Track market-moving stories before they get noisy

Posted by Defense World Staff on Jul 30th, 2026

Amundi raised its holdings in shares of Hilton Worldwide Holdings Inc. (NYSE:HLT – Free Report) by 4.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,338,426 shares of the company’s stock after acquiring an additional 51,767 shares during the period. Amundi owned approximately 0.59% of Hilton Worldwide worth $406,989,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in HLT. Kemnay Advisory Services Inc. bought a new stake in shares of Hilton Worldwide during the 4th quarter worth about $26,000. Wilkerson Advisory Group LLC increased its position in shares of Hilton Worldwide by 163.2% during the 1st quarter. Wilkerson Advisory Group LLC now owns 100 shares of the company’s stock valued at $30,000 after purchasing an additional 62 shares during the period. ST Germain D J Co. Inc. bought a new stake in shares of Hilton Worldwide in the 4th quarter worth $33,000. Meeder Asset Management Inc. raised its stake in shares of Hilton Worldwide by 70.1% in the 1st quarter. Meeder Asset Management Inc. now owns 114 shares of the company’s stock worth $35,000 after buying an additional 47 shares in the last quarter. Finally, BOCHK Asset Management Ltd acquired a new stake in shares of Hilton Worldwide in the fourth quarter valued at $43,000. Institutional investors and hedge funds own 95.90% of the company’s stock.

Key Headlines Impacting Hilton Worldwide Here are the key news stories impacting Hilton Worldwide this week:

Positive Sentiment: Hilton raised its FY 2026 adjusted EPS outlook to $8.89–$9.01, up from $8.79–$8.91, as management anticipates continued rate growth and increased travel demand tied to the 2026 World Cup. Hilton Raises Full Year Outlook As World Cup Demand Enters View Positive Sentiment: Second-quarter adjusted EPS of $2.29 topped the $2.27 consensus estimate, while adjusted EBITDA reached $1.054 billion. Comparable system-wide RevPAR increased 3.9% on a currency-neutral basis, supported by higher franchise fees. Hilton Reports Second Quarter Results Positive Sentiment: Hilton continues to target approximately $3.5 billion in 2026 shareholder returns and expects full-year RevPAR growth of 3% to 3.5%, supporting the company’s capital-return and asset-light growth story. Hilton expects RevPAR growth and shareholder returns Neutral Sentiment: Barclays raised its price target to $368 and kept an “overweight” rating, while Robert W. Baird lifted its target to $360 with an “outperform” rating. Bernstein maintained a “hold” rating, indicating analysts remain constructive but valuation-sensitive. Negative Sentiment: Third-quarter adjusted EPS guidance of $2.28–$2.34 was below the $2.42 analyst consensus. The softer near-term outlook outweighed the full-year increase and prompted investor caution following the earnings release. Hilton sees World Cup boost but shares fall on soft guidance Hilton Worldwide Stock Down 0.1% HLT stock opened at $322.03 on Thursday. The firm has a 50 day moving average of $334.17 and a two-hundred day moving average of $318.89. Hilton Worldwide Holdings Inc. has a 12 month low of $253.54 and a 12 month high of $358.00. The company has a market capitalization of $73.31 billion, a price-to-earnings ratio of 47.29, a P/E/G ratio of 2.75 and a beta of 1.05.

Hilton Worldwide (NYSE:HLT – Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The company reported $2.29 earnings per share for the quarter, beating analysts’ consensus estimates of $2.27 by $0.02. Hilton Worldwide had a net margin of 12.69% and a negative return on equity of 36.71%. The business had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $3.32 billion. During the same quarter last year, the firm earned $2.20 EPS. Hilton Worldwide’s revenue for the quarter was up 6.5% on a year-over-year basis. Hilton Worldwide has set its Q3 2026 guidance at 2.280-2.340 EPS and its FY 2026 guidance at 8.890-9.010 EPS. On average, research analysts expect that Hilton Worldwide Holdings Inc. will post 8.96 EPS for the current fiscal year.

Hilton Worldwide Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Friday, August 21st will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.2%. The ex-dividend date is Friday, August 21st. Hilton Worldwide’s payout ratio is 9.16%.

