2 Real-Estate Related Stocks Showing Signs Of Being UndervaluedCentury Communities NYSE: CCS reported stronger second-quarter 2026 results, with management citing improved order activity, higher deliveries, lower incentives and tighter cost controls despite what executives described as macroeconomic headwinds and weak consumer sentiment.
Executive Chairman Dale Francescon said the homebuilder delivered earnings of $1.26 per diluted share, up 11% from a year earlier and 50% sequentially. The company delivered 2,506 homes in the quarter, ahead of its guidance range of 2,200 to 2,400 homes. Francescon said deliveries benefited from a stronger absorption rate, which rose 6% from the prior quarter, compared with a historical average second-quarter decline of 7% over the previous five years.
Get Century Communities alerts:
3 Undervalued Dividend Payers For Volatile Market Conditions“We delivered strong second quarter results despite continued headwinds from macro challenges and weak consumer sentiment,” Dale Francescon said.
Orders Improve as Community Count Reaches Record Chief Executive Officer Rob Francescon said net orders totaled 2,615 homes in the second quarter, up 3% year over year and 10% sequentially. He said most of the increase came from improved absorption rates, and order activity remained consistent throughout the quarter, with June orders roughly in line with April and May.
The company averaged 321 communities during the quarter and ended the period with 330 communities, up 4% sequentially and a company record. Rob Francescon noted that the net increase in community count occurred in June, meaning second-quarter orders did not receive a meaningful benefit from the higher quarter-end community count.
Traffic in the second quarter was about 9% higher than first-quarter levels, and June traffic was 18% higher than April levels. The cancellation rate declined year over year to 13.2%.
Rob Francescon said order activity so far in July has been in line with typical seasonality, though he said it was too early to determine the effect of recent interest-rate increases on buyers.
Margins Benefit From Lower Incentives and Costs Century reported second-quarter home sales revenue of $898 million, with an average sales price of $358,000. Chief Financial Officer Scott Dixon said pretax income was $49 million and net income was $36 million.
The company’s GAAP homebuilding gross margin was 18.1%, while adjusted gross margin was 20%. Both increased 30 basis points from the first quarter. Dixon noted that first-quarter margins had benefited by 90 basis points from a reduction to the company’s warranty accrual and rebate collections above prior estimates. Excluding that first-quarter benefit, he said second-quarter gross margin would have increased by 120 basis points sequentially, driven by lower incentives and direct construction costs.
Rob Francescon said incentives on delivered homes averaged 1,200 basis points, down about 50 basis points from the first quarter of 2026 and 100 basis points from the fourth quarter of 2025. He said incentives on closed homes were relatively consistent during the second quarter, and the company expects third-quarter incentives to be consistent with levels seen in the first half of the year, assuming current market conditions.
Direct construction costs on delivered homes declined 5% sequentially. Cycle times averaged 112 calendar days, down from both the prior year and prior quarter and a company record. Finished lot costs were flat sequentially, and the company continues to expect average finished lot costs for 2026 to be only 2% to 3% higher than fourth-quarter 2025 levels.
Mortgage Strategy and Affordability Rob Francescon said adjustable-rate mortgages accounted for nearly 35% of the mortgages originated by the company by principal volume in the second quarter. That was up from about 30% in the first quarter of 2026 and less than 5% in the first quarter of 2025.
“Receptivity of our buyers to ARMs has been increasing, and this increased adoption of ARMs could help partially address the market’s affordability challenges,” he said.
In response to an analyst question, Rob Francescon said the company believes it can push ARM usage higher, calling the products an affordable option for many buyers based on how long they may stay in their homes.
Capital Allocation and Guidance Century ended the quarter with just over 60,000 owned and controlled lots. Rob Francescon said owned lots declined 2% sequentially, while total lot count rose 3% as the company continued to manage its land position. The company expects 2026 land acquisition and development spending of $1 billion to $1.2 billion, with flexibility to raise or lower that amount depending on market conditions.
Dixon said Century ended the quarter with $2.6 billion in stockholders’ equity and a book value per share of $90.24, a company record. The company maintained its quarterly dividend of $0.32 per share and repurchased 353,000 shares for $20 million at an average price of $55.54 during the quarter. Through the first half of the year, Century repurchased 970,000 shares for $60 million, representing more than 3% of shares outstanding at the start of the year.
The company raised the midpoint and low end of its full-year 2026 delivery guidance. It now expects:
Home deliveries of 9,750 to 10,500 homes for 2026. Home sales revenue of $3.5 billion to $3.8 billion. Third-quarter deliveries of 2,500 to 2,700 homes, with a further sequential increase expected in the fourth quarter. Full-year tax rate of 26% to 27%. Regional Trends and Cost Pressures During the question-and-answer portion of the call, management said it remains constructive on Texas, where selling communities increased. Dixon said Houston remains a strong market for the company, especially among entry-level and first-time buyers, while San Antonio has been a “bright spot.” He said Austin appears to be improving, while the Dallas operation is still scaling.
Asked about vendor cost pressures, Rob Francescon said the company has received requests tied to higher oil prices, including diesel and asphalt on the land development side, but is pushing back on those increases. He said lumber tailwinds have likely ended, with costs “flat to up” but not yet meaningful on a percentage basis.
On competitive conditions, Rob Francescon said inventory levels appear to be in normal ranges and that the company has not seen “crazy discounting” to the extent it had last year or earlier this year. Dixon added that Century ended June with slightly below three finished spec homes per community, a level management said it views as appropriate for serving buyers.
“We are effectively balancing pace and price and controlling our costs and inventory levels,” Dixon said.
About Century Communities (NYSE:CCS)Century Communities, Inc is a national homebuilder and land developer headquartered in Greenwood Village, Colorado. The company is engaged in the acquisition, development, construction and sale of single- and multi-family residential homes, offering a range of floor plans and design options to homebuyers. In addition to its core homebuilding activities, Century Communities provides ancillary services such as mortgage financing, title and closing services, and insurance products through its wholly owned subsidiaries, aiming to deliver a comprehensive homebuying experience.
Founded in 2009, Century Communities rapidly expanded through both organic growth and strategic land acquisitions, positioning itself in high-growth markets across the United States.
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 Century Communities Right Now?Before you consider Century Communities, 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 Century Communities wasn't on the list.
While Century Communities currently has a Reduce rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
The AI boom extends far beyond the biggest tech names. Discover 10 companies supplying the memory, storage, networking, semiconductor manufacturing, and power infrastructure that make AI possible. Learn where the next wave of AI investment opportunities may emerge—and the key risks investors should watch as the global AI buildout accelerates.
, /PRNewswire/ -- ONE Gas has released its 2026 Sustainability Report, highlighting the company's commitment to delivering affordable, reliable and safe natural gas while investing in system integrity, reducing emissions and supporting employees, customers and communities across Kansas, Oklahoma and Texas. The annual report highlights progress, projects and milestones from January 1, 2025, through December 31, 2025, unless noted otherwise.
"At ONE Gas, we're proud to deliver affordable, reliable natural gas to the customers we serve," said Robert S. McAnnally, chief executive officer of ONE Gas. "This report highlights how we meet today's energy needs while continuing to invest in the future, with a focus on safety, environmental stewardship, our employees and the communities we call home."
Sustainability Report Highlights
Safety and System Integrity
Safety remains ONE Gas' top Core Value. In 2025, the American Gas Association recognized ONE Gas with a Safety Achievement Award for the ninth consecutive year, reflecting the company's strong safety performance among similarly sized natural gas distribution companies. ONE Gas also replaced more than 400 miles of distribution mains, service lines and transmission lines to improve safety and reduce fugitive emissions. Environmental Stewardship
ONE Gas continued to make progress toward its 2035 goal to reduce Scope 1 emissions due to leaks from its distribution pipeline system by 55%, measured from an estimated 2005 baseline and accounting for projected system growth. As of Dec. 31, 2025, the company achieved an estimated 53% reduction. In 2025, ONE Gas also issued 26,477 energy efficiency rebates totaling approximately $14.1 million, helping customers reduce energy use and avoid an estimated 40,840 metric tons of CO2e emissions. Social Commitment
ONE Gas' commitment to service extends to employees, customers and communities. Employee engagement increased for the ninth consecutive year, with 91% of employees participating in the 2025 Gallup engagement survey and the company again ranking in the top quartile of Gallup's Overall Company Database. ONE Gas employees, retirees, family and friends also contributed more than 10,575 volunteer hours, while ONE Gas Foundation grants and community investments totaled $3.2 million across Kansas, Oklahoma and Texas. For a comprehensive look at ONE Gas' 2026 Sustainability Report, visit www.onegas.com
About ONE Gas
ONE Gas, Inc. (NYSE: OGS) is a 100% regulated natural gas utility, and trades on the New York Stock Exchange under the symbol "OGS." ONE Gas is included in the S&P MidCap 400 Index and is one of the largest natural gas utilities in the United States.
Headquartered in Tulsa, Oklahoma, ONE Gas provides a reliable and affordable energy choice to more than 2.3 million customers in Kansas, Oklahoma and Texas. Its divisions include Kansas Gas Service, the largest natural gas distributor in Kansas; Oklahoma Natural Gas, the largest in Oklahoma; and Texas Gas Service, the third largest in Texas, in terms of customers.
For more information and the latest news about ONE Gas, visit onegas.com and follow its social channels: X, Facebook, LinkedIn and YouTube.
Media Contact:
Leah Harper
Phone: 918-947-7123
[email protected]
John P. Brase, President and CEO of Conagra Brands, Inc. (CAG -0.14%), purchased 35,000 shares of common stock on July 17, 2026, according to an SEC Form 4 filing.
Today's Change
(
-0.14
%) $
-0.02
Current Price
$
14.83
Transaction summaryMetricValueShares purchased35,000Transaction value$511,000Post-transaction shares (directly held)35,000Post-transaction value$499,800.00Transaction value based on SEC Form 4 weighted average purchase price ($14.59); post-transaction value based on July 17, 2026 market close ($14.28).
Key questionsHow significant is this purchase relative to the insider's current equity?
This transaction represents 100% of John P. Brase's current direct ownership in the company, as the executive held no prior direct shares before this purchase.What was the execution price relative to the market close on the transaction date?
The shares were acquired at a weighted average price of $14.59 per share, while the stock closed at $14.28 on the July 17, 2026 transaction date.What is the company's current financial and market standing?
Conagra Brands maintains a market capitalization of $7.0 billion and reported trailing twelve-month revenue of $11.3 billion, though it recorded a net loss of $1.9 billion over the same period.How has the stock performed since the transaction?
As of the July 20, 2026 market close, the stock was priced at $14.66, representing a marginal increase from the insider's entry price of $14.59.Company OverviewMetricValueShare Price (as of market close 2026-07-20)$14.66Market Capitalization$7.0 billionRevenue (TTM)$11.3 billionNet Income (TTM)-$1.9 billionCompany SnapshotConagra Brands manufactures and distributes a diverse portfolio of packaged food products across North America, including non-perishable grocery items, snacks, refrigerated foods, and frozen products, generating revenue through retail and foodservice distribution channels.The company operates through four primary business segments—Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice—which collectively serve retail customers, foodservice operators, and institutional buyers across multiple distribution channels.Conagra's primary customers include major retail grocery chains, convenience stores, foodservice operators, and institutional food buyers, with products positioned across mainstream consumer and value-oriented market segments.Conagra Brands is a major North American packaged foods manufacturer with approximately $11.3 billion in trailing twelve-month (TTM) revenue and a market capitalization of $7 billion, employing 18,300 individuals across its operations. The company maintains a diversified product portfolio spanning multiple food categories and distribution channels, positioning it as a significant player in the consumer defensive sector. Despite recent market headwinds reflected in a 25% one-year share price decline, Conagra's scale and established market presence provide a foundation for its competitive positioning in the packaged foods industry.
What this transaction means for investorsThere are many reasons an insider may sell shares in a company, some of which have nothing to do with their outlook for the share price.
But there is just one reason an insider buys: they expect the price to go up.
In that light, John Brase’s purchase of his first shares in ConAgra is a positive. And studies show that insider purchases are predictive of a share price gain in the next 30 days most of the time. However, tempering the bullishness of the purchase is the fact that Brase became CEO of ConAgra this spring. Buying shares in the company is something to be expected, to be frank.
ConAgra is facing headwinds from rising commodity costs that force it to push through price increases to consumers, which means, in all likelihood, people will buy less. Wall Street sees ConAgra’s revenue declining in the current fiscal year, 2027.
But in the longer term, there is hope that Brase’s turnaround plan for the business will come to fruition, and make his shares, and those of everyone else invested in the business, rise. His focus for the current year is to invest millions in brand awareness so consumers feel greater affinity for ConAgra’s brands, as well as to invest some $125 million in supply chain resilience to ensure better costs and availability in the future. Longer term , ConAgra want to simplify its array of brands and products, and is currently shifting to focus more on meats and savory snacks, in line with consumer trends.
In short, Brase’s share purchase may not be a signal to pile into ConAgra shares right now, but it’s a sign of faith in the business from its new leader. That’s always a positive.
BRENTWOOD, Tenn.--(BUSINESS WIRE)--Delek Logistics Partners, LP (NYSE: DKL) (“Delek Logistics”) today declared its quarterly cash distribution for the second quarter 2026 of $1.135 per common limited partner unit, or $4.54 per common limited partner unit on an annualized basis. The second quarter 2026 cash distribution is payable on August 10, 2026, to unitholders of record on August 3, 2026. About Delek Logistics Partners, LP Delek Logistics is a midstream energy master limited partnership hea.
SEATTLE, July 22, 2026 (GLOBE NEWSWIRE) -- Remitly Global, Inc. (NASDAQ: RELY) (“Remitly” or the “Company”), a trusted provider of financial services that transcend borders, today announced that it will report second quarter financial results after the market closes on Wednesday, August 5, 2026. Management will host a conference call and live webcast to present the Company's financial results and answer questions from the financial analyst community at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time that same evening. Conference call and webcast information can be found below.
Remitly Second Quarter Financial Results Conference Call and Webcast Information:
When: Wednesday, August 5th, 2026
Time: 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time
Toll-Free Dial-in: To access the call, please use the following link: Remitly 2Q 2026 Earnings Call. After registering, an email will be sent, including dial-in details and a unique conference call access code required to join the live call. To ensure you are connected prior to the beginning of the call, the Company suggests registering a minimum of 10 minutes before the start of the call.
Live Webcast and Replay: A live webcast and replay of the call will be accessible from the Investor Relations section of the Company’s website at https://ir.remitly.com/. For those not planning to ask a question of management, the Company recommends listening via the webcast.
About Remitly
Remitly is a trusted provider of financial services that transcend borders. With a footprint spanning more than 175 countries, Remitly has built one of the world’s leading global money movement platforms, trusted by millions of customers. Remitly continues to evolve beyond a remittance company into a diversified, cross-border financial services provider, serving both consumers and businesses across a growing set of use cases.
New York, New York--(Newsfile Corp. - July 22, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Badger Meter, Inc. (NYSE: BMI) between April 18, 2024 and April 16, 2026, inclusive (the "Class Period"), of the important August 3, 2026 lead plaintiff deadline.
SO WHAT: If you purchased Badger Meter common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Badger Meter class action, go to https://rosenlegal.com/cases/badger-meter-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 3, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made materially false and misleading statements concerning the drivers of Badger Meter's "record" financial results, demand for Badger Meter's products, and its prospects for continued growth. During the Class Period, defendants told investors that Badger Meter's strong financial results reflected "ongoing favorable industry trends," "secular growth drivers," and "solid operating execution." They likewise touted "strong" demand and said they were seeing "robust order pacing and a strong bid pipeline that positions us well for continued sales and earnings growth," and that Badger Meter possessed a "long runway" for growth.
According to the lawsuit, these statements were materially false and misleading. In truth, Badger Meter's financial results during the Class Period were at least partially attributable to Badger Meter's practice of pulling-forward customer orders to recognize revenue early, which concealed weakening demand and deteriorating near-term order trends. This practice also depleted revenue otherwise available for future periods, ultimately causing the disappointing financial results Badger Meter later reported. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Badger Meter class action, go to https://rosenlegal.com/cases/badger-meter-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
-------------------------------
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306132
Source: The Rosen Law Firm PA
Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.
ST. PETERSBURG, Fla., July 22, 2026 (GLOBE NEWSWIRE) --
Record quarterly net revenues of $3.93 billion, up 16% over the prior year’s fiscal third quarter and 2% over the preceding quarter Quarterly net income available to common shareholders of $595 million, or record $3.01 per diluted share, up 42% over the prior year’s fiscal third quarter and 11% over the preceding quarter; quarterly adjusted net income available to common shareholders of $620 million(1), or record $3.14 per diluted share(1)Domestic Private Client Group net new assets(2) of $21.7 billion for the fiscal third quarter, or annualized growth from beginning of quarter assets of 5.5%Record client assets under administration of $1.92 trillion, up 17% over June 2025 and 9% over March 2026Record quarter-end Private Client Group assets in fee-based accounts of $1.15 trillion, up 22% over June 2025 and 11% over March 2026Record net bank loans of $56.2 billion, up 13% over June 2025 and 3% over March 2026; Securities-based loans of $24.8 billion, up 34% over June 2025 and 8% over March 2026 Annualized return on common equity and annualized adjusted return on tangible common equity of 18.8% and 23.5%(1), respectively, for the fiscal third quarter Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.93 billion and net income available to common shareholders of $595 million, or $3.01 per diluted share, for the fiscal third quarter ended June 30, 2026. Quarterly adjusted net income available to common shareholders, which excluded $25 million of acquisition-related expenses, net of tax, was $620 million(1), or $3.14 per diluted share(1).
“Results through the first nine months of the fiscal year were strong, with records set for net revenues, pre-tax income, net income and earnings per share, reflecting the continued execution of our long-term strategies and the strength of a culture built on putting people first and earning trust over generations,” said CEO Paul Shoukry. “Our consistent performance reflects our long-term approach, the resiliency of our diversified business model and the commitment of our associates and advisors to serving clients with integrity. These results were anchored by continued strength in the Private Client Group, where fee-based assets reached a quarter-end record of $1.15 trillion and annualized domestic PCG net new asset growth was 6.6% for the first nine months of the fiscal year. As we enter the fiscal fourth quarter, we do so with significant momentum, supported by historically strong business drivers, robust financial advisor recruiting and strong investment banking pipelines, as well as ample capital and liquidity to support continued growth.”
Record quarterly net revenues increased 16% over the prior year’s fiscal third quarter and 2% over the preceding quarter, largely driven by continued growth in asset management and related administrative fees which grew to approximately $2.1 billion. Quarterly pre-tax income increased 2% over the preceding quarter while net income available to common shareholders increased 10% largely due to a lower effective tax rate. For the fiscal third quarter, annualized return on common equity and annualized adjusted return on tangible common equity were 18.8% and 23.5%(1), respectively.
For the first nine months of the fiscal year, record net revenues of $11.5 billion increased 11%, record earnings per diluted share of $8.52 increased 16%, and record adjusted earnings per diluted share of $8.83(1) increased 17% over the first nine months of fiscal 2025. The Private Client Group and Asset Management segments generated record net revenues in the first nine months of fiscal 2026. The Asset Management and Bank segments produced record pre-tax income during the same period. Annualized return on common equity was 18.1% and annualized adjusted return on tangible common equity was 22.0%(1).
Segment Results
Private Client Group
Record quarterly net revenues of $2.84 billion, up 14% over the prior year’s fiscal third quarter and 1% over the preceding quarter Quarterly pre-tax income of $423 million, up 3% over the prior year’s fiscal third quarter and 2% over the preceding quarter Domestic Private Client Group net new assets(2) of $21.7 billion for the fiscal third quarter, or annualized growth from beginning of the quarter assets of 5.5% Record Private Client Group assets under administration of $1.86 trillion, up 18% over June 2025 and 9% over March 2026 Record quarter-end Private Client Group assets in fee-based accounts of $1.15 trillion, up 22% over June 2025 and 11% over March 2026 Total clients’ domestic cash sweep and Enhanced Savings Program balances of $58.8 billion, up 7% over June 2025 and 2% over March 2026 Record quarterly net revenues rose 14% year-over-year, primarily driven by higher asset management and related administrative fees, which grew 19% to $1.73 billion mainly due to market appreciation and net inflows into PCG fee-based accounts. Pre-tax income grew 3% over the year-ago quarter as the asset management fee revenue growth was partially offset by the impact of lower interest rates and investments in leading growth, including record recruiting results.
Capital Markets
Quarterly net revenues of $477 million, up 25% over the prior year’s fiscal third quarter and 3% over the preceding quarter Quarterly investment banking revenues of $285 million, up 40% over the prior year’s fiscal third quarter and 5% over the preceding quarter Quarterly pre-tax income of $48 million Quarterly net revenues increased 25% over the prior-year period, driven predominantly by higher M&A and advisory revenues and higher debt and equity underwriting revenues. Sequentially, quarterly net revenues grew 3%, largely due to higher M&A and advisory and debt underwriting revenues.
Asset Management
Record quarterly net revenues of $362 million, up 24% over the prior year’s fiscal third quarter and 11% over the preceding quarter Quarterly pre-tax income of $143 million, up 14% over the prior year’s fiscal third quarter and 4% over the preceding quarter Record financial assets under management of $345 billion, up 31% over June 2025 and 22% over March 2026, including $36 billion from the acquisition of Clark Capital(3) completed in the quarter Record quarterly net revenues increased 24% year-over-year, primarily driven by higher financial assets under management from market appreciation, net inflows into Private Client Group fee-based accounts, and the addition of Clark Capital(3).
Bank
Quarterly net revenues of $488 million, up 7% over the prior year’s fiscal third quarter and up slightly over the preceding quarter Record quarterly pre-tax income of $206 million, up 67% over the prior year’s fiscal third quarter and 24% over the preceding quarter Record net bank loans of $56.2 billion, up 13% over June 2025 and 3% over March 2026 Bank segment net interest income increased 7% over the prior year’s fiscal third quarter and approximated the preceding quarter Quarterly bank loan benefit for credit losses of $26 million Record net bank loans grew 13% over the prior year quarter, driven by continued growth in securities-based and residential mortgage loans, which rose by 34% and 13%, respectively. Net interest margin of 2.71% for the quarter was down 3 basis points compared to the prior year’s fiscal third quarter and 10 basis points compared to the preceding quarter. The credit quality of the loan portfolio remains strong.
Other Matters
The effective tax rate for the quarter was 20.7%, which reflects the favorable impact of nontaxable gains on our corporate-owned life insurance portfolio in the quarter.
During the fiscal third quarter, the firm repurchased $400 million of common stock at an average price of $152 per share. As of June 30, 2026, $1.1 billion remained available under the Board’s approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 22.5%(4) and the tier 1 leverage ratio was 11.7%(4), both well above regulatory requirements.
A conference call to discuss the results will take place today, Wednesday, July 22, at 5:00 p.m. ET. The live audio webcast, and the presentation which management will review on the call, will be available at www.raymondjames.com/investor-relations/financial-information/quarterly-earnings. An audio replay of the call will be available at the same location for 30 days. For a listen-only connection to the conference call, please dial: 888-330-3573 (conference code: 3778589).
Click here to view full earnings results, earnings supplement, and earnings presentation.
About Raymond James Financial, Inc.
Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. Total client assets are $1.92 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.
Forward-Looking Statements
Certain statements made in this press release may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions (including changes in interest rates and inflation), demand for and pricing of our products (including cash sweep and deposit offerings), anticipated timing and benefits of our acquisitions, including Clark Capital Management Group, Inc. (“Clark Capital”), and our level of success integrating acquired businesses, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise.
LANSING, Mich.--(BUSINESS WIRE)--Jackson Financial Inc.1 (NYSE: JXN) (Jackson®) today announced Laura Prieskorn, President and Chief Executive Officer, has shared her plans to retire at the end of 2026. Don Cummings, Executive Vice President and Chief Financial Officer, will succeed Prieskorn as President and CEO and as a member of the JFI Board of Directors, effective October 1, 2026. Brian Walta will succeed Cummings as Executive Vice President and Chief Financial Officer, also effective Octo.
RENO, Nev.--(BUSINESS WIRE)--U-Haul Holding Company (NYSE: UHAL, UHAL.B), the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, plans to report its first quarter fiscal 2027 financial results after the close of market trading on Wednesday, August 5, 2026. The Company is scheduled to conduct its first quarter investor conference call and webcast at 8 a.m. Arizona Time (11 a.m. ET) on Thursday, August 6, 2026. Li.
Mark Miller to Retire as Chief Executive Officer. Mark Jones, Jr. to Become President and Chief Executive Officer Effective January 1, 2027 July 22, 2026 16:05 ET | Source: Goosehead Insurance, Inc.
WESTLAKE, Texas, July 22, 2026 (GLOBE NEWSWIRE) -- Goosehead Insurance, Inc. ("Goosehead" or the "Company") (NASDAQ: GSHD), a rapidly growing, independent personal lines insurance agency, today announced that Mark Miller will retire as Chief Executive Officer effective December 31, 2026. Mark Jones, Jr., currently President and Chief Operating Officer, will succeed Mr. Miller as President and Chief Executive Officer effective January 1, 2027. Mr. Miller will continue to serve on Goosehead's Board of Directors.
Since joining Goosehead in 2022, Mr. Miller has led the Company through an important period of operational advancement, strengthening the executive leadership team, enhancing execution across the business, and helping position Goosehead for its next phase of growth.
"Mark Miller has been an exceptional leader and partner whose impact on Goosehead will extend well beyond his tenure as CEO," said Mark Jones, Co-Founder and Executive Chairman of Goosehead. "On behalf of our Board of Directors, I want to thank Mark for his leadership, integrity, and commitment to this company. We are equally confident that Mark Jones, Jr. is the right leader to guide Goosehead into its next chapter."
The leadership transition reflects the Company's long-term succession planning process. Mr. Jones, Jr. joined Goosehead in 2016 and has held executive leadership roles across finance and operations, most recently serving as President and Chief Operating Officer. Over the past decade, he has helped shape the Company's financial strategy, strengthen operational execution, and lead key strategic initiatives that support Goosehead's continued growth.
"It has been a privilege to serve as Goosehead's Chief Executive Officer," said Mark Miller. "I am incredibly proud of what our team has accomplished together and grateful for the opportunity to lead this remarkable company. I have complete confidence in Mark Jr., our leadership team, and Goosehead's future."
