Track market-moving stories before they get noisy

by Todd Bishop on Jul 22, 2026 at 11:41 amJuly 22, 2026 at 11:41 am

GeekWire File Photo Amazon confirmed Wednesday that it laid off an unspecified number of employees in its artificial general intelligence (AGI) organization, the division working on the company’s advanced AI models.

The move, first reported by Reuters, comes as the company invests heavily in programs to help businesses implement AI effectively, including a $1 billion initiative to embed AWS engineers with customers building agentic AI systems.

It’s part of a larger shift in the industry as tech giants and AI frontier labs look to make sure the enormous sums they’re spending on AI pay off in tools businesses actually use.

In a statement, an Amazon spokesperson said building large AI models remains “one of the most important things we’re working on,” but said the company is also “sharpening our focus on the initiatives that matter most for customers, so we can move faster on what counts.”

“That focus means some difficult decisions, including eliminating some roles within parts of our AGI organization, even as we continue to invest in the areas most important to our customers’ future,” the spokesperson said.

It’s the latest in a series of changes in Amazon’s AGI group, which despite its name has always been focused more on frontier models than on what the industry considers AGI, the still-theoretical systems that would match or surpass human intelligence.

Rohit Prasad, the senior executive who oversaw Amazon’s AGI work, left the company late last year, and AGI Lab head David Luan departed in February. In December, Amazon folded the AGI group into a larger organization led by senior vice president Peter DeSantis that also includes chip development and quantum computing.

The cuts are the latest in a series of smaller reductions since January, when Amazon eliminated 16,000 jobs across the company. Amazon said U.S. employees whose jobs are cut will receive 90 days of pay and benefits, outplacement support and transitional health coverage, along with eligibility for severance.

Previous StoryGame developer Harebrained Schemes kicks off its new indie era with survival-horror RPG ‘GRAFT’

Microsoft stock is showing weakness. Why are MSFT shares declining? Three Analysts Argue the Selloff Has Gone Too FarTillman’s view is that a combination of constructive fourth-quarter results and a credible forward outlook could begin reversing that narrative.

Oppenheimer Sees Earnings as a Chance to Reassert AI and Microsoft 365 StrengthThat said, he flagged persistent concerns around capital expenditure growth and returns, competitive pressure in AI and a perception among some investors that management is playing catch-up rather than setting the pace in the AI race as issues unlikely to be resolved by a single earnings report.

Bernstein Sees Limited Downside but Says True Inflection May Take TimeMoerdler identified two conditions the company needs to satisfy to earn a higher valuation multiple from the market: a convincing demonstration that Azure revenue growth justifies the scale of ongoing investment and evidence that Azure’s gross margins are stabilizing after a period of pressure from both CPU and GPU capacity constraints as well as elevated memory costs.

Capex Remains the Central Fault LineAll three analysts converged on capital expenditure as the debate that overshadows everything else heading into the print. Microsoft disclosed total calendar year 2026 capex of $190 billion last quarter, representing a 61% increase from the prior year.

MSFT Shares Are DippingMSFT Price Action: Microsoft shares were down 2.29% at $388.66 at the time of publication on Wednesday, according to Benzinga Pro.

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NASDAQ | TSX: ACB

, /PRNewswire/ -- Aurora Cannabis Inc. (the "Company" or "Aurora") (NASDAQ: ACB) (TSX: ACB), the Canadian based leading global medical cannabis company, announced today that will host an investor conference call on Wednesday, August 5, 2026 at 8:00 a.m. Eastern Time | 6:00 a.m. Mountain Time to discuss its financial results for the first quarter 2027. The Company will report its financial results prior to market open that same morning.

Investor Conference Call Details

Q1 FY27 Earnings DATE:

Wednesday, August 5, 2026

TIME:

8:00 a.m. Eastern Time | 6:00 a.m. Mountain Time

WEBCAST:

Click Here

Miguel Martin, Executive Chairman and Chief Executive Officer, and Simona King, Chief Financial Officer, will host the call and question and answer period. This weblink has also been posted to the Company's "Investor Info" link at https://www.auroramj.com/investors/ under "Events".

About Aurora Cannabis

Aurora is a global leader in medical cannabis, dedicated to improving lives through scientific expertise, proven performance, and a deep commitment to patient care. Aurora serves both medical and consumer markets across Canada, Europe, Australia, and New Zealand, with a strategic focus on high-margin opportunities and a medical-first approach. Aurora's portfolio of trusted, leading brands includes Aurora®, MedReleaf®, Pedanios®, IndiMed™, San Raf®, Tasty's® and Whistler Medical Marijuana Co.® With world-class GMP-certified manufacturing facilities in Canada and Germany, and a team of industry-leading professionals, Aurora continues to expand its global footprint and deliver consistent, high-quality cannabis products with the purpose of Opening the World to Cannabis™.

Learn more at www.auroramj.com and follow us on X and LinkedIn.

Aurora's common shares trade on the NASDAQ and TSX under the symbol "ACB".

Forward Looking Statements

This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements made in this news release include, but are not limited to, statements regarding the timing for the release of the Company's fiscal 2027 first quarter financial statements and the conference call to discuss the results.

These forward-looking statements are only predictions. Forward looking information or statements contained in this news release have been developed based on assumptions management considers to be reasonable. Material factors or assumptions involved in developing forward-looking statements include, without limitation, publicly available information from governmental sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which the Company believes to be reasonable. Forward-looking statements are subject to a variety of risks, uncertainties and other factors that management believes to be relevant and reasonable in the circumstances could cause actual events, results, level of activity, performance, prospects, opportunities or achievements to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, the magnitude and duration of potential new or increased tariffs imposed on goods imported from Canada into the United States; the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of our products, customer experience and retention, the development of third party government and non-government consumer sales channels, management's estimates of consumer demand in Canada and in jurisdictions where the Company exports, expectations of future results and expenses, the risk of successful integration of acquired business and operations, management's estimation that SG&A will grow only in proportion of revenue growth, the ability to expand and maintain distribution capabilities, the impact of competition, the general impact of financial market conditions, the yield from cannabis growing operations, product demand, changes in prices of required commodities, competition, and the possibility for changes in laws, rules, and regulations in the industry, epidemics, pandemics or other public health crises and other risks, uncertainties and factors set out under the heading "Risk Factors" in the Company's annual information from dated June 11, 2026 (the "AIF") and filed with Canadian securities regulators available on the Company's issuer profile on SEDAR+ at www.sedarplus.com and filed with and available on the SEC's website at www.sec.gov. The Company cautions that the list of risks, uncertainties and other factors described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such information. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

SOURCE Aurora Cannabis Inc.

Nvidia Corp (NASDAQ:NVDA, XETRA:NVD) is drawing attention to the evolving competition in the AI server CPU market after providing its most detailed look yet at its Vera CPU architecture, with Bank of America highlighting a growing debate over how AI infrastructure performance should be measured.

In a note to clients, the bank wrote that the emerging competition centers on two different approaches to agentic AI. Nvidia is focused on reducing the "time-to-complete-an-agent," while Advanced Micro Devices (NASDAQ: AMD) is emphasizing the "number-of-agents-per-rack." Bank of America estimates the server CPU total addressable market could expand to approximately $170 billion by 2030.

According to the analysts, Nvidia's Vera architecture combines 88 custom ARM-based Olympus cores with 1.2TB/s of memory bandwidth and 3.4TB/s of on-die fabric bandwidth. The company argues that as agentic AI workloads become more common, CPU latency, memory responsiveness and GPU utilization will become increasingly important, making faster per-core performance a key advantage.

Bank of America noted that Nvidia's design also reflects a broader co-design strategy across its AI platform, including Rubin GPUs, networking and storage technologies.

The report comes ahead of AMD's AI Day on Thursday, where Bank of America expects the company to present its own view of AI infrastructure performance. Rather than focusing on faster individual agents, AMD is expected to emphasize rack-level throughput and the ability to support more concurrent AI workflows.

The analysts noted that AMD estimates its current EPYC 9965 (Turin) processor delivers roughly 2.4 times the rack-level throughput of Nvidia's Vera baseline in a modeled 100-kilowatt deployment, while its upcoming EPYC 6 (Venice) platform is projected to deliver up to 3.3 times the throughput.

Beyond performance metrics, Bank of America said the rivalry also reflects a broader architectural debate between ARM and x86 processors. Nvidia's approach suggests processor architecture is less important if higher single-thread performance improves AI agent execution, while AMD and Intel are expected to argue that x86 retains an advantage through its long-established software ecosystem and compatibility with enterprise applications.

Bank of America wrote that the central question for investors is whether future AI deployments will be constrained more by the speed at which an individual AI agent completes a task or by the number of AI agents that can operate simultaneously within a fixed power budget. The firm expects AMD's upcoming event to focus on shaping that discussion rather than benchmark comparisons alone.

Nvidia shares added 3% at $214, to mark an almost 15% gain so far this year.

AI-for-Nuclear Research Partnership with Idaho National Laboratory, NVIDIA and Amazon Web Services (“AWS”) 3-Year Initiative Awarded $60 Million under U.S. Department of Energy’s Genesis MissionTargets Long-Term Industry Schedule Acceleration and Cost Reduction
WASHINGTON, July 22, 2026 (GLOBE NEWSWIRE) -- X-Energy, Inc. (Nasdaq: XE) (“X-energy” or “the Company”) was today announced as a founding member of the Prometheus project, a historic research initiative led by Idaho National Laboratory (“INL”), NVIDIA (Nasdaq: NVDA), and AWS to accelerate advanced nuclear deployment through the use of artificial intelligence (“AI”). X-energy joins as a Tier 1 partner, committing financial support and the use of its proprietary Xe-100 small modular reactor (“SMR”) and TRISO-X fuel designs to advance the U.S. Department of Energy’s Genesis Mission, and a new horizon for American innovation.

The Prometheus project aligns 32 of the United States’ leading laboratories, universities, and private technology developers to a national effort aimed at accelerating the application of AI for transformative scientific discovery. This three-year, first-of-a-kind initiative was today awarded $60 million under the DOE’s Genesis Mission, targeting long-term schedule acceleration and operational cost reduction for advanced nuclear technologies. The Company expects to directly leverage advancements to help accelerate commercial deployment across its 11 GW commercial pipeline.

X-energy joins the Prometheus project as a Tier 1 partner with board of directors representation, providing $10 million in private capital, and the use of its proprietary HTGR design and fuel fabrication data. X-energy’s Xe-100 and TRISO-X fuel will serve as a technical platform for a three-year research campaign, leveraging the Department’s test reactors and supercomputing capabilities to integrate frontier-class AI models into reactor design, licensing, manufacturing, construction, and semi-autonomous operation workflows, as well as fuel fabrication.

“We stand at the edge of one of humanity’s great technical evolutions, and its infrastructure build-out has already begun. We are proud to be part of the coalition driving it forward.” said J. Clay Sell, the CEO of X-energy. “The future belongs to those willing to solve for what’s next, and that is exactly what we do at X-energy.”

Participation in the Prometheus project builds on the ongoing development of APEX, a proprietary multi-agentic platform currently deployed across X-energy’s engineering, licensing, and operations teams. Agentic workflows developed internally have helped to accelerate routine decision-making and technical analysis, positioning the Company to rapidly absorb, implement, and scale advancements arising from Genesis research.

X-energy is currently advancing more than 11 GW of new nuclear capacity across the United States and United Kingdom with commercial Xe-100 projects underway with Dow, Amazon, and Centrica. X-energy and Amazon have the option to deploy more than 5 GW of new nuclear by 2039 to support grid reliability and AWS data center needs. AI-enabled advancements pursued through the Prometheus project aim to accelerate licensing, manufacturing, construction, and operation across a growing commercial project portfolio, furthering the Company's mission to provide clean, safe, reliable energy solutions to empower the unprecedented.

About X-energy
X-energy is a leading designer of advanced small modular nuclear reactors (“SMR”) and fuel technology developed to establish a new standard in clean, safe, reliable energy. X-energy’s intrinsically safe Xe-100 high-temperature gas-cooled reactor and TRISO-X particle fuel expand applications for nuclear technology, with commercial projects across grid, industrial, and AI. Together, X-energy’s technology drives enhanced safety, lower cost, faster construction timelines, and scalable deployment when compared with other SMRs and conventional nuclear. For more information, visit X-energy.com or connect with us on X or LinkedIn.

Forward-Looking Statements
This press release contains forward-looking statements regarding our business, including statements related to AI development initiatives and capabilities, the potential for AI to make nuclear development, deployment and operations more efficient and our ability to use advancements from Genesis Mission across our pipeline. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, including but not limited to, risks and uncertainties associated with developing and deploying AI technologies, the rapidly evolving regulatory landscape, technological limitations, data quality and safety and cybersecurity risks. You should not rely on our forward-looking statements as predictions of future events. More information about potential risks and uncertainties that could affect our business and financial results is more fully detailed under the caption "Risk Factors" in our Form 10-Q filed with the Securities and Exchange Commission, which is available on our Investor Relations website at https://investors.x-energy.com/ and on the SEC website at www.sec.gov. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

Contact

Robert McEntyre, Corporate Communications
[email protected]
+1 240.673.6565

Patricia Gil, Investor Relations
+1 301.558.3040
[email protected]

JPMorgan Chase (JPM +0.86%) just did something no U.S. bank has ever done. It earned $21.2 billion in a single quarter, up 41% from a year earlier, the largest quarterly profit in the history of American banking. Earnings per share jumped 47%, and every one of the bank's business lines set a record.

