Apple varuje před výraznými omezeními dodávek paměťových čipů a zvýšila zásoby na 11,1 miliardy USD z 5,7 miliardy USD loni v září. Cook uvedl, že dopad na náklady poroste.
As the generative AI boom drives steep demand for hardware components, Apple and other hardware makers are facing what outgoing CEO Tim Cook calls “a hundred-year flood [on] memory pricing,” which is severely impacting the cost of producing iPhones, MacBooks, and other devices.
Apple described its recent earnings report as its “strongest June quarter ever,” with iPhone and Mac sales performing better than expected, growing 22% and 29%, respectively, year-over-year. Yet the company is bracing for memory shortages, known as RAMageddon, to get even worse. Apple’s biggest challenge is securing the advanced memory nodes used in its Apple silicon chips, which power the A-Series and M-Series processors used in iPhones and Macs.
“We continue to expect high levels of demand. However, with less flexibility in supply chain, we expect the impact from the supply constraints to increase significantly sequentially,” Cook said on Apple’s quarterly earnings call. “We’re seeing some very significant constraints currently with limited flexibility in the supply chain to remedy it.”
Apple is evidently worried enough about supply shortages that it reported $11.1 billion in inventory, nearly double the $5.7 billion it reported last September. This marks a break from Cook’s long-held supply chain approach, which has emphasized minimizing how much inventory Apple has on hand.
These constraints led Apple to “reluctantly” raise the price of Macs and iPads last month, Cook added. Other companies that have raised hardware prices include Meta, Samsung, Microsoft, and Sony.
“We’re going to be scrambling on the supply side, essentially,” Cook said.
For the upcoming quarter, Apple is predicting revenue growth between 9% and 11% year-over-year. But in the last several quarters, Apple has maintained about 16% year-over-year growth. Of course, that worries investors — Apple stock dropped 6% in after-hours trading.
When Senior VP of Hardware Engineering John Ternus steps into the CEO role in September, the company could be facing a rough patch, but at least Apple isn’t alone in its supply struggles.
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Amanda Silberling is a senior writer at TechCrunch covering the intersection of technology and culture. She has also written for publications like Polygon, MTV, the Kenyon Review, NPR, and Business Insider. She is the co-host of Wow If True, a podcast about internet culture, with science fiction author Isabel J. Kim. Prior to joining TechCrunch, she worked as a grassroots organizer, museum educator, and film festival coordinator. She holds a B.A. in English from the University of Pennsylvania and served as a Princeton in Asia Fellow in Laos.
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Amazon ve čtvrtletí vykázal ostatní příjem před zdaněním ve výši 53,4 miliardy USD, hlavně díky investici do Anthropic. Firma už do ní vložila 13 miliard USD.
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Then-Amazon Web Services CEO Adam Selipsky gestures toward Anthropic CEO Dario Amodei during a conference. Noah Berger/Getty Images for Amazon Web Services Amazon's stake in Anthropic is proving to be a massive boon to the world's largest online retailer.
In its latest quarterly earnings report, Amazon reported non-operating pre-tax other income of $53.4 billion, "primarily from our investment in Anthropic."
According to previous financial filings, Amazon has invested $13 billion in Anthropic with the potential for up to $20 billion more.
In June, Anthropic announced that it confidentially filed for an initial public offering, taking the first step toward a highly anticipated IPO. In late May, Anthropic said that it had completed a Series H funding round that valued the company at $965 billion.
Amazon isn't the only Big Tech name sharing in Anthropic's success.
On Wednesday, Microsoft reported its investment in Anthropic had netted a $3.2 billion gain. Microsoft previously invested $5 billion in Anthropic.
Anthropic has seen its valuation skyrocket as the popularity of its Claude family of models pushes the overall generative AI race.
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Brent D. Griffiths You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.
Brent Griffiths is a senior reporter at Business Insider who covers AI and tech.Previously, he worked at the Washington Post as a researcher on Power Up and the Finance 202. He started his career at Politico where he worked on the web production team and covered breaking news. His passion for covering politics has only grown since he cut his teeth covering the presidential campaign as a student journalist. He's also contributed to the Almanac of American Politics.
Amazon (AMZN - Free Report) came out with quarterly earnings of $1.88 per share, beating the Zacks Consensus Estimate of $1.83 per share. This compares to earnings of $1.68 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +2.73%. A quarter ago, it was expected that this online retailer would post earnings of $1.6 per share when it actually produced earnings of $1.56, delivering a surprise of -2.5%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Amazon, which belongs to the Zacks Internet - Commerce industry, posted revenues of $200.61 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.77%. This compares to year-ago revenues of $167.7 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Amazon shares have lost about 1.8% since the beginning of the year versus the S&P 500's gain of 6.9%.
What's Next for Amazon?While Amazon 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 Amazon 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 $2.00 on $204.16 billion in revenues for the coming quarter and $8.93 on $826.27 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Commerce is currently in the bottom 27% 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, MercadoLibre (MELI - Free Report) , is yet to report results for the quarter ended June 2026.
This operator of an online marketplace and payments system in Latin America is expected to post quarterly earnings of $8.69 per share in its upcoming report, which represents a year-over-year change of -15.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
MercadoLibre's revenues are expected to be $9.77 billion, up 43.9% from the year-ago quarter.
Amazon disclosed Thursday that it has received $600 million in tariff refunds after the Supreme Court ruled that many of President Donald Trump's levies were illegal, and it expects to return some of that cash to customers.
"We are participating in the tariff refund process and, as I mentioned earlier, we received approximately $600 million in Q2," Brian Olsavsky, Amazon's finance chief, said on the company's earnings call.
In February, the Supreme Court invalidated Trump's tariffs imposed under the International Emergency Economic Powers Act of 1977, forcing the government to pay back duties to companies that imported goods into the U.S. that were hit by tariffs.
Major companies, including Apple, Walmart, Costco, Home Depot and General Motors, all said they would apply for refunds. Trump told CNBC in April he'd "remember" companies that don't seek refunds, when asked whether companies, including Amazon, might be avoiding doing so because they're worried about offending him.
Apple said Thursday its earnings per share were lifted 5%, or 11 cents, by tariff refunds in the third quarter.
Amazon previously hadn't said whether it intended to apply for the refunds. In May, consumers filed a class action lawsuit in federal court in Seattle, arguing that they were owed refunds for paying tariff-inflated prices, and alleging the company wasn't seeking refunds to "curry favor" with Trump.
Read more CNBC tech newsAmazon posts 'booming' cloud growth, hikes 2026 capex to $220 billionApple earnings: Revenue tops estimates, but supply constraints weigh on guidanceChina's open-weight model lead exposes America's AI blind spotNew details in the OpenAI Hugging Face hack show how far agents will go: 'It's now remarkably easy'Amazon, last April, landed in hot water with the White House after it was reported that the company planned to display the cost of Trump's tariffs next to some products on its site. Trump personally called Amazon founder and executive chairman Jeff Bezos to complain about the plan, NBC News reported.
On Thursday, Olsavsky said Amazon was issued a "limited" refund amount because it worked to order and preposition inventory in anticipation of the tariffs.
"Second, we are not the importer of record for the large majority of items sold in our store," he said.
Many of Amazon's third-party sellers who import their goods from overseas were forced to raise prices due to the levies, and have since applied to receive tariff refunds. Outside sellers account for more than 60% of goods sold on Amazon's marketplace.
Olsavsky said some of the company's tariff refunds will be returned to shoppers.
"We've identified a limited set of circumstances where we can trace that we've passed specific import charges onto customers, and when we receive those refunds, we will proactively contact affected customers and automatically issue refunds to them," Olsavsky said. "Otherwise, like other large retailers, we'll utilize refunds to continue to invest in low prices for customers."
Amazon ve výsledcích hospodaření ukázal 37% růst tržeb AWS a CEO Andy Jassy řekl, že k úspěchu v AI není potřeba mít nejlepší model. Firma sází na Bedrock a přístup k více předním modelům.
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Amazon CEO Andy Jassy. Andrej Sokolow/picture alliance via Getty Images Amazon's earnings on Thursday highlighted a surprising idea gaining traction across Silicon Valley: You don't need the best models to win in AI.
The company reported blockbuster results, including a 37% jump in revenue from Amazon Web Services. Those gains came from the cloud giant running many different AI models from leading providers such as Anthropic and OpenAI.
In contrast, Amazon's efforts to build its own models are in somewhat of a mess, as Business Insider reported earlier this week.
On Thursday, Amazon CEO Andy Jassy suggested this isn't a problem. During a call with analysts he said there won't be a single AI model that dominates the industry.
Instead, Jassy explained, customers increasingly want to use multiple leading models, a trend that's helped fuel the rapid growth of Amazon Bedrock, the company's platform for accessing foundation models.
"AWS and Amazon can have a wildly successful business without its own frontier model," Jassy said. "There is not going to be one model to rule the world."
This is a big change from what's been guiding much of the AI market since it exploded in 2022 on the back of ChatGPT. Companies have raced to develop the most powerful models, spending huge sums of money on training and other expensive development techniques.
Now, though, the race has evolved to be less about raw performance and more about building and running efficient models, so-called intelligence per dollar. This potentially suits Amazon more than some other AI rivals.
Amazon has never prioritized its own models. It did develop in-house offerings via the Nova range of models, but they struggled to come close to frontier.
More recently, the company has been overhauling its AI strategy, winding down most of the existing Nova line while shifting resources toward a new frontier-model initiative, Business Insider reported earlier this week.
Jassy's remarks suggest the company's long-term strategy is not to rely exclusively on its own models, but to make AWS the platform where customers can access the industry's leading AI systems — whether to not those come from Amazon.
Rather than trying to win solely on model performance, Amazon has focused on making Bedrock the centerpiece of it AI strategy. Last year, Jassy said AWS was "building Bedrock to be the biggest inference engine in the world" and predicted the service could eventually rival EC2, AWS's flagship cloud computing business.
During Thursday's call, Jassy said companies building AI applications want access to a wide range of models because different systems will surpass one another over time and excel at different tasks. That dynamic, he said, gives Bedrock a competitive advantage.
"If you're a company that's building important AI applications, you want to make sure that you have the ability to use all the available models," Jassy said. "They're going to each leapfrog each other at different times."
At the same time, Jassy made clear Amazon remains committed to developing its own AI models.
He said having a leading model would give the company greater control over costs for both its own consumer applications and AWS customers, while allowing Amazon to prioritize features important to customers and move faster without relying on outside providers.
Alexa, for example, has been reducing its reliance on Anthropic's costly models in favor of Amazon's own AI models to lower costs, Business Insider previously reported.
Jassy predicted that within the next few years there will be "at least a half dozen models that are comparably good to each other."
"They'll all be on Bedrock," he said, "and one of them will be ours."
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Eugene Kim You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.
Eugene is Business Insider’s Chief Tech Correspondent, where he leads coverage of Amazon. His reporting spans the company’s retail operations, AWS, Alexa, and its secretive internal work culture.Previously, he worked at CNBC, Fortune Magazine Korea, and Japan's Yomiuri Shimbun. He holds degrees from NYU and Columbia University’s Graduate School of Journalism.In 2022, Eugene broke a story uncovering Amazon’s practice of deceptively enrolling customers in Prime and deliberately making cancellation difficult. A year later, the Federal Trade Commission sued the company, citing his reporting. That case culminated in a record $2.5 billion settlement in 2025.His reporting has earned multiple honors, including the SF Press Club’s Bay Area Journalism Award and SPJ NorCal’s Excellence in Journalism Award.Eugene lives in the Bay Area. Contact him via email at [email protected], or Signal, Telegram, or WhatsApp at 650-942-3061. Use a personal email address, a nonwork WiFi network, and a nonwork device; here's our guide to sharing information securely. ExpertiseAmazon, Jeff Bezos, Andy Jassy, e-commerce, and cloud computing.Popular ArticlesAmazon:Internal Amazon emails give an exclusive look at how CEO Andy Jassy has started to run the company, with obsessive attention to the retail business and what some employees feel is micromanagingAndy Jassy will be the next CEO of Amazon. Insiders dish on what it's like to work for Jeff Bezos' successor, who built AWS into a $40 billion business.Internal documents show Amazon has for years knowingly tricked people into signing up for Prime subscriptions. 'We have been deliberately confusing,' former employee says.Inside Amazon's flailing brick-and-mortar ambitions: missed projections, pressure to cut costs, and a war with Whole FoodsInside Amazon's complex employee-review system, where workers feel left in the dark and managers expect to give 5% of reports bad reviewsAfter 28 years, 'Day 2' finally arrives at AmazonAWS, Alexa, healthcare:Inside Amazon's struggle to break into the lucrative market for SaaS business applications, including an internal pitch to buy $38 billion HubSpotInside Amazon's struggle to crack Nvidia's AI-chip dominanceAmazon's AI data center dream runs into the reality of 'zombie' facilities, higher costs, and labor shortagesAmazon is gutting its voice assistant, Alexa. Employees describe a division in crisis and huge losses on 'a wasted opportunity.'Amazon is working on a new 'Remarkable Alexa,' but internal politics and technical issues plague the projectAmazon projected huge losses from its healthcare business in 2024, but strong sales growth, internal document reveals
Amazon těží z AI spíš jako poskytovatel infrastruktury než jako tvůrce modelu. AWS chce udržet AI workloady ve svém cloudu, i když vítězem závodu bude někdo jiný. Amazon plánuje v roce 2026 investovat 200 miliard dolarů.
When investors talk about the artificial intelligence race, the conversation usually revolves around one question: Who will build the best AI model?
Will it be OpenAI? Alphabet? Anthropic? Meta?
That's certainly an important question. But it may not be the most profitable one for investors. A better question is this: Who stands to make the most money as AI becomes ubiquitous, regardless of which model ultimately wins?
To answer the question, here's one company that deserves our attention: Amazon (AMZN +3.91%).
Image source: Getty Images.
Amazon is selling the picks and shovels History offers useful lessons for investors. During a gold rush, some prospectors strike it rich, but most leave empty-handed. Still, businesses that consistently make money during the rush are often the ones selling the picks, shovels, and supplies.
Today's AI boom looks remarkably similar. Companies are racing to build increasingly capable AI models, but each one requires enormous computing power, storage, networking, and software infrastructure. Whether a business chooses OpenAI, Anthropic, Meta, or another provider, someone still has to run those workloads.
That's where Amazon Web Services (AWS) comes in. AWS is already one of the world's largest cloud infrastructure providers. As enterprises deploy more AI applications, demand for computing resources should continue rising. Every new AI-powered product, AI agent, recommendation engine, or enterprise assistant represents another workload that needs infrastructure.
Amazon doesn't have to predict which model will dominate. It simply needs businesses to keep adopting AI.
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AI strengthens Amazon's entire ecosystem The good news for Amazon is that the story doesn't end with Amazon Web Services (AWS). Unlike many AI-focused companies, Amazon owns an ecosystem where AI can improve multiple businesses simultaneously.
In e-commerce, AI can generate more relevant product recommendations, improve inventory planning, forecast demand, and optimize delivery routes. For advertisers, AI can deliver better targeting and more efficient campaigns, helping brands connect with customers who are ready to buy.
Within AWS, Amazon is developing custom AI chips, such as Trainium and Inferentia, to reduce the cost of training and running AI models. Lower costs, in turn, could make AI adoption more attractive to enterprise customers and strengthen AWS's competitive position.
Each small improvement reinforces another part of Amazon's business. Better recommendations increase sales. Higher sales attract more merchants. More merchants attract more advertisers. More business activity generates additional demand for cloud services and data processing.
In other words, AI doesn't need to create a new business for Amazon. It's making an already powerful ecosystem even stronger.
Amazon probably doesn't even need to win the AI race This may be Amazon's biggest strategic advantage, yet it's underappreciated.
Microsoft wants enterprises to embrace Copilot. Alphabet wants developers and consumers to use Google Gemini. OpenAI wants ChatGPT to become the default AI assistant.
Those companies have a greater incentive to persuade customers that their AI model is the best. Amazon has a different objective.
It wants businesses to build, deploy, and scale AI applications on AWS. Whether those applications use Amazon's own models, Anthropic's Claude, or another foundation model is often less important than keeping those workloads inside Amazon's cloud ecosystem.
In other words, Amazon is positioning itself as the platform that enables AI rather than the destination where users consume it. If AI adoption accelerates across industries, Amazon could benefit even if another company builds the world's leading AI model.
But there are still risks While we have generally explored the upsides so far, that doesn't mean Amazon is guaranteed to win.
Building AI infrastructure requires enormous capital investment -- Amazon plans to invest $200 billion in 2026 -- and those costs could pressure margins in the near term. Moreover, competition from Microsoft, Alphabet, and other cloud providers remains intense, so Amazon will still need to fight for its rightful market share.
In short, execution will still matter.
What does it mean for investors? The biggest winners of a technological revolution aren't always the companies with the flashiest products. Sometimes they're the businesses that make the entire ecosystem possible, and that's the opportunity Amazon is pursuing.
While much of the market debates which chatbot or AI model will come out on top, Amazon is quietly building the infrastructure and business ecosystem that can benefit from almost every AI breakthrough.
And if AI truly becomes as transformative as many expect, Amazon's best days may still lie ahead
Microsoft's new Xbox chief is looking to push the gaming unit's margin back in line with its rivals by next year and beat them on profitability by mid-2030.
"We will not live on past successes or be trapped by past failures," CEO Asha Sharma wrote in a Thursday message to staff members that CNBC viewed. "We will learn from both and put our energy into creating what players will love for decades."
Sharma, a former Instacart and Meta executive, replaced Phil Spencer as Xbox CEO in February. She has since appointed new leaders, lowered Game Pass subscription prices and announced layoffs and divestitures of four development studios. Sharma has put more emphasis on exclusive titles for the Xbox console, delighting gamers who have seen the subsidiary bring franchises to Sony's PlayStation.
On Wednesday, Xbox turned in a 10% quarterly revenue decline — the most sluggish performance since 2022 — even as its parent surpassed consensus in cloud infrastructure and productivity software. Microsoft stock spiked almost 16% on Thursday in its strongest session since 2008.
Sharma and Matt Booty, Xbox's chief content officer, said last month that they anticipated a 3% internal margin. Sony reported a 9.9% operating margin from game and network services in the latest fiscal year, while Nintendo's approached 16%.
The Xbox Series X and Series S consoles have lagged behind the Nintendo Switch and Sony PlayStation 5 in terms of shipments.
Sharma wrote in her Thursday memo that Xbox will make every function and studio responsible for the gaming group getting back to growth in terms of number of players and revenue in the new fiscal year that ends in June 2027.
"We will build long-term plans for our biggest franchises across film, television, consumer products, sponsorship, live experiences, and form new partnerships globally, including China," she wrote.
Read more CNBC tech newsAmazon posts 'booming' cloud growth, hikes 2026 capex to $220 billionApple earnings: Revenue tops estimates, but supply constraints weigh on guidanceChina's open-weight model lead exposes America's AI blind spotNew details in the OpenAI Hugging Face hack show how far agents will go: 'It's now remarkably easy'Sharma also said she wants to see Xbox gain share in casual games, partly through Activision Blizzard's King, which puts out Candy Crush Saga games.
Microsoft placed a giant bet on gaming with the $75.4 billion acquisition of Call of Duty publisher Activision Blizzard in 2023. The deal boosted revenue, but the subsidiary became overextended. Consumers got to try new high-value Call of Duty releases for short periods through Game Pass for a small fee and leave without paying full price. Game Pass now excludes the first-person shooter titles.
Microsoft CEO Satya Nadella told analysts on the software maker's Wednesday earnings call that in gaming, the company is "making the necessary decisions required across our content portfolio, platform and operations to reset the business for long-term growth."
In 2014, Microsoft acquired Mojang, the developer of block-building game Minecraft, for $2.5 billion. It surpassed Tetris as the world's best-selling game five years later.
Sharma told employees in her note that the company would "invest in Minecraft more than ever before, strengthening the experiences players love while expanding the tools that help people create, share, build audiences, and earn."
Sharma wrote that revenue growth must speed up in the 2028 and 2029 fiscal years.
"By FY30, our ambition is to be halfway to our long-term daily-player goal with sustained double-digit growth in players and engagement and industry leading margins," she wrote.
Johnson & Johnson dosáhl předběžné dohody o urovnání většiny zbývajících žalob kvůli talcu, která by mohla stát až 5,5 miliardy USD. Pokud bude potvrzena, odstraní to pro firmu velké riziko.
Johnson & Johnson (JNJ -3.66%) is having a great year. The healthcare giant's shares are up 28% compared to the S&P 500's 8% gain. Several factors are driving this strong performance from the drugmaker. First, despite government drug price negotiations that are leading to lower sales for some of its products, not to mention biosimilar competition for Stelara, an immunology medicine, the company's revenue is moving in the right direction. In the second quarter, Johnson & Johnson's net sales climbed by 6.6% year over year to $25.3 billion. The company is still projecting that it will generate a little over $100 billion in sales this year, marking only the second time in history that a biopharmaceutical company achieves this milestone.
Image source: The Motley Fool.
Second, Johnson & Johnson recently received clearance for the Ottava, a robotic-assisted surgery (RAS) system, for a range of general-surgery procedures. The company's entry into this market could be a big deal. The RAS industry is arguably underpenetrated and could become a growth driver for Johnson & Johnson down the line. Third, the healthcare leader continues to raise its dividend, having done so for 64 consecutive years. That makes it a Dividend King, a status that requires a corporation to have raised its payouts for at least 50 consecutive years. All of these are already great reasons to consider the stock, but one ongoing development may overshadow them all. Here's what investors should be most excited about right now.
Putting a major risk in the rearview mirror For years, Johnson & Johnson has dealt with thousands of lawsuits alleging that its talc-based products gave patients cancer. Plaintiffs claim that the company knew about these risks and should have warned consumers. These drawn-out legal battles have tarnished Johnson & Johnson's public image and reputation. The company has tried to get rid of them several times, but to no avail. That may be about to change.
Johnson & Johnson recently reached a proposed settlement with the law firms representing most of the remaining talc plaintiffs, contingent on at least 95% of the claimants participating. The proposed settlement commits Johnson & Johnson to pay up to $5.5 billion in claims, with an initial payment of up to $3 billion due in 2027, and no additional payment due before 2028. To be clear, this isn't a done deal yet, but it's about the closest Johnson & Johnson has been to resolving these lawsuits.
It wouldn't significantly harm the company's financial position either. Johnson & Johnson generated $22.6 billion in free cash flow over the trailing-12-month period. A $5 billion hit over the next two years (at least) isn't the end of the world, especially considering that the company may have ended up spending much more than that on legal fees to defend itself in court. This settlement, if finalized, will allow Johnson & Johnson to eliminate a major risk hanging over it.
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Johnson & Johnson is a great long-term pick Johnson & Johnson has shown the resilience and flexibility of its business over the past few years. Dealing with slowing top-line growth, the company spun off its consumer health operations into a stand-alone business and focused on higher-growth opportunities in medtech and pharmaceuticals.
Government-led price negotiations are also not harming the company too much, thanks to its deep, diversified product lineup across multiple therapeutic areas. And now, it may show that it can survive an avalanche of lawsuits and emerge from the ordeal in one piece. Meanwhile, the company continues to innovate, even beyond Ottava's clearance, which may help boost future sales growth. Johnson & Johnson recently earned approval for Icotyde, a medicine for plaque psoriasis that could become a notable player in this niche.
Analysts believe that at its peak, Icotyde will generate well over $1 billion in sales. Last year, Johnson & Johnson launched Imaavy, a drug for a rare neuromuscular disorder called generalized myasthenia gravis. This medicine may also achieve blockbuster status.
The company is also working on newer medicines, including milvexian, a highly promising anticoagulant it is developing in collaboration with Bristol Myers Squibb. Johnson & Johnson's exceptional underlying business should help it sustain its dividend program, and the company has many years of payout growth ahead. Investors looking for solid dividend payers should consider buying the company's shares.
Phillips 66 (PSX - Free Report) closed at $210.60 in the latest trading session, marking a +1.83% move from the prior day. The stock exceeded the S&P 500, which registered a gain of 1.66% for the day. Meanwhile, the Dow experienced a rise of 1.19%, and the technology-dominated Nasdaq saw an increase of 2.78%.
The stock of oil refiner has risen by 18.52% in the past month, leading the Oils-Energy sector's gain of 5.33% and the S&P 500's loss of 1.49%.
Analysts and investors alike will be keeping a close eye on the performance of Phillips 66 in its upcoming earnings disclosure. The company's earnings report is set to go public on August 5, 2026. The company is expected to report EPS of $7.68, up 222.69% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $36.17 billion, indicating a 7.91% increase compared to the same quarter of the previous year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $22.43 per share and a revenue of $146.24 billion, representing changes of +248.29% and +7.09%, respectively, from the prior year.
Any recent changes to analyst estimates for Phillips 66 should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, there's been a 17.68% rise in the Zacks Consensus EPS estimate. At present, Phillips 66 boasts a Zacks Rank of #2 (Buy).
With respect to valuation, Phillips 66 is currently being traded at a Forward P/E ratio of 9.22. This signifies a premium in comparison to the average Forward P/E of 8.31 for its industry.
Meanwhile, PSX's PEG ratio is currently 0.16. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. By the end of yesterday's trading, the Oil and Gas - Refining and Marketing industry had an average PEG ratio of 0.21.
The Oil and Gas - Refining and Marketing industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 19, this industry ranks in the top 8% of all industries, numbering over 250.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
First Solar vykázal zisk na akcii 3,92 USD, což překonalo odhad 2,86 USD, ale tržby 1,056 miliardy USD mírně zaostaly za očekáváním. Akcie v prodlouženém obchodování vzrostly o 3,73 %.
FSLR stock is moving. Watch the price action here. First Solar reported quarterly earnings of $3.92 per share, which beat the Street consensus of $2.86 by 37.06%, according to Benzinga Pro data.
Quarterly revenue came in at $1.056 billion, which missed the analyst estimate of $1.062 billion and was down from $1.1 billion in the same period last year.
Contracted sales backlog was 45.1 GW at the end of the quarter.
“We delivered both record second-quarter and first-half sales volume and improved financial performance relative to the prior year,” said CEO Mark Widmar.
“We also surpassed 100 GW of cumulative module sales globally and ended the quarter with approximately 45.1 GW of contracted backlog extending through 2030, demonstrating continued demand for our differentiated technology platform, domestic manufacturing footprint and delivery certainty,” Widmar added.
FSLR Stock Price Activity: According to data from Benzinga Pro, First Solar stock was up 3.73% to $213.70 in Thursday’s extended trading.
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Earning the title of Dividend King puts you in elite company, as not every company has the financial stability to have increased its dividend payouts for 50 or more consecutive years. Some companies in that class are household names, like Coca-Cola and Walmart.
Enbridge (ENB +0.53%) isn't a household name, nor is it a Dividend King. But with 31 years of consecutive dividend hikes, it's on the path to becoming one, making it a name for investors seeking income to familiarize themselves with.
Image source: Getty Images.
Different energy resources, one powerful strategy Energy companies are sometimes overlooked as income investments, as stocks in the sector can be known for volatile price swings tied to commodity prices. That said, that's still a broad categorization of energy stocks.
Enbridge's all-of-the-above approach offsets some of the risk of being singularly focused on one energy solution through its broader portfolio. It also locks in long-term contracts, which helps it avoid commodity price swings.
Within that portfolio are its four main businesses: renewable energy, gas utilities and storage, natural gas pipelines, and liquid pipelines.
That helps it meet more specific needs, like it is doing with Meta Platforms. Meta has been working with Enbridge to power its data centers with solar energy, signing a 2025 contract to use all the solar energy produced by one of its facilities under construction in Texas. That relationship is also expanding, as Enbridge announced in May that it is working on a solar and battery energy storage project for another one of Meta's data centers in Wyoming.
With natural gas, Enbridge has over 50 potential opportunities with data centers on its radar. It's expected to pick which opportunities it wants to pursue in 2026 and 2027, so it'll be worth watching upcoming quarterly reports for updates. Its 2026 second-quarter earnings results are expected on July 31.
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Reliability as a dividend payer Enbridge provides critical energy services across North America, and establishing a crucial role helps ensure cash keeps flowing in to pay dividends. Not only is 30% of the crude oil produced in North America transported by Enbridge, but about 20% of the natural gas consumed in the U.S. is also transported by Enbridge.
One criticism often brought up about Enbridge, however, is that its large debt load could become increasingly expensive to service. The money that would usually go toward dividend payouts would instead possibly need to be used to pay lenders if Enbridge got into a financial crunch. But as often as the debt levels are mentioned when reviewing it as a dividend payer, it has still managed not only to pay a dividend for more than 70 years but also to increase it for 31 years. As of this writing, that dividend payout yields a favorable 5.1%.
One thing to note quickly is that Enbridge is based in Canada, so anyone analyzing it further should note that it reports in Canadian dollars. Also, the tax implications of holding Enbridge in a U.S. brokerage account differ and warrant research before making an investment decision.
Odvolací soud USA rozhodl, že Enbridge neoprávněně vedl potrubí přes půdu kmene v severním Wisconsinu a musí jej přeložit. Zrušil ale původní tříletou lhůtu a nařídil přepočet škod.
A view of Enbridge’s Mackinaw facility, servicing the company’s existing underwater Line 5 pipeline and its planned replacement tunnel through the Straits of Mackinac between lakes Michigan... Purchase Licensing Rights, opens new tab Read more
SummaryCompanies7th Circuit gives Enbridge a grace period to reroute Line 5 pipelineDamages must be recalculated to avoid 'double-counting'Rights-of-way under tribal land expired in 2013July 30 (Reuters) - A U.S. appeals court found Enbridge (ENB.TO), opens new tab liable for trespass for running a pipeline under land belonging to a northern Wisconsin tribe, but gave the Canadian energy company more time to reroute the pipeline and ordered a recalculation of damages.
Thursday's decision by the 7th U.S. Circuit Court of Appeals in Chicago addressed appeals from a federal district judge's June 2023 order that Enbridge pay the Bad River Band of the Lake Superior Tribe of Chippewa Indians $5.15 million in restitution plus an additional sum for ongoing trespass, and move the pipeline within three years.
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That deadline expired last month, but had been put on hold. Circuit Judge Michael Scudder urged the district judge to adopt measures to ensure that Enbridge reroute the pipeline "as soon as possible."
Enbridge had no immediate comment. Josh Handelsman, a lawyer for the tribe, said his client is reviewing the decision.
Built in 1953, the Line 5 pipeline carries up to 540,000 barrels of oil per day through the Great Lakes region from Canada, including about 12 miles (19 km) under the Bad River Reservation.
U.S. District Judge William Conley in Madison, Wisconsin, awarded damages and ordered a reroute following a non-jury trial. Bad River Band had warned a shutdown was needed because spring rains had eroded a riverbank protecting the pipeline.
DELAY 'DOES NOT REFLECT OUR APPROVAL'Writing for a three-judge panel, Scudder said the three-year timetable to move the pipeline was too aggressive, but a shutdown risked harming consumers, sparking international fallout with Canada, and violating a 1977 U.S.-Canadian treaty governing transit pipelines.
"Make no mistake: Enbridge must remove the pipeline from the [tribe's land]," Scudder wrote. "The grace period we direct the district court to afford Enbridge is the product of the broader public context in which the pipeline operates, and it does not reflect our approval of the company’s behavior."
As to damages, Scudder said Conley abused his discretion for "double-counting," by taking into account Enbridge’s profits attributable to the trespass as well as the company’s economic benefit from deferring expenses for a reroute.
A recalculation should consider the ongoing nature of Enbridge's trespass, interest that may be owed, and both sides' conduct concerning a reroute, Scudder said.
The appeals court refused to hold Enbridge liable for nuisance, saying federal law preempted the tribe's claim.
Though Enbridge's easement for the pipeline over some tribal land parcels ran through 2043, its rights-of-way over other parcels expired in 2013.
The tribe sued in 2019 after out-of-court negotiations failed.
Reporting by Jonathan Stempel in New York Editing by Bill Berkrot
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Coinbase uvedla, že rozšiřuje nabídku o stablecoiny, předplatné a infrastrukturu, zatímco posiluje ekosystém Base. Firma zároveň hlásí rekordní počet platících předplatitelů Coinbase One.
Japan’s Crypto Overhaul Could Open the Door to a Wave of Institutional MoneyCoinbase Global NASDAQ: COIN executives said the company is pursuing growth through a broader product lineup, stablecoin partnerships, subscriptions and infrastructure initiatives, while maintaining its focus on trusted custody and expanding its Base blockchain ecosystem.
During the company’s second-quarter 2026 earnings call on X, Co-Founder and CEO Brian Armstrong and Chief Financial Officer Alesia Haas discussed U.S. crypto legislation, the renewal of Coinbase’s agreement with Circle, product cross-selling and the competitive landscape for blockchain networks.
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CLARITY Act Outlook Visa’s Open USD Push Puts Circle’s Stablecoin Moat Under PressureArmstrong said he remains optimistic that the CLARITY Act will receive a full vote in the U.S. Senate, citing ongoing negotiations and the approaching August recess as a potential catalyst for lawmakers to reach an agreement.
“There’s a lot of last-minute negotiations happening, which to me is a sign that everyone is invested in getting something over the line,” Armstrong said. He also credited Stand With Crypto advocates for sending more than 1 million emails and making phone calls to representatives.
As Stablecoins Keep Growing, These 2 Stocks BenefitStill, Armstrong said Coinbase would likely continue operating normally even if the legislation does not pass. He said the company already follows many practices that could be required under the proposed legislation. He also pointed to public statements from SEC Chair Paul Atkins and CFTC Chairman Michael Selig indicating that the agencies are prepared to develop clearer rules regardless of the bill’s outcome.
Armstrong said legislation would nevertheless provide greater durability across future administrations and support longer-term investment decisions. In his view, consumers would be more negatively affected than Coinbase if the act fails to become law.
Circle Agreement and Multi-Stablecoin Strategy Haas said Coinbase has met the conditions for its Circle contract to renew on the same terms. She said the company will continue working with Circle to expand the USDC ecosystem.
Coinbase’s participation in Open USD does not alter its support for USDC, Armstrong said. Instead, he described Coinbase as a “multi-stablecoin platform” that aims to offer the stablecoins customers want to use while pursuing economic arrangements with major issuers and networks.
The company already supports stablecoins including PayPal USD and Tether’s USDT, according to Armstrong. He said supporting additional stablecoins can create business and revenue opportunities, including in foreign-exchange trading.