As President and Chief Executive Officer, Mr. Jones, Jr. will lead the continued execution of Goosehead's long-term strategy, with a focus on expanding the Company's technology platform, growing its distribution network, delivering exceptional client service, and creating long-term value for shareholders.
"Goosehead has an exceptional team, a differentiated business model, and tremendous opportunities ahead," said Mark Jones, Jr. "I look forward to building on the momentum we've created and continuing to execute our strategy for the benefit of our clients, partners, teammates, and shareholders."
About Goosehead
Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 200 insurance companies that underwrite personal and commercial lines. For more information, please visit goosehead.com or goosehead.com/become-a-franchisee.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, expectations regarding the Company's leadership transition, strategic priorities, future growth, and business outlook. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the Company's filings with the Securities and Exchange Commission. Goosehead undertakes no obligation to update any forward-looking statements except as required by law.
Contacts
Investor Contact:
Maddie Middleton
Senior Director of Investor Relations [email protected]
– Total Revenue Increased 21% and Core Revenue* Grew 10% over the Prior-Year Period –
– Total Written Premium increased 14% to $1.34 billion over the Prior-Year Period –
– Net Income of $17.0 million versus Net Income of $8.3 million a year ago –
– Adjusted EBITDA* up 30% over Prior-Year Period to $37.9 million –
– Policies in force growth accelerated to 15% from 14% in the Prior Quarter –
WESTLAKE, Texas, July 22, 2026 (GLOBE NEWSWIRE) -- Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ: GSHD), a rapidly growing independent personal lines insurance agency, today announced results for the second quarter ended June 30, 2026.
Second Quarter 2026 Highlights
Total Revenues grew 21% over the prior-year period to $113.4 million in the second quarter of 2026Second quarter Core Revenues* of $95.6 million increased 10% over the prior-year periodSecond quarter net income of $17.0 million increased from net income of $8.3 million a year agoEPS of $0.42 per share increased 106% and Adjusted EPS* of $0.64 per share increased 32%, over the prior-year periodNet income margin for the second quarter was 15%Adjusted EBITDA* of $37.9 million increased 30% from $29.2 million in the prior-year periodAdjusted EBITDA Margin* increased 2 percentage points over the prior-year period to 33%Total written premiums placed for the second quarter increased 14% over the prior-year period to $1.34 billionPolicies in force grew 15% from the prior-year period to approximately 2.1 millionCorporate agent headcount of 583 increased 22% compared to the prior-year periodTotal franchise producers of 2,190 increased 5% from the prior-year period *Core Revenue, Adjusted EPS, Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP measures. Reconciliations of Core Revenue to total revenues, Adjusted EPS to basic earnings per share and Adjusted EBITDA to net income, the most directly comparable financial measures presented in accordance with GAAP, are set forth in the reconciliation table accompanying this release.
“Today we are proud to announce our second quarter results which reflect accelerating momentum across our entire business,” said Mark Miller, CEO. “We delivered strong new business growth in every channel while improving client retention, accelerating premium and policy in force growth rates, and increasing productivity. Our distribution force is healthier than ever, our technology continues to evolve at a significant pace, and the product market is more favorable than it has been in years. We believe Goosehead is well-positioned for continued durable growth and profitability.”
Second Quarter 2026 Results
For the second quarter of 2026, total revenues were $113.4 million, an increase of 21% compared to the corresponding period in 2025. Core Revenues, a non-GAAP measure which excludes contingent commissions, initial franchise fees, interest income, and other franchise revenues, were $95.6 million, a 10% increase from $86.8 million in the prior-year period. Core Revenues are the most reliable revenue stream for the Company, consisting of New Business Commissions, Agency Fees, New Business Royalty Fees, Renewal Commissions, and Renewal Royalty Fees. Core Revenue growth was driven primarily by more policies in their renewal term, supported by an 86% Client Retention rate, and by more new policies placed, driven by growth in the number of Corporate and Franchise sales agents and improved Franchise productivity. This was partially offset by the prior-year recognition of $3.0 million of Renewal Commissions and $1.0 million of Renewal Royalty Fees tied to the release of a constraint on variable consideration for policies placed in earlier periods. The Company grew total written premiums, which we consider to be the leading indicator of future revenue growth, by 14% in the second quarter compared to the corresponding period in prior year.
Total operating expenses for the second quarter of 2026 were $86.8 million, up from $78.4 million in the prior-year period. Adjusted total operating expenses* for the second quarter of 2026 were $75.4 million, up 16% from $64.9 million in the prior-year period. Employee compensation and benefits increased to $54.3 million from $50.4 million in the prior-year period. Adjusted employee compensation and benefits* increased to $49.6 million from $44.4 million in the prior-year period. The increases were primarily due to investments in corporate producers and technology functions. Equity-based compensation decreased to $4.8 million for the period, compared to $6.0 million in the prior-year period. General and administrative expenses increased to $28.4 million from $24.6 million in the prior-year period. Adjusted general and administrative expenses*, increased to $25.4 million from $20.0 million primarily due to investments in technology and professional services to drive growth and continue to improve the client experience. Bad debt expense of $0.5 million decreased compared to the prior-year period.
Net income in the second quarter of 2026 was $17.0 million versus net income of $8.3 million in the prior-year period. Earnings per share and Net Income Margin for the second quarter of 2026 were $0.42 and 15%, respectively. Adjusted EPS* for the second quarter of 2026 was $0.64 per share. Total Adjusted EBITDA* was $37.9 million for the second quarter of 2026 compared to $29.2 million in the prior-year period. Adjusted EBITDA Margin* of 33% increased 2 percentage points in the quarter.
*Adjusted total operating expenses, adjusted employee compensation and benefits, adjusted general and administrative expenses, adjusted EPS, adjusted EBITDA, and adjusted EBITDA Margin are non-GAAP measures. For the definition and reconciliation of each non-GAAP measure, see “Reconciliation of Non-GAAP Measures to GAAP” below.
Liquidity and Capital Resources
As of June 30, 2026, the Company had cash and cash equivalents of $23.7 million. We have a line of credit of $75.0 million, of which $26.0 million was drawn as of June 30, 2026. Total outstanding notes payable was $323.0 million as of June 30, 2026. During the quarter ended June 30, 2026, the Company repurchased and retired 95 thousand shares at an average share price of $40.95. As of June 30, 2026, $144.6 million remained available under the share repurchase authorization.
2026 Outlook
We have increased our guidance for the full year 2026 as follows:
Total revenues are now expected to grow organically between 12% and 19%.Total written premiums are expected to grow between 12% and 20%. Conference Call Information
Goosehead will host a conference call and webcast today at 4:30 PM ET to discuss these results.
To access the call by phone, participants should go to this link (registration link), and you will be provided with the dial in details.
In addition, a live webcast of the conference call will also be available on Goosehead’s investor relations website at http://ir.gooseheadinsurance.com.
A webcast replay of the call will be available at http://ir.gooseheadinsurance.com for one year following the call.
About Goosehead
Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 200 insurance companies that underwrite personal and commercial lines. For more information, please visit goosehead.com or goosehead.com/become-a-franchisee.
Forward-Looking Statements
This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Goosehead’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Goosehead’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.
Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, conditions impacting insurance carriers or other parties with which Goosehead does business, the loss of one or more key executives or an inability to attract and retain qualified personnel and the failure to attract and retain highly qualified franchisees. These risks and uncertainties also include, but are not limited to, those described under the captions “1A. Risk Factors” in Goosehead’s Annual Report on Form 10-K for the year ended December 31, 2025 and in Goosehead’s other filings with the SEC, which are available free of charge on the Securities Exchange Commission's website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Goosehead or to persons acting on behalf of Goosehead are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Goosehead does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.
Goosehead Insurance, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025 Revenues: Commissions and agency fees $49,455 $38,076 $88,140 $67,499 Franchise revenues 63,839 55,772 118,113 101,744 Interest income 95 179 212 368 Total revenues 113,389 94,027 206,465 169,611 Operating Expenses: Employee compensation and benefits 54,328 50,388 104,855 98,722 General and administrative expenses 28,420 24,647 52,389 42,206 Bad debts 504 550 877 957 Depreciation and amortization 3,545 2,782 6,757 5,452 Total operating expenses 86,797 78,367 164,878 147,337 Income from operations 26,592 15,660 41,587 22,274 Other Income: Interest expense (5,714) (6,303) (11,186) (12,126)Other income 260 815 527 983 Income before taxes 21,138 10,172 30,928 11,131 Tax expense 4,124 1,889 5,869 202 Net Income 17,014 8,283 25,059 10,929 Less: net income attributable to noncontrolling interests 6,949 3,133 10,105 3,437 Net Income attributable to Goosehead Insurance, Inc. $10,065 $5,150 $14,954 $7,492 Earnings per share: Basic $0.42 $0.20 $0.62 $0.30 Diluted $0.41 $0.18 $0.60 $0.27 Weighted average shares of Class A common stock outstanding: Basic 23,718 25,216 23,992 25,005 Diluted 35,710 38,553 36,173 38,542 Goosehead Insurance, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025 Revenues: Core Revenue: Renewal Commissions(1) $21,034 $23,119 $39,196 $40,071 Renewal Royalty Fees(2) 52,507 45,381 96,101 82,625 New Business Commissions(1) 9,613 7,559 17,065 13,314 New Business Royalty Fees(2) 9,396 7,820 17,282 14,749 Agency Fees(1) 3,083 2,906 5,468 5,146 Total Core Revenue 95,633 86,785 175,112 155,905 Cost Recovery Revenue: Initial Franchise Fees(2) 1,360 1,247 2,969 2,589 Interest Income 95 179 212 368 Total Cost Recovery Revenue 1,455 1,426 3,181 2,957 Ancillary Revenue: Contingent Commissions(1) 15,725 4,492 26,411 8,968 Other Franchise Revenues(2) 576 1,324 1,761 1,781 Total Ancillary Revenue 16,301 5,816 28,172 10,749 Total Revenues 113,389 94,027 206,465 169,611 Adjusted Operating Expenses: Adjusted employee compensation and benefits 49,572 44,372 93,882 86,470 Adjusted general and administrative expenses 25,365 19,953 49,334 37,512 Bad debts 504 550 877 957 Adjusted Total Operating Expenses 75,441 64,875 144,093 124,939 Adjusted EBITDA 37,948 29,152 62,372 44,672 Adjusted EBITDA Margin 33% 31% 30% 26% Interest expense (5,714) (6,303) (11,186) (12,126)Depreciation and amortization (3,545) (2,782) (6,757) (5,452)Tax expense (4,124) (1,889) (5,869) (202)Equity-based compensation (4,756) (6,016) (10,973) (12,253)Impairment and other gains and losses — (4,694) — (4,694)Contract termination costs (3,055) — (3,055) — Other income 260 815 527 983 Net Income $17,014 $8,283 $25,059 $10,929 Net Income Margin 15% 9% 12% 6% (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in "Commissions and agency fees" as shown on the Condensed Consolidated Statements of Operations within Goosehead’s Form 10-Q.
(2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in "Franchise revenues" as shown on the Condensed Consolidated Statements of Operations within Goosehead’s Form 10-Q.
Goosehead Insurance, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except par value amounts)
June 30, December 31, 2026 2025 Assets Current Assets: Cash and cash equivalents $23,655 $34,390 Restricted cash 3,830 3,547 Commissions and agency fees receivable, net 24,726 36,613 Receivable from franchisees, net 18,531 11,141 Prepaid expenses 14,616 7,552 Total current assets 85,358 93,243 Receivable from franchisees, net of current portion 1,650 2,936 Property and equipment, net of accumulated depreciation 21,766 21,549 Right-of-use asset 31,264 34,087 Intangible assets, net of accumulated amortization 48,364 39,700 Deferred income taxes, net 209,795 216,371 Other assets 8,645 6,978 Total assets $406,842 $414,864 Liabilities and Stockholders’ Equity Current Liabilities: Accounts payable and accrued expenses $30,115 $33,629 Premiums payable 3,830 3,547 Lease liability 9,305 8,666 Contract liabilities 2,790 3,241 Note payable 2,993 2,993 Liabilities under tax receivable agreement 6,237 6,237 Total current liabilities 55,270 58,313 Lease liability, net of current portion 46,160 51,168 Note payable, net of current portion 314,379 289,461 Contract liabilities, net of current portion 11,289 13,025 Liabilities under tax receivable agreement, net of current portion 168,275 165,685 Total liabilities 595,373 577,652 Class A common stock, $0.01 par value per share - 300,000 shares authorized, 23,803 shares issued and outstanding as of June 30, 2026, 24,653 shares issued and outstanding as of December 31, 2025 238 247 Class B common stock, $0.01 par value per share - 50,000 shares authorized, 11,713 issued and outstanding as of June 30, 2026, 11,935 shares issued and outstanding as of December 31, 2025 117 119 Additional paid in capital 5,645 37,486 Accumulated deficit (118,402) (133,356)Total stockholders' equity (112,402) (95,504)Noncontrolling interests (76,129) (67,284)Total equity (188,531) (162,788)Total liabilities and equity $406,842 $414,864 Goosehead Insurance, Inc.
Reconciliation of Non-GAAP Measures to GAAP
This release includes certain financial performance measures that are not required by, nor presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). The Company refers to these measures as “non-GAAP financial measures.” The Company uses these non-GAAP financial measures when planning, monitoring and evaluating its performance and considers these non-GAAP financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structures, tax position, depreciation, amortization and certain other items that the Company believes are not representative of its core business. The Company uses these non-GAAP financial measures for business planning purposes and in measuring its performance relative to that of its competitors.
These non-GAAP financial measures are defined by the Company as follows:
"Core Revenue" is a supplemental measure of our performance and includes Renewal Commissions, Renewal Royalty Fees, New Business Commissions, New Business Royalty Fees, and Agency Fees. We believe that Core Revenue is an appropriate measure of operating performance because it summarizes all of our revenues from sales of individual insurance policies."Cost Recovery Revenue" is a supplemental measure of our performance and includes Initial Franchise Fees and Interest Income. We believe that Cost Recovery Revenue is an appropriate measure of operating performance because it summarizes revenues that are viewed by management as cost recovery mechanisms."Ancillary Revenue" is a supplemental measure of our performance and includes Contingent Commissions and Other Franchise Revenues. We believe that Ancillary Revenue is an appropriate measure of operating performance because it summarizes revenues that are ancillary to our core business."Adjusted EBITDA" is a supplemental measure of the Company's performance. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of items that do not relate to business performance. Adjusted EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation and amortization, adjusted to exclude equity-based compensation, impairment and other gains and losses, contract termination costs, and other non-operating items, including, among other things, certain non-cash charges and certain non-recurring or non-operating gains or losses."Adjusted EBITDA Margin" is Adjusted EBITDA as defined above, divided by total revenue. Adjusted EBITDA Margin is helpful in measuring profitability of operations on a consolidated level."Adjusted EPS" is a supplemental measure of our performance, defined as earnings per share (the most directly comparable GAAP measure) before non-recurring or non-operating income and expenses. Adjusted EPS is a useful measure to management and our investors because it eliminates the impact of items that do not relate to business performance and helps measure our profitability on a consolidated level.“Adjusted total operating expenses” is defined as Total operating expenses (the most directly comparable GAAP measure) before equity-based compensation, depreciation and amortization, impairment and other gains and losses, and contract termination costs. This measure is useful to management and our investors as it eliminates the impact of certain non-cash and non-recurring charges.“Adjusted employee compensation and benefits” is defined as Employee compensation and benefits (the most directly comparable GAAP measure) before equity-based compensation. This measure is useful to management and our investors as it eliminates the impact of certain non-cash compensation charges.“Adjusted general and administrative expenses” is defined as general and administrative expenses (the most directly comparable GAAP measure) before impairment and other gains and losses and contract termination costs. This measure is useful to management and our investors as it eliminates the impact of certain non-cash and non-recurring charges. While the Company believes that these non-GAAP financial measures are useful in evaluating its business, this information should be considered as supplemental in nature and is not meant as a substitute for revenues, net income, or earnings per share, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in the Company’s industry, may calculate such measures differently, which reduces their usefulness as comparative measures.
The following tables show a reconciliation from total revenues to Core Revenue, Cost Recovery Revenue, and Ancillary Revenue (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025Total Revenues$113,389 $94,027 $206,465 $169,611 Core Revenue: Renewal Commissions(1)$21,034 $23,119 $39,196 $40,071Renewal Royalty Fees(2) 52,507 45,381 96,101 82,625New Business Commissions(1) 9,613 7,559 17,065 13,314New Business Royalty Fees(2) 9,396 7,820 17,282 14,749Agency Fees(1) 3,083 2,906 5,468 5,146Total Core Revenue 95,633 86,785 175,112 155,905Cost Recovery Revenue: Initial Franchise Fees(2) 1,360 1,247 2,969 2,589Interest Income 95 179 212 368Total Cost Recovery Revenue 1,455 1,426 3,181 2,957Ancillary Revenue: Contingent Commissions(1) 15,725 4,492 26,411 8,968Other Franchise Revenues(2) 576 1,324 1,761 1,781Total Ancillary Revenue 16,301 5,816 28,172 10,749Total Revenues$113,389 $94,027 $206,465 $169,611 (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in "Commissions and agency fees" as shown on the Condensed Consolidated Statements of Operations.
(2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in "Franchise revenues" as shown on the Condensed Consolidated Statements of Operations.
The following tables show a reconciliation from net income to Adjusted EBITDA and Adjusted EBITDA Margin (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025 Net Income $17,014 $8,283 $25,059 $10,929 Interest expense 5,714 6,303 11,186 12,126 Depreciation and amortization 3,545 2,782 6,757 5,452 Tax expense 4,124 1,889 5,869 202 Equity-based compensation 4,756 6,016 10,973 12,253 Impairment and other gains and losses — 4,694 — 4,694 Contract termination costs 3,055 — 3,055 — Other income (260) (815) (527) (983)Adjusted EBITDA $37,948 $29,152 $62,372 $44,672 Net Income Margin(1) 15% 9% 12% 6%Adjusted EBITDA Margin(2) 33% 31% 30% 26% (1) Net Income Margin is calculated as Net Income divided by Total Revenue: ($17,014/$113,389) and ($8,283/$94,027) for the three months ended June 30, 2026 and 2025, respectively. Net Income Margin is calculated as Net Income divided by Total Revenue ($25,059/$206,465) and ($10,929/$169,611) for the six months ended June 30, 2026 and 2025, respectively.
(2) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue: ($37,948/$113,389), and ($29,152/$94,027) for the three months ended June 30, 2026 and 2025, respectively. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($62,372/$206,465), and ($44,672/$169,611) for the six months ended June 30, 2026 and 2025, respectively.
The following tables show a reconciliation from basic earnings per share to Adjusted EPS (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025:
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025Earnings per share - basic (GAAP) $0.42 $0.20 $0.62 $0.30Add: equity-based compensation(1) 0.13 0.16 0.31 0.33Add: impairment and other gains and losses(2) — 0.13 — 0.13Add: contract termination costs(3) 0.09 — 0.09 —Adjusted EPS (non-GAAP) $0.64 $0.49 $1.02 $0.76 (1) Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares: [$4.8 million/(23.7 million + 11.8 million)] and [$6.0 million/ (25.2 million + 12.3 million)] for the three months ended June 30, 2026 and 2025, respectively. Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares: [$11.0 million/ (24.0 million + 11.9 million)] and [$12.3 million/(25.0 million + 12.5 million)] for the six months ended June 30, 2026 and 2025, respectively.
(2) Calculated as impairment and other gains and losses divided by sum of weighted average Class A and Class B shares [$4.7 million/(25.2 million + 12.3 million)] for the three months ended June 30, 2025 and [$4.7 million/(25.0 million + 12.5 million)] for the six months ended June 30, 2025. No impairment and other gains and losses were recorded for the three and six months ended June 30, 2026.
(3) Calculated as contract termination costs divided by sum of weighted average Class A and Class B shares [$3.1 million/(23.7 million + 11.8 million)] for the three months ended June 30, 2026 and [$3.1 million/(24.0 million + 11.9 million)] for the six months ended June 30, 2026. No contract termination costs were recorded for the three and six months ended June 30, 2025.
The following table shows a reconciliation of total operating expenses to adjusted total operating expenses (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025 Total operating expenses $86,797 $78,367 $164,878 $147,337 Less: Depreciation and amortization (3,545) (2,782) (6,757) (5,452)Less: Equity-based compensation (4,756) (6,016) (10,973) (12,253)Less: Impairment and other gains and losses — (4,694) — (4,694)Less: Contract termination costs (3,055) — (3,055) — Adjusted total operating expenses $75,441 $64,875 $144,093 $124,938 The following table shows a reconciliation of employee compensation and benefits to adjusted employee compensation and benefits (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025 Employee compensation and benefits $54,328 $50,388 $104,855 $98,722 Less: Equity-based compensation (4,756) (6,016) (10,973) (12,253)Adjusted employee compensation and benefits $49,572 $44,372 $93,882 $86,469 The following table shows a reconciliation of general and administrative expenses to adjusted general and administrative expenses (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025 General and administrative expenses $28,420 $24,647 $52,389 $42,206 Less: Impairment and other gains and losses — (4,694) — (4,694)Less: Contract termination costs (3,055) — (3,055) — Adjusted general and administrative expenses $25,365 $19,953 $49,334 $37,512 Goosehead Insurance, Inc.
Key Performance Indicators
June 30, 2026 December 31, 2025 June 30, 2025Corporate sales agents < 1 year tenured 323 261 282 Corporate sales agents > 1 year tenured 260 228 197 Operating franchises < 1 year tenured 69 87 95 Operating franchises > 1 year tenured 829 922 980 Franchise Producers < 1 Year 607 545 532 Franchise Producers > 1 Year 1,583 1,568 1,553 Total Franchise Producers 2,190 2,113 2,085 QTD Corporate Agent Productivity < 1 Year (1) $18,936 $13,728 $18,612 QTD Corporate Agent Productivity > 1 Year (1) $27,907 $22,735 $30,709 QTD Franchise Productivity < 1 Year (2) $30,253 $16,101 $17,837 QTD Franchise Productivity > 1 Year (2) $48,042 $34,413 $36,287 Policies in Force (in thousands) 2,053 1,900 1,793 Client Retention 86% 85% 84%Premium Retention 88% 90% 95%QTD Written Premium (in thousands) $1,335,338 $1,090,130 $1,175,909 Customer Satisfaction Score (CSAT) (3) 4.1 — — (1) - Corporate Productivity is New Business Production per Agent (Corporate): The New Business Revenue collected related to corporate sales, divided by the average number of full-time corporate sales agents for the same period. This calculation excludes interns, part-time sales agents and partial full-time equivalent sales managers.
(2) - Franchise Productivity is New Business Production per Agency: The gross commissions paid by Carriers and Agency Fees received related to policies in their first term sold by franchise sales agents, prior to paying Royalty Fees to the Company, divided by the average number of franchises for the same period.
(3) CSAT: Customer Satisfaction Score; the average of all client responses to a single survey question asking clients to rate their most recent interaction with us on a scale of 1 to 5, where 5 is most satisfied and 1 is least satisfied. The current period reflects all responses from October 1, 2025 through the end of the current period. It will be presented on a trailing twelve-month basis beginning with the period ending September 30, 2026.
Goosehead Insurance NASDAQ: GSHD reported stronger second-quarter 2026 revenue and profitability, raised the lower end of its full-year revenue outlook and announced a planned CEO transition, according to management comments on the company’s earnings call.
Chief Executive Officer Mark Miller said he will retire at the end of 2026 and hand the CEO role to President and Chief Operating Officer Mark Jones Jr. Miller said he will remain on Goosehead’s board of directors and stay engaged through the end of the year to support the transition.
Get Goosehead Insurance alerts:
“After a 40-year professional career, I’ve decided that the time is right for me to retire,” Miller said. He described Jones Jr. as an “exceptional leader” who has been part of Goosehead’s management team for nearly 10 years and “closely tied to the business since its founding.”
Jones Jr. said the company’s strategy is not changing. “We remain laser-focused on our objective to become the largest distributor of personal lines insurance in our founder’s lifetime,” he said, adding that his focus will be on “speed of execution, simplification, and rapid decision-making.”
Second-quarter results show growth across key metrics Goosehead reported total written premiums of $1.36 billion, up 14% year over year and accelerating from 13% growth in the first quarter. Policies in force increased 15% year over year to 2.1 million, while client retention improved sequentially to 86%, its highest level since the beginning of the hard market, according to Miller.
Total revenue rose 21% year over year to $113.4 million. Core revenue increased 10% to $95.6 million. Management noted that second-quarter 2025 results included a $4 million recovery of previously unpaid renewal commissions and royalty fees from a carrier partner. Adjusted for that prior-year item, total revenue grew 26% and core revenue grew 16%.
Adjusted EBITDA rose 30% year over year to $37.9 million, representing a 33% adjusted EBITDA margin. Miller cited “continued execution against our strategic plan and broad-based momentum across the business.”
Chief Financial Officer John Martin said several factors contributed to the quarter’s top-line performance, including strong new business generation, improving client retention and higher contingent commissions.
New business commissions increased 27% year over year to $9.6 million. New business royalties rose 20% to $9.4 million, the fastest pace of growth in six quarters. Ancillary revenue, largely contingent commissions, increased 180% year over year to $16.3 million. Franchise producers grew 5% year over year and 2% sequentially to 2,190. Franchise and enterprise channels gain momentum Miller said Goosehead’s franchise network is “healthier than ever,” pointing to the company’s agency staffing program, which was launched in 2023 and has helped franchise owners add hundreds of producers. Franchise producers reached nearly 2,200, with an average of 2.4 producers per franchise, he said.
The average monthly payment Goosehead sends to a franchise increased more than 35% year over year to more than $28,000, according to Miller. Jones Jr. said the company had about 70% more franchises produce over $100,000 of gross new business commissions and agency fees in a month during the quarter compared with the prior year.
Jones Jr. also highlighted the role of Goosehead’s corporate sales team in developing future franchise owners. He said more than 60 agencies have launched from the corporate channel, representing more than 170 producers inside those franchises.
Enterprise sales is becoming a more material part of the business, management said. The channel generated approximately $3 million in new business commissions and agency fees during the second quarter and represented 21% of total new business commissions and agency fees, according to Martin. Jones Jr. said enterprise sales is “approaching a third the size” of Goosehead’s corporate sales team after three years.