Yet JPMorgan Chase CEO Jamie Dimon's reaction was telling. He called the environment "close to as good as it gets," then added, "We just don't know how long it's going to last."

This was a quarter supercharged by Wall Street activity. Equity trading revenue surged 86% to $6 billion, and a big reason was the record-shattering initial public offering of Space Exploration Technologies, the largest IPO ever, which sent a wave of fees to the banks that ran it. Investment banking fees climbed 30% to $3.3 billion, their highest level since 2021, led by strength in equity underwriting. Total revenue rose 27% to $58 billion. A one-time gain tied to the bank's stake in Visa also padded the bottom line.

JPMorgan Chase CEO Jamie Dimon. Image source: JPMorgan Chase & Co.

There is a warning hidden in the good news Here is why I would not simply extrapolate this quarter, and I wouldn't expect continued optimism. Dimon's caveat, which he said during the earnings call, is the whole story. Trading booms and blockbuster IPOs are lumpy and unpredictable, and a deal like SpaceX's does not come along often. One-time gains, by definition, do not repeat.

When the head of the best-run bank in the country says conditions are about as good as they get and openly wonders how long that will hold, he is telling investors this is a high-water mark and really a new baseline. It is worth remembering he has also cautioned that artificial intelligence, for all its efficiency gains, is unlikely to widen the bank's margins because every rival is adopting it too.

Today's Change

(

0.86

%) $

2.98

Current Price

$

348.21

JPMorgan is executing at an extraordinary level, and this quarter is a testament to its scale and diversification across trading, dealmaking, and lending. But a record built on a once-in-history IPO, an 86% trading surge, and a one-off gain is a peak, not a run rate. I would admire the quality of this business without assuming the next few quarters will look anything like this one. The smartest investors treat a blowout like this as a reason to respect JPMorgan, not to bet that the good times never end.

JPMorgan Chase is an advertising partner of Motley Fool Money. Micah Zimmerman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase and Visa. The Motley Fool has a disclosure policy.

General Motors shares are climbing with conviction. Why is GM stock surging? GM Beats Expectations With Strong Q2 Earnings and Expanding MarginsGeneral Motors delivered adjusted diluted earnings of $3.57 per share in the second quarter, clearing the $3.20 consensus by a meaningful margin, while revenue of $48.03 billion came in roughly $1 billion ahead of expectations. Adjusted EBIT climbed nearly 30% to $3.94 billion as the adjusted margin expanded to 8.2% from 6.4% a year earlier.

The North American business was the engine behind the outperformance, with adjusted EBIT in the region surging 42.7% to $3.45 billion as demand for full-size pickups and SUVs remained robust and the company kept incentives disciplined. CEO Mary Barra said the company is building everything it can sell in its most profitable segments and that GM held 43% of the full-size pickup market during the quarter.

Full‑Year Guidance Raised on Strength and Upcoming Truck LaunchesManagement raised its full-year adjusted EPS outlook to a range of $12 to $14 from the prior $11.50 to $13.50 and lifted its adjusted EBIT guidance to $14 billion to $16 billion from $13.5 billion to $15.5 billion. The next-generation Chevrolet Silverado and GMC Sierra pickups are set to begin arriving at dealerships in December, with management expressing confidence that improving business trends will support revenue, margins and cash flow into 2027 and beyond.

Several major analysts raised targets or reiterated bullish ratings on General Motors:

GM Shares Are RisingGM Price Action: General Motors shares were up 2.69% at $81.66 at the time of publication on Wednesday, according to Benzinga Pro.

Image: Formatoriginal/Shutterstock

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FARNBOROUGH, England--(BUSINESS WIRE)--FARNBOROUGH AIR SHOW – GE Aerospace (NYSE:GE) and Magellan Aerospace Corporation signed a strategic Memorandum of Understanding (MOU) to establish maintenance, repair, and overhaul (MRO) capabilities in Canada for the F414-GE-39E engine that powers the Saab JAS 39 Gripen E fighter. The MOU is predicated on whether the Government of Canada proceeds with the acquisition of the Saab JAS 39 Gripen E fighter as part of the future Royal Canadian Air Force fighte.

The Pfizer logo is seen in this illustration taken August 3, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

CompaniesJuly 22 (Reuters) - Pfizer (PFE.N), opens new tab said on Wednesday the U.S. ​Food and Drug Administration has ‌granted priority review to its application seeking expanded approval for its prostate ​cancer treatment combination.

The company ​sought expanded approval to use ⁠a combination of two approved ​drugs branded as Talzenna and ​Xtandi in men with metastatic castration-sensitive prostate cancer, whose tumors have ​acquired gene changes known ​as HRR mutations.

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Talzenna and Xtandi are already ‌approved ⁠in the United States for men whose prostate cancer has spread to other parts ​of ​the body ⁠and stopped responding to hormone therapy.

For the ​combination drug, Pfizer said ​the ⁠FDA had set a target decision date in the ⁠last ​quarter of 2026.

Reporting ​by Padmanabhan Ananthan in Bengaluru; Editing by ​Shailesh Kuber and Pooja Desai

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

Company provides updated full-year expectations

, /PRNewswire/ -- IBM (NYSE: IBM) today announced second-quarter 2026 earnings results.

"We are confident in IBM's strategy and portfolio, and in our ability to capture growth opportunities ahead. We fundamentally believe that we are in the early innings of a structural shift for business, and that our portfolio - across software, infrastructure, and consulting - is well-positioned to help our clients tap the value, and manage the challenges, of an AI-driven future," said Arvind Krishna, IBM chairman, president and chief executive officer. "In addition, we are taking action to accelerate our revenue growth and profitability, driving productivity across the company with AI and automation, and heavily investing in commercializing innovation at speed and scale. We now expect constant currency revenue growth in the range of four-to-five percent, and we continue to expect free cash flow to increase by about $1 billion year-over-year for the full year."

Full-Year 2026 Expectations

Revenue: The company now expects full-year constant currency revenue growth in the range of four-to-five percent. At current foreign exchange rates, currency is expected to be neutral to growth for the year Free cash flow: The company continues to expect full-year free cash flow to increase by about $1 billion year-over-year Operational Focus Areas

High-Growth Portfolio: Areas of IBM's software business that help clients manage, deploy and build AI-ready solutions, like Red Hat, the watsonx portfolio, HashiCorp, and Confluent continue to deliver strong performance. Within Distributed Infrastructure, Power and Storage grew at a record pace in the second quarter, now having built up an order backlog of nearly $500 million. Together, these offerings closely map to where client demand is strongest. To capture these growth opportunities, IBM is accelerating changes to its go-to-market model by expanding sales coverage across thousands of additional clients where there is significant opportunity. As AI adoption moves from experimentation to enterprise-scale deployment, the company is also investing in more specialized technical and client-facing talent, including Forward Deployed Engineers. Rapid Innovation at Scale: IBM is acting decisively to capture new opportunities as they arise. Lightwell, a new capability to address open source security vulnerabilities, leverages IBM and Red Hat's trust within the open source community, unique approach to AI, and global scale. In the first two weeks of availability, Lightwell has already made more than 7,500 open source patches available to help clients secure vulnerabilities. Additionally, quantum computing continues to be an investment priority for the company. In May, with the U.S. Department of Commerce, IBM announced a letter of intent to build Anderon, the world's first pure-play quantum wafer foundry. IBM will invest more than $10 billion in quantum over the next five years, and remains on track to deliver the first large-scale fault-tolerant quantum computer by 2029. Productivity Enables Investment and Value: IBM is accelerating productivity by scaling software development leveraging AI, increasing the effectiveness of its sales and marketing organization, and optimizing its supply chain. These efforts help enhance margin and free cash flow, and strengthen the company's ability to capture significant growth opportunities. The company now expects improved pre-tax income margin expansion for the full year. "Although we faced revenue headwinds late in the second quarter, we continued to focus on the fundamentals of our business, including driving productivity, strengthening our portfolio, and generating free cash flow," said James Kavanaugh, IBM senior vice president and chief financial officer. "In a quarter like this, it is critical that our financial and operational discipline remains strong and that we continue to invest for growth while returning value to shareholders through our dividend."

  SECOND-QUARTER 2026 INCOME STATEMENT SUMMARY

  Revenue

  Gross

Profit

    Gross

Profit

Margin

    Pre-tax

Income

  Pre-tax

Income

Margin

  Net

Income

  Diluted

Earnings

Per Share

GAAP from

Continuing

Operations

$ 17.2 B

    $  9.9  B

    57.7

%

  $  2.5  B

    14.4

%

  $  2.2  B

    $   2.27

  Year/Year

1

%

  (1)

%

  (1.0)

Pts

  (5)

%

  (0.9)

Pts

  (1)

%

  (2)

%

Operating

(Non-GAAP)

      $ 10.2 B

    59.4

%

  $  3.3  B

    19.2

%

  $  2.8  B

    $   2.93

  Year/Year

      0

%

  (0.7)

Pts

  3

%

  0.3

Pts

  5

%

  5

%

Segment Results for Second Quarter

Software — revenues of $7.8 billion, up 5 percent:
- Hybrid Cloud (Red Hat) up 11 percent
- Automation up 4 percent, up 3 percent at constant currency
- Data up 19 percent, up 18 percent at constant currency
- Transaction Processing down 8 percent, down 9 percent at constant currency Consulting — revenues of $5.3 billion, flat, up 1 percent at constant currency:
- Strategy and Technology flat, up 1 percent at constant currency
- Intelligent Operations flat, up 1 percent at constant currency Infrastructure — revenues of $3.8 billion, down 7 percent:
- Hybrid Infrastructure down 10 percent
      -- IBM Z down 42 percent
      -- Distributed Infrastructure up 37 percent
- Infrastructure Support down 1 percent Financing — revenues of $0.2 billion, up 12 percent, up 11 percent at constant currency Cash Flow and Balance Sheet

In the second quarter, the company generated net cash from operating activities of $2.6 billion, up $0.9 billion year to year. IBM's free cash flow was $2.5 billion, down $0.3 billion year to year. The company returned $1.6 billion to shareholders in dividends in the second quarter.

For the first six months of the year, the company generated net cash from operating activities of $7.8 billion, up $1.7 billion year to year. IBM's free cash flow was $4.8 billion, flat year to year.

IBM ended the second quarter with $8.2 billion of cash, restricted cash and marketable securities, down $6.3 billion from year-end 2025. The company invested $10.5 billion in acquisitions this year. Debt, including IBM Financing debt of $13.0 billion, totaled $62.0 billion, up $0.7 billion year to date.

Dividend Declaration

The IBM board of directors approved a regular quarterly cash dividend of $1.69 per common share, to stockholders of record on August 10, 2026. With payment of the September 10, 2026 dividend, IBM will have paid consecutive quarterly dividends every year since 1916.

Forward-Looking and Cautionary Statements

Except for the historical information and discussions contained herein, statements contained in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the company's current assumptions regarding future business and financial performance. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including, but not limited to, the following: a downturn in economic environment and client spending budgets; a failure of the company's innovation initiatives; damage to the company's reputation; risks from investing in growth opportunities; failure of the company's intellectual property portfolio to prevent competitive offerings and the failure of the company to obtain necessary licenses; the company's ability to successfully manage acquisitions, alliances and divestitures, including integration challenges, failure to achieve objectives, the assumption or retention of liabilities and higher debt levels; fluctuations in financial results; impact of local legal, economic, political, health and other conditions; the company's failure to meet growth and productivity objectives; ineffective internal controls; the company's use of accounting estimates; impairment of the company's goodwill or amortizable intangible assets; the company's ability to attract and retain key employees and its reliance on critical skills; impacts of relationships with critical suppliers; product and service quality issues; the development and use of AI, including the company's increased AI solutions and use of AI technologies; impacts of business with government clients; reliance on third party distribution channels and ecosystems; cybersecurity and data protection considerations; adverse effects related to climate change and other environmental matters; tax matters; legal proceedings and investigatory risks; the company's pension plans; currency fluctuations and customer financing risks; impact of changes in market liquidity conditions and customer credit risk on receivables; risk factors related to IBM securities; and other risks, uncertainties and factors discussed in the company's Form 10-Qs, Form 10-K and in the company's other filings with the U.S. Securities and Exchange Commission or in materials incorporated therein by reference.

Any forward-looking statement in this release speaks only as of the date on which it is made. Except as required by law, the company assumes no obligation to update or revise any forward-looking statements.

Presentation of Information in this Press Release

In an effort to provide investors with additional information regarding the company's results as determined by generally accepted accounting principles (GAAP), the company has also disclosed in this press release the following non-GAAP information, which management believes provides useful information to investors:

adjusting for currency (i.e., at constant currency); presenting operating (non-GAAP) earnings per share amounts and related income statement items; free cash flow; net cash from operating activities excluding IBM Financing receivables; adjusted EBITDA; adjusted EBITDA margin. The rationale for management's use of these non-GAAP measures is included in Exhibit 99.2 in the Form 8-K that includes this press release and is being submitted today to the SEC.

Conference Call and Webcast

IBM's regular quarterly earnings conference call is scheduled to begin at 5:00 p.m. ET, today. The Webcast may be accessed via a link at https://www.ibm.com/investor/events/earnings-2q26. Presentation charts will be available shortly before the Webcast.

Financial Results Below (certain amounts may not add due to use of rounded numbers; percentages presented are calculated from the underlying whole-dollar amounts).