Haas also addressed the company’s relationship with Hyperliquid, saying Coinbase wants institutional and retail customers to hold USDC on its platform and participate in available rewards programs. She said sharing economics with ecosystem participants can promote network effects and broader USDC adoption.
Armstrong said USDC is already the leading stablecoin by transaction volume and the largest regulated stablecoin globally. He said Coinbase intends to continue investing in USDC and sharing economics where appropriate in an effort to expand its position relative to other stablecoins.
Product Adoption, Marketing and Coinbase One Haas said Coinbase’s strategy begins with secure storage of customer assets, arguing that customers who store assets on the platform are more likely to transact and adopt additional services. The company’s growth marketing efforts are currently focused on products showing market demand, including prediction markets, crypto trading and newer derivatives offerings.
According to Haas, Coinbase generally targets a one-year payback period on growth marketing spending and has recently outperformed that benchmark. She said early data indicate that users engaging with prediction markets are also increasing spot trading activity, rather than shifting activity away from spot markets.
Armstrong said the company seeks to keep “all the shelves stocked” as it builds what he called an “everything exchange.” He cited prediction markets, perpetual futures, stock trading and potential future stock-options offerings as areas contributing to a more diverse trading-fee business.
On the subscription side, Haas said Coinbase recorded an all-time high in paid Coinbase One subscribers during the quarter, despite weaker crypto trading volumes. She said Coinbase One users tend to be highly engaged and use a wider range of company products and services.
Haas said Coinbase One subscribers, on average, trade more and generate higher unit economics than non-members. While zero-fee trading may shift revenue away from traditional trading-fee categories, she said subscribers also contribute through staking, card usage and other services. She characterized the overall customer relationship as accretive, supported by stronger retention and engagement.
Base, AI Agents and Competition Armstrong said Coinbase is preparing for a future in which artificial-intelligence agents increasingly function as customers and participants in financial markets. He said such agents will consider price and transaction speed but will also value reliable, secure, liquid and compliant infrastructure.
He said Base provides settlement for less than one cent and in under one second, while adding that Coinbase intends to “roll out the red carpet” for AI agents. Armstrong said the majority of agentic-finance transactions using USDC, Base and the x402 protocol are occurring through Coinbase’s ecosystem, although he said the company has no specific forecasts to share.
Addressing competition from companies developing their own blockchain networks, including Robinhood and Stripe, Armstrong said emerging markets often experience fragmentation before eventual consolidation. He compared the current blockchain landscape with stablecoins, where numerous new offerings have been introduced but USDC and Tether have retained the overwhelming share of the market.
Armstrong said Base remains the largest Ethereum layer-2 network and described it as a leader in spot-market liquidity, stablecoin transfer activity and agentic finance. He said Base processed roughly $32 trillion in stablecoin transfer volume over the prior 12 months. Coinbase will continue investing in Base and pursuing a path toward greater decentralization, he said.
Coinbase also sees demand for pre-initial-public-offering perpetual futures, Armstrong said. The company has begun offering the products to non-U.S. traders, with SpaceX as the first underlying private company. U.S. access is on the roadmap, though Armstrong did not provide a timetable.
About Coinbase Global (NASDAQ:COIN)Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.
Coinbase's product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.
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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Coinbase Global, Inc. (COIN) Q2 2026 Earnings Call July 30, 2026 5:00 PM EDT
Company Participants
Brian Armstrong - Co-Founder, Chairman & CEO
Alesia Haas - Chief Financial Officer
Conference Call Participants
Eric Pan
Owen Lau - Clear Street LLC
Brian Jung
Kenneth Worthington - JPMorgan Chase & Co, Research Division
Austin Hankwitz
Alexander Markgraff - KeyBanc Capital Markets Inc., Research Division
Presentation
Brian Armstrong
Co-Founder, Chairman & CEO
During today's discussion, we may make forward-looking statements that may vary materially from our actual results. Please refer to our SEC filings and earnings presentation for information concerning risks, uncertainties and other factors that could cause these results to differ.
In addition, our discussion today may include certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the earnings presentation on our Investor Relations website.
Alesia Haas
Chief Financial Officer
Hey, everyone. Thanks for joining us live on X today. I'm Alesia Haas, CFO of Coinbase, and I'm here with our Co-Founder and CEO, Brian Armstrong. We are also joined today by a group of independent and institutional research analysts. We're excited to connect directly with you, our customers, our community, our shareholders to talk about our quarter and answer your questions.
Question-and-Answer Session
Alesia Haas
Chief Financial Officer
So we're going to take our first question from an independent analyst named Eric Pan. Eric, over to you.
Eric Pan
Eric Pan, ericnomics, here. Great to see you guys again since the systems update in EURC. My question is around CLARITY. As CLARITY is at the 1-yard line and now out for the Senate floor vote, prediction markets and Galaxy Research have odds of it passing around roughly 30%. And August recess is right around the corner. Now I really want to be optimistic about this, but also imagining a scenario of a world where it doesn't really get
Upstart Holdings, Inc. v poslední obchodní den vzrostla o 1,6 % na 27,03 USD, ale za poslední měsíc klesla o 25,57 %. Investoři vyhlížejí výsledky 4. srpna 2026.
Upstart Holdings, Inc. (UPST - Free Report) closed the most recent trading day at $27.03, moving +1.6% from the previous trading session. The stock fell short of the S&P 500, which registered a gain of 1.66% for the day. Elsewhere, the Dow gained 1.19%, while the tech-heavy Nasdaq added 2.78%.
Shares of the company have depreciated by 25.57% over the course of the past month, underperforming the Finance sector's gain of 1.93%, and the S&P 500's loss of 1.49%.
Investors will be eagerly watching for the performance of Upstart Holdings, Inc. in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on August 4, 2026. In that report, analysts expect Upstart Holdings, Inc. to post earnings of $0.58 per share. This would mark year-over-year growth of 61.11%. Meanwhile, our latest consensus estimate is calling for revenue of $354.89 million, up 37.93% from the prior-year quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $2.25 per share and revenue of $1.43 billion, indicating changes of +29.31% and +36.53%, respectively, compared to the previous year.
Investors should also take note of any recent adjustments to analyst estimates for Upstart Holdings, Inc. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. As of now, Upstart Holdings, Inc. holds a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Upstart Holdings, Inc. has a Forward P/E ratio of 11.81 right now. This signifies a premium in comparison to the average Forward P/E of 11.19 for its industry.
It's also important to note that UPST currently trades at a PEG ratio of 0.29. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. As the market closed yesterday, the Financial - Miscellaneous Services industry was having an average PEG ratio of 0.93.
The Financial - Miscellaneous Services industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 178, which puts it in the bottom 28% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
Corteva, Inc. (CTVA - Free Report) came out with quarterly earnings of $2.3 per share, beating the Zacks Consensus Estimate of $2.24 per share. This compares to earnings of $2.2 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +2.68%. A quarter ago, it was expected that this agriculture would post earnings of $1.18 per share when it actually produced earnings of $1.5, delivering a surprise of +27.12%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Corteva, Inc., which belongs to the Zacks Agriculture - Operations industry, posted revenues of $6.38 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 3.66%. This compares to year-ago revenues of $6.46 billion. The company has topped consensus revenue estimates two 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.
Corteva, Inc. shares have added about 35% since the beginning of the year versus the S&P 500's gain of 6.9%.
What's Next for Corteva, Inc.?While Corteva, Inc. 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 Corteva, Inc. was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.25 on $2.68 billion in revenues for the coming quarter and $3.76 on $18.27 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, Agriculture - Operations is currently in the top 38% 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.
Another stock from the same industry, Archer Daniels Midland (ADM - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 4.
This agribusiness giant is expected to post quarterly earnings of $1.42 per share in its upcoming report, which represents a year-over-year change of +52.7%. The consensus EPS estimate for the quarter has been revised 1.8% lower over the last 30 days to the current level.
Archer Daniels Midland's revenues are expected to be $22.38 billion, up 5.7% from the year-ago quarter.
Rivian Automotive vykázala ve 2. čtvrtletí ztrátu 0,47 USD na akcii, méně než čekaných 0,65 USD. Tržby dosáhly 1,66 miliardy USD a překonaly odhad o 4,25 %.
Rivian Automotive (RIVN - Free Report) came out with a quarterly loss of $0.47 per share versus the Zacks Consensus Estimate of a loss of $0.65. This compares to a loss of $0.8 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +27.69%. A quarter ago, it was expected that this a manufacturer of motor vehicles and passenger cars would post a loss of $0.6 per share when it actually produced a loss of $0.55, delivering a surprise of +8.33%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Rivian Automotive, which belongs to the Zacks Automotive - Domestic industry, posted revenues of $1.66 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.25%. This compares to year-ago revenues of $1.3 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Rivian Automotive shares have lost about 17.2% since the beginning of the year versus the S&P 500's gain of 6.9%.
What's Next for Rivian Automotive?While Rivian Automotive 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 Rivian Automotive 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 -$0.65 on $1.96 billion in revenues for the coming quarter and -$2.37 on $7.19 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, Automotive - Domestic is currently in the top 38% 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.
Another stock from the same industry, Xos, Inc. (XOS - Free Report) , has yet to report results for the quarter ended June 2026.
This company is expected to post quarterly loss of $0.60 per share in its upcoming report, which represents a year-over-year change of +34.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Xos, Inc.'s revenues are expected to be $12.14 million, down 34% from the year-ago quarter.
HSBC prodá australské portfolio hypotečních a osobních úvěrů za A$36 miliard společnosti Blackstone a postupně ukončí zbývající retailové bankovnictví v Austrálii během 18 měsíců.
A Hongkong and Shanghai Banking Corporation (HSBC) logo is displayed outside a bank branch in Sydney, Australia, August 19, 2025. REUTERS/Hollie Adams Purchase Licensing Rights, opens new tab
SummaryCompaniesHSBC to wind down remaining Australian retail banking business over 18 monthsDeal expected to close in 1H 2027, subject to regulatory approvalsHSBC to focus on corporate, institutional banking franchise in Australia, NZJuly 31 (Reuters) - HSBC (HSBA.L), opens new tab, (0005.HK), opens new tab said on Friday it would sell its A$36 billion ($25.30 billion) Australian home and personal loan portfolio to investment giant Blackstone (BX.N), opens new tab, marking its phased exit from retail banking in the country.
The portfolio will be acquired by Virgo BidCo, wholly owned by funds managed by affiliates of Blackstone, in a deal expected to close in the first half of 2027. The final purchase price will be adjusted before completion to reflect factors including new loan originations.
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HSBC said the sale followed a strategic review as part of the group's efforts to simplify operations under CEO Georges Elhedery. The remainder of HSBC Australia's retail business would be wound down in phases over the next 18 months.
Since taking over in September 2024, Elhedery has reorganised the bank along East-West lines, exited sub-scale investment banking businesses in the U.S. and Europe, and reduced senior management ranks.
The bank said it would retain and grow its corporate and institutional banking, private banking and asset management operations in Australia following the retail exit.
In a separate statement, Blackstone said the transaction underscored its long-term commitment to Australia, where it has invested for nearly two decades, and reflected its interest in the country's housing market.
HSBC expects the disposal to result in an immaterial loss of less than $100 million by the first half of 2027. It also expects to incur about $300 million in restructuring costs and write-offs linked to the wind-down of the retail business.
After this, it expects to recycle about $300 million of foreign currency translation reserve losses to its income statement, with no incremental impact on common equity tier 1 capital ratio — one of the key metrics for a bank's financial strength and capital adequacy.
($1 = 1.4231 Australian dollars)
Reporting by Roshan Thomas in Bengaluru; Editing by Sahal Muhammed and Shilpi Majumdar
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Neurocrine Biosciences ve 2. čtvrtletí vykázala zisk 2,85 USD na akcii a tržby 959 mil. USD, obojí nad odhady. Zisk meziročně vzrostl z 1,06 USD na akcii.
Neurocrine Biosciences (NBIX - Free Report) came out with quarterly earnings of $2.85 per share, beating the Zacks Consensus Estimate of $2.26 per share. This compares to earnings of $1.06 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +26.11%. A quarter ago, it was expected that this biopharmaceutical company would post earnings of $1.68 per share when it actually produced earnings of $1.94, delivering a surprise of +15.48%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Neurocrine, which belongs to the Zacks Medical - Drugs industry, posted revenues of $959 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 6.37%. This compares to year-ago revenues of $687.5 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.
Neurocrine shares have added about 27.5% since the beginning of the year versus the S&P 500's gain of 6.9%.
What's Next for Neurocrine?While Neurocrine 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 Neurocrine was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.47 on $1.01 billion in revenues for the coming quarter and $9.09 on $3.77 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, Medical - Drugs is currently in the top 38% 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.
Theravance Biopharma (TBPH - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026.
This biopharmaceutical company is expected to post quarterly earnings of $0.19 per share in its upcoming report, which represents a year-over-year change of +337.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Theravance Biopharma's revenues are expected to be $19.79 million, down 24.4% from the year-ago quarter.
, /PRNewswire/ -- Zions Bancorporation, N.A. (NASDAQ: ZION) announced today that its board of directors has authorized share repurchases of up to $75 million of the company's common stock for the third quarter of 2026 as part of the company's previously authorized share repurchase target for 2026 of $300 million. The timing and amounts of any such actions will depend on market conditions, regulatory requirements, and other factors or uncertainties and may be updated at the discretion of the board.
The board also declared a regular quarterly dividend of $0.48 per common share, payable August 20, 2026, to shareholders of record at the close of business on August 13, 2026. The dividend represents a $0.03, or 6.7%, increase from the prior quarter.
Additionally, the board declared the regular quarterly cash dividend on the company's Series A perpetual preferred shares (NASDAQ: ZIONP; CUSIP: 98973A104). The cash dividends on the preferred shares are payable September 15, 2026, to shareholders of record on September 1, 2026.
Zions Bancorporation, N.A. is one of the nation's premier financial services companies with approximately $89 billion of total assets at December 31, 2025, and annual net revenue of $3.4 billion in 2025. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P MidCap 400 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at www.zionsbancorporation.com.
Weyerhaeuser (WY - Free Report) came out with quarterly earnings of $0.13 per share, beating the Zacks Consensus Estimate of $0.06 per share. This compares to earnings of $0.12 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +116.67%. A quarter ago, it was expected that this timber and paper products company would post earnings of $0.04 per share when it actually produced earnings of $0.11, delivering a surprise of +175%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Weyerhaeuser, which belongs to the Zacks Building Products - Wood industry, posted revenues of $1.87 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.03%. This compares to year-ago revenues of $1.88 billion. The company has topped consensus revenue estimates two 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.
Weyerhaeuser shares have added about 3.2% since the beginning of the year versus the S&P 500's gain of 6.9%.
What's Next for Weyerhaeuser?While Weyerhaeuser 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 Weyerhaeuser 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 $0.07 on $1.76 billion in revenues for the coming quarter and $0.29 on $6.91 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, Building Products - Wood is currently in the top 38% 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.
Louisiana-Pacific (LPX - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.
This home construction supplier is expected to post quarterly earnings of $0.58 per share in its upcoming report, which represents a year-over-year change of -41.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Louisiana-Pacific's revenues are expected to be $683 million, down 9.5% from the year-ago quarter.
WAVE Life Sciences vykázala za 2. čtvrtletí hlubší ztrátu 69,4 mil. USD, protože zvýšila investice do programů proti obezitě a RNA-editaci. Společnost zároveň uvedla, že hotovost 490,6 mil. USD jí vystačí do 3. čtvrtletí roku 2028.
Golden Cross Alert: 3 Stocks With Major Upside PotentialWAVE Life Sciences NASDAQ: WVE reported a wider second-quarter loss as it increased investment in its obesity and RNA-editing programs, while outlining several clinical and regulatory milestones expected in the second half of 2026.
The company reported second-quarter revenue of $2.3 million, down from $8.7 million a year earlier, related to its ongoing collaboration with GSK. Research and development expense increased to $51.3 million from $43.5 million, while general and administrative expense rose to $24.8 million from $18 million. Net loss widened to $69.4 million, compared with a $50.5 million loss in the prior-year period.
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Wave Life Sciences Rockets 70% on Historic RNA Editing SuccessChief Financial Officer Kyle Moran said Wave ended the quarter with $490.6 million in cash, cash equivalents and marketable securities, which the company expects will fund operations into the third quarter of 2028. Moran added that anticipated GSK milestone payments in the second half of 2026 are not included in the company’s cash-runway estimate.
Obesity Study Moves Into Phase IIa Wave said dosing has begun in the Phase IIa portion of its INLIGHT trial evaluating WVE-007, an siRNA candidate targeting inhibin E for obesity. The placebo-controlled study will enroll individuals with body mass indexes of 35 to 50 and associated comorbidities, including cohorts with and without type 2 diabetes.
Sarepta Therapeutics Inc.: Why it's a rising gene therapy starThe trial will study two dose levels, 240 milligrams and 400 milligrams, across four cohorts of 40 participants each. Patients will receive doses on day one and day 85 and will be followed for 12 months, with initial key assessments at day 85.
Chief Medical Officer Dr. Chris Wright said the study will measure body composition through MRI, liver fat through MRI-PDFF, HbA1c, lipid levels and other measures. The design is intended to assess not only body weight and fat loss but also potential applications in metabolic dysfunction-associated steatohepatitis, or MASH, type 2 diabetes and other cardiometabolic diseases.
In prior Phase I data from otherwise healthy participants with lower BMI, the company reported reductions in serum activin A of up to 88% that persisted for at least seven and a half months after a single dose. Chief Scientific Officer Dr. Erik Ingelsson said the findings supported the potential for once- or twice-yearly dosing. The company also reported reductions in visceral fat, subcutaneous fat and waist circumference while preserving lean mass.
During the question-and-answer session, Chief Executive Officer Dr. Paul Bolno said the Phase IIa trial was designed to evaluate whether WVE-007 can achieve at least 5% weight loss versus placebo, a threshold he described as important from a regulatory perspective. He said the company will also assess liver fat, HbA1c, lipids, muscle retention and other cardiometabolic measures to identify additional development opportunities.
Wave is also preparing clinical studies of WVE-007 in combination with incretin therapies and as a maintenance treatment following discontinuation of incretins. Bolno said the company remains on track to initiate both studies this year. The company expects to provide additional Phase I data this year, including results from a 600-milligram cohort that could further inform the drug’s durability.
AATD Candidate Heads Toward FDA Meeting Wave’s RNA-editing candidate WVE-006 is being developed for alpha-1 antitrypsin deficiency, or AATD. The company said the Food and Drug Administration granted its request for a meeting planned for the end of summer to discuss a potential accelerated-approval pathway.
Bolno said the planned meeting will be Wave’s first discussion with the FDA on a potential accelerated pathway for WVE-006. The company expects to provide an update after it receives written feedback from the agency.
Wright said WVE-006 is designed to address both lung and liver manifestations of AATD by reducing the disease-associated Z-AAT protein and restoring production of functional M-AAT protein. Wave has completed enrollment and dosing in the 200-milligram, 400-milligram and 600-milligram cohorts of its RestorAATion-2 study. Data from the 600-milligram monthly cohort are expected in the second half of 2026 and are intended to help select an optimal dose regimen.
The company previously reported that three months of treatment at 200 milligrams every two weeks and 400 milligrams monthly produced what it characterized as a therapeutic profile consistent with its objectives, including Z-AAT reduction and production of wild-type M-AAT.
PNPLA3 Program Remains on Track for CTA Filing Wave also said it remains on track to submit a clinical trial application in 2026 for WVE-008, an RNA-editing candidate for homozygous PNPLA3 I148M liver disease. The company estimates that about 9 million people in the U.S. and Europe carry two copies of the variant and said these individuals have a substantially higher risk of death from liver disease than non-carriers.
According to Wave, WVE-008 aims to correct the PNPLA3 variant and restore normal protein function, rather than silence the gene. Executives said recent clinical data from PNPLA3-silencing approaches have shown dose-dependent increases in liver enzymes, which they said reinforces the company’s focus on RNA editing.
Ingelsson said Wave’s target of more than 50% editing is based on human genetic observations comparing homozygous and heterozygous carriers of the variant. The planned first-in-human study will use previously genotyped populations to identify homozygous carriers and accelerate enrollment, according to Wright.
DMD Partnership Discussions Continue Wave said it continues to explore partnerships for its Huntington’s disease and Duchenne muscular dystrophy programs. Bolno said the company remains interested in partnering WVE-N531, its Duchenne candidate, before filing a new drug application.
He cited an evolving regulatory environment in Duchenne muscular dystrophy, including an anticipated filing for potential full approval of golodirsen, as a factor in the company’s evaluation of the appropriate development path. Wave also plans to hold an investor day in the fall focused on platform advancements and its bifunctional modality work.
About WAVE Life Sciences (NASDAQ:WVE)WAVE Life Sciences is a clinical-stage genetic medicines company focused on the discovery and development of stereopure oligonucleotide therapies designed to address serious diseases with high unmet medical need. Leveraging proprietary chemistry and precision synthesis, WAVE engineers drug candidates with defined stereochemistry to optimize potency, safety and manufacturability. This approach aims to enhance target specificity and improve therapeutic profiles compared with traditional oligonucleotide medicines.
The company's pipeline includes programs in neuromuscular disorders such as Duchenne muscular dystrophy and neurodegenerative conditions including Huntington's disease, as well as early-stage cardiovascular and liver indications.
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 WAVE Life Sciences Right Now?Before you consider WAVE Life Sciences, you'll want to hear this.
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Nuclear energy is entering a new growth cycle as rising power demand, expanding data centers, and renewed policy support bring the sector back into focus. After strong gains in recent years, the most impactful phase of nuclear investment may still be ahead. This report highlights seven nuclear energy stocks positioned across the value chain—combining near-term revenue with long-term upside as next-generation technologies scale. Click the link below to unlock the full list.
Uniti Group oznámila rekordní objednávky optické infrastruktury, které byly téměř o 30 % nad dosavadním maximem, a těží z rostoucí poptávky po konektivitě pro AI. Tržby z optické infrastruktury vzrostly meziročně o 6 %.
Uniti Group NASDAQ: UNIT reported record fiber infrastructure bookings and accelerated fiber construction in the second quarter of 2026, as management pointed to rising demand from hyperscalers, neocloud providers and other customers deploying artificial intelligence-related infrastructure.
Chief Executive Officer Kenny Gunderman said total fiber revenue increased 10% from a year earlier, while fiber infrastructure revenue rose 6%, in line with company expectations. He described the quarter as a record for new fiber infrastructure bookings, exceeding the prior record by nearly 30%.
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Management said demand was broad-based across its wholesale customer base. During the quarter, approximately 20% of fiber infrastructure bookings came from neocloud customers, 18% from superscalers, 10% from hyperscalers and 6% from fiber-to-the-home providers.
AI Demand Drives Wholesale Activity Gunderman said AI adoption is expanding the need for high-bandwidth, low-latency connectivity, with near-term applications including customer-service automation, cybersecurity and corporate-function automation. He said future uses such as robotics, autonomous driving and scientific research could require still greater network capacity.
Uniti is seeing increased demand for both dark fiber and lit wave services. More than half of second-quarter fiber infrastructure bookings were for waves, or lit capacity, rather than dark fiber. Gunderman said wave services were the largest individual product contributor to the company’s record booking level.
The company highlighted two large wave packages sold during the quarter: a 20-terabit package connecting a neocloud customer from a Tier 2 market data center to a large metro area, and an 18-terabit package sold to a superscaler from another Tier 2 market data center. Together, those transactions represented 96 400-gigabit waves, according to management.
Gunderman said Uniti’s current waves sales funnel represents roughly 1.3 petabytes of traffic, with most of that opportunity involving relatively new customers. He also said nearly 80% of the company’s hyperscaler business uses all or part of Uniti’s preexisting network, contributing to blended anchor lease-up cash yields of 37%, the company’s highest level to date.
During the question-and-answer session, Gunderman said hyperscaler projects generally involve new fiber construction, route interconnections or overbuilds and tend to emphasize dark fiber. By contrast, neocloud and superscaler customers are increasingly using lit capacity for inference workloads and compute services.
He said large dark-fiber agreements generally run for 10 to 20 years, while lit and wave contracts are typically shorter, often in the three- to five-year range and closer to three years in many cases. The company is focused on customer credit quality as it pursues these newer categories of customers, he said.
Kinetic Expands Fiber Footprint At Kinetic, Uniti’s consumer fiber business, the company passed an additional 141,000 homes with fiber during the quarter, its highest quarterly level on record. Kinetic ended the period with about 2.1 million homes passed with fiber, representing 46% of its consumer footprint.
Kinetic added 38,000 net fiber subscribers in the quarter, also a record, ending with 603,000 fiber subscribers. Total fiber subscribers increased 25% from the prior-year period, while consumer fiber revenue rose 19% year over year.
Fiber penetration reached 29%, up 90 basis points from a year earlier. Chief Financial Officer Paul Bullington said newer customer cohorts are achieving stronger penetration rates than earlier cohorts did at comparable stages, supporting management’s view that its 40% terminal penetration target is achievable and potentially conservative.
Uniti raised its 2026 target for incremental fiber homes passed by 25,000 and now expects to construct 475,000 to 525,000 new fiber homes during the year. The company expects to end 2026 with 2.33 million to 2.38 million homes passed with fiber, or more than 50% of the Kinetic footprint, and with 675,000 to 700,000 fiber subscribers.
Management expects Kinetic consumer fiber revenue of $635 million to $655 million for 2026, representing growth of roughly 25% to 30% from the prior year.
ARPU Pressure and Capital Spending Consumer fiber average revenue per user was affected during the quarter by new-customer volume, the timing of rate-plan adjustments and retention efforts, Bullington said. Uniti expects fiber ARPU to decline by low single digits year over year in the third quarter before stabilizing and rising by low single digits in the fourth quarter.
Kinetic President John Harrobin said the company’s longer-term forecast still calls for 2% to 3% annual ARPU growth beginning in 2027. He said Kinetic faces large cable competitors in less than 60% of its fiber territory, compared with a mid-80% to low-90% exposure cited for certain peers. The company is using different pricing tiers and customer cohorts to respond to competitive promotions while maintaining subscriber growth, he said.
Uniti increased its Kinetic net capital expenditure outlook by $100 million to approximately $1.27 billion at the midpoint. Bullington said the higher spending does not solely reflect the 25,000 additional homes in the 2026 construction target, as a substantial portion is being pulled forward to support 2027 expansion.
Harrobin said the company expects a modest increase in fiber-material costs beginning around mid-2027, which could place its cost per passing toward the upper end of its previously communicated range. However, he said Uniti does not expect to be affected by customer-premises-equipment memory-chip constraints because of long-term supply contracts, scale and flexibility across equipment models.
Outlook and Capital Structure On a pro forma basis, Uniti said second-quarter consolidated revenue declined 5% year over year and adjusted EBITDA fell 10%, primarily because of declines in Uniti Solutions and legacy copper and TDM services. Kinetic fiber-based revenue, including consumer and wholesale services, grew 12%, while fiber infrastructure revenue and adjusted EBITDA increased 10% and 20%, respectively.
For 2026, Uniti maintained midpoint expectations for Kinetic revenue of $2.145 billion and contribution margin of $905 million. It raised fiber infrastructure midpoint guidance to $1 billion of revenue and $575 million of contribution margin, citing strong hyperscale and AI-related activity.
The company expects Uniti Solutions to generate $700 million in revenue and $320 million in contribution margin at the midpoint. Consolidated guidance calls for approximately $3.655 billion of revenue, $1.475 billion of adjusted EBITDA and $1.525 billion of net capital expenditures.
Bullington cautioned that large dark-fiber sales can be uneven between quarters. Uniti expects limited large-deal contribution in the third quarter, with a significant portion anticipated in the fourth quarter, though some transactions could shift into early 2027 due to the timing of major construction projects.
Separately, Bullington said Uniti recently completed its second Kinetic asset-backed securities transaction, which is intended to help fund fiber construction over the next year and could support repayment of up to $500 million of secured debt through ongoing asset sale offers. The company also said it sees potential to monetize $500 million to $1 billion of non-core assets over the next 12 to 36 months, with minimal expected impact on adjusted EBITDA because many of those assets are underutilized or generate little cash flow.
About Uniti Group (NASDAQ:UNIT)Uniti Group Inc is a real estate investment trust that owns, operates and acquires communications infrastructure assets across the United States. Established in September 2015 through a spin-off from Windstream Holdings, Uniti Group focuses on leasing fiber, small cell networks, cell towers and related infrastructure to service providers, wireless carriers and other enterprises requiring high-capacity connectivity. The company's assets are designed to support the growing data demands of residential, business and governmental customers, with an emphasis on long-term contractual lease arrangements.
Uniti's portfolio encompasses an extensive fiber network that spans metropolitan and rural markets, as well as a portfolio of wireless towers and small cell nodes that facilitate mobile network densification and help carriers deploy 5G 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].
Should You Invest $1,000 in Uniti Group Right Now?Before you consider Uniti Group, 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 Uniti Group wasn't on the list.
While Uniti Group currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
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Robotics and automation are rapidly becoming essential infrastructure across healthcare, manufacturing, logistics, and many other industries.
"Physical AI" is coming to the United States, and there are four ways that investors can gain exposure to this new robotics revolution. Plus, learn which seven companies are most positioned to benefit as intelligent robots enter the workforce.
Universal Display uspořádala konferenční hovor k výsledkům za 2. čtvrtletí 2026. V dostupném textu ale nejsou uvedeny žádné konkrétní finanční výsledky ani výhled.
Darice Liu - Senior Director of Investor Relations & Corporate Communications
Steven V. Abramson - President, CEO & Director
Brian Millard - VP, CFO & Treasurer
Conference Call Participants
James Ricchiuti - Needham & Company, LLC, Research Division
Mehdi Hosseini - Susquehanna Financial Group, LLLP, Research Division
Scott Searle - ROTH Capital Partners, LLC, Research Division
Nam Hyung Kim - Arete Research Services LLP
Martin Yang - Oppenheimer & Co. Inc., Research Division
Presentation
Operator
Good day, ladies and gentlemen, and welcome to Universal Display Corporation's Second Quarter 2026 Earnings Conference Call. My name is Sherry, and I will be your conference moderator for today's call. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes.
I would now like to turn the conference call over to Darice Liu, Senior Director of Investor Relations. Please proceed.
Darice Liu
Senior Director of Investor Relations & Corporate Communications
Thank you, and good afternoon, everyone. Welcome to Universal Display's Second Quarter Earnings Conference Call. Joining me on the call today are Steve Abramson, President and Chief Executive Officer; and Brian Millard, Chief Financial Officer and Treasurer.
Before Steve begins, let me remind you that today's call is a property of Universal Display. Any redistribution, retransmission or rebroadcast of any portion of this call in any form without the express written consent of Universal Display is strictly prohibited. Further, this call is being webcast live and will be made available for a period of time on Universal Display's website. This call contains time-sensitive information that is accurate only as of the date of the live webcast of this call, July 30, 2026.
During this call, we may make forward-looking statements based on current expectations. These statements are subject to a number
Merit Medical (MMSI - Free Report) reported $418.84 million in revenue for the quarter ended June 2026, representing a year-over-year increase of 9.5%. EPS of $1.19 for the same period compares to $1.01 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $404.67 million, representing a surprise of +3.5%. The company delivered an EPS surprise of +23.96%, with the consensus EPS estimate being $0.96.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Merit Medical performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Geographic Sales- International: $166.79 million compared to the $165.5 million average estimate based on two analysts. The reported number represents a change of +7.3% year over year.Geographic Sales- United States: $252.05 million compared to the $239.59 million average estimate based on two analysts. The reported number represents a change of +11% year over year.Revenue- Therapeutic: $137.88 million compared to the $132.99 million average estimate based on five analysts.Revenue- Foundational: $280.96 million versus $271.69 million estimated by five analysts on average.View all Key Company Metrics for Merit Medical here>>>
Shares of Merit Medical have returned +16.4% over the past month versus the Zacks S&P 500 composite's -1.5% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
American Homes 4 Rent (AMH - Free Report) came out with quarterly funds from operations (FFO) of $0.49 per share, beating the Zacks Consensus Estimate of $0.48 per share. This compares to FFO of $0.47 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +2.08%. A quarter ago, it was expected that this real estate company would post FFO of $0.48 per share when it actually produced FFO of $0.48, delivering no surprise.
Over the last four quarters, the company has surpassed consensus FFO estimates two times.
American Homes 4 Rent, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $470.1 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.85%. This compares to year-ago revenues of $457.5 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
American Homes 4 Rent shares have added about 5% since the beginning of the year versus the S&P 500's gain of 6.9%.
What's Next for American Homes 4 Rent?While American Homes 4 Rent 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 FFO outlook. Not only does this include current consensus FFO 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 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 estimate revisions.
Ahead of this earnings release, the estimate revisions trend for American Homes 4 Rent 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 FFO estimate is $0.48 on $482.87 million in revenues for the coming quarter and $1.93 on $1.89 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, REIT and Equity Trust - Residential is currently in the top 28% 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, UMH Properties (UMH - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.
This real estate investment trust is expected to post quarterly earnings of $0.24 per share in its upcoming report, which represents a year-over-year change of +4.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
UMH Properties' revenues are expected to be $72.33 million, up 8.5% from the year-ago quarter.
Edison International (EIX - Free Report) came out with quarterly earnings of $1.54 per share, beating the Zacks Consensus Estimate of $1.02 per share. This compares to earnings of $0.97 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +50.98%. A quarter ago, it was expected that this electric power provider would post earnings of $1.32 per share when it actually produced earnings of $1.42, delivering a surprise of +7.58%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Edison International, which belongs to the Zacks Utility - Electric Power industry, posted revenues of $4.36 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 7.65%. This compares to year-ago revenues of $4.54 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Edison International shares have added about 31% since the beginning of the year versus the S&P 500's gain of 6.9%.
What's Next for Edison International?While Edison International 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 Edison International was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.96 on $5.52 billion in revenues for the coming quarter and $6.13 on $18.98 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 - Electric Power is currently in the bottom 34% 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, NRG Energy (NRG - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 4.
This power company is expected to post quarterly earnings of $1.66 per share in its upcoming report, which represents a year-over-year change of -1.2%. The consensus EPS estimate for the quarter has been revised 2.5% higher over the last 30 days to the current level.
NRG Energy's revenues are expected to be $5.89 billion, down 12.6% from the year-ago quarter.