Technology investments remain a key theme Jones Jr. said Goosehead’s digital agent platform is now allowing consumers in Texas to complete the shopping and binding process digitally across multiple home and auto carriers. He said the company delivered the first version of the platform ahead of schedule and is focused in the second half of the year on optimizing the Texas conversion funnel before expanding to additional states.
Jones Jr. emphasized that the platform is designed to enhance agent productivity rather than replace agents. He said many customers still choose to speak with an agent before completing a purchase, but by that point they have already completed the data collection process, creating more qualified opportunities for producers.
The company also discussed Lily, its AI voice assistant. Jones Jr. said Lily now handles about 20% of inbound service calls from start to finish, with performance exceeding 30% during certain periods. He said automation is being applied selectively where it improves the client experience, producer productivity or retention.
Guidance raised on contingent commission outlook Goosehead raised its full-year 2026 revenue outlook. Martin said the company now expects total revenue to grow organically in a range of 12% to 19% year over year. The increase to the bottom end of the range reflects a more favorable view of contingent commissions, which are tracking ahead of prior expectations.
The company continues to expect total written premiums to grow organically in a range of 12% to 20% year over year. Martin said Goosehead still expects second-half acceleration in core revenue growth compared with the first half, supported by improving client retention and strong new business generation.
In response to analyst questions, Martin said there was no change to the company’s underlying expense outlook. He said Goosehead continues to expect compensation and general and administrative expenses to grow in the high teens to low 20% range for the year, likely above core revenue growth because of the current investment cycle.
Capital returns and market conditions Goosehead generated $15.9 million in operating cash flow during the quarter and repurchased 95,000 Class A shares for $3.9 million. Year to date, the company generated $38.8 million in operating cash flow and repurchased more than 1 million Class A shares for $53.7 million. Martin said Goosehead had $144.6 million remaining under its existing share repurchase authorization at quarter-end.
The company ended the quarter with $23.7 million in cash and cash equivalents and $323 million of total debt outstanding.
Management described the personal lines product market as significantly improved after several years of difficult conditions. Jones Jr. said auto pricing is generally declining in the mid-single-digit range, while homeowners pricing is broadly flat and still up low single digits in some geographies. He said the more stable product market improves efficiency across the business.
Asked about shareholder value creation, Jones Jr. said Goosehead is focused on maximizing long-term profit dollars and is not concerned with short-term swings in equity valuation. Co-founder and Executive Chairman Mark Jones added that the company is focused on “building long-term shareholder value” and is not distracted by short-term market fluctuations.
About Goosehead Insurance (NASDAQ:GSHD)Goosehead Insurance NASDAQ: GSHD is a technology-driven insurance agency that connects consumers with a broad range of personal and commercial insurance products through an extensive network of independent insurance advisors. The company specializes in homeowners, auto, flood, dwelling fire, umbrella, life, and commercial lines coverage, working with multiple national and regional carriers to offer tailored policies. By combining advanced quoting tools with local market expertise, Goosehead streamlines the insurance shopping process and helps clients find competitive coverage options.
Founded in 2003 and headquartered in Westlake, Texas, Goosehead has grown its footprint across more than 40 states in the U.S.
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 Goosehead Insurance Right Now?Before you consider Goosehead Insurance, 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 Goosehead Insurance wasn't on the list.
While Goosehead Insurance currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Click the link to see MarketBeat's list of seven stocks and why their long-term outlooks are very promising.
July 22, 2026 17:15 ET | Source: Home BancShares, Inc.
CONWAY, Ark., July 22, 2026 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB), parent company of Centennial Bank, today announced that its Board of Directors has declared a regular $0.23 per share quarterly cash dividend payable September 2, 2026, to shareholders of record August 12, 2026. This cash dividend represents a $0.02, or 9.5%, increase over the $0.21 cash dividend paid during the second quarter of 2026 and a $0.03, or 15.0%, increase over the $0.20 cash dividend paid during the third quarter of 2025.
"A strong capital foundation is one of the key advantages of our franchise and provides us with the flexibility to invest in the future of the Company while rewarding our shareholders. Our consistent peer-leading profitability and performance metrics have enabled us to build capital, support growth, and return value to shareholders. This dividend increase reflects our confidence in the long-term earnings power of Home BancShares and our continued commitment to delivering value to those who have invested in our success," said John Allison, Chairman.
Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, Tennessee, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.”
FOR MORE INFORMATION CONTACT:
Donna Townsell
Senior Executive Vice President &
Director of Investor Relations
(501) 328-4625
GREENSBORO, N.C.--(BUSINESS WIRE)---- $KTB--Kontoor Brands, Inc. (NYSE: KTB) (the “Company” or “Kontoor”), today announced that Tom Waldron has been elected to the Company's Board of Directors effective immediately. Additionally, the Company announced an increase in the size of the Board from six to seven directors. "We're excited to welcome Tom to Kontoor's Board of Directors," said Scott Baxter, President, Chief Executive Officer and Chairman of the Board of Directors. "Tom's deep expertise of the Wra.
SAN DIEGO--(BUSINESS WIRE)--Maravai LifeSciences, Inc. (Maravai) (NASDAQ: MRVI), a global provider of life science reagents and services to researchers and biotech innovators, plans to announce its second quarter financial and operating results after the market close on Thursday, August 6, 2026, and will host a conference call and webcast on the same day at 2:00 p.m. PT/ 5:00 p.m. ET. To participate in the conference call by telephone, dial 1-800-579-2543 or 1-785-424-1789 and reference Maravai.
ALAMEDA, Calif.--(BUSINESS WIRE)--Exelixis, Inc. (Nasdaq: EXEL) announced today that its second quarter 2026 financial results will be released on Wednesday, August 5, 2026 after the markets close. At 5:00 p.m. ET / 2:00 p.m. PT, Exelixis management will host a conference call and webcast to discuss the results and provide a general business update. Access to the event will be available via the Internet from the company's website. To access the conference call, please dial (800) 715-9871 (domes.
, /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter and six months ended June 30, 2026. All per share results are reported on a fully diluted basis unless otherwise noted.
FINANCIAL RESULTS
($ in millions, except per share data)
Quarters Ended June 30,
2026
2025
$ Change
% Change (1)
Net Income per Common Share
$ 0.50
$ 0.42
$ 0.08
19.1 %
Funds from Operations ("FFO") per Common Share and OP Unit
$ 0.77
$ 0.69
$ 0.08
11.7 %
Normalized Funds from Operations ("Normalized FFO") per Common Share and OP Unit
$ 0.74
$ 0.69
$ 0.05
7.7 %
Six Months Ended June 30,
2026
2025
$ Change
% Change (1)
Net Income per Common Share
$ 1.05
$ 0.99
$ 0.06
6.6 %
FFO per Common Share and OP Unit
$ 1.60
$ 1.52
$ 0.08
5.1 %
Normalized FFO per Common Share and OP Unit
$ 1.58
$ 1.52
$ 0.06
3.6 %
_____________________
1.
Calculations prepared using actual results without rounding.
Operations Update
Normalized FFO per Common Share and OP Unit for the quarter ended June 30, 2026 was $0.74, representing a 7.7% increase compared to the same period in 2025, performing above the midpoint of our previous guidance range of $0.69 to $0.75. Core Portfolio operations for the quarter ended June 30, 2026 generated 6.5% growth in income from property operations, excluding property management. These results reflect outperformance of our guidance for Core property operating revenues, Core property operating expenses, excluding property management, and Core income from property operations, excluding property management. Normalized FFO for the six months ended June 30, 2026 was $1.58 per Common Share and OP Unit, representing a 3.6% increase compared to the same period in 2025. For the six months ended June 30, 2026, Core property operating revenues increased 4.3%, Core property operating expenses, excluding property management, increased 2.3% and Core income from property operations, excluding property management, increased 5.7%, each as compared to the same period in 2025.
MH
Core MH base rental income for the quarter ended June 30, 2026 increased 5.8% compared to the same period in 2025. Occupied sites increased by 13 sites and new and used home sales totaled 235 during the quarter ended June 30, 2026. Core MH base rental income for the six months ended June 30, 2026 increased 5.7% compared to the same period in 2025. Occupied sites increased by 67 sites and new and used home sales totaled 463 during the six months ended June 30, 2026.
RV and Marina
Core RV and marina base rental income for the quarter ended June 30, 2026 increased 1.8% compared to the same period in 2025. Core RV and marina annual base rental income increased 5.4% for the quarter ended June 30, 2026 compared to the same period in 2025. Core RV and marina base rental income for the six months ended June 30, 2026 increased 0.1% compared to the same period in 2025. Core RV and marina annual base rental income increased 4.8% for the six months ended June 30, 2026 compared to the same period in 2025.
Property Operating Expenses
Core property operating expenses, excluding property management, for the quarter ended June 30, 2026 increased 2.9% compared to the same period in 2025. For the six months ended June 30, 2026, Core property operating expenses, excluding property management, increased 2.3% compared to the same period in 2025.
Guidance Update
Third quarter and full year 2026 guidance presented below represent management's estimate of a range of possible outcomes. The midpoint of the ranges reflect management's estimate of the most likely outcome based on our current view of existing market conditions and assumptions. Actual results could vary materially from management's estimate if any of our assumptions are incorrect. See Forward-Looking Statements in this press release for factors impacting our 2026 guidance assumptions. See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the Supplemental Financial Information for additional information.
Income from property operations, excluding property management
5.7 %
6.0 %
______________________
1.
Core RV and marina annual base rental income represents approximately 73.2% and 75.4% of third quarter 2026 and full year 2026 RV and marina base rental income guidance, respectively. Core RV and marina annual base rental income third quarter 2026 growth rate range is 4.6% to 5.2% and the full year 2026 growth rate range is 4.3% to 5.3%. Our guidance provided on April 21, 2026 factored in a Core RV and marina annual base rental income growth rate range of 4.2% to 5.2% for full year 2026.
2.
Prior guidance issued on April 21, 2026.
About Equity LifeStyle Properties
We are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in Chicago. As of June 30, 2026, we own or have an interest in 453 properties in 35 states and British Columbia consisting of 173,559 sites.
For additional information, please contact our Investor Relations Department at (800) 247-5279 or at [email protected].
Conference Call
A live audio webcast of our conference call discussing these results will take place tomorrow, Thursday, July 23, 2026, at 11:00 a.m. Central Time. Please visit the Investor Relations section at www.equitylifestyleproperties.com for the link. A replay of the webcast will be available for two weeks at this site.
Forward-Looking Statements
In addition to historical information, this press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "estimate," "guidance," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. Forward-looking statements, including our guidance concerning Net Income, FFO and Normalized FFO per share data, and certain growth rates, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, which include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (ix) changes in debt service and interest rates; (x) our ability to integrate and operate recent acquisitions in accordance with our estimates; (xi) our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets; (xii) completion of pending transactions in their entirety and on assumed schedule; (xiii) our ability to attract and retain property employees, particularly seasonal employees; (xiv) ongoing legal matters and related fees; (xv) costs to clean up and restore property operations and potential revenue losses following storms or other unplanned events; and (xvi) the potential impact of material weaknesses, if any, in our internal control over financial reporting. For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the "Risk Factors" and "Forward-Looking Statements" sections in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.
Supplemental Financial Information
Financial Highlights (1)(2)
(In millions, except Common Shares and OP Units outstanding and per share and ratio data, unaudited)
As of and for the Quarters Ended
June 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
June 30,
2025
Operating Information
Total revenues
$ 397.8
$ 397.6
$ 373.9
$ 393.3
$ 376.9
Consolidated net income
$ 99.5
$ 111.5
$ 103.8
$ 100.4
$ 83.5
Net income available for Common Stockholders
$ 96.3
$ 107.9
$ 100.5
$ 97.1
$ 79.7
Adjusted EBITDAre
$ 182.6
$ 201.1
$ 189.6
$ 183.3
$ 170.0
FFO available for Common Stock and OP Unit holders
$ 154.5
$ 166.1
$ 156.7
$ 154.1
$ 138.3
Normalized FFO available for Common Stock and OP Unit holders
$ 148.3
$ 167.3
$ 157.6
$ 150.5
$ 137.7
Funds Available for Distribution ("FAD") for Common Stock and OP Unit holders
$ 121.6
$ 149.1
$ 131.7
$ 124.2
$ 115.2
Common Shares and OP Units Outstanding (In thousands) and Per Share Data
Common Shares and OP Units, end of the period
200,405
200,377
200,284
200,278
200,272
Weighted average Common Shares and OP Units outstanding - Fully Diluted
200,209
200,176
200,162
200,126
200,095
Net Income per Common Share - Fully Diluted (3)
$ 0.50
$ 0.56
$ 0.52
$ 0.50
$ 0.42
FFO per Common Share and OP Unit - Fully Diluted
$ 0.77
$ 0.83
$ 0.78
$ 0.77
$ 0.69
Normalized FFO per Common Share and OP Unit - Fully Diluted
$ 0.74
$ 0.84
$ 0.79
$ 0.75
$ 0.69
Dividends per Common Share
$ 0.5425
$ 0.5425
$ 0.5150
$ 0.5150
$ 0.5150
Balance Sheet
Total assets
$ 5,801
$ 5,749
$ 5,745
$ 5,747
$ 5,721
Total liabilities
$ 3,984
$ 3,928
$ 3,931
$ 3,935
$ 3,908
Market Capitalization
Total debt (4)
$ 3,336
$ 3,314
$ 3,346
$ 3,302
$ 3,273
Total market capitalization (5)
$ 16,252
$ 15,822
$ 15,485
$ 15,459
$ 15,624
Ratios
Total debt / total market capitalization
20.5 %
20.9 %
21.6 %
21.4 %
20.9 %
Total debt / Adjusted EBITDAre (6)
4.4
4.5
4.5
4.5
4.5
Interest coverage (7)
5.6
5.6
5.7
5.8
5.6
Fixed charges (8)
5.6
5.6
5.7
5.7
5.5
____________________
1.
See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the Supplemental Financial Information for definitions of fixed charges, FFO, Normalized FFO, FAD, Income from property operations excluding property management, EBITDAre, Adjusted EBITDAre, and a reconciliation of Consolidated net income to Income from property operations.
2.
See page 6 for a reconciliation of Net income available for Common Stockholders to Non-GAAP financial measures FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.
3.
Net Income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.
4.
Excludes Deferred financing costs, net of approximately $22.5 million as of June 30, 2026.
5.
See page 14 for the calculation of market capitalization as of June 30, 2026.
6.
Calculated using trailing twelve months Adjusted EBITDAre.
7.
Calculated by dividing trailing twelve months Adjusted EBITDAre by the interest expense incurred during the same period.
8.
Calculated by dividing trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.
Consolidated Balance Sheets
(In thousands, except share and per share data)
June 30, 2026
December 31, 2025
(unaudited)
Assets
Investment in real estate:
Land
$ 2,104,661
$ 2,088,174
Land improvements
4,927,773
4,784,223
Buildings and other depreciable property
1,380,544
1,306,317
8,412,978
8,178,714
Accumulated depreciation
(2,941,941)
(2,838,344)
Net investment in real estate (1)
5,471,037
5,340,370
Cash and restricted cash
35,629
26,132
Notes receivable, net (1)
31,003
93,358
Investment in unconsolidated joint ventures (1)
40,304
85,041
Deferred commission expense
57,374
58,149
Other assets, net
165,328
142,343
Total Assets
$ 5,800,675
$ 5,745,393
Liabilities and Equity
Liabilities:
Mortgage notes payable, net
$ 2,747,378
$ 2,779,158
Term loans, net
437,863
437,455
Unsecured line of credit
127,500
105,000
Accounts payable and other liabilities
182,135
152,536
Deferred membership revenue
217,419
221,498
Accrued interest payable
10,889
11,333
Rents and other customer payments received in advance and security deposits
152,166
120,441
Distributions payable
108,720
103,146
Total Liabilities
3,984,070
3,930,567
Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; none issued and outstanding
—
—
Common stock, $0.01 par value, 600,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 193,972,195 and 193,835,561 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
1,988
1,988
Paid-in capital
1,984,545
1,981,540
Distributions in excess of accumulated earnings
(231,263)
(225,045)
Accumulated other comprehensive income/(loss)
2,900
(2,208)
Total Stockholders' Equity
1,758,170
1,756,275
Non-controlling interests – Common OP Units
58,435
58,551
Total Equity
1,816,605
1,814,826
Total Liabilities and Equity
$ 5,800,675
$ 5,745,393
______________________
1.
On April 30, 2026, we acquired the remaining 20% ownership interests in certain RVC joint ventures for cash consideration of $4.4 million, which resulted in the consolidation of seven RV properties and one land parcel. As of June 30, 2026, the impact of consolidation resulted in an increase of $102.9 million in Net investment in real estate and decreases of $56.1 million in Notes receivable, net and $42.5 million in Investment in unconsolidated joint ventures, as compared to December 31, 2025.
Consolidated Statements of Income
(In thousands, unaudited)
Quarters Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Revenues:
Rental income
$ 330,430
$ 313,287
$ 669,476
$ 640,493
Annual membership subscriptions
18,819
16,902
37,118
33,244
Membership upgrade revenue
3,120
3,120
6,240
6,172
Other income
15,252
16,473
29,348
32,028
Gross revenues from home sales, brokered resales and ancillary services
22,805
22,798
41,901
43,721
Interest income
1,580
2,202
3,771
4,440
Income from other investments, net
5,809
2,084
7,583
4,102
Total revenues
397,815
376,866
795,437
764,200
Expenses:
Property operating and maintenance
132,267
127,845
253,307
246,411
Real estate taxes
21,826
21,845
43,926
43,488
Membership sales and marketing
4,551
4,062
8,388
7,993
Property management
21,845
20,723
40,516
41,153
Depreciation and amortization
53,637
52,649
106,773
103,591
Cost of home sales, brokered resales and ancillary services
16,903
16,476
30,503
30,168
Home selling expenses and ancillary operating expenses
7,618
6,988
14,441
13,156
General and administrative (1)
11,872
10,455
22,973
19,694
Casualty-related charges/(recoveries), net (2)
(7,094)
(541)
(7,026)
(324)
Other expenses
1,209
(59)
2,442
1,819
Interest and related amortization
33,824
32,200
67,469
63,336
Total expenses
298,458
292,643
583,712
570,485
Income before other items
99,357
84,223
211,725
193,715
Gain/(Loss) on sale of real estate and impairment, net
(507)
(683)
(507)
(683)
Equity in income/(loss) of unconsolidated joint ventures
668
(47)
(209)
4,854
Consolidated net income
99,518
83,493
211,009
197,886
Income allocated to non-controlling interests – Common OP Units
(3,194)
(3,777)
(6,781)
(8,978)
Redeemable perpetual preferred stock dividends
(8)
(8)
(8)
(8)
Net income available for Common Stockholders
$ 96,316
$ 79,708
$ 204,220
$ 188,900
______________________
1.
Includes $0.9 million and $2.0 million related to non-operating legal expenses during the quarter and six months ended June 30, 2026, respectively.
2.
Casualty-related charges/(recoveries), net for the quarter and six months ended June 30, 2026 includes insurance recovery revenue of $7.1 million for reimbursement of capital expenditures.
Non-GAAP Financial Measures
This document contains certain Non-GAAP measures used by management that we believe are helpful to understand our business. We believe investors should review these Non-GAAP measures along with GAAP net income and cash flows from operating activities, investing activities and financing activities, when evaluating an equity REIT's operating performance. Our definitions and calculations of these Non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These Non-GAAP financial and operating measures do not represent cash generated from operating activities in accordance with GAAP, nor do they represent cash available to pay distributions and should not be considered as an alternative to net income, determined in accordance with GAAP, as an indication of our financial performance, or to cash flows from operating activities, determined in accordance with GAAP, as a measure of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to make cash distributions. For definitions and reconciliations of Non-GAAP measures to our financial statements as prepared under GAAP, refer to both Reconciliation of Net Income to Non-GAAP Financial Measures on page 6 and Non-GAAP Financial Measures Definitions and Reconciliations on pages 16-19.
Selected Non-GAAP Financial Measures (1)
(In millions, except per share data, unaudited)
Quarter Ended
June 30, 2026
Income from property operations, excluding property management - Core Portfolio (2)
$ 206.1
Income from property operations, excluding property management - Non-Core Portfolio (2)
2.9
Property management and general and administrative
(32.9)
Other income and expenses
6.0
Interest and related amortization
(33.8)
Normalized FFO available for Common Stock and OP Unit holders (3)
$ 148.3
Other items (4)
(0.9)
Insurance proceeds due to catastrophic weather events, net
7.1
FFO available for Common Stock and OP Unit holders (3)
$ 154.5
FFO per Common Share and OP Unit
$ 0.77
Normalized FFO per Common Share and OP Unit
$ 0.74
Normalized FFO available for Common Stock and OP Unit holders
$ 148.3
Non-revenue producing improvements to real estate
(26.7)
FAD for Common Stock and OP Unit holders (3)
$ 121.6
Weighted average Common Shares and OP Units - Fully Diluted
200.2
______________________
1.
See page 6 for a reconciliation of Net income available for Common Stockholders to FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.
2.
See pages 8-9 for details of the Core Portfolio Income from Property Operations, excluding property management. See page 10 for details of the Non-Core Portfolio Income from Property Operations, excluding property management.
3.
Amounts may not foot due to rounding.
4.
Represents expenses of $0.9 million related to non-operating legal expenses during the quarter ended June 30, 2026.
Reconciliation of Net Income to Non-GAAP Financial Measures
(In thousands, except per share data, unaudited)
Quarters Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Net income available for Common Stockholders
$ 96,316
$ 79,708
$ 204,220
$ 188,900
Income allocated to non-controlling interests – Common OP Units
3,194
3,777
6,781
8,978
Depreciation and amortization
53,637
52,649
106,773
103,591
Depreciation on unconsolidated joint ventures
890
1,466
2,367
2,797
(Gain)/Loss on sale of real estate and impairment, net
507
683
507
683
FFO available for Common Stock and OP Unit holders
154,544
138,283
320,648
304,949
Insurance proceeds due to catastrophic weather events, net
(7,078)
(593)
(7,011)
(593)
Other items (1)
860
—
1,985
—
Normalized FFO available for Common Stock and OP Unit holders
148,326
137,690
315,622
304,356
Non-revenue producing improvements to real estate
(26,726)
(22,460)
(44,880)
(38,598)
FAD for Common Stock and OP Unit holders
$ 121,600
$ 115,230
$ 270,742
$ 265,758
Net Income per Common Share - Basic
$ 0.50
$ 0.42
$ 1.05
$ 0.99
Net Income per Common Share - Fully Diluted (2)
$ 0.50
$ 0.42
$ 1.05
$ 0.99
FFO per Common Share and OP Unit - Basic
$ 0.77
$ 0.69
$ 1.60
$ 1.52
FFO per Common Share and OP Unit - Fully Diluted
$ 0.77
$ 0.69
$ 1.60
$ 1.52
Normalized FFO per Common Share and OP Unit - Basic
$ 0.74
$ 0.69
$ 1.58
$ 1.52
Normalized FFO per Common Share and OP Unit - Fully Diluted
$ 0.74
$ 0.69
$ 1.58
$ 1.52
Weighted average Common Shares outstanding - Basic
193,727
190,992
193,702
190,958
Weighted average Common Shares and OP Units outstanding - Basic
200,164
200,060
200,144
200,044
Weighted average Common Shares and OP Units outstanding - Fully Diluted
200,209
200,095
200,193
200,084
____________________
1.
Represents expenses of $0.9 million and $2.0 million related to non-operating legal expenses during the quarter ended and six months ended June 30, 2026, respectively.
2.
Net Income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.
Income from Property Operations - Total Portfolio (1)
Income from property operations, excluding property management
$ 209.0
$ 196.0
$ 436.6
$ 414.0
RV and marina base rental income:
Annual
$ 84.5
$ 79.8
$ 166.8
$ 158.2
Seasonal
6.9
7.7
32.2
36.3
Transient
19.1
18.6
32.7
33.2
Total RV and marina base rental income
$ 110.5
$ 106.1
$ 231.7
$ 227.7
______________________
1.
Excludes property management expenses.
2.
MH base rental income, Rental home income, RV and marina base rental income and Utility income, net of bad debt expense, are presented in Rental income in the Consolidated Statements of Income on page 3. Bad debt expense is presented in Insurance and other in this table.
3.
Includes approximately $2.2 million and $4.0 million of business interruption income from Hurricane Ian during the quarter and six months ended June 30, 2025, respectively.
Income from Property Operations - Core Portfolio (1)
Income from property operations, excluding property management
$ 2.9
$ 5.9
______________________
1.
Excludes property management expenses.
2.
Includes bad debt expense for the periods presented.
Home Sales and Rental Home Operations
(In thousands, except home sale volumes and occupied rentals, unaudited)
Home Sales - Select Data
Quarters Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Total new home sales volume
98
117
185
234
New home sales gross revenues
$ 9,028
$ 9,444
$ 16,736
$ 18,873
Total used home sales volume
137
85
279
142
Used home sales gross revenues
$ 698
$ 761
$ 1,526
$ 1,535
Brokered home resales volume
143
126
256
224
Brokered home resales gross revenues
$ 558
$ 454
$ 939
$ 850
Rental Homes - Select Data
Quarters Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Rental operations revenues (1)
$ 9,921
$ 8,749
$ 19,641
$ 17,143
Rental home operations expense (2)
1,420
1,300
2,767
2,446
Depreciation on rental homes (3)
2,799
2,878
5,441
5,123
Occupied rentals: (4)
New
1,962
1,816
Used
184
189
Total occupied rental sites
2,146
2,005
As of June 30, 2026
As of June 30, 2025
Cost basis in rental homes: (5)
Gross
Net of
Depreciation
Gross
Net of
Depreciation
New
$ 281,885
$ 237,937
$ 227,739
$ 188,686
Used
16,464
13,408
10,010
6,513
Total rental homes
$ 298,349
$ 251,345
$ 237,749
$ 195,199
______________________
1.
For the quarters ended June 30, 2026 and 2025, approximately $6.0 million and $5.2 million, respectively, of the rental operations revenue is included in the MH base rental income in the Income from Property Operations - Core Portfolio on pages 8-9. The remainder of the rental operations revenue for the quarters ended June 30, 2026 and 2025 is included in Rental home income in the Income from Property Operations - Core Portfolio on pages 8-9.