INTERNATIONAL BUSINESS MACHINES CORPORATION

COMPARATIVE FINANCIAL RESULTS

(Unaudited; $ in millions except per share amounts)

    Three Months Ended
June 30,

    Six Months Ended
June 30,

    2026

    2025

    2026

    2025

  REVENUE BY SEGMENT

                      Software

$        7,761

    $        7,387

    $       14,813

    $       13,722

  Consulting

5,327

    5,314

    10,599

    10,382

  Infrastructure

3,835

    4,142

    7,161

    7,027

  Financing

186

    166

    406

    357

  Other

52

    (31)

    100

    30

  TOTAL REVENUE

17,162

    16,977

    33,079

    31,519

                          GROSS PROFIT

9,907

    9,977

    18,857

    18,008

                          GROSS PROFIT MARGIN

                      Software

82.6

%

  83.9

%

  82.7

%

  83.7

%

Consulting

28.9

%

  27.5

%

  28.2

%

  27.4

%

Infrastructure

58.4

%

  61.5

%

  57.7

%

  57.9

%

Financing

42.5

%

  45.7

%

  43.0

%

  45.8

%

                        TOTAL GROSS PROFIT MARGIN

57.7

%

  58.8

%

  57.0

%

  57.1

%

                        EXPENSE AND OTHER INCOME

                      SG&A

4,981

    5,027

    10,071

    9,913

  R&D

2,311

    2,097

    4,485

    4,047

  Intellectual property and custom development income

(166)

    (215)

    (338)

    (468)

  Other (income) and expense

(185)

    (39)

    (186)

    (204)

  Interest expense

486

    510

    959

    965

  TOTAL EXPENSE AND OTHER INCOME

7,428

    7,380

    14,991

    14,253

                          INCOME FROM CONTINUING OPERATIONS

BEFORE INCOME TAXES

2,479

    2,597

    3,866

    3,755

  Pre-tax income margin

14.4

%

  15.3

%

  11.7

%

  11.9

%

Provision for/(benefit from) income taxes

313

    404

    484

    507

  Effective tax rate

12.6

%

  15.5

%

  12.5

%

  13.5

%

                        INCOME FROM CONTINUING OPERATIONS

$        2,166

    $        2,193

    $         3,382

    $         3,248

                          DISCONTINUED OPERATIONS

                      Income/(loss)  from discontinued operations, net of

taxes

(1)

    1

    (1)

    1

                          NET INCOME

$        2,165

    $        2,194

    $         3,381

    $         3,249

                          EARNINGS PER SHARE OF COMMON STOCK

                      Assuming dilution

                      Continuing operations

$          2.27

    $          2.31

    $           3.55

    $           3.43

  Discontinued operations

$          0.00

    $          0.00

    $           0.00

    $           0.00

  TOTAL

$          2.27

    $          2.31

    $           3.55

    $           3.43

                          Basic

                      Continuing operations

$          2.30

    $          2.36

    $           3.60

    $           3.49

  Discontinued operations

$          0.00

    $          0.00

    $           0.00

    $           0.00

  TOTAL

$          2.30

    $          2.36

    $           3.60

    $           3.50

                          WEIGHTED-AVERAGE NUMBER OF COMMON

SHARES OUTSTANDING (M's)

                      Assuming dilution

953.3

    948.0

    952.7

    946.7

  Basic

941.2

    930.8

    939.9

    929.4

  INTERNATIONAL BUSINESS MACHINES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET

(Unaudited)

  ($ in millions)

  At June 30,
2026

  At December 31,
2025

ASSETS:

        Current assets:

        Cash and cash equivalents

  $             7,172

  $              13,587

Restricted cash

  45

  54

Marketable securities

  960

  830

Notes and accounts receivable - trade, net

  6,044

  8,112

Short-term financing receivables

          Held for investment, net

  5,782

  7,344

  Held for sale

  874

  1,131

Other accounts receivable, net

  1,348

  1,052

Inventories

  1,746

  1,220

Deferred costs

  1,238

  1,084

Prepaid expenses and other current assets

  3,188

  2,530

Total current assets

  28,398

  36,944

          Property, plant and equipment, net

  5,736

  5,899

Operating right-of-use assets, net

  3,068

  3,129

Long-term financing receivables, net

  7,126

  7,708

Prepaid pension assets

  7,645

  7,544

Deferred costs

  835

  825

Deferred taxes

  8,709

  8,610

Goodwill

  74,599

  67,717

Intangibles, net

  13,955

  11,391

Investments and sundry assets

  2,028

  2,112

Total assets

  $          152,099

  $            151,880

          LIABILITIES:

        Current Liabilities:

        Taxes

  $              2,023

  $                2,347

Short-term debt

  5,775

  6,424

Accounts payable

  4,395

  4,756

Compensation and benefits

  3,364

  4,114

Deferred income

  16,160

  16,101

Operating lease liabilities

  770

  800

Other liabilities

  3,425

  4,116

Total current liabilities

  35,912

  38,658

          Long-term debt

  56,212

  54,836

Retirement-related obligations

  8,603

  9,018

Deferred income

  4,272

  4,271

Operating lease liabilities

  2,515

  2,547

Other liabilities

  10,044

  9,810

Total liabilities

  117,558

  119,139

          EQUITY:

        IBM stockholders' equity:

        Common stock

  64,600

  63,318

Retained earnings

  155,937

  155,648

Treasury stock - at cost

  (170,934)

  (170,605)

Accumulated other comprehensive income/(loss)

  (15,151)

  (15,713)

Total IBM stockholders' equity

  34,452

  32,648

          Noncontrolling interests

  89

  93

Total equity

  34,541

  32,740

          Total liabilities and equity

  $          152,099

  $            151,880

INTERNATIONAL BUSINESS MACHINES CORPORATION

STATEMENT OF CASH FLOWS

(Unaudited)

      Three Months Ended
June 30,

  Six Months Ended
June 30,

($ in millions)

  2026

  2025 (1)

  2026

  2025 (1)

Cash flows from operating activities:

                Net income

  $     2,165

  $     2,194

  $     3,381

  $     3,249

Adjustments to reconcile net income to cash provided by operating

activities:

                Depreciation (2)

  533

  578

  1,088

  1,114

Amortization of capitalized software and acquired intangible assets

  817

  687

  1,535

  1,328

Stock-based compensation

  498

  441

  1,004

  842

Net (gain)/loss on divestitures, asset sales and other

  (67)

  (18)

  (78)

  (40)

Changes in operating assets and liabilities, net of

acquisitions/divestitures

  (1,349)

  (2,180)

  836

  (421)

Net cash provided by operating activities

  2,597

  1,701

  7,766

  6,071

                  Cash flows from investing activities:

                Payments for property, plant and equipment

  (229)

  (209)

  (461)

  (454)

Proceeds from disposition of property, plant and equipment/other

  23

  37

  31

  111

Investment in software

  (154)

  (164)

  (313)

  (314)

Purchases of marketable securities and other investments

  (1,259)

  (1,255)

  (2,871)

  (7,740)

Proceeds from disposition of marketable securities and other

investments

  1,152

  4,036

  3,123

  4,962

Acquisition of businesses, net of cash acquired

  (15)

  (747)

  (10,480)

  (7,845)

Divestiture of businesses, net of cash transferred

  -

  -

  1

  (1)

Net cash provided by/(used in) investing activities

  (481)

  1,698

  (10,970)

  (11,281)

                  Cash flows from financing activities:

                Proceeds from new debt

  0

  7

  7,437

  8,385

Payments to settle debt

  (4,213)

  (1,308)

  (7,141)

  (2,565)

Short-term borrowings/(repayments) less than 90 days - net

  1

  0

  0

  (29)

Common stock repurchases for tax withholdings

  (116)

  (153)

  (465)

  (437)

Proceeds from issuance of shares

  240

  186

  418

  401

Financing - other

  (49)

  (22)

  (91)

  (54)

Cash dividends paid

  (1,590)

  (1,563)

  (3,166)

  (3,112)

Net cash provided by/(used in) financing activities

  (5,728)

  (2,855)

  (3,008)

  2,589

                  Effect of exchange rate changes on cash, cash equivalents and restricted

cash

  (35)

  320

  (211)

  487

Net change in cash, cash equivalents and restricted cash

  (3,646)

  865

  (6,423)

  (2,134)

                  Cash, cash equivalents and restricted cash at the beginning of the period

  10,864

  11,161

  13,640

  14,160

Cash, cash equivalents and restricted cash at the end of the period

  $     7,217

  $   12,026

  $     7,217

  $   12,026

_____________________

(1) Reclassified to align with the Consolidated Statement of Cash Flows presentation.

(2) Includes operating lease right-of-use assets amortization.

INTERNATIONAL BUSINESS MACHINES CORPORATION

GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION

(Unaudited)

      Three Months Ended

June 30,

  Six Months Ended

June 30,

($ in billions)

  2026

2025

Yr/Yr

  2026

2025

Yr/Yr

Net income as reported (GAAP)

  $   2.2

$   2.2

$  0.0

  $   3.4

$   3.2

$  0.1

Less: income from discontinued operations, net of tax

  0.0

0.0

0.0

  0.0

0.0

0.0

Income from continuing operations

  2.2

2.2

0.0

  3.4

3.2

0.1

Provision for/(benefit from) income taxes from continuing ops.

  0.3

0.4

(0.1)

  0.5

0.5

0.0

Pre-tax income from continuing operations (GAAP)

  2.5

2.6

(0.1)

  3.9

3.8

0.1

Non-operating adjustments (before tax)

                Acquisition-related charges (1)

  0.7

0.6

0.1

  1.4

1.1

0.2

Non-operating retirement-related costs/(income)

  0.1

0.0

0.1

  0.2

0.0

0.1

                  Operating (non-GAAP) pre-tax income from continuing ops.

  3.3

3.2

0.1

  5.4

4.9

0.5

                  Net interest expense

  0.4

0.3

0.1

  0.7

0.6

0.1

Depreciation/amortization of non-acquired intangible assets

  0.7

0.7

0.0

  1.4

1.4

0.0

Stock-based compensation

  0.5

0.4

0.1

  1.0

0.8

0.2

Workforce rebalancing charges

  0.0

0.0

0.0

  0.4

0.3

0.0

Corporate (gains) and charges (2)

  (0.1)

0.0

(0.1)

  (0.1)

0.0

(0.1)

                  Adjusted EBITDA

  $   4.8

$   4.7

$  0.1

  $   8.8

$   8.1

$  0.7

                  Revenue

  $ 17.2

$ 17.0

1 %

  $ 33.1

$ 31.5

5 %

GAAP net income margin

  12.6 %

12.9 %

(0.3)pts

  10.2 %

10.3 %

(0.1)pts

Adjusted EBITDA margin

  27.8 %

27.6 %

0.2pts

  26.5 %

25.7 %

0.8pts

___________________

(1) Primarily consists of amortization of acquired intangible assets.

(2) Primarily consists of unique corporate actions such as gains on divestitures and asset sales.

INTERNATIONAL BUSINESS MACHINES CORPORATION

SEGMENT DATA

(Unaudited)

      Three Months Ended June 30, 2026

                            ($ in millions)

  Software

    Consulting

    Infrastructure

    Financing

  Revenue

  $          7,761

    $          5,327

    $           3,835

    $           186

  Segment profit

  $          2,502

    $             647

    $              835

    $           108

  Segment profit margin

  32.2

%

  12.1

%

  21.8

%

  58.0

%

Change YTY revenue

  5.1

%

  0.2

%

  (7.4)

%

  12.2

%

Change YTY revenue - constant currency

  4.6

%

  1.1

%

  (7.4)

%

  11.3

%

      Three Months Ended June 30, 2025

                            ($ in millions)

   Software

    Consulting

    Infrastructure

    Financing

  Revenue

  $          7,387

    $          5,314

    $           4,142

    $           166

  Segment profit

  $          2,296

    $             562

    $              965

    $           179

  Segment profit margin

  31.1

%

  10.6

%

  23.3

%

  107.9

%

      Six Months Ended June 30, 2026

                            (Dollars in Millions)

  Software

    Consulting

    Infrastructure

    Financing

  Revenue

  $        14,813

    $        10,599

    $           7,161

    $           406

  Segment Profit

  $          4,601

    $          1,205

    $           1,360

    $           226

  Segment Profit Margin

  31.1

%

  11.4

%

  19.0

%

  55.8

%

Change YTY Revenue

  7.9

%

  2.1

%

  1.9

%

  13.6

%

Change YTY Revenue - Constant Currency

  6.1

%

  1.0

%

  0.5

%

  10.7

%

      Six Months Ended June 30, 2025

                            (Dollars in Millions)

   Software

    Consulting

    Infrastructure

    Financing

  Revenue

  $        13,722

    $        10,382

    $           7,027

    $           357

  Segment Profit

  $          4,143

    $          1,121

    $           1,213

    $           248

  Segment Profit Margin

  30.2

%

  10.8

%

  17.3

%

  69.3

%

INTERNATIONAL BUSINESS MACHINES CORPORATION

U.S. GAAP TO OPERATING (Non-GAAP) RESULTS RECONCILIATION

(Unaudited; $ in millions except per share amounts)

    Three Months Ended June 30, 2026

    Continuing Operations

    GAAP

    Acquisition-

Related

Adjustments (1)

    Retirement-

Related

Adjustments (2)

    Tax

Reform

Impacts

    Operating

(Non-

GAAP)