Ondo Finance eyes acquisition worth up to $500 million. (Frederick Warren/Unsplash)Summary
Ondo Finance is evaluating a potential $250 million-$500 million acquisition, according to a person with knowledge of the matter.Formal advisers have not been appointed, the person said, as the tokenized-assets firm weighs expansion through M&A.Crypto dealmaking remains robust in 2026, with tokenization and institutional infrastructure among the hottest acquisition targets as firms seek scale.Tokenized asset specialist Ondo Finance is evaluating a potential acquisition of between $250 million and $500 million, according to a person with knowledge of the matter.
The New York-based company is considering wealthtech targets, among other subsectors, said the person, who spoke on condition of anonymity because the matter is private.
Ondo has not yet appointed any formal advisers, the person said.
Founded in 2021 by former Goldman Sachs executives, Ondo Finance is a tokenization platform that brings traditional financial assets onchain. The company issues tokenized U.S. Treasuries and stocks and has become one of the largest providers of tokenized real-world assets, with more than $3.5 billion across its products.
“As a fast-growing company, Ondo regularly evaluates the market as part of normal business operations. We are not in conversations with any party at this time,” an Ondo representative said in emailed comments to CoinDesk.
Crypto dealmaking has remained strong in 2026 as traditional financial firms and larger digital-asset companies use acquisitions to add licenses, technology and distribution.
The sector recorded 89 transactions worth $3.2 billion in the first quarter, followed by $12.9 billion of disclosed deal value in the second, the second-highest quarterly total on record, according to Architect Partners. Payments, stablecoins, custody, tokenization and institutional trading infrastructure have emerged as key targets as companies seek scale and a wider range of product offerings.
Recent transactions include Keyrock's acquisition of BlockFills' trading and brokerage assets, Kraken's $550 million purchase of Bitnomial, and CoinDesk owner Bullish buying investment platform Equiniti for $4.2 billion.
Ondo has raised just $24 million in venture funding since its founding, supplemented by a roughly $10 million public ONDO token sale. This makes it one of crypto's most capital-efficient infrastructure companies despite managing billions of dollars in tokenized assets.
ONDO was trading 6% higher over 24 hours, around $0.42 at publication time.
Read more: Crypto market maker B2C2 held sale talks with multiple potential buyers
UPDATE (July 30, 20:33 UTC): Updates TVL data in fourth paragraph.
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Alliant Energy ve 2. čtvrtletí překonala odhady zisku na akcii, když vyšší sazby v Iowě a Wisconsinu a poptávka datových center převážily vyšší náklady. Firma potvrdila výhled zisku na rok 2026.
CompaniesJuly 30 (Reuters) - U.S. utility Alliant Energy (LNT.O), opens new tab beat Wall Street expectations for second-quarter adjusted profit on Thursday, as higher rates in Iowa and Wisconsin and demand from data centers outweighed higher costs and effects of warmer weather.
The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
U.S. power consumption, which hit its second straight annual record high in 2025, will rise further in 2026 and 2027, the Energy Information Administration said.
U.S. electric utilities have been seeking to raise customer power bills, mainly to pay for power infrastructure upgrades, as the country's grid faces an onslaught of extreme weather and ballooning demand from the electrification of industries and data-center build out.
Regulated utilities use rate-case proceedings to determine the amount that customers need to pay for electricity, natural gas, private water and steam services.
Alliant serves roughly 1 million electric and 427,000 natural gas customers in Iowa and Wisconsin.
The company expects 60% load growth by 2031; large customer load expected to materialize as forecast in 2026.
It affirmed 2026 earnings guidance range of $3.36 per share to $3.46 per share.
However, its total operating expenses rose to $786 million, while interest costs rose 15.3% to $143 million.
The company reported second-quarter earnings of 65 cents per share for the quarter ended June 30, compared with analysts' expectations of 59 cents per share, according to data compiled by LSEG.
Reporting by Varun Sahay in Bengaluru; Editing by Sahal Muhammed
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Dexcom zvýšil celoroční výhled tržeb na 5,18 až 5,25 miliardy USD díky silné poptávce po kontinuálních glukózových monitorech. Ve 2. čtvrtletí tržby činily 1,31 miliardy USD a upravený zisk na akcii 70 centů.
The offices of Dexcom in San Diego, California, U.S., June 30, 2026. REUTERS/Mike Blake Purchase Licensing Rights, opens new tab
CompaniesJuly 30 (Reuters) - Medical device maker Dexcom (DXCM.O), opens new tab raised its full-year revenue forecast and beat quarterly estimates on Thursday, banking on sustained demand for its continuous glucose monitors that track blood sugar levels, sending shares of the company up over 4% in extended trading.
Here are the details:
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Rising awareness of diabetes care, improved insurance coverage and a wider consumer shift towards finger-prick-free technology have boosted demand for continuous glucose monitors, intensifying competition among market leaders Dexcom, Medtronic (MDT.N), opens new tab and Abbott Laboratories (ABT.N), opens new tab.
Dexcom reported second-quarter revenue of $1.31 billion, up 13% over a year earlier. Analysts on average had estimated $1.29 billion, according to data compiled by LSEG.
It posted quarterly adjusted profit of 70 cents per share, compared with the estimate of 61 cents.
The company expects annual revenue to be between $5.18 billion and $5.25 billion, compared with $5.16 billion to $5.25 billion forecast earlier, and analysts' estimate of $5.22 billion.
Dexcom said in May it would appoint two independent directors and revamp a key board committee in collaboration with activist investor Elliott Investment Management.
Reporting by Padmanabhan Ananthan in Bengaluru; Editing by Shilpi Majumdar
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Quaker Houghton ve 2. čtvrtletí zvýšila tržby o 10 % na 532,6 mil. USD a čistý zisk na 26,8 mil. USD. Upravený EBITDA vzrostl o 13 % na rekordních 85,2 mil. USD.
Q2'26 net sales of $532.6 million, an increase of 10% Y/Y Q2'26 net income of $26.8 million and earnings per diluted share of $1.55 Sales volumes increased 7% Y/Y primarily driven by new business wins across all segments Q2'26 non-GAAP net income of $37.9 million and non-GAAP earnings per diluted share of $2.19, a 28% increase Y/Y Delivered Q2'26 adjusted EBITDA of $85.2 million, a 13% increase Y/Y Increased quarterly dividend by approximately 4.3% and repurchased $24.2 million of shares in Q2'26; announced new $250 million stock repurchase program , /PRNewswire/ -- Quaker Houghton ("the Company") (NYSE: KWR), the global leader in industrial process fluids, announced its second quarter 2026 results today.
Three Months Ended
June 30,
Six Months Ended
June 30,
($ in thousands, except per share data)
2026
2025
2026
2025
Net sales
$ 532,550
$ 483,400
$ 1,013,029
$ 926,314
Net income (loss) attributable to Quaker Chemical Corporation
26,835
(66,580)
46,504
(53,658)
Net income (loss) attributable to Quaker Chemical Corporation
common shareholders – diluted
1.55
(3.78)
2.68
(3.04)
Non-GAAP net income *
37,903
30,000
66,277
58,029
Non-GAAP earnings per diluted share *
2.19
1.71
3.82
3.29
Adjusted EBITDA *
85,166
75,479
157,696
144,527
*
Refer to the Non-GAAP Measures and Reconciliations section below for additional information
Second Quarter 2026 Consolidated Results
Net sales in the second quarter of 2026 were $532.6 million, an increase of 10% compared to $483.4 million in the second quarter of 2025. This increase was primarily driven by an increase in sales volumes of 7%, a favorable impact from foreign currency translation of 2%, and an improvement in selling price and product mix of 1%. The increase in sales volumes compared to the prior year was primarily the result of net new business wins across all segments.
The Company reported net income in the second quarter of 2026 of $26.8 million, or $1.55 per diluted share, compared to a net loss of $66.6 million, or $3.78 loss per diluted share, in the second quarter of 2025. Excluding non-recurring and non-core items in each period, the Company's non-GAAP net income and non-GAAP earnings per diluted share were $37.9 million and $2.19, respectively, in the second quarter of 2026 compared to $30.0 million and $1.71, respectively, in the second quarter of 2025. The Company generated adjusted EBITDA of $85.2 million in the second quarter of 2026, an increase of approximately 13% compared to $75.5 million in the second quarter of 2025, primarily driven by the increase in net sales, partially offset by higher SG&A expenses. See the Non-GAAP Measures and Reconciliations section below for additional information.
Joe Berquist, Chief Executive Officer and President, commented, "We achieved our fourth consecutive quarter of year-over-year profitability growth in Q2 2026, resulting in record adjusted EBITDA. Net sales increased 10% against prior year, driven by strong share gains and pricing during a period of significant raw material inflation. Volume growth reflected new business wins across all regions that exceeded the high end of our target range, while underlying markets were flat to slightly positive. Demand has remained steady against the backdrop of the conflict in the Strait of Hormuz, and we have observed selective areas of market growth. We experienced modest pre-buy activity from our customers early in the period in reaction to the conflict, with normal seasonal patterns returning by the end of the quarter. I'm proud of our team's ability to maintain reliable supply to our customers despite heightened volatility.
Looking ahead, we expect stable demand trends entering the third quarter with flat to slightly positive end markets throughout the remainder of the year. We anticipate gross margin percentage to stabilize in the third quarter in the range of second quarter gross margins as we work through the timing of raw material cost inflation, inventory movements and price recovery actions. Our pricing and cost initiatives have kept us on track to exit the year within our target gross margin range. We anticipate meaningful revenue and adjusted EBITDA growth in 2026 supported by continued share gains, disciplined cost management, and the resilience of our global network."
Second Quarter 2026 Segment Results
The Company's second quarter of 2026 operating performance for each of its three reportable segments: (i) Americas; (ii) EMEA; and (iii) Asia/Pacific, is further described below.
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Net Sales *
Americas
$ 236,513
$ 221,062
$ 450,241
$ 434,773
EMEA
158,436
139,923
300,519
269,201
Asia/Pacific
137,601
122,415
262,269
222,340
Total net sales
$ 532,550
$ 483,400
$ 1,013,029
$ 926,314
Segment operating earnings *
Americas
$ 57,241
$ 58,976
$ 111,188
$ 117,438
EMEA
32,740
24,995
58,301
48,388
Asia/Pacific
36,559
28,715
70,835
54,645
Total segment operating earnings
$ 126,540
$ 112,686
$ 240,324
$ 220,471
*
Refer to the Segment Measures and Reconciliations section below for additional information
The following table summarizes the sales variances by reportable segment and consolidated operations in the second quarter of 2026 compared to the second quarter of 2025:
Sales volumes
Selling price &
product mix
Foreign
currency
Acquisition &
other
Total
Americas
4 %
1 %
2 %
— %
7 %
EMEA
7 %
4 %
2 %
— %
13 %
Asia/Pacific
10 %
1 %
1 %
— %
12 %
Consolidated
7 %
1 %
2 %
— %
10 %
Net sales in the Asia/Pacific segment increased 12% in the second quarter of 2026 compared to the same period in 2025, as a result of an increase in sales volumes, an increase in selling price and product mix, and a favorable impact of foreign currency translation. Net sales in the EMEA segment increased 13% in the second quarter of 2026 compared to the same period in 2025, due to an increase in sales volumes, an increase in selling price and product mix, and a favorable impact of foreign currency translation. Net sales in the Americas segment in the second quarter of 2026 increased 7% compared to the same period in 2025, due to an increase in sales volumes, an increase in selling price and product mix, and a favorable impact of foreign currency translation.
Underlying end market activity in the second quarter of 2026 was similar to prior year levels, while strong new business wins across all segments led to year-over-year volume growth compared to the prior year quarter. The increase in selling price and product mix in the second quarter of 2026 compared to the same period in 2025 reflects pricing actions taken to offset higher raw material costs, as well as changes in the mix of products and services, and the impact of our index-based customer contracts.
Consolidated net sales increased approximately 11% compared to the first quarter of 2026, driven by an increase in sales volumes and an increase in selling price and product mix across all segments.
Segment operating earnings increased in the EMEA and Asia/Pacific segments in the second quarter of 2026 compared to the prior year period primarily due to the improvement in net sales and an improvement in segment operating margins, partially offset by an increase in SG&A expenses. Segment operating earnings decreased in the Americas segment in the second quarter of 2026 compared to the prior year due to higher raw material costs and SG&A expenses, partially offset by an increase in net sales. Segment operating earnings increased in all three segments in the second quarter of 2026 compared to the first quarter of 2026, primarily driven by an increase in net sales in all three segments and improved operating margins in the EMEA segment, partially offset by a decrease in operating margins in the Asia/Pacific and Americas segments.
Cash Flow and Liquidity Highlights
Net cash provided by operating activities was $33.2 million for the six months ended June 30, 2026, compared to net cash provided by operating activities of $38.5 million for the same period in 2025. The Company's decrease in operating cash flow year-over-year primarily reflects higher net cash outflows from working capital, partially offset by improved operating performance and lower outflows from restructuring activities.
As of June 30, 2026, the Company's total gross debt was $876.1 million and its cash and cash equivalents was $155.1 million, which resulted in net debt of approximately $721.0 million. The Company's net debt divided by its trailing twelve months adjusted EBITDA was approximately 2.3x.
In the second quarter of 2026, the Company announced a new share repurchase program authorizing the Company to repurchase up to an aggregate of $250 million of Quaker Chemical Corporation common stock, which replaced the 2024 Share Repurchase Plan and has no expiration date. In the second quarter of 2026, the Company repurchased 170,568 shares for approximately $24.2 million.
Non-GAAP Measures and Reconciliations
The information in this press release includes non-GAAP (unaudited) financial information that includes EBITDA, adjusted EBITDA, adjusted EBITDA margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP gross profit, non-GAAP gross margin, taxes on income before equity in net income of associated companies – adjusted, non-GAAP net income and non-GAAP earnings per diluted share. The Company believes these non-GAAP financial measures provide meaningful supplemental information as they enhance a reader's understanding of the financial performance of the Company, facilitate a comparison among fiscal periods, and exclude items that management believes are not indicative of future operating performance or considered core to the Company's operations. Non-GAAP results are presented for supplemental informational purposes only and should not be considered a substitute for the financial information presented in accordance with GAAP. In addition, our definitions of EBITDA, adjusted EBITDA, adjusted EBITDA margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP gross profit, non-GAAP gross margin, taxes on income before equity in net income of associated companies – adjusted, non-GAAP net income, and non-GAAP earnings per diluted share, as discussed and reconciled below to the most comparable GAAP measures, may not be comparable to similarly named measures reported by other companies.
The Company presents EBITDA, which is calculated as net income attributable to the Company before depreciation and amortization, interest expense, and taxes on income before equity in net income of associated companies. The Company also presents adjusted EBITDA, which is calculated as EBITDA plus or minus certain items that management believes are not indicative of future operating performance or considered core to the Company's operations. In addition, the Company presents non-GAAP operating income, which is calculated as operating income plus or minus certain items that management believes are not indicative of future operating performance or considered core to the Company's operations. The Company also presents non-GAAP gross profit, which is calculated as gross profit plus or minus certain items that management believes are not indicative of future operating performance or considered core to the Company's operations. Additionally, the Company presents non-GAAP Adjusted EBITDA margin, non-GAAP operating margin, and non-GAAP gross margin, which are calculated as the percentage of adjusted EBITDA, non-GAAP operating income, and non-GAAP gross profit to consolidated net sales, respectively. The Company believes these non-GAAP measures provide transparent and useful information and are widely used by analysts, investors, and competitors in our industry, as well as by management in assessing the operating performance of the Company on a consistent basis.
Additionally, the Company presents non-GAAP net income and non-GAAP earnings per diluted share as additional performance measures. Non-GAAP net income is calculated as adjusted EBITDA, defined above, less depreciation and amortization, interest expense, and taxes on income before equity in net income of associated companies, in each case adjusted, as applicable, for any depreciation, amortization, interest or tax impacts resulting from the non-core items identified in the reconciliation of net income attributable to the Company to adjusted EBITDA. Non-GAAP earnings per diluted share is calculated as non-GAAP net income per diluted share as accounted for under the "two-class share method." The Company believes that non-GAAP net income and non-GAAP earnings per diluted share provide transparent and useful information and are widely used by analysts, investors, and competitors in our industry as well as by management in assessing the performance of the Company on a consistent basis.
As it relates to future projections for the Company as well as other forward-looking information contained in this press release, the Company has not provided guidance for comparable GAAP measures or a quantitative reconciliation of forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP measure because it is unable to determine with reasonable certainty the ultimate outcome of certain significant items necessary to calculate such measures without unreasonable effort. These items include, but are not limited to, certain non-recurring or non-core items the Company may record that could materially impact net income. These items are uncertain, depend on various factors, and could have a material impact on the U.S. GAAP reported results for the guidance period.
The Company's reference to trailing twelve months adjusted EBITDA within this press release refers to the twelve-month period ended June 30, 2026 adjusted EBITDA of $312.4 million, which consists of (i) the six months ended June 30, 2026 adjusted EBITDA of $157.7 million, as presented in the non-GAAP reconciliations below, and (ii) the twelve months ended December 31, 2025 adjusted EBITDA of $299.2 million, as presented in the non-GAAP reconciliations included in the Company's fourth quarter and full year 2025 results press release dated February 23, 2026, less (iii) the six months ended June 30, 2025 adjusted EBITDA of $144.5 million, as presented in the non-GAAP reconciliations below.
Certain of the prior period non-GAAP financial measures presented in the following tables have been adjusted to conform with current period presentation. The following tables reconcile the Company's non-GAAP financial measures (unaudited) to their most directly comparable GAAP (unaudited) financial measures (dollars in thousands unless otherwise noted, except per share amounts):
Pension and postretirement benefit costs, non-service components
0.01
0.02
0.02
0.04
Impairment charges
—
4.91
—
4.91
Product liability claim reimbursement
(0.04)
—
(0.04)
—
Currency conversion impacts of hyper-inflationary economies
0.03
0.04
0.04
0.07
(Gain) loss on acquisition-related hedges
—
(0.02)
—
0.06
Gain on sale of assets
—
(0.02)
—
(0.11)
Debt modification and extinguishment costs
0.08
—
0.08
—
Duplicate headquarter lease costs
0.03
—
0.04
—
Other charges
0.01
0.04
0.01
0.04
Discrete tax items
0.10
0.05
0.12
0.13
Acquisition-related depreciation and amortization
0.07
0.07
0.13
0.07
Non-GAAP earnings per diluted share
$ 2.19
$ 1.71
$ 3.82
$ 3.29
a.
Depreciation and amortization for the three and six months ended June 30, 2026 and 2025 each includes approximately $0.2 million and $0.5 million, respectively, of amortization expense recorded within equity in net income of associated companies in the Company's Condensed Consolidated Statements of Operations. This is attributable to the amortization of the fair value purchase accounting step-up in connection with the acquisition of the Company's 50% equity interest in Korea Houghton Corporation.
b.
Taxes on income before equity in net income of associated companies – adjusted includes the Company's tax expense adjusted for the impact of any current and deferred income tax expense (benefit), as applicable, of the reconciling items presented in the reconciliation of Net income attributable to Quaker Chemical Corporation to adjusted EBITDA, above, determined utilizing the applicable rates in the taxing jurisdictions in which these adjustments occurred, subject to deductibility. This caption also includes the impact of specific tax charges and benefits for the three and six months ended June 30, 2026 and 2025.
Segment Measures and Reconciliations
Segment operating earnings for each of the Company's reportable segments are comprised of the segment's net sales less directly related product costs and other segment items. Operating expenses not directly attributable to the net sales of each respective segment, such as certain corporate and administrative costs and restructuring charges, are not included in segment operating earnings. Other items not specifically identified with the Company's reportable segments include Interest expense and Other income (expense), net.
The following table presents information about the performance of the Company's reportable segments (dollars in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Net Sales
Americas
$ 236,513
$ 221,062
$ 450,241
$ 434,773
EMEA
158,436
139,923
300,519
269,201
Asia/Pacific
137,601
122,415
262,269
222,340
Total net sales
$ 532,550
$ 483,400
$ 1,013,029
$ 926,314
Segment operating earnings
Americas
$ 57,241
$ 58,976
$ 111,188
$ 117,438
EMEA
32,740
24,995
58,301
48,388
Asia/Pacific
36,559
28,715
70,835
54,645
Total segment operating earnings
126,540
112,686
240,324
220,471
Restructuring and related charges, net
(8,116)
(8,793)
(15,497)
(23,383)
Impairment charges
—
(88,840)
—
(88,840)
Non-operating and administrative expenses
(60,203)
(50,860)
(115,290)
(101,577)
Depreciation of corporate assets and amortization
(17,618)
(16,703)
(35,345)
(31,557)
Operating income (loss)
40,603
(52,510)
74,192
(24,886)
Other income (expense), net
406
(653)
383
(1,362)
Interest expense
(9,873)
(12,779)
(19,752)
(22,324)
Income (loss) before taxes and equity in net income of
associated companies
$ 31,136
$ (65,942)
$ 54,823
$ (48,572)
Forward-Looking Statements
This press release contains "forward-looking statements" that fall under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and the Securities Act of 1933, as amended. These statements can be identified by the fact that they do not relate strictly to historical or current facts. We have based these forward-looking statements on assumptions, projections and expectations about future events that we believe are reasonable based on currently available information, including statements regarding the potential effects of economic downturns; tariffs, including retaliatory tariffs, "trade wars" and uncertainty surrounding changes in tariffs; inflation and global supply chain constraints on the Company's business, results of operations, and financial condition; our expectation that we will maintain sufficient liquidity and remain in compliance with the terms of the Company's credit facility; expectations about future demand and raw material costs; and statements regarding the impact of increased raw material costs and pricing initiatives. These forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, intentions, financial condition, results of operations, future performance, and business, which may differ materially from our actual results, including but not limited to the potential benefits of acquisitions and divestitures, the impacts on our business as a result of global supply chain constraints and other macroeconomic stresses and uncertainties, including political and geopolitical events, civil disturbances and endemics/pandemics or extreme weather events and other natural disasters that may adversely affect regional economic conditions, and our current and future results and plans and statements that include the words "may," "could," "should," "would," "believe," "expect," "anticipate," "estimate," "intend," "outlook," "target," "possible," "potential," "plan" or similar expressions. Such statements include information relating to current and future business activities, operational matters, capital spending, and financing sources. A major risk is that demand for the Company's products and services is largely derived from the demand for its customers' products, which subjects the Company to uncertainties related to downturns in a customer's business and unanticipated customer production slowdowns and shutdowns. Other major risks and uncertainties include, but are not limited to, inflationary pressures, including increases in raw material costs; supply chain constraints and the impacts of economic downturns; customer financial instability; high interest rates and their impact on our and our customers' business operations; the impacts from acts of war, terrorism and military conflicts, including those in Ukraine and the Middle East as well as economic and political actions taken by various government organizations; economic and political disruptions globally and the possibility of regime changes; the possibility of economic recession; legislative and regulatory developments including changes to existing laws and regulations, or the way they are interpreted, applied or enforced; tariffs, trade restrictions, and the economic and other sanctions imposed by other nations on Russia and Belarus and/or other government organizations; suspensions of activities in Russia by many multinational companies; foreign currency fluctuations; significant changes in applicable tax rates and regulations and the potential impacts therefrom, including those arising from H.R.1, commonly known as the "One Big Beautiful Bill Act"; other acts of violence; the impacts of consolidation in our industry, including loss or consolidation of a major customer; the effects of climate change, fires, or other natural disasters; and the potential occurrence of cyber-security breaches, cyber-security attacks and other technology outages and security incidents. Furthermore, the Company is subject to the same business cycles as those experienced by our customers in the steel, automobile, aircraft, industrial equipment, aluminum and durable goods industries. Our forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its operations that are subject to change based on various important factors, some of which are beyond our control. These risks, uncertainties, and possible inaccurate assumptions relevant to our business could cause our actual results to differ materially from expected and historical results. All forward-looking statements included in this press release, including expectations about future periods, are based upon information available to the Company as of the date of this press release, which may change. Therefore, we caution you not to place undue reliance on our forward-looking statements. For more information regarding these risks and uncertainties as well as certain additional risks that we face, refer to the Risk Factors section, which appears in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, and in subsequent reports filed from time to time with the Securities and Exchange Commission. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason.
Conference Call
As previously announced, the Company's investor conference call to discuss its second quarter of 2026 performance is scheduled for Friday, July 31, 2026 at 8:30 a.m. ET. A live webcast of the conference call, together with supplemental information, can be accessed through the Company's Investor Relations website at investors.quakerhoughton.com. You can also access the conference call by dialing 877-269-7756.
About Quaker Houghton
Quaker Houghton is the global leader in industrial process fluids. With a presence around the world, including operations in over 25 countries, our customers include thousands of the world's most advanced and specialized steel, aluminum, automotive, aerospace, offshore, can, mining, and metalworking companies. Our high-performing, innovative and sustainable solutions are backed by best-in-class technology, deep process knowledge and customized services. With approximately 4,700 employees, including chemists, engineers and industry experts, we partner with our customers to improve their operations so they can run even more efficiently, even more effectively, whatever comes next. Quaker Houghton is headquartered in Conshohocken, Pennsylvania, located near Philadelphia in the United States. Visit quakerhoughton.com to learn more.
Quaker Chemical Corporation
Condensed Consolidated Statements of Operations
(Unaudited; Dollars in thousands, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Net sales
$ 532,550
$ 483,400
$ 1,013,029
$ 926,314
Cost of goods sold
343,346
311,677
647,090
593,331
Gross profit
189,204
171,723
365,939
332,983
Selling, general and administrative expenses
140,485
126,600
276,250
245,646
Impairment charges
—
88,840
—
88,840
Restructuring and related charges, net
8,116
8,793
15,497
23,383
Operating income (loss)
40,603
(52,510)
74,192
(24,886)
Other income (expense), net
406
(653)
383
(1,362)
Interest expense
(9,873)
(12,779)
(19,752)
(22,324)
Income (loss) before taxes and equity in net income of
associated companies
31,136
(65,942)
54,823
(48,572)
Taxes on income before equity in net income of associated
companies
11,172
5,472
18,317
13,014
Income (loss) before equity in net income of associated
companies
19,964
(71,414)
36,506
(61,586)
Equity in net income of associated companies
6,849
4,851
10,049
7,940
Net income (loss)
26,813
(66,563)
46,555
(53,646)
Less: Net (loss) income attributable to noncontrolling interest
(22)
17
51
12
Net income (loss) attributable to Quaker Chemical Corporation
$ 26,835
$ (66,580)
$ 46,504
$ (53,658)
Per share data:
Net income (loss) attributable to Quaker Chemical Corporation
common shareholders – basic
$ 1.56
$ (3.78)
$ 2.69
$ (3.04)
Net income (loss) attributable to Quaker Chemical Corporation
common shareholders – diluted
$ 1.55
$ (3.78)
$ 2.68
$ (3.04)
Basic weighted average common shares outstanding
17,109,417
17,572,447
17,217,771
17,605,920
Diluted weighted average common shares outstanding
17,199,666
17,592,971
17,299,282
17,630,541
Quaker Chemical Corporation
Condensed Consolidated Balance Sheets
(Unaudited; Dollars in thousands, except par value)
June 30,
2026
December 31,
2025
ASSETS
Current assets
Cash and cash equivalents
$ 155,093
$ 179,829
Accounts receivable, net
463,603
417,157
Inventories
304,110
265,776
Prepaid expenses and other current assets
68,242
58,428
Total current assets
991,048
921,190
Property, plant and equipment, net
314,596
313,423
Right-of-use lease assets
53,650
38,737
Goodwill
503,721
501,720
Other intangible assets, net
829,479
873,540
Investments in associated companies
105,906
106,915
Deferred tax assets
12,737
12,128
Other non-current assets
39,979
30,283
Total assets
$ 2,851,116
$ 2,797,936
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings and current portion of long-term debt
$ 15,654
$ 35,657
Accounts payable
234,319
198,929
Dividends payable
8,744
8,804
Accrued compensation
41,280
41,192
Accrued restructuring
8,807
8,351
Accrued pension and postretirement benefits
2,120
2,126
Other accrued liabilities
92,473
85,097
Total current liabilities
403,397
380,156
Long-term debt
857,790
834,901
Long-term lease liabilities
37,628
22,759
Deferred tax liabilities
131,314
140,814
Non-current accrued pension and postretirement benefits
20,159
20,615
Other non-current liabilities
20,229
22,192
Total liabilities
1,470,517
1,421,437
Equity
Common stock $1 par value; authorized 30,000,000 shares; issued and outstanding
June 30, 2026 – 17,212,963 shares; December 31, 2025 – 17,331,779 shares
17,213
17,332
Capital in excess of par value
855,896
874,826
Retained earnings
625,554
596,616
Accumulated other comprehensive loss
(121,488)
(115,661)
Total Quaker shareholders' equity
1,377,175
1,373,113
Noncontrolling interest
3,424
3,386
Total equity
1,380,599
1,376,499
Total liabilities and equity
$ 2,851,116
$ 2,797,936
Quaker Chemical Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited; Dollars in thousands)
Six Months Ended
June 30,
2026
2025
Cash flows from operating activities
Net income (loss)
$ 46,555
$ (53,646)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization
51,011
44,278
Equity in undistributed earnings of associated companies, net of dividends
(3,596)
(44)
Deferred income taxes
(11,730)
(15,634)
Share-based compensation
6,888
6,903
Impairment charges
—
88,840
Restructuring and related charges, net
15,497
23,383
Inventory step-up amortization
—
6,022
Loss (gain) on disposal of property, plant and equipment and other assets
121
(2,108)
Other adjustments
(1,877)
(5,228)
Increase (decrease) in cash from changes in current assets and current liabilities, net of
acquisitions:
Accounts receivable
(47,628)
3,022
Inventories
(40,685)
(11,826)
Prepaid expenses and other current assets
(10,450)
(3,943)
Accrued restructuring
(11,340)
(15,946)
Accounts payable and accrued liabilities
40,476
(25,551)
Net cash provided by operating activities
33,242
38,522
Cash flows from investing activities
Investments in property, plant and equipment
(21,018)
(20,289)
Payments related to acquisitions, net of cash acquired
—
(164,078)
Proceeds from disposition of assets
—
2,950
Other investing activities
2,249
697
Net cash used in investing activities
(18,769)
(180,720)
Cash flows from financing activities
Payments of long-term debt
(629,685)
(17,205)
Proceeds from long-term debt
800,000
—
Borrowings on revolving credit facilities
197,307
283,000
Payments on revolving credit facilities
(356,305)
(67,000)
Payments on other debt
—
(101)
Financing-related debt issuance costs
(6,232)
—
Dividends paid
(17,627)
(17,146)
Shares purchased under share repurchase programs
(24,181)
(32,693)
Other stock related activity
(1,755)
(1,301)
Net cash (used in) provided by financing activities
(38,478)
147,554
Effect of foreign exchange rate changes on cash
(731)
7,682
Net (decrease) increase in cash and cash equivalents
(24,736)
13,038
Cash and cash equivalents at the beginning of the period
179,829
188,880
Cash and cash equivalents at the end of the period
Hyperliquid od dubna získal z prioritních poplatků 5,07 mil. USD a annualizované výnosy dosáhly 33,5 mil. USD. Zároveň institucionální peněženky posílaly HYPE na burzy, což zvyšuje krátkodobý prodejní tlak.
Hyperliquid [HYPE] is changing how crypto exchanges generate revenue by placing a value on execution speed rather than trading activity alone.
Meanwhile, as competition for swift order placement increases, traders are paying priority fees to improve queue positions and secure earlier execution. This new revenue stream does not alter their existing fee structure. Therefore, it provides the best option for highly liquid markets.
The approach is already gaining momentum. Since April, priority fees have generated $5.07 million, including $2.75 million during the past thirty days, while annualized revenue has reached $33.5 million.
Source: Blockworks on X Over the same period, Hyperliquid processed $196.3 billion in perpetual trading volume, producing $53.77 million in fees and $37.46 million in protocol revenue, according to DeFiLlama data.
As execution demand grows, the exchange is expanding its revenue streams, extending beyond traditional maker-taker fees, strengthening its long-term business model.
Institutional selling pressure persists Despite Hyperliquid expanding its revenue base, institutional wallets continue to increase near-term supply on exchanges.
Recent on-chain transfers show Multicoin Capital depositing 137,100 HYPE worth $7.51 million into Coinbase Prime. Similarly, Bitwise moved another 22,463 HYPE, valued at $1.23 million, to Coinbase.
Source: LookOnChain on X Together, those transfers exceeded $8.7 million, extending a broader pattern of exchange inflows from institutional holders. Although deposits do not guarantee immediate selling, repeated transfers from the same entities often signal preparation to distribute holdings rather than keep them in long-term storage.
As more HYPE tokens move to exchange wallets, selling pressure may rise in the short term. As a result, this would create temporary price headwinds despite Hyperliquid’s improving revenue fundamentals.
HYPE revenue growth faces a market test Institutional selling has shifted the market’s attention from Hyperliquid’s earnings to its available token supply. That explains why stronger protocol performance has not yet translated into stronger price action.
Those figures indicate healthy trading volumes and increasing revenue potential for the Hyperliquid protocol. However, despite these milestones, at press time, HYPE traded around $54.02, roughly 30% below its June peak of $76.70 and down about 18% over the past month.
That divergence suggests investors remain cautious because exchange inflows have increased the amount of HYPE available for sale.
Until buyers absorb that additional supply, stronger earnings alone may struggle to drive a sustained recovery. Once selling pressure eases, however, the protocol’s growing revenue base is likely to play a larger role in shaping valuation.
Final Summary Hyperliquid is expanding its revenue model through priority fees, strengthening protocol earnings beyond traditional trading fees. HYPEnow depends on organic demand absorbing institutional selling before stronger protocol earnings can support a sustained recovery.
Live Nation ve 2. čtvrtletí zvýšila tržby o 9 % na 7,7 miliardy USD a upravený provozní zisk o 2 % na 817 milionů USD. Prodej vstupenek i návštěvnost koncertů dosáhly rekordů.
"In a world of endless screens and AI-generated everything, the one thing that can't be copied is being there. More artists are on the road than ever — and fans keep choosing to be in the room with them, driving the strongest concert ticket sales we've ever seen. More than 143 million tickets have sold through mid-July, over 14 million ahead of last year's pace, with mid-teens ticket sales growth across all large venue types: stadiums, arenas, and amphitheaters.
