approximately $3.3 million related to the partial write-off of unamortized loan fees in 3Q26. In April 2026, we repaid, upon maturity, $350.0 million of 3.80% unsecured senior notes payable. The repayment was funded temporarily with borrowings under our commercial paper program, which will be repaid through planned dispositions, sales of partial interests, and other capital sources included in our 2026 guidance. No gain or loss was incurred in connection with this repayment. Under our common stock repurchase program authorized in December 2025, we may repurchase up to $500.0 million of our common stock through December 31, 2026. As of June 30, 2026, no shares have been repurchased under this program and $500.0 million remains available for future share repurchases. Dividend strategy to share net cash flows from operating activities with stockholders while retaining a significant portion for reinvestment

Common stock dividend declared of $0.72 per share for 2Q26, consistent with the preceding quarter. The declared dividend per common share reflects our commitment to maintaining the strength of our balance sheet, enhancing financial flexibility, preserving liquidity, and sharing cash flows with our stockholders. Significant net cash provided by operating activities, as adjusted, retained for reinvestment aggregating $2.60 billion for the years ended December 31, 2022 through 2025 and the midpoint of our 2026 guidance range. Dividend yield of 5.4% as of June 30, 2026 and dividend payout ratio of 42% for the three months ended June 30, 2026. Investments

As of June 30, 2026: Our non-real estate investments aggregated $1.69 billion. Unrealized gains presented in our consolidated balance sheet were $223.9 million, comprising gross unrealized gains and losses aggregating $290.5 million and $66.6 million, respectively. Investment income of $133.2 million for 2Q26, presented in our consolidated statement of operations, consisted of $10.3 million of realized gains, $131.9 million of unrealized gains, and $9.0 million of impairment charges. 2026 Guidance
June 30, 2026
(Dollars in millions, except per share amounts)

Guidance for 2026 has been updated to reflect our current view of existing market conditions and assumptions for the year ending December 31, 2026. There can be no assurance that actual results will not be materially higher or lower than these expectations. Our guidance for 2026 is subject to a number of variables and uncertainties. Refer to our discussion of "forward-looking statements" in this Earnings Press Release as well as our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.

Projected 2026 Funds From Operations per Share Attributable to Alexandria's Common Stockholders – Diluted

As of 8/3/26

As of 4/27/26

Key Changes

Funds from operations per share, as adjusted(1)

$6.35 to $6.45

$6.30 to $6.50

No change to midpoint;

range narrowed by 10 cents(2)

Midpoint

$6.40

$6.40

Key Credit Metrics Targets                                                                                                                                               

As of 8/3/26

As of 4/27/26

Key Changes

Net debt and preferred stock to Adjusted EBITDA – 4Q26 annualized

5.6x to 6.2x

5.6x to 6.2x

No Change

Fixed-charge coverage ratio – 4Q26 annualized

3.6x to 4.1x

3.6x to 4.1x

As of 8/3/26

As of 4/27/26
Midpoint

Key Sources and Uses of Capital                                             

Range

Midpoint

Certain
Completed Items

Sources of capital:

 Net cash provided by operating activities, as adjusted

$        475

$        575

$        525

$            525

 Dispositions, sales of partial interests, and other capital sources(3)

2,100

3,700

2,900

(3)

2,900

Total sources of capital

$     2,575

$     4,275

$     3,425

$         3,425

Uses of capital:

 Construction(4)(5)

$     1,500

$     2,000

$     1,750

$         1,750

 Reduction in unsecured senior debt

1,075

2,275

1,675

See below

1,675

Total uses of capital

$     2,575

$     4,275

$     3,425

$         3,425

Reduction in unsecured senior debt (included above):

Repayment of unsecured senior notes payable with 2026 maturities

$        650

$        650

$        650

$

650

$            650

Tender offers for partial principal repayments of unsecured senior notes payable

952

952

952

$

952

952

Issuance of unsecured senior notes payable

(750)

(750)

(750)

$

(750)

(750)

Unsecured senior line of credit, commercial paper, and other

223

1,423

823

823

Reduction in unsecured senior debt

$     1,075

$     2,275

$     1,675

$         1,675

Refer to "Definitions and reconciliations" in the Supplemental Information for additional details on key credit metrics.

