Track market-moving stories before they get noisy

The Rivian name is shown on one of their new electric SUV vehicles in San Diego, U.S., December 16, 2022. REUTERS/Mike Blake Purchase Licensing Rights, opens new tab

SummaryCompaniesQ2 revenue rises 27% to $1.66 billionSoftware and services revenue climbs 37% to $515 millionCompany forecasts narrower adjusted core loss and lower capexJuly 30 (Reuters) - Rivian Automotive (RIVN.O), opens new tab beat quarterly revenue ‌estimates and raised annual delivery forecast on Thursday, buoyed by optimism over the rollout of its lower-priced R2 SUV and growth in its software business as it expands beyond its premium lineup.

Its ​shares, which have fallen about 15% so far this year, rose nearly 2% ​in extended trading.

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The results suggest that the electric-vehicle maker's long-awaited push ⁠into the mass market has picked up pace. It began customer deliveries of ​the Tesla (TSLA.O), opens new tab Model Y rival during the second quarter and improved its outlook for deliveries ​a softer U.S. EV market.

Rivian said it hosted a record number of R2 demo drives during the quarter, reflecting strong customer interest in the vehicle.

"We've been very positively encouraged by the conversion rate ​of reservations to orders for the Launch Edition. It is meaningfully above our ​own internal projections," CEO RJ Scaringe told Reuters.

The company will start to see positive gross margin ‌on the ⁠R2 vehicle in the back half of the year, he said.

Rivian's expansion into the lower-priced segment comes as U.S. EV demand has slowed following the expiry of a federal consumer tax credit in September last year.

Revenue rose 27% to $1.66 billion, topping analysts' ​average estimate of ​about $1.51 billion, according to ⁠data compiled by LSEG.

Adjusted loss per share came in at 46 cents, compared with the estimate of a 63-cent loss.

Rivian raised ​full-year delivery forecast to 65,000-70,000 vehicles from 62,000-67,000. It lowered ​planned capital ⁠spending projection to between $1.7 billion and $1.8 billion, from $1.95 billion to $2.05 billion earlier, and expects a smaller adjusted core loss.

Software and services revenue climbed 37% to $515 million, with $308 million coming ⁠from Rivian's ​joint venture with Volkswagen (VOWG.DE), opens new tab.

Rivian this month raised $1.5 billion ​through a share sale to help fund equity contributions tied to a U.S. Department of Energy loan supporting ​construction of its Georgia factory.

Reporting by Akash Sriram in Bengaluru; Editing by Shilpi Majumdar

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

Akash reports on technology companies in the United States, electric vehicle companies, and the space industry. His reporting usually appears in the Autos & Transportation and Technology sections. He has a postgraduate degree in Conflict, Development, and Security from the University of Leeds. Akash's interests include music, football (soccer), and Formula 1.

Having pioneered commission-free trading, Robinhood (HOOD -3.61%) is viewed as one of the most innovative online brokerages available for retail investors.

The company proved this yet again in the second quarter, showing just how much its early foray into the prediction markets is paying off.

Robinhood saw its transaction revenue from event-based contracts soar to $156 million in the second quarter, up over $50 million from the prior quarter and from practically nothing just one year ago.

This is also the first quarter in which event-based contracts revenue exceeded crypto transaction revenue, which came in at $100 million in the second quarter, down $60 million from one year ago.

Here’s what this means for crypto investors.

Image source: Getty Images.

The crypto bear marketThe weak quarter in crypto for Robinhood should come as no surprise, given the ongoing crypto winter. The price of Bitcoin is down nearly 26% this year.

The less interest there is in crypto, the fewer trades will be made, which hits every crypto platform. Robinhood’s $100 million of crypto-related transaction revenue is the weakest crypto quarter the company has seen in the past seven quarters. The number also missed Wall Street consensus estimates by $25 million.

When asked during a CNBC interview about concerns in the crypto business, Robinhood CEO Vlad Tenev said, “Long term, I think crypto is in a growth cycle.”

The company has been launching more products centered around digital assets.

Robinhood recently launched a layer-2 solution on Ethereum called Robinhood Chain that allows its tens of millions of users to trade tokenized U.S. stocks 24/7 in over 120 countries.

Tenev said the chain is the fastest ever to reach 100 million in transactions.

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Robinhood Earn, the company’s stablecoin, has also seen $200 million in customer deposit inflows, which can earn a massive 7% annual percentage yield.

This shows that while crypto values may not be faring well, the underlying blockchain technology remains quite useful.

An uncertain futureIf you are a crypto investor, these developments at Robinhood indicate strong demand for blockchain-based solutions.

Now, this crypto winter certainly feels different from past ones because it seems, to a certain extent, that investors have lost interest in crypto assets.

However, history is on the bulls’ side: cryptocurrencies have made remarkable recoveries after severe drawdowns, so investors can never count the sector out.

The passage of the Clarity Act, which is currently pending in the U.S. Senate, could serve as a catalyst.

Tenev also said he’s paying close attention to what happens with the U.S. Strategic Bitcoin Reserve, which President Donald Trump created via executive order last year but has not yet been officially launched.

It’s possible that crypto investors simply got ahead of themselves last year when Trump came in with a pro-crypto agenda, the first President to really embrace crypto.

It’s also possible that exuberance over artificial intelligence and quantum technology has overshadowed crypto. What happens next is anyone’s guess, as crypto movements are extraordinarily difficult to predict.

My advice for crypto bulls is to stick with mainstream tokens like Bitcoin and Ethereum, which could certainly still have promise. Bitcoin may yet serve as a key store of value, while Ethereum’s blockchain network remains compelling. I would ignore most other cryptocurrencies right now.

Key Takeaways Xcel Energy's Q2 earnings beat estimates by 17.72%, while revenues fell 5.1% and missed forecasts.Lower fuel and purchased-power costs added 30 cents per share, helping lift operating income 22.4%.XEL reaffirmed 2026 EPS guidance and outlined more than $70 billion in potential 2026-2030 investment. Xcel Energy Inc. (XEL - Free Report) reported second-quarter 2026 ongoing earnings of 93 cents per share, beating the Zacks Consensus Estimate of 79 cents by 17.72%. Earnings increased 24% from 75 cents in the year-ago quarter, aided by greater recovery of electric infrastructure investments.

Earnings benefited from lower electric fuel and purchased-power costs, which contributed 30 cents per share to the year-over-year change. Higher allowance for funds used during construction, or AFUDC, added 8 cents, while lower depreciation and amortization contributed another 8 cents.

These gains were partly offset by a 12-cent drag from higher interest charges, a 6-cent impact from common-equity financing and a 4-cent reduction from lower natural gas revenues.

Total RevenuesRevenues of $3.12 billion missed the consensus estimate of $3.61 billion by 13.48% and declined 5.1% year over year. Weather-adjusted retail electric sales rose 1.5%, while electric and natural gas customer counts each increased 0.7%.

Electric revenues declined 4.8% year over year to $2.74 billion. The decrease reflected lower fuel-cost recovery, production tax credits passed back to customers, weaker wholesale generation revenues and regulatory rate outcomes. These factors were partly offset by higher non-fuel rider revenues, sales and demand, and wholesale transmission revenues.

Natural gas revenues fell 7.8% to $365 million, primarily because of lower gas-cost recovery and reduced sales volumes. Other revenues increased to $14 million from $13 million. Electric and natural gas cost fluctuations are generally offset through regulatory recovery mechanisms and have limited impact on earnings.

Xcel Energy’s Operating Profit ClimbsTotal operating expenses declined 11% year over year to $2.41 billion. Electric fuel and purchased-power expenses fell $240 million to $678 million, while the cost of natural gas sold and transported decreased $41 million to $93 million.

Operating and maintenance expenses increased $16 million to $691 million, partly due to higher generation costs. Operating income advanced 22.4% year over year to $706 million.

Interest charges and financing costs increased 23.6% to $398 million, primarily due to higher debt levels.

Xcel Energy Reaffirms 2026 GuidanceXcel Energy reaffirmed its 2026 ongoing earnings guidance of $4.04-$4.16 per share. The outlook assumes weather-adjusted retail electric sales growth of approximately 3% and weather-adjusted firm natural gas sales growth of around 1%. The Zacks Consensus Estimate for 2026 is currently pegged at $4.11 per share.

Management expects capital-rider revenues to increase $480-$490 million, while operating and maintenance expenses are projected to rise about 3%. The company anticipates interest expense, net of debt AFUDC, to increase $240-$250 million, partly offset by a $150-$160 million increase in equity AFUDC.

XEL Expands Its Long-Term Investment PipelineXEL outlined more than $70 billion of potential capital investment during 2026-2030, comprising a $60 billion base plan and over $10 billion of additional opportunities. The program includes roughly 11,400 megawatts (“MW”) of renewable generation, 3,400 MW of natural gas generation and 2,200 MW of energy storage.

The company has about 2 gigawatts (“GW”) of data-center capacity contracted or under construction and expects contracted capacity to reach roughly 4 GW by the end of 2027. Its broader pipeline exceeds 20 GW, providing potential support for future generation and transmission investment.

XEL’s Zacks RankXcel Energy currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Earnings ReleasesNextEra Energy (NEE - Free Report) reported second-quarter 2026 results with adjusted earnings per share of $1.15, up 9.5% from $1.05 a year ago. The figure beat the Zacks Consensus Estimate of $1.09 by 5.5%.

The Zacks Consensus Estimate for 2026 and 2027 earnings per share indicates year-over-year growth of 8.36% and 8.73%, respectively.

FirstEnergy (FE - Free Report) reported second-quarter 2026 adjusted earnings of 50 cents per share, which beat the Zacks Consensus Estimate of 49 cents by 2.04%. In the year-ago quarter, the company reported earnings of 52 cents per share.

The Zacks Consensus Estimate for 2026 and 2027 earnings per share implies year-over-year growth of 7.06% and 7.78%, respectively.

WEC Energy Group (WEC - Free Report) reported second-quarter 2026 earnings of 91 cents per share, which surpassed the Zacks Consensus Estimate of 80 cents by 13.75%. The bottom line also increased 19.74% from the year-ago quarter’s 76 cents.

The Zacks Consensus Estimate for 2026 and 2027 earnings per share indicates year-over-year growth of 6.07% and 7.44%, respectively.

Willis Towers Watson Public Limited Company (WTW) Q2 2026 Earnings Call July 30, 2026 9:00 AM EDT

Company Participants

Carl A. Hess - CEO & Director
Andrew Krasner - CFO & Co-head of Corporate Development
Lucy Clarke - President of Risk & Broking
Julie Gebauer - President of Health, Wealth & Career

Conference Call Participants

Michael Zaremski - BMO Capital Markets Equity Research
Elyse Greenspan - Wells Fargo Securities, LLC, Research Division
Charles Peters - Raymond James & Associates, Inc., Research Division
Andrew Kligerman - TD Cowen, Research Division
Robert Cox - Goldman Sachs Group, Inc., Research Division

Presentation

Operator

Good morning. Welcome to the WTW Earnings Conference Call. Please refer to wtwco.com for the press release and supplemental information that were issued earlier today. Today's call is being recorded and will be available for the next 3 months on WTW's website.

Some of the comments in today's call may constitute forward-looking statements within the meaning of the Private Securities Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. Actual results may differ materially from those discussed today, and the company undertakes no obligation to update these statements unless required by law. For a more detailed discussion of these and other risk factors, investors should review the Forward-Looking Statements section of the earnings press release issued this morning as well as in the most recent Form 10-K and other subsequent WTW SEC filings.

During the call, certain non-GAAP financial measures may be discussed. To provide direct comparability with prior periods, all commentary regarding the company's revenue growth results will be on a non-GAAP organic basis unless specifically stated otherwise. For reconciliations of the non-GAAP measures as well as other information regarding these measures, please refer to the most recent earnings release and other materials in the Investor Relations section of the company's website.

CHARLOTTE, N.C., July 30, 2026 (GLOBE NEWSWIRE) -- SPX Technologies, Inc. (NYSE:SPXC) (“SPX”, the “Company”, “we” or “our”) today reported results for the second quarter ended June 27, 2026.

Second Quarter Highlights (amounts presented for continuing operations; all comparisons against the second quarter of 2025, unless otherwise noted)

Revenue of $679.0 million, up 22.9%GAAP income from continuing operations of $79.3 million, up 51.0%GAAP EPS of $1.56, up 41.8%Adjusted EPS* of $2.02, up 22.4%Adjusted EBITDA* of $151.8 million, up 19.8%
Raising 2026 Guidance (all comparisons against the full year 2025, unless otherwise noted)

Revenue range of $2.705 to $2.765 billion, up ~21% year-on-year at the midpoint (prior range: $2.575 to $2.645 billion).Adjusted EBITDA* range of $630 to $660 million, up ~27% year-on-year at the midpoint (prior range: $600 to $625 million).Adjusted EPS* range of $8.20 to $8.60, up ~24% year-on-year at the midpoint (prior range: $7.75 to $8.15).
Gene Lowe, President and CEO, remarked, “I’m very pleased with our second quarter performance, which reflected strong execution across both segments. We delivered significant year-over-year growth in revenue and operating income, driven by robust organic growth, continued demand across our key end markets, and meaningful contributions from our recent acquisitions. These results demonstrate the strength of our portfolio and the disciplined execution of our teams.”