  Gross profit

$  9,907

    $                    287

    $                    —

    $         —

    $       10,194

  Gross profit margin

57.7

%

  1.7

pts

  —

pts

  —

pts

  59.4

%

SG&A

$  4,981

    $                   (421)

    $                    —

    $         —

    $         4,560

  Other (income) & expense

(185)

    1

    (96)

    —

    (280)

  Total expense & other (income)

7,428

    (429)

    (96)

    —

    6,903

  Pre-tax income from continuing operations

2,479

    716

    96

    —

    3,290

  Pre-tax income margin from continuing

operations

14.4

%

  4.2

pts

  0.6

pts

  —

pts

  19.2

%

Provision for/(benefit from) income taxes (3)

$     313

    $                    167

    $                   20

    $          (2)

    $            498

  Effective tax rate

12.6

%

  2.3

pts

  0.2

pts

  (0.1)

pts

  15.1

%

Income from continuing operations

$  2,166

    $                    548

    $                   76

    $           2

    $         2,792

  Income margin from continuing operations

12.6

%

  3.2

pts

  0.4

pts

  0.0

pts

  16.3

%

Diluted earnings per share: continuing

operations

$    2.27

    $                   0.58

    $                0.08

    $      0.00

    $           2.93

      Three Months Ended June 30, 2025

    Continuing Operations

    GAAP

    Acquisition-

Related

Adjustments (1)

    Retirement-

Related

Adjustments (2)

    Tax

Reform

Impacts

    Operating

(Non-

GAAP)

  Gross profit

$  9,977

    $                    225

    $                    —

    $         —

    $       10,202

  Gross profit margin

58.8

%

  1.3

pts

  —

pts

  —

pts

  60.1

%

SG&A

$  5,027

    $                   (348)

    $                    —

    $         —

    $         4,679

  Other (income) & expense

(39)

    (1)

    (25)

    —

    (65)

  Total expense & other (income)

7,380

    (350)

    (25)

    —

    7,005

  Pre-tax income from continuing operations

2,597

    575

    25

    —

    3,197

  Pre-tax income margin from continuing

operations

15.3

%

  3.4

pts

  0.1

pts

  —

pts

  18.8

%

Provision for/(benefit from) income taxes (3)

$     404

    $                    132

    $                     9

    $         —

    $            545

  Effective tax rate

15.5

%

  1.3

pts

  0.2

pts

  —

pts

  17.0

%

Income from continuing operations

$  2,193

    $                    443

    $                   17

    $         —

    $         2,652

  Income margin from continuing operations

12.9

%

  2.6

pts

  0.1

pts

  —

pts

  15.6

%

Diluted earnings per share: continuing

operations

$    2.31

    $                   0.47

    $                0.02

    $         —

    $           2.80

  ____________________

(1) Includes amortization of acquired intangible assets and acquisition-related charges such as in-process research and development, transaction

      costs, applicable retention, restructuring and related expenses, tax charges related to acquisition integration, and pre-closing charges, such as

      financing costs.

(2) Includes amortization of prior service costs, interest cost, expected return on plan assets, amortized actuarial gains/losses, the impacts of any plan

      curtailments/settlements and pension insolvency costs and other costs.

(3) The tax impact on operating (non-GAAP) pre-tax income from continuing operations is calculated under the same accounting principles applied to

      the GAAP pre-tax income.

INTERNATIONAL BUSINESS MACHINES CORPORATION

U.S. GAAP TO OPERATING (Non-GAAP) RESULTS RECONCILIATION

(Unaudited; $ in millions except per share amounts)

        Six Months Ended June 30, 2026

    Continuing Operations

    GAAP

    Acquisition-

Related

Adjustments (1)

    Retirement-

Related

Adjustments (2)

  Tax

Reform

Impacts

    Operating

(Non-

GAAP)

  Gross Profit

$ 18,857

    $                  524

    $                    —

    $         —

    $   19,380

  Gross Profit Margin

57.0

%

  1.6

pts

  —

pts

  —

pts

  58.6

%

SG&A

$ 10,071

    $                (829)

    $                    —

    $         —

    $     9,242

  Other (Income) & Expense

(186)

    1

    (192)

    —

    (378)

  Total Expense & Other (Income)

14,991

    (838)

    (192)

    —

    13,961

  Pre-tax Income from Continuing Operations

3,866

    1,361

    192

    —

    5,419

  Pre-tax Income Margin from Continuing

Operations

11.7

%

  4.1

pts

  0.6

pts

  —

pts

  16.4

%

Provision for/(Benefit from) Income Taxes (3)

$      484

    $                 305

    $                   23

    $         (6)

    $        806

  Effective Tax Rate

12.5

%

  2.5

pts

  0.0

pts

  (0.1)

pts

  14.9

%

Income from Continuing Operations

$   3,382

    $              1,056

    $                 169

    $           6

    $     4,613

  Income Margin from Continuing Operations

10.2

%

  3.2

pts

  0.5

pts

  0.0

pts

  13.9

%

Diluted Earnings Per Share: Continuing

Operations

$     3.55

    $                1.11

    $                0.18

    $     0.01

    $       4.84

      Six Months Ended June 30, 2025

    Continuing Operations

    GAAP

    Acquisition-

Related

Adjustments (1)

    Retirement-

Related

Adjustments (2)

    Tax

Reform

Impacts

    Operating

(Non-

GAAP)

  Gross Profit

$ 18,008

    $                  426

    $                    —

    $         —

    $   18,434

  Gross Profit Margin

57.1

%

  1.4

pts

  —

pts

  —

pts

  58.5

%

SG&A

$   9,913

    $                (701)

    $                    —

    $         —

    $     9,212

  Other (Income) & Expense

(204)

    (1)

    (48)

    —

    (253)

  Total Expense & Other (Income)

14,253

    (706)

    (48)

    —

    13,499

  Pre-tax Income from Continuing Operations

3,755

    1,132

    48

    —

    4,935

  Pre-tax Income Margin from Continuing

Operations

11.9

%

  3.6

pts

  0.2

pts

  —

pts

  15.7

%

Provision for/(Benefit from) Income Taxes (3)

$      507

    $                 260

    $                    (3)

    $           2

    $        766

  Effective Tax Rate

13.5

%

  2.2

pts

  (0.2)

pts

  0.0

pts

  15.5

%

Income from Continuing Operations

$   3,248

    $                 872

    $                   51

    $         (2)

    $     4,169

  Income Margin from Continuing Operations

10.3

%

  2.8

pts

  0.2

pts

  0.0

pts

  13.2

%

Diluted Earnings Per Share: Continuing

Operations

$     3.43

    $                0.92

    $                0.05

    $     0.00

    $       4.40

  ____________________

(1) Includes amortization of acquired intangible assets, and acquisition-related charges such as in-process research and development, transaction

      costs, applicable retention, restructuring and related expenses, tax charges related to acquisition integration, and pre-closing charges, such as

      financing costs.

(2) Includes amortization of prior service costs, interest cost, expected return on plan assets, amortized actuarial gains/losses, the impacts of any plan

      curtailments/settlements and pension insolvency costs and other costs.

(3) The tax impact on operating (non-GAAP) pre-tax income from continuing operations is calculated under the same accounting principles applied to

      the GAAP pre-tax income.

INTERNATIONAL BUSINESS MACHINES CORPORATION

GAAP OPERATING CASH FLOW TO FREE CASH FLOW RECONCILIATION

(Unaudited)

      Three Months Ended
June 30,

  Six Months Ended
June 30,

($ in millions)

  2026

  2025

  2026

  2025

Net cash provided by operating activities per GAAP

  $     2,597

  $     1,701

  $     7,766

  $     6,071

                  Less: change in IBM Financing receivables

  (302)

  (1,480)

  2,264

  606

                  Net cash from operating activities excl. IBM Financing receivables

  2,899

  3,182

  5,503

  5,465

                  Capital expenditures, net

  (359)

  (336)

  (743)

  (657)

                  Free cash flow

  $     2,540

  $     2,845

  $     4,760

  $     4,808

INTERNATIONAL BUSINESS MACHINES CORPORATION

GAAP OPERATING CASH FLOW TO ADJUSTED EBITDA RECONCILIATION

(Unaudited)

      Three Months Ended
June 30,

  Six Months Ended
June 30,

($ in billions)

  2026

  2025

  2026

  2025

Net cash provided by operating activities

  $   2.6

  $   1.7

  $   7.8

  $   6.1

                  Add:

                Net interest expense

  0.4

  0.3

  0.7

  0.6

Provision for/(benefit from) income taxes from continuing operations

  0.3

  0.4

  0.5

  0.5

                  Less change in:

                Financing receivables

  (0.3)

  (1.5)

  2.3

  0.6

Net (gain)/loss on divestitures, assets sales and other (1)

  (0.1)

  0.0

  (0.1)

  0.0

Other assets and liabilities/other, net (1,2)

  (1.1)

  (0.7)

  (2.0)

  (1.5)

                  Adjusted EBITDA

  $   4.8

  $   4.7

  $   8.8

  $   8.1

                  Revenue

  $ 17.2

  $ 17.0

  $ 33.1

  $ 31.5

Net cash provided by operating activities margin

  15.1 %

  10.0 %

  23.5 %

  19.3 %

Adjusted EBITDA margin

  27.8 %

  27.6 %

  26.5 %

  25.7 %

____________________

(1) Reclassified to align with the presentation of similar line items in the Statement of Cash Flows.

(2) Mainly consists of Changes in operating assets and liabilities, net of acquisitions/divestitures in the Statement of Cash Flows chart,

      workforce rebalancing charges, non-operating impacts, and corporate (gains) and charges, less the change in Financing receivables.

SOURCE IBM

Item 1 of 2 IBM logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration

[1/2]IBM logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

SummaryCompaniesIBM now expects 2026 revenue growth of 4% to 5%, down from prior expectation of more than 5% growthZ mainframe revenue slumped 42% in the ​second quarterSecond-quarter adjusted profit was $2.93 per share, below $2.97 estimateJuly 22 (Reuters) - IBM cut its annual revenue ‌growth forecast on Wednesday, days after shocking Wall Street with a warning that corporate spending was shifting toward AI-focused data-center gear at the expense of its software and mainframe computers.

The company (IBM.N), opens new tab also missed profit and revenue expectations for the second quarter ended June 30. ​Executives sought to reassure shareholders that customers prioritized spending on AI in the quarter but were not ​looking to move away from mainframes in the longer term.

The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here.

Shares of the Armonk, New York-based ⁠company were up over 2% in extended trading.

CEO Arvind Krishna said last week IBM had "faltered" in adapting and "numerous large ​deals" had slipped, sending the company's shares down 25%, its steepest one-day fall in more than a century.

The forecast spotlights ​how the scramble for AI hardware has stoked investor fears that companies rushing to secure scarce servers, chips and networking gear could be cutting back on spending on the wider software sector.

IBM now expects 2026 revenue growth between 4% and 5%, down from its ​previous expectations of more than 5% growth. The midpoint of the forecast is below analysts' average estimate of a ​4.8% rise to $70.77 billion in revenue, according to data compiled by LSEG.

However, some analysts have said the impact on the rest ‌of the ⁠software industry might be limited as Big Blue had attributed much of the weakness to its mainframe business, which processes millions of daily transactions across industries such as banking and airlines.

"For the broader software sector, this should be treated as a positive print, with IBM's software woes more likely to reflect specific IBM-related hardware issues, as management outlined ​in its investor letter last ​week," CFRA analyst Brooks ⁠Idlet said.

Revenue from IBM's Z mainframe slumped 42% in the second quarter, dragging infrastructure revenue down 7% to $3.84 billion.

"That mainframe stack of hardware and transaction processing software impacted IBM's ​growth by over five points in the quarter," IBM finance chief James Kavanaugh told ​Reuters. "We were only ⁠expecting about a point or two of an impact."

He said IBM sees "no evidence of clients moving off a mainframe," adding that it expects "significant outperformance in the program to continue through the second half."

Software revenue in the second quarter rose 5% ⁠to $7.76 billion ​but missed an average estimate of $7.88 billion.

The company's second-quarter revenue ticked ​up 1% to $17.16 billion, missing estimates of $17.58 billion. IBM reported a net profit of $2.17 billion, a dip from a year earlier, while adjusted profit ​of $2.93 per share missed an average estimate of $2.97.

Reporting by Anhata Rooprai in Bengaluru; Editing by Pooja Desai and Rod Nickel

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

HomeIndustriesSoftwareEarnings ResultsEarnings ResultsIBM’s official earnings report comes after a bruising profit warning last weekUpdated July 22, 2026, 4:42 p.m. ET

International Business Machines warned last week that its quarterly revenue had come up short as customers drained their budgets on artificial-intelligence hardware, leaving less room to invest in software. Now the company is cutting its outlook for the full year.

IBM IBM said Wednesday that it expects constant-currency revenue growth in the range of 4% to 5% for 2026, below a prior forecast that called for growth of over 5%.

July 22, 2026 16:05 ET  | Source: Beyond Meat, Inc.

EL SEGUNDO, Calif., July 22, 2026 (GLOBE NEWSWIRE) -- Beyond Meat, Inc. (NASDAQ: BYND), otherwise known as Beyond The Plant Protein Company™ (the “Company”), today announced it will report financial results for its second quarter ended June 27, 2026 on Wednesday, August 5, 2026 after market close.

The Company will host a conference call to discuss these results at 5:00 p.m. Eastern, 2:00 p.m. Pacific. Investors interested in participating in the live call can dial 412-902-4255.