(1)

Refer to "Funds from operations and funds from operations, as adjusted, attributable to Alexandria Real Estate Equities, Inc.'s common stockholders" under "Definitions and reconciliations" in the Supplemental Information for additional details.

(2)

Refer to "2026 and 4Q26 funds from operations per share – diluted, as adjusted" below for additional details.

(3)

For the year ending December 31, 2026, we may utilize multiple sources of capital, including land and non-core dispositions, sales of partial interests, and other capital sources, to fund (i) construction focused on highly leased developments and lease-up of vacant space, and (ii) repayment of senior unsecured debt sufficient to achieve our net debt and preferred stock to Adjusted EBITDA – 4Q26 annualized target of 5.6x to 6.2x. We continue to evaluate available alternatives and expect to execute on varied cost-efficient sources of capital under prevailing market conditions. We do not anticipate the issuance of any common equity during the year ending December 31, 2026. As of August 3, 2026, completed dispositions aggregated $170.4 million, our share of pending dispositions and sales of partial interests subject to non-refundable deposits, signed letters of intent, or purchase and sale agreement negotiations aggregated $1.16 billion, and in-process dispositions, sales of partial interests, and other capital sources aggregated $1.10 billion, with the remaining $471.0 million representing multiple alternatives that we are currently evaluating.

(4)

We are currently evaluating our future construction spending estimates for 2027, and a number of factors could cause our preliminary estimates for 2027 to change as we refine our estimates over the next several months. As of August 3, 2026, our updated estimate of 2027 construction spending assumes a decline of $100 million to $600 million (relative to the $1.75 billion midpoint of our 2026 guidance range), resulting in an expected range of $1.15 billion to $1.65 billion, subject to market conditions. The updates to our 2027 construction spending outlook primarily reflect additional leasing activity since 1Q26, including recently executed leases and leases currently under negotiation, which has refined our expectations regarding the amount and timing of 2027 construction spending.

(5)

We expect 2027 construction spending to primarily focus on: (i) construction spending required to complete our development and redevelopment projects that are expected to stabilize through 2028 and are 71% leased, (ii) five projects under evaluation which may require significant capital to complete, and (iii) revenue- and non-revenue-enhancing capital expenditures, in order to secure leasing of vacant space and renewals and re-leasing of space at our operating properties.

As of 8/3/26

As of 4/27/26

Key Changes

to Midpoint

Key Assumptions

Low

High

Low

High

Occupancy of operating properties as of December 31, 2026

86.2 %

(1)

87.8 %

(1)

86.2 %

87.8 %

No Change

Same property performance:

 Net operating income changes

(10.5) %

(1)

(8.5) %

(1)

(10.5) %

(8.5) %

 Net operating income changes (cash basis)

(10.5) %

(1)

(8.5) %

(1)

(10.5) %

(8.5) %

Lease renewals and re-leasing of space:

 Rental rate changes

(9.0) %

(1.0) %

(9.0) %

(1.0) %

 Rental rate changes (cash basis)

(15.0) %

(7.0) %

(15.0) %

(7.0) %

Straight-line rent revenue

$           45

$           75

$           55

$          85

$10 million reduction(2)

General and administrative expenses

$         134

$         154

$         134

$        154

No Change

Capitalization of interest

$         220

$         260

$         225

$        265

$5 million reduction(3)

Interest expense

$         260

$         300

$         240

$        280

$20 million increase(4)

Realized gains on non-real estate investments(5)

$           60

$           90

$           60

$          90

No Change

(1)

Our guidance for occupancy of operating properties as of December 31, 2026, and for 2026 same property net operating income changes assumes a benefit of approximately 1% and 2%, respectively, related to a range of assets with vacancy that could potentially be sold during 2026 and/or qualify for classification as held for sale by December 31, 2026, but that had not yet met such criteria as of June 30, 2026.

(2)

Reduction driven primarily by write-offs and reserves of deferred rent related to tenant wind-downs. Our 2026 guidance continues to assume a $25 million to $30 million reduction in funds from operations related to potential tenant wind-downs, of which approximately $14 million was recognized during 1H26, including approximately $8 million recognized in 2Q26.