None of this happens without the artists — they make these moments, and we're grateful to every artist and crew who trust us with their tours. This was a quarter of milestones: nearly 49 million fans attended our shows, Ticketmaster grew adjusted operating income 14%, and all-time-high deferred revenue points to a strong second half. The first-quarter legal accrual will weigh on reported operating income, but we remain on track for double-digit adjusted operating income growth this year — and to compound at that level for years to come." –Michael Rapino, President and CEO
GLOBAL DEMAND FOR LIVE EVENTS DRIVES RECORD FAN GROWTH (2Q26 vs. 2Q25)
Revenue of $7.7 billion, up 9% Operating income of $522 million, up 7% Adjusted operating income (AOI) of $817 million, up 2% Concerts revenue grew 8%, while AOI reflected the timing of shows and continued investments in venues and festivals Ticketmaster results surpassed expectations, with AOI up 14% and 90 million fee-bearing tickets sold, up 8% Sponsorship AOI increased 13%, fueled by the international expansion of venues and festivals International markets powered growth across all segments: Drove attendance growth of 10%, adding approximately five million fans to a record 49 million globally Contributed 70% and 80% of Ticketmaster and Sponsorship AOI growth for the quarter, respectively ARTIST ACTIVITY GLOBALLY DRIVES HIGHEST 2Q CONCERTS ATTENDANCE (2Q26 vs. 2Q25 unless otherwise noted)
Revenue of $6.4 billion, up 8% Fan count of 49 million, up 10% International attendance at stadiums, arenas, and festivals all up over 20% U.S. attendance at amphitheaters and arenas up double digits, while stadium attendance declined due to show timing Underlying demand trends remain robust: Sell through rates across all U.S. large venue types remain at or above prior-year levels for shows through the end of 2Q Cancellation rates remain at historical levels Affordability remains a key priority, with low- to mid-single-digit price increases across stadiums, arenas, and amphitheaters, and U.S. get-in ticket price increases continuing to trail inflation over the past five years AOI of $310 million was down 14% due to the timing of stadium shows, venue pre-opening costs, and new international festivals Q2 ended with record event-related deferred revenue of $6.4 billion, up 25%, pointing to accelerating stadium and amphitheater activity in the second half Full-year fan attendance is now projected to grow 10%, with expected attendance at operated venues up double digits and third-party venues up high single digits For the full year, Concerts remains on track to deliver double-digit AOI growth, with the majority of the year-over-year improvement occurring in Q4, and continued margin expansion VENUE NATION DELIVERING MORE SHOWS AND ENHANCED HOSPITALITY FOR FANS GLOBALLY
Year-to-date, onsite food and beverage spending increased high single digits year-over-year at large U.S. amphitheaters and across European arenas and theaters Investments in premium experiences are driving strong returns: at newly opened amphitheaters, Morton and Mystic Lake, enhanced offerings are driving premium revenue nearly 75% higher than comparable amphitheaters Venue Nation on track to host close to 75 million fans in 2026, up double digits year-over-year, driven by an increase in show count from higher utilization of our existing venues and adding new venues 2026 pre-opening costs for all venues under development expected to be approximately $50 million, with current projects on track to achieve 20%+ IRRs Current pipeline of more than 25 large (over 3,000 seats) venues expected to open through the end of 2027, adding capacity for an incremental 15 million fans on a run rate basis LIVE EVENTS CONTINUE TO ATTRACT GROWING BRAND INVESTMENTS (2Q26 vs. 2Q25 unless otherwise noted)
Revenue of $383 million, up 12%, led by the strength of our international markets, up 17% AOI of $257 million, up 13% Brand demand remains broad-based, driven by our expanding venue portfolio and global festivals, which contributed 70% of the growth Number of strategic partners (over $1 million in revenue per year) increased over 20%, with associated revenue up double digits New ticket access partnership with Spotify's Reserved leverages Ticketmaster's platform to help more fans access tickets Sponsorship AOI expected to grow double digits for the year, with 95% of sponsorship commitments booked for 2026 Margins expected to be similar to last year DEMAND FOR CONCERTS FUELS HIGHEST 2Q FOR TICKETMASTER (2Q26 vs. 2Q25 unless otherwise noted)
Revenue of $852 million, up 15% AOI of $331 million, up 14% 90 million fee-bearing tickets sold, up 8% Concerts remained the primary growth driver with tickets sold up 11%, accounting for 90% of the ticket volume growth International markets sold 39 million tickets, up 12% with Gross Transaction Value (GTV) up 20% led by strong growth in South America North America secondary ticket volume was flat as growth in sports GTV offset a decline in concerts activity; this business now accounts for low double-digit portion of GTV, reflecting ongoing efforts to reduce scalper and bot activity Reported fee-bearing GTV up 15% to over $10 billion, led by concerts accounting for 90% of the growth 16 million net new tickets added year-to-date, with 85% from international markets as venues continue to choose Ticketmaster globally Q2 ended with deferred GTV of $5.2 billion, up 16%, and deferred service fee revenue of $390 million, up 23% Ticketmaster AOI positioned to grow mid-single digits for the full year, led by strong concert activity and expanding global client base Margins expected to be similar to last year CAPITAL ALLOCATION SUPPORTS VENUE EXPANSION AND LONG-TERM GROWTH
Full year capital expenditures now projected to be $1.1 billion, toward the lower end of our initial range due to timing of projects: $800 million of total capital expenditures is for venue expansion and enhancement projects Approximately $200 million from funding by joint-venture partners, sponsorship agreements, and other sources will reduce venue cash requirements Additional capital expenditures focused on our ticketing and sponsorship growth initiatives, as well as ongoing maintenance at our venues Full year AOI to free cash flow—adjusted conversion expected to be in line with or higher than 2025 Free cash ended at approximately $2 billion compared to $1.7 billion last quarter, providing ample liquidity to invest in high-return projects FULL-YEAR INCOME STATEMENT DETAILS (vs. 2025)
Depreciation and amortization expected to grow 12-15% Net interest expense is expected to be approximately $280 million Corporate / Other and Eliminations expense expected to increase in line with AOI growth Income tax expense is expected to be 15-20% of AOI, with cash taxes projected to be 80% of that amount Below the line items: Noncontrolling interest expense is expected to be approximately $325 million for the full year and its growth will follow the timing of AOI growth. This projection may be further impacted by mark-to-market revaluations of investments with no impact to earnings per share, as any impact will be offset in other income and expenses Accretion expense is projected to be one-third of last year's, with continued strong performance at OCESA and other acquisitions 2026 share count not expected to change materially from 2025 Compare Our Operating Results to Past Quarters In The Trended Results Grid:
https://investors.livenationentertainment.com/financial-information/financial-results
The company will webcast a teleconference today, July 30, 2026, at 2:00 p.m. Pacific Time to discuss its financial performance, operational matters and potentially other material developments. Interested parties should visit the "News / Events" section of the company's website at investors.livenationentertainment.com to listen to the webcast. Supplemental statistical and financial information to be provided on the call, if any, will be posted to the "Financial Info" section of the website. A replay of the webcast will also be available on the Live Nation website. The link to the 2Q26 Trended Results Grid is provided above for convenience and such grid is not a part of, or incorporated into, this press release or any SEC filings that include this press release.
Notice Regarding Financial Statements
The company has provided certain financial statements at the end of this press release for reference. These financial statements should be read in conjunction with the full financial statements, and the notes thereto, set forth in the company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 to be filed with the Securities and Exchange Commission today and available on the SEC's website at sec.gov.
About Live Nation Entertainment:
Live Nation Entertainment, Inc. (NYSE: LYV) is the world's leading live entertainment company comprised of global market leaders: Ticketmaster, Live Nation Concerts, and Live Nation Media & Sponsorship. For additional information, visit investors.livenationentertainment.com.
FINANCIAL HIGHLIGHTS – SECOND QUARTER
(unaudited; $ in millions)
Q2 2026
Reported
Q2 2025
Reported
Change
Q2 2026
Currency
Impacts
Q2 2026 at
Constant
Currency
Change at
Constant
Currency
Revenue
Concerts
$ 6,444.4
$ 5,946.4
8 %
$ (56.3)
$ 6,388.1
7 %
Ticketing
852.2
742.7
15 %
(14.6)
837.6
13 %
Sponsorship & Advertising
383.0
340.6
12 %
(6.4)
376.6
11 %
Other and Eliminations
(12.7)
(23.1)
*
0.0
(12.7)
*
$ 7,666.9
$ 7,006.6
9 %
$ (77.3)
$ 7,589.6
8 %
Consolidated Operating Income
$ 521.9
$ 486.7
7 %
$ (12.9)
$ 509.0
5 %
Adjusted Operating Income (Loss)
Concerts
$ 309.6
$ 358.7
(14) %
$ (5.0)
$ 304.6
(15) %
Ticketing
331.0
290.1
14 %
(8.3)
322.7
11 %
Sponsorship & Advertising
256.9
227.6
13 %
(3.4)
253.5
11 %
Other and Eliminations
(5.7)
(6.8)
*
0.0
(5.7)
*
Corporate
(74.8)
(71.2)
(5) %
0.0
(74.8)
(5) %
$ 817.0
$ 798.4
2 %
$ (16.7)
$ 800.3
0.2 %
* Percentages are not meaningful
FINANCIAL HIGHLIGHTS – SIX MONTHS
(unaudited; $ in millions)
6 Months
2026
Reported
6 Months
2025
Reported
Change
6 Months
2026
Currency
Impacts
6 Months
2026
Constant
Currency
Change at
Constant
Currency
Revenue
Concerts
$ 9,219.9
$ 8,430.5
9 %
$ (146.2)
$ 9,073.7
8 %
Ticketing
1,617.2
1,437.4
13 %
(33.6)
1,583.6
10 %
Sponsorship & Advertising
641.6
556.6
15 %
(18.7)
622.9
12 %
Other and Eliminations
(18.8)
(35.7)
*
0.0
(18.8)
*
$ 11,459.9
$ 10,388.8
10 %
$ (198.5)
$ 11,261.4
8 %
Consolidated Operating Income
$ 151.4
$ 601.4
(75) %
$ (0.2)
$ 151.2
(75) %
Adjusted Operating Income (Loss)
Concerts
$ 312.4
$ 365.3
(14) %
$ 4.0
$ 316.4
(13) %
Ticketing
586.6
543.2
8 %
(14.9)
571.7
5 %
Sponsorship & Advertising
421.4
363.6
16 %
(12.8)
408.6
12 %
Other and Eliminations
(9.7)
(12.7)
*
(0.1)
(9.8)
*
Corporate
(122.7)
(119.9)
(2) %
0.0
(122.7)
(2) %
$ 1,188.0
$ 1,139.5
4 %
$ (23.8)
$ 1,164.2
2 %
* Percentages are not meaningful
Reconciliation of Operating Income to Adjusted Operating Income
(unaudited; $ in millions)
Q2 2026
Q2 2025
6 Months 2026
6 Months 2025
Operating Income
$ 521.9
$ 486.7
$ 151.4
$ 601.4
Acquisition expenses
30.9
79.2
100.3
109.0
Amortization of non-recoupable ticketing contract advances
22.2
20.7
48.2
45.4
Depreciation and amortization
188.5
159.0
357.8
308.5
Gain on sale of operating assets
(8.5)
(0.9)
(14.5)
(3.1)
Astroworld loss contingencies
—
(7.8)
—
(7.8)
Governmental Investigations and Litigation
—
—
450.0
—
Stock-based compensation expense
62.0
61.5
94.8
86.1
Adjusted Operating Income
$ 817.0
$ 798.4
$ 1,188.0
$ 1,139.5
Reconciliations of Certain Non-GAAP Measures to Their Most Directly Comparable GAAP Measures
(unaudited; $ in millions)
Reconciliation of Free Cash Flow — Adjusted to Net Cash Provided by Operating Activities
($ in millions)
Q2 2026
Q2 2025
Net cash provided by operating activities
$ 419.3
$ 223.4
Changes in operating assets and liabilities (working capital)
281.4
387.8
Changes in accrued liabilities for Astroworld loss contingencies
—
(7.8)
Free cash flow from earnings
$ 700.7
$ 603.4
Less: Maintenance capital expenditures
(34.1)
(34.2)
Distributions to noncontrolling interests
(150.7)
(131.1)
Free cash flow — adjusted
$ 515.9
$ 438.1
Net cash used in investing activities
$ (459.5)
$ (275.0)
Net cash provided by (used in) financing activities
$ 190.6
$ (325.3)
Reconciliation of Free Cash Flow — Adjusted to Net Cash Provided by Operating Activities
($ in millions)
6 Months 2026
6 Months 2025
Net cash provided by operating activities
$ 2,758.1
$ 1,544.7
Changes in operating assets and liabilities (working capital)
(2,264.7)
(668.8)
Changes in accrued liabilities for Astroworld loss contingencies
—
(7.8)
Governmental Investigations and Litigation
450.0
—
Free cash flow from earnings
$ 943.4
$ 868.1
Less: Maintenance capital expenditures
(64.1)
(49.1)
Distributions to noncontrolling interests
(188.7)
(164.8)
Free cash flow — adjusted
$ 690.6
$ 654.2
Net cash used in investing activities
$ (877.2)
$ (492.4)
Net cash provided by (used in) financing activities
$ 308.1
$ (498.5)
Reconciliation of Free Cash to Cash and Cash Equivalents
($ in millions)
June 30,
2026
June 30,
2025
Cash and cash equivalents
$ 9,071.9
$ 7,057.0
Short-term investments
65.6
57.6
Client cash
(1,927.3)
(1,703.2)
Deferred revenue — event-related
(6,411.8)
(5,140.3)
Accrued artist fees
(336.8)
(339.0)
Collections on behalf of others
(141.1)
(123.0)
Prepaid expenses — event-related
1,613.3
1,290.5
Free cash
$ 1,933.8
$ 1,099.6
Forward-Looking Statements, Non-GAAP Financial Measures and Reconciliations:
Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to statements regarding deferred revenue pointing to a strong second half of 2026; expectations for full year adjusted operating income growth in 2026 as well as the expected growth level for years to come; anticipated accelerating stadium and amphitheater activity in the second half of 2026; projections for full year fan attendance in the company's Concerts business; anticipated adjusted operating income growth and margin expansion in the company's Concerts business for 2026; anticipated fan attendance for Venue Nation in 2026; anticipated 2026 pre-opening costs for all venues under development as well as anticipated IRRs for these projects; the company's current pipeline for Venue Nation and projected fan additions on a run rate basis; projected adjusted operating income growth and margin expectations for Ticketmaster in 2026; projected adjusted operating income growth and margin expectations for the company's Sponsorship business in 2026; capital allocation supporting venue expansion and long-term growth; projected full year 2026 capital expenditures; projected full year 2026 adjusted operation income to free cash flow—adjusted conversion; projected full year 2026 levels of depreciation and amortization, net interest expense, corporate / other and eliminations expense, income tax expense and cash taxes, noncontrolling interest expense and its timing; accretion expense, and share count.
Live Nation wishes to caution you that there are some known and unknown factors that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements, including but not limited to operational challenges in achieving strategic objectives and executing on the company's plans, the risk that the company's markets do not evolve as anticipated, the potential impact of any economic slowdown and operational challenges associated with selling tickets and staging events.
Live Nation refers you to the documents it files from time to time with the U.S. Securities and Exchange Commission, or SEC, specifically the section titled "Item 1A. Risk Factors" of the company's most recent Annual Report filed on Form 10-K, and Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K, which contain and identify other important factors that could cause actual results to differ materially from those contained in the company's projections or forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date on which they are made. All subsequent written and oral forward-looking statements by or concerning Live Nation are expressly qualified in their entirety by the cautionary statements above. Live Nation does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.
This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of each such measure to its most directly comparable GAAP financial measure, together with an explanation of why management believes that these non-GAAP financial measures provide useful information to investors, is provided herein.
Adjusted Operating Income (Loss), or AOI, is a non-GAAP financial measure that we define as operating income (loss) before certain acquisition expenses (including ongoing legal costs stemming from the Ticketmaster merger, changes in the fair value of accrued acquisition-related contingent consideration obligations, and acquisition-related severance and compensation), amortization of non-recoupable ticketing contract advances, depreciation and amortization (including goodwill impairment), loss (gain) on disposal of operating assets, and stock-based compensation expense. Due to the significant and non-recurring nature of the matters, we also exclude from AOI the impact of realized liabilities for settlements and expenses for regulatory compliance matters associated with the provision for losses arising from certain significant governmental investigations and litigations under ASC 450 - Contingencies, which are described under the heading "Governmental Investigations and Litigation" in Note 6 of the Notes to the Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. Except as described above, ongoing legal costs associated with defense of these claims, such as attorney fees, are not excluded from AOI. We use AOI to evaluate the performance of our operating segments. We believe that information about AOI assists investors by allowing them to evaluate changes in the operating results of our portfolio of businesses separate from non-operational factors that affect net income (loss), thus providing insights into both operations and the other factors that affect reported results. AOI is not calculated or presented in accordance with GAAP. A limitation of the use of AOI as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Accordingly, AOI should be considered in addition to, and not as a substitute for, operating income (loss), net income (loss), and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, AOI as presented herein may not be comparable to similarly titled measures of other companies.
AOI margin is a non-GAAP financial measure that we calculate by dividing AOI by revenue. We use AOI margin to evaluate the performance of our operating segments. We believe that information about AOI margin assists investors by allowing them to evaluate changes in the operating results of our portfolio of businesses separate from non-operational factors that affect net income (loss), thus providing insights into both operations and the other factors that affect reported results. AOI margin is not calculated or presented in accordance with GAAP. A limitation of the use of AOI margin as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Accordingly, AOI margin should be considered in addition to, and not as a substitute for, operating income (loss) margin, and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, AOI margin as presented herein may not be comparable to similarly titled measures of other companies.
Constant Currency is a non-GAAP financial measure when applied to a GAAP financial measure. We calculate currency impacts as the difference between current period activity translated using the current period's currency exchange rates and the comparable prior period's currency exchange rates. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations.
Free Cash Flow — Adjusted, or FCF, is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities less changes in operating assets and liabilities, less maintenance capital expenditures, less distributions to noncontrolling interest partners. We use FCF among other measures, to evaluate the ability of operations to generate cash that is available for purposes other than maintenance capital expenditures. We believe that information about FCF provides investors with an important perspective on the cash available to service debt, make acquisitions, and for revenue generating capital expenditures. FCF is not calculated or presented in accordance with GAAP. A limitation of the use of FCF as a performance measure is that it does not necessarily represent funds available for operations and is not necessarily a measure of our ability to fund our cash needs. Accordingly, FCF should be considered in addition to, and not as a substitute for, net cash provided by (used in) operating activities and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, FCF as presented herein may not be comparable to similarly titled measures of other companies.
Free Cash is a non-GAAP financial measure that we define as cash and cash equivalents less ticketing-related client funds, less event-related deferred revenue, less accrued expenses due to artists and cash collected on behalf of others, plus event-related prepaids. We use free cash as a proxy for how much cash we have available to, among other things, optionally repay debt balances, make acquisitions and fund revenue generating capital expenditures. Free cash is not calculated or presented in accordance with GAAP. A limitation of the use of free cash as a performance measure is that it does not necessarily represent funds available from operations and it is not necessarily a measure of our ability to fund our cash needs. Accordingly, free cash should be considered in addition to, and not as a substitute for, cash and cash equivalents and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, free cash as presented herein may not be comparable to similarly titled measures of other companies.
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
June 30,
2026
December 31,
2025
(in thousands)
ASSETS
Current assets
Cash and cash equivalents
$ 9,071,949
$ 7,094,200
Accounts receivable, less allowance of $92,267 and $73,912, respectively
2,885,249
2,009,055
Prepaid expenses
2,534,952
1,453,732
Other current assets
463,499
417,405
Total current assets
14,955,649
10,974,392
Property, plant and equipment, net
3,963,993
3,415,771
Operating lease assets
1,866,814
1,869,753
Intangible assets
Definite-lived intangible assets, net
1,205,988
1,078,453
Indefinite-lived intangible assets, net
368,967
369,015
Goodwill
3,063,726
2,889,178
Long-term advances
743,830
631,071
Other long-term assets
2,011,859
1,684,900
Total assets
$ 28,180,826
$ 22,912,533
LIABILITIES AND EQUITY
Current liabilities
Accounts payable, client accounts
$ 2,254,652
$ 1,941,389
Accrued expenses and accounts payable
4,728,351
3,555,811
Deferred revenue
7,334,511
4,461,959
Current portion of long-term debt, net
2,968,381
587,630
Other current liabilities
277,360
482,061
Total current liabilities
17,563,255
11,028,850
Long-term debt, net
6,233,084
7,612,018
Long-term operating lease liabilities
2,081,247
2,036,974
Other long-term liabilities
484,075
415,844
Commitments and contingent liabilities
Redeemable noncontrolling interests
1,063,602
924,472
Stockholders' equity
Common stock
2,335
2,328
Additional paid-in capital
1,389,093
1,455,925
Accumulated deficit
(1,136,636)
(1,041,978)
Cost of shares held in treasury
(30,396)
(30,396)
Accumulated other comprehensive loss
(142,066)
(114,872)
Total Live Nation stockholders' equity
82,330
271,007
Noncontrolling interests
673,233
623,368
Total equity
755,563
894,375
Total liabilities and equity
$ 28,180,826
$ 22,912,533
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
(in thousands except share and
per share data)
Revenue
$ 7,666,858
$ 7,006,641
$ 11,459,887
$ 10,388,758
Operating expenses:
Direct operating expenses
5,724,216
5,210,756
8,202,674
7,465,693
Selling, general and administrative expenses
1,134,965
1,003,344
2,096,484
1,782,266
Depreciation and amortization
188,459
159,025
357,755
308,480
Gain on disposal of operating assets
(8,516)
(856)
(14,538)
(3,058)
Corporate expenses
105,817
147,719
666,111
233,955
Operating income
521,917
486,653
151,401
601,422
Interest expense
97,230
72,048
187,752
152,391
Interest income
(42,709)
(37,893)
(82,176)
(71,954)
Equity in losses (earnings) of nonconsolidated affiliates
4,459
(4,268)
7,342
(4,747)
Other expense (income), net
(55,664)
36,380
(68,015)
39,333
Income before income taxes
518,601
420,386
106,498
486,399
Income tax expense
115,717
117,645
83,632
137,356
Net income
402,884
302,741
22,866
349,043
Net income attributable to noncontrolling interests
108,438
59,330
117,524
82,429
Net income (loss) attributable to common stockholders of Live Nation
$ 294,446
$ 243,411
$ (94,658)
$ 266,614
Basic net income (loss) per common share available to common stockholders of Live Nation
$ 1.06
$ 0.41
$ (0.78)
$ 0.09
Diluted net income (loss) per common share available to common stockholders of Live Nation
$ 1.05
$ 0.41
$ (0.78)
$ 0.09
Weighted average common shares outstanding:
Basic
232,838,912
231,845,412
232,621,161
231,534,852
Diluted
244,036,331
234,417,428
232,621,161
234,658,608
Reconciliation to net income (loss) available to common stockholders of Live Nation:
Net income (loss) attributable to common stockholders of Live Nation
$ 294,446
$ 243,411
$ (94,658)
$ 266,614
Accretion of redeemable noncontrolling interests
(46,544)
(147,801)
(87,823)
(245,895)
Net income (loss) available to common stockholders of Live Nation—basic
$ 247,902
$ 95,610
$ (182,481)
$ 20,719
Convertible debt interest, net of tax
8,467
—
—
—
Net income (loss) available to common stockholders of Live Nation—diluted
$ 256,369
$ 95,610
$ (182,481)
$ 20,719
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Six Months Ended June 30,
2026
2025
(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
$ 22,866
$ 349,043
Reconciling items:
Depreciation
221,063
183,804
Amortization of definite-lived intangibles
136,692
124,676
Amortization of non-recoupable ticketing contract advances
48,240
45,443
Deferred income taxes
7,537
25,129
Amortization of debt issuance costs and discounts
11,291
8,131
Stock-based compensation expense
94,808
86,097
Unrealized changes in fair value of contingent consideration
14,238
9,304
Equity in losses of nonconsolidated affiliates, net of distributions
14,167
8,774
Provision for uncollectible accounts receivable
18,974
13,539
Loss (gain) on mark-to-market of investments in nonconsolidated affiliates and crypto assets
(66,465)
133
Loss (gain) on forward currency exchange contracts
(15,167)
31,584
Other, net
(14,866)
(9,730)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable
(855,217)
(622,765)
Increase in prepaid expenses and other assets
(1,215,956)
(822,523)
Increase in accrued expenses, accounts payable and other liabilities
1,507,529
225,791
Increase in deferred revenue
2,828,374
1,888,292
Net cash provided by operating activities
2,758,108
1,544,722
CASH FLOWS FROM INVESTING ACTIVITIES
Advances of notes receivable
(8,602)
(19,156)
Collections of notes receivable
8,085
17,784
Investments made in nonconsolidated affiliates
(42,223)
(14,492)
Purchases of property, plant and equipment
(598,502)
(434,207)
Cash paid for acquisition of right-of-use assets
—
(20,800)
Cash paid for acquisitions, net of cash acquired
(242,567)
(50,090)
Proceeds from sale of intangible assets
—
20,040
Other, net
6,600
8,495
Net cash used in investing activities
(877,209)
(492,426)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from debt, net of debt issuance costs
1,021,866
62,764
Payments on debt including extinguishment costs
(237,478)
(103,625)
Contributions from noncontrolling interests
27,829
11,264
Distributions to noncontrolling interests
(188,735)
(164,819)
Purchases of noncontrolling interests, net
(236,759)
(206,112)
Proceeds from exercise of stock options
5,057
3,443
Taxes paid for net share settlement of equity awards
(64,111)
(86,585)
Payments for deferred and contingent consideration
(18,552)
(14,399)
Other, net
(1,014)
(383)
Net cash provided by (used in) financing activities
308,103
(498,452)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(124,361)
409,647
Net increase in cash, cash equivalents and restricted cash
2,064,641
963,491
Cash, cash equivalents and restricted cash at beginning of period
7,106,986
6,106,109
Cash, cash equivalents and restricted cash at end of period
PTC Therapeutics vykázala zisk 0,92 USD na akcii a tržby 360,52 milionu USD, obojí výrazně nad odhady. Ve srovnání s loňskem činila ztráta 0,83 USD na akcii.
PTC Therapeutics (PTCT - Free Report) came out with quarterly earnings of $0.92 per share, beating the Zacks Consensus Estimate of a loss of $0.17 per share. This compares to a loss of $0.83 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +641.18%. A quarter ago, it was expected that this biopharmaceutical company would post a loss of $0.45 per share when it actually produced a loss of $0.03, delivering a surprise of +93.33%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
PTC Therapeutics, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $360.52 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 22.24%. This compares to year-ago revenues of $178.88 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
PTC Therapeutics shares have lost about 1.9% since the beginning of the year versus the S&P 500's gain of 6.9%.
What's Next for PTC Therapeutics?While PTC 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 PTC 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 $0.07 on $305.27 million in revenues for the coming quarter and $0.41 on $1.17 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, 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.
Another stock from the same industry, Arcturus Therapeutics (ARCT - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.
This pharmaceutical company is expected to post quarterly loss of $1.07 per share in its upcoming report, which represents a year-over-year change of -214.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Arcturus Therapeutics' revenues are expected to be $2.51 million, down 91.1% from the year-ago quarter.
Dolby Laboratories ve 3. fiskálním čtvrtletí vykázala tržby 305 milionů USD a čistý zisk podle GAAP 29 milionů USD, meziročně méně v obou ukazatelích. Firma zároveň navýšila program zpětného odkupu akcií o 350 milionů USD.
, /PRNewswire/ -- Dolby Laboratories, Inc. (NYSE:DLB) today announced the company's financial results for the third quarter of fiscal 2026.
"We continue to execute against our full-year objectives, and we are building momentum across several of our key growth areas," said Kevin Yeaman, President and CEO, Dolby Laboratories. "We are expanding our total addressable market and creating new opportunities with content partners through the Video Distribution Program and Dolby OptiView, and we continue to bring Dolby Atmos and Dolby Vision to more experiences from live sports, to music in the car, to user-generated content on mobile devices and more."
Third Quarter Fiscal 2026 Financial Highlights
Total revenue was $305 million, compared to $316 million for the third quarter of fiscal 2025. GAAP net income was $29 million or $0.30 per diluted share, compared to GAAP net income of $46 million or $0.48 per diluted share for the third quarter of fiscal 2025. On a non-GAAP basis, third quarter net income was $65 million or $0.69 per diluted share, compared to $76 million or $0.78 per diluted share for the third quarter of fiscal 2025. Dolby repurchased 1.2 million shares of its common stock for approximately $65 million. A complete listing of Dolby's non-GAAP measures is described and reconciled to the corresponding GAAP measures at the end of this release.
Recent Business Highlights
The 2026 FIFA World Cup was shown in Dolby Atmos and/or Dolby Vision across broadcast, streaming, and pay TV, including Peacock and Comcast in the U.S., Bell TV in Canada, and TV GLOBAL in Brazil. On TVs, Dolby Vision 2 is now in market with some Hisense TVs, and by the end of this calendar year, TCL and Philips will also be shipping TVs with Dolby Vision 2. RayNeo, the leading provider of augmented reality glasses, launched the RayNeo GT Max, the first AR smart glasses supporting Dolby Vision. Insta360, a leader in the action and panoramic cameras segments, launched the Luna Ultra, which supports Dolby Vision capture. Google announced support for Dolby Atmos through Android Auto with partners including BMW, Genesis, Mahindra, Mercedes, Renault, and Skoda. Roberts Communications Network, the largest horse racing streaming provider in the U.S., is using Dolby OptiView for ultra-low latency video streaming for horse racing. Access Advance announced that Meta Platforms, Inc., one of the world's largest distributors of video content, joined the VDP program as a licensee. Dividend
Today, Dolby announced a cash dividend of $0.36 per share of Class A and Class B common stock, payable on August 19, 2026, to stockholders of record as of the close of business on August 11, 2026.
Stock Repurchase Program
Today, Dolby also announced that its Board of Directors has approved increasing the size of its stock repurchase program by $350 million, bringing the amount available for future repurchases of its Class A Common Stock to approximately $427 million. Stock repurchases under this program may be made through open market transactions, negotiated purchases, or otherwise, at times and in amounts that the company considers appropriate.
Financial Outlook
Dolby's financial outlook relies, in part, on estimates of royalty-based revenue that take into consideration various factors that are subject to uncertainty, including consumer demand for electronic products. In addition, actual results could differ materially from the estimates Dolby is providing herein due in part to uncertainty resulting from the macroeconomic effect of certain conditions, including developments concerning trade restrictions and changes in trade or diplomatic relationships, supply chain constraints, international conflicts, geopolitical instability, and fluctuations in inflation and interest rates. The uncertainty resulting from these factors has greatly reduced visibility into Dolby's future outlook. To the extent possible, the estimates Dolby is providing for future periods reflect certain assumptions about the potential impact of certain of these items, based upon a consideration of currently available external and internal data and information. These assumptions are subject to risks and uncertainties. For more information, see "Forward-Looking Statements" in this press release for a description of certain risks that Dolby faces, and the section captioned "Risk Factors" in its Quarterly Report on Form 10-Q for the third quarter of fiscal 2026, to be filed on or around the date hereof.
Dolby is providing the following estimates for its fourth quarter of fiscal 2026:
Total revenue is expected to range from $362 million to $392 million. Licensing revenue is expected to range from $335 million to $365 million. Gross margins are anticipated to be approximately 88% on a GAAP basis and approximately 90% on a non-GAAP basis. Operating expenses are anticipated to range from $227 million to $237 million on a GAAP basis and from $195 million to $205 million on a non-GAAP basis. Effective tax rate is anticipated to be around 23% on a GAAP basis and around 21% on a non-GAAP basis. Diluted earnings per share is anticipated to range from $0.78 to $0.93 on a GAAP basis and from $1.13 to $1.28 on a non-GAAP basis. Dolby is providing the following estimates for the full year of fiscal 2026:
Total revenue is expected to range from $1.41 billion to $1.44 billion. Licensing revenue is expected to range from $1.31 billion to $1.34 billion. Gross margins are anticipated to be approximately 88% on a GAAP basis and approximately 90% on a non-GAAP basis. Operating expenses are anticipated to range from $937 million to $947 million on a GAAP basis and from $785 million to $795 million on a non-GAAP basis. Dolby expects operating margins to be approximately 21% on a GAAP basis and to be approximately 34% on a non-GAAP basis. Effective tax rate is anticipated to be around 24% on a GAAP basis and around 21% on a non-GAAP basis. Diluted earnings per share is anticipated to range from $2.62 to $2.77 on a GAAP basis and from $4.25 to $4.40 on a non-GAAP basis. Conference Call Information
Members of Dolby management will lead a conference call open to all interested parties to discuss third quarter fiscal 2026 financial results for Dolby Laboratories at 2:00 p.m. PT (5:00 p.m. ET) on Thursday, July 30, 2026.
The conference call can be accessed by registering online at Dolby Laboratories Q3 Fiscal Year 2026 Financial Results, at which time registrants will receive dial-in information as well as a conference ID.
A live audio webcast of the conference call will be available at http://investor.dolby.com where it will be archived for one year.
Non-GAAP Financial Information
To supplement Dolby's financial statements presented on a GAAP basis, Dolby management uses, and Dolby provides to investors, certain non-GAAP financial measures as an additional tool to evaluate Dolby's operating results in a manner that focuses on what Dolby's management believes to be its ongoing business operations and performance. We believe these non-GAAP financial measures are also helpful to investors in enabling comparability of operating performance between periods and among peer companies. Additionally, Dolby's management regularly uses our supplemental non-GAAP financial measures to make operating decisions, for planning and forecasting purposes and determining bonus payouts. Specifically, Dolby excludes the following as adjustments from one or more of its non-GAAP financial measures:
Stock-based compensation expense: Stock-based compensation, unlike cash-based compensation, utilizes subjective assumptions in the methodologies used to value the various stock-based award types that Dolby grants. These assumptions may differ from those used by other companies. To facilitate more meaningful comparisons between its underlying operating results and those of other companies, Dolby excludes stock-based compensation expense.
Amortization of acquisition-related intangibles: Dolby amortizes intangible assets acquired in connection with business combinations. These intangible assets consist of patents and technology, customer relationships, and other intangibles. Dolby records amortization charges relating to these intangible assets in its GAAP financial statements, and Dolby views these charges as items arising from pre-acquisition activities that are determined by the timing and valuation of its acquisitions. As these amortization charges do not directly correlate to its operations during any particular period, Dolby excludes these charges to facilitate an evaluation of its current operating performance and comparisons to its past operating results. In addition, while amortization expense of acquisition-related intangible assets is excluded from Non-GAAP Net Income, the revenue generated from those assets is not excluded.