2.
Rental home operations expense is included in Rental home operating and maintenance in the Income from Property Operations - Total Portfolio on page 7. Rental home operations expense is included in Rental home operating and maintenance in the Income from Property Operations - Core Portfolio on pages 8-9.
3.
Depreciation on rental homes in our Core Portfolio is presented in Depreciation and amortization in the Consolidated Statements of Income on page 3.
4.
Includes occupied rental sites as of the end of the period in our Core Portfolio.
5.
Includes both occupied and unoccupied rental homes in our Core Portfolio.
Total Sites
(Unaudited)
Summary of Total Sites as of June 30, 2026
Sites (1)
MH sites (2)
75,900
RV sites:
Annual (2)
34,300
Seasonal
9,800
Transient (2)
20,700
Marina slips
6,900
Membership (3)
26,000
Total
173,600
______________________
1.
MH sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina sites are leased to customers generally for one to six months. Transient RV and marina sites are sites without an annual or seasonal reservation and are available to be leased to customers on a short-term basis.
2.
MH, Annual RV and Transient RV sites include approximately 2,100, 200 and 300 joint venture sites, respectively.
3.
Sites primarily utilized by approximately 107,900 members. Includes approximately 6,000 sites rented on an annual basis.
Membership Campgrounds - Select Data
Years Ended December 31,
Six Months
Ended June 30,
Campground and Membership Revenue (1)
($ in thousands, unaudited)
2022
2023
2024
2025
2026
Annual membership subscriptions
$ 63,215
$ 65,379
$ 65,883
$ 69,266
$ 37,118
Annual RV base rental income
$ 25,945
$ 27,842
$ 29,282
$ 30,546
$ 16,079
Seasonal/Transient RV base rental income
$ 24,316
$ 20,996
$ 21,338
$ 19,959
$ 7,930
Membership upgrade revenue
$ 12,958
$ 14,719
$ 16,433
$ 12,412
$ 6,240
Utility and other income
$ 2,626
$ 2,544
$ 2,360
$ 2,390
$ 1,019
Membership Count
Total Memberships (2)
128,439
121,002
113,553
108,731
107,857
Paid Membership Origination
23,237
20,758
19,539
17,150
8,768
Promotional Membership Origination
28,178
25,232
23,552
23,002
10,838
Membership Upgrade Volume (3)
4,068
3,858
4,086
5,945
2,587
Campground Metrics
Membership Campground Count
82
82
82
82
82
Membership Campground RV Site Count
25,800
26,000
26,000
26,000
26,000
Annual Site Count (4)
6,390
6,154
5,902
6,014
6,017
______________________
1.
Membership upgrade product offerings include two- to four-year term subscription products with increased annual dues. The revenue associated with these subscription products is recognized as Annual membership subscriptions.
2.
Members who have entered into annual subscriptions with us that entitle them to use certain properties on a continuous basis for up to 21 days.
3.
Upgraded memberships provide enhanced benefits, including but not limited to longer stays, the ability to make earlier reservations, potential discounts on rental units, and potential access to additional properties.
4.
Sites that have been rented by members for an entire year.
Market Capitalization
(In millions, except share and OP Unit data, unaudited)
Capital Structure as of June 30, 2026
Total
Common
Shares/Units
% of Total
Common
Shares/Units
Total
% of Total
% of Total
Market
Capitalization
Secured Debt
$ 2,768
83.0 %
Unsecured Debt
568
17.0 %
Total Debt (1)
$ 3,336
100.0 %
20.5 %
Common Shares
193,972,195
96.8 %
OP Units
6,433,299
3.2 %
Total Common Shares and OP Units
200,405,494
100.0 %
Common Stock price at June 30, 2026
$ 64.45
Fair Value of Common Shares and OP Units
$ 12,916
100.0 %
Total Equity
$ 12,916
100.0 %
79.5 %
Total Market Capitalization
$ 16,252
100.0 %
______________________
1.
Excludes Deferred financing costs, net of approximately $22.5 million.
Debt Maturity Schedule
Debt Maturity Schedule as of June 30, 2026
(In thousands, unaudited)
Year
Outstanding
Debt
Weighted
Average
Interest Rate
% of Total
Debt
Weighted
Average
Years to
Maturity
Secured Debt
2026
—
— %
— %
—
2027
—
— %
— %
—
2028
187,577
4.19 %
5.62 %
2.2
2029
270,228
4.92 %
8.10 %
3.2
2030
275,385
2.69 %
8.26 %
3.7
2031
228,619
2.45 %
6.85 %
4.9
2032
202,000
2.47 %
6.06 %
6.2
2033
339,710
4.83 %
10.19 %
7.3
2034
198,956
3.44 %
5.97 %
7.9
2035
184,870
2.64 %
5.54 %
9.2
Thereafter
880,414
4.21 %
26.39 %
12.6
Total
$ 2,767,759
3.77 %
82.98 %
7.8
Unsecured Term Loans
2026
—
— %
— %
—
2027
200,000
4.88 %
6.00 %
0.6
2028
—
— %
— %
—
2029
—
— %
— %
—
2030
240,000
4.74 %
7.20 %
3.9
Thereafter
—
— %
— %
—
Total
$ 440,000
4.81 %
13.20 %
2.4
Total Secured and Unsecured
$ 3,207,759
3.91 %
96.18 %
7.0
Line of Credit Borrowing (1)
127,500
4.97 %
3.82 %
—
Deferred financing costs, net
(22,518)
Total Debt, Net
$ 3,312,741
4.12% (2)
100.00 %
_____________________
1.
The floating interest rate on the line of credit is SOFR plus 0.10% plus 1.25% to 1.65%. During the quarter ended June 30, 2026, the effective interest rate on the line of credit borrowings was 4.97%.
2.
Reflects effective interest rate for the quarter ended June 30, 2026, including interest associated with the line of credit and amortization of deferred financing costs.
Non-GAAP Financial Measures Definitions and Reconciliations
The following Non-GAAP financial measures definitions do not include adjustments in respect to membership upgrade revenue: (i) FFO; (ii) Normalized FFO; (iii) EBITDAre; (iv) Adjusted EBITDAre; (v) Property operating revenues; (vi) Property operating expenses, excluding property management; and (vii) Income from property operations, excluding property management.
FUNDS FROM OPERATIONS (FFO). We define FFO as net income, computed in accordance with GAAP, excluding gains or losses from sales of properties, depreciation and amortization related to real estate, impairment charges and adjustments to reflect our share of FFO of unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis. We compute FFO in accordance with our interpretation of standards established by the National Association of Real Estate Investment Trusts ("NAREIT"), which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.
We believe FFO, as defined by the Board of Governors of NAREIT, is generally a measure of performance for an equity REIT. While FFO is a relevant and widely used measure of operating performance for equity REITs, it does not represent cash flow from operations or net income as defined by GAAP, and it should not be considered as an alternative to these indicators in evaluating liquidity or operating performance.
NORMALIZED FUNDS FROM OPERATIONS (NORMALIZED FFO). We define Normalized FFO as FFO excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties, defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items. Normalized FFO presented herein is not necessarily comparable to Normalized FFO presented by other real estate companies due to the fact that not all real estate companies use the same methodology for computing this amount.
FUNDS AVAILABLE FOR DISTRIBUTION (FAD). We define FAD as Normalized FFO less non-revenue producing capital expenditures.
We believe that FFO, Normalized FFO and FAD are helpful to investors as supplemental measures of the performance of an equity REIT. We believe that by excluding the effect of gains or losses from sales of properties, depreciation and amortization related to real estate and impairment charges, which are based on historical costs and may be of limited relevance in evaluating current performance, FFO can facilitate comparisons of operating performance between periods and among other equity REITs. We further believe that Normalized FFO provides useful information to investors, analysts and our management because it allows them to compare our operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences not related to our normal operations. For example, we believe that excluding the early extinguishment of debt and other miscellaneous non-comparable items from FFO allows investors, analysts and our management to assess the sustainability of operating performance in future periods because these costs do not affect the future operations of the properties. In some cases, we provide information about identified non-cash components of FFO and Normalized FFO because it allows investors, analysts and our management to assess the impact of those items.
INCOME FROM PROPERTY OPERATIONS, EXCLUDING PROPERTY MANAGEMENT. We define Income from property operations, excluding property management as rental income, membership subscriptions and upgrade sales, utility and other income less property and rental home operating and maintenance expenses, real estate taxes, membership sales and marketing expenses, excluding property management expenses. Property management represents the expenses associated with indirect costs such as off-site payroll and certain administrative and professional expenses. We believe exclusion of property management expenses is helpful to investors and analysts as a measure of the operating results of our properties, excluding items that are not directly related to the operation of the properties. For comparative purposes, we present bad debt expense within Insurance and other in the current and prior periods. We believe that this Non-GAAP financial measure is helpful to investors and analysts as a measure of the operating results of our properties.
The following table reconciles Net income available for Common Stockholders to Income from property operations:
Quarters Ended
Six Months Ended
June 30,
June 30,
(amounts in thousands)
2026
2025
2026
2025
Net income available for Common Stockholders
$ 96,316
$ 79,708
$ 204,220
$ 188,900
Redeemable perpetual preferred stock dividends
8
8
8
8
Income allocated to non-controlling interests – Common OP Units
3,194
3,777
6,781
8,978
Consolidated net income
99,518
83,493
211,009
197,886
Equity in (income)/loss of unconsolidated joint ventures
(668)
47
209
(4,854)
(Gain)/Loss on sale of real estate and impairment, net
507
683
507
683
Gross revenues from home sales, brokered resales and ancillary services
(22,805)
(22,798)
(41,901)
(43,721)
Interest income
(1,580)
(2,202)
(3,771)
(4,440)
Income from other investments, net
(5,809)
(2,084)
(7,583)
(4,102)
Property management
21,845
20,723
40,516
41,153
Depreciation and amortization
53,637
52,649
106,773
103,591
Cost of home sales, brokered resales and ancillary services
16,903
16,476
30,503
30,168
Home selling expenses and ancillary operating expenses
7,618
6,988
14,441
13,156
General and administrative (1)
11,872
10,455
22,973
19,694
Casualty-related charges/(recoveries), net (2)
(7,094)
(541)
(7,026)
(324)
Other expenses
1,209
(59)
2,442
1,819
Interest and related amortization
33,824
32,200
67,469
63,336
Income from property operations, excluding property management
208,977
196,030
436,561
414,045
Property management
(21,845)
(20,723)
(40,516)
(41,153)
Income from property operations
$ 187,132
$ 175,307
$ 396,045
$ 372,892
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) AND ADJUSTED EBITDAre. We define EBITDAre as net income or loss excluding interest income and expense, income taxes, depreciation and amortization, gains or losses from sales of properties, impairment charges, and adjustments to reflect our share of EBITDAre of unconsolidated joint ventures. We compute EBITDAre in accordance with our interpretation of the standards established by NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.
We define Adjusted EBITDAre as EBITDAre excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties and defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items.
We believe that EBITDAre and Adjusted EBITDAre may be useful to an investor in evaluating our operating performance and liquidity because the measures are widely used to measure the operating performance of an equity REIT.
______________________
1.
Includes $0.9 million and $2.0 million related to non-operating legal expenses during the quarter and six months ended June 30, 2026, respectively.
2.
Casualty-related charges/(recoveries), net for the quarter and six months ended June 30, 2026 includes insurance recovery revenue of $7.1 million for reimbursement of capital expenditures.
The following table reconciles Consolidated net income to EBITDAre and Adjusted EBITDAre:
Quarters Ended
Six Months Ended
June 30,
June 30,
(amounts in thousands)
2026
2025
2026
2025
Consolidated net income
$ 99,518
$ 83,493
$ 211,009
$ 197,886
Interest income
(1,580)
(2,202)
(3,771)
(4,440)
Real estate depreciation and amortization
53,637
52,649
106,773
103,591
Other depreciation and amortization
1,138
1,220
2,321
2,454
Interest and related amortization
33,824
32,200
67,469
63,336
(Gain)/Loss on sale of real estate and impairment, net
507
683
507
683
Adjustments to our share of EBITDAre of unconsolidated joint ventures
1,736
2,501
4,429
4,608
EBITDAre
188,780
170,544
388,737
368,118
Other items (1)
860
—
1,985
—
Insurance proceeds due to catastrophic weather events, net
(7,078)
(593)
(7,011)
(593)
Adjusted EBITDAre
$ 182,562
$ 169,951
$ 383,711
$ 367,525
CORE PORTFOLIO or CORE. The Core properties include properties we owned and operated during all of 2025 and 2026. We believe Core is a measure that is useful to investors for annual comparison as it removes the fluctuations associated with acquisitions, dispositions and significant transactions or unique situations.
NON-CORE PORTFOLIO or NON-CORE. The Non-Core properties in 2026 include properties that were not owned and operated during all of 2025 and 2026, including six properties in Florida impacted by Hurricane Ian, two properties in California that were impacted by storm and flooding events and seven acquired RVC properties. The 2026 guidance reflects Non-Core properties in 2026, which includes properties not owned and operated during all of 2025 and 2026.
NON-REVENUE PRODUCING IMPROVEMENTS. Represents capital expenditures that do not directly result in increased revenue or expense savings and are primarily comprised of common area improvements, furniture and mechanical improvements.
FIXED CHARGES. Fixed charges consist of interest expense, amortization of note premiums and debt issuance costs. The fixed charges ratio is calculated by dividing the trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.
______________________
1.
Represents expenses of $0.9 million and $2.0 million related to non-operating legal expenses during the quarter ended and six months ended June 30, 2026, respectively.
FORWARD-LOOKING NON-GAAP MEASURES. The following table reconciles Net Income per Common Share - Fully Diluted guidance to FFO per Common Share and OP Unit - Fully Diluted guidance and Normalized FFO per Common Share and OP Unit - Fully diluted guidance:
(Unaudited)
Third Quarter
2026
Full Year
2026
Net Income per Common Share - Fully Diluted
$0.48 to $0.54
$2.05 to $2.15
Depreciation and amortization
0.28
1.10
Gain on sale of real estate and impairment, net
—
—
FFO per Common Share and OP Unit - Fully Diluted (1)
$0.76 to $0.82
$3.15 to $3.25
Other
—
(0.03)
Normalized FFO per Common Share and OP Unit - Fully Diluted (1)
$0.76 to $0.82
$3.13 to $3.23
______________________
1.
Amounts may not foot due to rounding.
This press release includes certain forward-looking information, including Core and Non-Core Income from property operations, excluding property management, that is not presented in accordance with GAAP. In reliance on the exception in Item 10(e)(1)(i)(B) of Regulation S-K, we do not provide a quantitative reconciliation of such forward-looking information to the most directly comparable financial measure calculated and presented in accordance with GAAP, where we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This includes, for example, (i) scheduled or implemented rate increases on community, resort and marina sites; (ii) scheduled or implemented rate increases in annual payments under membership subscriptions; (iii) occupancy changes; (iv) costs to restore property operations and potential revenue losses following storms or other unplanned events; and (v) other nonrecurring/unplanned income or expense items, which may not be within our control, may vary between periods and cannot be reasonably predicted. These unavailable reconciling items could significantly impact our future financial results.
SANTA CRUZ, Calif.--(BUSINESS WIRE)---- $JOBY--Joby Aviation, Inc. (NYSE:JOBY), a company developing electric air taxis for commercial passenger service, today announced that it expects to release its second quarter 2026 financial results after market close on Wednesday, August 5, 2026, and to host a webcast at 5:00 pm ET on the same day. The webcast will be publicly available in the Upcoming Events section of the company website, www.jobyaviation.com. If unable to attend the webcast, to listen by phone,.
TYSONS, Va.--(BUSINESS WIRE)---- $PK--Park Hotels & Resorts Inc. (“Park”) (NYSE: PK) today announced the reopening of the Royal Palm South Beach Miami, a Tribute Portfolio Resort (“Royal Palm”), following the completion of the iconic oceanfront resort's more than $100 million comprehensive renovation. "Our investment in the Royal Palm reflects Park's disciplined approach to capital allocation and our ability to create meaningful long-term shareholder value through high-return redevelopment projects.
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Corcept Therapeutics Incorporated (NASDAQ: CORT) today announced it will report second quarter financial results and provide a corporate update on July 29, 2026. The company will also host a conference call that day at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time).Conference Call InformationParticipants must register in advance of the conference call by clicking here. Upon registering, each participant will receive a dial-in number and a unique access PIN.
PHOENIX--(BUSINESS WIRE)--Knight-Swift Transportation Holdings Inc. (NYSE:KNX), one of North America's largest and most diversified freight transportation companies, has released its earnings for the quarter ended June 30, 2026. The release is currently available on the Knight-Swift investor relations website: investor.knight-swift.com and will be filed with the SEC on a Form 8-K. The company will hold a conference call this afternoon from 5:30 to 6:30 PM EDT to further discuss its results of o.
New York, New York--(Newsfile Corp. - July 22, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of GoDaddy Inc. (NYSE: GDDY) resulting from allegations that GoDaddy may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased GoDaddy securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/cases/godaddy-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
WHAT IS THIS ABOUT: Rosen Law Firm is investigating potential civil securities claims.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
-------------------------------
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306165
Chief Executive Officer Mark Barrocas sold ~250,000 shares of SharkNinja, Inc. (SN -0.48%) on July 17, 2026, according to a recent SEC Form 4 filing.
Transaction summaryMetricValueShares sold~250,000Transaction value$38.8 millionPost-transaction shares (directly held)~2.0 millionPost-transaction value$308.54 millionTransaction value based on SEC Form 4 weighted average sale price ($155.01); post-transaction value based on July 17, 2026 market close ($154.53).
Key questionsWhat was the execution context for this $38.8 million sale?
The shares were sold in multiple transactions at prices ranging from $155.00 to $155.45, inclusive, resulting in a weighted average execution price of $155.01 per share.How does this transaction affect the CEO's remaining exposure to SharkNinja?
Mark Barrocas continues to hold ~2.0 million shares directly, representing a total beneficial ownership value of $308.54 million based on the market close as of July 17, 2026.What is the company's financial profile at the time of this disposal?
SharkNinja reported trailing twelve-month revenue of $6.6 billion and net income of $705.0 million, maintaining a market capitalization of $21.9 billion as of the transaction date.How significant is the insider's remaining equity stake?
Following this 11% reduction in direct holdings, the Chief Executive Officer retains approximately 1.0% ownership in the company, which employs 4,143 full-time personnel across its global operations.Company OverviewMetricValueShare Price (as of market close 2026-07-17)$154.53Market Capitalization$21.9 billionRevenue (TTM)$6.6 billionNet Income (TTM)$705.0 millionCompany SnapshotSharkNinja designs and manufactures a comprehensive portfolio of consumer appliances spanning cleaning solutions (corded and cordless vacuums, robotic vacuums, steam mops, and carpet extraction systems), kitchen and beverage appliances (cooking systems and frozen drink makers), and outdoor products (propane grills, coolers, and fire pits).The company operates a product design and technology-driven business model that generates revenue through direct-to-consumer channels, retail partnerships, and international distribution networks across the United States, China, and other markets.SharkNinja primarily serves residential consumers seeking innovative, high-performance home appliances and outdoor products, with particular strength in the premium and mid-market segments of the small appliance and floorcare categories.SharkNinja is a leading product design and technology company with a $21.9 billion market capitalization and TTM revenues of $6.6 billion, demonstrating significant scale within the consumer appliances sector. The company maintains a diversified product portfolio across cleaning, cooking, and outdoor categories, supported by a 4,143-person workforce headquartered in Needham, Massachusetts. With TTM net income of $705.0 million and a 34.42% one-year stock appreciation, SharkNinja has established itself as a competitive force in the furnishings, fixtures, and appliances industry through product innovation and multi-channel distribution capabilities.
What this transaction means for investorsSince CEO Barrocas still holds the vast majority of his hefty stake in SharkNinja stock, investors shouldn’t panic over what appears to be a somewhat large transaction. That said, it does appear to be incredibly well-timed, with the sale taking place around the stock’s 52-week high, so that might be worth noting on its own merit -- even if the transaction was part of a pre-planned setup.
SharkNinja is an intriguing consumer goods company with a continuous focus on reinventing and reimagining its core products and product verticals. Thanks to this innovation focus, the company has over 5,500 issued patents globally and aims to create 25 new products annually, whether brand new or recreations. Whether in verticals like vacuums, air fryers, blenders, toaster ovens, coffee makers, skincare, or, more recently, propane grills, SharkNinja aims to perfect common consumer goods through experiential feedback and has steadily grown its market share.
The company just grew sales and adjusted EPS by 16% and 25%, respectively, in its latest quarter — including stellar 32% international sales growth -- so its forward P/E of 24 isn’t outrageous, even after the stock rose roughly 50% in the last few months. I don’t own any shares yet, but SharkNinja is an interesting stock that I’ve added to my shortlist of companies to keep an eye on.
CHICAGO--(BUSINESS WIRE)--Equity Residential (NYSE: EQR) today reported results for the quarter and six months ended June 30, 2026 and has posted a Q2 2026 Management Presentation to its website as referenced below. Second Quarter 2026 Results All per share results are reported as available to common shares/units on a diluted basis. Quarter Ended June 30, 2026 2025 $ Change % Change Earnings Per Share (EPS) $ 0.30 $ 0.50 $ (0.20 ).
Veteran Global Insurance Executive and AI Transformation Leader Brings Deep Industry Expertise to Guidewire Board
SAN MATEO, Calif.--(BUSINESS WIRE)--Guidewire (NYSE: GWRE) today announced that it appointed Dr. Alexander Vollert to its Board of Directors, joining its board effective as of August 1, 2026.
“We are honored to welcome Dr. Alexander Vollert to Guidewire’s Board of Directors,” said Michael Keller, chairman of the board, Guidewire. “Alexander has been both an operator responsible for how a global insurer executes and a CEO accountable for its results, driving large-scale digital transformation and establishing AI at scale. As we infuse AI into our platform and applications, his experience will help us focus that work on what matters most for our customers’ results.”
Dr. Vollert served as chief operating officer of AXA SA, during which time he was a member of the company’s Group Management Committee, and chief executive officer of AXA Group Operations through December 2025. Prior to that, he was chief executive officer of AXA Germany starting in 2016, and previously held senior leadership roles at Allianz SE, ultimately serving as chief executive officer of its German P&C business. During his tenure at AXA, he played a pivotal role in driving large-scale digital transformations and industrial-scale AI deployments, successfully establishing the company as a global AI leader in the insurance industry. Earlier in his career, he spent nine years at McKinsey & Company, advising financial services clients across multiple markets on strategy, technology and large-scale transformations. Since 2026, he has served as senior advisor to the Group Management Committee at AXA.
About Guidewire
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. More than 570 insurers in 43 countries, from new ventures to the largest and most complex in the world, rely on Guidewire products. With core systems leveraging data and analytics, digital, and artificial intelligence, Guidewire defines cloud platform excellence for P&C insurers.
We are proud of our unparalleled implementation record, with 1,700+ successful projects supported by the industry’s largest R&D team and SI partner ecosystem. Our marketplace represents the largest solution partner community in P&C, where customers can access hundreds of applications to accelerate integration, localization, and innovation.
For more information, please visit www.guidewire.com and follow us on X and LinkedIn.
NOTE: For information about Guidewire’s trademarks, visit https://www.guidewire.com/legal-notices
OAKLAND, Calif.--(BUSINESS WIRE)--e.l.f. Beauty (NYSE: ELF) today announced that it will hold a webcast to discuss its first quarter Fiscal 2027 results on Wednesday, August 5, 2026 at 4:30 p.m. Eastern Time. A press release detailing the Company’s results will be issued prior to the webcast, which will be hosted by Tarang Amin, Chairman and Chief Executive Officer, and Mandy Fields, Senior Vice President and Chief Financial Officer.
The webcast will be broadcasted live at https://investor.elfbeauty.com/stock-and-financial/events-and-presentations. For those unable to listen to the live broadcast, an archived version will be available at the same location.
About e.l.f. Beauty
e.l.f. Beauty (NYSE: ELF) is a different kind of company that disrupts norms, shapes culture and connects communities, through positivity, inclusivity and accessibility. The mission is clear: to make the best of beauty accessible to every eye, lip and face. e.l.f. Beauty and its brands, e.l.f. Cosmetics, e.l.f. SKIN, rhode, Naturium and Well People, are led by purpose and driven by results. e.l.f. Beauty offers e.l.f. clean and vegan products, all double-certified by PETA and Leaping Bunny as cruelty free, and proudly stands as the first beauty company with Fair Trade Certified™ facilities. With a kind heart at the center of e.l.f.’s ethos, the company donates 2% of net profits to organizations that make positive impacts.
CAMBRIDGE, Mass.--(BUSINESS WIRE)--HubSpot, Inc., the agentic customer platform for scaling businesses, announced today that it will report its second quarter 2026 financial results after the U.S. financial markets close on Wednesday, August 5, 2026. In conjunction with this report, HubSpot will host a conference call at 4:30 p.m. Eastern Time (ET) on the same day to discuss the company's second quarter 2026 financial results and its business operations and outlook.
A live webcast and replay of the event will be available on HubSpot’s investor relations website at ir.hubspot.com.
About HubSpot
HubSpot (NYSE: HUBS) is the agentic customer platform that helps businesses connect and grow better. HubSpot delivers seamless connection for customer-facing teams with a unified platform that includes AI-powered engagement hubs, a Smart CRM, and a connected ecosystem with over 2,000 App Marketplace integrations, a community network, and educational content. Learn more at www.hubspot.com.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- F&G Annuities & Life, Inc. (NYSE: FG) (F&G), a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, will release second quarter 2026 earnings after the close of regular market trading on Wednesday, August 5, 2026.
A webcast and conference call to discuss the results will follow at 9:00 a.m. Eastern Time on Thursday, August 6, 2026. Additional information about the quarterly financial results, including the earnings release, will be available on F&G's Investor Relations website at investors.fglife.com.
Webcast, Conference Call and Replay Information
The event can be accessed in the following ways:
Live Webcast: Register and access the webcast on F&G's Investor Relations website at investors.fglife.com Conference Call: Dial 1-877-407-3982 (U.S.) or 1-201-493-6780 (International) Replay: A webcast replay will be available on F&G's Investor Relations website after the live event About F&G
F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit www.fglife.com.