(3)

Reduction driven primarily by the achievement of certain milestone dates across several projects impacting 4Q26, including a potential decline related to projects for which we are evaluating business and financial strategies. Refer to the discussion of "2026 and 4Q26 funds from operations per share – diluted, as adjusted" and "Capitalization of interest" below, and "Capitalization of interest" in the Supplemental Information for additional details.

(4)

Includes: (i) an approximate $15 million increase resulting primarily from a shift of approximately six weeks in the weighted-average projected completion date of our 2026 dispositions, sales of partial interests, and other capital sources, from August 2026 to September 2026, and (ii) an approximate $5 million increase resulting primarily from the reduction in 2026 capitalization of interest in 4Q26 discussed in the footnote above.

(5)

Represents realized gains and losses included in funds from operations per share – diluted, as adjusted. Excludes unrealized gains and losses and significant gains and impairments realized on non-real estate investments, if any. Refer to "Investments" in the Supplemental Information for additional details.

2026 and 4Q26 funds from operations per share – diluted, as adjusted

On April 27, 2026, we provided a guidance range of $6.30 to $6.50 for projected 2026 funds from operations per share – diluted, as adjusted. On August 3, 2026, we narrowed this range to $6.35 to $6.45 while maintaining the midpoint of $6.40. Our outlook includes the following assumptions: The $6.40 midpoint of the guidance range for 2026 funds from operations per share – diluted, as adjusted, remains unchanged, as we expect the benefit from the later dispositions, sales of partial interests, and other capital sources to substantially offset the higher interest expense and lower capitalization of interest for 2026. The narrowed guidance range reflects additional visibility into our full-year outlook. We expect higher 3Q26 funds from operations per share – diluted, as adjusted, than previously assumed due to the approximately six-week shift in the weighted-average projected completion date of the dispositions, sales of partial interests, and other capital sources assumed at the midpoint of our 2026 guidance, from August to September 2026. During 4Q26, we expect lower capitalization of interest than previously assumed primarily driven by the achievement of certain milestone dates across several projects, including a potential decline related to projects for which we are evaluating business and financial strategies. The lower capitalized interest is expected to result in our 4Q26 funds from operations per share – diluted, as adjusted, being at the lower end of our previously provided, and now reiterated, range of $1.40 to $1.50. 1)   Development-related other income

During 1H26, we recognized development fees and other related revenues of approximately $5.6 million, or $11 million annualized, most of which are expected to cease by the end of 2026 as we complete the respective projects. 2)   Development and redevelopment projects under business and financial strategy evaluation

We have five development and redevelopment projects for which the business and financial strategies continue to be evaluated, including whether to continue construction of laboratory improvements, pause construction, pursue lower-investment construction alternatives (including a pivot to advanced technology use), or pursue a disposition. Refer to "New Class A/A+ development and redevelopment properties: under construction" in the Supplemental Information for additional details. If we elect to continue to pursue construction of laboratory improvements for these projects, the earliest deliveries of these projects are in 2028. If we elect to pursue lower-investment construction alternatives (including a pivot to advanced technology use), these projects could deliver earlier than 2028. The incremental capital required for alternative-use construction, and corresponding rental rates earned, are generally lower than those associated with laboratory improvements. In 2Q26, we executed a lease with an advanced technology tenant at the 3000 Minuteman Road redevelopment project in our Greater Boston market. This lease is for a lower-cost alternative use at lower rental rates and stabilized yields than our initial underwriting. Therefore, we placed one building at our 3000 Minuteman Road redevelopment project, aggregating 159,947 RSF, back into operation this quarter and included it in our operating occupancy as of June 30, 2026. Refer to the Earnings Press Release and "Leasing Activity" in the Supplemental Information for additional details. In addition, we have signed letters of intent at our 311 Arsenal Street redevelopment project for non-laboratory use, including advanced technology uses, aggregating 108,800 RSF. If we are successful in executing these potential leases for advanced technology use, we expect lower rental rates and stabilized yields than our initial underwriting.   3)   Capitalization of interest