Wall Street Analysts Forecast Growth Several research analysts recently weighed in on HLT shares. Macquarie Infrastructure raised their target price on Hilton Worldwide from $296.00 to $320.00 and gave the company a “neutral” rating in a research note on Wednesday, April 29th. Argus raised their target price on shares of Hilton Worldwide from $380.00 to $400.00 and gave the stock a “buy” rating in a report on Monday, June 15th. UBS Group lifted their price target on shares of Hilton Worldwide from $360.00 to $371.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. The Goldman Sachs Group raised their price objective on Hilton Worldwide from $354.00 to $360.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Finally, HSBC boosted their target price on Hilton Worldwide from $353.00 to $387.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Fourteen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $352.91.

Read Our Latest Analysis on Hilton Worldwide

Hilton Worldwide Company Profile (Free Report)

Hilton Worldwide Holdings Inc is a global hospitality company that develops, owns, manages and franchises a broad portfolio of hotels and resorts. Its business spans full-service luxury and lifestyle properties, select- and focused-service hotels, and extended-stay accommodations. The company generates revenue through management and franchise fees, owned and leased real estate, and guest services, and supports customer retention and direct bookings through its Hilton Honors guest loyalty program.

Hilton’s brand portfolio includes internationally recognized names across the lodging spectrum, from luxury and upper-upscale brands to midscale and extended-stay offerings.

See Also Five stocks we like better than Hilton Worldwide Why SK hynix Could Be the Best AI Chip Stock to Buy Now Seagate Technology Stock Surges as Earnings Beat Silences AI Doubters Alphabet Is Down 18% From Its High After a Stellar Quarter—Overdone, or More Downside Ahead? Why Bloom Energy May Be the Most Important AI Infrastructure Stock Want to see what other hedge funds are holding HLT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hilton Worldwide Holdings Inc. (NYSE:HLT – Free Report).

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SummaryIntel Corporation is upgraded to Buy as its turnaround gains momentum, driven by robust AI demand and operational improvements.Q2 results exceeded guidance with revenue up 25.4% YoY, record Data Center & AI growth, and improving 18A yields, though free cash flow is delayed by higher CapEx.INTC's AI-driven businesses now represent ~70% of revenue; management expects data center revenue to grow well above a double-digit CAGR over the next several years.Base case price target is $125.92 (46% upside), with a peer-based target at $134.65 (57% upside), supported by EBITDA margin expansion and a strong cash position.Looking for more investing ideas like this one? Get them exclusively at The Aerospace Forum. Learn More » J Studios/DigitalVision via Getty Images

In my prior report, I downgraded Intel Corporation (INTC) from buy to hold after the shares reached my base-case valuation and a peer group valuation, which would support a price of roughly $140 in

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Key Takeaways NEM's expansion through projects and strong free cash flow support shareholder returns.EQX is expanding through new projects and acquisitions while targeting 700,000-800,000 ounces in 2026. EQX trades at a lower forward earnings multiple, while both companies' 2026 EPS estimates have declined. Newmont Corporation (NEM - Free Report) and Equinox Gold Corp. (EQX - Free Report) are two prominent growth-focused gold producers. While gold prices have pulled back sharply from their January 2026 highs, they remain supportive.

Heightened geopolitical tensions, a weaker U.S. dollar and tariff-related worries had driven bullion to a record high of nearly $5,600 per ounce in late January. Since then, gold has pulled back sharply due to inflation concerns triggered by a surge in crude oil prices amid Middle East tensions, with prices falling to $4,500 per ounce around the end of May.

Bullion continued to retreat in June, with prices slipping below $4,000 per ounce to a near eight-month low amid rate-hike expectations and a stronger greenback, despite reduced inflation concerns following the interim agreement between the United States and Iran. Aggressive profit-booking also contributed to the slump in gold prices.

Gold prices recouped some losses to climb above $4,100 per ounce recently, but again eased toward $4,000 per ounce as a surge in oil prices has stoked renewed inflation fears.  Meanwhile, the Federal Reserve held interest rates steady in the latest policy meeting notwithstanding renewed U.S.-Iran hostilities and inflation concerns, driving gold prices to near $4,100 per ounce.