Contact:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
[email protected]
515.330.3307
Russell J. Weiner, Chief Executive Officer of Domino's Pizza, Inc. (DPZ -2.00%), reported a sale of 10,850 shares of common stock on July 17, 2026, according to an SEC Form 4 filing.
Transaction summaryMetricValueTransaction value$3.6 millionShares sold10,850Post-transaction shares (total)47,161Post-transaction shares (directly held)43,828Post-transaction shares (indirectly held)3,333Post-transaction value$15.2 millionTransaction value based on SEC Form 4 weighted average sale price ($330.83); post-transaction value based on July 17, 2026, market close ($322.18).
Key questionsWhat was the structural nature of this disposition?
Russell J. Weiner employed an exercise-and-sell strategy, converting 10,850 options with a strike price of $136.89 into common stock, then immediately liquidating the shares at $330.83. This method allows executives to realize gains from equity compensation without an initial cash outlay for the exercise price.How is the insider's remaining equity distributed?
Following the transaction, the Chief Executive Officer retains 43,828 shares in direct ownership. Indirect exposure is maintained through 1,120 shares held by the Russell Weiner Trust Agreement U/A DTD 09/03/2003 and 2,213 shares held by the Russell J. Weiner 2023 Grantor Trust, totaling a $15.2 million stake.What governed the timing and execution of this trade?
The transaction was non-discretionary at the time of execution, as it was governed by a Rule 10b5-1 trading plan established on March 13, 2025, more than a year prior. This structural insulation means the trade was pre-scheduled regardless of the -31% one-year return for the stock as of the July 17, 2026, transaction date.What is the company's current financial profile relative to this activity?
Domino's Pizza continues to operate as a major global pizza purveyor with trailing twelve-month revenue of $5.0 billion and net income of $596.5 million. As of July 20, 2026, market close, the company had a market capitalization of $10.9 billion, with insiders collectively holding a 0.14% ownership stake.Company OverviewMetricValueShare Price (as of market close 2026-07-20)$328.97Market Capitalization$10.9 billionRevenue (TTM)$5.0 billionNet Income (TTM)$596.5 millionCompany SnapshotDomino's Pizza operates as a leading international and domestic pizza purveyor, generating revenue through the sale of Domino‘s-branded pizzas and complementary menu items, including oven-baked sandwiches, distributed across a vast network of corporate-owned and franchised outlets.The company operates through three distinct business segments—U.S. Stores, International Franchise, and Supply Chain—leveraging a franchise-based model that generates revenue from both direct store operations and royalties and fees from independent franchisees.Domino's serves consumers seeking convenient, value-oriented pizza delivery and carryout, with a primary customer base spanning residential and commercial markets across North America and internationally.Domino's Pizza has a market capitalization of $10.9 billion, TTM revenue of $5.0 billion, and net income of $596.5 million, positioning it as a significant player in the global quick-service restaurant sector. The company's franchise-centric operating model provides scalability and recurring revenue streams while minimizing capital intensity. Domino's competitive advantages include its established brand recognition, extensive distribution network spanning both domestic and international markets, and operational efficiency driven by technology-enabled ordering and delivery systems.
What this transaction means for investorsSince this transaction is part of a pre-planned, exercise-and-sell compensation strategy for Domino’s and its CEO, investors shouldn’t worry too much about it. We shouldn’t take this sale to heart too much in relation to DPZ stock or its recent performance.
From a Foolish perspective on Domino’s stock, I believe it is time for investors to start paying close attention to the steady-Eddie compounder. After completely reinventing its pizza in 2009, Domino’s went on to generate annualized total returns of 26% since -- even after the stock’s 34% pullback over the last year. While sales growth has slowed -- and the market may be sneaking up on saturation with over 22,500 locations globally -- the recent drawdown has Domino’s trading at a valuation it hasn’t seen since 2013.
Currently trading at just 17 times free cash flow (FCF), Domino’s would need to compound FCF by 5% annually over the long haul to live up to this discounted valuation, according to a reverse discounted cash flow calculation, which isn’t outrageous. Furthermore, the company has grown its dividend payments by 12% annually over the last decade, but these payments still use only 37% of Domino’s FCF, leaving ample room for further increases, and the 2.3% yield should be very secure. It may not be the most exciting investment right now, but Domino’s could be an excellent dividend-paying cornerstone for investors seeking more stability than many of today’s most popular AI or data center stocks offer.
Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Domino's Pizza. The Motley Fool has a disclosure policy.
Conference Call Scheduled for Wednesday, July 29, at 4:30 p.m. Eastern Time
, /PRNewswire/ -- Viking Therapeutics, Inc. ("Viking") (NASDAQ: VKTX), a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders, today announced that the company will release financial results for the second quarter of 2026 after the market close on Wednesday, July 29, 2026.
The company will host a conference call to discuss financial results and general corporate updates beginning at 4:30 p.m. Eastern Time on Wednesday, July 29, 2026. To participate in the conference call, please dial (844) 850-0543 from the U.S. or (412) 317-5199 from outside the U.S. In addition, following the completion of the call, a telephone replay will be accessible until August 5, 2026, by dialing (855) 669-9658 from the U.S. and Canada, or (412) 317-0088 and entering conference ID # 7609005. Those interested in listening to the conference call live via the internet may do so by visiting the Webcasts page of Viking's website at http://ir.vikingtherapeutics.com/webcasts. An archive of the webcast will also be available on the Webcasts page of the company's website for 30 days.
About Viking Therapeutics, Inc.
Viking Therapeutics, Inc. is a clinical-stage biotechnology company advancing a next-generation portfolio of therapies for obesity and metabolic disease. Guided by deep expertise in metabolic biology and rigorous science, Viking is developing innovative treatments to help people achieve meaningful, lasting health improvements by treating obesity first. The company's lead program, VK2735, is a dual glucagon-like peptide 1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP) receptor agonist in development in both subcutaneous and oral formulations for obesity. VK2735 is currently being evaluated in Phase 3 clinical studies for obesity, and a Phase 1 study designed to evaluate maintenance dosing strategies to support long-term weight management. Viking's pipeline also includes additional obesity programs, including VK3019, an amylin receptor agonist, VK2809, an orally available thyroid hormone receptor beta agonist for metabolic and liver disease, and VK0214 for the rare genetic disorder X-linked adrenoleukodystrophy (X-ALD).
For more information about Viking Therapeutics, please visit www.vikingtherapeutics.com.
July 22, 2026 16:01 ET | Source: Geron Corporation
FOSTER CITY, Calif., July 22, 2026 (GLOBE NEWSWIRE) -- Geron Corporation (Nasdaq: GERN), a commercial stage biopharmaceutical company, today reported that, effective July 17, 2026, it granted stock options to purchase an aggregate of 202,500 shares of common stock to five newly hired employees as an inducement material to such employees’ acceptance of employment with Geron.
The stock options have an exercise price of $1.44 per share, which is equal to the closing price of Geron’s common stock on the grant date, have a ten-year term and vest over four years, with 12.5% of the shares underlying the options vesting on the six-month anniversary of commencement of employment of such employee and the remaining shares vesting over the following 42 months in equal installments of whole shares, subject to continued employment with Geron through the applicable vesting dates.
The equity awards were granted by the Compensation Committee of Geron’s Board of Directors in accordance with Nasdaq Listing Rule 5635(c)(4) and are subject to the terms and conditions of Geron’s 2018 Inducement Award Plan and the form of stock option agreement under the plan.
About Geron
Geron is a commercial-stage biopharmaceutical company aiming to change lives by changing the course of blood cancer. Our first-in-class telomerase inhibitor RYTELO® (imetelstat) is approved in the United States and the European Union for the treatment of certain adult patients with lower-risk myelodysplastic syndromes with transfusion dependent anemia. We are also conducting a pivotal Phase 3 clinical trial of imetelstat in JAK-inhibitor relapsed/refractory myelofibrosis, as well as studies in other hematologic malignancies. Inhibiting telomerase activity, which is increased in malignant stem and progenitor cells in the bone marrow, aims to potentially reduce proliferation and induce death of malignant cells. To learn more, visit www.geron.com or follow us on LinkedIn.
CONTACT:
Dawn Schottlandt
Senior Vice President, Investor Relations and Corporate Affairs [email protected]
WATSONVILLE, Calif.--(BUSINESS WIRE)--Granite (NYSE:GVA) announced today that it has been awarded an approximately $50 million contract by Pacific Gas and Electric (PG&E) for the Tiger Creek Regulator Dam Spillway Replacement project in Amador County, California, near Pioneer. The project will be included in Granite’s second quarter 2026 CAP.
Our team brings deep technical expertise and a collaborative approach, and we look forward to serving PG&E
ShareThe project, part of PG&E’s Mokelumne River Hydroelectric Project, involves construction of a new spillway that will replace an existing structure at the Tiger Creek Regulator Dam, a slab and buttress dam originally constructed in 1931. The project will enhance long-term dam safety, improve operational reliability, and ensure compliance with updated regulatory and engineering standards.
Granite’s scope of work includes construction of the new spillway crest structure and chute, installation of a temporary cofferdam to allow work to be performed in dry conditions, excavation and rock anchoring, placement of mass and structural concrete, and decommissioning of the existing spillway. The project also includes improvements to site access, including construction of a permanent access road to support ongoing maintenance of the new spillway.
A separate preconstruction contract, completed in 2024 with an approximate value of $600,000, supported early planning and constructability efforts for the project.
“We have a long history of building critical dam projects for many clients in Northern California including the Folsom Dam Auxiliary Spillway Control Structure, Mormon Island Auxiliary Dam, Lost Creek Dam, and Log Pond Dam,” says Bob Mihal, Granite Area Manager. “Our team brings deep technical expertise and a collaborative approach, and we look forward to serving PG&E and strengthening our partnership on critical infrastructure that supports the region’s communities.”
Construction began in May 2026, with completion anticipated in May 2028.
About Granite
Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite civil construction provider. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit the Granite website, graniteconstruction.com, and connect with Granite on LinkedIn, X, Facebook, and Instagram.
July 22, 2026 16:01 ET | Source: Emergent BioSolutions
GAITHERSBURG, Md., July 22, 2026 (GLOBE NEWSWIRE) -- Emergent BioSolutions Inc. (NYSE: EBS) will host a conference call on Wednesday, August 5, 2026, at 5:00 p.m. eastern time to discuss the financial results for the second quarter of 2026.
Participants can access the conference call live via webcast and also by visiting the Investors page of Emergent’s website. To participate via telephone, please register in advance at this link. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call.
A replay of the call can be accessed from the Investors page of Emergent’s website.
About Emergent BioSolutions
At Emergent, our mission is to protect and save lives. For over 25 years, we’ve been at work preparing those entrusted with protecting public health. We deliver protective and life-saving solutions for health threats like smallpox, mpox, botulism, Ebola, anthrax and opioid overdose emergencies. To learn more about how we help prepare communities around the world for today’s health challenges and tomorrow’s threats, visit our website and follow us on LinkedIn, X, Instagram, Apple Podcasts and Spotify.
Investor Contact:
Richard S. Lindahl
Executive Vice President, CFO [email protected]
Media Contact:
Assal Hellmer
Vice President, Communications [email protected]
BUFFALO, N.Y.--(BUSINESS WIRE)--Allient Inc. (Nasdaq: ALNT) (“Allient” or the “Company”), a global designer and manufacturer of precision and specialty Motion, Controls and Power products and solutions for targeted industries and applications, announced today that it will release its second quarter fiscal year 2026 results after the close of financial markets on Wednesday, August 5, 2026.
The Company will host a conference call and webcast the following day to review the financial and operating results for the period. A question-and-answer session will follow.
Second Quarter Fiscal Year 2026 Conference Call
Date: Thursday, August 6, 2026
Time: 10:00 a.m. Eastern Time
Phone: (201) 389-0908
Webcast and accompanying slide presentation: https://allient.com/investors/
A telephonic replay will be available from 2:00 p.m. ET on the day of the call through Thursday, August 20, 2026. To listen to the archived call, dial (412) 317-6671 and enter replay PIN 13761057. The webcast replay will be available on the Company’s website, where a transcript will be posted once available.
About Allient Inc.
Allient (Nasdaq: ALNT) is a global engineering and manufacturing enterprise that develops solutions to drive the future of market-moving industries, including medical, life sciences, aerospace and defense, industrial automation, robotics, semi-conductor, transportation, agriculture, construction and facility infrastructure. A family of globally responsible companies, Allient takes a One-Team approach to “Connect What Matters” and provides the most robust, reliable, and high-value products and systems by utilizing its core Motion, Controls, and Power technologies and platforms.
Headquartered in Buffalo, N.Y., Allient employs more than 2,500 team members around the world. To learn more, visit www.allient.com.
Aypa has approximately 6.5 GW of operating & contracted capacity and a >20 GW development pipeline
Acquisition provides a scale entry point into the North American battery energy storage market
Enhances our ability to provide integrated energy solutions to our customers
NEW YORK, July 22, 2026 (GLOBE NEWSWIRE) -- Brookfield today announced that it has entered into an agreement to acquire Aypa Power ("Aypa") from funds managed by Blackstone Energy Transition Partners (“Blackstone”) for approximately $7 billion enterprise value at closing, or an equity value of $3 billion. Aypa is the largest standalone battery storage developer in North America, with a highly contracted and diversified portfolio across attractive power markets in the United States and Canada.
Under the terms of the agreement, Brookfield will acquire Aypa's operating, under-construction and contracted project portfolio, together with its development platform and approximately 200-person team. The transaction provides Brookfield with a leading presence in the North American battery energy storage systems ("BESS") market, and will help Aypa deliver on its next phase of growth, supported by Brookfield's differentiated operating and development competencies, procurement, commercial and capital markets capabilities.
Brookfield is pursuing the investment through the second vintage of its flagship global transition strategy, alongside its institutional partners including Brookfield Renewable Partners (“Brookfield Renewable”).
Investment Highlights
Leading North American battery storage platform: Aypa is the largest standalone battery energy storage platform in North America, comprised of approximately 6.5 GW of operating, under-construction and contracted battery storage capacity, complemented by a >20 GW development pipeline. Its assets are strategically located in transmission and capacity-constrained regions experiencing favorable market dynamics. Highly contracted, resilient cash flows: Aypa’s operating and under-construction portfolio is 95% contracted under long-term agreements with investment-grade customers for an average remaining contract life of 17 years, providing strong cash flow visibility. Differentiated development platform: The platform has market-leading siting, transmission analytics, procurement and contracting capabilities, which contribute to strong development execution and project-level economics. Accelerating growth and expanding capabilities: Brookfield will partner with Aypa to accelerate the development of its pipeline by leveraging its operating and development expertise, access to capital, and global supplier and commercial relationships. Together, Brookfield and Aypa are well positioned to meet growing demand for reliable, flexible power by delivering integrated energy solutions to utilities, corporations and other large power customers. Jehangir Vevaina, Chief Investment Officer in Brookfield’s Energy group, said: “We are excited to partner with Aypa to deliver on the company’s scale growth pipeline. Battery storage is increasingly critical to the reliability and resilience of today’s energy systems, and bringing together this leading platform with Brookfield’s broad capabilities across technologies and geographies further strengthens our ability to deliver integrated energy solutions to the world’s largest buyers of power.”
Moe Hajabed, Founder and Chief Executive Officer of Aypa Power, said: "This is an extraordinary achievement for the team that built Aypa. Over the past six years, with Blackstone's partnership, we grew Aypa into the largest and most valuable storage-focused independent power producer in North America. Together, we helped establish battery storage as critical infrastructure, essential to a more reliable and resilient grid. I look forward to seeing Aypa flourish further under Brookfield’s ownership."
Bilal Khan, Senior Managing Director, and Mark Zhu, Managing Director, from Blackstone said: “We invested in Aypa based on our conviction that battery storage would become increasingly critical to supporting grid reliability and meeting growing electricity demand from AI and other use cases. Since then, the company has established itself as the leading battery storage platform in North America, supported by a premier development pipeline and strong customer relationships. We are proud to have partnered with Aypa and its exceptional management team, and look forward to its next phase of growth with Brookfield.”
The transaction is subject to customary regulatory approvals. Cantor Fitzgerald & Co. acted as lead financial advisor, with BofA also serving as financial advisor, to Aypa and Blackstone. Kirkland & Ellis acted as legal counsel to Aypa and Blackstone. White & Case acted as legal advisors to Brookfield.
About Aypa Power
Aypa Power is North America’s leading energy storage-focused independent power producer. Aypa develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects across North America. With 35 projects currently in operation or under construction, and a development pipeline exceeding 20 gigawatts, the company delivers solutions that enhance grid reliability and enable the broader integration of renewable energy resources. Since launching its first project in 2018, Aypa has helped establish energy storage as a vital part of the grid and a core infrastructure asset class. For more information, visit www.aypa.com or follow Aypa Power on LinkedIn.
About Brookfield Asset Management
Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management across infrastructure, energy, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles.
Brookfield operates Brookfield Renewable Partners (TSX: BEP.UN, BEPC; NYSE: BEP, BEPC), one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar, distributed solar, and storage facilities and our sustainable solutions assets include our investment in a leading global nuclear services business and investments in carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and eFuels manufacturing capacity, among others.
For more information, please visit our website at www.brookfield.com.
About Blackstone Energy Transition Partners
Blackstone Energy Transition Partners is Blackstone's strategy for control-oriented equity investments in energy-related businesses, with a successful long-term record, having invested over $28 billion of equity globally across a broad range of sectors across the energy transition landscape. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering more reliable, affordable and cleaner energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders. Further information is available at https://www.blackstone.com/our-businesses/blackstone-energy-transition-partners/.
Contact Information
Brookfield
Media
Simon Maine
Managing Director, Communications
Tel: +1 (332) 298 0447
Email: [email protected] Relations – Brookfield Renewable Partners
Alex Jackson
Vice President, Investor Relations
Tel: +1 (647) 484 8525
Email: [email protected]
Investor Relations – Brookfield Asset Management
Jason Fooks
Managing Director, Investor Relations
Tel: +1 (212) 417 2442
Email: [email protected]
Blackstone Media
Jennifer Heath
Public Affairs
Tel: +1 (347) 603 9256
Email: [email protected] Notice to Readers
This news release contains “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of other relevant securities legislation, including applicable securities laws in Canada, which reflect our current views with respect to, among other things, our operations and financial performance (collectively, “forward-looking statements”). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, beliefs and assumptions and which are in turn based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of Brookfield are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as “expect”, “anticipate”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “strive”, “will”, “may” and “should” and similar expressions. In particular, the forward-looking statements contained in this news release include statements referring to the impact of the investment on Brookfield and Aypa Power and the expected benefits of the investment.
Although Brookfield believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, certain factors, risks and uncertainties, which are described from time to time in our documents filed with the securities regulators in Canada and the United States, not presently known to Brookfield or that that Brookfield currently believes are not material, could cause actual results or events to differ materially from those contemplated or implied by forward-looking statements.
Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release. Except as required by law, Brookfield undertakes no obligation to publicly update or revise any forward-looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.”
Key Takeaways Quantinuum-SoftBank outlined practical quantum applications and a hybrid computing roadmap for enterprises. D-Wave Quantum posted nearly 2,000% booking growth as analysts see 129.1% upside from recent levels. Rigetti Computing secured potential U.S. funding and analysts see 117.5% upside from recent levels. Quantinuum (QNT - Free Report) and SoftBank's (SFTBY - Free Report) release of the joint white paper, Quantum Computing Frontiers, marks another step in the quantum computing industry's shift toward commercialization. Rather than focusing on hardware milestones or qubit counts, the paper outlines practical applications for quantum technologies across telecommunications, financial services, materials science and cybersecurity, while emphasizing hybrid quantum-classical computing as the most viable path to enterprise adoption.
The initiative comes as enterprises increasingly invest in AI, cloud and high-performance computing infrastructure, while governments worldwide continue funding quantum research and promoting the development of strategic technologies.
Against this backdrop, investors seeking exposure to the sector may consider D-Wave Quantum (QBTS - Free Report) and Rigetti Computing (RGTI - Free Report) , both of which carry price targets with more than 100% upside from current trading levels.
Government Initiatives and AI Spending Fuel Quantum InvestmentThe Quantinuum-SoftBank collaboration comes at a time when the global policy and investment environment is becoming increasingly supportive of quantum computing. Governments are treating quantum as a strategic technology alongside artificial intelligence and semiconductors, driven by its potential applications in national security, cybersecurity and scientific research.
In the United States, recent federal initiatives have increased support for domestic quantum capabilities, including a broader $2 billion investment package for quantum manufacturing and infrastructure, alongside policy efforts to accelerate commercialization and strengthen the domestic supply chain. The United Kingdom has also reaffirmed its long-term commitment through multi-year funding for quantum technologies, while countries across Europe and Asia continue expanding national quantum programs.
These policy initiatives are increasingly being complemented by private-sector investment and commercial partnerships. Major technology companies continue expanding AI and high-performance computing infrastructure, creating demand for hybrid computing architectures that combine classical, AI and quantum systems.
Against this backdrop, the Quantinuum-SoftBank white paper is consistent with the industry's broader direction, focusing on commercially relevant applications such as quantum chemistry and graph analytics, while providing a roadmap for when these use cases could become practical as hardware advances.
2 Quantum Stocks With 100%+ Price TargetQBTS: D-Wave Quantum announced the transfer of its stock listing to the Nasdaq Global Market, a move intended to broaden its visibility among institutional investors and improve trading liquidity. Earlier this month, D-Wave earned recognition as one of only two Leaders in the IDC MarketScape: Worldwide Quantum Computing 2026 Vendor Assessment, highlighting its growing traction in enterprise quantum computing. Backed by first-quarter bookings of $33.4 million, a nearly 2,000% year-over-year increase and a robust cash and investments balance, the company appears well positioned to benefit as commercial demand for quantum solutions continues to rise.
Based on short-term price targets offered by 13 analysts, the average price target for D-Wave of $38.31 represents an increase of 129.1% from the last closing price. The stock carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Image Source: Zacks Investment Research
RGTI: Rigetti, too, is leveraging favorable industry and policy trends to strengthen its long-term growth prospects. In May, the company signed a letter of intent with the U.S. Department of Commerce for an award of up to $100 million over three years to accelerate superconducting quantum computing research and development, highlighting growing government support for domestic quantum capabilities.
The company ended the first quarter of 2026 with a strong cash position and no debt, providing financial flexibility to execute its technology roadmap. Coupled with the commercial rollout of its 108-qubit Cepheus-1 system and continued focus on full-stack quantum computing, Rigetti remains well positioned to benefit as enterprise adoption and public-sector investment in quantum technologies continue to expand.
Based on short-term price targets offered by 10 analysts, the average price target for Rigetti of $31.00 represents an increase of 117.5% from the last closing price. This stock carries a Zacks Rank #3 (Hold).
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
HAYWARD, Calif. & MIAMI--(BUSINESS WIRE)--Arcus Biosciences, Inc. (NYSE: RCUS), a clinical-stage, global biopharmaceutical company focused on developing differentiated molecules and combination therapies for people with cancer and inflammatory and autoimmune diseases, and Summit Therapeutics Inc. (Nasdaq: SMMT), a biopharmaceutical company focused on patient-friendly oncology therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical ne.
HARTSVILLE, S.C., July 22, 2026 (GLOBE NEWSWIRE) -- Sonoco Products Company (“Sonoco” or the “Company”) (NYSE: SON), a Mid-cap Value global packaging company, today reported financial results for the second quarter ended June 28, 2026.
Summary:
Net sales in the second quarter were $1.9 billion Industrial Paper Packaging segment results exceeded expectations as North America uncoated recycled paperboard (URB) trade ton sales volume grew 6%EMEA/APAC paper cans sales volume up 9% Reported GAAP net income of $105 million, or $1.05 diluted earnings per share, compared to $493 million, or $4.96, in the same period in 2025, which included a gain from the sale of the Thermoformed and Flexibles Packaging and global Trident (“TFP”) business totaling $425 millionImproved quarterly adjusted net income by 10.6% to $151 million compared to the same period in 2025, and reported adjusted diluted earnings per share of $1.51Reported GAAP operating profit of $193 million in the second quarter of 2026, compared with $176 million in the same period in 2025Second quarter adjusted operating profit of $242 million and adjusted EBITDA of $324 millionGenerated a second quarter record operating cash flow of $301 million, and used $(67) million of operating cash flow year-to-date, which included approximately $103 million in one-time taxes paid in 2026 on gains from the sales of the divested TFP and ThermoSafe businesses in 2025 2026 Guidance:
Reaffirming full-year 2026 guidance for sales, adjusted EBITDA, adjusted earnings per share and operating cash flow as reported with our April first quarter results. *Note: References in today’s news release to 2025 consolidated “net sales,” “operating profit,” and “adjusted operating profit,” and Consumer Packaging “segment operating profit” and “segment adjusted EBITDA,” do not include results of TFP, which was sold in April 2025 and is accounted for as discontinued operations in periods prior to the sale. “GAAP” refers to U.S. generally accepted accounting principles.