We expect average real estate basis capitalized to decline from $6.94 billion for 1H26 to an updated range of $3.4 billion to $4.9 billion for 4Q26, primarily driven by the achievement of certain milestone dates across several projects due to deliveries of development and redevelopment projects, deliveries of leased vacant space under construction, and pauses in construction and pre-construction activities, including a potential decline related to projects for which we are evaluating business and financial strategies. The updated range for 4Q26 represents a $400 million reduction (at the midpoint) from the projected range of $3.8 billion to $5.3 billion that was previously disclosed on April 27, 2026. Refer to "Capitalization of interest" in the Supplemental Information for additional details. At each milestone date, we evaluate, on an asset-by-asset basis, whether to (i) proceed with additional pre-construction and/or construction activities based on leasing demand and/or market conditions, (ii) pause future investments, or (iii) consider potential dispositions of these real estate assets. If we cease the activities necessary to prepare a project for its intended use, costs related to such project, including interest, payroll, property taxes, insurance, and other costs directly related and essential to the construction of Class A/A+ properties, are expensed as incurred. Annualized capitalized operating expenses and payroll represent approximately 2% and 1%, respectively, of the total average real estate basis subject to capitalization for 1H26. 4)   2Q26 Key lease expirations

We estimate 451 thousand RSF and 1.4 million RSF of leases expiring in 2026 and 2027 with approximately $18.1 million and $100.5 million of annual rental revenue, respectively, to have downtime after lease expiration. These 2026 and 2027 expirations have weighted-average contractual lease expiration dates of August 2026 and March 2027, respectively, and expected weighted-average downtime of 12 to 24 months. Refer to "Contractual lease expirations" in the Supplemental Information for additional details. Key Lease Expirations

RSF

Annual Rental
Revenue

Weighted-Average
Expiration Date

Weighted-Average
Downtime

2026

451,450

$18.1 million

August 2026

12 to 24 months

2027

1,377,960

$100.5 million

March 2027

12 to 24 months

5)   Dispositions, sales of partial interests, and other capital sources

We may utilize multiple sources of capital, including land dispositions, non-core dispositions, sales of partial interests, and other capital sources to support the achievement of our leverage ratio targets beyond 2026, given (i) key lease expirations in 2027 with downtime and the factors previously described that could negatively impact EBITDA, (ii) construction spending required to complete our development and redevelopment projects that are expected to stabilize through 2028 and are 71% leased, and (iii) revenue- and non-revenue-enhancing capital expenditures required to secure leasing of vacant space and renewals and re-leasing of space at our operating properties. Refer to footnotes 4 and 5 under "Key sources and uses of capital" above for additional details. We expect to introduce 2027 guidance and related key assumptions, and 2027 key sources and uses of capital at our Investor Day on December 2, 2026, consistent with our historical practice.

Dispositions, Sales of Partial Interests, and Other Capital Sources
June 30, 2026
(Dollars in thousands)

Date of
Transaction

Interest
Sold

Square Footage

Capitalization
Rate

Capitalization
Rate

(Cash Basis)

Price

(Our Share)

Property

Submarket/Market

Operating

Future
Development

Completed in 2Q26 and 1H26

$           7,350

Completed in July 2026:

Land:

3825 and 3875 Fabian Way(1)

Palo Alto/San Francisco Bay Area

7/14/26

100 %

228,000

250,000

N/A(1)

163,000

Total completed 2026 dispositions as of August 3, 2026

170,350

Our share of pending dispositions and sales of partial interests subject to non-refundable deposits,
    signed letters of intent, and/or purchase and sale agreement negotiations

1,158,626

1,328,976

Dispositions, sales of partial interests, and other capital sources in process

1,100,000

Multiple alternatives under evaluation

471,024

$    2,900,000

2026 guidance range for dispositions, sales of partial interests, and other capital sources(2)

$2,100,000 – $3,700,000   

Midpoint

$    2,900,000

Weighted-average projected completion date of 2026 dispositions, sales of partial interests, and other capital sources

September 2026   

(1)

Represents one future development project aggregating 250,000 SF at 3825 Fabian Way and one operating building aggregating 228,000 RSF at 3875 Fabian Way in our Palo Alto submarket. These assets were acquired in 2019 with the intent to develop them for life science use. However, due to the project's macroeconomic outlook, the assets no longer aligned with our strategy and were sold to a residential developer. Based on 2Q26 annualized results, the assets generated approximately $6.2 million of annual net operating income.