Mr. Lowe continued, “We’re also making meaningful progress on our strategic priorities, advancing both our organic and inorganic growth initiatives. The acquisition of Neptronic expands our HVAC portfolio with highly complementary product categories that leverage our established sales channels. At the same time, we’re increasing manufacturing capacity to support growing demand, with initial assembly of Olympus Max now underway at our Madison, Alabama facility. Given our progress to date and improved visibility, we have increased our estimated annual data center revenue capacity to approximately $1.1 billion once at full production.”

Mr. Lowe further commented, “Looking ahead to the second half of 2026, we remain confident in the strength of customer demand and the momentum across our business. Accordingly, we are once again raising our full-year guidance, including Adjusted EBITDA* to a range of $630 to $660 million, representing an approximately 27% year-over-year increase at the midpoint. Our updated outlook reflects continued strength in data center demand, the impact of the Neptronic acquisition and stronger performance from our Detection and Measurement segment, positioning us well for the balance of the year.”

Second Quarter and Year-to-Date Financial Comparisons:

($ millions, except per share data) Q2 2026 Q2 2025 2026 YTD 2025 YTDRevenue $679.0  $552.4  $1,245.8  $1,035.0 Operating income  115.0   86.6   202.7   153.2 Income from continuing operations  79.3   52.5   143.7   104.2 GAAP EPS from continuing operations $1.56  $1.10  $2.84  $2.21          Consolidated segment income* $167.1  $135.8  $302.4  $246.3 Adjusted operating income*  147.0   119.5   266.7   214.4 Adjusted EBITDA*  151.8   126.7   277.9   229.3 Adjusted EBITDA %*  22.4%  22.9%  22.3%  22.2%Adjusted EPS* $2.02  $1.65              Net operating cash flow from continuing operations $90.4  $43.4  $120.2  $33.0 Capital expenditures  (21.1)  (7.7)  (39.6)  (13.2)Adjusted free cash flow*  72.1   37.1   87.9   73.4  * Non-GAAP financial measure. See attached schedules for reconciliation of historical non-GAAP measures to most comparable GAAP financial measure. A reconciliation of non-GAAP guidance measures is not practicable and, accordingly, is not provided.

Segment Overview:

HVAC

  Three months ended($ millions) Q2 2026 Q2 2025Revenue $480.6  $376.7 • Organic  18.9%  • Inorganic  8.5%  • Currency  0.2%  Total Growth  27.6%  Segment income $109.8  $95.8 as a percent of revenues  22.8%  25.4%Change in bps -260bps  
Second Quarter 2026
The revenue increase was primarily driven by:

an organic increase due primarily to (i) higher volumes of cooling equipment primarily associated with increased data center demand and higher throughput resulting from increased capacity, and (ii) higher volumes of our heating products; andan inorganic increase from the acquisitions of Crawford United, Thermolec and Sigma & Omega. The segment income increase was due primarily to the revenue growth mentioned above. The decrease in segment margin was primarily due to (i) start-up costs and related inefficiencies associated with our capacity expansion initiatives, (ii) net tariff headwinds and inflationary cost increases, and (iii) the respective 2025 period benefiting from a more accretive mix and favorable project execution primarily within our cooling equipment business.

Detection & Measurement

  Three months ended($ millions) Q2 2026 Q2 2025Revenue $198.4  $175.7 • Organic  12.8%  • Currency  0.1%  Total Growth  12.9%  Segment income $57.3  $40.0 as a percent of revenues  28.9%  22.8%Change in bps 610bps  
Second Quarter 2026
The revenue increase was primarily driven by an organic increase due primarily to higher project volumes within our aids to navigation and communication technologies businesses.

The segment income increase was due primarily to the revenue growth mentioned above. The segment margin increase was primarily due to (i) a more favorable product mix within our communication technologies and aids to navigation businesses, (ii) operating leverage, including on SG&A costs, of the higher revenue mentioned above, and (iii) benefits realized related to our cost optimization initiatives.

Liquidity and Financial Position:

($ millions) Q2 2026 Q4 2025Total debt $614.7**$501.6Total cash  168.2  366.0 **Does not include borrowings of $340.0 incurred in July 2026 in connection with funding the acquisition of Neptronic.

2026 Guidance:
For the full year 2026, SPX now anticipates segment and company performance as follows:

 RevenueSegment Income
Margin %Adjusted
EPS*Adjusted
EBITDA*/%HVAC$1,955-$1,995 million
($1,840-$1,880 million prior)24.50%-25.00%
(24.25%-24.75% prior)  Detection & Measurement$750-$770 million
($735-$765 million prior)26.25%-26.75%
(25.50%-26.00% prior)  Total SPX Adjusted$2.705-$2.765 billion
($2.575-$2.645 billion prior)25.00%-25.50%
(24.60%-25.10% prior)$8.20-$8.60
($7.75-$8.15 prior)$630-$660 million /
23.30%-23.80%
($600-$625 million /
23.25%-23.75% prior)
Form 10-Q: The Company expects to file its quarterly report on Form 10-Q for the period ended June 27, 2026 with the Securities and Exchange Commission by August 7, 2026. This press release should be read in conjunction with that filing, which will be available on the Company's website at www.spx.com, in the Investor Relations section.

Conference Call: SPX will host a conference call at 4:45 p.m. (ET) today to discuss second quarter results. The call will be simultaneously webcast via the Company's website at www.spx.com and the slide presentation will be available in the News section of the site.

Call Access Process: To access the call by phone, please use the following link to receive dial-in details https://register-conf.media-server.com/register/BI1493b55e6e4e4d7eb65b63476990f468. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time at www.spx.com.

About SPX Technologies, Inc: SPX Technologies, Inc. is a diversified, global supplier of highly engineered products and technologies, holding leadership positions in the HVAC and detection and measurement markets. Based in Charlotte, North Carolina, SPX Technologies, Inc. has operations in over 16 countries. SPX Technologies, Inc. is listed on the New York Stock Exchange under the ticker symbol “SPXC.” For more information, please visit www.spx.com.

Non-GAAP Presentation: This press release contains certain non-GAAP financial measures, including consolidated segment income and margin, adjusted operating income, adjusted income from continuing operations before income taxes, adjusted earnings per share from continuing operations (or, adjusted EPS), EBITDA, adjusted EBITDA and margin, free cash flow from continuing operations and adjusted free cash flow from continuing operations (or, adjusted free cash flow). These non-GAAP financial measures do not provide investors with an accurate measure of, and should not be used as a substitute for, the comparable financial measures as determined in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company believes these non-GAAP financial measures, when read in conjunction with the comparable GAAP financial measures, give investors a useful tool to assess and understand the Company’s overall financial performance, because they exclude items of income or expense that the Company believes are not reflective of its ongoing operating performance, allowing for a better period-to-period comparison of operations of the Company. Additionally, the Company’s management uses these non-GAAP financial measures as measures of the Company’s performance. The Company acknowledges that there are many items that impact a company’s reported results and the adjustments reflected in these non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies.

Refer to the tables included in this press release for the components of each of the non-GAAP financial measures, and for the reconciliations of historical non-GAAP financial measures to their respective comparable GAAP measures. Our non-GAAP financial guidance excludes items, which would be included in our GAAP financial measures, that we do not consider indicative of our on-going performance; and are calculated in a manner consistent with the presentation of the similarly titled historical non-GAAP measures presented in this press release. These items include, but are not limited to, intangible asset amortization expense, acquisition and integration-related costs, costs associated with dispositions, and potential non-cash income or expense items associated with changes in market interest rates and actuarial or other data related to our pension and postretirement plans, as the ultimate aggregate amounts associated with these items are out of our control and/or cannot be reasonably predicted. Accordingly, a reconciliation of our non-GAAP financial guidance to the most comparable GAAP financial measures is not practicable. Full-year guidance excludes impacts from future acquisitions, dispositions and related transaction costs, incremental impacts of tariffs and trade tensions on market demand and costs subsequent to the date of this release, the impact of foreign exchange rate changes subsequent to June 27, 2026, and environmental and litigation charges.

Forward-looking Statements: Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Please read these results in conjunction with the Company’s documents filed with the Securities and Exchange Commission, including the Company’s most recent annual report on Form 10-K. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements, including the following: cyclical changes and specific industry events in our markets; changes in anticipated capital investment and maintenance expenditures by customers; changes in economic conditions in relevant global and North American markets, including as a result of geopolitical conflicts, including the armed conflicts in the Middle East and related impacts on shipping in that region, the imposition, or threat of imposition of tariffs, including any new or increased tariffs announced by the U.S. government and any retaliatory tariffs announced in response thereto, and other trade barriers or international trade tensions; availability, limitations or cost increases of raw materials and/or commodities, including as a result of geopolitical conflicts or new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties, that cannot be recovered in product pricing; the impact of competition on profit margins and our ability to maintain or increase market share; risks with respect to our contracts with the U.S. government, including the government’s ability to terminate contracts prior to completion or failure to appropriate amounts necessary to fund such contracts; inadequate performance by third-party suppliers and subcontractors for outsourced products, components and services and other supply-chain risks; the uncertainty of claims resolution with respect to environmental and other contingent liabilities; the impact of climate change and any legal or regulatory actions taken in response thereto; cyber-security risks; risks with respect to the protection of intellectual property, including with respect to our digitalization initiatives; the impact of overruns, inflation and the incurrence of delays with respect to long-term fixed-price contracts; defects or errors in current or planned products; the impact of pandemics and governmental and other actions taken in response; domestic economic, political, legal, accounting and business developments adversely affecting our business, including regulatory changes; uncertainties with respect to our ability to complete expansions to or the reconfiguration of our manufacturing footprint within the time periods and at costs we anticipate and whether we will realize the anticipated benefits of these activities; uncertainties with respect to our ability to identify acceptable acquisition targets; uncertainties surrounding timing and successful completion of acquisition transactions, including with respect to integrating acquisitions and achieving cost savings, synergistic sales or other benefits from acquisitions; the impact of retained liabilities of disposed businesses; potential labor disputes; and extreme weather conditions and natural and other disasters.

Actual results may differ materially from these statements. The words “guidance,” “believe,” “expect,” “anticipate,” “project” and similar expressions identify forward-looking statements. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.

Statements in this press release speak only as of the date of this press release, and SPX Technologies, Inc. disclaims any responsibility to update or revise such statements, except as required by law.

Investor and Media Contact:
Johann Rawlinson, VP, Investor Relations
Phone: 980-228-6028
E-mail: [email protected]

Source: SPX Technologies, Inc.