Restructuring charges or credits: Restructuring charges are costs associated with restructuring plans and primarily relate to costs associated with exit or disposal activities, employee severance benefits, and asset impairments. Dolby excludes restructuring costs, including any adjustments to charges recorded in prior periods (which may be credits), as Dolby believes that these costs are not representative of its normal operating activities and therefore, excluding these amounts enables a more effective comparison of its past operating performance and to that of other companies.
Income tax adjustments: The income tax effects of the aforementioned non-GAAP adjustments do not directly correlate to its operating performance so Dolby believes that excluding such income tax effects provides a more meaningful view of its underlying operating results to management and investors.
Using the aforementioned adjustments, Dolby provides various non-GAAP financial measures including, but not limited to: non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating margin, and non-GAAP effective tax rate. Dolby's management believes it is useful for itself and investors to review both GAAP and non-GAAP measures to assess the performance of Dolby's business, including
as a means to evaluate period-to-period comparisons. Dolby's management does not itself, nor does it suggest that investors should, consider non-GAAP financial measures in isolation from, superior to, or as a substitute for, financial information prepared in accordance with GAAP. Whenever Dolby uses non-GAAP financial measures, it provides a reconciliation of the non-GAAP financial measures to the most closely applicable GAAP financial measures. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures as detailed above and below. Investors are also encouraged to review Dolby's GAAP financial statements as reported in its US Securities and Exchange Commission (SEC) filings. A reconciliation between GAAP and non-GAAP financial measures is provided at the end of this press release and on the Dolby investor relations website, http://investor.dolby.com.
Forward-Looking Statements
Certain statements in this press release and in our earnings calls, including, but not limited to, expected financial results for the fourth quarter of fiscal 2026 and full year fiscal 2026, Dolby's ability to expand existing business, navigate challenging periods, pursue its long-term growth opportunities, and advance its other long-term objectives are "forward-looking statements" that inherently involve substantial risks and uncertainties. These forward-looking statements are based on management's current expectations, and as a result of certain risks and uncertainties, actual results may differ materially from those provided. The following important factors, without limitation, could cause actual results to differ materially from those in the forward-looking statements: the potential impacts of economic conditions on Dolby's business operations, financial results, and financial position (including the impact to Dolby partners and disruption of the supply chain and delays in shipments of consumer products; the level at which Dolby technologies are incorporated into products and the consumer demand for such products; delays in the development and release of new products or services that contain Dolby technologies; delays in royalty reporting or delinquent payment by partners or licensees; lengthening sales cycles; the impact to the overall cinema market including adverse impact to Dolby's revenue recognized on box-office sales and demand for cinema products and services; and macroeconomic conditions that affect discretionary spending and access to products that contain Dolby technologies); risks associated with geopolitical issues and international conflicts; risks associated with trends in the markets in which Dolby operates, including the broadcast, mobile, consumer electronics, PC, and other markets; the loss of, or reduction in sales by, a key customer, partner, or licensee; pricing pressures; risks relating to changing trends in the way that content is distributed and consumed; risks relating to conducting business internationally, including trade restrictions and changes in diplomatic or trade relationships; risks relating to maintaining patent coverage; the timing of Dolby's receipt of royalty reports and payments from its licensees, including recoveries; changes in tax regulations; timing of revenue recognition under licensing agreements and other contractual arrangements; Dolby's ability to develop, maintain, and strengthen relationships with industry participants; Dolby's ability to develop and deliver innovative products and technologies in response to new and growing markets; competitive risks; risks associated with conducting business in countries that have historically limited recognition and enforcement of intellectual property and contractual rights; risks associated with the health of the motion picture and cinema industries generally; Dolby's ability to increase its revenue streams and to expand its business generally, and to continue to expand its business beyond its current technology offerings; risks associated with acquiring and successfully integrating businesses or technologies; and other risks detailed in Dolby's SEC filings and reports, including the risks identified under the section captioned "Risk Factors" in its Quarterly Report on Form 10-Q filed on or around the date hereof. Dolby may not actually achieve the plans, intentions, or expectations disclosed in its forward-looking statements. Forward-looking statements are based upon information available to us as of the date of such statements, and while Dolby believes such information forms a reasonable basis for such statements, such information may be limited or incomplete. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. Except as required by law, Dolby disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.
About Dolby
Dolby Laboratories (NYSE: DLB) is a world leader in immersive entertainment. From movies and TV, to music, sports, gaming, and beyond, Dolby transforms the science of sight and sound into spectacular experiences for billions of people worldwide across all their favorite devices. We partner with artists, storytellers, and the brands you love to transform entertainment and digital experiences through groundbreaking innovations like Dolby Atmos, Dolby Vision, Dolby Cinema, and Dolby OptiView.
Dolby, Dolby Atmos, Dolby Vision, Dolby Cinema, Dolby OptiView, and the double-D symbol are among the registered and unregistered trademarks of Dolby Laboratories in the United States and/or other countries. Other trademarks remain the property of their respective owners.
DOLBY LABORATORIES, INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts; unaudited)
Fiscal Quarter Ended
Fiscal Year-To-Date Ended
June 26,
2026
June 27,
2025
June 26,
2026
June 27,
2025
Revenue:
Licensing
$ 282,351
$ 289,905
$ 974,367
$ 966,390
Products and services
22,644
25,641
72,964
75,716
Total revenue
304,995
315,546
1,047,331
1,042,106
Cost of revenue:
Cost of licensing
22,718
21,713
67,523
62,508
Cost of products and services
17,601
22,289
60,735
58,105
Total cost of revenue
40,319
44,002
128,258
120,613
Gross profit
264,676
271,544
919,073
921,493
Operating expenses:
Research and development
65,749
65,982
198,477
194,327
Sales and marketing
85,071
86,163
272,786
270,191
General and administrative
75,585
72,307
221,783
212,814
Restructuring charges/(credits)
3,955
(547)
16,605
8,879
Total operating expenses
230,360
223,905
709,651
686,211
Operating income
34,316
47,639
209,422
235,282
Other income/(expense):
Interest income/(expense), net
3,453
4,111
12,595
10,316
Other income, net
6,033
3,766
13,086
16,219
Total other income
9,486
7,877
25,681
26,535
Income before income taxes
43,802
55,516
235,103
261,817
Provision for income taxes
(14,588)
(8,974)
(56,754)
(54,979)
Net income including noncontrolling interest
29,214
46,542
178,349
206,838
Less: net income attributable to noncontrolling interest
(612)
(471)
(1,505)
(1,152)
Net income attributable to Dolby Laboratories, Inc.
$ 28,602
$ 46,071
$ 176,844
$ 205,686
Net income per share:
Basic
$ 0.30
$ 0.48
$ 1.86
$ 2.14
Diluted
$ 0.30
$ 0.48
$ 1.84
$ 2.11
Weighted-average shares outstanding:
Basic
94,242
95,897
94,975
95,947
Diluted
94,518
96,900
95,859
97,537
DOLBY LABORATORIES, INC.
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands; unaudited)
June 26,
2026
September 26,
2025
ASSETS
Current assets:
Cash and cash equivalents
$ 669,394
$ 701,893
Restricted cash
69,492
91,468
Short-term investments
652
703
Accounts receivable, net
285,148
331,096
Contract assets, net
206,881
180,804
Inventories, net
30,768
30,424
Prepaid expenses and other current assets
63,706
51,873
Total current assets
1,326,041
1,388,261
Long-term investments
86,437
80,205
Property, plant, and equipment, net
459,115
470,608
Operating lease right-of-use assets
42,401
33,204
Goodwill and intangible assets, net
910,777
926,957
Deferred taxes
213,171
214,361
Other non-current assets
118,660
114,164
Total assets
$ 3,156,602
$ 3,227,760
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$ 12,470
$ 17,840
Accrued liabilities
360,407
369,256
Income taxes payable
—
8,928
Contract liabilities
33,593
31,382
Operating lease liabilities
9,859
10,384
Total current liabilities
416,329
437,790
Non-current contract liabilities
23,463
29,687
Non-current operating lease liabilities
37,591
28,494
Other non-current liabilities
86,504
99,843
Total liabilities
563,887
595,814
Stockholders' equity:
Class A common stock
52
54
Class B common stock
40
40
Retained earnings
2,598,923
2,634,980
Accumulated other comprehensive loss
(15,468)
(12,517)
Total stockholders' equity – Dolby Laboratories, Inc.
2,583,547
2,622,557
Noncontrolling interest
9,168
9,389
Total stockholders' equity
2,592,715
2,631,946
Total liabilities and stockholders' equity
$ 3,156,602
$ 3,227,760
DOLBY LABORATORIES, INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands; unaudited)
Fiscal Year-To-Date Ended
June 26,
2026
June 27,
2025
Operating activities:
Net income including noncontrolling interest
$ 178,349
$ 206,838
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
70,842
65,829
Stock-based compensation
98,883
97,462
Amortization of operating lease right-of-use assets
7,889
8,193
Provision for credit losses
4,244
2,582
Deferred income taxes
1,542
(9,146)
Share of net income of equity method investees, net of cash distributions
(7,602)
1,845
Other non-cash items affecting net income
(1,289)
(429)
Changes in operating assets and liabilities:
Accounts receivable, net
1,489
15,234
Contract assets, net
(28,442)
(6,902)
Inventories
6,512
4,020
Operating lease right-of-use assets
(17,547)
(1,717)
Prepaid expenses and other assets
(31,999)
28,003
Accounts payable and accrued liabilities
35,611
(48,979)
Income taxes, net
(2,771)
1,895
Contract liabilities
1,620
(1,061)
Operating lease liabilities
9,036
(8,237)
Other non-current liabilities
(11,600)
(6,063)
Net cash provided by operating activities
314,767
349,367
Investing activities:
Proceeds from sales of marketable securities
—
15,911
Proceeds from sale of assets held for sale
—
16,881
Purchases of property, plant, and equipment
(28,681)
(20,104)
Business combinations, net of cash and restricted cash acquired, and other related payments
—
(1,362)
Purchases of intangible assets
(42,575)
—
Proceeds from sale of intangible assets
16,623
—
Net cash provided by/(used in) investing activities
(54,633)
11,326
Financing activities:
Proceeds from issuance of common stock
24,685
38,681
Repurchase of common stock
(200,001)
(89,990)
Payment of excise tax on repurchase of common stock
—
(261)
Payment of cash dividend
(102,659)
(95,010)
Distributions to noncontrolling interest
(1,640)
(1,449)
Shares repurchased for tax withholdings on vesting of restricted stock
(33,113)
(35,154)
Net cash used in financing activities
(312,728)
(183,183)
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash
(1,881)
1,302
Net increase/(decrease) in cash, cash equivalents, and restricted cash
(54,475)
178,812
Cash, cash equivalents, and restricted cash at beginning of period
793,361
577,752
Cash, cash equivalents, and restricted cash at end of period
$ 738,886
$ 756,564
Licensing Revenue by Market
(unaudited)
The following table presents the composition of our licensing revenue and percentage of total licensing revenue for all periods presented (in thousands,
except percentage amounts):
Fiscal Quarter Ended
Fiscal Year-To-Date Ended
Market
June 26, 2026
June 27, 2025
June 26, 2026
June 27, 2025
Broadcast
$ 106,579
38 %
$ 111,286
38 %
$ 326,041
33 %
$ 321,297
33 %
Mobile
51,010
18 %
56,295
19 %
220,199
23 %
217,942
23 %
CE
31,506
11 %
28,071
10 %
118,057
12 %
115,668
12 %
PC
28,343
10 %
33,589
12 %
116,523
12 %
123,247
13 %
Other
64,913
23 %
60,664
21 %
193,547
20 %
188,236
19 %
Total licensing revenue
$ 282,351
100 %
$ 289,905
100 %
$ 974,367
100 %
$ 966,390
100 %
GAAP to Non-GAAP Reconciliations
(unaudited)
The following tables present Dolby's GAAP financial measures reconciled to the non-GAAP financial measures included in this release for the third
quarters of fiscal 2026 and fiscal 2025:
Net income:
Fiscal Quarter Ended
(in thousands)
June 26,
2026
June 27,
2025
GAAP net income attributable to Dolby Laboratories, Inc.
$ 28,602
$ 46,071
Stock-based compensation (1)
30,964
30,728
Amortization of acquisition-related intangibles (2)
9,705
10,016
Restructuring charges/(credits)
3,955
(547)
Income tax adjustments
(8,077)
(10,606)
Non-GAAP net income attributable to Dolby Laboratories, Inc.
$ 65,149
$ 75,662
(1) Stock-based compensation included in above line items:
Cost of products and services
$ 440
$ 420
Research and development
9,695
9,188
Sales and marketing
10,293
10,589
General and administrative
10,536
10,531
(2) Amortization of acquisition-related intangibles included in above line items:
Cost of licensing
$ 6,590
$ 6,610
Cost of products and services
768
753
Sales and marketing
352
340
General and administrative
1,554
1,872
Other income, net
441
441
Diluted earnings per share:
Fiscal Quarter Ended
June 26,
2026
June 27,
2025
GAAP diluted earnings per share
$ 0.30
$ 0.48
Stock-based compensation
0.33
0.32
Amortization of acquisition-related intangibles
0.10
0.10
Restructuring charges/(credits)
0.04
(0.01)
Income tax adjustments
(0.08)
(0.11)
Non-GAAP diluted earnings per share
$ 0.69
$ 0.78
Weighted-average shares outstanding - diluted (in thousands)
94,518
96,900
The following tables present a reconciliation between GAAP and non-GAAP versions of the estimated financial measures for the fourth quarter of
fiscal 2026 and full year fiscal 2026 included in this release:
Gross margin:
Q4 2026
Fiscal 2026
GAAP gross margin
88.0 %
88.0 %
Stock-based compensation
0.1 %
0.1 %
Amortization of acquisition-related intangibles
1.9 %
1.9 %
Non-GAAP gross margin
90.0 %
90.0 %
Operating expenses (in millions):
Q4 2026
Fiscal 2026
GAAP operating expenses (low - high end of range)
$227 - $237
$937 - $947
Stock-based compensation
(30)
(127)
Amortization of acquisition-related intangibles
(2)
(8)
Restructuring charges
—
(17)
Non-GAAP operating expenses (low - high end of range)
$195 - $205
$785 - $795
Operating margin:
Fiscal 2026
GAAP operating margin
21% +/-
Stock-based compensation
9 %
Amortization of acquisition-related intangibles
3 %
Restructuring charges
1 %
Non-GAAP operating margin
34% +/-
Effective tax rate:
Q4 2026
Fiscal 2026
GAAP effective tax rate
23.0 %
24.0 %
Stock-based compensation (low - high end of range)
(2%) - 1%
(2%) - 0%
Amortization of acquisition-related intangibles (low - high end of
range)
(1%) - 0%
(1%) - 0%
Non-GAAP effective tax rate
21.0 %
21.0 %
Diluted earnings per share:
Q4 2026
Fiscal 2026
Low
High
Low
High
GAAP diluted earnings per share (low - high end of range)
$ 0.78
$ 0.93
$ 2.62
$ 2.77
Stock-based compensation (low - high end of range)
0.32
0.32
1.33
1.33
Amortization of acquisition-related intangibles (low - high end of
range)
0.10
0.10
0.41
0.41
Restructuring charges (low - high end of range)
—
—
0.18
0.18
Income tax adjustments (low - high end of range)
(0.07)
(0.07)
(0.29)
(0.29)
Non-GAAP diluted earnings per share (low - high end of range)
$ 1.13
$ 1.28
$ 4.25
$ 4.40
Weighted-average shares outstanding - diluted (in thousands)
93,600
93,600
95,200
95,200
Investor Contact:
Peter Goldmacher
415-254-7415
[email protected]
ReadyCap Lending dokončila čtvrtou sekuritizaci úvěrů SBA 7(a) a vydala zhruba 145 milionů USD v cenných papírech. Transakce má posílit likviditu a financování malých podniků.
July 30, 2026 16:10 ET | Source: Ready Capital Corporation
NEW YORK, July 30, 2026 (GLOBE NEWSWIRE) -- Ready Capital Corporation (NYSE:RC) (the “Company”) announced today that ReadyCap Lending completed its fourth securitization of SBA 7(a) loans, ReadyCap Lending Small Business Loan Trust 2026-4, on June 26, 2026. The transaction involved the issuance of approximately $145 million of bonds that generated meaningful additional liquidity for the Company in support of ReadyCap Lending’s continued commitment to financing small businesses nationwide.
The securitization included three floating-rate tranches issued at par, with a weighted average coupon of approximately 8.526%. The capital structure consisted of $111.7 million of Class A bonds priced at approximately SOFR + 1.85%, $21.6 million of Class B bonds priced at SOFR + 3.20%, and $11.9 million of Class C bonds priced at SOFR + 6.15%. Performance Trust Capital Partners, LLC served as Initial Purchaser in the transaction with J.P. Morgan Securities LLC and East West Markets, LLC serving as Co-Managers.
The transaction underscores ReadyCap Lending’s continued access to the securitization market and enhances the Company’s funding flexibility. By broadening liquidity and supporting additional lending capacity, the transaction strengthens ReadyCap Lending’s ability to serve borrowers, referral partners, and small business communities across the country.
“Consistent access to diversified funding sources is essential to our ability to serve borrowers and referral partners effectively,” said Gary Taylor, Chief Executive Officer of ReadyCap Lending. “This securitization enhances our lending capacity, reinforces the durability of our platform, and reflects the continued strength of ReadyCap Lending’s position in the SBA lending market.” ReadyCap Lending remains focused on combining disciplined credit execution, reliable capital access, and responsive customer service to help small businesses obtain the financing they need to grow and succeed.
About Ready Capital Corporation
Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program. Headquartered in New York, New York, the Company employs over 400 professionals nationwide.
Arthur J. Gallagher & Co. vykázala ve 2. čtvrtletí tržby před úhradami ve výši 3,955 miliardy USD a čistý zisk 324 milionů USD. Upravený zisk na akcii činil 1,25 USD.
, /PRNewswire/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today reported its financial results for the quarter ended June 30, 2026. Management will host a webcast conference call to discuss these results on Thursday, July 30, 2026 at 5:15 p.m. ET/4:15 p.m. CT. To listen to the call, and for printer-friendly formats of this release, the "CFO Commentary" and "Supplemental Quarterly Data," which may also be referenced during the call, please visit ajg.com/IR. These documents contain both GAAP and non-GAAP measures. Investors and other users of this information should read carefully the section entitled "Information Regarding Non-GAAP Measures" beginning on page 9.
Summary of Financial Results - Second Quarter
Revenues Before
Reimbursements
Net Earnings (Loss)
EBITDAC
Diluted Net Earnings
(Loss) Per Share
Segment
2nd Q 26
2nd Q 25
2nd Q 26
2nd Q 25
2nd Q 26
2nd Q 25
2nd Q 26
2nd Q 25
(in millions)
(in millions)
(in millions)
Brokerage, as reported
$ 3,502
$ 2,787
$ 450
$ 510
$ 948
$ 892
$ 1.74
$ 1.95
Net (gains) on divestitures
(8)
(6)
(6)
(5)
(8)
(6)
(0.02)
(0.02)
Acquisition integration
—
—
84
30
113
41
0.33
0.12
Workforce and lease termination
—
—
30
28
40
37
0.11
0.11
Acquisition related adjustments
—
—
49
25
70
50
0.19
0.09
Amortization of intangible assets
—
—
218
130
—
—
0.84
0.50
Levelized foreign currency translation
–
1
—
(7)
—
(9)
—
(0.03)
Brokerage, as adjusted
3,494
2,782
825
711
1,163
1,005
3.19
2.72
Risk Management, as reported
453
392
57
43
96
75
0.22
0.16
Acquisition integration
—
—
1
1
1
2
–
0.01
Workforce and lease termination
—
—
1
3
2
4
0.01
0.01
Acquisition related adjustments
—
—
2
1
2
1
0.01
—
Amortization of intangible assets
—
—
5
5
—
—
0.02
0.02
Levelized foreign currency translation
—
5
—
1
—
1
—
—
Risk Management, as adjusted
453
397
66
54
101
83
0.26
0.20
Corporate, as reported
—
—
(183)
(185)
(98)
(111)
(0.71)
(0.71)
Transaction-related costs
—
—
10
24
12
29
0.04
0.09
Legal, tax and benefit plan related
—
—
16
—
21
—
0.06
—
Corporate, as adjusted
—
—
(157)
(161)
(65)
(82)
(0.61)
(0.62)
Total Company, as reported
$ 3,955
$ 3,179
$ 324
$ 368
$ 946
$ 856
$ 1.25
$ 1.40
Total Company, as adjusted
$ 3,947
$ 3,179
$ 734
$ 604
$ 1,199
$ 1,006
$ 2.84
$ 2.30
Total Brokerage & Risk Management, as reported
$ 3,955
$ 3,179
$ 507
$ 553
$ 1,044
$ 967
$ 1.96
$ 2.11
Total Brokerage & Risk Management, as adjusted
$ 3,947
$ 3,179
$ 891
$ 765
$ 1,264
$ 1,088
$ 3.45
$ 2.92
For second quarter 2025, reported and adjusted amounts for the Brokerage Segment include approximately $144 million of incremental interest income, or approximately 42 cents after-tax, earned on the cash proceeds associated with the AssuredPartners Financing in December 2024.
For second quarter 2026, the pretax impact of adjustments for the Brokerage, Risk Management, and Corporate Segments totals $505 million, $12 million and $33 million, respectively, and corresponding adjustment to the provision (benefit) for income taxes was $130 million, $3 million and ($7) million, respectively, relating to these adjustments. A detailed reconciliation is shown on page 17.
(1 of 20)
"We delivered an excellent second quarter!" said J. Patrick Gallagher, Jr., Chairman and CEO. "Our combined Brokerage and Risk Management segments delivered revenue growth of 24%, including organic growth of 6%. Our growth reflects the strength and diversity of our model, the continued power of our two-pronged growth strategy, and our culture of client-first execution. Client retention remains strong, new business generation continues to be outstanding and clients continue to seek broader solutions across our platform.
"In an increasingly complex risk environment, client demand for our advice, analytics, market access, specialty expertise and claims advocacy remains robust. Looking ahead, we remain confident in our ability to build on our momentum and continue creating long-term value for our clients, colleagues and shareholders."
Summary of Financial Results - Six-Months ended June 30
Revenues Before
Reimbursements
Net Earnings (Loss)
EBITDAC
Diluted Net Earnings
(Loss) Per Share
Segment
6 Mths 26
6 Mths 25
6 Mths 26
6 Mths 25
6 Mths 26
6 Mths 25
6 Mths 26
6 Mths 25
(in millions)
(in millions)
(in millions)
Brokerage, as reported
$ 7,795
$ 6,101
$ 1,363
$ 1,326
$ 2,510
$ 2,243
$ 5.25
$ 5.08
Net (gains) on divestitures
(15)
(12)
(11)
(9)
(15)
(12)
(0.04)
(0.04)
Acquisition integration
—
—
149
63
200
85
0.57
0.24
Workforce and lease termination
—
—
50
42
67
55
0.19
0.16
Acquisition related adjustments
—
—
88
50
120
80
0.34
0.19
Amortization of intangible assets
—
—
419
282
—
—
1.62
1.09
Effective income tax rate impact
—
—
—
1
—
—
—
—
Levelized foreign currency translation
—
58
—
6
—
10
—
0.03
Brokerage, as adjusted
7,780
6,147
2,058
1,761
2,882
2,461
7.93
6.75
Risk Management, as reported
881
766
107
84
182
147
0.41
0.32
Acquisition integration
—
—
2
2
2
4
0.01
0.01
Workforce and lease termination
—
—
2
6
3
7
0.01
0.02
Acquisition related adjustments
—
—
6
1
8
1
0.02
—
Amortization of intangible assets
—
—
10
9
—
—
0.04
0.04
Levelized foreign currency translation
—
12
—
2
—
2
—
0.01
Risk Management, as adjusted
881
778
127
104
195
161
0.49
0.40
Corporate, as reported
(5)
—
(323)
(333)
(189)
(233)
(1.25)
(1.28)
Transaction-related costs
—
—
16
44
19
52
0.06
0.17
Legal, tax and benefit plan related
—
—
17
—
39
—
0.07
—
Clean energy-related
5
—
3
—
5
—
0.01
—
Corporate, as adjusted
—
—
(287)
(289)
(126)
(181)
(1.11)
(1.11)
Total Company, as reported
$ 8,671
$ 6,867
$ 1,147
$ 1,077
$ 2,503
$ 2,157
$ 4.41
$ 4.12
Total Company, as adjusted
$ 8,661
$ 6,925
$ 1,898
$ 1,576
$ 2,951
$ 2,441
$ 7.31
$ 6.04
Total Brokerage & Risk Management, as reported
$ 8,676
$ 6,867
$ 1,470
$ 1,410
$ 2,692
$ 2,390
$ 5.66
$ 5.40
Total Brokerage & Risk Management, as adjusted
$ 8,661
$ 6,925
$ 2,185
$ 1,865
$ 3,077
$ 2,622
$ 8.42
$ 7.15
For the six-month period ended June 30, 2026, the pretax impact of adjustments for the Brokerage, Risk Management, and Corporate Segments totals $936 million, $27 million and $63 million, respectively, and corresponding adjustment to the provision (benefit) for income taxes was $241 million, $7 million and ($27) million, respectively, relating to these adjustments. A detailed reconciliation is shown on page 19.
(2 of 20)
Brokerage Segment Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions):
See "Information Regarding Non-GAAP Measures" beginning on page 9 of 20.
Organic Revenues (Non-GAAP)
2nd Q 26
2nd Q 25
6 Mths 26
6 Mths 25
Base Commissions and Fees
Commissions and fees, as reported
$ 3,180
$ 2,387
$ 7,095
$ 5,256
Less commissions and fees from acquisitions, divested operations and other
(775)
(80)
(1,712)
(144)
Levelized foreign currency translation
—
1
—
51
Organic base commissions and fees
$ 2,405
$ 2,306
$ 5,383
$ 5,163
Organic change in base commissions and fees
4 %
4 %
Supplemental Revenues
Supplemental revenues, as reported
$ 141
$ 103
$ 321
$ 217
Less supplemental revenues from acquisitions, divested operations and other
(17)
—
(63)
—
Levelized foreign currency translation
—
—
—
2
Organic supplemental revenues
$ 124
$ 103
$ 258
$ 219
Organic change in supplemental revenues
20 %
18 %
Contingent Revenues
Contingent revenues, as reported
$ 91
$ 73
$ 206
$ 166
Less contingent revenues from acquisitions, divested operations and other
(24)
—
(43)
—
Levelized foreign currency translation
—
—
—
1
Organic contingent revenues
$ 67
$ 73
$ 163
$ 167
Organic change in contingent revenues
(8 %)
(2 %)
Total reported commissions, fees, supplemental revenues and contingent revenues
$ 3,412
$ 2,563
$ 7,622
$ 5,639
Less commissions, fees, supplemental revenues and contingent revenues from acquisitions, divested operations and other
(816)
(80)
(1,818)
(144)
Levelized foreign currency translation
—
1
—
54
Total organic commissions, fees, supplemental revenues and contingent revenues
$ 2,596
$ 2,482
$ 5,804
$ 5,549
Total organic change
5 %
5 %
Acquisition Activity
2nd Q 26
2nd Q 25
6 Mths 26
6 Mths 25
Number of acquisitions closed *
6
9
14
19
Estimated annualized revenues acquired (in millions)
$ 58
$ 291
$ 107
$ 354
*
In the second quarter of 2026 and 2025, no shares of Gallagher common stock were issued directly to sellers in connection with tax-free exchange acquisitions.
(3 of 20)
Brokerage Segment Reported GAAP to Adjusted Non-GAAP Reconciliations (continued) (dollars in millions):
See "Information Regarding Non-GAAP Measures" beginning on page 9 of 20.
Compensation Expense and Ratios
2nd Q 26
2nd Q 25
6 Mths 26
6 Mths 25
Compensation expense, as reported
$ 2,017
$ 1,526
$ 4,228
$ 3,143
Acquisition integration
(53)
(20)
(90)
(48)
Workforce and lease termination related charges
(29)
(36)
(53)
(52)
Acquisition related adjustments
(70)
(50)
(120)
(80)
Levelized foreign currency translation
—
8
—
37
Compensation expense, as adjusted
$ 1,865
$ 1,428
$ 3,965
$ 3,000
Reported compensation expense ratios using reported revenues on pages 1 and 2
*
57.6 %
54.8 %
54.2 %
51.5 %
Adjusted compensation expense ratios using adjusted revenues on pages 1 and 2
**
53.4 %
51.3 %
51.0 %
48.8 %
*
Reported second quarter 2026 compensation expense ratio was 2.8 pts higher than second quarter 2025. This ratio was primarily impacted by lower interest income revenues in the quarter, as second quarter 2025 included interest income earned on cash proceeds associated with the AssuredPartners Financing in December 2024. This ratio was also impacted by higher integration costs, partially offset by lower workforce termination costs and savings from headcount controls.
**
Adjusted second quarter 2026 compensation expense ratio was 2.1 pts higher than second quarter 2025. This ratio was primarily impacted by lower interest income revenues in the quarter, as second quarter 2025 included interest income earned on cash proceeds associated with the AssuredPartners Financing in December 2024. This ratio also benefited from savings from headcount controls.
Operating Expense and Ratios
2nd Q 26
2nd Q 25
6 Mths 26
6 Mths 25
Operating expense, as reported
$ 537
$ 369
$ 1,057
$ 715
Acquisition integration
(60)
(21)
(110)
(37)
Workforce and lease termination related charges
(11)
(1)
(14)
(3)
Levelized foreign currency translation
—
2
—
11
Operating expense, as adjusted
$ 466
$ 349
$ 933
$ 686
Reported operating expense ratios using reported revenues on pages 1 and 2
*
15.3 %
13.2 %
13.6 %
11.7 %
Adjusted operating expense ratios using adjusted revenues on pages 1 and 2
**
13.3 %
12.5 %
12.0 %
11.2 %
*
Reported second quarter 2026 operating expense ratio was 2.1 pts higher than second quarter 2025. This ratio was primarily impacted by higher integration and technology costs. This ratio was also impacted by lower interest income revenues in the quarter, as second quarter 2025 included interest income earned on cash proceeds associated with the AssuredPartners Financing in December 2024.
**
Adjusted second quarter 2026 operating expense ratio was 0.8 pts higher than second quarter 2025. This ratio was primarily impacted by lower interest income revenues in the quarter, as second quarter 2025 included interest income earned on cash proceeds associated with the AssuredPartners Financing in December 2024. This ratio was also impacted by higher technology costs.
(4 of 20)
Brokerage Segment Reported GAAP to Adjusted Non-GAAP Reconciliations (continued) (dollars in millions):
See "Information Regarding Non-GAAP Measures" beginning on page 9 of 20.
Net Earnings to Adjusted EBITDAC (Non-GAAP)
2nd Q 26
2nd Q 25
6 Mths 26
6 Mths 25
Net earnings, as reported
$ 450
$ 510
$ 1,363
$ 1,326
Provision for income taxes
154
176
467
459
Depreciation
45
38
94
71
Amortization
294
174
565
378
Change in estimated acquisition earnout payables
5
(6)
21
9
EBITDAC
948
892
2,510
2,243
Net (gains) on divestitures
(8)
(6)
(15)
(12)
Acquisition integration
113
41
200
85
Workforce and lease termination related charges
40
37
67
55
Acquisition related adjustments
70
50
120
80
Levelized foreign currency translation
—
(9)
—
10
EBITDAC, as adjusted
$ 1,163
$ 1,005
$ 2,882
$ 2,461
Net earnings margin, as reported using reported revenues on pages 1 and 2
12.9 %
18.3 %
17.5 %
21.7 %
EBITDAC margin, as adjusted using adjusted revenues on pages 1 and 2
*
33.3 %
36.1 %
**
37.0 %
40.0 %
*
Second quarter 2025 adjusted EBITDAC includes approximately $144 million of interest income revenues earned on the cash proceeds associated with the AssuredPartners Financing in December 2024. The interest income in the prior period, as well as the seasonality of AssuredPartners and the roll-in of tuck-in acquisitions, unfavorably impacted the year over year change in second quarter adjusted EBITDAC margin by approximately 3.9%.
**
Adjusted EBITDAC for the six-month period ended June 30, 2025 includes approximately $287 million of interest income revenues earned on the cash proceeds associated with the AssuredPartners Financing in December 2024. The interest income in the prior year, as well as the seasonality of AssuredPartners and the roll-in of tuck-in acquisitions, unfavorably impacted the year over year change in adjusted EBITDAC margin for the six-month period ended June 30, by approximately 3.4%.
Risk Management Segment Reported GAAP to Adjusted Non-GAAP Reconciliations (dollars in millions):
See "Information Regarding Non-GAAP Measures" beginning on page 9 of 20.
Organic Revenues (Non-GAAP)
2nd Q 26
2nd Q 25
6 Mths 26
6 Mths 25
Fees
$ 438
$ 382
$ 853
$ 745
International performance bonus fees
7
1
12
3
Fees as reported
445
383
865
748
Less fees from acquisitions, divestitures and other
(11)
(1)
(24)
(2)
Levelized foreign currency translation
—
5
—
12
Organic fees
$ 434
$ 387
$ 841
$ 758
Organic change in fees
12 %
11 %
Acquisition Activity
2nd Q 26
2nd Q 25
6 Mths 26
6 Mths 25
Number of acquisitions closed
1
—
2
1
Estimated annualized revenues acquired (in millions)
$ 5
$ —
$ 15
$ 38
(5 of 20)
Risk Management Segment Reported GAAP to Adjusted Non-GAAP Reconciliations (continued) (dollars in millions):
See "Information Regarding Non-GAAP Measures" beginning on page 9 of 20.
Compensation Expense and Ratios
2nd Q 26
2nd Q 25
6 Mths 26
6 Mths 25
Compensation expense, as reported
$ 274
$ 244
$ 538
$ 475
Acquisition integration
—
(1)
—
(2)
Workforce and lease termination related charges
(2)
(3)
(3)
(6)
Acquisition related adjustments
(2)
(1)
(8)
(1)
Levelized foreign currency translation
—
4
—
9
Compensation expense, as adjusted
$ 270
$ 243
$ 527
$ 475
Reported compensation expense ratios using reported revenues
(before reimbursements) on pages 1 and 2
*
60.5 %
62.2 %
61.1 %
62.0 %
Adjusted compensation expense ratios using adjusted revenues
(before reimbursements) on pages 1 and 2
*
59.6 %
61.2 %
59.8 %
61.1 %
*
Reported and adjusted second quarter 2026 compensation expense ratios were 1.7 pts and 1.6 pts lower, respectively, than second quarter 2025. Both ratios were primarily impacted by savings related to headcount controls.