(2)

For the year ending December 31, 2026, we may utilize multiple sources of capital, including land and non-core dispositions, sales of partial interests, and other capital sources, to fund (i) construction focused on highly leased developments and lease-up of vacant space, and (ii) repayment of senior unsecured debt sufficient to achieve our net debt and preferred stock to Adjusted EBITDA – 4Q26 annualized target of 5.6x to 6.2x. We continue to evaluate available alternatives and expect to execute on varied cost-efficient sources of capital under prevailing market conditions. We do not anticipate the issuance of any common equity during the year ending December 31, 2026.

Earnings Call Information and About the Company
June 30, 2026

We will host a conference call on Tuesday, August 4, 2026, at 2:00 p.m. Eastern Time ("ET")/11:00 a.m. Pacific Time ("PT"), which is open to the general public, to discuss our financial and operating results for the second quarter ended June 30, 2026. To participate in this conference call, dial (833) 366-1125 or (412) 902-6738 shortly before 2:00 p.m. ET/11:00 a.m. PT and ask the operator to join the call for Alexandria Real Estate Equities, Inc. The audio webcast can be accessed at www.are.com in the "For Investors" section. A replay of the call will be available for a limited time from 4:00 p.m. ET/1:00 p.m. PT on Tuesday, August 4, 2026. The replay number is (855) 669-9658 or (412) 317-0088, and the access code is 5367901.

Additionally, a copy of this Earnings Press Release and Supplemental Information for the second quarter ended June 30, 2026 is available in the "For Investors" section of our website at www.are.com or by following this link: https://www.are.com/fs/2026q2.pdf. 

For any questions, please contact [email protected]; Joel S. Marcus, executive chairman and founder; Peter M. Moglia, chief executive officer and chief investment officer; Marc E. Binda, chief financial officer and treasurer; or Paula Schwartz, managing director of Rx Communications Group, at (917) 633-7790.

About the Company

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus ecosystems in AAA life science and advanced technology innovation cluster locations, including Greater Boston, San Diego, the San Francisco Bay Area, Seattle, Maryland, Research Triangle, and New York City. As of June 30, 2026, Alexandria has a total market capitalization of $21.84 billion and an asset base that includes 36.0 million RSF of operating properties and 2.8 million RSF of Class A/A+ properties undergoing construction. Alexandria has a long-standing and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus environments that enhance our tenants' ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. For more information on Alexandria, please visit www.are.com. 

Forward-Looking Statements

This document includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements regarding our projected 2026 funds from operations per share, projected 2026 funds from operations per share, as adjusted, projected net operating income, and our projected sources and uses of capital. You can identify the forward-looking statements by their use of forward-looking words, such as "forecast," "guidance," "goals," "projects," "estimates," "anticipates," "believes," "expects," "intends," "may," "plans," "seeks," "should," "targets," or "will," or the negative of those words or similar words. These forward-looking statements are based on our current expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, as well as a number of assumptions concerning future events. There can be no assurance that actual results will not be materially higher or lower than these expectations. These statements are subject to risks, uncertainties, assumptions, and other important factors that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, without limitation, our failure to obtain capital (debt, construction financing, and/or equity) or refinance debt maturities, lower than expected yields, increased interest rates and operating costs, adverse economic or real estate developments in our markets, our failure to successfully place into service and lease any properties undergoing development or redevelopment and our existing space held for future development or redevelopment (including new properties acquired for that purpose), our failure to successfully operate or lease acquired properties, decreased rental rates, increased vacancy rates or failure to renew or replace expiring leases, defaults on or non-renewal of leases by tenants, adverse general and local economic conditions, an unfavorable capital market environment, decreased leasing activity or lease renewals, failure to obtain LEED and other healthy building certifications and efficiencies, and other risks and uncertainties detailed in our filings with the Securities and Exchange Commission ("SEC"). Accordingly, you are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements are made as of the date of this Earnings Press Release and Supplemental Information, and unless otherwise stated, we assume no obligation to update this information and expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. For more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.

This document is not an offer to sell or a solicitation to buy securities of Alexandria Real Estate Equities, Inc. Any offers to sell or solicitations to buy our securities shall be made only by means of a prospectus approved for that purpose. Unless otherwise indicated, the "Company," "Alexandria," "ARE," "we," "us," and "our" refer to Alexandria Real Estate Equities, Inc. and our consolidated subsidiaries. Alexandria®, Lighthouse Design® logo, Building the Future of Life-Changing Innovation®, That's What's in Our DNA®, Megacampus™, At the Vanguard and Heart of the Life Science Ecosystem™, Alexandria Center®, Alexandria Technology Square®, Alexandria Technology Center®, and Alexandria Innovation Center® are copyrights and trademarks of Alexandria Real Estate Equities, Inc. All other company names, trademarks, and logos referenced herein are the property of their respective owners.