Second Quarter2026Consolidated Results
(Dollars in millions except per share data)
Three Months Ended Six Months Ended GAAP ResultsJune 28, 2026June 29, 2025Change June 28, 2026June 29, 2025Change Net sales1 $1,885$1,910(1.3)% $3,562$3,620(1.6)% Net sales related to discontinued operations — —NM — 321NM Operating profit1 193 1769.8% 320 3035.8% Operating profit related to discontinued operations — 626NM — 664NM Net income attributable to Sonoco 105 493(78.7)% 172 548(68.5)% EPS (diluted) 1.05 4.96(78.8)% 1.73 5.51(68.6)% Three Months Ended Six Months Ended Non-GAAP Results2June 28, 2026June 29, 2025Change June 28, 2026June 29, 2025Change Adjusted operating profit1$242$247(1.8)% $443$460(3.6)% Adjusted EBITDA 324 328(1.2)% 601 666(9.8)% Adjusted net income attributable to Sonoco 151 13610.6% 270 273(1.1)% Adjusted EPS (diluted) 1.51 1.3710.2% 2.71 2.74(1.1)% NM = Not Meaningful 1Excludes results of discontinued operations. 2See the Company’s definitions of non-GAAP financial measures, explanations as to why they are used, and reconciliations to the most directly comparable GAAP financial measures later in this release. Second quarter 2026 net sales of $1.9 billion were down (1.3)% compared to the corresponding prior-year quarter, driven primarily by the November 3, 2025 divestiture of the ThermoSafe business. Additionally, net sales benefited from higher prices implemented to offset the effects of inflation and tariffs and from the favorable impact of foreign exchange rates, partially offset by lower volume/mix. GAAP operating profit for the second quarter was up 9.8% to $193 million compared to the corresponding prior-year quarter, due to productivity savings from fixed cost reduction initiatives and procurement savings. These positive factors were offset by the absence of operating profit from the divested ThermoSafe business and lower volume/mix. Effective tax rates on GAAP income from continuing operations before income taxes and adjusted income from continuing operations before income taxes, were 27.8% and 23.8%, respectively, in the second quarter, compared to 37.3% and 25.6%, respectively, in the same period in 2025. “Our Sonoco team delivered solid second quarter results that met our expectations and exceeded consensus estimates as productivity and cost control initiatives helped offset global inflation headwinds stemming from higher logistics, chemicals, resins and other raw material costs,” said Howard Coker, President and Chief Executive Officer. “Results from our Industrial Paper Packaging segment exceeded expectations with operating profit up 4% during the period and up 29% from the first quarter. The Industrial segment improvement was primarily driven by productivity gains which more than offset price/cost headwinds. North America URB trade tons grew 6% which boosted mill utilization to 95%, while the segment’s volume/mix was flat. Our Consumer Packaging segment operating profit declined approximately 5% during the period but was up 22% sequentially from the first quarter. Productivity and cost containment initiatives boosted Consumer segment results. Paper can volumes were up 9% in EMEA/APAC due to rising snack demand, but overall segment volumes were down 1.8% driven primarily by lower metal aerosol cans and adhesive and sealant tube demand.”
Paul Joachimczyk, Sonoco’s Chief Financial Officer, added, “Our businesses continue to demonstrate tremendous cash-generating capabilities, delivering a record second-quarter operating cash flow of $301 million and free cash flow of $237 million, increases of 56% and 139%, respectively, compared to the prior year. These results reflect disciplined working capital management and the earnings power of our portfolio. Year-to-date operating cash flow includes approximately $103 million of one-time tax payments related to gains from our 2025 divestitures, highlighting that our underlying cash flow performance is strong and supports our confidence in reaffirming full-year guidance.”
Second Quarter 2026 Segment Results
(Dollars in millions except per share data)
Sonoco reports its financial results in two reportable segments: Consumer Packaging (“Consumer”) and Industrial Paper Packaging (“Industrial”).
As previously announced, effective January 1, 2026, results of the Company’s industrial and specialty plastics business (“Industrial Plastics”), the only business remaining in the All Other group of businesses following the November 2025 divestiture of ThermoSafe, are now included in the Industrial segment. Therefore, the Company no longer provides results of the All Other group of businesses.
Three Months Ended Six Months Ended ConsumerJune 28, 2026 June 29, 2025Change June 28, 2026 June 29, 2025Change Net sales1$1,242 $1,227 1.2% $2,339 $2,294 2.0% Segment operating profit1$152 $160 (5.4)% $277 $301 (7.9)% Segment operating profit margin1 12.2% 13.1% 11.9% 13.1% Segment Adjusted EBITDA1, 2$207 $213 (3.1)% $383 $403 (4.9)% Segment Adjusted EBITDA margin1, 2 16.6% 17.4% 16.4% 17.6% Consumer segment net sales grew 1.2%, reflecting successful pricing actions to recover inflation and tariff-related costs, along with favorable foreign exchange. Volume trends remained below prior-year levels.Solid manufacturing productivity improvements and disciplined cost management helped mitigate the impact of softer volumes on segment operating profit and adjusted EBITDA. Three Months Ended Six Months Ended IndustrialJune 28, 2026 June 29, 2025Change June 28, 2026 June 29, 2025Change Net sales3$643 $617 4.2% $1,223 $1,205 1.5% Segment operating profit3$89 $86 4.0% $159 $162 (2.2)% Segment operating profit margin 13.9% 13.9% 13.0% 13.5% Segment Adjusted EBITDA2, 3$122 $119 2.9% $222 $226 (1.9)% Segment Adjusted EBITDA margin2 19.0% 19.2% 18.1% 18.8% Industrial segment net sales increased 4.2% to $643 million, reflecting successful pricing actions and favorable foreign exchange.Segment operating profit margin remained resilient at 13.9%, consistent with the prior year, while adjusted EBITDA margin of 19.0% benefited from strong productivity initiatives related to procurement savings and fixed cost reduction that helped offset higher raw material, freight and other operating costs. 1 Excludes results of discontinued operations.
2 Segment adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures. See the Company’s reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures later in this release.
3 Net sales, segment operating profit, and segment adjusted EBITDA for the three months ended June 29, 2025 include results from Industrial Plastics of $29 million, $5 million, and $6 million, respectively, previously included in All Other, to provide clearer year-over-year comparisons.
Balance Sheet and Cash Flow Highlights
The Company maintained strong liquidity of $1.3 billion at June 28, 2026, consisting of $1.1 billion of available borrowing capacity under its revolving credit facility and cash on hand.Cash and cash equivalents were $169 million as of June 28, 2026, compared to $378 million, as of December 31, 2025.Total debt and net debt were $4.5 billion and $4.3 billion, respectively, as of June 28, 2026, primarily reflecting seasonal working capital requirements within the Company's metal packaging business.Cash flow from operating activities for the period ended June 28, 2026 was a use of $(67) million, compared to a use of $(15) million in the same period of 2025. The main drivers of the year-over-year change in operating cash flow were a one-time payment of taxes in 2026 on the gains from the 2025 divestitures of the TFP and ThermoSafe businesses and the seasonal need for working capital for the Company’s metal packaging business.Capital expenditures, net of proceeds from sales of fixed assets, for 2026 were $124 million, compared to $186 million last year.Free Cash Flow for the period ended June 28, 2026 improved to $(191) million compared to $(201) million in the same period in 2025, reflecting the factors impacting operating cash flow discussed above.The Company returned $106 million to shareholders through dividends during the first half of 2026, compared to $104 million in the prior year period. Guidance(1)
Full-Year 2026
Net Sales: $7.25 billion to $7.75 billion, in line with previous guidanceAdjusted EPS(2): Maintaining annual adjusted EPS guidance of $5.80 to $6.20 per diluted share and continuing to expect results toward the low end of the rangeAdjusted EBITDA(2): Guidance of $1.25 billion to $1.35 billion is unchanged from previous guidanceCash flow from operating activities: Guidance remains unchanged at $700 million to $800 million, including the effect of payments of prior year taxes on gains from divestitures and restructuring costs Commenting on Sonoco’s outlook, Howard Coker said, “Entering the second half of the year we are encouraged that several key indicators are strengthening in our favor as we begin our busiest period of the year. Demand for our URB in North America is very strong as a result of entering new markets, such as saturating URB for laminated products, along with share gains that have expanded our backlogs and require that we import paper from our Europe and Latin America mills through the third quarter. In our Consumer segment, projected paper can growth in Europe, Asia, and South America has us exploring additional capacity expansion plans while customer promotions and new product launches are projected to lift both paper and metal can volumes as we enter the important seasonal pack season in both the U.S. and EMEA. While we remain mindful of external macroeconomic risks, we are confident in our strategy, portfolio and ability to execute through economic cycles.”
Joachimczyk added, “As pricing actions and contract resets take effect, we expect improved margin performance across our portfolio. Combined with ongoing productivity initiatives, disciplined cost management and execution of our profitability performance plan, we remain confident in achieving our long-term goal of improving margins by 200 basis points by the end of 2028.”
(1)Although the Company believes the assumptions reflected in the range of guidance are reasonable, given the uncertainty regarding the future performance of the overall economy, the effects of tariffs, trade policy and inflation, the challenges in global supply chains, potential changes in raw material prices, other costs, and the Company’s effective tax rate, as well as other risks and uncertainties, including those related to the integration of Eviosys and described below, actual results could vary substantially. Further information can be found in the section entitled “Forward-looking Statements” in this release.
(2) Full year 2026 GAAP guidance is not provided in this release due to the likely occurrence of one or more of the following, the timing and magnitude of which we are unable to reliably forecast without unreasonable efforts: restructuring costs and restructuring-related impairment charges, acquisition/divestiture-related costs, gains or losses from the sale of businesses and the income tax effects of these items and/or other income tax-related events. These items could have a significant impact on the Company’s future GAAP financial results. Accordingly, quantitative reconciliations of Adjusted EPS and Adjusted EBITDA guidance and net debt/Adjusted EBITDA targets to the nearest comparable GAAP measures have been omitted in reliance on the exception provided by Item 10 of Regulation S-K.
Earnings Conference Call Webcast
Sonoco’s management will host a conference call to discuss its second quarter 2026 results on Thursday, July 23, 2026, at 8:00 a.m. Eastern Time. The Company will provide prepared remarks, a presentation and host a question-and-answer session during the call. A live audio webcast of the call along with supporting materials will be available on the Sonoco Investor Relations website at https://investor.sonoco.com/. A webcast replay will be available on the Company’s website for at least 30 days following the call.
Time:Thursday, July 23, 2026, at 8:00 a.m. Eastern Time
Audience
Dial-In:To listen via telephone, please register in advance at:
https://events.q4inc.com/analyst/818434126?pwd=xd1mxKQrAfter registration, all telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call.
Webcast Link:https://events.q4inc.com/attendee/818434126 Contact Information:
Roger Schrum
Head of Investor Relations and Communications [email protected]
843-339-6018
About Sonoco
Sonoco (NYSE: SON) is a Mid-cap Value global packaging company. With sales of $7.5 billion from continuing operations in 2025, the Company has approximately 22,000 employees working in 265 operations in 37 countries, serving some of the world’s best-known brands. Guided by our purpose of Better Packaging. Better Life., we strive to foster a culture of innovation, collaboration and excellence to provide solutions that better serve all our stakeholders and support a more sustainable future. A Fortune 500 company, Sonoco was proudly named one of the World’s Most Admired Companies by Fortune in 2026 as well as one of America’s Most Trustworthy and Responsible Companies by Newsweek and USA Today’s Climate Leaders in 2025. For more information on the Company, visit our website at www.sonoco.com.
Forward-looking Statements
Statements included herein that are not historical in nature, are intended to be, and are hereby identified as “forward- looking statements” for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. In addition, the Company and its representatives may from time to time make other oral or written statements that are also “forward-looking statements.” Words such as “achieve,” “believe,” “can,” “continue,” “continuing,” “could,” “deliver,” “enhance,” “expect,” “forecast,” “focus,” “future,” “goal,” “guidance,” “improvement,” “likely,” “may,” “might,” “ongoing,” “outlook,” “plan,” “projected,” “remain,” “seek,” “should,” “strategy,” “target,” “will,” “would,” “working,” or the negative thereof, and similar expressions identify forward-looking statements.
Forward-looking statements in this communication include statements regarding, but not limited to: the Company’s future operating and financial performance, including full year 2026 outlook and the anticipated drivers thereof and cash flow in 2026; the Company’s ability to improve its competitive position and drive cost savings, including through its profitability performance plan; price/cost, customer demand and volume outlook; the continued focus on planned structural and operational savings actions to achieve long-term margin improvement goals; the effectiveness of and expected benefits from the Company’s strategy and strategic initiatives, including with respect to sustainable growth, margin improvement, and capital allocation, and focused metal and paper packaging portfolio; the effects of the changing macroeconomic and geopolitical environment, including trade policies and tariffs, market conditions, inflation and interest costs on the Company, its supply chain and its customers, and the Company’s ability to manage risks related thereto; and the Company’s ability to execute through economic cycles.
Such forward-looking statements are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management. Such information includes, without limitation, discussions as to guidance and other estimates, perceived opportunities, expectations, beliefs, plans, strategies, goals and objectives concerning our future financial and operating performance. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict.
Therefore, actual results may differ materially from those expressed or forecasted in such forward-looking statements.
Such risks, uncertainties and assumptions include, without limitation, those related to: the Company’s ability to execute on its strategy, including with respect to the integration of the Eviosys operations, divestitures, cost management, productivity improvements, restructuring and capital expenditures, and achieve the benefits it expects therefrom; conditions in the credit markets; the ability to retain key employees and successfully integrate Eviosys; the ability to realize estimated cost savings, synergies or other anticipated benefits of the Eviosys acquisition, or that such benefits may take longer to realize than expected; diversion of management’s attention; the potential impact of the consummation of the Eviosys acquisition on relationships with clients and other third parties; lower-than-projected financial performance of the Company’s European business, including as a result of loss or reduction in business from key customers, changes in our pricing model, or adverse changes in the macroeconomic or competitive environment in European markets; risks related to the impairment of goodwill and other intangibles; the operation of new manufacturing capabilities; the Company’s ability to achieve anticipated cost and energy savings; the availability, transportation and pricing of raw materials, energy and transportation, including the impact of changes in tariff or other trade policies or sanctions and escalating trade wars, and the impact of war, general regional instability and other geopolitical tensions (such as the ongoing conflicts between Russia and Ukraine and in the Middle East, the potential escalation of tensions between China and Taiwan and recent events in Venezuela), and the Company’s ability to continue to pass raw material, energy and transportation price increases and surcharges through to customers or otherwise manage these commodity pricing risks; the costs of labor; the effects of inflation, changes related to tariffs or other trade policies and global regulations, as well as the overall uncertainty surrounding international trade relations; fluctuations in consumer demand, volume softness, and other macroeconomic factors on the Company and the industries in which it operates and that it serves; the impact of changing laws and regulations, in the United States, on the Company; the Company’s ability to meet its environmental, sustainability and similar goals and other social and governance goals, including challenges in implementation thereof; natural disasters, severe weather events, and other unexpected disruptions to facility operations; and the other risks, uncertainties and assumptions discussed in the Company’s filings with the Securities and Exchange Commission, including its most recent reports on Forms 10-K and 10-Q, particularly under the heading “Risk Factors.” The Company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed herein might not occur.
References to our Website Address
References to our website address and domain names throughout this release are for informational purposes only, or to fulfill specific disclosure requirements of the Securities and Exchange Commission’s rules or the New York Stock Exchange Listing Standards. These references are not intended to, and do not, incorporate the contents of our website by reference into this release.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)(Dollars and shares in thousands except per share data) Three Months Ended Six Months Ended June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025Net sales $1,885,485 $1,910,441 $3,561,927 $3,619,669 Cost of sales 1,493,108 1,504,164 2,823,922 2,859,705 Gross profit 392,377 406,277 738,005 759,964 Selling, general and administrative expenses 200,247 218,775 401,785 427,838 Restructuring/Asset impairment charges, net 1,933 9,752 17,066 23,333 Gain/(Loss) on divestiture of business 2,640 (2,083) 775 (6,266)Operating profit 192,837 175,667 319,929 302,527 Non-operating pension costs 2,920 2,982 5,416 6,103 Interest expense 45,478 64,367 89,972 120,394 Interest income 4,064 4,122 12,715 11,470 Other expense, net (6,191) (6,559) (18,499) (13,076)Income from continuing operations before income taxes 142,312 105,881 218,757 174,424 Provision for income taxes 39,551 39,500 49,061 60,647 Income before equity in earnings of affiliates 102,761 66,381 169,696 113,777 Equity in earnings of affiliates, net of tax 2,263 2,270 2,953 4,191 Net income from continuing operations 105,024 68,651 172,649 117,968 Net income from discontinued operations — 424,548 — 429,720 Net income 105,024 493,199 172,649 547,688 Net (income)/loss from continuing operations attributable to noncontrolling interests (130) 224 (154) 164 Net income attributable to Sonoco $104,894 $493,423 $172,495 $547,852 Weighted average common shares outstanding – diluted 99,781 99,539 99,748 99,453 Diluted earnings from continuing operations per common share $1.05 $0.69 $1.73 $1.19 Diluted earnings from discontinued operations per common share — 4.27 — 4.32 Diluted earnings attributable to Sonoco per common share $1.05 $4.96 $1.73 $5.51 Dividends per common share $0.54 $0.53 $1.07 $1.05 CONDENSED STATEMENTS OF INCOME FOR DISCONTINUED OPERATIONS (Unaudited)(Dollars and shares in thousands except per share data) Three Months Ended Six Months Ended June 29, 2025 June 29, 2025 Net sales$— $320,678Cost of sales — 250,854Gross profit — 69,824Selling, general, and administrative expenses — 31,607Restructuring/Asset impairment charges, net — 426Gain on divestiture of business 625,773 625,773Operating profit 625,773 663,564Other expense, net — 182Interest expense — 24,911Interest income — 281Income from discontinued operations before income taxes 625,773 638,752Provision for income taxes 201,225 209,032Net income from discontinued operations 424,548 429,720Net income from discontinued operations attributable to noncontrolling interests — —Net income attributable to discontinued operations$424,548 $429,720Weighted average common shares outstanding – diluted 99,539 99,453Diluted earnings from discontinued operations per common share$4.27 $4.32 FINANCIAL SEGMENT INFORMATION (Unaudited)(Dollars in thousands) Three Months Ended Six Months Ended June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025Net sales: Consumer Packaging$1,241,839 $1,227,033 $2,338,914 $2,293,626 Industrial Paper Packaging 643,646 617,661 1,223,013 1,205,193 Total reportable segments 1,885,485 1,844,694 3,561,927 3,498,819 All Other — 65,747 — 120,850 Net sales$1,885,485 $1,910,441 $3,561,927 $3,619,669 Operating profit: Consumer Packaging$151,705 $160,353 $277,354 $301,124 Industrial Paper Packaging 89,379 85,934 158,625 162,265 Segment operating profit 241,084 246,287 435,979 463,389 All Other — 8,406 — 15,125 Corporate Restructuring/Asset impairment charges, net (1,933) (9,752) (17,066) (23,333) Amortization of acquisition intangibles (45,570) (44,193) (89,890) (86,154) Gain/(Loss) on divestiture of business 2,640 (2,083) 775 (6,266) Acquisition, integration, and divestiture-related costs (2,083) (11,161) (8,421) (38,427) Other operating charges, net (1,301) (11,837) (1,448) (21,807) Operating profit$192,837 $175,667 $319,929 $302,527 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(Dollars in thousands) Six Months Ended June 28, 2026 June 29, 2025 Net income$172,649 $547,688 Net loss/(gain) on divestiture of business, disposition of assets, and asset impairments 4,248 (612,543)Depreciation and amortization 256,125 250,967 Pension and postretirement plan contributions, net of non-cash expense (2,556) (1,727)Changes in working capital (301,117) (263,420)Changes in tax accounts (98,182) 142,031 Other operating activity (98,475) (77,649)Net cash used by operating activities (67,308) (14,653) Purchases of property, plant and equipment, net (123,873) (186,393)Proceeds from the sale of business, net1 (13,076) 1,814,930 Cost of acquisitions, net of cash acquired2 — 16,528 Net debt proceeds/(repayments) 116,078 (1,668,876)Cash dividends (105,790) (103,558)Payments for share repurchases (7,011) (10,576)Other (outflow)/inflow, including effects of exchange rates on cash (8,770) 39,338 Net decrease in cash and cash equivalents (209,750) (113,260)Cash and cash equivalents at beginning of period 378,398 443,060 Cash and cash equivalents at end of period$168,648 $329,800 12026 includes payments of $15,211 and $1,865 to the buyers of TFP and ThermoSafe, respectively, for final net working capital settlements on these 2025 divestitures.22025 includes a cash receipt of $16,528 for the final net working capital settlement related to the 2024 acquisition of Eviosys. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)(Dollars in thousands) June 28, 2026 December 31, 2025Assets Current Assets: Cash and cash equivalents$168,648 $378,398 Trade accounts receivable, net of allowances 1,011,392 842,810 Other receivables 184,121 178,755 Inventories, net 1,255,419 1,121,009 Prepaid expenses 167,778 125,352 Total Current Assets 2,787,358 2,646,324Property, plant and equipment, net 2,707,744 2,797,800Goodwill 2,463,738 2,511,611Other intangible assets, net 2,533,392 2,683,474Right of use asset-operating leases 302,699 307,450Deferred income taxes and other assets 179,152 215,675 Total Assets$10,974,083 $11,162,334Liabilities and Equity Current Liabilities: Payable to suppliers, accrued expenses and other payables$1,794,492 $1,861,904 Notes payable and current portion of long-term debt 968,752 537,952 Accrued taxes 38,583 128,821 Total Current Liabilities 2,801,827 2,528,677Long-term debt, net of current portion 3,484,464 3,788,973Noncurrent operating lease liabilities 259,244 263,192Pension and other postretirement benefits 169,527 177,976Deferred income taxes and other liabilities 660,498 771,684 Total Liabilities 7,375,560 7,530,502 Total Equity 3,598,523 3,631,832 Total Liabilities and Equity$10,974,083 $11,162,334 NON-GAAP FINANCIAL MEASURES
The Company’s results, determined in accordance with U.S. generally accepted accounting principles, are referred to as “as reported” or “GAAP” results. The Company uses certain financial performance measures, both internally and externally, that are not in conformity with GAAP (referred to as “non-GAAP financial measures”) to assess and communicate the financial performance of the Company. These non-GAAP financial measures, which are identified using the term “Adjusted” (for example, “Adjusted Operating Profit,” “Adjusted Net Income Attributable to Sonoco,” and “Adjusted Diluted EPS”), reflect adjustments to the Company’s GAAP operating results to exclude amounts, including the associated tax effects where applicable, relating to:
restructuring/asset impairment charges1;acquisition, integration and divestiture-related costs;gains or losses from the divestiture of businesses;losses from the early extinguishment of debt;non-operating pension costs;amortization expense on acquisition intangibles;changes in last-in, first-out (“LIFO”) inventory reserves;certain income tax events and adjustments;derivative gains/losses;other non-operating income and losses; andcertain other items, if any. 1Restructuring and restructuring-related asset impairment charges are a recurring item as the Company’s restructuring programs usually require several years to fully implement, and the Company is continually seeking to take actions that could enhance its efficiency. Although recurring, these charges are subject to significant fluctuations from period to period due to the varying levels of restructuring activity, the inherent imprecision in the estimates used to recognize the impairment of assets, and the wide variety of costs and taxes associated with severance and termination benefits in the countries in which the restructuring actions occur.
The Company’s management believes the exclusion of the amounts related to the above-listed items improves the period-to-period comparability and analysis of the underlying financial performance of the business.
In addition to the “Adjusted” results described above, the Company also uses Adjusted EBITDA, Segment Adjusted EBITDA, Segment Adjusted EBITDA Margin, and Net Debt. Adjusted EBITDA is defined as net income excluding the following: interest expense; interest income; provision for income taxes; depreciation and amortization expense; non-operating pension costs; net income/loss attributable to noncontrolling interests; restructuring/asset impairment charges; changes in LIFO inventory reserves; gains/losses from the divestiture of businesses; acquisition, integration and divestiture-related costs; other income; derivative gains/losses; and other non-GAAP adjustments, if any, that may arise from time to time. Segment Adjusted EBITDA is defined as segment operating profit plus depreciation and amortization expense and equity in earnings of affiliates, net of tax. Segment Adjusted EBITDA Margin is defined as Segment Adjusted EBITDA divided by segment net sales. Net Debt is defined as the total of the Company’s short and long-term debt less cash and cash equivalents.
Segment Adjusted EBITDA is reconciled to the closest GAAP measure of segment profitability, segment operating profit as the Company does not calculate net income by segment. Segment operating profit is the measure of segment profit or loss reported to the chief operating decision maker for purposes of making decisions about allocating resources to the segments and assessing their performance in accordance with Accounting Standards Codification 280 - “Segment Reporting,” as prescribed by the Financial Accounting Standards Board.
Segment results, which are reviewed by the Company’s management to evaluate segment performance, do not include the following: restructuring/asset impairment charges; amortization of acquisition intangibles; acquisition, integration and divestiture-related costs; changes in LIFO inventory reserves; gains/losses from the sale of businesses; gains/losses from derivatives; or certain other items, if any, the exclusion of which the Company believes improves the comparability and analysis of the ongoing operating performance of the business. Accordingly, the term “segment operating profit” is defined as the segment’s portion of “operating profit” excluding those items. All other general corporate expenses have been allocated as operating costs to each of the Company’s reportable segments, except for costs related to discontinued operations.
The Company’s non-GAAP financial measures are not calculated in accordance with, nor are they an alternative for, measures conforming to GAAP, and they may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles.
The Company presents these non-GAAP financial measures to provide investors with information to evaluate Sonoco’s operating results in a manner similar to how management evaluates business performance. The Company consistently applies its non-GAAP financial measures presented herein and uses them for internal planning and forecasting purposes, to evaluate its ongoing operations, and to evaluate the ultimate performance of management and each business unit against plans/forecasts. In addition, these same non-GAAP financial measures are used in determining incentive compensation for the entire management team and in providing earnings guidance to the investing community.
Material limitations associated with the use of such measures include that they do not reflect all period costs included in operating expenses and may not be comparable with similarly named financial measures of other companies. Furthermore, the calculations of these non-GAAP financial measures are based on subjective determinations of management regarding the nature and classification of events and circumstances that the investor may find material and view differently.
To compensate for any limitations in such non-GAAP financial measures, management believes that it is useful in evaluating the Company’s results to review both GAAP information, which includes all of the items impacting financial results, and the related non-GAAP financial measures that exclude certain elements, as described above. Further, Sonoco management does not, nor does it suggest that investors should, consider any non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Whenever reviewing a non-GAAP financial measure, investors are encouraged to review and consider the related reconciliation to understand how it differs from the most directly comparable GAAP measure.
Free Cash Flow
The Company uses the non-GAAP financial measure of “Free Cash Flow,” which it defines as cash flow from operations minus net capital expenditures. Net capital expenditures are defined as capital expenditures minus proceeds from the disposition of capital assets. Free Cash Flow may not represent the amount of cash flow available for general discretionary use because it excludes non-discretionary expenditures, such as mandatory debt repayments and required settlements of recorded and/or contingent liabilities not reflected in cash flow from operations.
QUARTERLY RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
The following tables reconcile the Company’s non-GAAP financial measures to their most directly comparable GAAP financial measures in the Company’s Condensed Consolidated Statements of Income for the three-month periods ended June 28, 2026 and June 29, 2025.