Operating Expense and Ratios
2nd Q 26
2nd Q 25
6 Mths 26
6 Mths 25
Operating expense, as reported
$ 83
$ 73
$ 161
$ 144
Acquisition integration
(1)
(1)
(2)
(2)
Workforce and lease termination related charges
—
(1)
—
(1)
Levelized foreign currency translation
—
—
—
1
Operating expense, as adjusted
$ 82
$ 71
$ 159
$ 142
Reported operating expense ratios using reported revenues
(before reimbursements) on pages 1 and 2
*
18.3 %
18.6 %
18.3 %
18.8 %
Adjusted operating expense ratios using adjusted revenues
(before reimbursements) on pages 1 and 2
*
18.1 %
18.2 %
18.1 %
18.2 %
*
Reported and adjusted second quarter 2026 operating expense ratios were 0.3 pts and 0.1 pts lower, respectively, than second quarter 2025. Both ratios were primarily impacted by savings in client-related expenses.
Net Earnings to Adjusted EBITDAC (Non-GAAP)
2nd Q 26
2nd Q 25
6 Mths 26
6 Mths 25
Net earnings, as reported
$ 57
$ 43
$ 107
$ 84
Provision for income taxes
21
15
39
30
Depreciation
10
10
20
20
Amortization
7
6
14
12
Change in estimated acquisition earnout payables
1
1
2
1
EBITDAC
96
75
182
147
Acquisition integration
1
2
2
4
Workforce and lease termination related charges
2
4
3
7
Acquisition related adjustments
2
1
8
1
Levelized foreign currency translation
—
1
—
2
EBITDAC, as adjusted
$ 101
$ 83
$ 195
$ 161
Net earnings margin, as reported using reported revenues
(before reimbursements) on pages 1 and 2
12.6 %
11.0 %
12.2 %
11.0 %
EBITDAC margin, as adjusted using adjusted revenues
(before reimbursements) on pages 1 and 2
22.3 %
20.9 %
22.1 %
20.7 %
(6 of 20)
Corporate Segment Reported GAAP to Adjusted Non-GAAP Reconciliation Information (dollars in millions):
See "Information Regarding Non-GAAP Measures" beginning on page 9 of 20.
2nd Quarter
2026
2025
Pretax
Loss
Income
Tax
Benefit
Net Earnings
(Loss)
Attributable to
Controlling
Interests
Pretax
Loss
Income
Tax
Benefit
Net Earnings
(Loss)
Attributable to
Controlling
Interests
Components of Corporate Segment, as reported
Interest and banking costs
$ (169)
$ 44
$ (125)
$ (159)
$ 41
$ (118)
Clean energy-related
(2)
1
(1)
(2)
—
(2)
Acquisition costs (1)
(18)
3
(15)
(34)
6
(28)
Corporate (2)
(79)
37
(42)
(76)
39
(37)
Reported 2nd quarter
(268)
85
(183)
(271)
86
(185)
Adjustments
Transaction-related costs (1)
12
(2)
10
29
(5)
24
Legal and tax related (4)
13
(3)
10
—
—
—
Benefit plan related (5)
8
(2)
6
—
—
—
Components of Corporate Segment, as adjusted
Interest and banking costs
(169)
44
(125)
(159)
41
(118)
Clean energy-related
(2)
1
(1)
(2)
—
(2)
Acquisition costs
(6)
1
(5)
(5)
1
(4)
Corporate (2)
(58)
32
(26)
(76)
39
(37)
Adjusted 2nd quarter
$ (235)
$ 78
$ (157)
$ (242)
$ 81
$ (161)
Six Months
Components of Corporate Segment, as reported
Interest and banking costs
$ (327)
$ 85
$ (242)
$ (318)
$ 83
$ (235)
Clean energy-related
(9)
3
(6)
(4)
1
(3)
Acquisition costs (1)
(28)
5
(23)
(60)
9
(51)
Corporate (2)
(155)
103
(52)
(171)
127
(44)
Reported six months
(519)
196
(323)
(553)
220
(333)
Adjustments
Clean energy-related (3)
5
(2)
3
—
—
—
Transaction-related costs (1)
19
(3)
16
52
(8)
44
Legal and tax related (4)
31
(20)
11
—
—
—
Benefit plan related (5)
8
(2)
6
—
—
—
Components of Corporate Segment, as adjusted
Interest and banking costs
(327)
85
(242)
(318)
83
(235)
Clean energy-related
(4)
1
(3)
(4)
1
(3)
Acquisition costs
(9)
2
(7)
(8)
1
(7)
Corporate (2)
(116)
81
(35)
(171)
127
(44)
Adjusted six months
$ (456)
$ 169
$ (287)
$ (501)
$ 212
$ (289)
(1)
Gallagher incurred transaction-related costs, which include legal, consulting, employee compensation and other professional fees associated with completed, future and terminated acquisitions. Adjustments primarily relate to the acquisitions of AssuredPartners and Woodruff Sawyer, which closed in August 2025 and April 2025, respectively.
(2)
Corporate pretax loss includes a net unrealized foreign exchange remeasurement loss of $(25) million in second quarter 2025. There was no net impact of unrealized foreign exchange remeasurement in second quarter 2026. Corporate pretax loss includes a net unrealized foreign exchange remeasurement gain of $6 million in the six-month period ended June 30, 2026 and a net unrealized foreign exchange remeasurement loss of $(48) million in the six-month period ended June 30, 2025.
(3)
Adjustments in the six-month period ended June 30, 2026 include the write-down of a clean energy-related investment.
(4)
Adjustments in second quarter 2026 and the six-month period ended June 30, 2026 include costs associated with legal and tax matters.
(5)
Adjustments in second quarter 2026 and the six-month period ended June 30, 2026 include costs associated with the termination of the Gallagher US defined pension plan and other benefit plan changes.
(7 of 20)
Interest, banking costs and debt - At June 30, 2026, Gallagher had $9,550 million of borrowings from public debt, $2,683 million of borrowings from private placements and $1,365 million of borrowings under its line of credit facility. In addition, Gallagher had $134 million outstanding under a revolving loan facility that provides funding for premium finance receivables, which are fully collateralized by the underlying premiums held by insurance carriers, and as such are excluded from its debt covenant computations, as applicable.
Clean energy-related - For 2026, this consists of operating results related to Gallagher's investments in new clean energy projects, primarily fusion and carbon sequestration projects.
Acquisition costs - Consists mostly of external professional fees and other due diligence costs related to acquisitions. On occasion, Gallagher enters into forward currency hedges for the purchase price of committed, but not yet funded, acquisitions with funding requirements in currencies other than the U.S. dollar. The gains or losses, if any, associated with these hedge transactions are also included in acquisition costs.
Corporate - Consists of overhead allocations mostly related to corporate staff compensation, other corporate level activities, and net unrealized foreign exchange remeasurement. In addition, it includes the tax expense related to the partial taxation of foreign earnings, nondeductible executive compensation and entertainment expenses, the tax benefit from the vesting of employee equity awards, as well as other permanent or discrete tax items not reflected in the provision for income taxes in the Brokerage and Risk Management segments.
Income Taxes - Gallagher allocates the provision for income taxes to its Brokerage and Risk Management segments using the local country statutory rates. Gallagher's consolidated effective tax rates for the quarters ended June 30, 2026 and 2025 were 21.7% and 22.3%, respectively.
AssuredPartners - In fourth quarter 2024 and first quarter 2025, we raised a total of approximately $14 billion of cash via a follow-on common stock offering and senior notes issuance to fund the AssuredPartners acquisition (collectively, the AssuredPartners Financing), which was completed in third quarter 2025 for approximately $14 billion.
Share Repurchases - In the second quarter of 2026, Gallagher repurchased approximately 0.9 million shares of its common stock for approximately $170 million.
Webcast Conference Call - Gallagher will host a webcast conference call on Thursday, July 30, 2026 at 5:15 p.m. ET/4:15 p.m. CT. To listen to this call, please go to Arthur J. Gallagher & Co. - Events & Presentations (ajg.com). The call will be available for replay at such website for at least 90 days.
About Arthur J. Gallagher & Co.
Arthur J. Gallagher & Co., a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. Gallagher provides these services in approximately 130 countries around the world through its owned operations and a network of correspondent brokers and consultants.
(8 of 20)
Information Concerning Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipates," "believes," "contemplates," "see," "should," "could," "will," "estimates," "expects," "intends," "plans" and variations thereof and similar expressions, are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, anticipated future results or performance of any segment or Gallagher as a whole; acquisition rollover revenues; statements regarding changes in its expenses in the next several quarters; future capital structure changes, including debt levels from time to time; the impact of foreign currency on its results; integration costs; workforce and lease termination costs; amortization of intangibles; depreciation; change in estimated earnout payables; effective tax rate; earnings from continuing operations attributable to noncontrolling interests; the premium rate environment and the state of insurance markets; and the economic environment.
Gallagher's actual results may differ materially from those contemplated by the forward-looking statements. Readers are therefore cautioned against relying on any of the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance.
Important factors that could cause actual results to differ materially from those in the forward-looking statements include global economic and geopolitical events, including, among others, fluctuations in interest and inflation rates; protectionism such as tariffs and trade disruptions; a recession or economic downturn; a U.S. government shutdown; political instability, such as global armed conflicts; its actual acquisition opportunities, including closing risks related to pending acquisitions; risks with respect to larger acquisitions such as AssuredPartners, the largest acquisition in its history, including risks related to its ability to successfully integrate operations and the possibility that its assumptions may be inaccurate resulting in unforeseen obligations or liabilities and failure to realize expected benefits of such acquisitions; damage to its reputation due to its failure to uphold its culture or negative perceptions or publicity, including as a result of amplifying effects that the Internet and social media may have on such perceptions; reputational issues related to its sustainability-related activities, including potential backlash against such activities, and compliance with increasingly complex climate- and other sustainability-related regulations, such as risks related to "greenwashing" and "greenhushing"; cybersecurity-related risks; its ability to apply technology, data analytics and artificial intelligence effectively to its business and potential increased costs resulting from such activities; risks associated with the use of artificial intelligence in its business operations, including regulatory, data privacy, cybersecurity, errors and omissions, intellectual property and competition risks; risks related to "AI-washing"; heightened competition for talent and increased compensation costs; disasters or other business interruptions, including with respect to its operations in India; risks related to its international operations, such as those related to regulatory, tax, sustainability, sanctions and anti-corruption compliance and increased scrutiny of the use of off-shore centers of excellence such as those we operate in India and elsewhere; changes to data privacy and protection laws and regulations; foreign exchange rates; changes in accounting standards; changes in premium rates and in insurance markets generally, including the impact of large natural or man-made events; tax, environmental or other compliance risks related to its legacy clean energy investments; its inability to receive dividends or other distributions from subsidiaries; and changes in the insurance brokerage industry's competitive landscape.
Please refer to Gallagher's filings with the Securities and Exchange Commission, including Item 1A, "Risk Factors," of its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and its subsequently filed Quarterly Reports on Form 10-Q for a more detailed discussion of these and other factors that could impact its forward-looking statements. Any forward-looking statement made by Gallagher in this press release speaks only as of the date on which it is made. Except as required by applicable law, Gallagher does not undertake to update the information included herein or the corresponding earnings release posted on Gallagher's website.
Information Regarding Non-GAAP Measures
In addition to reporting financial results in accordance with GAAP, this press release provides information regarding EBITDAC, EBITDAC margin, adjusted EBITDAC, adjusted EBITDAC margin, diluted net earnings per share, as adjusted (adjusted EPS), adjusted revenue, adjusted compensation and operating expenses, adjusted compensation expense ratio, adjusted operating expense ratio and organic revenue. These measures are not in accordance with, or an alternative to, the GAAP information provided in this press release. Gallagher's management believes that these presentations provide useful information to management, analysts and investors regarding financial and business trends relating to Gallagher's results of operations and financial condition or because they provide investors with measures that its chief operating decision maker uses when reviewing Gallagher's performance. See further below for definitions and additional reasons each of these measures is useful to investors. Gallagher's industry peers may provide similar supplemental non-GAAP information with respect to one or more of these measures, although they may not use the same or comparable terminology and may not make identical adjustments. The non-GAAP information provided by Gallagher should be used in addition to, but not as a substitute for, the GAAP information provided. As disclosed in its most recent Proxy Statement, Gallagher makes determinations regarding certain elements of executive officer incentive compensation, performance share awards and annual cash incentive awards, partly on the basis of measures related to adjusted EBITDAC.
(9 of 20)
Adjusted Non-GAAP presentation - Gallagher believes that the adjusted non-GAAP presentations of the current and prior period information presented in this earnings release provide stockholders and other interested persons with useful information regarding certain financial metrics of Gallagher that may assist such persons in analyzing Gallagher's operating results as they develop a future earnings outlook for Gallagher. The after-tax amounts related to the adjustments were computed using the normalized effective tax rate for each respective period. See pages 17, 18, 19 and 20 for a reconciliation of the adjustments made to income taxes.
Adjusted measures - Revenues (for the Brokerage segment), revenues before reimbursements (for the Risk Management segment), net earnings, compensation expense and operating expense, respectively, each adjusted to exclude the following, as applicable:
Net gains (losses) on divestitures, which are primarily net proceeds received related to sales of books of business and other divestiture transactions, such as the disposal of a business through sale or closure. Acquisition integration costs, which include costs related to certain large acquisitions (including the acquisitions of the Willis Towers Watson treaty reinsurance brokerage operations, Buck, Cadence Insurance, Eastern Insurance Group, My Plan Manager, Woodruff Sawyer and AssuredPartners), outside the scope of the usual tuck-in strategy, not expected to occur on an ongoing basis in the future once Gallagher fully assimilates the applicable acquisition. These costs are typically associated with redundant workforce, compensation expense related to amortization of certain retention bonus arrangements, extra lease space, duplicate services and external costs incurred to assimilate the acquisition into its IT related systems. Transaction-related costs, which are associated with completed, future and terminated acquisitions. Costs primarily relate to the acquisitions of AssuredPartners and Woodruff Sawyer, which closed in August 2025 and April 2025, respectively. These include costs related to regulatory filings, legal and accounting services, insurance and incentive compensation. Workforce related charges, which primarily include severance costs (either accrued or paid) related to employee terminations and other costs associated with redundant workforce. Lease termination related charges, which primarily include costs related to terminations of real estate leases and abandonment of leased space. Acquisition related adjustments principally relate to changes in estimated acquisition earnout payables adjustments and acquisition related compensation charges. In addition, from time to time we may include changes in balance sheet estimates arising from conforming accounting principles, purchase-related true-ups and other balance sheet adjustments made after the closing date. Amortization of intangible assets, which reflects the amortization of customer/expiration lists, non-compete agreements, trade names and other intangible assets acquired through Gallagher's merger and acquisition strategy, the impact to amortization expense of acquisition valuation adjustments to these assets as well as non-cash impairment charges. The impact of foreign currency translation, as applicable. The amounts excluded with respect to foreign currency translation are calculated by applying current year foreign exchange rates to the same period in the prior year. Effective income tax rate impact, which levelized the prior year for the change in current year tax rates. Clean energy-related, which represents the impact of adjustments in first quarter 2026 related to the write-down of a clean energy-related investment. Legal and tax related, which represents the impact of adjustments in second quarter 2026 related to costs associated with legal and tax matters. Benefit plan related, which represents the impact of adjustments in second quarter 2026 related to costs associated with the termination of the Gallagher US defined pension plan and other benefit plan changes. Adjusted ratios - Adjusted compensation expense and adjusted operating expense, respectively, each divided by adjusted revenues.
(10 of 20)
Non-GAAP Earnings Measures
EBITDAC and EBITDAC margin - EBITDAC is net earnings before interest, income taxes, depreciation, amortization and the change in estimated acquisition earnout payables and EBITDAC margin is EBITDAC divided by total revenues (for the Brokerage segment) and revenues before reimbursements (for the Risk Management segment). These measures for the Brokerage and Risk Management segments provide a meaningful representation of Gallagher's operating performance for the overall business and provide a meaningful way to measure its financial performance on an ongoing basis. EBITDAC, as Adjusted and EBITDAC Margin, as Adjusted - Adjusted EBITDAC is EBITDAC adjusted to exclude net gains on divestitures, acquisition integration costs, workforce related charges, lease termination related charges, acquisition related adjustments, transaction related costs, and the period-over-period impact of foreign currency translation, as applicable, (and for the Corporate segment, the clean energy related adjustments described above) and Adjusted EBITDAC margin is Adjusted EBITDAC divided by total adjusted revenues (defined above). These measures for the Brokerage and Risk Management segments provide a meaningful representation of Gallagher's operating performance and are also presented to improve the comparability of its results between periods by eliminating the impact of the items that have a high degree of variability. EPS, as Adjusted and Net Earnings, as Adjusted - Adjusted net earnings have been adjusted to exclude the after-tax impact of net gains on divestitures, acquisition integration costs, the impact of foreign currency translation, workforce related charges, lease termination related charges, acquisition related adjustments, transaction related costs, amortization of intangible assets, and effective income tax rate impact, as applicable. Adjusted EPS is Adjusted Net Earnings divided by diluted weighted average shares outstanding. This measure provides a meaningful representation of Gallagher's operating performance (and as such should not be used as a measure of Gallagher's liquidity), and for the overall business is also presented to improve the comparability of its results between periods by eliminating the impact of the items that have a high degree of variability. Organic Revenues (a non-GAAP measure) - Organic revenue change measures the year-over-year percentage change in organic revenue. For the Brokerage segment, organic revenue consists of base commission and fee revenues, supplemental revenues and contingent revenues, excluding the first twelve months of such revenues generated from acquisitions and such revenues related to divested operations, which include disposals of a business through sale or closure, estimate changes, run-off of a business and the restructuring and/or repricing of programs and products, in each year presented. Such revenues are excluded from organic revenues in order to help interested persons analyze the revenue growth associated with the operations that were a part of Gallagher in both the current and prior period. In order to improve the comparability of Gallagher's results between periods, we further exclude the period-over-period impact of foreign currency translation; revenue from certain large life product sales within Gallagher's Executive Life and Benefits practice group (which are typically large singular transactions with a high degree of variability in amount and timing); and revenue attributable to changes in assumptions used to calculate estimated deferred revenues, which impact the quarterly timing of revenues during the annual contract period. For the Risk Management segment, organic revenue consists of fee revenues excluding the first twelve months of such revenues generated from acquisitions and such revenues related to divested operations in each period presented. In order to improve the comparability of Gallagher's results between periods, we further exclude the period-over-period impact of foreign currency translation.
These revenue items are excluded from organic revenues in order to determine a comparable, but non-GAAP, measurement of revenue growth that is associated with the revenue sources that are expected to continue in the current year and beyond, as well as eliminating the impact of the items that have a high degree of variability. Gallagher has historically viewed organic revenue growth as an important indicator when assessing and evaluating the performance of its Brokerage and Risk Management segments. Gallagher also believes that using this non-GAAP measure allows readers of its financial statements to measure, analyze and compare the growth from its Brokerage and Risk Management segments in a meaningful and consistent manner.
Reconciliation of Non-GAAP Information Presented to GAAP Measures - This press release includes tabular reconciliations to the most comparable GAAP measures, as follows: for EBITDAC (on pages 5 and 6), for adjusted revenues, adjusted EBITDAC and adjusted diluted net earnings per share (on pages 1 and 2), for organic revenue measures (on pages 3 and 5, respectively, for the Brokerage and Risk Management segments), for adjusted compensation and operating expenses and adjusted EBITDAC margin (on pages 4, 5 and 6 respectively, for the Brokerage and Risk Management segments).
(11 of 20)
Arthur J. Gallagher & Co.
Reported Statement of Earnings and EBITDAC - 2nd Quarter June 30,
(Unaudited - in millions except per share, percentage and workforce data)
Brokerage Segment
2nd Q Ended
June 30, 2026
2nd Q Ended
June 30, 2025
6 Mths Ended
June 30, 2026
6 Mths Ended
June 30, 2025
Commissions
$ 2,442
$ 1,808
$ 5,565
$ 4,057
Fees
738
579
1,530
1,199
Supplemental revenues
141
103
321
217
Contingent revenues
91
73
206
166
Interest income, premium finance revenues and other income
90
224
173
462
Total revenues
3,502
2,787
7,795
6,101
Compensation
2,017
1,526
4,228
3,143
Operating
537
369
1,057
715
Depreciation
45
38
94
71
Amortization
294
174
565
378
Change in estimated acquisition earnout payables
5
(6)
21
9
Expenses
2,898
2,101
5,965
4,316
Earnings before income taxes
604
686
1,830
1,785
Provision for income taxes
154
176
467
459
Net earnings
450
510
1,363
1,326
Net earnings attributable to noncontrolling interests
—
—
1
5
Net earnings attributable to controlling interests
$ 450
$ 510
$ 1,362
$ 1,321
EBITDAC
Net earnings
$ 450
$ 510
$ 1,363
$ 1,326
Provision for income taxes
154
176
467
459
Depreciation
45
38
94
71
Amortization
294
174
565
378
Change in estimated acquisition earnout payables
5
(6)
21
9
EBITDAC
$ 948
$ 892
$ 2,510
$ 2,243
See "Information Regarding Non-GAAP Measures" beginning on page 9 of 20.
(12 of 20)
Arthur J. Gallagher & Co.
Reported Statement of Earnings and EBITDAC - 2nd Quarter June 30,
(Unaudited - in millions except per share, percentage and workforce data)
Risk Management Segment
2nd Q Ended
June 30, 2026
2nd Q Ended
June 30, 2025
6 Mths Ended
June 30, 2026
6 Mths Ended
June 30, 2025
Fees
$ 445
$ 383
$ 865
$ 748
Interest income and other income
8
9
16
18
Revenues before reimbursements
453
392
881
766
Reimbursements
48
43
90
82
Total revenues
501
435
971
848
Compensation
274
244
538
475
Operating
83
73
161
144
Reimbursements
48
43
90
82
Depreciation
10
10
20
20
Amortization
7
6
14
12
Change in estimated acquisition earnout payables
1
1
2
1
Expenses
423
377
825
734
Earnings before income taxes
78
58
146
114
Provision for income taxes
21
15
39
30
Net earnings
57
43
107
84
Net earnings attributable to noncontrolling interests
—
—
—
—
Net earnings attributable to controlling interests
$ 57
$ 43
$ 107
$ 84
EBITDAC
Net earnings
$ 57
$ 43
$ 107
$ 84
Provision for income taxes
21
15
39
30
Depreciation
10
10
20
20
Amortization
7
6
14
12
Change in estimated acquisition earnout payables
1
1
2
1
EBITDAC
$ 96
$ 75
$ 182
$ 147
See "Information Regarding Non-GAAP Measures" beginning on page 9 of 20.
(13 of 20)
Arthur J. Gallagher & Co.
Reported Statement of Earnings and EBITDAC - 2nd Quarter June 30,
(Unaudited - in millions except share and per share data)
Corporate Segment
2nd Q Ended
June 30, 2026
2nd Q Ended
June 30, 2025
6 Mths Ended
June 30, 2026
6 Mths Ended
June 30, 2025
Other loss
$ —
$ —
$ (5)
$ —
Total revenues
—
—
(5)
—
Compensation
39
34
80
83
Operating
59
77
104
150
Interest
168
158
326
316
Depreciation
2
2
4
4
Expenses
268
271
514
553
Loss before income taxes
(268)
(271)
(519)
(553)
Benefit for income taxes
(85)
(86)
(196)
(220)
Net loss
(183)
(185)
(323)
(333)
Net loss attributable to noncontrolling interests
—
—
—
—
Net loss attributable to controlling interests
$ (183)
$ (185)
$ (323)
$ (333)
EBITDAC
Net loss
$ (183)
$ (185)
$ (323)
$ (333)
Benefit for income taxes
(85)
(86)
(196)
(220)
Interest
168
158
326
316
Depreciation
2
2
4
4
EBITDAC
$ (98)
$ (111)
$ (189)
$ (233)
See "Information Regarding Non-GAAP Measures" beginning on page 9 of 20.
(14 of 20)
Arthur J. Gallagher & Co.
Reported Statement of Earnings and EBITDAC - 2nd Quarter June 30,
(Unaudited - in millions except share and per share data)
Total Company
2nd Q Ended
June 30, 2026
2nd Q Ended
June 30, 2025
6 Mths Ended
June 30, 2026
6 Mths Ended
June 30, 2025
Commissions
$ 2,442
$ 1,808
$ 5,565
$ 4,057
Fees
1,183
962
2,395
1,947
Supplemental revenues
141
103
321
217
Contingent revenues
91
73
206
166
Interest income, premium finance revenues and other income
98
233
184
480
Revenues before reimbursements
3,955
3,179
8,671
6,867
Reimbursements
48
43
90
82
Total revenues
4,003
3,222
8,761
6,949
Compensation
2,330
1,804
4,846
3,701
Operating
679
519
1,322
1,009
Reimbursements
48
43
90
82
Interest
168
158
326
316
Depreciation
57
50
118
95
Amortization
301
180
579
390
Change in estimated acquisition earnout payables
6
(5)
23
10
Expenses
3,589
2,749
7,304
5,603
Earnings before income taxes
414
473
1,457
1,346
Provision for income taxes
90
105
310
269
Net earnings
324
368
1,147
1,077
Net earnings attributable to noncontrolling interests
—
—
1
5
Net earnings attributable to controlling interests
$ 324
$ 368
$ 1,146
$ 1,072
Diluted net earnings per share
$ 1.25
$ 1.40
$ 4.41
$ 4.12
Dividends declared per share
$ 0.70
$ 0.65
$ 1.40
$ 1.30
EBITDAC
Net earnings
$ 324
$ 368
$ 1,147
$ 1,077
Provision for income taxes
90
105
310
269
Interest
168
158
326
316
Depreciation
57
50
118
95
Amortization
301
180
579
390
Change in estimated acquisition earnout payables
6
(5)
23
10
EBITDAC
$ 946
$ 856
$ 2,503
$ 2,157
See "Information Regarding Non-GAAP Measures" beginning on page 9 of 20.
(15 of 20)
Arthur J. Gallagher & Co.
Consolidated Balance Sheet
(Unaudited - in millions except per share data)
June 30, 2026
Dec 31, 2025
Cash and cash equivalents
$ 1,386
$ 1,396
Fiduciary assets (includes fiduciary cash of $7,947 in 2026 and $7,142 in 2025)
37,183
26,899
Accounts receivable, net
6,076
5,175
Other current assets
807
886
Total current assets
45,452
34,356
Fixed assets - net
765
789
Deferred income taxes
43
43
Other noncurrent assets
1,732
1,602
Right-of-use assets
578
598
Goodwill
23,026
22,593
Amortizable intangible assets - net
10,212
10,684
Total assets
$ 81,808
$ 70,665
Fiduciary liabilities
$ 37,183
$ 26,899
Accrued compensation and other current liabilities
3,548
4,017
Deferred revenue - current
788
737
Premium financing debt
134
226
Corporate related borrowings - current
1,520
640
Total current liabilities
43,173
32,519
Corporate related borrowings - noncurrent
11,955
12,104
Deferred revenue - noncurrent
177
155
Lease liabilities - noncurrent
497
515
Other noncurrent liabilities (includes tax credit carryforwards of $628 in 2026 and $713 in 2025)
2,259
2,025
Total liabilities
58,061
47,318
Stockholders' equity:
Common stock - issued and outstanding
256
257
Capital in excess of par value
17,567
17,783
Retained earnings
6,588
5,806
Accumulated other comprehensive loss
(694)
(525)
Total controlling interests stockholders' equity
23,717
23,321
Noncontrolling interests
30
26
Total stockholders' equity
23,747
23,347
Total liabilities and stockholders' equity
$ 81,808
$ 70,665
(16 of 20)
Arthur J. Gallagher & Co.
Other Information
(Unaudited - data is rounded where indicated)
OTHER INFORMATION
2nd Q Ended
June 30, 2026
2nd Q Ended
June 30, 2025
6 Mths Ended
June 30, 2026
6 Mths Ended
June 30, 2025
Basic weighted average shares outstanding (000s)
256,649
256,260
256,884
255,540
Diluted weighted average shares outstanding (000s)
258,685
260,435
259,260
259,929
Number of common shares outstanding at end of period (000s)
256,341
256,363
Workforce at end of period (includes acquisitions):
Brokerage
56,202
*
44,909
Risk Management
11,254
10,584
Total Company
73,329
*
59,291
*
The acquisition of AssuredPartners added approximately 10,900 employees in August 2025.
Reconciliation of Non-GAAP Measures - Pre-tax Earnings and Diluted Net Earnings per Share (Unaudited)
(Unaudited - in millions except share and per share data)
Earnings
(Loss)
Before Income
Taxes
Provision
(Benefit)
for Income
Taxes
Net Earnings
(Loss)
Net Earnings
(Loss)
Attributable to
Noncontrolling
Interests
Net Earnings
(Loss)
Attributable to
Controlling
Interests
Diluted Net
Earnings
(Loss)
per Share
2nd Q Ended June 30, 2026
Brokerage, as reported
$ 604
$ 154
$ 450
$ —
$ 450
$ 1.74
Net (gains) on divestitures
(8)
(2)
(6)
—
(6)
(0.02)
Acquisition integration
113
29
84
—
84
0.33
Workforce and lease termination
40
10
30
—
30
0.11
Acquisition related adjustments
66
17
49
—
49
0.19
Amortization of intangible assets
294
76
218
—
218
0.84
Brokerage, as adjusted
$ 1,109
$ 284
$ 825
$ —
$ 825
$ 3.19
Risk Management, as reported
$ 78
$ 21
$ 57
$ —
$ 57
$ 0.22
Acquisition integration
1
—
1
—
1
–
Workforce and lease termination
2
1
1
—
1
0.01
Acquisition related adjustments
2
—
2
—
2
0.01
Amortization of intangible assets
7
2
5
—
5
0.02
Risk Management, as adjusted
$ 90
$ 24
$ 66
$ —
$ 66
$ 0.26
Corporate, as reported
$ (268)
$ (85)
$ (183)
$ —
$ (183)
$ (0.71)
Transaction-related costs
12
2
10
—
10
0.04
Legal, tax and benefit plan related
21
5
16
—
16
0.06
Corporate, as adjusted
$ (235)
$ (78)
$ (157)
$ —
$ (157)
$ (0.61)
See "Information Regarding Non-GAAP Measures" beginning on page 9 of 20.
(17 of 20)
Reconciliation of Non-GAAP Measures - Pre-tax Earnings and Diluted Net Earnings per Share (Unaudited) - Continued
(Unaudited - in millions except share and per share data)
Earnings
(Loss)
Before Income
Taxes
Provision
(Benefit)
for Income
Taxes
Net Earnings
(Loss)
Net Earnings
(Loss)
Attributable to
Noncontrolling
Interests
Net Earnings
(Loss)
Attributable to
Controlling
Interests
Diluted Net
Earnings
(Loss)
per Share
2nd Q Ended June 30, 2025
Brokerage, as reported
$ 686
$ 176
$ 510
$ —
$ 510
$ 1.95
Net (gains) on divestitures
(6)
(1)
(5)
—
(5)
(0.02)
Acquisition integration
41
11
30
—
30
0.12
Workforce and lease termination
37
9
28
—
28
0.11
Acquisition related adjustments
33
8
25
—
25
0.09
Amortization of intangible assets
174
44
130
—
130
0.50
Levelized foreign currency translation
(10)
(3)
(7)
—
(7)
(0.03)
Brokerage, as adjusted
$ 955
$ 244
$ 711
$ —
$ 711
$ 2.72
Risk Management, as reported
$ 58
$ 15
$ 43
$ —
$ 43
$ 0.16
Acquisition integration
2
1
1
—
1
0.01
Workforce and lease termination
4
1
3
—
3
0.01
Acquisition related adjustments
1
–
1
—
1
—
Amortization of intangible assets
6
1
5
—
5
0.02
Levelized foreign currency translation
1
—
1
—
1
—
Risk Management, as adjusted
$ 72
$ 18
$ 54
$ –
$ 54
$ 0.20
Corporate, as reported
$ (271)
$ (86)
$ (185)
$ —
$ (185)
$ (0.71)
Transaction-related costs
29
5
24
—
24
0.09
Corporate, as adjusted
$ (242)
$ (81)
$ (161)
$ –
$ (161)
$ (0.62)
See "Information Regarding Non-GAAP Measures" beginning on page 9 of 20.
(18 of 20)
Reconciliation of Non-GAAP Measures - Pre-tax Earnings and Diluted Net Earnings per Share (Unaudited) - Continued
(Unaudited - in millions except share and per share data)
Earnings
(Loss)
Before Income
Taxes
Provision
(Benefit)
for Income
Taxes
Net Earnings
(Loss)
Net Earnings
(Loss)
Attributable to
Noncontrolling
Interests
Net Earnings
(Loss)
Attributable to
Controlling
Interests
Diluted Net
Earnings
(Loss)
per Share
6 Mths Ended June 30, 2026
Brokerage, as reported
$ 1,830
$ 467
$ 1,363
$ 1
$ 1,362
$ 5.25
Net (gains) on divestitures
(15)
(4)
(11)
—
(11)
(0.04)
Acquisition integration
200
51
149
—
149
0.57
Workforce and lease termination
67
17
50
—
50
0.19
Acquisition related adjustments
119
31
88
—
88
0.34
Amortization of intangible assets
565
146
419
—
419
1.62
Brokerage, as adjusted
$ 2,766
$ 708
$ 2,058
$ 1
$ 2,057
$ 7.93
Risk Management, as reported
$ 146
$ 39
$ 107
$ —
$ 107
$ 0.41
Acquisition integration
2
—
2
—
2
0.01
Workforce and lease termination
3
1
2
—
2
0.01
Acquisition related adjustments
8
2
6
—
6
0.02
Amortization of intangible assets
14
4
10
—
10
0.04
Risk Management, as adjusted
$ 173
$ 46
$ 127
$ —
$ 127
$ 0.49
Corporate, as reported
$ (519)
$ (196)
$ (323)
$ —
$ (323)
$ (1.25)
Transaction-related costs
19
3
16
—
16
0.06
Legal, tax and benefit plan related
39
22
17
—
17
0.07
Clean energy-related
5
2
3
—
3
0.01
Corporate, as adjusted
$ (456)
$ (169)
$ (287)
$ —
$ (287)
$ (1.11)
See "Information Regarding Non-GAAP Measures" beginning on page 9 of 20.