SPX TECHNOLOGIES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited; in millions, except per share amounts)         Three months ended Six months ended June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025        Revenues$679.0  $552.4  $1,245.8  $1,035.0 Costs and expenses:       Cost of products sold 406.2   323.5   742.4   610.2 Selling, general and administrative 129.9   117.2   249.3   226.7 Selling, general and administrative — intangible amortization 26.3   24.6   49.6   44.3 Special charges, net 1.6   —   1.8   0.1 Other operating expense, net —   0.5   —   0.5 Operating income 115.0   86.6   202.7   153.2         Other income (expense), net (5.1)  (2.1)  (8.1)  0.6 Interest expense (8.8)  (15.6)  (17.2)  (27.9)Interest income 1.1   1.0   2.2   1.9 Income from continuing operations before income taxes 102.2   69.9   179.6   127.8 Income tax provision (22.9)  (17.4)  (35.9)  (23.6)Income from continuing operations 79.3   52.5   143.7   104.2         Income from discontinued operations, net of tax —   —   1.6   — Loss on disposition of discontinued operations, net of tax (0.9)  (0.3)  (7.0)  (0.8)Loss from discontinued operations, net of tax (0.9)  (0.3)  (5.4)  (0.8)        Net income$78.4  $52.2  $138.3  $103.4         Basic income per share of common stock:       Income from continuing operations$1.58  $1.12  $2.88  $2.24 Loss from discontinued operations (0.01)  —   (0.11)  (0.02)Net income per share$1.57  $1.12  $2.77  $2.22         Weighted-average number of common shares outstanding — basic 50.070   46.716   49.999   46.586         Diluted income per share of common stock:       Income from continuing operations$1.56  $1.10  $2.84  $2.21 Loss from discontinued operations (0.01)  —   (0.11)  (0.02)Net income per share$1.55  $1.10  $2.73  $2.19         Weighted-average number of common shares outstanding — diluted 50.675   47.396   50.597   47.255  SPX TECHNOLOGIES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited; in millions)     June 27, 2026 December 31, 2025ASSETS   Current assets:   Cash and equivalents$166.4  $364.0 Accounts receivable, net 442.4   357.2 Contract assets 78.1   65.0 Inventories, net 374.0   302.2 Other current assets 41.5   55.3 Total current assets 1,102.4   1,143.7 Property, plant and equipment:   Land 26.8   26.9 Buildings and leasehold improvements 174.4   167.9 Machinery and equipment 378.1   338.1   579.3   532.9 Accumulated depreciation (254.5)  (242.1)Property, plant and equipment, net 324.8   290.8 Goodwill 1,234.3   1,043.4 Intangibles, net 1,015.3   868.2 Other assets 254.1   250.2 Deferred income taxes 2.6   2.2 Assets of DBT and Heat Transfer 5.8   6.1 TOTAL ASSETS$3,939.3  $3,604.6     LIABILITIES AND STOCKHOLDERS' EQUITY   Current liabilities:   Accounts payable$194.6  $145.2 Contract liabilities 128.2   115.8 Accrued expenses 183.4   185.2 Income taxes payable 13.7   10.0 Short-term debt 74.3   1.4 Current maturities of long-term debt 9.9   3.5 Total current liabilities 604.1   461.1     Long-term debt 530.5   496.7 Deferred and other income taxes 198.4   149.7 Other long-term liabilities 243.7   245.5 Liabilities of DBT and Heat Transfer 14.2   14.1 Total long-term liabilities 986.8   906.0     Stockholders' equity:   Common stock 0.6   0.6 Paid-in capital 1,933.8   1,938.2 Retained earnings 621.1   482.8 Accumulated other comprehensive income 232.0   260.5 Common stock in treasury (439.1)  (444.6)Total stockholders' equity 2,348.4   2,237.5 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$3,939.3  $3,604.6  SPX TECHNOLOGIES, INC. AND SUBSIDIARIESRESULTS OF REPORTABLE SEGMENTS(Unaudited; in millions)                 Three months ended     Six months ended     June 27, 2026 June 28, 2025 Δ %/bps June 27, 2026 June 28, 2025 Δ %/bpsHVAC reportable segment                               Revenues$480.6  $376.7  $103.9  27.6% $874.6  $699.7  $174.9  25.0%Cost of products sold 307.2   226.1   81.1     553.8   425.7   128.1   Selling, general and administrative expense 63.6   54.8   8.8     122.4   104.3   18.1   Income$109.8  $95.8  $14.0  14.6% $198.4  $169.7  $28.7  16.9%as a percent of revenues 22.8%  25.4%   -260bps  22.7%  24.3%   -160bps                Detection & Measurement reportable segment                               Revenues$198.4  $175.7  $22.7  12.9% $371.2  $335.3  $35.9  10.7%Cost of products sold 98.1   96.9   1.2     186.3   183.7   2.6   Selling, general and administrative expense 43.0   38.8   4.2     80.9   75.0   5.9   Income$57.3  $40.0  $17.3  43.3% $104.0  $76.6  $27.4  35.8%as a percent of revenues 28.9%  22.8%   610bps  28.0%  22.8%   520bps                Consolidated Revenues$679.0  $552.4  $126.6  22.9% $1,245.8  $1,035.0  $210.8  20.4%Consolidated Operating Income 115.0   86.6   28.4  32.8%  202.7   153.2   49.5  32.3%as a percent of revenues 16.9%  15.7%   120bps  16.3%  14.8%   150bpsConsolidated Segment Income 167.1   135.8   31.3  23.0%  302.4   246.3   56.1  22.8%as a percent of revenues 24.6%  24.6%   0bps  24.3%  23.8%   50bps                Consolidated operating income$115.0  $86.6  $28.4    $202.7  $153.2  $49.5   Exclude:               Corporate expense 15.8   13.3   2.5     30.3   27.3   3.0   Acquisition and integration-related costs (1) 3.2   6.9   (3.7)    8.2   13.3   (5.1)  Long-term incentive compensation expense 4.3   3.9   0.4     8.0   7.6   0.4   Amortization of acquired intangible assets (2) 27.2   24.6   2.6     51.4   44.3   7.1   Special charges, net 1.6   —   1.6     1.8   0.1   1.7   Other operating expense, net —   0.5   (0.5)    —   0.5   (0.5)  Consolidated segment income$167.1  $135.8  $31.3  23.0% $302.4  $246.3  $56.1  22.8%as a percent of revenues 24.6%  24.6%   0bps  24.3%  23.8%   50bps                (1) Represents certain acquisition-related and other costs incurred of $3.2 and $8.2 during the three and six months ended June 27, 2026, respectively, and $6.9 and $13.3 during the three and six months ended June 28, 2025, respectively. The three and six months ended June 27, 2026 includes amortization of a deferred compensation asset in connection with the Kranze Technology Solutions (“KTS”) acquisition of $2.7 and $6.3, respectively. The six months ended June 27, 2026 includes additional “Cost of products sold” related to the step up of inventory (to fair value) acquired in connection with the Thermolec Ltd. (“Thermolec”) acquisition of $0.4 and the Crawford United Corporation (“Crawford United”) acquisition of $0.1. The three and six months ended June 28, 2025 includes amortization of a deferred compensation asset and additional “Cost of products sold” related to the step up of inventory (to fair value) each acquired in connection with the KTS acquisition of $6.6 and $10.9 and $0.5 and $0.8, respectively.                (2) Represents amortization expense associated with acquired intangible assets recorded within “Selling, general and administrative — intangible amortization” and “Cost of products sold”. SPX TECHNOLOGIES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited; in millions)         Three months ended Six months ended June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025Cash flows from (used in) operating activities:       Net income$78.4  $52.2  $138.3  $103.4 Less: Loss from discontinued operations, net of tax (0.9)  (0.3)  (5.4)  (0.8)Income from continuing operations 79.3   52.5   143.7   104.2 Adjustments to reconcile income from continuing operations to net cash from (used in) operating activities:       Special charges, net 1.6   —   1.8   0.1 Gain on change in value of equity security —   —   —   (4.5)Amortization of compensation expense related to acquisition 2.7   6.6   6.3   10.9 Deferred and other income taxes (2.6)  (1.8)  —   (2.3)Depreciation and amortization 35.7   32.5   67.8   59.5 Pension and other employee benefits 3.7   3.2   10.2   8.7 Long-term incentive compensation 4.3   3.9   8.0   7.6 Other, net, including allowance for doubtful accounts (0.1)  (0.1)  (0.2)  0.1 Changes in operating assets and liabilities, net of effects from acquisitions and divestitures:       Accounts receivable and other assets (52.5)  (36.8)  (70.4)  (63.1)Contribution related to employee retention agreements for acquisition —   —   —   (46.5)Inventories (31.2)  (2.4)  (66.5)  (16.2)Accounts payable, accrued expenses and other 49.6   (13.8)  19.9   (24.6)Cash spending on restructuring actions (0.1)  (0.4)  (0.4)  (0.9)Net cash from continuing operations 90.4   43.4   120.2   33.0 Net cash used in discontinued operations (0.8)  (0.9)  —   (1.4)Net cash from operating activities 89.6   42.5   120.2   31.6         Cash flows from (used in) investing activities:       Proceeds related to company-owned life insurance policies, net 0.2   0.1   3.3   3.1 Business acquisitions, net of cash acquired —   (143.6)  (439.6)  (447.7)Capital expenditures (21.1)  (7.7)  (39.6)  (13.2)Net cash used in continuing operations (20.9)  (151.2)  (475.9)  (457.8)Net cash from discontinued operations —   —   59.2   — Net cash used in investing activities (20.9)  (151.2)  (416.7)  (457.8)        Cash flows from (used in) financing activities:       Borrowings under senior credit facilities 25.4   85.0   214.9   478.0 Repayments under senior credit facilities (135.4)  (6.8)  (174.9)  (104.8)Borrowings under trade receivables arrangement 171.0   44.0   282.0   179.0 Repayments under trade receivables arrangement (120.0)  (63.0)  (209.0)  (148.0)Net borrowings (repayments) under other financing arrangements (0.3)  (0.3)  (0.1)  0.2 Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options —   0.7   (14.6)  (9.1)Net cash from (used in) continuing operations (59.3)  59.6   98.3   395.3 Net cash from (used in) discontinued operations —   —   —   — Net cash from (used in) financing activities (59.3)  59.6   98.3   395.3 Change in cash and equivalents due to changes in foreign currency exchange rates 0.5   3.8   0.4   6.4 Net change in cash and equivalents 9.9   (45.3)  (197.8)  (24.5)Consolidated cash and equivalents, beginning of period 158.3   182.2   366.0   161.4 Consolidated cash and equivalents, end of period$168.2  $136.9  $168.2  $136.9   Six Months Ended June 27, 2026 June 28, 2025Components of cash and equivalents:   Cash and equivalents$166.4 $132.8Cash and equivalents included in assets of DBT and Heat Transfer 1.8  4.1Total cash and equivalents$168.2 $136.9 SPX TECHNOLOGIES, INC. AND SUBSIDIARIESCASH AND DEBT RECONCILIATION(Unaudited; in millions)                     Six months ended         June 27, 2026        Beginning cash and equivalents$366.0         Cash from continuing operations 120.2         Capital expenditures (39.6)        Proceeds related to company-owned life insurance policies, net 3.3         Business acquisitions, net of cash acquired (439.6)        Borrowings under senior credit facilities 214.9         Repayments under senior credit facilities (174.9)        Borrowings under trade receivables agreement 282.0         Repayments under trade receivables agreement (209.0)        Net repayments under other financing arrangements (0.1)        Minimum withholdings paid on behalf of employees for net share settlements, net of proceeds from the exercise of employee stock options (14.6)        Cash from discontinued operations 59.2         Change in cash due to changes in foreign currency exchange rates 0.4         Ending cash and equivalents$168.2                              Debt at       Debt at December 31, 2025 Borrowings Repayments Other June 27, 2026Revolving loans$—  $214.9 $(174.9) $— $40.0 Term loan 500.0   —  —   —  500.0 Trade receivables financing arrangement —   282.0  (209.0)  —  73.0 Other indebtedness 2.5   0.2  (0.3)  0.1  2.5 Less: Deferred financing costs associated with the term loan (0.9)  —  —   0.1  (0.8)Totals$501.6  $497.1 $(384.2) $0.2 $614.7  SPX TECHNOLOGIES, INC. AND SUBSIDIARIES ORGANIC REVENUE (Unaudited)         Three months ended June 27, 2026  HVAC Detection &
Measurement Consolidated Net Revenue Growth27.6%12.9%22.9%       Exclude: Foreign Currency0.2%0.1%0.2%       Exclude: Acquisitions8.5%—%5.8%       Organic Revenue Growth18.9%12.8%16.9% SPX TECHNOLOGIES, INC. AND SUBSIDIARIESNON-GAAP RECONCILIATION - ADJUSTED OPERATING INCOME(Unaudited; in millions)                 Three months ended Six months ended June 27, 2026 June 28, 2025 June 27, 2026 June 28, 2025Operating income$115.0  $86.6  $202.7  $153.2         Exclude:       Acquisition and integration-related costs (1) (4.6)  (8.3)  (12.3)  (16.9)        Amortization of acquired intangible assets (2) (27.2)  (24.6)  (51.4)  (44.3)        Long-term incentive compensation (3) (0.2)  —   (0.3)  —         Adjusted operating income$147.0  $119.5  $266.7  $214.4 as a percent of revenues 21.6%  21.6%  21.4%  20.7%        (1) For the three and six months ended June 27, 2026, represents (i) certain acquisition and integration-related costs of $1.9 and $5.5, respectively, and (ii) amortization of a deferred compensation asset of $2.7 and $6.3, respectively, related to the KTS acquisition. The six months ended June 27, 2026 includes additional inventory step-up charges of $0.4 and $0.1, related to the Thermolec and Crawford United acquisitions, respectively. For the three and six months ended June 28, 2025, represents (i) certain acquisition and integration-related costs of $1.2 and $5.2, respectively, and (ii) amortization of a deferred compensation asset and additional inventory step-up charges of $6.6 and $10.9 and $0.5 and $0.8, respectively, each related to the KTS acquisition.        (2) Represents amortization expense associated with acquired intangible assets recorded within “Selling, general and administrative — intangible amortization” and “Cost of products sold.”        (3) For the three and six months ended June 27, 2026, represents the removal of $0.2 and $0.3, respectively, for long-term incentive compensation expense associated with acquisition-related equity grants. SPX TECHNOLOGIES, INC. AND SUBSIDIARIESNON-GAAP RECONCILIATION - ADJUSTED EARNINGS PER SHAREThree Months Ended June 27, 2026(Unaudited; in millions, except per share values)             GAAP Adjustments AdjustedSegment income$167.1  $—  $167.1 Corporate expense (1) (15.8)  1.4   (14.4)Acquisition and integration-related costs (2) (3.2)  3.2   — Long-term incentive compensation expense (3) (4.3)  0.2   (4.1)Amortization of intangible assets (4) (27.2)  27.2   — Special charges, net (1.6)  —   (1.6)Operating income 115.0   32.0   147.0       Other expense, net (5) (5.1)  1.4   (3.7)Interest expense, net (7.7)  —   (7.7)Income from continuing operations before income taxes 102.2   33.4   135.6 Income tax provision (6) (22.9)  (10.2)  (33.1)Income from continuing operations 79.3   23.2   102.5       Diluted shares outstanding 50.675     50.675       Earnings per share from continuing operations$1.56    $2.02       (1) Adjustment represents the removal of certain acquisition and integration-related costs of $1.4. (2) Adjustment represents the removal of acquisition and integration-related costs of $0.5 within the HVAC reportable segment and amortization of a deferred compensation asset related to the KTS acquisition within the Detection and Measurement reportable segment of $2.7. (3) Adjustment represents the removal of $0.2 for long-term incentive compensation expense associated with acquisition-related equity grants.      (4) Adjustment represents the removal of amortization expense associated with acquired intangible assets of $19.8 and $7.4 within the HVAC and Detection & Measurement reportable segments, respectively.      (5) Adjustment represents the removal of non-service pension and postretirement charges of $1.4.      (6) Adjustment represents the tax impact of items (1) through (5) and the removal of certain discrete income tax items that are considered non-recurring. SPX TECHNOLOGIES, INC. AND SUBSIDIARIESNON-GAAP RECONCILIATION - ADJUSTED EARNINGS PER SHAREThree Months Ended June 28, 2025(Unaudited; in millions, except per share values)             GAAP Adjustments AdjustedSegment income$135.8  $—  $135.8 Corporate expense (1) (13.3)  1.4   (11.9)Acquisition and integration-related costs (2) (6.9)  6.9   — Long-term incentive compensation expense (3.9)  —   (3.9)Amortization of intangible assets (3) (24.6)  24.6   — Other operating expense, net (0.5)  —   (0.5)Operating income 86.6   32.9   119.5       Other expense, net (4) (2.1)  1.4   (0.7)Interest expense, net (14.6)  —   (14.6)Income from continuing operations before income taxes 69.9   34.3   104.2 Income tax provision (5) (17.4)  (8.8)  (26.2)Income from continuing operations 52.5   25.5   78.0       Diluted shares outstanding 47.396     47.396       Earnings per share from continuing operations$1.10    $1.65       (1) Adjustment represents the removal of certain acquisition and integration-related costs of $1.4. (2) Adjustment represents the removal of (i) acquisition and integration-related costs (benefits) of $(0.3) and $0.1 within the Detection and Measurement and HVAC reportable segments, respectively, and (ii) amortization of a deferred compensation asset and an inventory step-up charge of $6.6 and $0.5, respectively, related to the KTS acquisition within the Detection and Measurement reportable segment. (3) Adjustment represents the removal of amortization expense associated with acquired intangible assets of $14.3 and $10.3 within the HVAC and Detection & Measurement reportable segments, respectively.      (4) Adjustment represents the removal of non-service pension and postretirement charges of $1.4.      (5) Adjustment represents the tax impact of items (1) through (4). SPX TECHNOLOGIES, INC. AND SUBSIDIARIESNON-GAAP RECONCILIATION - ADJUSTED EBITDA(Unaudited; in millions)         Three months ended June 27, 2026 June 28, 2025Net income$78.4  $52.2     Exclude:   Income tax provision (22.9)  (17.4)Interest expense, net (7.7)  (14.6)Amortization expense (1) (27.7)  (24.8)Depreciation expense (8.0)  (7.7)Loss from discontinued operations, net of tax (0.9)  (0.3)EBITDA 145.6   117.0     Exclude:   Acquisition and integration-related costs (2) (4.6)  (8.3)Acquisition-related long-term incentive compensation expense (3) (0.2)  — Non-service pension and postretirement charges (1.4)  (1.4)Adjusted EBITDA$151.8  $126.7 as a percent of revenues 22.4%  22.9%    (1) Represents amortization expense associated with acquired intangible assets recorded within “Selling, general and administrative — intangible amortization” and amortization expense associated with acquired intangible assets and capitalized software costs recorded within “Cost of products sold.”
    (2) For the three months ended June 27, 2026, represents (i) certain acquisition and integration-related costs of $1.9, inclusive of acquisition and integration-related costs of $0.5 within the HVAC reportable segment, and (ii) amortization of a deferred compensation asset of $2.7 related to the KTS acquisition within the Detection and Measurement reportable segment. For the three months ended June 28, 2025, represents (i) certain acquisition and integration-related costs of $1.2, inclusive of acquisition and integration-related costs (benefits) of $(0.3) and $0.1 within the Detection and Measurement and HVAC reportable segments, respectively, and (ii) amortization of a deferred compensation asset and an inventory step-up charge of $6.6 and $0.5, respectively, related to the KTS acquisition within the Detection and Measurement reportable segment.    (3) Adjustment represents the removal of $0.2 for long-term incentive compensation expense associated with acquisition-related equity grants. SPX TECHNOLOGIES, INC. AND SUBSIDIARIESNON-GAAP RECONCILIATION - ADJUSTED EBITDA(Unaudited; in millions)         Six months ended June 27, 2026 June 28, 2025Net income$138.3  $103.4     Exclude:   Income tax provision (35.9)  (23.6)Interest expense, net (15.0)  (26.0)Amortization expense (1) (52.1)  (44.7)Depreciation expense (15.7)  (14.8)Loss from discontinued operations, net of tax (5.4)  (0.8)EBITDA 262.4   213.3     Exclude:   Acquisition and integration-related costs (2) (12.3)  (16.9)Acquisition-related long-term incentive compensation expense (3) (0.3)  — Non-service pension and postretirement charges (2.9)  (3.6)Valuation adjustment on an equity security —   4.5 Adjusted EBITDA$277.9  $229.3 as a percent of revenues 22.3%  22.2%    (1) Represents amortization expense associated with acquired intangible assets recorded within “Selling, general and administrative — intangible amortization” and amortization expense associated with acquired intangible assets and capitalized software costs recorded within “Cost of products sold.”
    (2) For the six months ended June 27, 2026, represents (i) certain acquisition and integration-related costs of $5.5, inclusive of acquisition and integration-related costs of $1.4 within the HVAC reportable segment, (ii) inventory step-up charges of $0.4 and $0.1 related to the Thermolec and Crawford United acquisitions, respectively, within the HVAC reportable segment, and (iii) amortization of a deferred compensation asset of $6.3 related to the KTS acquisition within the Detection and Measurement reportable segment. For the six months ended June 28, 2025, represents (i) certain acquisition and integration-related costs of $5.2, inclusive of acquisition and integration-related costs of $0.7 and $0.9 within the Detection and Measurement and HVAC reportable segments, respectively, and (ii) amortization of a deferred compensation asset and an inventory step-up charge of $10.9 and $0.8, respectively, related to the KTS acquisition within the Detection and Measurement reportable segment.    (3) Adjustment represents the removal of $0.3 for long-term incentive compensation expense associated with acquisition-related equity grants. SPX TECHNOLOGIES, INC. AND SUBSIDIARIESNON-GAAP RECONCILIATION - ADJUSTED FREE CASH FLOW(Unaudited; in millions)         Three months ended June 27, 2026 June 28, 2025Operating cash flow from continuing operations$90.4  $43.4     Include:   Capital expenditures (21.1)  (7.7)Free cash flow from continuing operations 69.3   35.7     Exclude:   Acquisition and integration-related payments and other (1) (2.8)  (1.4)Adjusted free cash flow from continuing operations$72.1  $37.1     (1) For the three months ended June 27, 2026, represents the removal of the cash impact of acquisition and integration-related costs of $2.8. For the three months ended June 28, 2025, represents the removal of the cash impact of acquisition and integration-related costs of $1.4. SPX TECHNOLOGIES, INC. AND SUBSIDIARIESNON-GAAP RECONCILIATION - ADJUSTED FREE CASH FLOW(Unaudited; in millions)         Six months ended June 27, 2026 June 28, 2025Operating cash flow from continuing operations$120.2  $33.0     Include:   Capital expenditures (39.6)  (13.2)Free cash flow from continuing operations 80.6   19.8     Exclude:   Acquisition and integration-related payments and other (1) (7.3)  (53.6)Adjusted free cash flow from continuing operations$87.9  $73.4     (1) For the six months ended June 27, 2026, represents the removal of the cash impact of acquisition and integration-related costs of $7.3. For the six months ended June 28, 2025, represents the removal of the cash impact of (i) funded amounts associated with employee retention agreements assumed in the KTS acquisition of $46.5 and (ii) acquisition and integration-related costs of $7.1.