Adjusted Operating Profit, Adjusted Income from Continuing Operations Before Income Taxes, Adjusted Provision for Income Taxes, Adjusted Net Income Attributable to Sonoco, and Adjusted Diluted EPS
For the three-month period ended June 28, 2026Dollars in thousands, except per share dataOperating ProfitIncome from Continuing Operations Before Income TaxesProvision for Income TaxesNet Income Attributable to SonocoDiluted EPSAs Reported (GAAP)$192,837 $142,312 $39,551 $104,894 $1.05 Acquisition, integration and divestiture-related costs1 2,083 2,083 (199) 2,282 0.02 Changes in LIFO inventory reserves 1,154 1,154 285 869 0.01 Amortization of acquisition intangibles 45,570 45,570 10,038 35,532 0.36 Restructuring/Asset impairment charges, net 1,933 1,940 17 1,930 0.02 Gain on divestiture of business2 (2,640) (2,640) (650) (1,990) (0.02)Non-operating pension costs — 2,920 749 2,171 0.02 Net losses from derivatives 254 254 63 191 — Other adjustments 1,231 1,231 (3,417) 4,648 0.05 Total adjustments 49,585 52,512 6,886 45,633 0.46 Adjusted$242,422 $194,824 $46,437 $150,527 $1.51 Due to rounding, individual items may not sum appropriately. 1 Acquisition, integration and divestiture-related costs relate primarily to the Company’s December 2024 acquisition of Eviosys.
2 Gain on divestiture of business reflects the gain of $2,640 from the sale of a recycling facility in Savannah, Georgia.
For the three-month period ended June 29, 2025Dollars in thousands, except per share dataOperating ProfitIncome from Continuing Operations Before Income TaxesProvision for Income TaxesNet Income Attributable to SonocoDiluted EPSAs Reported (GAAP)1$175,667$105,881$39,500 $493,423 $4.96 Acquisition, integration and divestiture-related costs2 11,161 11,161 2,120 9,041 0.09 Changes in LIFO inventory reserves 1,193 1,193 291 902 0.01 Amortization of acquisition intangibles 44,193 44,193 9,401 34,792 0.35 Restructuring/Asset impairment charges, net 9,752 9,752 2,197 7,173 0.07 Loss/(Gain) on divestiture of business 2,083 2,083 514 (422,979) (4.25)Non-operating pension costs — 2,982 761 2,221 0.02 Net losses from derivatives 2,154 2,154 548 1,606 0.02 Other adjustments3 735 735 (9,201) 9,936 0.10 Total adjustments 71,271 74,253 6,631 (357,308) (3.59)Adjusted$246,938$180,134$46,131 $136,115 $1.37 Due to rounding, individual items may not sum appropriately. 1 Operating profit, income from continuing operations before income taxes, and provision for income taxes exclude results related to discontinued operations of $625,773, $625,773 and $201,225, respectively.
2 Acquisition, integration and divestiture-related costs relate mostly to the Company’s December 2024 acquisition of Eviosys and the divestiture of TFP, which was completed on April 1, 2025.
3 Other adjustments include discrete tax items primarily related to tax rate changes on accumulated other comprehensive income (“AOCI”) and rate differences between non-US jurisdictions related to acquisitions/divestitures.
Adjusted EBITDA1 Three Months EndedDollars in thousandsJune 28, 2026June 29, 2025Net income attributable to Sonoco$104,894 $493,423 Adjustments: Interest expense 45,478 64,367 Interest income (4,064) (4,122)Provision for income taxes 39,551 240,725 Depreciation and amortization 131,096 129,475 Non-operating pension costs 2,920 2,982 Net income/(loss) attributable to noncontrolling interests 130 (224)Restructuring/Asset impairment charges, net 1,933 9,752 Changes in LIFO inventory reserves 1,154 1,193 Gain on divestiture of business (2,640) (623,690)Acquisition, integration and divestiture-related costs 2,083 11,161 Net loss from derivatives 254 2,154 Other non-GAAP adjustments 1,231 735 Adjusted EBITDA$324,020 $327,931 1 For the three-month period ended June 29, 2025, adjusted EBITDA is calculated on a total Company basis, including both continuing and discontinued operations.
Segment Adjusted EBITDA and Adjusted EBITDA Margin ReconciliationFor the Three Months Ended June 28, 2026 Dollars in thousandsConsumerIndustrialCorporateTotalSegment and Total Operating Profit1$151,705 $89,379 $(48,247)$192,837 Adjustments: Depreciation and amortization2 54,675 30,851 45,570 131,096 Other expense, net3 — — (6,191) (6,191)Equity in earnings of affiliates, net of tax 276 1,987 — 2,263 Restructuring/Asset impairment charges, net4 — — 1,933 1,933 Changes in LIFO inventory reserves5 — — 1,154 1,154 Acquisition, integration and divestiture-related costs6 — — 2,083 2,083 Gain on divestiture of business7 — — (2,640) (2,640)Net loss from derivatives8 — — 254 254 Other non-GAAP adjustments — — 1,231 1,231 Segment Adjusted EBITDA$206,656 $122,217 $(4,853)$324,020 Net Sales$1,241,839 $643,646 Segment Operating Profit Margin 12.2% 13.9% Segment Adjusted EBITDA Margin 16.6% 19.0% 1As previously announced, effective January 1, 2026, results for Industrial Plastics, previously included in the All Other group of businesses, are included in the Industrial segment. The Company no longer reports the results of any of its businesses in All Other.
2Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment of $40,507 and the Industrial segment of $5,063.
3These expenses relate to charges from third-party financial institutions related to our centralized treasury program under which the Company sells certain trade accounts receivables in order to accelerate its cash collection cycle, primarily within the Consumer segment.
4Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment of $(170) and the Industrial segment of $1,237.
5Included in Corporate are changes in LIFO inventory reserves associated with the Consumer segment of $1,143 and the Industrial segment of $11.
6Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer segment of $2,631and the Industrial segment of $152.
7Included in Corporate is a gain of $2,640 from the sale of a recycling operation in Savannah, Georgia, part of the Industrial segment.
8Included in Corporate are net losses from derivatives associated with the Consumer segment of $12 and the Industrial segment of $242.
Segment and All Other Adjusted EBITDA and Adjusted EBITDA Margin ReconciliationFor the Three Months Ended June 29, 2025Excludes results of discontinued operations Dollars in thousandsConsumerIndustrialAll OtherCorporateTotalSegment and Total Operating Profit$160,353 $85,934 $8,406 $(79,026)$175,667 Adjustments: Depreciation and amortization1 52,801 30,711 1,770 44,193 129,475 Other expense, net2 — — — (6,559) (6,559)Equity in earnings of affiliates, net of tax 170 2,100 — — 2,270 Restructuring/Asset impairment charges, net3 — — — 9,752 9,752 Changes in LIFO inventory reserves4 — — — 1,193 1,193 Acquisition, integration and divestiture-related costs5 — — — 11,161 11,161 Loss on divestiture of business6 — — — 2,083 2,083 Net loss from derivatives7 — — — 2,154 2,154 Other non-GAAP adjustments — — — 735 735 Segment Adjusted EBITDA$213,324 $118,745 $10,176 $(14,314)$327,931 Net Sales$1,227,033 $617,661 $65,747 Segment Operating Profit Margin 13.1% 13.9% 12.8% Segment Adjusted EBITDA Margin 17.4% 19.2% 15.5% 1Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment of $38,333, the Industrial segment of $5,655, and the All Other group of businesses of $205.
2These expenses relate to charges from third-party financial institutions related to our centralized treasury program under which the Company sells certain trade accounts receivables in order to accelerate its cash collection cycle, primarily within the Consumer segment.
3Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment of $1,479, the Industrial segment of $8,228, and a gain in the All Other group of businesses of $5.
4Included in Corporate are changes in LIFO inventory reserves associated with the Consumer segment of $1,193.
5Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer segment of $1,137 and the Industrial segment of $213.
6Included in Corporate is a loss on divestiture of business of $2,083 associated with the Industrial segment related to the sale of a recycling operation in Asheville, North Carolina.
7Included in Corporate are net losses from derivatives associated with the Consumer segment of $208, the Industrial segment of $1,864, and the All Other group of businesses of $82.
YEAR-TO-DATE RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
The following tables reconcile the Company’s non-GAAP financial measures to their most directly comparable GAAP financial measures in the Company’s Condensed Consolidated Statements of Income for the six-month periods ended June 28, 2026 and June 29, 2025.
Adjusted Operating Profit, Adjusted Income from Continuing Operations Before Income Taxes, Adjusted Provision for Income Taxes, Adjusted Net Income Attributable to Sonoco, and Adjusted Diluted EPS
For the six-month period ended June 28, 2026Dollars in thousands, except per share dataOperating ProfitIncome from Continuing Operations Before Income TaxesProvision for Income TaxesNet Income Attributable to SonocoDiluted EPSAs Reported (GAAP)$319,929 $218,757 $49,061 $172,495 $1.73 Acquisition, integration and divestiture-related costs1 8,421 8,421 1,347 7,074 0.07 Changes in LIFO inventory reserves 5,521 5,521 1,367 4,154 0.04 Amortization of acquisition intangibles 89,890 89,890 19,800 70,090 0.70 Restructuring/Asset impairment charges, net 17,066 17,066 3,505 13,573 0.14 Gain on divestiture of business, net2 (775) (775) (188) (587) (0.01)Other expense, net3 — 6,592 — 6,592 0.07 Non-operating pension costs — 5,416 1,394 4,022 0.04 Net loss from derivatives 167 167 41 126 — Other adjustments4 3,027 3,027 10,687 (7,660) (0.07)Total adjustments 123,317 135,325 37,953 97,384 0.98 Adjusted$443,246 $354,082 $87,014 $269,879 $2.71 Due to rounding, individual items may not sum appropriately. 1 Acquisition, integration and divestiture-related costs relate primarily to the Company’s December 2024 acquisition of Eviosys and the November 2025 divestiture of ThermoSafe.
2 Gain on divestiture of business, net reflects the gain of $2,640 from the sale of a recycling operation in Savannah, Georgia, partially offset by a charge of $1,865 from the final net working capital settlement related to the November 2025 divestiture of ThermoSafe.
3 Amount relates to certain pre-acquisition liabilities related to the SMP EMEA business.
4 Other adjustments to the provision for income taxes include a benefit of $14,232 related to a provision-to-return adjustment for a retroactive U.S. tax election.
For the six-month period ended June 29, 2025Dollars in thousands, except per share dataOperating ProfitIncome from Continuing Operations Before Income TaxesProvision for Income TaxesNet Income Attributable to SonocoDiluted EPSAs Reported (GAAP)1$302,527 $174,424 $60,647 $547,852 $5.51 Acquisition, integration and divestiture-related costs2 38,427 38,427 8,757 39,336 0.40 Changes in LIFO inventory reserves 1,755 1,755 433 1,322 0.01 Amortization of acquisition intangibles 86,154 86,154 19,005 66,936 0.67 Restructuring/Asset impairment charges, net 23,333 23,333 5,397 17,888 0.18 Loss/(Gain) on divestiture of business3 6,266 6,266 886 (419,168) (4.21)Non-operating pension costs — 6,103 1,559 4,544 0.05 Net gains from derivatives (795) (795) (196) (599) (0.01)Other adjustments4 1,994 1,994 (9,804) 14,844 0.14 Total adjustments 157,134 163,237 26,037 (274,897) (2.77)Adjusted$459,661 $337,661 $86,684 $272,955 $2.74 Due to rounding, individual items may not sum appropriately. 1 Operating profit, income from continuing operations before income taxes, and provision for income taxes exclude results related to discontinued operations of $663,564, $638,752, and $209,032, respectively.
2 Acquisition, integration and divestiture related costs relate mostly to the Company’s December 2024 acquisition of Eviosys and the April 2025 divestiture of TFP.
3 Loss/(gain) on divestiture of business primarily consists of the gain on the sale of the Company’s Thermoformed and Flexibles Packaging business, included in “Net income from discontinued operations” in the Company’s Condensed Consolidated Statements of Income.
4 Other adjustments include discrete tax items primarily related to tax rate changes on AOCI and rate differences between non-U.S. jurisdictions related to acquisitions/divestitures.
Adjusted EBITDA1 Six Months EndedDollars in thousandsJune 28, 2026June 29, 2025 Net income attributable to Sonoco$172,495 $547,852 Adjustments: Interest expense 89,972 145,305 Interest income (12,715) (11,751)Provision for income taxes 49,061 269,679 Depreciation and amortization 256,125 250,967 Non-operating pension costs 5,416 6,103 Non-operating other expense 6,592 — Net income/(loss) attributable to noncontrolling interests 154 (164)Restructuring/Asset impairment charges, net 17,066 23,759 Changes in LIFO inventory reserves 5,521 1,755 Gain on divestiture of business (775) (619,507)Acquisition, integration and divestiture-related costs 8,421 51,103 Other income, net — — Net loss/(gain) from derivatives 167 (795)Other non-GAAP adjustments 3,027 1,381 Adjusted EBITDA$600,527 $665,687 1For the six-month period ended June 29, 2025, Adjusted EBITDA is calculated on a total Company basis, including both continuing and discontinued operations.
The following tables reconcile segment operating profit, the closest GAAP measure of profitability, to segment adjusted EBITDA.
Segment and All Other Adjusted EBITDA and Adjusted EBITDA Margin ReconciliationFor the Six Months Ended June 28, 2026Excludes results of discontinued operationsDollars in thousandsConsumerIndustrialCorporateTotalSegment and Total Operating Profit1$277,354 $158,625 $(116,050)$319,929 Adjustments: Depreciation and amortization2 105,625 60,610 89,890 256,125 Other expense, net3 — — (11,907) (11,907)Equity in earnings of affiliates, net of tax 274 2,679 — 2,953 Restructuring/Asset impairment charges, net4 — — 17,066 17,066 Changes in LIFO inventory reserves5 — — 5,521 5,521 Acquisition, integration and divestiture-related costs6 — — 8,421 8,421 Gain on divestiture of business7 — — (775) (775)Net loss from derivatives8 — — 167 167 Other non-GAAP adjustments — — 3,027 3,027 Segment Adjusted EBITDA$383,253 $221,914 $(4,640)$600,527 Net Sales$2,338,914 $1,223,013 Segment Operating Profit Margin 11.9% 13.0% Segment Adjusted EBITDA Margin 16.4% 18.1% 1 As previously announced, effective January 1, 2026, results for Industrial Plastics, previously included in the All Other group of businesses, are included in the Industrial segment. The Company no longer reports the results of any of its businesses in All Other.
2 Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment of $79,875 and the Industrial segment of $10,015.
3 These expenses relate to charges from third-party financial institutions related to our centralized treasury program under which the Company sells certain trade accounts receivable in order to accelerate its cash collection cycle primarily within the Consumer segment.
4 Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment of $8,937 and the Industrial segment of $7,196.
5 Included in Corporate are changes in LIFO inventory reserves associated with the Consumer segment of $4,996 and the Industrial segment of $525.
6 Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer segment of $3,274 and the Industrial segment of $152.
7 Included in Corporate is a gain of $2,640 from the sale of a recycling facility in Savannah, Georgia, part of the Industrial segment, partially offset by a charge of $1,865 from the final net working capital settlement related to the divestiture of ThermoSafe, previously part of the All Other group of businesses.
8 Included in Corporate are net losses from derivatives associated with the Consumer segment of $4 and the Industrial segment of $163.
Segment and All Other Adjusted EBITDA and Adjusted EBITDA Margin ReconciliationFor the Six Months Ended June 29, 2025Excludes results of discontinued operationsDollars in thousandsConsumerIndustrialAll OtherCorporateTotalSegment and Total Operating Profit$301,124 $162,265 $15,125 $(175,987)$302,527 Adjustments: Depreciation and amortization1 101,756 59,868 3,500 86,154 251,278 Other expense, net2 — — — (13,076) (13,076)Equity in earnings of affiliates, net of tax 119 4,072 — — 4,191 Restructuring/Asset impairment charges, net3 — — — 23,333 23,333 Changes in LIFO inventory reserves4 — — — 1,755 1,755 Acquisition, integration and divestiture-related costs5 — — — 38,427 38,427 Loss on divestiture of business6 — — — 6,266 6,266 Net gains from derivatives7 — — — (795) (795)Other non-GAAP adjustments — — — 1,994 1,994 Segment Adjusted EBITDA$402,999 $226,205 $18,625 $(31,929)$615,900 Net Sales$2,293,626 $1,205,193 $120,850 Segment Operating Profit Margin 13.1% 13.5% 12.5% Segment Adjusted EBITDA Margin 17.6% 18.8% 15.4% 1Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment of $74,835, the Industrial segment of $10,920, and All Other of $399.
2These expenses relate to charges from third-party financial institutions related to our centralized treasury program under which the Company sells certain trade accounts receivables in order to accelerate its cash collection cycle primarily within the Consumer segment.
3Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment of $2,709, the Industrial segment of $20,726, and All Other of $10.
4Included in Corporate are changes in LIFO inventory reserves associated with the Consumer segment of $1,755.
5Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer segment of $21,209 and the Industrial segment of $431.
6Included in Corporate are net losses from the divestiture of businesses within the Industrial segment of $6,266, including a loss of $2,083 from the sale of a recycling facility in Asheville, N.C. and losses totaling $4,183 related to the sale of a production facility in France and the entirety of our business in Venezuela.
7Included in Corporate are net gains from derivatives associated with the Consumer segment of $(76), the Industrial segment of $(688), and All Other of $(31).
FREE CASH FLOW
The reconciliation of the GAAP measure “Net cash used by operating activities” to the non-GAAP measure “Free cash flow” is set forth in the table below:
Six Months Ended June 28, 2026 June 29, 2025 Net cash used by operating activities$(67,308) $(14,653)Purchases of property, plant and equipment (125,756) (187,483)Proceeds from the sale of assets, net 1,883 1,090 Net capital expenditures (123,873) (186,393)Free cash flow$(191,181) $(201,046)
July 22, 2026 16:05 ET | Source: Encore Capital Group, Inc.
SAN DIEGO, July 22, 2026 (GLOBE NEWSWIRE) -- Encore Capital Group, Inc. (Nasdaq: ECPG) (“Encore” or the “Company”), an international specialty finance company, announced today that on July 22, 2026 (the “Redemption Notice Date”), it has issued a notice (the “Redemption Notice”) to holders of the Company’s 4.00% Convertible Senior Notes due 2029 (CUSIP No. 292554 AP7) (the “Notes”), calling all $230.0 million aggregate principal amount of the Notes for redemption on September 24, 2026 (the “Redemption Date”). The Company’s redemption right in respect of the Notes arises pursuant to Section 14.07 of the Indenture, dated as of March 3, 2023 (the “Indenture”), between the Company and Truist Bank, as trustee (the “Trustee”), as a result of the last reported sale price per share of the Company’s common stock having exceeded 130% of the conversion price on each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the trading day immediately before the Redemption Notice Date.
Redemption Process
The redemption price will be payable on the Redemption Date in cash and equal to 100% of the principal amount of the Notes outstanding on the Redemption Date, plus accrued and unpaid interest on such Notes to, but excluding, the Redemption Date (the “Redemption Price”). For each $1,000 principal amount of Notes, the Redemption Price will be equal to approximately $1,001. Unless the Company defaults in making payment of the Redemption Price, interest on the Notes will cease to accrue on and after the Redemption Date.
For all Notes surrendered in book-entry form, payment of the Redemption Price will be made through the facilities of The Depository Trust Company (“DTC”), and all redeemed Notes in book-entry form will be surrendered for payment of the Redemption Price in accordance with the applicable rules and procedures of DTC.
Right to Convert the Notes
Holders of the Notes may surrender their Notes (or any portion thereof having a principal amount that is an integral multiple of $1,000) for conversion at any time prior to 5:00 p.m. (New York City time) on September 22, 2026 or, if the Company fails to pay the Redemption Price on the Redemption Date, such later date on which the Redemption Price is paid. To convert any Note, the holder must comply with the applicable rules and procedures of DTC. Upon conversion, a holder will not receive any separate cash payment for accrued and unpaid interest, and the Company’s settlement of the conversion obligation shall be deemed to satisfy in full its obligation to pay the principal amount of the Note and accrued and unpaid interest to, but excluding, the relevant conversion date. Any Notes submitted for conversion after they are called for redemption will be settled in cash. Any Notes not converted prior to the applicable deadline will be redeemed for the Redemption Price on the Redemption Date and will thereafter be canceled and cease to be outstanding.
As of the Redemption Notice Date, the conversion rate of the Notes is 15.1763 shares of common stock per $1,000 principal amount of Notes, which is equivalent to a conversion price of approximately $65.89 per share.
The sending of the Redemption Notice to the holders of the Notes constitutes a “Make-Whole Fundamental Change” under the Indenture, and therefore the conversion rate is required to be increased in accordance with Section 13.03 of the Indenture for Notes surrendered for conversion during the period beginning on, and including, the Redemption Notice Date, and ending at 5:00 p.m. (New York City time) on September 22, 2026 (the “Make-Whole Conversion Period”). The conversion rate applicable to such conversions will be increased by 1.0293 additional shares to 16.2056 shares of common stock per $1,000 principal amount of Notes, which is equivalent to a conversion price of approximately $61.71 per share. The conversion rate will remain subject to adjustment in accordance with the Indenture from time to time upon the occurrence of certain events.
Truist Bank is acting as Trustee, paying agent and conversion agent under the Indenture, and its address is 2713 Forest Hills Road, Building 2 - Floor 2, Wilson, North Carolina 27893, Attention: Encore Capital Group – Client Manager – Patrick Giordano.
Holders who have questions or who wish to discuss the redemption may contact the Company’s Investor Relations representative by email at [email protected].
This press release does not constitute a notice of redemption under the Indenture. The Redemption Notice is being delivered to holders separately in accordance with the terms of the Indenture. This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful. No representation is made as to the correctness or accuracy of the CUSIP number either as printed on the notes or as contained in this press release.
Capped Call Transactions
In connection with the pricing of the Notes in February 2023, the Company entered into privately negotiated capped call transactions with certain financial institutions (the “option counterparties”). In connection with the redemption, the Company expects that the capped call transactions will unwind and terminate in full. In connection with any such unwind and termination, the Company would receive from each option counterparty an amount of cash (or shares of the Company’s common stock if agreed with the applicable option counterparty) reflecting the then-current option value of such capped call transaction, as determined pursuant to the terms of such transaction or as otherwise agreed with the Company. The Company expects to enter into bilateral unwind agreements with each option counterparty to unwind and terminate its respective capped call transaction as of or shortly following the Redemption Date, with a termination value determined based on the market price of the Company’s common stock over a valuation period expected to end shortly prior to the Redemption Date and payable to the Company on or shortly following the Redemption Date, in each case, subject to extension.
In connection with unwinding and terminating the capped call transactions, the option counterparties and/or their respective affiliates are expected to unwind various derivative transactions with respect to the Company’s common stock and/or sell shares of the Company’s common stock or other securities of the Company in secondary market transactions. This activity may have the effect of decreasing (or reducing the size of any increase in) the market price of the Company’s common stock.
About Encore Capital Group, Inc.
Encore Capital Group is an international specialty finance company that provides debt recovery solutions and other related services for consumers across a broad range of financial assets. Through its subsidiaries around the globe, Encore purchases portfolios of consumer receivables from major banks, credit unions, and utility providers.
Encore partners with individuals as they repay their debt obligations, helping them on the road to financial recovery and ultimately improving their economic well-being. Encore is the first and only company of its kind to operate with a Consumer Bill of Rights that provides industry-leading commitments to consumers. Headquartered in San Diego, Encore is a publicly traded NASDAQ Global Select company (ticker symbol: ECPG) and a component stock of the Russell 2000, the S&P Small Cap 600 and the Wilshire 4500. More information about the company can be found at www.encorecapital.com.
The statements in this press release that are not historical facts, including, most importantly, those statements preceded by, or that include, the words “will,” “may,” “believe,” “projects,” “expects,” “anticipates” or the negation thereof, or similar expressions, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). These statements may include, but are not limited to, statements regarding our future operating results, performance, liquidity, ability to access capital markets, business plans or prospects. For all “forward-looking statements,” the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. Such forward-looking statements involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company and its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors are discussed in the reports filed by the Company with the Securities and Exchange Commission, including the most recent reports on Forms 10-K and 10-Q, each as it may be amended from time to time. The Company disclaims any intent or obligation to update these forward-looking statements.
NEW YORK, July 22, 2026 /PRNewswire/ -- Shutterstock, Inc. (NYSE: SSTK) (the "Company"), a family of brands delivering scalable creative and GenAI solutions to help customers fuel great work, today announced that at a meeting held on July 20, 2026 its Board of Directors (the "Board") resolved to suspend the Company's future quarterly cash dividend. The Board's determination reflects its ongoing review of the Company's capital-allocation priorities and its focus on deploying capital to support long-term value creation for shareholders, including reducing debt, minimizing related interest expense and strengthening financial flexibility.
MCLEAN, Va.--(BUSINESS WIRE)---- $BBAI--BigBear.ai (NYSE: BBAI), a specialized defense technology company, providing mission-ready AI for national security and trade & travel customers, today announced that it will publish its second quarter earnings release on Thursday, July 30 at approximately 4:15 pm ET and will host an earnings call at 4:30 pm ET. The earnings release will be accessible on the Company's investor relations website: https://ir.bigbear.ai. Additional details on the earnings call will.
NEW YORK, July 22, 2026 (GLOBE NEWSWIRE) -- ODDITY Tech Ltd. (NASDAQ: ODD) today announced that it will release its second quarter 2026 financial results before the market open on Wednesday, September 9, 2026, to be followed by a conference call at 8:30 a.m. Eastern Time.
Conference Call Details:
To participate in the conference call, please dial 1-877-407-9208 (US) or 1-201-493-6784 (international). To access the call, please reference the company name and call title: ODDITY Second Quarter 2026 Earnings Call. A webcast of the call will be accessible on the Investors section of ODDITY’s website at https://investors.oddity.com. A recording will be available shortly after the conclusion of the call. To access the replay, please dial 1-844-512-2921 (US) or 1-412-317-6671 (international). The access code for the replay is 13761986. An archive of the webcast will be available on the Investors section of ODDITY’s website for seven days following the call.