(19 of 20)
Reconciliation of Non-GAAP Measures - Pre-tax Earnings and Diluted Net Earnings per Share (Unaudited) - Continued
(Unaudited - in millions except share and per share data)
Earnings
(Loss)
Before Income
Taxes
Provision
(Benefit)
for Income
Taxes
Net Earnings
(Loss)
Net Earnings
(Loss)
Attributable to
Noncontrolling
Interests
Net Earnings
(Loss)
Attributable to
Controlling
Interests
Diluted Net
Earnings
(Loss)
per Share
6 Mths Ended June 30, 2025
Brokerage, as reported
$ 1,785
$ 459
$ 1,326
$ 5
$ 1,321
$ 5.08
Net (gains) on divestitures
(12)
(3)
(9)
—
(9)
(0.04)
Acquisition integration
85
22
63
—
63
0.24
Workforce and lease termination
55
13
42
—
42
0.16
Acquisition related adjustments
66
16
50
—
50
0.19
Amortization of intangible assets
378
96
282
—
282
1.09
Effective income tax impact
—
(1)
1
—
1
—
Levelized foreign currency translation
7
1
6
—
6
0.03
Brokerage, as adjusted
$ 2,364
$ 603
$ 1,761
$ 5
$ 1,756
$ 6.75
Risk Management, as reported
$ 114
$ 30
$ 84
$ —
$ 84
$ 0.32
Acquisition integration
4
2
2
—
2
0.01
Workforce and lease termination
7
1
6
—
6
0.02
Acquisition related adjustments
1
—
1
—
1
—
Amortization of intangible assets
12
3
9
—
9
0.04
Levelized foreign currency translation
2
—
2
—
2
0.01
Risk Management, as adjusted
$ 140
$ 36
$ 104
$ —
$ 104
$ 0.40
Corporate, as reported
$ (553)
$ (220)
$ (333)
$ —
$ (333)
$ (1.28)
Transaction-related costs
52
8
44
—
44
0.17
Corporate, as adjusted
$ (501)
$ (212)
$ (289)
$ —
$ (289)
$ (1.11)
See "Information Regarding Non-GAAP Measures" on page 9 of 20.
Contact:
Sara Walsh
630-285-3593 or [email protected]
Michael Saylor naznačil, že Strategy ($MSTR) bude potřebovat „další barvu“, poté co firma pět týdnů po sobě nekoupila bitcoin. Poslední nákup činil 520 BTC.
Michael Saylor, the executive chairman of Strategy (formerly MicroStrategy and trading under the ticker $MSTR), has once again captured the attention of Bitcoin enthusiasts and investors with a cryptic social media update.
On Sunday, July 26, 2026, he shared the company’s familiar Bitcoin acquisition tracker chart on X, accompanied by the simple yet intriguing caption: “We’re gonna need another color.”
This post marks the fifth consecutive weekly appearance of the tracker graphic since Strategy’s most recent disclosed Bitcoin purchase.
That last acquisition occurred in the period ending around June 22, when the firm added a modest 520 BTC.
In the four weeks that followed, Strategy’s Monday regulatory filings revealed no new Bitcoin buys.
Instead, the company focused on selling shares of its common stock, building up its US dollar cash reserves, and, in one notable instance, executing its largest Bitcoin sale to date.
The chart itself illustrates the scale of Strategy’s long-running accumulation strategy.
It displays 113 separate purchase events that have brought the company’s total holdings to 843,775 BTC.
These coins were acquired at an average cost of approximately $75,476 each, representing a cumulative outlay of roughly $63.69 billion.
With Bitcoin trading near the mid-$64,000 to mid-$65,000 range at the time of the post, the position sat about $9 billion underwater on an unrealized basis. Saylor has long used color coding in these Sunday posts as a form of visual communication with the market.
We’re gonna need another color. pic.twitter.com/AqZO5UeXDx
— Michael Saylor (@saylor) July 26, 2026
Orange markers have traditionally represented Bitcoin purchases, while green has previously signaled the addition of dollar reserves.
The suggestion that “another color” is now required comes as the orange dots densely fill the graphic, reflecting years of aggressive buying.
Market observers interpret the comment as a possible hint that Strategy may be preparing to track a new category of activity—whether resumed Bitcoin accumulation under a different framework, further expansion of cash holdings, preferred-share related moves, or another balance-sheet development under the firm’s recently updated capital allocation approach.
In recent weeks, Strategy has prioritized strengthening its liquidity position.
The latest filing showed the company raising $263.5 million through share sales, lifting its dollar reserve above $3.2 billion.
This cash buffer helps cover preferred stock dividend obligations without forcing sales of Bitcoin.
The firm still retains substantial capacity to issue additional equity if needed.
The pause in buying represents a notable shift for a company that built its reputation as the largest corporate Bitcoin treasury.
For much of the past several years, Saylor’s Sunday chart posts reliably foreshadowed Monday purchase announcements.
That pattern has loosened as Strategy adapts to lower Bitcoin prices, the need for dividend coverage, and a more disciplined capital framework introduced in late June.
Investors continue to watch closely for the next disclosure.
Whether the “another color” remark from Michael Saylor now signals an imminent return to a digital assets accumulation strategy, a new visual representation of existing reserves, or an entirely different strategic pivot remains to be seen. What is clear is that Saylor continues to keep the market engaged through these carefully timed, visually driven messages.
, /PRNewswire/ -- Cousins Properties (NYSE: CUZ) has released its second quarter 2026 results. Please visit the Investors section of Cousins' website at www.cousins.com to access the Earnings Release and Supplemental Information.
Cousins will hold a conference call at 10:00 a.m. (Eastern Time) on Friday, July 31, 2026 to discuss its results. The phone number for the conference call is (800) 836-8184. A replay of the conference call will be available for seven days at (888) 660-6345, passcode 33580#.
A webcast of the conference call can be accessed on Cousins' website through the "Cousins Properties Second Quarter Conference Call" link in the Investors section.
About Cousins Properties
Cousins Properties is a fully integrated, self-administered and self-managed real estate investment trust (REIT). The Company, based in Atlanta, GA and acting through its operating partnership, Cousins Properties LP, primarily invests in Class A office buildings located in high-growth Sun Belt markets. Founded in 1958, Cousins creates shareholder value through its extensive expertise in the development, acquisition, leasing and management of high-quality real estate assets. The Company has a comprehensive strategy in place based on a simple platform, trophy assets and opportunistic investments. For more information, please visit www.cousins.com.
Strategy vykázala ve 2. čtvrtletí provozní ztrátu 8,33 miliardy USD, protože pokles Bitcoinu letos o 27 % snížil hodnotu jejích držeb. Hodnota 843 775 BTC klesla na 54,77 miliardy USD, tedy pod pořizovací cenu 63,69 miliardy USD.
Strategy reported an $8.33 billion second-quarter operating loss after Bitcoin’s 27% decline this year drove a sharp reduction in the value of its digital asset portfolio.
Summary
Strategy recorded an $8.32 billion unrealized digital asset loss during the second quarter. Its 843,775 BTC were worth $54.77 billion, below their $63.69 billion acquisition cost. The company posted an $8.22 billion net loss, equal to $24.45 per diluted share. A $3.75 billion dollar reserve provides 2.1 years of preferred dividend coverage under Strategy’s policy. Strategy’s Bitcoin decline drives $8.33B loss Bitcoin traded near $64,700 following Strategy’s earnings announcement, down from approximately $88,400 at the end of 2025. That decline left the company’s holdings valued below their aggregate purchase cost.
Strategy recorded an $8.32 billion unrealized loss on digital assets during the quarter, contributing to an operating loss of $8.33 billion. The results reversed the $14.05 billion unrealized gain recorded in the same quarter a year earlier.
The company reported a net loss of $8.22 billion, or $24.45 per diluted common share. Strategy posted net income of $10.02 billion, or $32.60 per share, during the comparable period last year.
Strategy shares were mostly unchanged in after-hours trading following the earnings release, suggesting investors had largely expected Bitcoin’s decline to weigh on the results.
Bitcoin holdings fall below Strategy’s acquisition cost Strategy held 843,775 BTC as of July 26, an increase of 25% since the start of the year. The position had an original cost of $63.69 billion, including fees and expenses, and a market value of $54.77 billion.
Its average purchase price stood at approximately $75,476 per Bitcoin. With BTC trading near $64,700 after the report, the company’s position was about $10,776 underwater per coin based on its average acquisition cost.
The gap placed the total portfolio roughly $8.92 billion below its original cost. However, the reported quarterly loss was largely unrealized, meaning it reflected changes in Bitcoin’s market value rather than losses from selling the full position.
As crypto.news reported earlier, Strategy made no Bitcoin purchases between July 20 and July 26. Its total holdings remained unchanged at 843,775 BTC during that period.
The company has nevertheless sold approximately $218.4 million in Bitcoin this year to help fund preferred stock dividends. Those sales remain small relative to its overall digital asset reserve but show that Strategy is using part of the portfolio to meet financing obligations.
Strategy raises cash while reducing convertible debt Strategy’s core software business generated quarterly revenue of $122.4 million, up 6.9% from $114.5 million a year earlier. Gross profit reached $81.6 million, representing a margin of 66.6%.
The company raised $17.06 billion through its capital markets programs during the year and reported a Bitcoin yield of 4.5%. That internal metric measures the change in Bitcoin held per assumed diluted share and does not represent a conventional investment yield.
Strategy also cut its convertible debt by 18% to $6.71 billion after repurchasing $1.5 billion of notes at a discount. The move reduced part of the company’s debt burden as lower Bitcoin prices placed pressure on its balance sheet.
Its U.S. dollar reserve rose by $525 million to $3.75 billion. Strategy said the reserve provides 2.1 years of coverage for preferred stock dividends under its current policy, although the calculation does not guarantee payments under every market condition.
Separate $1 billion repurchase programs have also been established for Strategy’s common shares and digital credit securities. The programs give the company the option to buy back securities but do not require it to use the full authorized amounts.
What the results mean for US investors Strategy remains one of the largest publicly traded corporate Bitcoin holders, giving U.S. investors indirect exposure to BTC through its securities. Its shares can respond to Bitcoin prices as well as debt costs, equity issuance, preferred dividends and changes in the company’s capital structure.
The second-quarter loss shows how Bitcoin volatility can produce large swings in reported earnings. Strategy moved from a $14.05 billion unrealized digital asset gain a year earlier to an $8.32 billion unrealized loss this quarter.
Its increased cash reserve and lower convertible debt provide additional financial flexibility, but Bitcoin remains below the company’s average purchase price. Further declines could deepen unrealized losses, while a recovery above $75,476 would move the portfolio back above its aggregate acquisition cost.
XRP čelí utahující se nabídce: Binance hlásí rekordní odlivy a americké spotové ETF od spuštění zaznamenaly čisté přílivy 1,5 miliardy USD. Podle článku to ukazuje na silnou akumulaci mezi retailovými i institucionálními investory.
XRP is experiencing a significant supply squeeze, with investors across the spectrum accumulating the asset at an accelerating pace. Recent on-chain data shows Binance recorded the highest-ever number of XRP withdrawals, while spot XRP exchange-traded funds (ETFs) in the United States have absorbed $1.5 billion in net inflows since their launch last November.
Record exchange withdrawals across investor segmentsBlockchain researcher BankXRP, referencing figures from CryptoQuant, reported that XRP outflows from Binance reached unprecedented levels. Notably, these withdrawals are occurring across a diverse range of wallet sizes, extending from retail holders with smaller balances to large investors managing multi-million dollar positions.
This broad-based outflow signals growing confidence in XRP’s prospects among both small-scale and major investors, even as the token trades below its 2025 peak. Typically, sustained movement of digital assets away from exchanges is interpreted as a bullish sign, reducing the pool of tokens available for immediate sale and hinting at longer-term accumulation strategies.
As exchange reserves drop, analysts state that liquidity tightens, which could intensify price action if further demand emerges. Exchange outflows may serve as a precursor to greater market volatility should the buying trend continue.
Withdrawals have accelerated across nearly every wallet tier, from holders with less than 1,000 XRP to high-net-worth investors moving millions of dollars’ worth of tokens. Such broad participation suggests confidence in XRP’s long-term outlook is strengthening across the market, even as the asset remains below its 2025 peak.
ETFs and regulated platforms fuel institutional accumulationInstitutional activity has also reinforced the tightening market conditions. Data shared by Evernorth, drawing from SoSoValue, put net inflows into US spot XRP ETFs at approximately $1.5 billion by July 28, 2026. While redemptions occur periodically, outflows have been relatively minor. For instance, the largest weekly outflow so far this year was just $7 million—highlighting persistent long-term interest from institutional investors.
Recent ETF filings confirm this pattern as Franklin Templeton’s clients increased their XRP holdings by $5.66 million, suggesting that institutional participants are taking advantage of price consolidations to further build their exposure rather than exit positions.
Global adoption of XRP continues to expand as well, with Hong Kong granting regulatory approval to its first retail trading platform for XRP. This expansion not only boosts access for investors in Asia but also aligns with ongoing efforts to establish the region as a major digital asset hub.
Rising options for direct asset accessIn tandem with these trends, market participants have begun to seek more efficient methods to diversify and manage their crypto portfolios. Integrated platforms such as 1stepSwap now enable users to seamlessly connect traditional finance with the blockchain ecosystem. With 1stepSwap, investors can bring real-world assets like shares of major US companies or commodities such as gold and silver directly into their wallets, bypassing complex processes and intermediaries. The platform’s unique advantage lies in automatically sourcing the best price across the market for every trade, allowing users to swiftly and efficiently allocate their capital while accessing a broader range of assets.
Tightening market and future outlookThe combination of record withdrawals from exchanges, steady ETF accumulation, and the expansion of regulated trading options has created a much tighter XRP supply landscape. With options to directly access and manage both crypto and traditional assets growing, the market structure for XRP is evolving toward greater sophistication and diversity.
Analysts are closely monitoring these dynamics, suggesting that if the supply constraints continue while demand increases, XRP could be positioned for a sustained period of long-term accumulation. The strengthening conviction among both retail and institutional investors points to a new chapter for the token, centered on reduced liquidity and rising market participation.
With record exchange withdrawals reducing liquid supply, ETFs steadily absorbing available XRP, and regulated access expanding worldwide, the market is increasingly setting up for a tighter supply-demand balance.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
It has been 11 years since the network behind the world's largest altcoin launched. Here's what happened since.
Ethereum’s (ETH) genesis block turned 11 on July 30, closing quite a busy year. The network now runs on a 60 million gas limit, double where it sat two years ago, with rollups carrying roughly 95% of its transactions.
On the morning of the anniversary, blocks were landing about 229 transactions each, close to 21 per second on the base layer, and running 55% full. The base fee sat near 5.3 gwei, which works out to about $0.20 for a plain ETH transfer, $0.52 for an ERC-20 transfer, and $3.79 for a swap, according to data from Etherscan.
Scaling and ETFs The fund wrappers arrived alongside the scaling. Morgan Stanley began trading the cheapest US ether ETP at a 0.14% expense ratio on Tuesday, staking 50% to 80% of its holdings and passing the rewards through.
Likewise, BlackRock’s ETHB holds spot ETH and stakes a portion of it, the firm’s first crypto fund to do so. Both lean on Revenue Procedure 2025-31, the safe harbor letting exchange-traded products stake and distribute rewards without a separate tax charge.
Two upgrades are queued for this year: Glamsterdam and Hegotá. The 2026 protocol roadmap sets three tracks – scaling, user experience, and hardening the base layer – and targets a gas limit beyond 100 million per block, and names post-quantum readiness a consideration across protocol development.
Despite all of this, it has been a painful year for the native token. ETH traded at $1,920 on July 30, down 49% over the 12 months to the anniversary and 61% below the $4,946 record it set on August 24, 2025. Its market capitalization stood at $231 billion across 120.7 million coins, second behind Bitcoin.
Two Directors Out in Five Months The network had some interesting developments, and the overall project managed to thrive, despite all the duress the Ethereum Foundation (EF) went through recently.
You may also like: Why Is Lido Moving $16B in Staked ETH to Pectra-Era Validators? Ethereum Could Hit $20K as Multi-Year BTC Base Completes: Analyst Tom Lee’s Bitmine Keeps Buying Ethereum, Treasury Nears 5.8 Million ETH Around 54 colleagues had departed, close to 20% of its workforce, and reorganized what remained into five clusters covering the protocol, access, user, community and institutional layers, plus operations and management.
Investor Ryan Berckmans, an eight-year figure in the community, attributed the wider wave of exits to disagreements over sub-strategies. He said confidence in the network itself was not the reason. Researchers Carl Beek, Julian Ma, Barnabé Monnot, Tim Beiko, Trent Van Epps and Josh Stark all left during the same stretch.
Tomasz Stańczak stepped down as co-executive director on February 13, effective immediately, with Bastian Aue named interim co-executive director. The board said Stańczak left “after extensive contributions to the Foundation’s mission and operations.”
Hsiao-Wei Wang resigned as co-executive director and board member in June, writing that she had decided to step down “after my sabbatical.” That leaves Vitalik Buterin, Patrick Storchenegger and Aya Miyaguchi on the board.
Quantum Solutions prodala dalších 1 000 ETH a zvýšila maximální povolený objem prodejů na 4 375 ETH, aby financovala datová centra pro AI. Většina zbývajících ETH je navíc zastavena jako zástava úvěru.
Quantum Solutions has expanded its Ethereum sale program to finance AI infrastructure rather than retain crypto reserves. The company sold another 1,000 ETH and can now dispose of up to 4,375 ETH under its revised policy. Most of its remaining Ethereum holdings are pledged as loan collateral, limiting future sale flexibility.
The move reflects a strategic shift from treasury management toward funding long-term operating assets. The Japanese technology company said its board has increased the maximum amount of Ethereum authorized for sale from 1,875 ETH to 4,375 ETH, while subsidiary GPT Pals Studio sold an additional 1,000 ETH on July 30.
The proceeds will help fund the company’s AI Infrastructure Data Center (AIDC) business.
Treasury Strategy Shifts From Holding ETH to Funding AI The latest transaction builds on a funding strategy announced in June, when Quantum Solutions first disclosed plans to sell part of its Ethereum treasury to finance the rollout of its AI infrastructure business.
The company said the additional authorization was approved to provide greater flexibility as spending requirements evolve during the project’s build-out. Management emphasized that raising the sale ceiling does not represent a commitment to immediately dispose of the full amount, with future transactions remaining dependent on market conditions, Ethereum prices and capital requirements.
Treasury Metric Status / Details Maximum authorized ETH sales 4,375 ETH ETH sold since June 1,904 ETH Latest transaction 1,000 ETH Remaining ETH holdings 4,764.8 ETH ETH pledged as collateral 3,050 ETH ETH not pledged 1,714.8 ETH Primary use of proceeds Nvidia B300 and GB300 AI infrastructure Collateral Limits How Much Ethereum Can Be Monetized Although Quantum Solutions still holds nearly 4,800 ETH, much of that treasury is already tied to its financing arrangements.
The company disclosed that 3,050 ETH remains pledged as collateral under an existing borrowing facility with a Singapore-based financial services provider, leaving roughly 1,715 ETH available outside the collateral structure.
While additional sales remain possible under the revised authorization, the collateral position limits the amount of Ethereum that can be readily converted into cash without changes to the company’s financing arrangements.
The latest sale generated approximately $1.9 million in proceeds after transaction fees. Because the disposal price of $1,903 per ETH was below the carrying value established during the company’s latest mark-to-market valuation, Quantum Solutions expects to recognize an accounting loss of roughly JPY 17 million during the second quarter of its fiscal year ending February 2027. The charge reflects accounting treatment rather than operating cash flow, as the proceeds remain available to fund the AI project.
A Capital Allocation Bet on AI Rather Than Crypto Appreciation The transaction represents more than a routine treasury rebalance. It reflects a decision to exchange a liquid digital asset for physical computing infrastructure expected to generate future operating revenue.
That trade-off carries both opportunity and risk. Ethereum remains a volatile asset whose value could appreciate if cryptocurrency markets strengthen, while high-performance AI hardware typically depreciates over time as more advanced GPU generations enter the market. Quantum Solutions is effectively betting that returns generated by its AI infrastructure business will outweigh the potential gains it could have realized by continuing to hold a larger Ethereum treasury.
Future sales are expected to depend on the pace of the AI data center rollout as well as broader conditions in both cryptocurrency and hardware markets, making execution of the infrastructure strategy as important to investors as the remaining size of the company’s digital asset holdings.
Lido spravuje asi 8 milionů ETH v hodnotě 16,5 miliardy dolarů přes jen 34 kurátorovaných operátorů uzlů, což znovu vyvolává otázky kolem centralizace a správy. Nový Curated Module v2 má navíc zavést zástavy 11 ETH na prvního validátora.
Dana Love, PhD, has brought renewed attention to the concentration of Ethereum’s staked ETH under a small group of node operators, specifically through Lido’s liquid-staking platform. As the largest liquid-staking protocol on Ethereum, Lido plays a pivotal role in how staked ETH is managed, and its governance structures are increasingly scrutinized by the community.
Love notes that approximately 8 million ETH, representing about $16.5 billion, is managed by just 34 curated node operators within Lido. According to his analysis, this points to a permissioned system, where operational authority is concentrated in a select group rather than distributed openly across a broad set of participants. He suggests that focusing on the sheer number of validators can obscure the reality of who ultimately controls the ETH stake within the network.
The number of validators was never a measure of decentralization; what matters is how much of the stake is actually managed by a handful of operators, Love argues.
In Lido’s structure, membership as an operator is not automatic for ETH holders. Prospective operators must apply, undergo a committee-led review, and secure approval through a governance vote before being admitted to the curated set.
Mini dictionary: Lido is a decentralized liquid staking protocol on the Ethereum network, allowing users to stake their ETH and receive liquid stETH tokens in return, while curated node operators are selected and vetted participants who run validator nodes on behalf of Lido stakers.
Curated Module v2 and bond requirementsThe discussion centers on Lido’s forthcoming Curated Module v2, which introduces a schedule of bond requirements for its curated operators. Under the proposed scheme, each operator must post collateral in ETH that can be penalized for validator downtime, slashing events, or mishandled execution rewards. According to Love, the first validator key managed by an operator requires 11 ETH in collateral, with much smaller additional stakes needed for subsequent validators.
In contrast, Lido’s Community Staking Module reportedly asks smaller operators to post 2.4 ETH for their initial validator and 1.3 ETH for each additional one. Love contends that this structure gives established curated operators a more capital-efficient arrangement relative to their scale, raising potential questions of fairness in operator admission and economics.
ModuleInitial Bond per ValidatorBond for Subsequent ValidatorsOperator AdmissionCurated Module v211 ETHLower incremental requirementBy committee approvalCommunity Staking Module2.4 ETH1.3 ETHOpen (with review)Penalties and disputes for curated operators are managed by a Curated Module Committee, which operates with a nine-member multisignature wallet, requiring six signatures for any enforcement action.
Validator consolidation and the decentralization debateLove also addresses recent shifts connected to the Ethereum Pectra upgrade and EIP-7251, which increased the maximum effective validator balance from 32 ETH to 2,048 ETH. This technical update enables the consolidation of resources from many small validators into a smaller set of larger validators, reducing system overhead but not necessarily democratizing who holds governance power over the staked ETH.
He highlights a recent drop in Ethereum’s total validator count from about 880,000 to 628,000 as consolidation has taken hold. However, the underlying control remains largely unchanged, with the same curated operators maintaining their significant share of the aggregate staked ETH managed via Lido.
At the time of Love’s video, Lido’s Curated Module v2 bond system was not yet live on Ethereum mainnet. Smart contract audits were still under way and Phase One deployment was expected before the end of the quarter.
With Lido’s proposed bonds, operational and governance risks remain primarily in the hands of a small number of players, not the wider ETH community.
While the new bond schedule is designed to promote accountability, the combination of permissioned operator selection, bond requirements, and committee-governed penalties reflects the ongoing debate about where risk and authority reside in Ethereum’s staking ecosystem.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
SecondFi vyzývá hackera k vrácení 16,1 milionu ADA ukradených při červnovém útoku. Firma zároveň uvedla, že spouští kompenzační plán pro postižené uživatele.
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The team behind the Cardano-focused cryptocurrency wallet SecondFi today published a renewed appeal to the hacker who breached the platform in June. The developers reiterated that their official bounty offer remains in effect in exchange for the full return of the stolen assets.
"Our standing offer remains open. We urge the party involved to contact us through the channels listed below," SecondFi said in its official statement. The company added that a voluntary return is the cleanest and most direct path toward resolving the situation for all parties.
Interestingly, after the independent analytics agency Groom Lake joined the investigation, researchers discovered specific digital markers in the transactions and actions of one of the participants in the attack. These markers reportedly match methods used by the state-sponsored North Korean cybercrime group Lazarus Group.
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How SecondFi plans to repay usersSince the likelihood of receiving a response from Lazarus Group is extremely low, SecondFi, together with the Cardano Foundation and Input Output Group, has launched a three-stage compensation plan:
Late July — the current stage: Collection, verification and processing of official claims submitted by affected customers.Mid-August 2026: Release of tools for securely exporting surviving assets to third-party platforms. Users are advised to move their funds to hardware wallets.Early September 2026: Launch of an automated compensation portal powered by zero-knowledge proofs.The critical security incident occurred between June 21 and June 23, 2026. The attackers managed to compromise 374 digital wallets on SecondFi, formerly known as Yoroi Wallet by EMURGO. The hackers stole 16.1 million Cardano tokens, or ADA, worth approximately $2.4 million to $2.6 million at the time of the theft.
The scale of the disaster could have been significantly greater. The project's technical team responded in time and secured another 129 million ADA that had been at risk. These funds were urgently transferred to the control of an independent custodian.
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Nevertheless, because of the severe financial and reputational consequences of the breach, EMURGO's management made a difficult decision. The company announced the complete wind-down and subsequent liquidation of the SecondFi and Yoroi brands. The project has been deemed unviable for continued operations.
MENLO PARK, Calif., July 30, 2026 (GLOBE NEWSWIRE) -- Exponent, Inc. (Nasdaq: EXPO) today reported financial results for the second quarter of fiscal year 2026 ended July 3, 2026.
“Exponent delivered another strong quarter, with double-digit growth in revenues and earnings reflecting continued demand for our specialized expertise across industries,” stated Dr. Catherine Corrigan, Chief Executive Officer. “Our proactive work experienced strong growth in the quarter, led by demand for user research studies as clients accelerate the development of AI-enabled products across an increasingly diverse range of hardware form factors and applications, with engagements continuing to expand in scope, scale and complexity. Proactive activity was also supported by increased risk management and infrastructure-related engagements in the utility sector. Reactive work grew, with strong demand for our dispute-related expertise from the consumer products, chemicals, and transportation industries.
“These results reflect the powerful long-term trends driving our business, including rapid technological innovation, increasing complexity, growing energy demand, investment in resilient power and digital infrastructure, and rising expectations for safety, reliability, and performance. As artificial intelligence becomes embedded in an expanding array of physical products and systems, organizations face increasingly daunting human factors, operational, and risk management challenges that extend well beyond software. Clients turn to Exponent when they encounter critical questions involving the interaction of technology, people, and complex real-world environments, particularly when the consequences of failure are exceptionally high. Our multidisciplinary teams provide the independent, science-based insights needed to accelerate innovation, improve decision-making, and reduce high-consequence risk in areas where few organizations possess comparable expertise,” Dr. Corrigan continued.
Second Quarter Financial Results
Total revenues and revenues before reimbursements for the second quarter of 2026 increased 21% to $171.6 million and 12% to $148.9 million, respectively, as compared to $142.0 million and $132.9 million in the second quarter of 2025.
Net income increased to $29.4 million, or $0.60 per diluted share, in the second quarter of 2026, as compared to $26.6 million, or $0.52 per diluted share, in the same period of 2025. The tax impact associated with share-based awards was immaterial in both the second quarter of 2026 and 2025. Exponent’s consolidated tax rate was 27.9% in the second quarter of 2026, unchanged from the same period in 2025.
EBITDA1 increased to $42.7 million, or 28.7% of revenues before reimbursements, in the second quarter of 2026, as compared to $37.0 million, or 27.8% of revenues before reimbursements in the second quarter of 2025.
Year-to-Date Financial Results
Total revenues and revenues before reimbursements for the first half of 2026 increased 18% to $337.9 million and 11% to $300.7 million, respectively, as compared to $287.5 million and $270.3 million in the same period of 2025.
Net income increased to $59.0 million, or $1.19 per diluted share, in the first half of 2026, as compared to $53.2 million, or $1.03 per diluted share, in the same period of 2025. During the first half of 2026, we realized a negative tax impact associated with share-based awards of $0.8 million as compared to $0.5 million in the first half of 2025. Inclusive of the tax impact associated with share-based awards, Exponent’s consolidated tax rate was 29.0% in the first half of 2026, as compared to 28.7% for the same period last year.
EBITDA1 increased to $85.9 million, or 28.6% of revenues before reimbursements, in the first half of 2026, as compared to $74.5 million, or 27.6% of revenues before reimbursements, in the first half of 2025.
For the first half of 2026, Exponent paid $31.3 million in dividends, repurchased $146.1 million of common stock, and closed the period with $66.6 million in cash and cash equivalents.
In a separate press release today, Exponent announced its quarterly cash dividend of $0.31 to be paid on September 18, 2026, and reiterated its intent to continue to pay quarterly dividends. Additionally, Exponent’s Board of Directors approved an increase in the current stock repurchase program of $50 million.
Business Overview
Exponent’s engineering and other scientific segment represented 85% of the Company’s revenues before reimbursements in the second quarter and through the first two quarters of 2026. Revenues before reimbursements in this segment increased 13% during the second quarter and 12% during the first half of 2026, as compared to the prior year period. Growth during the quarter was driven by strong user research activity in consumer electronics, risk management and infrastructure-related work in the utilities sector, and reactive engagements across the consumer products, chemicals, and transportation industries.
Exponent’s environmental and health segment represented 15% of the Company’s revenues before reimbursements in the second quarter and through the first two quarters of 2026. Revenues before reimbursements in this segment increased 9% during the second quarter and 5% during the first half of 2026, as compared to the same period in the prior year. Growth during the quarter was driven by engagements evaluating the impacts of chemicals on human health and the environment.
Business Outlook
“Our second quarter results demonstrate continued disciplined execution across the business, with strong utilization of 74% contributing to performance that exceeded our expectations,” commented Eric Anderson, Chief Financial Officer. “We continued to invest in our talent and capabilities while maintaining a disciplined capital allocation strategy, returning a combined $272 million to shareholders over the last twelve months through share repurchases and our ongoing dividend program.”
For the third quarter of fiscal 2026 as compared to the same period one year prior, Exponent anticipates:
Revenues before reimbursements to grow 8% to 10%; and,EBITDA1 to be 28.0% to 28.5% of revenues before reimbursements. For the full fiscal year 2026 as compared to fiscal year 2025, Exponent is raising its revenue and margin guidance, anticipating:
Revenues before reimbursements to grow 9% to 10%; and,EBITDA1 to be 27.8% to 28.1% of revenues before reimbursements. “Exponent remains well positioned to support clients as emerging technologies, critical infrastructure, and increasingly complex and interconnected systems reshape industries around the world,” Dr. Corrigan said. “Whether helping clients evaluate AI-enabled products, enhancing the resilience and performance of infrastructure, or navigating complex technical and regulatory challenges, our expert ecosystem provides the rigorous, independent insights needed when the stakes are high. We remain confident in our ability to expand our impact across industries and deliver long-term value for our shareholders.”
Today’s Conference Call Information
Exponent will discuss its financial results in more detail on a conference call today, Thursday, July 30, 2026, starting at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time. The audio of the conference call is available by dialing (844) 481-2781 or (412) 317-0672. A live webcast of the call will be available on the Investor Relations section of the Company’s website at www.exponent.com/investors. For those unable to listen to the live webcast, a replay of the call will also be available on the Exponent website, or by dialing (855) 669-9658 or (412) 317-0088 and entering passcode 7563057#.
Use of non-GAAP Financial Measures 1
EBITDA is a non-GAAP financial measure defined by the Company as net income before income taxes, interest income, depreciation, and amortization. EBITDAS is a non-GAAP financial measure defined by the Company as EBITDA before stock-based compensation. The Company regards EBITDA and EBITDAS as useful measures of operating performance and cash flow to complement operating income, net income, and other GAAP financial performance measures. Additionally, management believes that EBITDA and EBITDAS provide meaningful comparisons of past, present, and future operating results. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. These measures, however, should be considered in addition to, and not as a substitute or superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP.
Exponent has provided its outlook regarding EBITDA as a percentage of revenues before reimbursements. The Company has not reconciled this non-GAAP financial measure to the corresponding GAAP financial measure because guidance for the various reconciling items is not provided and the Company is unable to estimate with reasonable certainty the effect of these items without unreasonable effort. For example, the Company is unable to estimate with reasonable certainty the impact of equity awards on Exponent’s taxes without unreasonable effort. These items are uncertain, depend on various factors, and may have a material effect on Exponent’s results computed in accordance with GAAP. A reconciliation between the historical GAAP and non-GAAP financial measures presented in this release is provided in the financial tables at the end of this release.
About Exponent
Exponent brings together 90+ technical disciplines and 950+ consultants to help our clients navigate the increasing complexity of more than a dozen industries, connecting decades of pioneering work in failure analysis to develop solutions for a safer, healthier, more sustainable world.
Exponent’s consultants deliver the highest value by leveraging multidisciplinary expertise and resources from across Exponent’s offices in North America, Asia, and Europe. Exponent’s consultants, laboratories, and integrated technical platform work seamlessly together around the globe, enabling us to produce the breakthrough insights needed to help multinational companies, startups, law firms, insurance companies, governments, and society respond to incidents and push their products and processes forward at speed.
Exponent may be reached at (888) 656-EXPO, [email protected], or www.exponent.com.