There will be a simultaneous, live webcast available on the Investor Relations section of the Company’s website at www.beyondmeat.com. The webcast will also be archived.

About Beyond Meat

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

Contacts

Media:

Shira Zackai

[email protected]

Investors:

Raphael Gross

[email protected]

, /PRNewswire/ -- CPC (Colder Products Company), part of PSG, a Dover company (NYSE: DOV), and a leading manufacturer of connection technologies used in liquid cooling of electronics, today announced the launch of the Everis® DC Series, a family of full-flow connectors designed to support the increasing thermal demands of artificial intelligence (AI) and high-performance computing infrastructure.

As the thermal design power (TDP) of modern compute platforms continues to rise, system engineers are turning to innovative liquid cooling solutions to manage higher heat loads. Created specifically for AI applications, the Everis DC in-line connector's full-flow design contributes up to 90% less pressure drop compared to valved connectors of the same size, optimizing cooling efficiency in tight spaces.

"With a growing focus on power consumption, hyperscale customers want solutions that minimize the draw from pumps and coolant distribution units (CDUs)," said Patrick Gerst, General Manager of the CPC thermal business unit. "As a full-flow connector, the Everis DC facilitates more effective coolant flow, helping data center customers improve energy efficiency and reduce operating costs."

Unlike traditional valved connectors, Everis DC Series fittings can be integrated directly into cold plates or manifolds for enhanced space utilization. Their lower height profile also supports compact 1U tray form factors commonly used in high-density server environments.

The Everis DC product family includes both in-line and elbow configurations. Its swivel design adds flexibility compared with traditional hard-plumbed options. The connectors are manufactured from 304 stainless steel for broad material compatibility and produced in cleanroom environments to support high-purity liquid cooling applications.

"As a trusted technology partner to leading chip manufacturers and cooling integrators, we continue to advance our liquid cooling solutions to meet the complex and rapidly evolving needs of the market," continued Gerst. "Our goal is to help optimize cooling efficiency today and for next-generation compute platforms."

Everis DC connectors expand CPC's established portfolio of liquid cooling solutions, including the UQD and LQ connector families. These products reflect CPC's commitment to quality, supported by extensive component testing and global engineering and manufacturing expertise.

CPC will showcase the Everis DC connector series at the Open Compute Project (OCP) APAC Summit, a premier event for open data center infrastructure, on August 11-12 in Taipei, Taiwan.

For more information about CPC's liquid cooling portfolio, visit cpcworldwide.com/cool.

About CPC:

CPC (Colder Products Company) is a leading provider of quick disconnect couplings, fittings and connectors for thermal management (liquid cooling of electronics), life sciences, biopharma, industrial and chemical handling markets. During its nearly 50-year history, CPC has built a portfolio of more than 10,000 connector products. CPC is a business unit of Pump Solutions Group (PSG), an operating company within Dover Corporation.

About PSG:

PSG is the global pump, metering, connector, and dispensing-solution expert, enabling the safe and efficient transfer of critical and valuable fluids that require optimal performance and reliability in applications where it matters most. Additionally, PSG is a leading provider of flow meters designed to reduce waste and downtime while accurately measuring, monitoring and controlling the distribution of fluids. Headquartered in Downers Grove, Illinois, USA, PSG is comprised of several world-class brands, including Abaque®, All-Flo™, Almatec®, Blackmer®, CPC Biotech, Ebsray®, em-tec®, Griswold®, Hydro™, ipp, Malema™, Mouvex®, Neptune®, Quantex™, and Wilden®. PSG products are manufactured on three continents – North America, Europe and Asia – in state-of-the-art facilities that practice lean manufacturing and are ISO-certified. PSG is part of the Pumps & Process Solutions segment of Dover Corporation. For additional information on PSG, please visit psgdover.com. PSG: Where Innovation Flows.

About Dover:

Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at dovercorporation.com.

PSG Contact:
Christopher Walsh
(331) 277-8137
[email protected]

Dover Media Contact:
Adrian Sakowicz, VP, Communications
(630) 743-5039
[email protected]

Dover Investor Contact:
Jack Dickens, VP, Investor Relations
(630) 743-2566
[email protected]

SOURCE Dover

, /PRNewswire/ -- Globe Life Inc. (NYSE: GL) reported today that for the quarter ended June 30, 2026, net income was $3.65 per diluted common share, compared with $3.05 per diluted common share for the year-ago quarter. Net operating income was $3.61 per diluted common share, compared with $3.27 per diluted common share for the year-ago quarter. The Company also increased full-year 2026 earnings guidance to a range of $15.55 to $15.95, an increase of $0.10 at the midpoint.

HIGHLIGHTS:

Net income per share increased 20% and net operating income per share increased 10% over the year-ago quarter. Globe Life has produced double-digit growth in net operating income per share in eight of the last nine quarters.                 Net income as an ROE was 18.4% for the six months ended June 30, 2026. Book value per share was $78.18, an increase of 18% over the year-ago quarter. Net operating income as an ROE excluding accumulated other comprehensive income (AOCI) was 14.3% for the six months ended June 30, 2026. Book value per share excluding AOCI was $100.04, an increase of 11% over the year-ago quarter. Total premium revenue grew 7% over the year-ago quarter.  At the American Income Life Division, life premium increased 5% and life underwriting margin increased 4% over the year-ago quarter. At the Liberty National Division, life underwriting margin increased 10% and life net sales increased 6% over the year-ago quarter. Additionally, the average producing agent count increased 8% over the year-ago quarter. At the Family Heritage Division, health underwriting margin increased 10%, health premium increased 9%, and health net sales increased 4% over the year-ago quarter. Additionally, the average producing agent count increased 7% over the year-ago quarter.  At the Direct to Consumer Division, life underwriting margin increased 10% over the year-ago quarter.  At the United American Division, health premium increased 29% and health net sales increased 10% over the year-ago quarter.   1.1 million shares of Globe Life Inc. common stock were repurchased during the quarter at a total cost of $175 million. Note: As used in the earnings release, "Globe Life," the "Company," "we," "our," and "us" refer to Globe Life Inc., a Delaware corporation incorporated in 1979, its subsidiaries and affiliates.

GLOBE LIFE INC.
Earnings Release—Q2 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

   RESULTS OF OPERATIONS

Net operating income, a non-GAAP(1) financial measure, has been used consistently by Globe Life's management for many years 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 certain non-operating items such as realized investment gains and losses and certain significant and unusual items included in net income. 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.

The following table represents Globe Life's operating summary for the three months ended June 30, 2026 and 2025:

Operating Summary

Per Share

Three Months Ended

June 30,

Three Months Ended

June 30,

2026

2025

%

Chg.

2026

2025

%

Chg.

Insurance underwriting income(2)

$       4.69

$       4.28

10

$   370,289

$   354,176

5

Excess investment income(2)

0.49

0.42

17

38,315

34,828

10

Interest on debt

(0.46)

(0.42)

10

(36,050)

(34,885)

3

Parent company expense

(0.06)

(0.04)

(4,569)

(3,555)

Income tax expense

(0.89)

(0.82)

9

(70,202)

(68,062)

3

Stock compensation benefit (expense), net of tax

(0.17)

(0.14)

(13,098)

(11,407)

Net operating income

3.61

3.27

10

284,685

271,095

5

Reconciling items, net of tax:

Realized gain (loss)

0.07

(0.18)

5,639

(14,674)

Legal proceedings

(0.03)

(0.04)

(2,577)

(3,672)

Net income(3)

$       3.65

$       3.05

$   287,747

$   252,749

Weighted average diluted shares outstanding

78,909

82,793

(1)

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

(2)

Definitions included within this document.

(3)

A GAAP-basis condensed consolidated statement of operations is included in the appendix of this report.

Note: Tables in this earnings release may not sum due to rounding.

GLOBE LIFE INC.
Earnings Release—Q2 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

MANAGEMENT VS. GAAP MEASURES

Shareholders' equity, excluding AOCI, and book value per share, excluding AOCI, are non-GAAP measures that are utilized by management to view the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. Management views the business in this manner because it creates more meaningful and easily identifiable trends, as we exclude fluctuations resulting from changes in interest rates. Shareholders' equity and book value per share are the most directly comparable GAAP measures. 

Six Months Ended

June 30,

2026

2025

Net income

$     558,273

$     507,312

Net operating income

558,205

530,432

Net income as an ROE(1)

18.4 %

18.8 %

Net operating income as an ROE (excluding AOCI)(1)

14.3 %

14.4 %

June 30,

2026

2025

Shareholders' equity

$   6,155,815

$   5,419,030

Impact of adjustment to exclude AOCI

1,721,729

1,983,868

Shareholders' equity, excluding AOCI

$   7,877,544

$   7,402,898

Book value per share

$        78.18

$        66.07

Impact of adjustment to exclude AOCI

21.86

24.19

Book value per share, excluding AOCI

$      100.04

$        90.26

(1)

Calculated using average shareholders' equity for the measurement period.

GLOBE LIFE INC.
Earnings Release—Q2 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

INSURANCE OPERATIONS: 

Life insurance accounted for 78% of the Company's insurance underwriting margin for the quarter and 66% of total premium revenue. 

Health insurance accounted for 22% of the Company's insurance underwriting margin for the quarter and 34% of total premium revenue.

The following table summarizes Globe Life's premium revenue by product type for the three months ended June 30, 2026 and 2025:

Insurance Premium Revenue

Quarter Ended

June 30, 2026

June 30, 2025

%

Chg.

Life insurance

$       860,767

$       839,544

3

Health insurance

436,855

378,099

16

Total

$     1,297,622

$     1,217,643

7

INSURANCE UNDERWRITING INCOME

Insurance underwriting margin is management's measure of profitability of the Company's life and health segments' underwriting performance, and consists of premiums less policy obligations (excluding interest on policy liabilities), commissions and other acquisition expenses. Insurance underwriting income is the sum of the insurance underwriting margins of the life and health segments, plus annuity and other income, less administrative expenses. It excludes the investment segment, interest on debt, Parent Company expense, stock compensation expense and income taxes. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of underwriting results by distribution channel. Insurance underwriting income, a non-GAAP measure, is a component of net operating income, which is reconciled to net income in the Results of Operations section above.

The following table summarizes Globe Life's insurance underwriting income by segment for the three months ended June 30, 2026 and 2025:

Insurance Underwriting Income

Quarter Ended

June 30, 2026

% of

Premium

June 30, 2025

% of

Premium

%

Chg.

Insurance underwriting margins:

Life

$       359,350

42

$       340,074

41

6

Health

99,285

23

98,057

26

1

458,635

438,131

5

Annuity and other income

3,100

2,092

Administrative expenses

(91,446)

(86,047)

Insurance underwriting income

$       370,289

$       354,176

5

Per share

$             4.69

$             4.28

10

The ratio of administrative expenses to premium was 7.0%, compared with 7.1% for the year-ago quarter. 

GLOBE LIFE INC.
Earnings Release—Q2 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

LIFE INSURANCE RESULTS BY DISTRIBUTION CHANNEL 

Our distribution channels consist of the following exclusive divisions: American Income Life Division (American Income), Liberty National Division (Liberty National), Family Heritage Division (Family Heritage), Direct to Consumer Division (Direct to Consumer); and an independent agency, United American Division (United American).

Total premium, underwriting margins, first-year collected premium and net sales by all distribution channels are shown at https://investors.globelifeinsurance.com at "Financial Reports and Other Financial Information."

Life Underwriting Margin

Quarter Ended

June 30,

2026

2025

Amount

% of Premium

Amount

% of Premium

% Chg.

American Income

$    213,604

46

$    204,533

46

4

Direct to Consumer

75,876

31

68,959

28

10

Liberty National

36,652

36

33,446

34

10

Other

33,218

67

33,136

66

—

Total

$    359,350

42

$    340,074

41

6

Life Premium

Quarter Ended

June 30,

2026

2025

%

Chg.

American Income

$    466,334

$    445,511

5

Direct to Consumer

244,220

246,223

(1)

Liberty National

100,516

97,263

3

Other

49,697

50,547

(2)

Total

$    860,767

$    839,544

3

Life Net Sales(1)

Quarter Ended

June 30,

2026

2025

%

Chg.

American Income

$      94,733

$      96,227

(2)

Direct to Consumer

26,578

31,096

(15)

Liberty National

26,131

24,615

6

Other

2,165

2,947

Total

$    149,607

$    154,885

(3)

(1)

Net sales is calculated as annualized premium issued, net of cancellations in the first thirty days after issue, except in the case of Direct to Consumer, where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period (typically 1 month) has expired. Management considers net sales to be a better indicator of premium growth than annualized premium issued since annualized premium issued is before cancellations, as cancellations do not contribute to premium income.

GLOBE LIFE INC.
Earnings Release—Q2 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

HEALTH INSURANCE RESULTS BY DISTRIBUTION CHANNEL

Health Underwriting Margin

Quarter Ended

June 30,

2026

2025

Amount

% of Premium

Amount

% of Premium

% Chg.

United American

$      10,914

5

$      12,402

8

(12)

Family Heritage

45,087

36

40,927

35

10

Liberty National

23,145

49

24,372

51

(5)

American Income

18,221

59

19,325

62

(6)

Direct to Consumer

1,918

9

1,031

5

Total

$      99,285

23

$      98,057

26

1

Health Premium

Quarter Ended

June 30,

2026

2025

%

Chg.