PHOENIX, July 30, 2026 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq: CVCO) ("we," "our," the "Company" or "Cavco") today announced financial results for the first fiscal quarter ended June 27, 2026.

Quarterly Highlights

Net revenue was $610 million, up $53 million or 9.5% compared to $557 million in the first quarter of the prior year.Home sales volume was up 4.4% and capacity utilization remained consistent year over year at approximately 75%.Factory-built housing Gross profit as a percentage of Net revenue was 20.8%, compared to 22.6% in the same period in the prior year. Financial services Gross profit as a percentage of Net revenue was 52.4%, compared to Gross profit of 40.9% in the prior year.Income before income taxes was $55.8 million, down $9.5 million, or 14.6% compared to $65.3 million in the same period in the prior year.Net income per diluted share attributable to Cavco common stockholders was $5.43 compared to $6.42 in the prior year quarter.Backlogs totaled $298 million at the end of the quarter representing 7-9 weeks of production compared to $195 million at the end of the prior year.Stock repurchases were approximately $30 million in the quarter. At the end of the first quarter, $188 million remains available for repurchases under our previously announced Board authorizations. Commenting on the quarter, President and Chief Executive Officer Bill Boor said, "This quarter saw the continuation of strong order momentum we saw at the end of Q4 2026. In Q1, we saw record shipments and grew our backlog by over 50%. These results don't happen with just one or two plants doing well. They are a reflection of order growth and the excellent job all of our teams have done responding to the market."

He continued, "Externally, we saw progress on the regulatory front with the passing of the bipartisan 21st Century ROAD to Housing Act. The law highlights the role factory-built homes need to play in the housing affordability crisis with major sections dedicated to Manufactured Housing. It will enable innovation, provide regulatory clarity, improve access to financing, and encourage states and local authorities to reduce zoning barriers. Importantly, we are also seeing an increasing number of states passing legislation to improve zoning access at the local level. While we continue to manage through a challenging macro-economic environment for prospective homebuyers, the future is bright for factory-built housing solutions to help more families achieve home ownership."

Financial Results

 Three Months Ended    ($ in thousands, except revenue per home sold)June 27,
2026 June 28,
2025 ChangeNet revenue       Factory-built housing$585,972 $535,694 $50,278 9.4%Financial services 23,987  21,163  2,824 13.3% $609,959 $556,857 $53,102 9.5%        Factory-built modules sold 9,507  8,900  607 6.8%        Factory-built homes sold (consisting of one or more modules) 5,657  5,416  241 4.4%        Net factory-built housing revenue per home sold$103,584 $98,910 $4,674 4.7%         In the Factory-built housing segment, the increase in Net revenue was due to higher home sales volume as a result of the American Homestar acquisition in the third quarter of the prior year and an increase in Net revenue per home sold.Financial services segment Net revenue increased primarily due to increased loan sales in the mortgage division and unrealized gains on the Financial services equity portfolio.  Three Months Ended    ($ in thousands)June 27,
2026 June 28,
2025 ChangeGross profit       Factory-built housing$122,019  $120,845  $1,174  1.0%Financial services 12,571   8,661   3,910  45.1% $134,590  $129,506  $5,084  3.9%        Gross profit as % of Net revenue       Consolidated 22.1%  23.3% N/A (1.2)%Factory-built housing 20.8%  22.6% N/A (1.8)%Financial services 52.4%  40.9% N/A 11.5%        Selling, general and administrative expenses       Factory-built housing$73,970  $63,154  $10,816  17.1%Financial services 7,865   5,994   1,871  31.2% $81,835  $69,148  $12,687  18.3%        Income from operations       Factory-built housing$48,049  $57,691  $(9,642) (16.7)%Financial services 4,706   2,667   2,039  76.5% $52,755  $60,358  $(7,603) (12.6)%         In the factory-built housing segment, Gross profit increased due to an increase in home sales volume and price, partially offset by higher input costs. Selling, general and administrative expenses were higher due to the addition of American Homestar, and to a lesser extent, increases in compensation and employee related expenses, as well as sales and marketing expenses.In the financial services segment, Gross profit and Income from operations increased primarily due to lower claims losses, unrealized gains on the investment portfolio, and to a lesser extent, the addition of American Homestar in the current year. Selling, general and administrative expenses increased partially due to a headcount increase to handle increased loan activity due to a forward flow agreement signed in the fourth quarter of the prior year and higher incentive compensation on better results.  Three Months Ended    ($ in thousands, except per share amounts)June 27,
2026 June 28,
2025 ChangeInterest income$3,263 $5,103 $(1,840) (36.1)%Net income$42,271 $51,642 $(9,371) (18.1)%Diluted net income per share$5.43 $6.42 $(0.99) (15.4)%         Conference Call Details

Cavco's management will hold a conference call to review these results tomorrow, July 31, 2026, at 1:00 p.m. (Eastern Time). Interested parties can access a live webcast of the conference call on the Internet at https://investor.cavco.com or via telephone. To participate by phone, please register here to receive the dial in number and your PIN. An archive of the webcast and presentation will be available for 60 days at https://investor.cavco.com. 