Forward Looking Statements
This news release contains, and incorporates by reference, certain “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995, and the rules promulgated pursuant to the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended) that are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available to the Company’s management. When used in this document and in the documents incorporated herein by reference, the words “intend,” “anticipate,” “believe,” “estimate,” “expect” and similar expressions, as they relate to the Company or its management, identify such forward-looking statements. Such statements reflect the current views of the Company or its management with respect to future events and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the Company’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, any such forward-looking statements. Factors that could cause or contribute to such material differences include the possibility that the demand for our services may decline as a result of changes in generally applicable and industry-specific economic conditions, the timing of engagements for our services, the effects of competitive services and pricing, the absence of backlog related to our business, our ability to attract and retain key employees, the effect of tort reform and government regulation on our business, and liabilities resulting from claims made against us. Additional risks and uncertainties are discussed in our Annual Report on Form 10-K under the heading “Risk Factors” and elsewhere in the report. The inclusion of such forward-looking information should not be regarded as a representation by the Company or any other person that the future events, plans, or expectations contemplated by the Company will be achieved. The Company undertakes no obligation to release publicly any updates or revisions to any such forward-looking statements.
Source: Exponent, Inc.
EXPONENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the Three and Six Months Ended July 3, 2026 and July 4, 2025
(unaudited)
(in thousands, except per share data)
Quarter Ended
Six Months Ended
July 3,
July 4,
July 3,
July 4,
2026
2025
2026
2025
Revenues Revenues before reimbursements$148,860 $132,868 $300,677 $270,305 Reimbursements 22,752 9,094 37,238 17,164 Revenues 171,612 141,962 337,915 287,469 Operating expenses Compensation and related expenses 100,571 97,474 191,980 173,377 Other operating expenses 12,865 12,072 25,690 24,167 Reimbursable expenses 22,752 9,094 37,238 17,164 General and administrative expenses 7,402 6,145 13,606 11,152 143,590 124,785 268,514 225,860 Operating income 28,022 17,177 69,401 61,609 Other income Interest income, net 716 2,344 2,434 5,058 Miscellaneous income (expense), net 12,028 17,294 11,270 7,908 12,744 19,638 13,704 12,966 Income before income taxes 40,766 36,815 83,105 74,575 Income taxes 11,371 10,262 24,141 21,372 Net income$29,395 $26,553 $58,964 $53,203 Net income per share: Basic$0.60 $0.52 $1.20 $1.04 Diluted$0.60 $0.52 $1.19 $1.03 Shares used in per share computations: Basic 48,753 51,185 49,271 51,234 Diluted 48,987 51,502 49,571 51,587 EXPONENT, INC.CONDENSED CONSOLIDATED BALANCE SHEETSJuly 3, 2026 and January 2, 2026(unaudited)(in thousands) July 3, January 2, 2026
2026
Assets Current assets:
Cash and cash equivalents$66,629 $221,930 Accounts receivable, net 218,504 181,507 Prepaid expenses and other assets 26,881 24,143 Total current assets 312,014 427,580 Property, equipment and leasehold improvements, net 70,854 71,981 Operating lease right-of-use asset 68,954 73,376 Goodwill
8,607 8,607 Other assets
192,294 195,975 $652,723 $777,519 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities$26,942 $30,942 Accrued payroll and employee benefits 102,186 121,302 Deferred revenues 21,953 18,868 Operating lease liability 6,757 6,890 Total current liabilities 157,838 178,002 Other liabilities
132,305 133,232 Operating lease liability 73,964 75,944 Total liabilities 364,107 387,178 Stockholders' equity: Common stock 66 66 Additional paid-in capital 389,568 369,747 Accumulated other comprehensive loss (2,378) (2,290) Retained earnings 696,405 668,423 Treasury stock, at cost (795,045) (645,605) Total stockholders' equity 288,616 390,341 $652,723 $777,519 EXPONENT, INC.EBITDA and EBITDAS (1)For the Three and Six Months Ended July 3, 2026 and July 4, 2025(unaudited)(in thousands) Quarter Ended Six Months Ended July 3, July 4, July 3, July 4, 2026
2025
2026
2025
Net Income$29,395 $26,553 $58,964 $53,203 Add back (subtract): Income taxes 11,371 10,262 24,141 21,372 Interest income, net (716) (2,344) (2,434) (5,058) Depreciation and amortization 2,678 2,520 5,193 5,012 EBITDA (1) 42,728 36,991 85,864 74,529 Stock-based compensation 6,680 5,246 15,738 13,426 EBITDAS (1)$49,408 $42,237 $101,602 $87,955 (1) EBITDA is a non-GAAP financial measure defined by the Company as net income before income taxes, interest income, depreciation and amortization. EBITDAS is a non-GAAP financial measure defined by the Company as EBITDA before stock-based compensation. The Company regards EBITDA and EBITDAS as useful measures of operating performance and cash flow to complement operating income, net income and other GAAP financial performance measures. Additionally, management believes that EBITDA and EBITDAS provide meaningful comparisons of past, present and future operating results. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. These measures, however, should be considered in addition to, and not as a substitute or superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP.
MENLO PARK, Calif., July 30, 2026 (GLOBE NEWSWIRE) -- Exponent, Inc. (Nasdaq: EXPO) today announced that its Board of Directors has declared a quarterly cash dividend of $0.31 per share of common stock to be paid on September 18, 2026, to all common stockholders of record as of September 4, 2026.
Exponent has paid, and expects to continue to pay, quarterly dividends each year in March, June, September, and December. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to the final determination of Exponent’s Board of Directors.
In addition, Exponent’s Board of Directors increased the Company’s authority to repurchase shares of its common stock by $50 million.
“Our quarterly dividend and increased share repurchase authorization reflects the strength and durability of Exponent’s business model and our disciplined approach to capital allocation,” commented Dr. Catherine Corrigan, Chief Executive Officer. “Supported by our strong financial foundation and differentiated market position, we remain committed to returning capital to shareholders while investing in long-term growth opportunities.”
About Exponent
Exponent brings together 90+ technical disciplines and 950+ consultants to help our clients navigate the increasing complexity of more than a dozen industries, connecting decades of pioneering work in failure analysis to develop solutions for a safer, healthier, more sustainable world.
Exponent’s consultants deliver the highest value by leveraging multidisciplinary expertise and resources from across Exponent’s offices in North America, Asia, and Europe. Exponent’s consultants, laboratories, and integrated technical platform work seamlessly together around the globe, enabling us to produce the breakthrough insights needed to help multinational companies, startups, law firms, insurance companies, governments, and society respond to incidents and push their products and processes forward at speed.
Exponent may be reached at (888) 656-EXPO, [email protected], or www.exponent.com.
Forward Looking Statements
This news release contains, and incorporates by reference, certain “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995, and the rules promulgated pursuant to the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended) that are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available to the Company’s management. When used in this document and in the documents incorporated herein by reference, the words “intend,” “anticipate,” “believe,” “estimate,” “expect” and similar expressions, as they relate to the Company or its management, identify such forward-looking statements. Such statements reflect the current views of the Company or its management with respect to future events and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the Company’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, any such forward-looking statements. Factors that could cause or contribute to such material differences include the possibility that the demand for our services may decline as a result of changes in generally applicable and industry-specific economic conditions, the timing of engagements for our services, the effects of competitive services and pricing, the absence of backlog related to our business, our ability to attract and retain key employees, the effect of tort reform and government regulation on our business, and liabilities resulting from claims made against us. Additional risks and uncertainties are discussed in our Annual Report on Form 10-K under the heading “Risk Factors” and elsewhere in the report. The inclusion of such forward-looking information should not be regarded as a representation by the Company or any other person that the future events, plans, or expectations contemplated by the Company will be achieved. The Company undertakes no obligation to release publicly any updates or revisions to any such forward-looking statements.
CooperCompanies oznámila, že výsledky za 3. čtvrtletí 2026 zveřejní 9. září 2026 v 16:15 ET. Následně v 17:00 ET uspořádá konferenční hovor k výsledkům a dalším firemním informacím.
SAN RAMON, Calif., July 30, 2026 (GLOBE NEWSWIRE) -- CooperCompanies (Nasdaq: COO), a leading global medical device company, announced today it will report third quarter 2026 financial results on Wednesday, September 9, 2026, at 4:15 PM ET. Following the release, the Company will host a conference call at 5:00 PM ET to discuss the results and current corporate developments.
The dial-in number for the call is 800-715-9871 and the conference ID is 9708839. A simultaneous audio webcast and subsequent replay can be accessed at www.investor.coopercos.com
About CooperCompanies
CooperCompanies (Nasdaq: COO) is a leading global medical device company focused on helping people experience life’s beautiful moments through its two business units, CooperVision and CooperSurgical. CooperVision is a trusted leader in the contact lens industry, helping to improve the way people see each day. CooperSurgical is a leading fertility and women’s healthcare company dedicated to putting time on the side of women, babies, and families at the healthcare moments that matter most. Headquartered in San Ramon, CA, CooperCompanies has a workforce of more than 15,000, sells products in over 130 countries, and positively impacts over fifty million lives each year. For more information, please visit www.coopercos.com
Contact:
Kim Duncan
Vice President, Investor Relations and Risk Management
925-460-3663 [email protected]
OFAC sankcionoval dvě firmy napojené na IRGC za údajné vydírání lodí v Hormuzském průlivu prostřednictvím povinného pojištění. Jedna z nich přijímala platby v bitcoinu (BTC) a dalších digitálních aktivech.
The US Treasury’s Office of Foreign Assets Control (OFAC) sanctioned two firms accused of supporting an IRGC-backed scheme that allegedly extorted commercial vessels transiting the Strait of Hormuz by requiring them to purchase maritime insurance.
Wednesday’s designations hit the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, known as Hormuz Safe. Treasury says the policies extract revenue while covering risks that Iran itself creates.
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How Iran’s Hormuz Insurance Scheme Drew US Sanctions The IRGC reportedly began collecting transit fees from tankers passing through the Strait of Hormuz in April, with charges starting at approximately $1 per barrel.
The Treasury said the insurance scheme was created to offset revenue lost following Operation Epic Fury. Treasury Secretary Scott Bessent linked the initiative to Iran’s worsening economic conditions.
“With its economy in freefall and inflation in the triple digits, the regime is desperate for cash,” he said.
According to the department, Iran established the “illegitimate schemes” through the Persian Gulf Marine Insurance Company (PGMIC) and HormuzSafe Marine Services Authority.
It said Iran’s Ministry of Economy developed HormuzSafe. It offers insurance, traffic control, security, and emergency response services to vessels transiting the strait.
The firm accepts payments in Bitcoin (BTC) and other digital assets as part of Iran’s efforts to circumvent Western sanctions.
The Treasury also noted that Iran’s insurance regulator created the Persian Gulf Marine Insurance Company, which issues policies approved by the Persian Gulf Strait Authority.
OFAC sanctioned the IRGC-backed authority on May 27. It has now designated both the Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority under Executive Order 13902 for operating in Iran’s financial sector.
In addition, OFAC sanctioned eight shipping companies and identified eight oil tankers as blocked property. The operators are registered in Hong Kong, the Marshall Islands, and China. According to the Treasury, the vessels transported Iranian crude oil and petroleum products.
The agency has now sanctioned more than 100 shadow fleet vessels since January. The latest measure is part of a broader US enforcement action against Iran.
In mid-July, the Treasury sanctioned four cryptocurrency wallets linked to Iran’s central bank. At the same time, Tether froze approximately $131 million in USDT held in those addresses.
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Grand Canyon Education ve 2. čtvrtletí zvýšila tržby ze služeb o 6,7 % na 264,0 mil. USD a čistý zisk o 10,4 % na 45,9 mil. USD. Společnost zároveň potvrdila celoroční výhled tržeb ze služeb na 1,1653–1,1723 mld. USD.
, /PRNewswire/ -- Grand Canyon Education, Inc. (NASDAQ: LOPE), ("GCE" or the "Company"), is a publicly traded education services company that currently provides services to 20 university partners. GCE provides a full array of support services in the post-secondary education sector and has developed significant technological solutions, infrastructure and operational processes to provide superior services in these areas on a large scale. GCE today announced financial results for the quarter ended June 30, 2026.
Grand Canyon Education, Inc. Reports Second Quarter 2026 Results
For the three months ended June 30, 2026:
Service revenue for the three months ended June 30, 2026 was $264.0 million, an increase of $16.5 million, or 6.7%, as compared to service revenue of $247.5 million for the three months ended June 30, 2025. The increase year over year in service revenue was primarily due to an increase in university partner enrollments of 7.6% to 126,231 at June 30, 2026 as compared to 117,283 at June 30, 2025. Revenue per student decreased slightly between years primarily due to contract modifications with one of our university partners in which our revenue share percentage was reduced in exchange for us no longer reimbursing this partner for certain faculty costs which had the effect of reducing revenue per student and a slight decline year over year in revenue per student for online students due to the continued mix shift to students that have a slightly lower net tuition rate and a slight decline year over year in Spring semester ground traditional students which generate a higher revenue per student than online students. In addition there was one less day of revenue for the ground campus due to the start date shifting one day of revenue from the second quarter to the first quarter in 2026 which had a $1.0 million impact. These decreases were partially offset by the service revenue per student for accelerated Bachelor of Science in Nursing ("ABSN") students at off-campus classroom and laboratory sites generating a significantly higher revenue per student than we earn under our agreement with GCU, as these agreements generally provide us with a higher revenue share percentage, the partners have higher tuition rates than GCU and the majority of our partners' students take more credits on average per semester. GCU enrollments increased to 121,921 at June 30, 2026, an increase of 7.5% over enrollments at June 30, 2025. University partner enrollments at our off-campus classroom and laboratory sites were 5,829, an increase of 16.8% over enrollments at June 30, 2025, which includes 1,519 and 1,142 GCU students at June 30, 2026 and 2025, respectively. Excluding sites that have been closed or are in teach out, total enrollments at our off-campus classroom and laboratory sites increased 18.5% between years. We opened one new GCU site in the six months ended June 30, 2026 and closed one site in which we stopped recruiting new students in 2025, thus the total number of sites remains at 47 at June 30, 2026. We plan to open one additional site in the Fall of 2026. Enrollments for GCU ground students were 8,910 at June 30, 2026, up 3.9% from 8,579 at June 30, 2025. GCU ground enrollment declines between March 31 and June 30 of each year as ground traditional enrollment at GCU at June 30 of each year only includes traditional-aged students taking summer school classes, which is a small percentage of GCU's traditional-aged student body. The Spring semester for GCU's traditional-aged student body ends near the end of April each year. GCU online enrollments were 113,011 at June 30, 2026, up from 104,856 at June 30, 2025, an increase of 7.8% between years. Operating income for the three months ended June 30, 2026 was $58.2 million, an increase of $6.4 million, or 12.3%, as compared to $51.8 million for the same period in 2025. The operating margin for the three months ended June 30, 2026 and 2025 was 22.0% and 20.9%, respectively. Income tax expense for the three months ended June 30, 2026 was $15.0 million, an increase of $1.5 million, or 11.4%, as compared to income tax expense of $13.5 million for the three months ended June 30, 2025. Our effective tax rate was 24.7% during the three months ended June 30, 2026 compared to 24.5% during the three months ended June 30, 2025. The effective tax rate increased year over year due to higher state income taxes. Net income for the three months ended June 30, 2026 was $45.9 million, an increase of $4.4 million, or 10.4% as compared to $41.5 million for the same period in 2025. As adjusted net income was $47.5 million and $43.2 million for the second quarters of 2026 and 2025, respectively. Diluted net income per share was $1.75 and $1.48 for the second quarters of 2026 and 2025, respectively. As adjusted diluted net income per share was $1.81 and $1.53 for the second quarters of 2026 and 2025, respectively. Adjusted EBITDA increased 8.9% to $73.4 million for the second quarter of 2026, compared to $67.4 million for the same period in 2025. For the six months ended June 30, 2026:
Service revenue for the six months ended June 30, 2026 was $572.8 million, an increase of $36.0 million, or 6.7%, as compared to service revenue of $536.8 million for the six months ended June 30, 2025. The increase year over year in service revenue was primarily due to an increase in university partner enrollments of 7.6% to 126,231 at June 30, 2026 as compared to 117,283 at June 30, 2025. Revenue per student decreased slightly between years primarily due to contract modifications with one of our university partners in which our revenue share percentage was reduced in exchange for us no longer reimbursing this partner for certain faculty costs which had the effect of reducing revenue per student and a slight decline year over year in revenue per student for online students due to the continued mix shift to students that have a slightly lower net tuition rate and a slight decline year over year in Spring semester ground traditional students which generate a higher revenue per student than online students. These decreases were partially offset by the service revenue per student for ABSN students at off-campus classroom and laboratory sites generating a significantly higher revenue per student than we earn under our agreement with GCU, as these agreements generally provide us with a higher revenue share percentage, the partners have higher tuition rates than GCU and the majority of our partners' students take more credits on average per semester. Operating income for the six months ended June 30, 2026 was $153.6 million, an increase of $13.8 million, or 9.9%, as compared to $139.8 million for the same period in 2025. The operating margin for the six months ended June 30, 2026 and 2025 was 26.8% and 26.0%, respectively. Income tax expense for the six months ended June 30, 2026 was $38.1 million, an increase of $4.8 million, or 14.7%, as compared to income tax expense of $33.3 million for the six months ended June 30, 2025. Our effective tax rate was 23.9% during the six months ended June 30, 2026 compared to 22.7% during the six months ended June 30, 2025. The effective tax rate increased year over year due to higher state income taxes and a decrease in excess tax benefits to $1.4 million for the six months ended June 30, 2026 due to the decline in our stock price as compared to $2.7 million in the six months ended June 30, 2025. The inclusion of excess tax benefits and deficiencies as a component of our income tax expense increases the volatility within our provision for income taxes as the amount of excess tax benefits or deficiencies from share-based compensation awards are dependent on our stock price at the date the restricted stock awards vest. Our restricted stock awards vest in March each year so any benefit or expense will primarily impact the first quarter each year. Net income for the six months ended June 30, 2026 was $121.2 million, an increase of $8.0 million, or 7.1% as compared to $113.2 million for the same period in 2025. As adjusted net income was $124.4 million and $116.5 million for the six months ended June 30, 2026 and 2025, respectively. Diluted net income per share was $4.57 and $4.00 for the six months ended June 30, 2026 and 2025, respectively. As adjusted diluted net income per share was $4.69 and $4.12 for the six months ended June 30, 2026 and 2025, respectively. Adjusted EBITDA increased 8.7% to $184.1 million for the six months ended June 30, 2026, compared to $169.4 million for the same period in 2025. Liquidity and Capital Resources
Our liquidity position, as measured by cash and cash equivalents and investments decreased by $25.6 million between December 31, 2025 and June 30, 2026, which was largely attributable to cash expended for share repurchases and capital expenditures exceeding our cash provided by operations during the six months ended June 30, 2026. Our unrestricted cash and cash equivalents and investments were $274.5 million and $300.1 million at June 30, 2026 and December 31, 2025, respectively.
Grand Canyon Education, Inc. Reports Second Quarter 2026 Results and Full Year Outlook 2026
2026 Outlook
Q3 2026:
Service revenue of between $268.5 million and $270.5 million; Operating margin of between 19.5% and 20.0%; Effective tax rate of 20.8%; Diluted EPS of between $1.68 and $1.72; and 25.8 million diluted shares. The diluted EPS guidance includes non-cash amortization of intangible assets net of taxes of $1.7 million, which equates to a $0.06 impact on diluted EPS. Thus, as adjusted, non-GAAP diluted income per share of between $1.74 and $1.78.
Q4 2026:
Service revenue of between $324.0 million and $329.0 million; Operating margin of between 36.9% and 37.4%; Effective tax rate of 23.2%; Diluted EPS of between $3.69 and $3.79; and 25.4 million diluted shares. The diluted EPS guidance includes non-cash amortization of intangible assets net of taxes of $1.6 million, which equates to a $0.06 impact on diluted EPS. Thus, as adjusted, non-GAAP diluted income per share of between $3.75 and $3.85.
Full Year 2026:
Service revenue of between $1,165.3 million and $1,172.3 million; Operating margin of between 28.0% and 28.2%; Effective tax rate of 23.2%; Diluted EPS between $9.93 and $10.07; and 26.1 million diluted shares. The diluted EPS guidance includes non-cash amortization of intangible assets net of taxes of $6.5 million, which equates to a $0.25 impact on diluted EPS. Thus, as adjusted, non-GAAP diluted income per share of between $10.18 and $10.32.
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of federal securities laws including information relating to future events, future financial performance, strategies, expectations, competitive environment, regulation, and availability of resources. These forward-looking statements include, without limitation, statements regarding: proposed new programs; whether regulatory, economic, or business developments or other matters may or may not have a material adverse effect on our financial position, results of operations, or liquidity; projections, predictions, expectations, estimates, and forecasts as to our business, financial and operating results, and future economic performance; and management's goals and objectives and other similar expressions concerning matters that are not historical facts. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions, the negative of these expressions, as well as statements in future tense, identify forward-looking statements.
Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause our actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements include, but are not limited to: (i) legal and regulatory actions taken against us related to our services business, or against our university partners that impact their businesses and that directly or indirectly reduce the service revenue we can earn under our master services agreements; (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of any of the key university partner agreements; (iii) our ability to properly manage risks and challenges associated with strategic initiatives, including potential acquisitions or divestitures of, or investments in, new businesses, acquisitions of new properties and new university partners, and expansion of services provided to our existing university partners; (iv) our ability to comply with the extensive regulatory framework applicable to us either directly as a third-party service provider or indirectly through our university partners; (v) our ability to manage risks associated with epidemics, pandemics, or public health crises; (vi) our ability to manage risks resulting from system disruptions, interruptions, or outages associated with our technology platforms or those of third-party service providers; (vii) the ability of our university partners' students to obtain federal Title IV funds, state financial aid, and private financing; (viii) potential damage to our reputation or other adverse effects as a result of negative publicity in the media, in the industry or in connection with governmental reports or investigations or otherwise; (ix) risks associated with changes in applicable federal and state laws and regulations and accrediting commission standards; (x) competition from other education service companies in our geographic region and market sector; (xi) our ability to hire and train new, and develop and train existing employees; (xii) the pace of growth of our university partners' enrollment and its effect on the pace of our own growth; (xiii) fluctuations in our revenues due to seasonality; (xiv) our ability to, on behalf of our university partners, convert prospective students to enrolled students and to retain active students to graduation; and (xv) other risks and uncertainties identified from time to time in documents filed with the Securities and Exchange Commission (the "SEC") by us, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed on February 18, 2026.
Forward-looking statements speak only as of the date the statements are made. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. This press release should be read in conjunction with the information included in our other press releases, reports and other filings with the SEC. Understanding the information contained in these filings is important in order to fully understand GCE's reported financial results and our business outlook for future periods.
Grand Canyon Education, Inc. Reports Second Quarter 2026 Results
Conference Call
Grand Canyon Education, Inc. will discuss its second quarter 2026 results and full year 2026 outlook during a conference call scheduled for today, July 30, 2026 at 4:30 p.m. Eastern time (ET).
Live Conference Dial-In:
Those interested in participating in the question-and-answer session should follow the conference dial-in instructions below. Participants may register for the call here to receive the dial-in numbers and unique PIN to access the call seamlessly. Please dial in at least ten minutes prior to the start of the call. Journalists are invited to listen only.
Webcast and Replay:
Investors, journalists and the general public may access a live webcast of this event at: Q2 2026 Grand Canyon Education Inc. Earnings Conference Call. A webcast replay will be available approximately two hours following the conclusion of the call at the same link.
About Grand Canyon Education, Inc.
Grand Canyon Education, Inc. ("GCE"), incorporated in 2008, is a publicly traded education services company that currently provides services to 20 university partners. GCE is uniquely positioned in the education services industry in that its leadership has over 30 years of proven expertise in providing a full array of support services in the post-secondary education sector and has developed significant technological solutions, infrastructure and operational processes to provide superior services in these areas on a large scale. GCE provides services that support students, faculty and staff of partner institutions such as marketing, strategic enrollment management, counseling services, financial services, technology, technical support, compliance, human resources, classroom operations, content development, faculty recruitment and training, among others. For more information about GCE visit the Company's website at www.gce.com.
Grand Canyon Education, Inc., 2600 W. Camelback Road, Phoenix, AZ 85017, www.gce.com.
Grand Canyon Education, Inc. Reports Second Quarter 2026 Results
GRAND CANYON EDUCATION, INC.
Consolidated Income Statements
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
(In thousands, except per share data)
Service revenue
$
264,045
$
247,499
$
572,805
$
536,809
Costs and expenses:
Technology and academic services
45,645
43,134
90,675
84,798
Counseling services and support
88,072
83,023
179,929
169,845
Marketing and communication
59,963
56,037
123,950
116,367
General and administrative
10,109
11,411
20,428
21,777
Amortization of intangible assets
2,105
2,105
4,210
4,210
Total costs and expenses
205,894
195,710
419,192
396,997
Operating income
58,151
51,789
153,613
139,812
Investment interest and other
2,702
3,226
5,723
6,607
Income before income taxes
60,853
55,015
159,336
146,419
Income tax expense
15,001
13,469
38,136
33,255
Net income
$
45,852
$
41,546
$
121,200
$
113,164
Earnings per share:
Basic income per share
$
1.75
$
1.48
$
4.58
$
4.02
Diluted income per share
$
1.75
$
1.48
$
4.57
$
4.00
Basic weighted average shares outstanding
26,162
27,996
26,451
28,136
Diluted weighted average shares outstanding
26,221
28,134
26,543
28,301
Grand Canyon Education, Inc. Reports Second Quarter 2026 Results
GRAND CANYON EDUCATION, INC.
Consolidated Balance Sheets
As of June 30,
As of December 31,
(In thousands, except par value)
2026
2025
ASSETS:
(Unaudited)
Current assets
Cash and cash equivalents
$
171,060
$
111,762
Investments
103,466
188,317
Accounts receivable, net
34,237
84,278
Income taxes receivable
7,863
2,392
Other current assets
14,830
13,430
Total current assets
331,456
400,179
Property and equipment, net
181,051
178,957
Right-of-use assets
93,767
96,571
Amortizable intangible assets, net
147,333
151,543
Goodwill
160,766
160,766
Other assets
4,806
4,289
Total assets
$
919,179
$
992,305
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities
Accounts payable
$
16,781
$
24,347
Accrued compensation and benefits
35,332
35,199
Accrued liabilities
34,989
32,283
Income taxes payable
69
3,355
Deferred revenue
15,119
—
Current portion of lease liability
15,346
14,568
Total current liabilities
117,636
109,752
Deferred income taxes, noncurrent
41,840
41,426
Other long-term liabilities
1,328
1,439
Lease liability, less current portion
88,866
92,755
Total liabilities
249,670
245,372
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.01 par value, 10,000 shares authorized; 0 shares issued and outstanding at
June 30, 2026 and December 31, 2025
—
—
Common stock, $0.01 par value, 100,000 shares authorized; 54,265 and 54,178 shares issued
and 26,234 and 27,393 shares outstanding at June 30, 2026 and December 31, 2025,
respectively
543
542
Treasury stock, at cost, 28,031 and 26,785 shares of common stock at June 30, 2026 and
December 31, 2025, respectively
(2,496,632)
(2,291,610)
Additional paid-in capital
357,427
350,374
Accumulated other comprehensive (loss) gain
(145)
511
Retained earnings
2,808,316
2,687,116
Total stockholders' equity
669,509
746,933
Total liabilities and stockholders' equity
$
919,179
$
992,305
Grand Canyon Education, Inc. Reports Second Quarter 2026 Results
GRAND CANYON EDUCATION, INC.
Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(In thousands)
2026
2025
Cash flows provided by operating activities:
Net income
$
121,200
$
113,164
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation
7,054
7,117
Depreciation and amortization
17,028
15,260
Amortization of intangible assets
4,210
4,210
Deferred income taxes
618
1,657
Other, including fixed asset disposals
(307)
(602)
Changes in assets and liabilities:
Accounts receivable
50,041
55,249
Other assets
(2,095)
(4,732)
Right-of-use assets and lease liabilities
(307)
379
Accounts payable
(7,841)
(2,605)
Accrued liabilities
892
3,014
Income taxes receivable/payable
(8,757)
(14,622)
Deferred revenue
15,119
14,150
Net cash provided by operating activities
196,855
191,639
Cash flows provided by (used in) investing activities:
Capital expenditures
(18,863)
(17,561)
Additions of amortizable content
(44)
(28)
Purchase of equity investment
—
(1,000)
Loss on equity investment
100
500
Purchases of investments
(36,672)
(191,666)
Proceeds from sale or maturity of investments
121,108
11,007
Net cash provided by (used in) investing activities
65,629
(198,748)
Cash flows used in financing activities:
Repurchase of common shares and shares withheld in lieu of income taxes
(203,186)
(125,236)
Net cash used in financing activities
(203,186)
(125,236)
Net increase (decrease) in cash and cash equivalents and restricted cash
59,298
(132,345)
Cash and cash equivalents and restricted cash, beginning of period
111,762
324,623
Cash and cash equivalents and restricted cash, end of period
$
171,060
$
192,278
Supplemental disclosure of cash flow information
Cash paid for interest
$
—
$
—
Cash paid for income taxes
$
43,728
$
44,476
Supplemental disclosure of non-cash investing and financing activities
Purchases of property and equipment included in accounts payable
$
1,110
$
1,302
Excise tax on treasury stock repurchases
$
1,836
$
1,087
Grand Canyon Education, Inc. Reports Second Quarter 2026 Results
GRAND CANYON EDUCATION, INC.
Adjusted EBITDA (Non-GAAP Financial Measure)
Adjusted EBITDA is defined as net income plus interest expense, less interest income and other gain (loss) recognized on investments, plus income tax expense, and plus depreciation and amortization (EBITDA), as adjusted for (i) contributions to private Arizona school tuition organizations in lieu of the payment of state income taxes; (ii) share-based compensation; and (iii) unusual charges or gains, such as litigation and regulatory costs, impairment charges and asset write-offs, severance costs, and exit or lease termination costs. We present Adjusted EBITDA because we consider it to be an important supplemental measure of our operating performance. We also make certain compensation decisions based, in part, on our operating performance, as measured by Adjusted EBITDA. All of the adjustments made in our calculation of Adjusted EBITDA are adjustments to items that management does not consider to be reflective of our core operating performance. Management considers our core operating performance to be that which can be affected by our managers in any particular period through their management of the resources that affect our underlying revenue and profit generating operations during that period and does not consider the items for which we make adjustments (as listed above) to be reflective of our core performance.
We believe Adjusted EBITDA allows us to compare our current operating results with corresponding historical periods and with the operational performance of other companies in our industry because it does not give effect to potential differences caused by variations in capital structures (affecting relative interest expense, including the impact of write-offs of deferred financing costs when companies refinance their indebtedness), tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses), the book amortization of intangibles (affecting relative amortization expense), and other items that we do not consider reflective of underlying operating performance. We also present Adjusted EBITDA because we believe it is frequently used by securities analysts, investors, and other interested parties as a measure of performance.
In evaluating Adjusted EBITDA, investors should be aware that in the future we may incur expenses similar to the adjustments described above. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by expenses that are unusual, non-routine, or non-recurring. Adjusted EBITDA has limitations as an analytical tool in that, among other things, it does not reflect:
cash expenditures for capital expenditures or contractual commitments; changes in, or cash requirements for, our working capital requirements; interest expense, or the cash required to replace assets that are being depreciated or amortized; and the impact on our reported results of earnings or charges resulting from the items for which we make adjustments to our EBITDA, as described above and set forth in the table below. In addition, other companies, including other companies in our industry, may calculate these measures differently than we do, limiting the usefulness of Adjusted EBITDA as a comparative measure. Because of these limitations, Adjusted EBITDA should not be considered as a substitute for net income, operating income, or any other performance measure derived in accordance with and reported under GAAP, or as an alternative to cash flow from operating activities or as a measure of our liquidity. We compensate for these limitations by relying primarily on our GAAP results and only use Adjusted EBITDA as a supplemental performance measure.
The following table provides a reconciliation of net income to Adjusted EBITDA, which is a non-GAAP measure for the periods indicated:
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
(Unaudited, in thousands)
(Unaudited, in thousands)
Net income
$
45,852
$
41,546
$
121,200
$
113,164
Less: investment interest and other
(2,702)
(3,226)
(5,723)
(6,607)
Plus: income tax expense
15,001
13,469
38,136
33,255
Plus: amortization of intangible assets
2,105
2,105
4,210
4,210
Plus: depreciation and amortization
8,685
7,809
17,028
15,260
EBITDA
68,941
61,703
174,851
159,282
Plus: share-based compensation
3,456
3,487
7,054
7,117
Plus: litigation and regulatory costs
975
2,159
2,142
2,902
Plus: loss on fixed asset disposal
23
62
34
78
Adjusted EBITDA
$
73,395
$
67,411
$
184,081
$
169,379
Non-GAAP Net Income and Non-GAAP Diluted Income Per Share
The Company believes the presentation of non-GAAP net income and non-GAAP diluted income per share information that excludes amortization of intangible assets and loss on disposal of fixed assets allows investors to develop a more meaningful understanding of the Company's performance over time. Accordingly, for the three and six months ended June 30, 2026 and 2025, the table below provides reconciliations of these non-GAAP items to GAAP net income and GAAP diluted income per share, respectively:
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
(Unaudited, in thousands except per share data)
GAAP Net income
$
45,852
$
41,546
$
121,200
$
113,164
Plus: Amortization of intangible assets
2,105
2,105
4,210
4,210
Plus: Loss on disposal of fixed assets
23
62
34
78
Less: Income tax effects of adjustments (1)
(525)
(531)
(1,016)
(974)
As Adjusted, Non-GAAP Net income
$
47,455
$
43,182
$
124,428
$
116,478
GAAP Diluted income per share
$
1.75
$
1.48
$
4.57
$
4.00
Plus: Amortization of intangible assets (2)
0.06
0.05
0.12
0.12
Plus: Loss on disposal of fixed assets (3)
0.00
0.00
0.00
0.00
As Adjusted, Non-GAAP Diluted income per share
$
1.81
$
1.53
$
4.69
$
4.12
(1)
The income tax effects of adjustments are based on the effective income tax rate applicable to adjusted (non-GAAP) results.
(2)
The amortization of acquired intangible assets per diluted share is net of an income tax benefit of $0.02 for both of the three months ended June 30, 2026 and 2025, and net of an income tax benefit of $0.04 and $0.03 for the six months ended June 30, 2026 and 2025, respectively.
(3)
The loss on disposal of fixed assets per diluted share is net of an income tax benefit of nil for both of the three months ended June 30, 2026 and 2025 and nil for both of the six months ended June 30, 2026 and 2025.
Investor Relations Contact:
Daniel E. Bachus
Chief Financial Officer
Grand Canyon Education, Inc.
602-639-6648
[email protected]