United American

$    211,416

$    163,978

29

Family Heritage

126,273

115,856

9

Liberty National

47,403

47,631

—

American Income

30,805

31,422

(2)

Direct to Consumer

20,958

19,212

9

Total

$    436,855

$    378,099

16

Health Net Sales(1)

Quarter Ended

June 30,

2026

2025

%

Chg.

United American

$      27,894

$      25,454

10

Family Heritage

30,725

29,561

4

Liberty National

6,991

8,182

(15)

American Income

4,093

4,749

(14)

Direct to Consumer

696

786

(11)

Total

$      70,399

$      68,732

2

(1)

Net sales is calculated as annualized premium issued, net of cancellations in the first thirty days after issue, except in the case of Direct to Consumer, where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period (typically 1 month) has expired. Management considers net sales to be a better indicator of premium growth than annualized premium issued since annualized premium issued is before cancellations, as cancellations do not contribute to premium income.

GLOBE LIFE INC.
Earnings Release—Q2 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

PRODUCING EXCLUSIVE AGENT COUNT RESULTS BY DISTRIBUTION CHANNEL

Quarterly Average

Producing Agent Count(1)

Quarter Ended

Quarter Ended

June 30,

March 31,

2026

2025

% Chg.

2026

American Income

11,391

12,241

(7)

11,064

Liberty National

4,194

3,882

8

4,031

Family Heritage

1,608

1,498

7

1,561

(1)

The quarterly average producing agent count is based on the actual count at the beginning and end of each week during the period.

INVESTMENTS

Management uses excess investment income as the measure to evaluate the performance of the investment segment. It is defined as net investment income less the required interest attributable to policy liabilities. We also view excess investment income per diluted common share as an important and useful measure to evaluate performance of the investment segment, since it takes into consideration our stock repurchase program.

The following table summarizes Globe Life's investment income, excess investment income, and excess investment income per diluted common share.

Excess Investment Income

Quarter Ended

June 30,

2026

2025

%

Chg.

Net investment income

$    293,820

$    282,169

4

Required interest on policy liabilities(1)

(255,505)

(247,341)

3

Excess investment income

$      38,315

$      34,828

10

Per share

$          0.49

$          0.42

17

(1)

Interest on policy liabilities, at original discount rates, is a component of total policyholder benefits, a GAAP measure.

Net investment income increased 4% and average invested assets increased 2%. Required interest on policy liabilities increased 3% and average policy liabilities increased 4%.

GLOBE LIFE INC.
Earnings Release—Q2 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

The composition of the investment portfolio at book value at June 30, 2026 is as follows:

Investment Portfolio

As of

June 30, 2026

Amount

% of Total

Fixed maturities at fair value(1)

$   17,940,189

86

Mortgage loans

425,513

2

Policy loans

758,676

4

Other long-term investments(2)

1,466,858

7

Short-term investments

198,327

1

Total

$   20,789,563

(1)

As of June 30, 2026, fixed maturities at amortized cost were $19.3 billion, net of $3.3 million of allowance for credit losses.

(2)

Includes $1.10 billion of investments accounted for under the fair value option which have a cost of $1.08 billion as of June 30, 2026.

Fixed maturities at amortized cost, net of allowance for credit losses, by asset class as of June 30, 2026 are as follows:

Fixed Maturity Portfolio by Sector

As of

June 30, 2026

Investment
Grade

Below
Investment
Grade

Total
Amortized
Cost, net

Corporate bonds

$  14,797,965

$      470,927

$  15,268,892

Municipals

3,423,079

1,959

3,425,038

Government, agencies, and GSEs(1)

464,427

—

464,427

Other asset-backed securities

102,711

42,930

145,641

Total

$  18,788,182

$      515,816

$  19,303,998

(1)

Government-Sponsored Enterprises

Below are fixed maturities available for sale by amortized cost, allowance for credit losses, and fair value at June 30, 2026 and the corresponding amounts of net unrealized gains and losses recognized in accumulated other comprehensive income (loss).

As of

Amortized

Cost

Allowance for
Credit Losses

Net Unrealized
Gains (Losses)

Fair

 Value

June 30, 2026

$          19,307,295

$         (3,297)

$    (1,363,809)

$    17,940,189

At amortized cost, net of allowance for credit losses, and at fair value, 97% of fixed maturities were rated "investment grade." The fixed maturity portfolio earned an annual taxable equivalent effective yield of 5.30% during the second quarter of 2026, compared with 5.29% in the year-ago quarter.

Globe Life is not a party to any credit default swaps and does not participate in securities lending.

GLOBE LIFE INC.
Earnings Release—Q2 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)

Comparable information for acquisitions of fixed maturity and other investments is as follows:

Fixed Maturity Acquisitions

Quarter Ended

June 30,

2026

2025

Amount

$    399,143

$    263,252

Average annual effective yield

6.3 %

6.4 %

Average rating

A

A

Average life (in years) to:

Next call

32.0

31.2

Maturity

36.1

33.8

Other Investment Acquisitions

Quarter Ended

June 30,

2026

2025

Limited partnerships

$       63,728

$       36,985

Mortgage loans

25,179

31,215

Common stock

2,340

1,342

Company owned life insurance

—

—

Total

$       91,247

$       69,542

SHARE REPURCHASES:

During the quarter, the Company repurchased 1.1 million shares of Globe Life Inc. common stock at a total cost of $175 million and an average share price of $154.28.

LIQUIDITY/CAPITAL:

Globe Life's operations consist primarily of writing basic protection life and supplemental health insurance policies which generate strong and stable cash flows. These cash flows are not impacted by volatile equity markets. Liquidity at the Parent Company is sufficient to meet additional capital needs of the insurance companies.

NON-GAAP MEASURES:

In this news release, Globe Life 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 broader perspective. Globe Life's definitions of non-GAAP measures may differ from other companies' definitions. More detailed financial information, including various GAAP and non-GAAP measurements, is located at https://investors.globelifeinsurance.com on the Investors page under "Financial Reports and Other Financial Information."

CAUTION REGARDING FORWARD-LOOKING STATEMENTS:

This press release may contain forward-looking statements within the meaning of the federal securities laws. These prospective statements reflect management's current expectations, but are not guarantees of future performance. Whether or not actual results differ materially from forward-looking statements may depend on numerous foreseeable and unforeseeable events or developments, which may be national in scope, related to the insurance industry generally, or applicable to the Company specifically. Such events or developments could include, but are not necessarily limited to:

1) Economic and other conditions, including the impact of inflation, immigration, geopolitical events, escalating tariff and non-tariff trade measures imposed by the U.S. and other countries, and other governmental actions on the U.S. economy and/or U.S. consumer confidence, leading to unexpected changes in lapse rates and/or sales of our policies, as well as levels of mortality, morbidity, and utilization of health care services that differ from Globe Life's assumptions;

2) Regulatory developments, including changes in accounting standards or governmental regulations (particularly those impacting taxes and changes to the Federal Medicare program that would affect Medicare Supplement);

3) Market trends in the senior-aged health care industry that provide alternatives to traditional Medicare (such as Health Maintenance Organizations and other managed care or private plans) and that could affect the sales of traditional Medicare Supplement insurance;

4) Ratings changes with respect to our financial strength and credit ratings and potential adverse impacts to liquidity;

5) Interest rate changes that affect product sales, financing costs, and/or investment yields;

6) General economic, industry sector or individual debt issuers' financial conditions (including developments and volatility arising from geopolitical events, particularly in certain industries that may compromise part of our investment portfolio) that may affect the current market value of securities we own, or that may impair an issuer's ability to make principal and/or interest payments due on those securities;

7) Changes in the competitiveness of the Company's products and pricing;

8) Litigation results and regulatory actions;

9) Levels of administrative and operational efficiencies that differ from our assumptions (including any reduction in efficiencies resulting from increased costs arising from the impact of higher than anticipated inflation);

10) The ability to obtain timely and appropriate premium rate increases for health insurance policies from our regulators;

11) The ability of our subsidiaries to pay dividends to the Parent Company and to receive required regulatory approvals on such amounts;

12) The customer response to new products and marketing initiatives;

13) Reported amounts in the consolidated financial statements which are based on management estimates and judgments which may differ from the actual amounts ultimately realized;

14) Compromise by a malicious actor or other event that causes a loss of secure data from, or inaccessibility to, our computer and other information technology systems;

15) The Company's ability to attract and retain agents;

16) The severity, magnitude, and impact of natural or man-made catastrophic events, including but not limited to pandemics, tornadoes, hurricanes, earthquakes, war and terrorism, on our operations and personnel, commercial activity and demand for our products; and

17) Globe Life's ability to access the commercial paper and debt markets, particularly if such markets become unpredictable or unstable for a certain period.

Readers are also directed to consider other risks and uncertainties described in other documents on file with the Securities and Exchange Commission, including those described in the "Risk Factors" section of our most recent Annual Report on Form 10-K. Globe Life 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:

Globe Life will provide a live audio webcast of its second quarter 2026 earnings release conference call with financial analysts at 11:00 am (Eastern) tomorrow, July 23, 2026. Access to the live webcast and replay will be available at https://investors.globelifeinsurance.com on the Calls and Meetings page, at the Conference Calls on the Web icon. Immediately following this press release, supplemental financial reports will be available before the conference call on the Investors page menu of the Globe Life website at "Financial Reports."  

APPENDIX

GLOBE LIFE INC.
GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Revenue:

Life premium

$      860,767

$      839,544

$   1,713,972

$   1,669,407

Health premium

436,855

378,099

853,763

747,890

Total premium

1,297,622

1,217,643

2,567,735

2,417,297

Net investment income

293,820

282,169

583,644

562,783

Realized gains (losses)

7,138

(18,574)

5,660

(18,489)

Other income

1,150

49

2,310

118

Total revenue

1,599,730

1,481,287

3,159,349

2,961,709

Benefits and expenses:

Life policyholder benefits(1)

513,959

519,355

1,032,809

1,029,111

Health policyholder benefits(2)

277,012

229,924

540,746

463,853

Other policyholder benefits

7,280

6,719

14,280

13,799

Total policyholder benefits

798,251

755,998

1,587,835

1,506,763

Amortization of deferred acquisition costs

120,537

111,401

238,819

216,916

Commissions, premium taxes, and non-deferred acquisition costs

173,754

157,411

343,640

321,734

Other operating expense

116,251

108,293

229,986

217,039

Interest expense

36,050

34,885

70,050

69,877

Total benefits and expenses

1,244,843

1,167,988

2,470,330

2,332,329

Income before income taxes

354,887

313,299

689,019

629,380

Income tax benefit (expense)

(67,140)

(60,550)

(130,746)

(122,068)

Net income

$      287,747

$      252,749

$     558,273

$     507,312

Basic net income per common share

$            3.71

$          3.09

$          7.16

$          6.13

Diluted net income per common share

$            3.65

$          3.05

$          7.04

$          6.07

(1)

Net of total remeasurement gain of $23.5 million before tax for the three months ended June 30, 2026 and a total remeasurement gain of $16.7 million before tax for the same period in 2025. Net of total remeasurement  gain of $42.4 million for the six months ended June 30, 2026, and a total remeasurement gain of $25.3 million for the same period in 2025.

(2)

Net of total remeasurement gain of $1.3 million before tax for the three months ended June 30, 2026 and a total remeasurement gain of $3.9 million before tax for the same period in 2025. Net of a total remeasurement gain of $7.3 million for the six months ended June 30, 2026, and a total remeasurement gain of $4.3 million for the same period in 2025.

SOURCE Globe Life Inc.

Palantir Technologies Inc. PLTR shares fell on Wednesday as investors weighed fresh regulatory scrutiny surrounding the company's UK National Health Service (NHS) Federated Data Platform (FDP) contract alongside growing concerns over emerging competition ahead of its upcoming earnings report.

The decline comes as the UK's Office for Statistics Regulation (OSR) addressed concerns over how NHS England presented performance metrics related to the FDP, while investors also assessed reports of a new open-source intelligence tool that mirrors some of Palantir's core capabilities.

The UK's Office for Statistics Regulation (OSR) addressed public concerns on Wednesday regarding NHS England's communication of performance metrics for the Federated Data Platform.

On June 6, NHS England updated its methods page, adding: "We cannot therefore draw conclusions about cause and effect as other variables have not been controlled for."

According to the OSR, NHS England added the caveat following Freedom of Information requests regarding FDP data analysis. NHS England also committed to placing similar caveats on its main FDP website and said Imperial College would conduct an independent academic evaluation of the platform.

The regulatory developments add to broader scrutiny surrounding the NHS contract.

Jo Maugham, executive director of the Good Law Project, criticized the arrangement, stating: “Palantir is not — and frankly never has been — a company that can be trusted with this nationally important contract.”

Regional NHS organizations have also pursued alternative approaches.

In a Guardian letter published on July 20, Dr. Devan Moodley, CEO of Health Connect Global, said Greater Manchester's integrated care board chose not to adopt the platform, instead relying on capabilities developed with UK universities and companies.

Investor sentiment has also been pressured by reports of a new open-source "World Monitor" tool published on GitHub that is designed to replicate aspects of Palantir's global intelligence capabilities.

The development has raised concerns about potential competition in one of Palantir's core business areas ahead of the company's second-quarter earnings report, scheduled for Aug. 3.

Analysts expect Palantir to report earnings per share of 33 cents on quarterly revenue of $1.81 billion.

Options activity on the Cboe also reflects increased caution, with elevated implied volatility suggesting traders expect significant price movement around the earnings release.

Despite the recent weakness, Palantir continues to benefit from strong cash generation, healthy profit margins and long-term customer contracts, which provide financial flexibility to invest in software development and expand its sales operations.