Consolidated Statements of Operations
June 30, 2026
(Dollars in thousands, except per share amounts)

Three Months Ended

Six Months Ended

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

6/30/26

6/30/25

Revenues:

 Income from rentals

$    643,210

$    653,013

$    728,872

$    735,849

$    737,279

$  1,296,223

$  1,480,454

 Other income

19,574

18,009

25,542

16,095

24,761

37,583

39,744

Total revenues

662,784

671,022

754,414

751,944

762,040

1,333,806

1,520,198

Expenses:

 Rental operations

207,336

224,142

232,543

239,234

224,433

431,478

450,828

 General and administrative

36,861

34,685

28,020

29,224

29,128

71,546

59,803

 Interest

64,342

64,584

65,674

54,852

55,296

128,926

106,172

 Depreciation and amortization

304,384

305,441

322,063

340,230

346,123

609,825

688,185

 Impairment of real estate

222,470

5,499

1,717,188

323,870

129,606

227,969

161,760

Total expenses

835,393

634,351

2,365,488

987,410

784,586

1,469,744

1,466,748

Equity in earnings (losses) of unconsolidated real estate joint ventures

413

(147)

(304)

201

(9,021)

266

(9,528)

Investment income (losses)

133,227

(4,582)

(3,890)

28,161

(30,622)

128,645

(80,614)

Gain (loss) on early extinguishment of debt

—

366,435

—

(107)

—

366,435

—

Gain on sales of real estate

—

—

619,914

9,366

—

—

13,165

Net (loss) income

(38,969)

398,377

(995,354)

(197,845)

(62,189)

359,408

(23,527)

Net income attributable to noncontrolling interests

(33,814)

(36,724)

(85,521)

(34,909)

(44,813)

(70,538)

(92,414)

Net (loss) income attributable to Alexandria Real Estate Equities, Inc.'s
    stockholders

(72,783)

361,653

(1,080,875)

(232,754)

(107,002)

288,870

(115,941)

Net income attributable to unvested restricted stock awards

(908)

(2,779)

(965)

(2,183)

(2,609)

(2,149)

(5,269)

Net (loss) income attributable to Alexandria Real Estate Equities, Inc.'s
    common stockholders

$    (73,691)

$    358,874

$ (1,081,840)

$   (234,937)

$   (109,611)

$    286,721

$   (121,210)

Net (loss) income per share attributable to Alexandria Real Estate Equities,
    Inc.'s common stockholders:

 Basic

$        (0.43)

$          2.10

$          (6.35)

$         (1.38)

$         (0.64)

$          1.68

$         (0.71)

 Diluted

$        (0.43)

$          2.10

$          (6.35)

$         (1.38)

$         (0.64)

$          1.68

$         (0.71)

Weighted-average shares of common stock outstanding:

 Basic

170,718

170,598

170,394

170,181

170,135

170,658

170,328

 Diluted

170,718

170,867

170,394

170,181

170,135

171,040

170,328

Dividends declared per share of common stock

$         0.72

$          0.72

$           0.72

$          1.32

$          1.32

$          1.44

$          2.64

Consolidated Balance Sheets
June 30, 2026
(In thousands)