Let’s dive deep and closely compare the fundamentals of these two gold miners to determine which one is a better investment now.

The Case for NewmontNewmont continues to invest in growth projects in a calculated manner. The company is pursuing several projects, including the Cadia Panel Caves and Tanami Expansion 2 in Australia. These projects should expand Newmont’s production capacity and extend mine life, driving revenues and profits.

In October 2025, NEM achieved a significant milestone at Ahafo North. It achieved commercial production at the project, which followed the first gold pour in September 2025. Ahafo North is expected to produce between 275,000 and 325,000 ounces of gold annually over an estimated mine life of 13 years.

NEM recently received key regulatory approvals from the Province of British Columbia for its Red Chris Block Cave Project, marking a major milestone in the planned transformation of the Red Chris Mine from an open-pit operation to a large-scale block-cave mine. The approvals take the project closer to a final investment decision, which Newmont expects to make later this year.

Newmont has also divested non-core businesses as it shifts its strategic focus to Tier 1 assets.   The company generated $3.6 billion from its portfolio optimization actions in 2025. These funds will support Newmont’s capital allocation strategy, which focuses on reinforcing its balance sheet and delivering returns to its shareholders.

Newmont has a strong liquidity position and generates substantial cash flows, which allow it to fund its growth projects, meet short-term debt obligations and drive shareholder value. At the end of the second quarter of 2026, Newmont had robust liquidity of roughly $13 billion, including cash and cash equivalents of around $9 billion. Net cash provided by operating activities amounted to $2.9 billion in the second quarter, up roughly 23% from the year-ago quarter. Free cash flow increased to $2.2 billion from $1.7 billion a year earlier.

  Newmont distributed $3.4 billion to its shareholders through dividends and share repurchases in 2025. It has returned $1.9 billion to its shareholders since April 23, 2026. Newmont has executed buybacks under the current $6 billion authorized share repurchase program, with $4.3 billion remaining under it. NEM offers a dividend yield of 1.1% at the current stock price. Its payout ratio is 11%.

Newmont also remains committed to deleveraging, reducing debt by roughly $3.4 billion in 2025. It ended the second quarter with a strong net cash position of $3.4 billion and remains actively focused on managing its debt.

   NEM saw lower gold production for the second quarter, partly linked to its strategic divestment of non-core assets. The company reported a roughly 13% year-over-year and 1% sequential decline in attributable gold production to 1.29 million ounces. Lower output from Cadia and reduced grades across certain mines impacted production. Newmont expects third-quarter 2026 production to be largely in line with the second-quarter level.

The company anticipates gold production at about 5.26 million ounces for 2026, indicating a year-over-year decline from 5.89 million ounces in 2025. NEM expects lower production from Penasquito and Cadia in 2026 due to the site transitions. It also sees lower-than-expected production from Nevada Gold Mines and Pueblo Viejo. These will be partly offset by contributions from the newly commissioned Ahafo North mine.

Lower production is expected to lead to higher unit costs in 2026. NEM expects all-in-sustaining costs (AISC) — a critical cost metric for miners — to be $1,680 per ounce on a by-product basis, a notable increase from $1,358 per ounce in 2025. The expected increase is due to lower sales volumes as a result of planned mine sequencing, higher royalties and production taxes, deferral of sustaining capital from 2025 into 2026 and inventory changes. Newmont also sees a sequential rise in unit costs in the third quarter, mainly due to increased sustaining capital spending and higher oil prices. The production decline and higher costs could undercut the profitability goals.

The Case for Equinox GoldEquinox Gold has rapidly evolved into a diversified, growth-focused gold producer. With operating mines spanning Canada, the United States and Brazil, it is targeting over one million ounces of annual production through an ambitious pipeline of expansions. It currently has five producing mines and three expansion projects that are expected to add more than 500,000 ounces of organic growth over the next few years. EQX remains on course to achieve its 2026 gold production guidance of 700,000-800,000 ounces.

EQX, in 2025, closed its transformative business combination with Calibre Mining Corp., creating an Americas-focused diversified gold producer anchored by two high-quality Canadian gold mines, Greenstone and Valentine. The integrated entity will become the second-largest gold producer in Canada with Greenstone and Valentine operating at nameplate capacity. Through this combination, Equinox Gold enhances its asset base with operating mines in Nicaragua and the United States, as well as earlier-stage assets in the United States.