At the same time, investors remain focused on risks including rising costs, capacity constraints and the company's reliance on US government contracts. Increased competition and slower growth could make it more challenging for Palantir to maintain the growth expectations reflected in its valuation.

Technical picture remains under pressureFrom a technical perspective, Palantir continues to trade below several key moving averages.

The stock is approximately 5.7% below its 50-day simple moving average of $132.14 and 19.5% below its 200-day moving average of $154.82, keeping both the intermediate and longer-term trend negative.

Its 20-day moving average of $126.62 remains below the 50-day average, while the Death Cross formed in February continues to weigh on the technical outlook.

Momentum indicators remain neutral, with the Relative Strength Index (RSI) at 43.62, suggesting the stock is trading in a consolidation phase rather than a strong directional trend.

Technical traders are watching resistance near $136.50 and support around $122.50 as Palantir approaches its quarterly earnings announcement.

Memory stocks have gone vertical. Micron Technology (NASDAQ:MU | MU Price Prediction) is up 239.2% year to date, and SanDisk (NASDAQ:SNDK) has climbed 576.9% over the same stretch, with the Kurv SK Hynix Enhanced Income ETF (CBOE:SKH) offering U.S. investors a wrapper on the Korean memory giant behind the rally. If you watched from the sidelines, the question is fair: did you miss it?

The setup has evolved, though opportunity remains. The easy money got made. The smart money is still figuring out where the next leg comes from. Here is the case, run through three lenses.

Valuation: Cheaper Than It Looks Micron closed Monday at $970.82 and trades at a trailing P/E of 21.94 and a forward P/E of just 6.26, reflecting fiscal Q4 2026 guidance of $31.00 in non-GAAP EPS, give or take a dollar, on $50.0 billion in revenue. Wall Street’s average price target sits at $1,491.95, with 40 buy or strong-buy ratings against 4 holds.

SanDisk is the pricier ticket. Shares at $1,589.40 trade at a trailing P/E of 54.3 and a forward P/E of 24.75, with an analyst target of $2,144.14. Neither multiple screams bubble given fiscal Q3 YoY revenue growth of 345.7% at Micron and 251% at SanDisk.

Forward Catalyst: The Deutsche Bank Shortfall The reason to still care is a supply problem that gets worse before it gets better. Deutsche Bank projects 2026 DRAM demand of 2,261k WSPM against capacity of 2,051k WSPM, roughly a 10% shortfall. By 2028, demand climbs to 3,563k WSPM while capacity reaches only 2,769k, a 29% gap. Deutsche sees the imbalance narrowing to 18% in 2029 and 11% in 2030, meaning shortage conditions persist for another four years.

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

That is the setup memory bulls are pricing. Micron’s HBM4 is in high-volume shipments for its lead AI accelerator customer, and CEO Sanjay Mehrotra pointed to “multi-year Strategic Customer Agreements” that lock in pricing durability. SanDisk has signed five NBM agreements with hyperscalers, driving datacenter revenue up 645% YoY. SK Hynix, accessible through the Kurv ETF at a 0.99% expense ratio, remains the HBM market leader.

Risk and Entry: The Pullback Is Already Here Retirement-focused readers should note the tape has already cooled. Micron is down 7.7% over the past month, and SanDisk has given back 16.4%, as of July 22. Reddit’s r/investing has a top-engagement post titled “Micron will peak and leave all you retail with heavy bags”, and the beta on Micron sits at 2.142. Concentration risk is real: Micron discloses HBM4 revenue concentration on a lead customer, and SanDisk depends on Kioxia for Flash Ventures manufacturing.

Still, the fundamentals justify current prices. Micron’s Q3 GAAP gross margin hit 84.6% versus 37.7% a year earlier, and free cash flow reached $18.30 billion. SanDisk retired its long-term debt and generated $2.99 billion in free cash flow in a single quarter.

The Verdict The runway remains open. The Deutsche Bank supply gap widens through 2028, forward earnings multiples of 5 at Micron and 22 at SanDisk sit well below the growth rates supporting them, and the recent pullback has cleared some froth. For retirement-focused portfolios, Micron offers the lower-multiple entry point, SanDisk carries higher-growth but pricier exposure, and SKH provides a wrapper on SK Hynix at a modest fee.

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

Contact [email protected] for any questions or corrections.

Taiwan Semiconductor's (TSM -0.64%) second quarter results were stellar. Revenue soared nearly 34% year over year, earnings per share jumped by 77%, and operating margin topped 60%. TSMC's 2nm process is ramping up, accounting for 3% of total wafer revenue so far, and advanced processes now generate more than three-quarters of total wafer revenue.

Booming demand for AI accelerators, CPUs, and other chips destined for AI data centers is maxing out TSMC's capacity, and the company is unable to keep pace. TSMC is ramping up capital spending, including a $100 billion commitment to its fabs in Arizona, but CEO C.C. Wei would only say during the earnings call that he expected "very strong" demand through 2030. It's unlikely that TSMC's supply will catch up with demand anytime soon.

Image source: Getty Images.

A golden opportunity for the competition TSMC dominates the foundry market, but the best demand environment the company has ever seen is opening a door for Intel (INTC -2.47%) and Samsung (SSNLF +0.00%). With TSMC unable to fully meet demand, chip designers are actively looking elsewhere.

Both Intel and Samsung are making progress chipping away at TMSC's lead. Intel and its Intel 14A process node are involved in Elon Musk's Terafab project, and the Wall Street Journal reported in May that Apple reached a preliminary deal to use Intel for manufacturing some chips. Just this week, Intel inked a deal with Fortinet to design, manufacture, and package a custom chip on the Intel 4 process. Momentum appears to be building, and Intel's push into custom chip design is helping the cause.

Samsung is also winning major customers, signing a major deal with Tesla last year to manufacture AI chips over multiple years. Other companies, including AMD and Alphabet, are reportedly considering Samsung for future products. Samsung could be churning out AMD's server CPUs and Alphabet's TPUs if it wins those deals.

Both Intel and Samsung have distinct advantages that TSMC can't match. For Intel, it's U.S. government support, via an equity stake and its status as the only U.S.-based advanced logic semiconductor manufacturer. For Samsung, it's a memory chip manufacturing business that is currently printing cash. Wei pointed to both in response to an analyst's question about the competition.

TSMC isn't going to lose its crown, but the AI boom that's delivering record profits is also giving a serious boost to the competition.

Today's Change

(

-0.64

%) $

-2.70

Current Price

$

421.91

Keep an eye on Intel Intel is scheduled to report its quarterly results on Thursday. The company is unlikely to announce specific foundry customer wins, but management has previously said that it expects to lock down multiple design wins this year as it ramps the Intel 18A process and continues work on the upcoming Intel 14A process.

Apple is one of TSMC's largest customers, and all signs point to the iPhone giant tapping Intel for at least some chip manufacturing. TSMC doesn't have the capacity to fully meet demand, so it's not losing business per se. However, Apple having a second supplier gives the company more leverage when TSMC floats price increases.

While TSMC is printing record profits, the company's era of complete and utter dominance may be slowly coming to an end.

Timothy Green has positions in Intel. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Apple, Fortinet, Intel, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.

Conference call at 3:30 p.m. Central time today on ti.com/ir 

, /PRNewswire/ -- Texas Instruments Incorporated (TI) (Nasdaq: TXN) today reported second quarter revenue of $5.46 billion, net income of $1.98 billion and earnings per share of $2.14. Earnings per share included a 5-cent benefit that was not in the company's original guidance.

Regarding the company's performance and returns to shareholders, Haviv Ilan, TI's chairman, president and CEO, made the following comments:

"Revenue increased 13% sequentially and 23% from the same quarter a year ago with broad growth led by industrial, data center and automotive. "Our cash flow from operations of $8.7 billion for the trailing 12 months again underscored the strength of our business model, the quality of our product portfolio and the benefit of 300mm production. Free cash flow for the same period was $6.5 billion. "Over the past 12 months we invested $3.9 billion in R&D and SG&A, invested $3.3 billion in capital expenditures and returned $5.8 billion to owners. "TI's third quarter outlook is for revenue in the range of $5.65 billion to $6.15 billion and earnings per share between $2.23 and $2.57." Free cash flow, a non-GAAP financial measure, is cash flow from operations less capital expenditures, plus proceeds from U.S. CHIPS and Science Act (CHIPS Act) incentives.

Earnings summary

(In millions, except per-share amounts)

Q2 2026

Q2 2025

Change

Revenue

$

5,463

$

4,448

23 %

Operating profit

$

2,310

$

1,563

48 %

Net income

$

1,980

$

1,295

53 %

Earnings per share

$

2.14

$

1.41

52 %

Cash generation

Trailing 12 Months

(In millions)

Q2 2026

Q2 2026

Q2 2025

Change

Cash flow from operations

$

2,703

$

8,667

$

6,439

35 %

Free cash flow

$

2,738

$

6,534

$

1,763

271 %

Free cash flow % of revenue

33.6 %

10.6 %

Cash return

Trailing 12 Months

(In millions)

Q2 2026

Q2 2026

Q2 2025

Change

Dividends paid

$

1,295

$

5,112

$

4,900

4 %

Stock repurchases

$

27

$

707

$

1,810

(61) %

Total cash returned

$

1,322

$

5,819

$

6,710

(13) %

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

For Three Months Ended

June 30,

(In millions, except per-share amounts)

2026

2025

Revenue

$

5,463

$

4,448

Cost of revenue (COR)

2,111

1,873

Gross profit

3,352

2,575

Research and development (R&D)

535

527

Selling, general and administrative (SG&A)

490

485

Acquisition charges

17

—

Operating profit

2,310

1,563

Other income (expense), net (OI&E)

69

48

Interest and debt expense

141

133

Income before income taxes

2,238

1,478

Provision for income taxes

258

183

Net income

$

1,980

$

1,295

Diluted earnings per common share

$

2.14

$

1.41

Average shares outstanding:

Basic

912

908

Diluted

920

912

Cash dividends declared per common share

$

1.42

$

1.36

Supplemental Information

(Quarterly, except as noted)

Provision for income taxes is based on the following:

Operating taxes (calculated using the estimated annual effective tax rate)

$

309

$

199

Discrete tax items

(51)

(16)

Provision for income taxes (effective taxes)

$

258

$

183

A portion of net income is allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents. Diluted
EPS is calculated using the following:

Net income

$

1,980

$

1,295

Income allocated to RSUs

(11)

(7)

Income allocated to common stock for diluted EPS

$

1,969

$

1,288

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

June 30,

(In millions, except par value)

2026

2025

Assets

Current assets:

Cash and cash equivalents

$

3,660

$

3,044

Short-term investments

3,341

2,315

Accounts receivable, net of allowances of ($22) and ($24)

2,520

1,934

Raw materials

467

402

Work in process

2,407

2,429

Finished goods

1,731

1,981

Inventories

4,605

4,812

Prepaid expenses and other current assets

1,631

2,379

Total current assets

15,757

14,484

Property, plant and equipment at cost

17,856

16,878

Accumulated depreciation

(5,945)

(4,557)

Property, plant and equipment

11,911

12,321

Goodwill

4,330

4,362

Deferred tax assets

1,017

1,096

Capitalized software licenses

314

248

Overfunded retirement plans

316

253

Other long-term assets

2,237

2,169

Total assets

$

35,882

$

34,933

Liabilities and stockholders' equity

Current liabilities:

Current portion of long-term debt

$

1,149

$

—

Accounts payable

680

881

Accrued compensation

536

595

Income taxes payable

70

53

Accrued expenses and other liabilities

809

963

Total current liabilities

3,244

2,492

Long-term debt

12,903

14,043

Underfunded retirement plans

123

122

Deferred tax liabilities

55

63

Other long-term liabilities

1,550

1,810

Total liabilities

17,875

18,530

Stockholders' equity:

Preferred stock, $25 par value. Shares authorized – 10; none issued

—

—

Common stock, $1 par value. Shares authorized – 2,400; shares issued – 1,741

1,741

1,741

Paid-in capital

5,129

4,245

Retained earnings

53,161

52,249

Treasury common stock at cost

Shares: June 30, 2026 – 828; June 30, 2025 – 832

(41,941)

(41,676)

Accumulated other comprehensive income (loss), net of taxes (AOCI)

(83)

(156)

Total stockholders' equity

18,007

16,403

Total liabilities and stockholders' equity

$

35,882

$

34,933

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Cash Flows

For Three Months Ended

June 30,

(In millions)

2026

2025

Cash flows from operating activities

Net income

$

1,980

$

1,295

Adjustments to net income:

Depreciation

547

460

Amortization of capitalized software

21

21

Stock compensation

127

129

Gains on sales of assets

(8)

—

Deferred taxes

(62)

(50)

Increase (decrease) from changes in:

Accounts receivable

(275)

(74)

Inventories

90

(125)

Prepaid expenses and other current assets

2

(9)

Accounts payable and accrued expenses

101

92

Accrued compensation

142

172

Income taxes payable

(14)

(71)

Changes in funded status of retirement plans

3

(18)

Other

49

38

Cash flows from operating activities

2,703

1,860

Cash flows from investing activities

Capital expenditures

(514)

(1,305)

Proceeds from CHIPS Act incentives

549

—

Proceeds from asset sales

32

—

Purchases of short-term investments

(2,407)

(1,192)

Proceeds from short-term investments

636

1,131

Other

2

31

Cash flows from investing activities

(1,702)

(1,335)

Cash flows from financing activities

Proceeds from issuance of long-term debt

—

1,199

Dividends paid

(1,295)

(1,235)

Stock repurchases

(27)

(302)

Proceeds from common stock transactions

445

115

Other

(13)

(21)

Cash flows from financing activities

(890)

(244)

Net change in cash and cash equivalents

111

281

Cash and cash equivalents at beginning of period

3,549

2,763

Cash and cash equivalents at end of period

$

3,660

$

3,044

Supplemental cash flow information

Investment tax credit (ITC) used to reduce income taxes payable

$

301

$

203

Proceeds from CHIPS Act incentives

549

—

Total cash benefit related to the CHIPS Act

$

850

$

203

Segment results

(In millions)

Q2 2026

Q2 2025

Change

Analog:

Revenue

$

4,365

$

3,452

26 %

Operating profit

$

1,992

$

1,325

50 %

Embedded Processing:

Revenue

$

788

$

679

16 %

Operating profit

$

168

$

85

98 %

Other:

Revenue

$

310

$

317

(2) %

Operating profit *

$

150

$

153

(2) %

* Includes Acquisition charges

Non-GAAP financial information

This release includes references to free cash flow and ratios based on that measure. These are financial measures that were not prepared in accordance with GAAP. Free cash flow is calculated as cash flows from operating activities (also referred to as cash flow from operations) less capital expenditures, plus proceeds from CHIPS Act incentives.