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

Assets

Investments in real estate

$ 29,125,895

$ 28,830,116

$ 28,689,996

$ 31,743,917

$ 32,160,600

Investments in unconsolidated real estate joint ventures

28,910

30,520

30,677

39,601

40,234

Cash and cash equivalents

470,449

418,720

549,062

579,474

520,545

Restricted cash

4,690

4,665

4,693

4,705

7,403

Tenant receivables

7,661

7,362

6,672

6,409

6,267

Deferred rent

1,209,722

1,200,047

1,179,403

1,257,378

1,232,719

Deferred leasing costs

453,761

456,405

458,311

505,241

491,074

Investments

1,685,695

1,536,419

1,501,249

1,537,638

1,476,696

Other assets

1,645,443

1,683,143

1,661,772

1,700,785

1,688,091

Total assets

$ 34,632,226

$ 34,167,397

$ 34,081,835

$ 37,375,148

$ 37,623,629

Liabilities, Noncontrolling Interests, and Equity

Secured notes payable

$               —

$               —

$               —

$               —

$      153,500

Unsecured senior notes payable

10,818,366

11,166,009

12,047,394

12,044,999

12,042,607

Unsecured senior line of credit and commercial paper

1,994,508

1,353,986

353,161

1,548,542

1,097,993

Accounts payable, accrued expenses, and other liabilities

2,513,526

2,154,782

2,397,073

2,432,726

2,360,840

Dividends payable

130,468

128,880

127,771

230,603

229,686

Total liabilities

15,456,868

14,803,657

14,925,399

16,256,870

15,884,626

Commitments and contingencies

Redeemable noncontrolling interests

9,119

9,234

58,788

58,662

9,612

Alexandria Real Estate Equities, Inc.'s stockholders' equity:

 Common stock

1,707

1,707

1,705

1,703

1,701

 Additional paid-in capital

15,585,296

15,763,321

15,497,760

16,669,802

17,200,949

 Accumulated other comprehensive loss

(33,027)

(30,936)

(29,395)

(32,203)

(27,415)

Alexandria Real Estate Equities, Inc.'s stockholders' equity

15,553,976

15,734,092

15,470,070

16,639,302

17,175,235

Noncontrolling interests

3,612,263

3,620,414

3,627,578

4,420,314

4,554,156

Total equity

19,166,239

19,354,506

19,097,648

21,059,616

21,729,391

Total liabilities, noncontrolling interests, and equity

$ 34,632,226

$ 34,167,397

$ 34,081,835

$ 37,375,148

$ 37,623,629

Funds From Operations and Funds From Operations per Share
June 30, 2026
(In thousands)

The following table presents a reconciliation of net income (loss) attributable to Alexandria's common stockholders, the most directly comparable financial measure presented in accordance with U.S. generally
accepted accounting principles ("GAAP"), including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations attributable to Alexandria's common
stockholders – diluted, and funds from operations attributable to Alexandria's common stockholders – diluted, as adjusted, for the periods below:

Three Months Ended

Six Months Ended

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

6/30/26

6/30/25

Net (loss) income attributable to Alexandria's common stockholders – basic and diluted

$   (73,691)

$  358,874

$         (1,081,840)

$ (234,937)

$ (109,611)

$   286,721

$ (121,210)

 Depreciation and amortization of real estate assets

302,238

303,296

319,865

338,182

343,729

605,534

683,110

 Noncontrolling share of depreciation and amortization from consolidated real estate JVs

(31,518)

(29,473)

(39,942)

(45,327)

(36,047)

(60,991)

(69,458)

 Our share of depreciation and amortization from unconsolidated real estate JVs

805

914

855

852

942

1,719

1,996

 Gain on sales of real estate

—

—

(307,132)

(9,824)

—

—

(13,165)

 Impairment of real estate – rental properties and land

222,470

(1)

5,499

1,439,303

323,870

131,090

227,969

131,090

 Allocation to unvested restricted stock awards

(2,201)

(2,181)

(1,903)

(1,648)

(1,222)

(5,877)

(1,916)

Funds from operations attributable to Alexandria's common stockholders – diluted(2)

418,103

636,929

329,206

371,168

328,881

1,055,075

610,447

 Unrealized (gains) losses on non-real estate investments

(131,933)

10,332

(98,548)

(18,515)

21,938

(121,601)

90,083

 Significant realized losses on non-real estate investments

—

—

103,329

—

—

—

—

 Impairment of non-real estate investments

8,998

(3)

12,448

20,181

25,139

39,216

21,446

50,396

 Impairment of real estate

—

—

12,619

—

7,189

—

39,343

 (Gain) loss on early extinguishment of debt

—

(366,435)

—

107

—

(366,435)

—

 Acceleration of stock compensation expense due to executive officer resignation

—

—

2,455

—

—

—

—

 (Decrease) increase in provision for expected credit losses on financial instruments

—

—

(341)

—

—

—

285

 Allocation to unvested restricted stock awards

909

2,674

(363)

(74)

(794)

3,541

(2,116)

Funds from operations attributable to Alexandria's common stockholders – diluted, as
   adjusted

$   296,077

$  295,948

$             368,538

$  377,825

$  396,430

$   592,026

$  788,438

Refer to "Definitions and reconciliations" in the Supplemental Information for additional details.