About Cavco

Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. We are one of the largest producers of manufactured and modular homes in the United States, based on reported wholesale shipments. We are also a leading producer of park model RVs, vacation cabins and factory-built commercial structures. Cavco's finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Our insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. These forward-looking statements reflect Cavco's current expectations and projections with respect to our expected future business and financial performance, including, among other things: (i) expected financial performance and operating results, such as revenue and gross margin percentage; (ii) our liquidity and financial resources; (iii) our outlook with respect to the Company and the manufactured housing business in general; (iv) the expected effect of certain risks and uncertainties on our business; and (iv) the strength of Cavco's business model. These statements may be preceded by, followed by, or include the words "aim," "anticipate," "believe," "estimate," "expect," "forecast," "future," "goal," "intend," "likely," "outlook," "plan," "potential," "project," "seek," "target," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning. A number of factors could cause actual results or outcomes to differ materially from those indicated by these forward-looking statements. These factors include, among other factors, Cavco's ability to manage: (i) customer demand and the availability of financing for our products; (ii) labor shortages and the pricing, availability, or transportation of raw materials; (iii) the impact of local or national emergencies; (iv) excessive health and safety incidents or warranty and construction claims; (v) increases in cancellations of home sales; (vi) information technology failures or cyber incidents; (vii) our ability to maintain the security of personally identifiable information of our customers, (viii) compliance with the numerous laws and regulations applicable to our business, including state, federal, and foreign laws relating to manufactured housing, privacy, the internet, and accounting matters; (ix) successful defense against litigation, government inquiries, and investigations, and (x) other risks and uncertainties indicated from time to time in documents filed or to be filed with the Securities and Exchange Commission (the "SEC") by Cavco. The forward-looking statements herein represent the judgment of Cavco as of the date of this release and Cavco disclaims any intent or obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. This press release should be read in conjunction with the information included in the Company's other press releases, reports, and other filings with the SEC. Readers are specifically referred to the Risk Factors described in Item 1A of the Company's Annual Report on Form 10-K for the year ended March 28, 2026 as may be updated from time to time in future filings on Form 10-Q and other reports filed by the Company pursuant to the Securities Exchange Act of 1934, which identify important risks that could cause actual results to differ from those contained in the forward-looking statements. Understanding the information contained in these filings is important in order to fully understand Cavco's reported financial results and our business outlook for future periods.

CAVCO INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share amounts)     June 27,
2026 March 28,
2026ASSETS(Unaudited)  Current assets   Cash and cash equivalents$243,195  $236,721 Restricted cash, current 22,437   20,306 Accounts receivable, net 115,858   108,288 Short-term investments 18,279   16,233 Current portion of consumer loans receivable, net 17,367   19,207 Current portion of commercial loans receivable, net 45,580   54,841 Current portion of commercial loans receivable from affiliates, net 1,634   1,836 Inventories 308,978   295,671 Prepaid expenses and other current assets 63,867   71,630 Total current assets 837,195   824,733 Restricted cash 585   585 Investments 39,652   38,151 Consumer loans receivable, net 18,827   18,974 Commercial loans receivable, net 69,903   55,801 Commercial loans receivable from affiliates, net 3,532   3,519 Property, plant and equipment, net 297,980   278,890 Goodwill 209,241   208,841 Other intangibles, net 27,462   28,067 Operating lease right-of-use assets 37,071   33,578 Total assets$1,541,448  $1,491,139 LIABILITIES AND STOCKHOLDERS' EQUITY   Current liabilities   Accounts payable$46,454  $44,168 Accrued expenses and other current liabilities 329,208   291,230 Total current liabilities 375,662   335,398 Operating lease liabilities 33,744   30,747 Other liabilities 6,972   7,096 Deferred income taxes 14,674   14,716 Total liabilities 431,052   387,957 Stockholders' equity   Preferred stock, $0.01 par value; 1,000,000 shares authorized; No shares issued or outstanding —   — Common stock, $0.01 par value; 40,000,000 shares authorized; Issued 9,504,933 and 9,474,288 shares, respectively; Outstanding 7,709,359 and 7,738,700, respectively 95   95 Treasury stock, at cost; 1,795,574 and 1,735,588 shares, respectively (616,372)  (585,865)Additional paid-in capital 295,773   300,208 Retained earnings 1,430,985   1,388,714 Accumulated other comprehensive income (85)  30 Total stockholders' equity 1,110,396   1,103,182 Total liabilities and stockholders' equity$1,541,448  $1,491,139          CAVCO INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts)
(Unaudited)   Three Months Ended June 27,
2026 June 28,
2025Net revenue$609,959  $556,857 Cost of sales 475,369   427,351 Gross profit 134,590   129,506 Selling, general and administrative expenses 81,835   69,148 Income from operations 52,755   60,358 Interest income 3,263   5,103 Interest expense (132)  (164)Other expense, net (98)  — Income before income taxes 55,788   65,297 Income tax expense (13,517)  (13,655)Net income$42,271  $51,642     Net income per share   Basic$5.48  $6.49 Diluted$5.43  $6.42 Weighted average shares outstanding   Basic 7,707,952   7,953,720 Diluted 7,784,424   8,041,008          CAVCO INDUSTRIES, INC.
OTHER OPERATING DATA
(Dollars in thousands)
(Unaudited)   Three Months Ended June 27,
2026 June 28,
2025Capital expenditures$25,493 $9,009Depreciation$6,086 $4,797Amortization of other intangibles$605 $372

, /PRNewswire/ -- CNO Financial Group, Inc. (NYSE: CNO) today reported its second quarter 2026 financial results:

Strong execution and momentum continues; Raising 2026 operating earnings per share (EPS) guidance by 8% at the midpoint from our prior guidance. Net income was $126 million, or $1.33 per diluted share, and net operating income(1) was $120 million, or $1.26 per diluted share. Operating EPS grew 45% in the quarter and 39% year-to-date. Return on equity (ROE) of 10.9%; Operating ROE(5) of 13.1%, excluding significant items(5). Book value per share of $27.96 and book value per diluted share, excluding accumulated other comprehensive loss,(2) of $39.92, up 5%. Total new annualized premiums (NAP)(4) up 7%, extending our track record of insurance sales growth to 16 consecutive quarters. Achieved quarterly records in Worksite Division NAP, Annuity collected premiums and client assets in brokerage and advisory. Consumer and Worksite delivered their 14th and 16th consecutive quarters of producing agent count growth, respectively. "CNO delivered a very strong first half, with second quarter operating earnings per share up 45% and our 16th consecutive quarter of sales growth," said Gary C. Bhojwani, chief executive officer.

"We are raising full-year guidance on operating earnings per share to reflect strong underlying fundamentals, continued profitability improvement and the consistent, repeatable results we continue to generate across the business."

FINANCIAL SUMMARY
Quarter End
(Amounts in millions, except per share data)
(Unaudited)

Net income in 2Q26 and 2Q25 was higher than operating income primarily driven by non-economic accounting impacts from market volatility, partially offset by investment losses that are treated as non-operating income.

Net operating income, a non-GAAP(a) financial measure, excludes these non-economic accounting impacts as well as other non-operating items. Net operating income is used consistently by CNO's management to evaluate the operating performance of the Company and is a measure commonly used in the life insurance industry. It differs from net income primarily because it excludes the non-operating items as defined in note (1). Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company's business. Net income is the most directly comparable GAAP measure.

In 2Q26 and 2Q25, net income and net operating income(1) were unaffected by significant items. Significant items are detailed in note (6).

Per diluted share

Quarter ended

Quarter ended

June 30,

June 30,

2026

2025

% change

2026

2025

% change

Income from insurance products (b)

$       1.33

$        1.03

29 %

$   126.1

$  103.0

22 %

Fee income

(0.01)

0.01

n/m

(1.2)

0.8

n/m

Investment income not allocated to product lines (c)

0.52

0.33

58

49.4

33.8

46

Expenses not allocated to product lines

(0.25)

(0.25)

—

(23.3)

(25.3)

(8)

Operating earnings before taxes

1.59

1.12

151.0

112.3

Income tax expense on operating income

(0.33)

(0.25)

32

(31.5)

(24.8)

27

Net operating income (1)

1.26

0.87

45

119.5

87.5

37

Net realized investment losses from disposals,
impairments and change in allowance for credit losses     

(0.14)

(0.22)

(13.6)

(21.8)

Net change in market value of investments
recognized in earnings

(0.01)

0.03

(1.1)

3.4

Changes in fair value of embedded derivative
liabilities and market risk benefits

0.36

0.25

34.6

25.2

Expenses related to TechMod initiative

(0.10)

(0.03)

(9.7)

(3.2)

Net loss related to divested business

(0.01)

—

(1.1)

—

Other

(0.01)

0.02

(0.4)

2.1

Non-operating income before taxes

0.09

0.05

8.7

5.7

Income tax expense on non-operating income

(0.02)

(0.01)

(2.3)

(1.4)

Net non-operating income

0.07

0.04

6.4

4.3

Net income

$       1.33

$       0.91

$   125.9

$    91.8

Weighted average diluted shares outstanding

95.0

100.4

(a)  

GAAP is defined as accounting principles generally accepted in the United States of America.

(b)     

Income from insurance products is the sum of the insurance product margins of the annuity, health and life product lines, less expenses allocated to the insurance product lines. It excludes the income from our fee income business, investment income not allocated to product lines, net expenses not allocated to product lines (primarily holding company expenses) and income taxes. Insurance product margin is management's measure of the profitability of its annuity, health and life product lines' performance and consists of insurance policy income plus allocated investment income less insurance policy benefits, interest credited, commissions, advertising expense and amortization of acquisition costs.

(c)     

Investment income not allocated to product lines represents net investment income less: (i) equity returns credited to policyholder account balances; (ii) the investment income allocated to our product lines; (iii) interest expense on notes payable, investment borrowings and financing arrangements; (iv) expenses related to the funding agreement-backed notes ("FABN") program; and (v) certain expenses related to benefit plans that are offset by special-purpose investment income; plus (vi) the impact of annual option forfeitures related to fixed indexed annuity surrenders. Investment income not allocated to product lines includes investment income on investments in excess of amounts allocated to product lines, investments held by our holding companies, the spread we earn from our Federal Home Loan Bank ("FHLB") investment borrowing and FABN programs and variable components of investment income (including call and prepayment income, adjustments to returns on structured securities due to cash flow changes, income (loss) from company-owned life insurance ("COLI") and alternative investment income not allocated to product lines), net of interest expense on corporate debt and financing arrangements. The spread earned from our FHLB investment borrowing and FABN programs includes the investment income on the matched assets less: (i) interest on investment borrowings related to the FHLB investment borrowing program; (ii) interest credited on funding agreements; and (iii) amortization of deferred acquisition costs related to the FABN program.

FINANCIAL SUMMARY (continued)
Management vs. GAAP Measures
(Dollars in millions, except per share data)
(Unaudited)

Shareholders' equity, excluding accumulated other comprehensive income (loss), and book value per share, excluding accumulated other comprehensive income (loss), are non-GAAP measures that are utilized by management to view the business without the effect of accumulated other comprehensive income (loss) which is primarily attributable to fluctuations in interest rates associated with fixed maturities, available for sale. Management views the business in this manner because the Company has the ability and generally, the intent, to hold investments to maturity and meaningful trends can be more easily identified without the fluctuations. In addition, shareholders' equity excludes net operating loss carryforwards in our non-GAAP return on equity measures as such assets are not discounted and, accordingly, will not provide a return to shareholders until after it is realized as a reduction to taxes that would otherwise be paid. Management believes that excluding this value from the equity component of this measure enhances the understanding of the effect these non-discounted assets have on operating returns.

Quarter ended

June 30,

2026

2025

Trailing four quarters:

Net Income

$     279.6

$     305.5

Net operating income (a non-GAAP financial measure)

491.4

425.8

Net operating income, excluding significant items

459.2

401.7

Average of each of the trailing four quarters average:

Shareholders' equity

$   2,576.2

$   2,558.5

Accumulated other comprehensive loss

1,167.3

1,271.2

Shareholders' equity, excluding accumulated other comprehensive loss

3,743.5

3,829.7

Net operating loss carryforwards

(248.1)

(232.4)

Shareholders' equity, excluding accumulated other comprehensive loss and net operating loss
carryforwards

$   3,495.4

$   3,597.3

Ratios:

Return on equity

10.9 %

11.9 %

Operating return on equity (a non-GAAP financial measure) (5)

14.1 %

11.8 %

Operating return on equity, excluding significant items (a non-GAAP financial measure) (5)

13.1 %

11.2 %

Shareholders' equity

$     2,591.6

$     2,522.7

Accumulated other comprehensive loss

1,182.8

1,252.7

Shareholders' equity, excluding accumulated other comprehensive loss

$     3,774.4

$     3,775.4

Basic shares outstanding

92,696,990

97,319,000

Diluted shares outstanding

94,551,416

99,221,445

Book value per share

$       27.96

$       25.92

Book value per diluted share

$       27.41

$       25.42

Accumulated other comprehensive loss per diluted share

12.51

12.63

Book value per diluted share, excluding accumulated other comprehensive loss (a non-GAAP financial     
measure) (2)

$       39.92

$       38.05

Non-Operating Items
Net investment losses in 2Q26 were $13.6 million, including the unfavorable change in the allowance for credit losses of $3.4 million. Net investment losses in 2Q25 were $21.8 million, including the unfavorable change in the allowance for credit losses of $1.0 million.