Greenstone, which achieved commercial production in November 2024, achieved average mining rates of more than 199,000 tons per day in the second quarter. Greenstone is expected to produce around 320,000 ounces of gold on average annually with opportunities for further growth. EQX is advancing the Valentine Phase 2 expansion, which is expected to increase processing throughput to 5 million tons annually from the current 2.5 million tons per year and boost production by roughly 25%. The Phase 2 project at Castle Mountain in California is expected to increase production to an average of 218,000 ounces annually over a 14-year Phase 2 mine life, with further potential for expansion from exploration. A restart and expansion at Los Filos in Mexico is expected to add 280,000 ounces on average annually.

Equinox Gold inked a deal with Orla Mining Ltd. (ORLA - Free Report) on May 13, 2026, for an at-market combination to create a North American senior gold producer. Once completed, the combined company will operate as Equinox Gold.

ORLA shareholders will receive 1.00 Equinox Gold common share and a nominal cash payment of $0.0001 for each Orla Mining common share as part of the deal. Annual gold production from the combined company is projected to be 1.1 million ounces, driven by a highly complementary portfolio of six North American mines.

Equinox Gold’s Greenstone mine in Ontario and the Valentine mine in Newfoundland & Labrador, along with Orla Mining’s Musselwhite mine, will have a cumulative production of 685,000 ounces of gold in Canada. Of this, Greenstone and Valentine mines are expected to produce 450,000 ounces, with Musselwhite contributing 235,000 ounces of gold. The proposed business combination has been approved by shareholders of both companies.

EQX has a strong balance sheet and generates substantial cash flows, which allows it to fund its growth projects and drive shareholder value. The company ended the first quarter of 2026 with strong liquidity of $923 million, including roughly $363 million in unrestricted cash and cash equivalents. It also generated cash flow from operations (before changes in non-cash working capital) of $341 million in the quarter. It paid dividends worth $11.8 million to its shareholders in the quarter. EQX offers a dividend yield of 0.7% at the current stock price, with a payout ratio of 8%.

NEM & EQX: Price Performance, Valuation & Other ComparisonsNEM stock has rallied 47.1% over the past year, while EQX stock has gained 46.9%, compared with the Zacks Mining – Gold industry’s 39.9% increase.

Image Source: Zacks Investment Research

NEM is currently trading at a forward 12-month earnings multiple of 9.59. This represents a modest 2.9% discount when stacked up with the industry average of 9.88X.

Image Source: Zacks Investment Research

Equinox Gold is trading at a discount to Newmont. The EQX stock is currently trading at a forward 12-month earnings multiple of 7.49, below its industry average. 

Image Source: Zacks Investment Research

EQX’s long-term debt-to-capitalization is around 8.7%, lower than NEM’s 13.4%.  

Image Source: Zacks Investment Research

How Do Zacks Consensus Estimates Compare for NEM & EQX?The Zacks Consensus Estimate for NEM’s 2026 sales and EPS implies a year-over-year rise of 15.6% and 30.5%, respectively. The EPS estimates for 2026 have been trending lower over the past 60 days.

Image Source: Zacks Investment Research

The consensus estimate for EQX’s 2026 sales and EPS implies year-over-year growth of 53.9% and 276.7%, respectively. The EPS estimates for 2026 have been trending southward over the past 60 days.

Image Source: Zacks Investment Research

NEM or EQX: Which Stock Holds the Edge?Both Newmont and Equinox Gold are demonstrating strong financial performance and commitment to shareholder returns, supported by still-favorable gold prices. Both have a strong pipeline of development projects and solid financial health. EQX appears to have an edge over NEM due to its more attractive valuation and higher growth projections. EQX’s lower leverage also suggests lower financial risks. Investors seeking exposure to the gold space might consider Equinox Gold as the more favorable option at this time.

While NEM currently carries a Zacks Rank #4 (Sell), EQX has a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The yield gap starts with a cash claim. Last year, UPS’s dividend consumed nearly all of its adjusted free cash flow.