(1)

Primarily reflects impairment charges to reduce the carrying amounts of the following real estate assets classified as held for sale as of 2Q26 to their respective estimated fair values less costs to sell, including (i) $64.2 million related to a land parcel in Sorrento Mesa that is expected to be sold to a residential developer, (ii) $61.6 million, including $8.9 million attributable to foreign currency translation, related to one operating property in Canada, which was classified as held for sale following our decision to sell the asset and reallocate the substantial near-term capital that its redevelopment would have required toward other projects with greater value-creation opportunities, (iii) $28.2 million related to one land parcel and five operating properties, primarily comprising non-laboratory space, in our Sorrento Valley submarket, which were 30% occupied as of 2Q26, had a weighted-average lease term of 2.4 years, and would have required significant capital investment to convert to laboratory use, and (iv) $24.8 million related to one vacant office property, aggregating 104,956 RSF, in the Cambridge submarket of our Greater Boston market, for which we elected not to pursue a conversion to laboratory space.

(2)

Calculated in accordance with standards established by the Nareit Board of Governors.

(3)

Primarily related to two non-real estate investments in privately held entities that do not report NAV.

The following table presents a reconciliation of net income (loss) per share attributable to Alexandria's common stockholders, the most directly comparable financial measure presented in accordance with GAAP, including our share of amounts from consolidated and unconsolidated real estate joint ventures, to funds from operations per share attributable to Alexandria's common stockholders – diluted, and funds from operations per share attributable to Alexandria's common stockholders – diluted, as adjusted, for the periods below. Per share amounts may not add due to rounding.

Three Months Ended

Six Months Ended

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

6/30/26

6/30/25

Net (loss) income per share attributable to Alexandria's common stockholders – diluted

$     (0.43)

$      2.10

$     (6.35)

$     (1.38)

$     (0.64)

$      1.68

$     (0.71)

 Depreciation and amortization of real estate assets

1.59

1.61

1.65

1.73

1.81

3.19

3.61

 Gain on sales of real estate

—

—

(1.80)

(0.06)

—

—

(0.08)

 Impairment of real estate – rental properties and land

1.30

0.03

8.45

1.90

0.77

1.33

0.77

 Allocation to unvested restricted stock awards

(0.02)

(0.01)

(0.02)

(0.01)

(0.01)

(0.03)

(0.01)

Funds from operations per share attributable to Alexandria's common stockholders –
   diluted

2.44

3.73

1.93

2.18

1.93

6.17

3.58

 Unrealized (gains) losses on non-real estate investments

(0.77)

0.06

(0.58)

(0.11)

0.13

(0.71)

0.53

 Significant realized losses on non-real estate investments

—

—

0.61

—

—

—

—

 Impairment of non-real estate investments

0.05

0.07

0.12

0.15

0.23

0.13

0.30

 Impairment of real estate

—

—

0.07

—

0.04

—

0.23

 (Gain) loss on early extinguishment of debt

—

(2.14)

—

—

—

(2.14)

—

 Acceleration of stock compensation expense due to executive officer resignation

—

—

0.01

—

—

—

—

 Allocation to unvested restricted stock awards

0.01

0.01

—

—

—

0.01

(0.01)

Funds from operations per share attributable to Alexandria's common stockholders –
   diluted, as adjusted

$      1.73

$      1.73

$      2.16

$      2.22

$      2.33

$      3.46

$      4.63

Weighted-average shares of common stock outstanding – diluted

 Earnings per share – diluted

170,718

170,867

170,394

170,181

170,135

171,040

170,328

 Funds from operations – diluted, per share

171,210

170,867

170,504

170,305

170,192

171,040

170,390

 Funds from operations – diluted, as adjusted, per share

171,210

170,867

170,504

170,305

170,192

171,040

170,390

Refer to "Definitions and reconciliations" in the Supplemental Information for additional details.

SOURCE Alexandria Real Estate Equities, Inc.