During 2Q26 and 2Q25, we recognized a decrease in earnings of $1.1 million and an increase of $3.4 million, respectively, due to the net change in market value of investments.

During 2Q26 and 2Q25, we recognized an increase in earnings of $34.6 million and $25.2 million, respectively, resulting from changes in the estimated fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities. Such amounts include the impacts of changes in market interest rates and equity impacts used to determine the estimated fair values of the embedded derivatives and market risk benefits, and changes in equity volatility.

During 2Q26 and 2Q25, we incurred $9.7 million and $3.2 million, respectively, of expense related to TechMod, our technology modernization initiative. This three-year project began in the second quarter of 2025 to modernize certain elements of our technology.

We recognized a $1.1 million non-operating loss related to our previously announced exit from the fee services side of the Worksite business during 2Q26. Beginning in 4Q25, operating losses, including costs to exit this business, are reported in non-operating income. These operating losses were previously reported in operating income as a component of fee income.

Statutory (based on non-GAAP measures) and GAAP Capital Information
The consolidated statutory risk-based capital ratio of our U.S. based insurance subsidiaries was estimated at 377% at June 30, 2026, reflecting estimated 2Q26 statutory operating gain of $35.4 million. There were $20.0 million of company dividends paid to the holding company during 2Q26.

During 2Q26, we repurchased $60.0 million of common stock under our securities repurchase program. We repurchased 1.3 million common shares at an average cost of $46.57 per share. As of June 30, 2026, we had 92.7 million shares outstanding and had authority to repurchase up to an additional $300.4 million of our common stock. During 2Q26, dividends paid on common stock totaled $16.8 million.

Unrestricted cash and investments held by our holding company were $233.2 million at June 30, 2026 compared to $351.4 million at December 31, 2025.

Book value per common share was $27.96 at June 30, 2026 compared to $27.92 at December 31, 2025. Book value per diluted share, excluding accumulated other comprehensive income (loss) (2), was $39.92 at June 30, 2026 compared to $38.81 at December 31, 2025. 

The debt-to-capital ratio was 34.0% and 33.6% at June 30, 2026 and December 31, 2025, respectively. Our debt-to-total capital ratio, excluding accumulated other comprehensive income (loss)(3), was 26.1% and 26.2% at June 30, 2026 and December 31, 2025, respectively. 

Return on equity for the trailing four quarters ended June 30, 2026 and 2025 was 10.9% and 11.9%, respectively. Operating return on equity, excluding significant items(5), for the trailing four quarters ended June 30, 2026 and 2025 was 13.1% and 11.2%, respectively.

In this news release, CNO includes non-GAAP measures to enhance investors' understanding of management's view of the business. The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing a broader perspective. CNO's definitions of non-GAAP measures may differ from other companies' definitions. More detailed information including various GAAP and non-GAAP measurements are located at CNOinc.com in the Investors section under SEC Filings.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS:

This press release may contain forward-looking statements within the meaning of federal securities laws. These prospective statements reflect management's current expectations, but are not guarantees of future performance. Accordingly, please refer to CNO's cautionary statement regarding forward-looking statements, and the business environment in which the Company operates, contained in the Company's Form 10-K for the year ended December 31, 2025 and any subsequent Form 10-Q or Form 10-K on file with the Securities and Exchange Commission and on the Company's website at CNOinc.com in the Investors section. CNO specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.

EARNINGS RELEASE CONFERENCE CALL WEBCAST:

The Company will host a conference call to discuss results on July 31, 2026 at 11:00 a.m. Eastern Time. During the call, we will be referring to a presentation that will be available at the Investors section of the company's website.

To participate by dial-in, please register at https://events.q4inc.com/attendee/121613442. Upon registering, you will be provided with call details and a registrant ID used to track attendance on the conference call. Reminders will also be sent to registered participants via email.

For those investors who prefer to listen to the call online, we will be broadcasting the call live via webcast. The event can be accessed through the Investors section of the company's website: ir.CNOinc.com.  Participants should go to the website at least 15 minutes before the event to register and download any necessary audio software.

ABOUT CNO FINANCIAL GROUP

CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities and financial services through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.3 million policies and $39.9 billion in total assets. Our 3,200 associates, 5,100 exclusive agents and more than 6,500 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.

CNO FINANCIAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(Dollars in millions, except per share data)

(unaudited)

Three months ended

Six months ended

June 30,

June 30,

2026

2025

2026

2025

Revenues:

Insurance policy income

$         680.7

$        651.3

$      1,354.1

$       1,302.0

Net investment income:

General account assets

411.9

378.3

806.9

753.4

Policyholder and other special-purpose portfolios

185.1

105.4

120.2

41.8

Investment gains (losses):

Realized investment losses

(8.6)

(21.3)

(16.4)

(25.1)

Other investment (losses) gains

(6.1)

2.9

(21.0)

(0.1)

Total investment losses

(14.7)

(18.4)

(37.4)

(25.2)

Fee revenue and other income

22.2

34.9

71.0

83.6

Total revenues

1,285.2

1,151.5

2,314.8

2,155.6

Benefits and expenses:

Insurance policy benefits

742.5

658.4

1,319.1

1,228.4

Liability for future policy benefits remeasurement gain

(15.3)

(12.8)

(21.8)

(25.0)

Change in fair value of market risk benefits

(8.3)

(10.9)

2.4

4.4

Interest expense

55.3

59.1

106.2

121.1

Amortization of deferred acquisition costs and present value of future     
profits 

74.9

68.6

149.1

136.0

Gain on extinguishment of borrowings related to variable interest
entities

—

—

—

(1.5)

Other operating costs and expenses

276.4

271.1

551.7

546.4

Total benefits and expenses

1,125.5

1,033.5

2,106.7

2,009.8

Income before income taxes

159.7

118.0

208.1

145.8

Income tax expense

33.8

26.2

44.5

32.5

Net income

$         125.9

$          91.8

$        163.6

$        113.3

Earnings per common share:

Basic:

Weighted average shares outstanding

93,194,000

98,572,000

93,636,000

99,658,000

Net income

$          1.35

$          0.93

$         1.75

$          1.14

Diluted:

Weighted average shares outstanding

94,952,000

100,386,000

95,545,000

101,728,000

Net income

$          1.33

$          0.91

$         1.71

$          1.11

NOTES

(1)

Management believes that an analysis of net income applicable to common stock before: (i) net realized investment gains or losses from disposals, impairments and the change in allowance for credit losses, net of taxes; (ii) net change in market value of investments recognized in earnings, net of taxes; (iii) changes in fair value of embedded derivative liabilities and market risk benefits related to our fixed indexed annuities, net of taxes; (iv) fair value changes related to the agent deferred compensation plan, net of taxes; (v) gains or losses related to material reinsurance transactions, net of taxes; (vi) loss on extinguishment of debt, net of taxes; (vii) changes in the valuation allowance for deferred tax assets and other tax items; (viii) costs related to our three-year project to modernize certain elements of our technology ("TechMod") that are incremental to normal spend and will not recur following implementation, net of taxes; (ix) goodwill and other asset impairment expenses, net of taxes; (x) gains or losses related to divested business, net of taxes; and (xi) other non-operating items including earnings attributable to variable interest entities, net of taxes ("net operating income," a non-GAAP financial measure) is important to evaluate the financial performance of the company, and is a key measure commonly used in the life insurance industry. The income tax expense or benefit allocated to the items included in net non-operating income (loss) represents the current and deferred income tax expense or benefit allocated to the items included in non-operating earnings. Management believes this information provides a better understanding of the business and a more meaningful analysis of results of our insurance product lines. A reconciliation of net operating income to net income applicable to common stock is provided in the table on page 2. Additional information concerning this non-GAAP measure is included in our periodic filings with the Securities and Exchange Commission that are available on CNO's website, CNOinc.com, in the Investors section under SEC Filings.

(2)

Book value per diluted share reflects the potential dilution that could occur if outstanding stock options were exercised and restricted stock and performance units were vested. The dilution from options, restricted shares and performance units is calculated using the treasury stock method. Under this method, we assume the proceeds from the exercise of the options (or the unrecognized compensation expense with respect to restricted stock and performance units) will be used to purchase shares of our common stock at the closing market price on the last day of the period. In addition, the calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.

(3)

The calculation of this non-GAAP measure differs from the corresponding GAAP measure because accumulated other comprehensive income (loss) has been excluded from the value of capital used to determine this measure. Management believes this non-GAAP measure is useful because it removes the volatility that arises from changes in the unrealized appreciation (depreciation) of our investments.

(4)

Measured by new annualized premiums for life and health products, which includes 10% of single premium whole life deposits and 100% of all other premiums (excluding annuities). Sales of third-party products are excluded.

(5)

Operating return on equity and operating return on equity, excluding significant items are calculated as follows: (i) operating return on equity is equal to the trailing four quarters of net operating income(1) divided by average shareholders' equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards; and (ii) operating return on equity, excluding significant items is equal to the trailing four quarters of net operating income(1), excluding significant items, divided by average shareholders' equity, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards, for the trailing four quarters.

The following summarizes: (i) net operating income; (ii) significant items; (iii) net operating income, excluding significant items; and (iv) net income (loss) (dollars in millions):

Net operating

Net operating

income,

income,

excluding

Net

excluding

significant

income -

Net operating

Significant

significant

items - trailing

Net

trailing

income

items

items (a)

four quarters

income (loss)

four quarters

3Q24

$          119.2

$          (21.9)

(b)

$           97.3

$          376.9

$             9.3

$          274.2

4Q24

138.0

3.1

(c)

141.1

410.5

182.9

420.8

1Q25

81.1

(5.3)

(d)

75.8

428.8

21.5

330.0

2Q25

87.5

—

87.5

401.7

91.8

305.5

3Q25

127.2

(32.2)

(e)

95.0

399.4

23.1

319.3

4Q25

143.4

—

143.4

401.7

92.9

229.3

1Q26

101.3

—

101.3

427.2

37.7

245.5

2Q26

119.5

—

119.5

459.2

125.9

279.6

(a)

See note (6) for additional information.

(b)

Comprised of $31.2 million of the net favorable impact arising from our comprehensive annual actuarial review and $2.9 million of the unfavorable impact related to a fixed asset impairment, net of tax expense of $6.4 million.

(c)

Comprised of $3.9 million of the unfavorable impact arising from our comprehensive annual actuarial review, net of tax expense of $0.8 million.

(d)

Comprised of $6.8 million of the favorable impact of an out-of-period adjustment which decreased reserves, net of tax expense of $1.5 million.

(e)

Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review, net of tax expense of $9.1 million.

A reconciliation of pre-tax operating earnings (a non-GAAP financial measure) to net income is as follows (dollars in millions):

Trailing four quarters

2Q26

2Q25

Pre-tax operating earnings (a non-GAAP financial measure)

$       617.2

$        544.3

Income tax expense

(125.8)

(118.5)

Net operating income

491.4

425.8

Non-operating items:

Net realized investment losses from disposals, impairments and change in allowance for credit     
losses

(62.8)

(81.2)

Net change in market value of investments recognized in earnings

(4.1)

15.5

Changes in fair value of embedded derivative liabilities and market risk benefits

(27.4)

(78.9)

Fair value changes related to the agent deferred compensation plan

(1.7)

3.1

Expenses related to TechMod initiative

(40.5)

(3.2)

Goodwill and other asset impairment

(101.9)

—

Net loss related to divested business

(20.3)

—

Other

(2.8)

(10.7)

Non-operating loss before taxes

(261.5)

(155.4)

    Income tax benefit on non-operating loss

49.7

35.1

Net non-operating loss

(211.8)

(120.3)

Net income

$       279.6

$        305.5

A reconciliation of consolidated capital, excluding accumulated other comprehensive income (loss) and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders' equity, is as follows (dollars in millions):

1Q24

2Q24

3Q24

4Q24

Consolidated capital, excluding accumulated other comprehensive     

income (loss) and net operating loss carryforwards

(a non-GAAP financial measure)

$      3,536.8

$      3,596.7

$      3,529.9

$      3,810.0

Net operating loss carryforwards

311.2

296.5

273.9

76.6

Accumulated other comprehensive loss

(1,480.3)

(1,464.3)

(1,116.0)

(1,371.4)

Common shareholders' equity

$      2,367.7

$      2,428.9

$      2,687.8

$      2,515.2

1Q25

2Q25

3Q25

4Q25

Consolidated capital, excluding accumulated other comprehensive

income (loss) and net operating loss carryforwards

(a non-GAAP financial measure)

$      3,498.9

$      3,504.3

$      3,483.6

$      3,510.2

Net operating loss carryforwards

295.3

271.1

246.3

243.0

Accumulated other comprehensive loss

(1,239.1)

(1,252.7)

(1,118.9)

(1,115.0)

Common shareholders' equity

$      2,555.1

$      2,522.7

$      2,611.0

$      2,638.2

1Q26

2Q26

Consolidated capital, excluding accumulated other comprehensive

income (loss) and net operating loss carryforwards

(a non-GAAP financial measure)

$      3,461.2

$      3,548.5

Net operating loss carryforwards

254.8

225.9

Accumulated other comprehensive loss

(1,217.6)

(1,182.8)

Common shareholders' equity

$      2,498.4

$      2,591.6

A reconciliation of consolidated capital, excluding accumulated other comprehensive loss and net operating loss carryforwards (a non-GAAP financial measure) to common shareholders' equity, is as follows (dollars in millions):

Trailing four quarter average

2Q26

2Q25

Consolidated capital, excluding accumulated other comprehensive     

income (loss) and net operating loss carryforwards

(a non-GAAP financial measure)

$      3,495.4

$      3,597.3

Net operating loss carryforwards

248.1

232.4

Accumulated other comprehensive loss

(1,167.3)

(1,271.2)

Common shareholders' equity

$      2,576.2

$      2,558.5

(6)

The tables below summarize the financial impact of significant items on our net operating income for the quarters during the year ended December 31, 2025 that had significant items impacting our net operating income. There were no significant items on our net operating income during the three and six months ended June 30, 2026. Management believes that identifying the impact of these items enhances the understanding of our operating results (dollars in millions, except per share data).