United Parcel Service (NYSE:UPS) has finished shrinking its Amazon business. Now it has to show what the rebuilt network can earn in cash.

Second-quarter revenue rose 7.6% to $22.8 billion. Adjusted operating profit increased 12% to $2.1 billion, and adjusted operating margin widened to 9.2% from 8.8%. UPS raised its 2026 targets to about $91.2 billion of revenue, $8.65 billion of adjusted operating profit and $7.22 of adjusted EPS.

At Wednesday’s close, UPS’s $6.56 annualized dividend yielded about 6.3%, against roughly 1.6% on FedEx’s new $4.88 rate. The question is not which carrier pays more. It is how much cash each carrier has left after paying it.

UPS Improved The Margin. Cash Still Has To Catch UpThe Q2 repair is visible in the domestic business. Revenue rose 6% even as average daily package volume fell 3.3%, because revenue per piece increased 9.3%. Domestic adjusted operating margin improved to 8% from 7%. Yet first-half adjusted operating profit fell to $3.42 billion.

UPS reported $1.2 billion of program benefits through June toward a $3 billion full-year goal. Those are not net cash savings. First-half transformation costs totaled $1.23 billion, and full-year excluded costs are guided to $1.3 billion–$1.5 billion.

The cash turn lags.

UPS generated $1.57 billion of free cash flow in the first half, up from $742 million a year earlier. The company still expects about $3 billion of capital spending and around $5.4 billion of dividend payments this year.

Seasonality favors second-half cash generation, but the comparison is demanding. In 2025, adjusted free cash flow was $5.47 billion against $5.4 billion of dividends. On that measure, the dividend absorbed roughly 99 cents of every dollar, leaving almost nothing for repurchases or debt reduction. The income statement has improved; cash must confirm the repair.

FedEx’s $13.3 Billion Cash Balance Needs A HaircutFedEx carried much wider historical coverage into its separation. Fiscal 2026 adjusted free cash flow was $4.68 billion, up from $3.90 billion, while dividend payments totaled approximately $1.4 billion, or about 30% of that issuer-adjusted cash measure.

That figure predates the separation, which limits how directly it applies going forward. The current $1.22 quarterly dividend, the $4.88 annualized figure used above, applies only to the company left after Freight departed. A trailing twelve-month total would still mix in pre-reset payments and show a higher yield on public trackers; the forward rate is cleaner.

The headline cash balance overstates ordinary flexibility. Of the $13.3 billion at year-end, about $4.1 billion came from a pre-spin FedEx Freight dividend funded largely with debt, tied, FedEx said, to preserving the spin-off’s tax-free treatment before it went toward debt tender offers. Another $800 million is tariff refunds held for customers — money that was never dividend capacity to begin with.

That leaves about $8.4 billion, still substantial and a cleaner base for judging cash available to the continuing company. FedEx also cut capital spending to $3.8 billion, 4% of revenue and the lowest annual ratio in company history — a smaller dividend claim and lower capital intensity than UPS carried last year.

The Next Clean Test Starts After FreightUPS’s hurdle is measurable. Full-year free cash flow must cover about $5.4 billion of dividends, with enough left to restore real capital-allocation choice. A repeat of 2025 would cover the payout and little else.

FedEx’s hurdle is different. The denominator has changed. It has guided to $3.9 billion of calendar-2026 capital spending but has not produced a full-year free-cash-flow figure for the post-spin business. Comparing that future company against the old $1.4 billion dividend bill would mix two corporate perimeters.

FedEx’s first clean continuing-operations result will show how much of its historical coverage survived the separation. Until then, its lower yield reflects a wider demonstrated buffer, tempered by an incomplete post-spin record.

UPS offers more income after a year in which its dividend used nearly all adjusted free cash flow. FedEx offers less after a year in which the payout used about 30%, with Freight still inside the numbers. That is the yield gap. The ranking holds today — post-spin cash generation could confirm it or reverse it.

Source: UPS second-quarter 2026 earnings release (July 28, 2026), fourth-quarter 2025 earnings release and 2025 Form 10-K; FedEx fourth-quarter and full-year fiscal 2026 earnings release and Q4 investor roadshow (June 23, 2026), historical dividend record and FedEx Freight separation disclosures. Market prices as of the July 29, 2026 close.