We believe that free cash flow and the associated ratios provide insight into our liquidity, our cash-generating capability and the amount of cash potentially available to return to shareholders, as well as insight into our financial performance. These non-GAAP measures are supplemental to the comparable GAAP measures.

Reconciliation to the most directly comparable GAAP measures is provided in the table below.

For Three
Months
Ended

June 30,

For 12

Months

Ended

June 30,

(In millions)

2026

2026

2025

Change

Cash flow from operations (GAAP) *

$

2,703

$

8,667

$

6,439

35 %

Capital expenditures

(514)

(3,312)

(4,936)

Proceeds from CHIPS Act incentives

549

1,179

260

Free cash flow (non-GAAP)

$

2,738

$

6,534

$

1,763

271 %

Revenue

$

19,453

$

16,675

Cash flow from operations as a percentage of revenue (GAAP)

44.6 %

38.6 %

Free cash flow as a percentage of revenue (non-GAAP)

33.6 %

10.6 %

* Includes cash benefits of $301 million, $433 million and $479 million from the CHIPS Act ITC used to reduce income taxes payable for the three
months ended June 30, 2026, and the twelve months ended June 30, 2026 and 2025, respectively.

This release also includes references to operating taxes, a non-GAAP term we use to describe taxes calculated using the estimated annual effective tax rate, a GAAP measure that by definition does not include discrete tax items. We believe the term operating taxes helps to differentiate from effective taxes, which include discrete tax items.

Notice regarding forward-looking statements

This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as TI or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe TI's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.

We urge you to carefully consider the following important factors that could cause actual results to differ materially from the expectations of TI or our management:

Economic, social and political conditions, and natural events in the countries in which we, our customers or our suppliers operate, including global trade policies; Our ability to compete in products and prices in an intensely competitive industry; Market demand for semiconductors, particularly in the industrial and automotive markets, and customer demand that differs from forecasts; Losses or curtailments of purchases from key customers or the timing and amount of customer inventory adjustments; Evolving cybersecurity and other threats relating to our information technology systems or those of our customers, suppliers and other third parties; Our ability to successfully implement and realize opportunities from strategic, business and organizational changes, or our ability to realize our expectations regarding the amount and timing of associated restructuring charges and cost savings; Our ability to develop, manufacture and market innovative products in a rapidly changing technological environment, our timely implementation of new manufacturing technologies and installation of manufacturing equipment, and our ability to realize expected returns on significant investments in manufacturing capacity; Availability and cost of key materials, utilities, manufacturing equipment, third-party manufacturing services and manufacturing technology; Our ability to retain, train and recruit skilled personnel and effectively manage key employee succession; Product liability, warranty or other claims relating to our products, software, manufacturing, delivery, services, design or communications, or recalls by our customers for a product containing one of our parts; Financial difficulties of our distributors or semiconductor distributors' promotion of competing product lines to our detriment; or disputes with current or former distributors; Our ability to maintain or improve profit margins, including our ability to utilize our manufacturing facilities at sufficient levels to cover our fixed operating costs, in an intensely competitive and cyclical industry and changing regulatory environment; Compliance with or changes in the complex laws, rules and regulations to which we are or may become subject, or actions of enforcement authorities, that restrict our ability to operate our business or subject us to fines, penalties or other legal liability; Changes in tax law and accounting standards that impact the tax rate applicable to us, the jurisdictions in which profits are determined to be earned and taxed, adverse resolution of tax audits, increases in tariff rates, and the ability to realize deferred tax assets; Our ability to maintain and enforce a strong intellectual property portfolio and maintain freedom of operation in all jurisdictions where we conduct business; or our exposure to infringement claims; Our ability to make principal and interest payments on our debt when due; Instability in the global credit and financial markets; and Impairments of our non-financial assets. For a more detailed discussion of these factors, see the Risk factors discussion in Item 1A of TI's most recent Form 10-K. The forward-looking statements included in this release are made only as of the date of this release, and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances. If we do update any forward-looking statement, you should not infer that we will make additional updates with respect to that statement or any other forward-looking statement.

About Texas Instruments

Texas Instruments Incorporated (Nasdaq: TXN) is a global semiconductor company that designs, manufactures and sells analog and embedded processing chips for markets such as industrial, automotive, data center, personal electronics and communications equipment. At our core, we have a passion to create a better world by making electronics more affordable through semiconductors. This passion is alive today as each generation of innovation builds upon the last to make our technology more reliable, more affordable and lower power, making it possible for semiconductors to go into electronics everywhere. Learn more at TI.com.

TXN-G

SOURCE Texas Instruments Incorporated

The semiconductor company posted a quarterly profit of $1.98 billion, up from $1.30 billion a year earlier.

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Fortune 500® national security technology leader is expanding its 10+ year relationship with ServiceNow – deploying the ServiceNow AI Platform to provide autonomous, AI-driven workflows designed to cut costs, improve employee experiences, and free employees for mission critical work.

SANTA CLARA, Calif. & RESTON, Va.--(BUSINESS WIRE)--ServiceNow (NYSE: NOW), the AI control tower for business reinvention, and Leidos (NYSE: LDOS), a Fortune 500 industry and technology leader serving government and commercial customers, today announced that Leidos is expanding its use of the ServiceNow AI Platform to power employee experiences and efficient operations with agentic AI. The collaboration is focused on deploying autonomous, AI-driven workflows designed to cut costs, improve employee experiences and satisfaction, scale IT self-service, and centralize AI agent governance with the ServiceNow AI Platform. The deployment runs across FedRAMP environments, supporting the use of AI within government-grade compliance guardrails.

Leidos delivers advanced technology solutions across defense, intelligence, civil, and health markets, supporting some of the most demanding national security programs in the world. With approximately 50,000 employees and $17B+ annual revenue, Leidos operates at a scale where efficient, secure employee services are key for program performance, compliance, and workforce onboarding.

The challenge: expanding the self-service IT experience

As a ServiceNow customer for over 10 years, Leidos was already driving efficiencies with ServiceNow IT, Creator, and Asset Management workflows. As it grew, however, it sought new opportunities to help address rising IT and HR tickets. Leidos turned to ServiceNow to give employees a seamless, AI-enabled self-service experience.

The solution: ServiceNow connects IT, HR, and shared services on a single AI platform

Leidos is expanding its relationship with ServiceNow and deploying the ServiceNow AI Platform across its enterprise – providing autonomous, AI-driven workflows designed to cut costs, improve employee experiences, and free employees for mission critical work.

Leidos is deploying Now Assist and embedding AI across all areas of the business, unifying its employee experience life cycle with ServiceNow EmployeeWorks and HR Service Delivery; the AI Control Tower will further the company’s automated governance and agent orchestration for secure enterprise management. The implementation is expected to significantly reduce manual work and tickets, and free up IT, HR, and shared services resources to help focus on mission-critical tasks. In addition, Leidos’ ServiceNow deployment runs across FedRAMP environments, allowing the company to securely manage data for sensitive digital workflows, IT services, and conversational AI.

Key projected outcomes include:

$3M+ projected annual savings: As a result of AI-driven IT help desk automation, Level 1 incident resolution time is expected to be reduced from days to minutes.Up to 60% autonomous IT ticket resolution: AI agents are targeted to fully resolve the majority of IT support requests without human intervention, with the potential to eliminate approximately 80,000 tickets annually.Automated employee services for increased efficiency: ServiceNow EmployeeWorks to provide a fast, seamless conversational AI front door for everyday employee requests, helping accelerate productivity for Leidos employees and reduce ticket requests for service teams.Visibility and control of AI agents: AI Control Tower governs and orchestrates across the portfolio of AI agents and workflows, designed to help ensure that models and actions remain compliant, auditable, and aligned with Leidos’ security posture.Comments on the news:

"When you're managing national security workflows, you can't move fast without visibility and governance," said Paul Fipps, president of global customer operations at ServiceNow. "By unifying HR, IT, and shared services on the ServiceNow AI Platform, with AI Control Tower governing the deployment, Leidos can identify workflows and scale AI-enabled operations without adding complexity."

“We’re advancing our use of the ServiceNow AI Platform to augment our AI capabilities to make it easier for employees to deliver mission-critical outcomes at speed and scale, with the security our work demands,” said Alexandra Guenther, chief information officer at Leidos. “ServiceNow AI is helping us automate routine requests so our service desk teams can focus on more complex issues, improving both the employee experience and operational efficiency. By connecting employees with the right information when they need it, we’re enabling our employees to stay focused on solving our customers’ toughest challenges and turning technology into advantage.”

About Leidos

Leidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with approximately 50,000 global employees, Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended Jan. 2, 2026. For more information, visit www.Leidos.com.

About ServiceNow

ServiceNow (NYSE: NOW) is the AI control tower for business reinvention. The ServiceNow AI Platform integrates with any cloud, any model, and any data source to orchestrate how work flows across the enterprise. By unifying legacy systems, departmental tools, cloud applications, and AI agents, ServiceNow provides a single pane of glass that connects intelligence to execution across every corner of business. With more than 100 billion workflows running on the platform each year, ServiceNow helps organizations turn fragmented operations into coordinated, autonomous workflows that deliver measurable results. Learn how ServiceNow puts AI to work for people at www.servicenow.com.

Leidos Forward-Looking Statements

Certain statements in this announcement constitute “forward-looking statements” within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These statements are based on management’s current beliefs and expectations and are subject to significant risks and uncertainties. These statements are not guarantees of future results or occurrences. A number of factors could cause our actual results, performance, achievements, or industry results to be different from the results, performance, or achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to, the “Risk Factors” set forth in Leidos’ Annual Report on Form 10-K for the fiscal year ended January 2, 2026, and other such filings that Leidos makes with the SEC from time to time. Readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Leidos does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.

ServiceNow Forward-Looking Statements

This press release contains “forward-looking statements” about the expectations, beliefs, plans, and intentions relating to ServiceNow’s expanded relationship with Leidos. Such statements include statements regarding future product capabilities and offerings and expected benefits to ServiceNow. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, ServiceNow’s results could differ materially from the results expressed or implied by the forward-looking statements made. ServiceNow undertakes no obligation, and does not intend to update the forward-looking statements. Factors that may cause actual results to differ materially from those in any forward-looking statements include: (i) delays and unexpected difficulties and expenses in executing the product capabilities and offerings, (ii) changes in the regulatory landscape related to AI and (iii) uncertainty as to whether sales will justify the investments in the product capabilities and offerings. Further information on factors that could affect ServiceNow’s financial and other results is included in the filings ServiceNow makes with the Securities and Exchange Commission from time to time.

More News From ServiceNow

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SANTA CLARA, Calif.--(BUSINESS WIRE)--ServiceNow (NYSE: NOW), the AI control tower for business reinvention, today announced financial results for its second quarter ended June 30, 2026, with subscription revenues of $3,877 million in Q2 2026, representing 24.5% year-over-year growth and 23% in constant currency. “ServiceNow's exceptional Q2 results solidify our position as the fastest-growing major enterprise software and cybersecurity company,” said ServiceNow Chairman and CEO Bill McDermott.

HomeIndustriesSoftwareEarnings ResultsEarnings Results‘The attack surface is exploding,’ CEO Bill McDermott tells MarketWatchJuly 22, 2026, 4:19 p.m. ET

Against a gloomy backdrop for software sentiment, ServiceNow just topped revenue expectations.

The company generated $3.877 billion in subscription revenue during the second quarter, up 24.5% from a year earlier and ahead of the $3.817 billion FactSet analyst consensus. ServiceNow said it had seen a “ninefold” increase in agentic deployments of its AI offerings over the course of nine months.

BETHESDA, Md., July 22, 2026 /PRNewswire/ -- The Lockheed Martin Corporation (NYSE: LMT) board of directors has authorized a third quarter 2026 dividend of $3.45 per share. The dividend is payable on September 25, 2026, to holders of record as of the close of business on September 1, 2026. Lockheed Martin continues to invest in programs that are driving our backlog, while maintaining our historical practice of disciplined and dynamic capital allocation.  

About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at Lockheedmartin.com. 

SOURCE Lockheed Martin