About ODDITY
ODDITY is a consumer tech company that builds and scales digital-first brands to disrupt the offline-dominated beauty and wellness industries. The company serves approximately 68 million users with its AI-driven online platform, deploying data science to identify consumer needs, and developing solutions in the form of beauty and wellness products. ODDITY owns IL MAKIAGE, SpoiledChild and METHODIQ. The company operates with business headquarters in New York City, an R&D center in Tel Aviv, Israel, and a biotechnology lab in Boston.
Net loss attributable to common stockholders of $0.38 per share for the second quarter of 2026 as compared to net loss of $0.16 per share for the same period in 2025.Funds from operations ("FFO") of $1.43 per share for the second quarter of 2026. The Company reported FFO of $1.63 per share for the second quarter of 2025, which included $46.6 million, or $0.61 per share, of income related to the resolution of a commercial mortgage investment.The Company is increasing its 2026 FFO guidance range for the year ending December 31, 2026 from $4.40-$4.70 per share to $5.60-$5.90 per share, an increase of $1.20 per share at the midpoint, reflecting $0.40 per share of higher net operating income ("NOI") from the Company's real estate portfolio, incremental fees and other income, and $0.80 per share of additional income that will be recognized from One Vanderbilt Avenue. The Company is also increasing its 2026 net income guidance range from $(0.27)-$0.03 per share to $0.20-$0.50 per share. Signed 53 Manhattan office leases totaling 445,161 square feet in the second quarter of 2026 and 104 Manhattan office leases totaling 1,374,425 square feet for the first six months of 2026. The mark-to-market on signed Manhattan office leases was 18.0% higher for the second quarter and 16.6% higher for the first six months than the previous fully escalated rents on the same spaces.Manhattan same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased 4.3% for the second quarter of 2026 and 3.4% for the first six months of 2026, excluding lease termination income, as compared to the same periods in 2025.Manhattan same-store office occupancy increased to 94.7% as of June 30, 2026, inclusive of leases signed but not yet commenced. The Company expects to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to 95.0% by December 31, 2026. Investing Highlights
Closed on the previously announced sale of the residential and retail components of 7 Dey Street for total consideration of $222.6 million. The Company received net cash proceeds of $23.7 million.Closed on the sale of a 49.0% joint venture interest in the development of 346 Madison Avenue at a gross valuation of $175.0 million. The Company received net cash proceeds of $94.9 million.Entered into a contract to sell 10 East 53rd Street for total consideration of $312.2 million. The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions.Deployed $94.7 million of the Company's $1.3 billion SLG Opportunistic Debt Fund during the second quarter and $306.4 million to date in 2026, bringing total deployment to $590.5 million, of which $517.5 million has been funded, and $18.9 million of which has since been repaid.Repurchased $14.1 million of common stock during the second quarter at an average price of $49.67 per share. NEW YORK, July 22, 2026 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (the "Company") (NYSE: SLG) today reported a net loss attributable to common stockholders for the quarter ended June 30, 2026 of $26.5 million, or $0.38 per share, as compared to a net loss of $11.1 million, or $0.16 per share, for the same period in 2025.
The Company reported a net loss attributable to common stockholders for the six months ended June 30, 2026 of $110.9 million and $1.58 per share as compared to net loss of $32.2 million and $0.47 per share for the same period in 2025.
The Company reported FFO for the quarter ended June 30, 2026 of $109.6 million or $1.43 per share. The Company reported FFO of $124.5 million, or $1.63 per share, for the same period in 2025, which included $46.6 million, or $0.61 per share, of income, excluding interest income, related to the repayment of the commercial mortgage investment at 522 Fifth Avenue.
The Company reported FFO for the six months ended June 30, 2026 of $174.2 million and $2.26 per share, net of the write-off of $4.8 million, or $0.06 per share, of unamortized deferred financing costs and inclusive of $2.4 million, or $0.03 per share, of positive non-cash fair value adjustments on mark-to-market derivatives. The Company reported FFO of $231.1 million, or $3.03 per share, for the same period in 2025, which included $71.6 million, or $0.94 per share, of income, excluding interest income, related to the repayment of the commercial mortgage investment at 522 Fifth Avenue and net of $14.5 million, or $0.19 per share, of investment reserves and $4.3 million, or $0.06 per share, of negative non-cash fair value adjustments on mark-to-market derivatives.
All per share amounts are presented on a diluted basis.
Operating and Leasing Activity
Manhattan same-store cash NOI, including the Company's share of same-store cash NOI from unconsolidated joint ventures, increased by 4.3% for the second quarter of 2026 and 3.4% for the first six months of 2026, excluding lease termination income, as compared to the same periods in 2025.
During the second quarter of 2026, the Company signed 53 office leases in its Manhattan office portfolio totaling 445,161 square feet. The average rent on the Manhattan office leases signed in the second quarter of 2026 was $93.17 per rentable square foot, with an average lease term of 5.8 years and average tenant concessions of 4.5 months of free rent with a tenant improvement allowance of $58.77 per rentable square foot. Thirty-two leases comprising 308,680 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $98.42 per rentable square foot, representing a 18.0% increase over the previous fully escalated rents on the same office spaces.
During the six months ended June 30, 2026, the Company signed 104 office leases in its Manhattan office portfolio totaling 1,374,425 square feet. The average rent on the Manhattan office leases signed in 2026 was $101.25 per rentable square foot with an average lease term of 8.5 years and average tenant concessions of 8.8 months of free rent with a tenant improvement allowance of $91.89 per rentable square foot. Sixty-six leases comprising 975,470 square feet, representing office leases on space that had been occupied within the prior twelve months, are considered replacement leases on which mark-to-market is calculated. Those replacement leases had average starting rents of $109.59 per rentable square foot, representing a 16.6% increase over the previous fully escalated rents on the same office spaces.
Occupancy in the Company's Manhattan same-store office portfolio increased to 94.7% as of June 30, 2026, inclusive of leases signed but not yet commenced, as compared to 94.4% at the end of the previous quarter and 93.0% at the end of 2025. The Company expects to increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to 95.0% by December 31, 2026.
Significant leasing activity in the second quarter and to date in the third quarter includes:
In July, a new lease with Legora, Inc. for 98,420 square feet at 11 Madison Avenue;New expansion lease with Houlihan Lokey, Inc. for 37,611 square feet at 245 Park Avenue;New lease with Ryan Specialty LLC for 29,166 square feet at 1185 Avenue of the Americas;New lease with Solil Management, LLC for 27,508 square feet at 1185 Avenue of the Americas;New lease with Fidelity National Title Insurance for 19,966 square feet at 711 Third Avenue;New lease with Kohlberg & Co., L.L.C for 18,820 square feet at 500 Park Avenue. Investment Activity
In May, the Company closed on the previously announced sale of the residential and retail components of 7 Dey Street for total consideration of $222.6 million. The Company received net cash proceeds of $23.7 million and retained ownership of the 21,000 square foot office condominium.
In May, the Company closed on the sale of a 49.0% joint venture interest in the development of 346 Madison Avenue to Mori Building Co., Ltd., Japan’s leading urban landscape developer, at a gross valuation of $175.0 million and received net cash proceeds of $94.9 million. The Company will retain a 51.0% interest in the project and will serve as the development and leasing manager. The project will be a collaboration between the Company and Mori Building Co., Ltd., uniting the collective vision, design capabilities and development expertise of both firms.
In May, the Company entered into a contract to sell 10 East 53rd Street for total consideration of $312.2 million. The transaction, which is expected to close in the third quarter of 2026, subject to customary closing conditions, will generate net cash proceeds to the Company of approximately $100.0 million that will be used for corporate debt repayment.
Deployed $94.7 million of the Company's $1.3 billion SLG Opportunistic Debt Fund during the second quarter and $306.4 million to date in 2026, bringing total deployment to $590.5 million, of which $517.5 million has been funded, and $18.9 million of which has since been repaid.
During the second quarter of 2026, the Company repurchased $14.1 million of common stock at an average price of $49.67 per share.
Earnings Guidance
The Company is increasing its 2026 FFO guidance range for the year ending December 31, 2026 from $4.40-$4.70 per share to $5.60-$5.90 per share, an increase of $1.20 per share at the midpoint, reflecting $0.40 per share of higher NOI from the Company's real estate portfolio, incremental fees and other income, and $0.80 per share of additional income that will be recognized from One Vanderbilt Avenue. The Company is also increasing its 2026 net income guidance range from $(0.27)-$0.03 per share to $0.20-$0.50 per share.
Dividends
In the second quarter of 2026, the Company declared:
A quarterly ordinary dividend on its outstanding common stock of $0.6175 per share, which was paid in cash on July 15, 2026, and is the equivalent of an annualized dividend of $2.47 per share;A quarterly dividend on its outstanding 6.50% Series I Cumulative Redeemable Preferred Stock of $0.40625 per share for the period April 15, 2026 through and including July 14, 2026, which was paid in cash on July 15, 2026, and is the equivalent of an annualized dividend of $1.625 per share. Conference Call and Audio Webcast
The Company's executive management team, led by Marc Holliday, Chairman and Chief Executive Officer, will host a conference call and audio webcast on Thursday, July 23, 2026, at 2:00 p.m. ET to discuss the financial results.
Supplemental data will be available prior to the quarterly conference call in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Financial Reports.”
The live conference call will be webcast in listen-only mode and a replay will be available in the Investors section of the SL Green Realty Corp. website at www.slgreen.com under “Presentations & Webcasts.”
Research analysts who wish to participate in the conference call must first register at https://register-conf.media-server.com/register/BIad64200b18bd402aac10eccae2eddc08.
Company Profile
SL Green Realty Corp., Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of June 30, 2026, SL Green held interests in 54 buildings totaling 30.6 million square feet, which included ownership interests in 29.2 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 4 buildings totaling 0.9 million square feet owned by third parties.
To obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at [email protected].
Disclaimers
Non-GAAP Financial Measures
During the quarterly conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found in this release and in the Company’s Supplemental Package.
Forward-looking Statements
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.
Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.
SL GREEN REALTY CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except per share data)
Three Months Ended Six Months Ended June 30, June 30,Revenues: 2026 2025 2026 2025 Rental revenue, net$171,846 $147,535 $337,841 $292,053 Escalation and reimbursement revenues 20,036 17,702 40,917 36,203 SUMMIT Operator revenue 31,509 31,007 55,651 53,541 Investment income 2,657 6,339 5,003 22,453 Interest income from real estate loans held by consolidated securitization vehicles 14,743 21,049 29,392 37,030 Fee income 19,435 12,216 39,441 24,491 Other income 3,775 6,068 8,836 15,991 Total revenues 264,001 241,916 517,081 481,762 Expenses: Operating expenses, including related party expenses of $4 and $6 in 2026 and $0 and $3 in 2025 60,250 51,105 121,707 107,167 Real estate taxes 42,435 37,750 84,347 74,967 Operating lease rent 6,898 6,105 13,842 12,211 SUMMIT Operator expenses 25,520 24,847 50,462 46,611 Interest expense, net of interest income 54,011 45,318 104,920 90,999 Amortization of deferred financing costs 2,156 1,742 4,958 3,429 SUMMIT Operator tax expense 1,223 1,547 1,808 1,502 Interest expense on senior obligations of consolidated securitization vehicles 14,743 21,017 29,392 34,989 Depreciation and amortization 67,279 60,160 137,030 124,658 Loan loss and other investment reserves, net of recoveries — (46,287) — (71,326)Transaction related costs 17 177 301 472 Marketing, general and administrative 22,781 21,579 45,567 43,303 Total expenses 297,313 225,060 594,334 468,982 Equity in net income (loss) from unconsolidated joint ventures 14,948 (22,775) (5,832) (21,605)Income from debt fund investments, net 5,990 600 8,468 600 Equity in net loss on sale of interest in unconsolidated joint venture/real estate — (1,946) (814) (1,946)Purchase price and other fair value adjustments 5,662 (9,617) 9,845 (19,228)(Loss) gain on sale of real estate, net (4,179) (167) 12,457 (649)Depreciable real estate reserves — — (35,160) (8,546)Gain on sale of marketable securities — 10,232 — 10,232 Net loss (10,891) (6,817) (88,289) (28,362)Net income (loss) attributable to noncontrolling interests: Noncontrolling interests in the Operating Partnership 2,155 775 8,833 2,240 Noncontrolling interests in other partnerships (11,772) 840 (19,506) 5,737 Preferred units distributions (2,258) (2,153) (4,457) (4,307)Net loss attributable to SL Green (22,766) (7,355) (103,419) (24,692)Perpetual preferred stock dividends (3,737) (3,737) (7,475) (7,475)Net loss attributable to SL Green common stockholders$(26,503) $(11,092) $(110,894) $(32,167)Earnings Per Share (EPS) Basic loss per share$(0.38) $(0.16) $(1.58) $(0.47)Diluted loss per share$(0.38) $(0.16) $(1.58) $(0.47) Funds From Operations (FFO) Basic FFO per share$1.45 $1.67 $2.30 $3.10 Diluted FFO per share$1.43 $1.63 $2.26 $3.03 Basic ownership interest Weighted average REIT common shares for net income per share 70,669 70,436 70,678 70,430 Weighted average partnership units held by noncontrolling interests 4,856 4,019 4,918 4,061 Basic weighted average shares and units outstanding 75,525 74,455 75,596 74,491 Diluted ownership interest Weighted average REIT common share and common share equivalents 72,018 72,259 72,187 72,306 Weighted average partnership units held by noncontrolling interests 4,856 4,019 4,918 4,061 Diluted weighted average shares and units outstanding 76,874 76,278 77,105 76,367 SL GREEN REALTY CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands, except per share data)
June 30, December 31, 2026 2025 Assets Commercial real estate properties, at cost: Land and land interests$1,579,973 $1,699,215 Building and improvements 4,272,142 4,012,305 Building leasehold and improvements 1,478,991 1,448,112 7,331,106 7,159,632 Less: accumulated depreciation (2,359,905) (2,306,377) 4,971,201 4,853,255 Assets held for sale 214,586 — Cash and cash equivalents 180,788 155,747 Restricted cash 200,961 180,748 Investment in marketable securities 21,273 23,666 Tenant and other receivables 60,180 45,524 Related party receivables 13,867 16,293 Deferred rents receivable 262,008 266,678 Debt and preferred equity investments, net of discounts and deferred origination fees of $3 and $14 in 2026 and 2025, respectively, and allowances of $300 and $454 in 2026 and 2025, respectively 113,085 168,358 Investments in unconsolidated joint ventures 2,849,912 2,819,778 Debt fund investments, at fair value 379,004 152,958 Deferred costs, net 126,621 129,019 Right-of-use assets - operating leases 902,113 864,430 Real estate loans held by consolidated securitization vehicles, at fair value 1,031,212 1,023,877 Other assets 482,190 577,299 Total assets$11,809,001 $11,277,630 Liabilities Mortgages and other loans payable$2,244,805 $2,154,499 Revolving credit facility 850,000 640,000 Unsecured term loan 1,150,000 1,150,000 Deferred financing costs, net (32,386) (13,063)Total debt, net of deferred financing costs 4,212,419 3,931,436 Accrued interest payable 17,637 15,221 Accounts payable and accrued expenses 129,346 134,621 Deferred revenue 154,999 147,419 Lease liability - financing leases 108,847 108,183 Lease liability - operating leases 844,823 805,192 Dividend and distributions payable 49,009 2,536 Security deposits 70,515 68,276 Liabilities related to assets held for sale 218,333 — Junior subordinate deferrable interest debentures held by trusts that issued trust preferred securities 100,000 100,000 Senior obligations of consolidated securitization vehicles, at fair value 1,031,212 1,023,877 Other liabilities (includes $167,213 and $244,941 at fair value as of June 30, 2026 and December 31, 2025, respectively) 453,851 587,779 Total liabilities 7,390,991 6,924,540 Commitments and contingencies Noncontrolling interests in Operating Partnership 297,076 241,371 Preferred units and redeemable equity 204,344 199,271 Equity SL Green stockholders' equity: Series I Preferred Stock, $0.01 par value, $25.00 liquidation preference, 9,200 and 9,200 issued and outstanding at both June 30, 2026 and December 31, 2025 221,932 221,932 Common stock, $0.01 par value 160,000 shares authorized, 70,853 and 71,159 issued and outstanding at June 30, 2026 and December 31, 2025, respectively 705 711 Additional paid-in capital 4,206,490 4,212,590 Accumulated other comprehensive (income) loss 5,353 (22,198)Retained deficit (1,016,905) (741,880)Total SL Green Realty Corp. stockholders’ equity 3,417,575 3,671,155 Noncontrolling interests in other partnerships 499,015 241,293 Total equity 3,916,590 3,912,448 Total liabilities and equity$11,809,001 $11,277,630 SL GREEN REALTY CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited and in thousands, except per share data)
Three Months Ended Six Months Ended June 30, June 30,Funds From Operations (FFO) Reconciliation: 2026 2025 2026 2025 Net loss attributable to SL Green common stockholders$(26,503) $(11,092) $(110,894) $(32,167)Add: Depreciation and amortization 67,279 60,160 137,030 124,658 Joint venture depreciation and noncontrolling interest adjustments 61,761 68,003 124,357 121,364 Net income (loss) attributable to noncontrolling interests 9,617 (1,615) 10,673 (7,977)Less: Equity in net loss on sale of interest in unconsolidated joint venture/real estate — (1,946) (814) (1,946)Purchase price and other fair value adjustments 5,252 (8,399) 7,476 (14,943)(Loss) gain on sale of real estate, net (4,179) (167) 12,457 (649)Depreciable real estate reserves — — (35,160) (8,546)Depreciable real estate reserves in unconsolidated joint venture — — — (1,780)Depreciation on non-rental real estate assets 1,502 1,421 3,005 2,684 FFO attributable to SL Green common stockholders and unit holders$109,579 $124,547 $174,202 $231,058 SL GREEN REALTY CORP.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited and in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30,Operating income and Same-store NOI Reconciliation: 2026 2025 2026 2025 Net loss$(10,891) $(6,817) $(88,289) $(28,362) Depreciable real estate reserves — — 35,160 8,546 Loss (gain) on sale of real estate, net 4,179 167 (12,457) 649 Purchase price and other fair value adjustments (5,662) 9,617 (9,845) 19,228 Equity in net loss on sale of interest in unconsolidated joint venture/real estate — 1,946 814 1,946 Gain on sale of marketable securities — (10,232) — (10,232)Depreciation and amortization 67,279 60,160 137,030 124,658 SUMMIT Operator tax expense 1,223 1,547 1,808 1,502 Amortization of deferred financing costs 2,156 1,742 4,958 3,429 Interest expense, net of interest income 54,011 45,318 104,920 90,999 Interest expense on senior obligations of consolidated securitization vehicles 14,743 21,017 29,392 34,989 Operating income 127,038 124,465 203,491 247,352 Equity in net (income) loss from unconsolidated joint ventures (14,948) 22,775 5,832 21,605 Income from debt fund investments, net (5,990) (600) (8,468) (600)Marketing, general and administrative expense 22,781 21,579 45,567 43,303 Transaction related costs 17 177 301 472 Loan loss and other investment reserves, net of recoveries — (46,287) — (71,326)SUMMIT Operator expenses 25,520 24,847 50,462 46,611 Investment income (2,657) (6,339) (5,003) (22,453)Interest income from real estate loans held by consolidated securitization vehicles (14,743) (21,049) (29,392) (37,030)SUMMIT Operator revenue (31,509) (31,007) (55,651) (53,541)Non-building revenue (14,689) (9,647) (32,568) (20,135)Net operating income (NOI) 90,820 78,914 174,571 154,258 Equity in net income (loss) from unconsolidated joint ventures 14,948 (22,775) (5,832) (21,605)SLG share of unconsolidated JV depreciable real estate reserves — — — 1,780 SLG share of unconsolidated JV depreciation and amortization 70,555 65,153 138,194 128,228 SLG share of unconsolidated JV amortization of deferred financing costs 3,962 3,107 8,418 6,298 SLG share of unconsolidated JV interest expense, net of interest income 71,826 64,290 141,958 127,255 SLG share of unconsolidated JV gain on early extinguishment of debt — — 4,796 — SLG share of unconsolidated JV investment income (781) (5,059) (1,205) (9,977)SLG share of unconsolidated JV loan loss and other investment reserves, net of recoveries — 14,531 — 14,531 SLG share of unconsolidated JV non-building revenue (3,047) (2,280) (3,445) (3,572)NOI including SLG share of unconsolidated JVs 248,283 195,881 457,455 397,196 NOI from other properties/affiliates (66,862) (22,039) (103,661) (58,503)Same-Store NOI 181,421 173,842 353,794 338,693 Straight-line and free rent (4,171) (726) (7,612) 567 Amortization of acquired above and below-market leases, net 1,084 863 2,230 1,775 Operating lease straight-line adjustment 157 204 361 408 SLG share of unconsolidated JV straight-line and free rent (9,424) (13,100) (18,946) (23,392)SLG share of unconsolidated JV amortization of acquired above and below-market leases, net (7,216) (6,190) (13,676) (12,231)Same-store cash NOI$161,851 $154,893 $316,151 $305,820 Lease termination income (1,097) (242) (741) (4,635)SLG share of unconsolidated JV lease termination income (1,706) (2,232) (6,332) (2,232)Same-store cash NOI excluding lease termination income$159,048 $152,419 $309,078 $298,953 SL GREEN REALTY CORP.
NON-GAAP FINANCIAL MEASURES - DISCLOSURES Funds from Operations (FFO)
FFO is a widely recognized non-GAAP financial measure of REIT performance. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or Nareit, which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The revised White Paper on FFO approved by the Board of Governors of Nareit in April 2002, and subsequently amended in December 2018, defines FFO as net income (loss) (computed in accordance with Generally Accepted Accounting Principles, or GAAP), excluding gains (or losses) from sales of properties, and real estate related impairment charges, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures.
The Company presents FFO because it considers it an important supplemental measure of the Company’s operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, particularly those that own and operate commercial office properties. The Company also uses FFO as one of several criteria to determine performance-based compensation for members of its senior management. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions, and real estate related impairment charges, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, and interest costs, providing perspective not immediately apparent from net income. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs, including the Company's ability to make cash distributions.
Funds Available for Distribution (FAD)
FAD is a non-GAAP financial measure that is calculated as FFO plus non-real estate depreciation, allowance for straight line credit loss, adjustment for straight line operating lease rent, non-cash deferred compensation, and pro-rata adjustments for these items from the Company's unconsolidated JVs, less straight line rental income, free rent net of amortization, second generation tenant improvement and leasing costs, and recurring capital expenditures.
FAD is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined in accordance with GAAP. FAD is presented solely as a supplemental disclosure with respect to liquidity. Because all companies do not calculate FAD the same way, the presentation of FAD may not be comparable to similarly titled measures of other companies. FAD does not represent cash flow from operating, investing and finance activities in accordance with GAAP and should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)
EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by Nareit, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the Nareit definition, or that interpret the Nareit definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of Nareit in September 2017 defines EBITDAre as net income (loss) (computed in accordance with GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated joint ventures.
The Company presents EBITDAre because the Company believes that EBITDAre, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of the Company’s ability to incur and service debt. EBITDAre should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of the Company’s financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of the Company’s liquidity.
Net Operating Income (NOI) and Cash NOI
NOI is a non-GAAP financial measure that is calculated as operating income before transaction related costs, gains/losses on early extinguishment of debt, marketing general and administrative expenses and non-real estate revenue. Cash NOI is also a non-GAAP financial measure that is calculated by subtracting free rent (net of amortization), straight-line rent, and the amortization of acquired above and below-market leases from NOI, while adding operating lease straight-line adjustment and the allowance for straight-line tenant credit loss.
The Company presents NOI and Cash NOI because the Company believes that these measures, when taken together with the corresponding GAAP financial measures and reconciliations, provide investors with meaningful information regarding the operating performance of properties. When operating performance is compared across multiple periods, the investor is provided with information not immediately apparent from net income that is determined in accordance with GAAP. NOI and Cash NOI provide information on trends in the revenue generated and expenses incurred in operating the Company's properties, unaffected by the cost of leverage, straight-line adjustments, depreciation, amortization, and other net income components. The Company uses these metrics internally as performance measures. None of these measures is an alternative to net income (determined in accordance with GAAP) and same-store performance should not be considered an alternative to GAAP net income performance.
Coverage Ratios
The Company presents fixed charge and debt service coverage ratios to provide a measure of the Company’s financial flexibility to service current debt amortization, interest expense and operating lease rent from current cash net operating income. These coverage ratios represent a common measure of the Company’s ability to service fixed cash payments; however, these ratios are not used as an alternative to cash flow from operating, financing and investing activities (determined in accordance with GAAP).
2026 Office Leasing Volume Reaches 1.5M Square Feet July 22, 2026 16:10 ET | Source: SL Green Realty Corp
NEW YORK, July 22, 2026 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that a leading AI tenant has signed a new 10-year lease covering 98,420 square feet for the entire 11th floor at 11 Madison Avenue, demonstrating the on-going demand for premier office space in Midtown South.
With this transaction, SL Green has signed office leases totaling 1,478,673 square feet to date in 2026, while maintaining a current pipeline of over 900,000 square feet.
“We are excited to welcome another premier tenant to the already impressive tenant roster at 11 Madison Avenue which includes SONY, UBS, Jim Beam Brands, WME and Pinterest,” said Steven Durels, Executive Vice President, Director of Leasing and Real Property at SL Green. “This new lease is testament to the building’s status as one of the most prominent properties in the exciting Midtown South neighborhood and further evidence of the incremental demand that AI and technology tenants are bringing to an already strong leasing market.”
11 Madison Avenue is fully leased after signing an additional nearly 300,000 square feet of office leases from the beginning of 2025 to other AI and technology tenants which include Pinterest, Tempus AI and Clay Labs. SL Green’s One Madison Avenue, adjacent to 11 Madison Avenue, introduced approximately 1.4 million square feet of new office inventory to the Madison Square area and is also fully leased with industry-leading AI and technology tenants including Harvey AI, IBM, Palo Alto Networks, and Sigma Computing.
The tenant was represented by Justin Haber and Kyle Riker of JLL. SL Green was represented by Brian Waterman, Brent Ozarowski and Eric Harris of Newmark.
About SL Green Realty Corp.
SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of June 30, 2026, SL Green held interests in 54 buildings totaling 30.6 million square feet, which included ownership interests in 29.2 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 4 buildings totaling 0.9 million square feet owned by third parties.
Forward Looking Statement
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.
Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.