The author holds no position in any security mentioned. Structural research, not personalized investment advice.

For further research, read the weekly structural income letter at jungmoku.substack.com.

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, /PRNewswire/ -- eBay Inc. (Nasdaq: EBAY), a global commerce leader that connects millions of buyers and sellers around the world, today announced that it has completed its acquisition of Depop, a leading consumer-to-consumer (C2C) fashion marketplace with a highly-engaged Gen Z and Millennial customer base.

The acquisition builds on eBay's continued momentum in fashion, a more than $10 billion annual GMV category for the company. With millions of users buying and selling fashion items, Depop has built one of the most vibrant and fastest-growing communities in fashion resale and cultivated a distinct, community-driven platform rooted in discovery, creativity, and peer-to-peer connection. Its highly engaged customer base and accessibly priced fashion inventory make Depop a natural complement to eBay's leading proposition in C2C commerce. eBay intends to support Depop's continued growth while preserving the elements that make the marketplace unique to accelerate the future of circular fashion.

"As a global leader in C2C and recommerce, eBay's acquisition of Depop further strengthens our C2C value proposition. This combines two distinct customer experiences and expands our reach with the next generation of buyers and sellers," said Jamie Iannone, Chief Executive Officer of eBay. "Our goal is to preserve Depop's strong brand, community, and product experience, while helping the team accelerate the roadmap that is already underway and explore synergies with eBay in areas that can supercharge our combined growth potential." 

"Joining eBay, a company with a longstanding record of driving innovation in recommerce globally, is an exciting new chapter for Depop and our community," said Peter Semple, Chief Executive Officer of Depop. "We've built a marketplace centered on creativity, self-expression, and connection, and we're just getting started. Depop is a natural fit with eBay and together we can accelerate our growth while continuing to deliver the unique experience our users value."

As part of eBay, Depop will operate as a complementary business, retaining its distinct brand, platform, customer experience, and culture. By combining Depop's category leadership with eBay's global scale and capabilities — including shipping, personalization, compliance, and trusted services — we will enhance the buyer and seller experience and accelerate growth. 

About eBay 
eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Founded in 1995 in San Jose, California, eBay is one of the world's largest and most vibrant marketplaces for discovering great value and unique selection. In 2025, eBay enabled nearly $80 billion of gross merchandise volume. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com.

About Depop
Depop is the community-powered circular fashion marketplace where people can buy, sell and discover desirable, affordable secondhand fashion. Together with its global community of millions of users, Depop is on a mission to make fashion circular - encouraging more people to choose secondhand and extend the lives of their clothes, redefining fashion consumption. Founded in 2011, Depop's diverse community has helped move resale into the mainstream, where buying secondhand is no longer an alternative, but how people of different ages now engage with fashion. For more information, visit www.depop.com 

Forward-Looking Statements

This press release contains "forward-looking" statements within the meaning of the federal securities laws, including the potential benefits of the transaction. In some cases, forward-looking statements can be identified by terms such as "aim," "anticipate," "believe," "can," "commit," "continue," "could," "design," "develop," "enable," "estimate," "expect," "forecast," "future," "goal," "impact," "intend," "likely," "maintain," "may," "ongoing," "opportunity," "optimistic," "outlook," "plan," "possible," "potential," "predict," "probable," "pursue," "remain," "seek," "should," "strategy," "strive," "target," "value," "will," "would," or similar expressions, variations and derivative forms and/or the negatives of those words. The following factors, among others, could cause actual results to differ materially from those described in forward-looking statements: the possibility that eBay may not fully realize the anticipated benefits of the transaction; business disruption following the transaction; diversion of management time on transaction and integration related issues; the reaction of customers and other persons to the transaction; and other events that could adversely impact the anticipated benefits of the transaction, including industry, regulatory or economic conditions outside of the parties' control. Forward-looking statements involve substantial risks and uncertainties that may cause actual results to differ materially from those that eBay expects. These and other risks and uncertainties include market risks, trends and conditions. These and other risks and uncertainties are more fully described in eBay's filings with the Securities and Exchange Commission, including in the risk factors included in eBay's Annual Report on Form 10-K for the year ended December 31, 2025, as amended, and those included in subsequent reports that eBay files with the Securities and Exchange Commission. In light of such risks, readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements represent beliefs and assumptions of eBay only as of the date of this press release. eBay does not intend to update, and disclaims any obligation to update, any of these forward-looking statements for any reason after the date of this press release or to conform these statements to actual results or revised expectations, except as required by law. 

eBay Contacts: 
Investor Relations 
John Egbert 
[email protected] 

Media Relations 
Sybille St. Arromand 
[email protected] 

SOURCE ebay Inc.