Three months ended

September 30, 2025

Actual
results

Significant
items

Excluding
significant

items

Insurance product margin

Annuity margin

$     72.9

$    (16.6)

(a)

$     56.3

Health margin

157.0

(21.1)

(a)

135.9

Life margin

70.6

(3.6)

(a)

67.0

Total insurance product margin

300.5

(41.3)

259.2

Allocated expenses

(151.0)

—

(151.0)

Income from insurance products

149.5

(41.3)

108.2

Fee income

(3.9)

—

(3.9)

Investment income not allocated to product lines

39.5

—

39.5

Expenses not allocated to product lines

(22.3)

—

(22.3)

Operating earnings before taxes

162.8

(41.3)

121.5

Income tax (expense) benefit on operating income     

(35.6)

9.1

(26.5)

Net operating income

$    127.2

$    (32.2)

$     95.0

Net operating income per diluted share

$     1.29

$    (0.33)

$     0.96

(a)     

Comprised of $41.3 million of the net favorable impact arising from our comprehensive annual actuarial review.

Three months ended

March 31, 2025

Actual
results

Significant
items

Excluding
significant

items

Insurance product margin

Annuity margin

$     54.5

$        —

$     54.5

Health margin

126.2

—

126.2

Life margin

68.2

(6.8)

(a)

61.4

Total insurance product margin

248.9

(6.8)

242.1

Allocated expenses

(161.2)

—

(161.2)

Income from insurance products

87.7

(6.8)

80.9

Fee income

(0.8)

—

(0.8)

Investment income not allocated to product lines

38.0

—

38.0

Expenses not allocated to product lines

(20.3)

—

(20.3)

Operating earnings before taxes

104.6

(6.8)

97.8

Income tax (expense) benefit on operating income     

(23.5)

1.5

(22.0)

Net operating income

$     81.1

$      (5.3)

$     75.8

Net operating income per diluted share

$     0.79

$    (0.05)

$     0.74

(a)     

Comprised of $6.8 million of the favorable impact of an out-of-period adjustment, which decreased reserves.

SOURCE CNO Financial Group

Second Quarter Diluted Earnings Per Share (EPS) were $1.13 in 2026 vs. $1.01 in 2025 Reaffirmed 2026 Earnings Guidance Range of $5.25 to $5.45 per Diluted Share , /PRNewswire/ -- Ameren Corporation (NYSE: AEE) today announced second quarter 2026 net income attributable to common shareholders of $314 million, or $1.13 per diluted share, compared to second quarter 2025 net income of $275 million, or $1.01 per diluted share.

Second quarter 2026 results reflected earnings on infrastructure investments to improve system reliability, resiliency and service quality at each business segment and from investments in innovative energy technology. These positive contributions were partially offset by higher operations and maintenance expenses, primarily driven by increased reliability-focused tree trimming and energy center maintenance. Finally, the earnings per diluted share comparison reflected higher weighted-average basic common shares outstanding in the second quarter of 2026.

"Our second quarter results demonstrate our commitment to delivering value for our customers through consistent execution of our strategy," said Martin J. Lyons, Jr., chairman, president and chief executive officer of Ameren Corporation. "We are investing in a diverse and resilient energy portfolio, strengthening the reliability of the grid and supporting economic growth throughout our region. By focusing on delivering reliable service in a cost-effective way, we are building the energy infrastructure needed to serve our customers today while preparing for the opportunities ahead."

Ameren recorded net income attributable to common shareholders for the six months ended June 30, 2026, of $671 million, or $2.41 per diluted share, compared to net income attributable to common shareholders for the six months ended June 30, 2025, of $564 million, or $2.08 per diluted share. The increase in year-over-year six month earnings reflected earnings on infrastructure investments to improve system reliability, resiliency and service quality for our electric and natural gas customers and from investments in innovative energy technology. These positive contributions were partially offset by higher operations and maintenance expenses, primarily driven by increased reliability-focused tree trimming and energy center maintenance, lower electric retail sales, primarily driven by milder temperatures, and higher interest expense. Finally, the earnings per diluted share comparison reflected higher weighted-average basic common shares outstanding in 2026.

Earnings Guidance

Today, Ameren reaffirmed its 2026 earnings guidance range of $5.25 to $5.45 per share. Earnings guidance for 2026 assumes normal temperatures for the last six months of the year and is subject to the effects of, among other things: regulatory, judicial and legislative actions; energy center and energy transmission and distribution operations; energy, economic, capital and credit market conditions; customer usage; severe storms; returns on market-based and other investments; unusual or otherwise unexpected gains or losses; and other risks and uncertainties outlined, or referred to, in the Forward-looking Statements section of this press release.

Ameren Missouri Segment Results

Ameren Missouri second quarter 2026 earnings were $157 million, compared to second quarter 2025 earnings of $150 million. The year-over-year increase reflected earnings on increased infrastructure investments, including infrastructure reflected in electric and natural gas service rates that became effective June 1, 2025, and September 1, 2025, respectively. These positive factors were partially offset by higher operations and maintenance expenses, primarily driven by increased reliability-focused tree trimming and energy center maintenance, and lower electric retail sales, primarily driven by milder temperatures.

Ameren Transmission Segment Results

Ameren Transmission second quarter 2026 earnings were $96 million, compared to second quarter 2025 earnings of $86 million. The year-over-year increase reflected earnings on increased infrastructure investments.

Ameren Illinois Electric Distribution Segment Results

Ameren Illinois Electric Distribution second quarter 2026 earnings were $70 million, compared to second quarter 2025 earnings of $64 million. The year-over-year increase reflected earnings on increased infrastructure investments.

Ameren Illinois Natural Gas Segment Results

Ameren Illinois Natural Gas second quarter 2026 earnings were $9 million, compared to second quarter 2025 earnings of $10 million.

Ameren Parent Results (includes items not reported in a business segment)

Ameren Parent second quarter 2026 loss was $18 million, compared to a second quarter 2025 loss of $35 million.  The year-over-year improvement primarily reflected earnings from innovative energy technology investments.

Analyst Conference Call

Ameren will conduct a conference call for financial analysts at 9 a.m. Central Time on Friday, July 31, 2026, to discuss second quarter 2026 earnings, 2026 earnings guidance and other matters. Investors, the news media and the public may listen to a live broadcast of the call at AmerenInvestors.com by clicking on "Webcast" under "Latest Quarterly Results," where an accompanying slide presentation will also be available. The conference call and presentation will be archived in the "Investors" section of the website under "Quarterly Earnings."

About Ameren

St. Louis-based Ameren Corporation powers the quality of life for 2.5 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries. Ameren Illinois provides electric transmission and distribution service and natural gas distribution service. Ameren Missouri provides electric generation, transmission and distribution service, as well as natural gas distribution service. Ameren Transmission Company of Illinois develops, owns and operates rate-regulated regional electric transmission projects in the Midcontinent Independent System Operator, Inc. For more information, visit Ameren.com, or follow us at @AmerenCorp, Facebook.com/AmerenCorp, or LinkedIn.com/company/Ameren.

Forward-looking Statements 

Statements in this release not based on historical facts are considered "forward-looking" and, accordingly, involve risks and uncertainties that could cause actual results to differ materially from those discussed. Although such forward-looking statements have been made in good faith and are based on reasonable assumptions, there is no assurance that the expected results will be achieved. These statements include (without limitation) statements as to future expectations, beliefs, plans, projections, strategies, targets, estimates, objectives, events, conditions, and financial performance. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we are providing this cautionary statement to identify important factors that could cause actual results to differ materially from those anticipated. The following factors, in addition to those discussed within Risk Factors in Ameren's Annual Report on Form 10-K for the year ended December 31, 2025, and elsewhere in this release and in our other filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations suggested in such forward-looking statements:

regulatory, judicial, or legislative actions, and any changes in regulatory policies and ratemaking determinations that may change regulatory recovery mechanisms or our ability to recover costs and earn a return, such as those that may result from Ameren Missouri's electric service regulatory rate review filed with the MoPSC in June 2026, Ameren Illinois' 2025 electric distribution service revenue requirement reconciliation adjustment review filed with the ICC in April 2026, Ameren Illinois' January 2026 appeal of the November 2025 ICC order issued in the 2025 natural gas delivery service rate review, and Ameren Illinois' 2020 QIP reconciliation hearing; our ability to control costs and make substantial investments in our businesses, including our ability to recover costs and investments, and to earn our allowed return on equity (ROE), within frameworks established by our regulators, while maintaining affordability for our customers; the effect and duration of Ameren Illinois' election to utilize MYRPs for electric distribution service ratemaking effective for rates beginning in 2024, including the effect of the reconciliation cap on the electric distribution revenue requirement; the effect on Ameren Missouri of any customer rate caps or limitations on increasing the electric service revenue requirement pursuant to Ameren Missouri's election to use the plant-in-service accounting regulatory mechanism; Ameren Missouri's ability to construct and/or acquire wind, solar, and other renewable energy generation facilities and battery storage, as well as natural gas-fired and nuclear energy centers, extend the operating license for the Callaway Energy Center, reliably operate existing energy centers through their expected retirement dates, retire fossil fuel-fired energy centers, and implement new or existing customer energy-efficiency programs, including any such construction, acquisition, retirement, or implementation in connection with its Smart Energy Plan, preferred resource plan, or emissions reduction goals, and to recover its cost of investment, a related return, and, in the case of customer energy-efficiency programs, any lost electric revenues in a timely manner, each of which is affected by the ability to timely obtain all necessary regulatory and project approvals, including certificates of convenience and necessity (CCNs) from the MoPSC or any other required approvals, including permits to operate the facilities; our ability to realize and support forecasted energy demand and capacity from new and potential new customers, including demand growth dependent on the addition of new data centers and other large primary service customers within our service territories, such as the large load customers that signed electric service agreements with Ameren Missouri in 2026; the effects on energy prices and demand for our services resulting from customer growth patterns or usage, including demand from data centers, technological advances, including advances in customer energy efficiency, electric vehicles, electrification of various industries, energy storage, and private generation sources, which are becoming increasingly cost-competitive; Ameren Missouri's ability to earn, utilize, or transfer at a reasonable price federal production and investment tax credits related to renewable energy and energy storage projects and nuclear energy production; the cost of wind, solar, and other renewable generation and battery storage technologies; and our ability to obtain timely interconnection agreements with the MISO or other regional transmission organizations at an acceptable cost for each facility; the effect of changes in federal domestic energy policy to support investment in fossil fuel infrastructure and the effect of those changes on Ameren Missouri's ability to construct and/or acquire renewable energy generation facilities and battery storage; the outcome of the MISO long-range transmission planning process, including potential changes to planned projects, the ability to obtain competitively bid or assigned projects and related approvals, including CCNs from the MoPSC and ICC or any other required approvals, and changes in applicable legislative or regulatory frameworks; the inability of our counterparties to meet their obligations with respect to contracts, credit agreements, and financial instruments, including as they relate to the construction and acquisition of electric and natural gas utility infrastructure and the ability of counterparties to complete projects, which is dependent upon the availability of labor and necessary materials and equipment, including those obligations that are affected by supply chain disruptions; advancements in energy technologies, including carbon capture, utilization, and sequestration, hydrogen fuel for electric production and energy storage, next generation nuclear, and large-scale long-cycle battery storage, and the impact of federal and state energy and economic policies with respect to those technologies; the effects of changes in federal, state, or local laws and other domestic or international governmental actions, including monetary, fiscal, foreign trade, and energy policies, foreign trade tariffs, executive orders, geopolitical developments, or extended federal government shutdowns or defunding; the effects of changes in federal, state, or local tax laws or rates; additional regulations, interpretations, amendments, or technical corrections to, or in connection with the One Big Beautiful Bill Act (OBBBA) and the Inflation Reduction Act of 2022 (IRA), including the effects of the OBBBA as it relates to construction timelines of solar, wind, and battery storage projects along with the ability to obtain materials for these projects to be eligible for federal production and investment tax credits; and any challenges to the tax positions we have taken, as well as resulting effects on customer rates; the cost and availability of fuel, such as low-sulfur coal, natural gas, and enriched uranium used to produce electricity; the cost and availability of natural gas for distribution and the cost and availability of purchased power, including capacity, zero emission credits, renewable energy credits, and emission allowances; and the level and volatility of future market prices for such commodities and credits; disruptions in the delivery of fuel, failure of our fuel suppliers to provide adequate quantities or quality of fuel, or lack of adequate inventories of fuel, including nuclear fuel assemblies primarily from the one Nuclear Regulatory Commission-licensed supplier of assemblies for Ameren Missouri's Callaway Energy Center; the cost and availability of transmission capacity required for the energy generated by Ameren Missouri's energy centers or as required to satisfy Ameren Missouri's energy sales; the effectiveness of our risk management strategies and our use of financial and derivative instruments; the ability to obtain sufficient insurance at a reasonable cost, or, in the absence of insurance, the ability to timely recover uninsured losses from our customers; the impact of cyberattacks and data security risks on us, our suppliers, or other entities on the grid, including those arising from generative or agentic artificial intelligence, which could, among other things, result in the loss of operational control of energy centers and electric and natural gas transmission and distribution systems and/or the loss of data, such as customer, employee, financial, and operating system information; acts of sabotage, which have increased in frequency and severity within the utility industry, war, terrorism, or other intentionally disruptive acts; business, economic, geopolitical, and capital market conditions, including foreign trade tariffs or trade wars, evolving federal regulatory priorities, and the impact of such conditions on interest rates, inflation, commodity prices, and investments; the impact of inflation or a recession on our customers and suppliers and the related impact on our results of operations, financial position, and liquidity; disruptions of the capital and credit markets, deterioration in our credit metrics, or other events that may have an adverse effect on the cost or availability of capital, including short-term credit and liquidity, and our ability to access the capital and credit markets on reasonable terms when needed; the actions of credit rating agencies and the effects of such actions; the impact of weather conditions and other natural conditions on us and our customers, including the impact of system outages and the level of wind and solar resources; the construction, installation, performance, and cost recovery of generation, transmission, and distribution assets; the ability to maintain system reliability by Ameren Missouri, the MISO, and the electric utility industry, as well as Ameren Missouri's ability to meet existing or future generation capacity and power obligations; the effects of failures of electric generation, electric and natural gas transmission or distribution, or natural gas storage facilities systems and equipment, which could result in unanticipated liabilities or unplanned outages; the operation of Ameren Missouri's Callaway Energy Center, including planned and unplanned outages, as well as the ability to recover costs associated with such outages and the impact of such outages on off-system sales and purchased power, among other things; Ameren Missouri's ability to recover the remaining investment and decommissioning costs associated with the retirement of an energy center, as well as the ability to earn a return on that remaining investment and those decommissioning costs; the impact of current environmental laws or their interpretation and new, more stringent, or changing requirements and environmental policies, including those related to NSR provisions of the Clean Air Act, carbon dioxide, nitrogen oxides, sulfur dioxide, and other emissions and discharges, Illinois emission standards, cooling water intake structures, coal combustion residuals, energy efficiency, and wildlife protection, that could limit, terminate or otherwise modify the operation of certain of Ameren Missouri's energy centers, increase our operating costs or investment requirements, result in an impairment of our assets, cause us to sell our assets, reduce our customers' demand for electricity or natural gas, or otherwise have a negative financial effect; the impact of complying with renewable energy standards in Missouri and Illinois and with the zero emission standard in Illinois; the effectiveness of Ameren Missouri's customer energy-efficiency programs and the related revenues and performance incentives earned under its Missouri Energy Efficiency Investment Act programs; labor disputes, the impact of collective bargaining unit contract negotiations, workforce reductions, our ability to attract and retain professional and skilled-craft employees, changes in future wage and employee benefits costs, including those resulting from changes in discount rates, mortality tables, medical cost trend rates, returns on benefit plan assets, and other assumptions; the impact of negative opinions of us or our utility services that our customers, investors, legislators, regulators, creditors, rating agencies, or other stakeholders may have or develop, which could result from a variety of factors, including failures in system reliability, failure to implement our investment plans or disagreement with those plans, failure to protect sensitive customer information, increases in rates, new data centers entering our service territories, negative media coverage, or concerns about company policies or practices; the impact of adopting new accounting and reporting guidance; the effects of strategic initiatives, including mergers, acquisitions, joint ventures, divestitures, and reorganizations; legal and administrative proceedings; pandemics or other significant global health events, and their impacts on our results of operations, financial position, and liquidity; and the impacts of global conflicts and related sanctions imposed by the United States and other governments, including potential impacts on the cost and availability of fuel, natural gas, enriched uranium, and other commodities, materials, and services. New factors emerge from time to time, and it is not possible for us to predict all of such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. Except to the extent required by the federal securities laws, we undertake no obligation to update or revise publicly any forward-looking statements to reflect new information or future events.

AMEREN CORPORATION (AEE)

CONSOLIDATED STATEMENT OF INCOME

(Unaudited, in millions, except per share amounts)

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Operating Revenues:

Electric

$      1,887

$      2,038

$      3,548

$      3,660

Natural gas

205

183

720

658

Total operating revenues

2,092

2,221

4,268

4,318

Operating Expenses:

Fuel and purchased power

507

794

940

1,296

Natural gas purchased for resale

39

39

210

208

Other operations and maintenance

521

460

1,012

945

Depreciation and amortization

420

386

818

753

Taxes other than income taxes

146

131

297

275

Total operating expenses

1,633

1,810

3,277

3,477

Operating Income

459

411

991

841

Other Income, Net

118

96

208

181

Interest Charges

209

187

413

362

Income Before Income Taxes

368

320

786

660

Income Taxes

52

43

112

93

Net Income

316

277

674

567

Less: Net Income Attributable to Noncontrolling Interests

2

2

3

3

Net Income Attributable to Ameren Common Shareholders

$        314

$        275

$        671

$        564

Earnings per Common Share - Basic

$       1.14

$        1.02

$       2.43

$        2.09

Earnings per Common Share – Diluted

$       1.13

$        1.01

$       2.41

$        2.08

Weighted-average Common Shares Outstanding – Basic

276.8

270.3

276.6

270.1

Weighted-average Common Shares Outstanding – Diluted

278.7

271.6

278.6

271.5

AMEREN CORPORATION (AEE)

CONSOLIDATED BALANCE SHEET

(Unaudited, in millions)

June 30,
2026

December 31,
2025

ASSETS

Current Assets:

Cash and cash equivalents

$             12

$              13

Accounts receivable - trade (less allowance for doubtful accounts)

600

665

Unbilled revenue

478

415

Miscellaneous accounts receivable

199

107

Inventories

800

774

Current regulatory assets

337

387

Other current assets

218

210

Total current assets

2,644

2,571

Property, Plant, and Equipment, Net

41,372

39,313

Investments and Other Assets:

Nuclear decommissioning trust fund

1,631

1,526

Goodwill

411

411

Regulatory assets

2,888

2,524

Pension and other postretirement benefits

973

977

Other assets

1,297

1,154

Total investments and other assets

7,200

6,592

TOTAL ASSETS

$        51,216

$         48,476

LIABILITIES AND EQUITY

Current Liabilities:

Current maturities of long-term debt

$          1,524

$            973

Short-term debt

1,220

643

Accounts and wages payable

998

1,254

Interest accrued

246

229

Customer deposits

248

238

Other current liabilities

742

570

Total current liabilities

4,978

3,907

Long-term Debt, Net

19,064

18,214

Deferred Credits and Other Liabilities:

Accumulated deferred income taxes and tax credits, net

5,381

5,181

Regulatory liabilities

6,437

6,255

Asset retirement obligations

873

849

Other deferred credits and liabilities

667

540

Total deferred credits and other liabilities

13,358

12,825

Shareholders' Equity:

Common stock

3

3

Other paid-in capital, principally premium on common stock

8,132

8,106

Retained earnings

5,549

5,292

Accumulated other comprehensive income

3

—

Total shareholders' equity

13,687

13,401

Noncontrolling Interests

129

129

Total equity

13,816

13,530

TOTAL LIABILITIES AND EQUITY

$        51,216

$         48,476

AMEREN CORPORATION (AEE)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited, in millions)

Six Months Ended June 30,

2026

2025

Cash Flows From Operating Activities:

Net income

$           674

$           567

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

841

793

Amortization of nuclear fuel

43

20

Amortization of debt issuance costs and premium/discounts

10

10

Deferred income taxes and tax credits, net

127

172

Allowance for equity funds used during construction

(69)

(39)

Stock-based compensation costs

16

14

Other

(13)

10

Changes in assets and liabilities

(438)

(254)

Net cash provided by operating activities

1,191

1,293

Cash Flows From Investing Activities:

Capital expenditures

(2,653)

(2,130)

Nuclear fuel expenditures

(23)

(19)

Purchases of securities – nuclear decommissioning trust fund

(168)

(244)

Sales and maturities of securities – nuclear decommissioning trust fund

158

223

Other

(20)

59

Net cash used in investing activities

(2,706)

(2,111)

Cash Flows From Financing Activities:

Dividends on common stock

(414)

(384)

Dividends paid to noncontrolling interest holders

(3)

(3)

Short-term debt, net

577

(2)

Maturities and extinguishment of long-term debt

(378)

(324)

Issuances of long-term debt

1,794

1,599

Issuances of common stock

22

25

Employee payroll taxes related to stock-based compensation

(14)

(13)

Debt issuance costs

(19)

(14)

Net cash provided by financing activities

1,565

884

Net change in cash, cash equivalents, and restricted cash

50

66

Cash, cash equivalents, and restricted cash at beginning of year(a)

420

328

Cash, cash equivalents, and restricted cash at end of period(b)

$           470

$           394

(a)  Includes $13 million of cash and cash equivalents and $407 million of restricted cash as of December 31, 2025.

(b)  Includes $12 million of cash and cash equivalents and $458 million of restricted cash as of June 30, 2026.

AMEREN CORPORATION (AEE)

OPERATING STATISTICS

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Electric Sales - kilowatthours (in millions):

Ameren Missouri

Residential

2,816

2,812

6,412

6,676

Commercial

3,456

3,349

6,822

6,716

Industrial

1,074

1,037

2,028

1,996

Street lighting and public authority

12

13

28

30

Ameren Missouri retail load subtotal

7,358

7,211

15,290

15,418

Off-system

1,191

662

2,290

1,876

Ameren Missouri total

8,549

7,873

17,580

17,294

Ameren Illinois Electric Distribution

Residential

2,399

2,435

5,204

5,408

Commercial

2,741

2,758

5,451

5,578

Industrial

2,429

2,511

4,835

5,002

Street lighting and public authority

92

95

192

198

Ameren Illinois Electric Distribution total

7,661

7,799

15,682

16,186

Ameren Total

16,210

15,672

33,262

33,480

Electric Revenues (in millions):

Ameren Missouri

Residential

$           426

$           405

$           825

$           781

Commercial

381

344

683

617

Industrial

94

84

166

150

Other, including street lighting and public authority

45

11

81

9

Ameren Missouri retail load subtotal

$           946

$           844

$         1,755

$         1,557

Off-system sales and capacity

148

471

190

651

Ameren Missouri total

$         1,094

$         1,315

$         1,945

$         2,208

Ameren Illinois Electric Distribution

Residential

$           350

$           321

$           699

$           663

Commercial

198

181

393

361

Industrial

52

48

107

98

Other, including street lighting and public authority

29

23

73

23

Ameren Illinois Electric Distribution total

$           629

$           573

$         1,272

$         1,145

Ameren Transmission

Ameren Illinois Transmission(a)

$           168

$           152

$           332

$           306

       ATXI

62

56

125

113

Eliminate affiliate revenues

(1)

—

(1)

(1)

Ameren Transmission total

$           229

$           208

$           456

$           418

Other and intersegment eliminations(a)

(65)

(58)

(125)

(111)

Ameren Total

$         1,887

$         2,038

$         3,548

$         3,660

(a) 

Includes $45 million, $40 million, $89 million and $77 million, respectively, of electric operating revenues from transmission services provided to the Ameren Illinois Electric Distribution segment.

AMEREN CORPORATION (AEE)

OPERATING STATISTICS

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Gas Sales - dekatherms (in millions):

Ameren Missouri

4

3

12

12

Ameren Illinois Natural Gas

29

30

91

95

Ameren Total

33

33

103

107

Gas Revenues (in millions):

Ameren Missouri

$            30

$          25

$           109

$             89

Ameren Illinois Natural Gas

176

158

612

569

Eliminate affiliate revenues

(1)

—

(1)

—

Ameren Total

$           205

$         183

$           720

$           658

June 30,

December 31,

2026

2025

Common Stock:

Shares outstanding (in millions)

276.8

276.4

Book value per share

$       49.45

$         48.48

SOURCE Ameren Corporation