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SummaryBristol-Myers Squibb Company ends the second quarter on a high note.On June 28, BMY stock reached a 52-week high of $64.96.In my opinion, major drivers behind BM&'s recent rally are the promising efficacy of Iza-Bren in triple-negative breast cancer, as well as strong demand for Opdivo Qvantig and Breyanzi.Also, Bristol-Myers Squibb raised its 2026 diluted EPS guidance from $6.05-$6.35 to $6.75-$7.In this article, I explain why the BMY stock risk/reward profile remains attractive after its Q2 results. recep-bg/E+ via Getty Images

Two hours ago, Bristol-Myers Squibb Company (BMY) released its Q2 earnings.

So, in Q2, its revenue was $12.97 billion, up 12.9% quarter-over-quarter.

Meanwhile, BMS's non-GAAP EPS was up 39.7% year-over-year and 29.1% QoQ to $2.04. It also beat my "base case" scenario

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The Eli Lilly logo appears on one of the company’s offices in San Diego, California, U.S., November 21, 2025. REUTERS/Mike Blake/File Photo Purchase Licensing Rights, opens new tab

CompaniesJuly 30 (Reuters) - Drugmaker Eli Lilly (LLY.N), opens new tab and privately held contract manufacturer Resilience will invest $750 million to expand pharmaceutical manufacturing ​capacity in the U.S. and strengthen the domestic ‌medicine supply chain, Resilience said on Thursday.

Global drugmakers have been ramping up U.S. manufacturing since last year ​and stockpiling inventory as President Donald Trump's administration moves ​to impose 100% tariffs on branded drugs ⁠unless companies cut prices or make medicines ​domestically.

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Resilience said the investment will increase the ​production of critical medicines and create 400 new high-skilled jobs in the Cincinnati, Ohio region.

The company's manufacturing operations ​in the region will now include Lilly's ​KwikPen injectable device for treating diabetes and obesity, it added.

The ‌multi-year ⁠manufacturing partnership between Lilly and Resilience, which began in 2023, has already produced more than 150 million doses of medicines for U.S. ​patients in ​vial and ⁠pre-filled syringe formats, according to Resilience.

Lilly's manufacturing head Edgardo Hernandez said the ​partnership reflects the drugmaker's efforts to ​meet ⁠rising demand for its medicines.

Lilly's U.S. capital expansion commitments since 2020 total more than $55 billion and ⁠it plans ​to break ground on several ​of its recently announced U.S. manufacturing sites this year.

Reporting by ​Christy Santhosh in Bengaluru; Editing by Jonathan Ananda

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SummaryBroadcom Inc. delivered a record Q2 with $30B in new AI orders, a 3x book-to-bill ratio, and accelerating AI revenue growth.AVGO maintained its $100B fiscal 2027 AI revenue target, despite market disappointment, and I reiterate a 'Strong Buy' rating due to robust fundamentals.Operating margin hit a record 67%, free cash flow reached $10.3B, and VMware's software segment is now guiding for 31% growth at a 79% margin.AI networking, anchored by unmatched 100-terabit switches, is expected to comprise 30% of AI revenue and further strengthens AVGO's competitive moat. Sundry Photography/iStock Editorial via Getty Images

Broadcom Inc. (AVGO) recently posted a record Q2, only to see its stock drop after the print. Here's the number that got buried in the noise: Broadcom booked more than $30 billion in new

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Posted by Defense World Staff on Jul 30th, 2026

Amundi lifted its stake in Pentair plc (NYSE:PNR – Free Report) by 13.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,237,659 shares of the industrial products company’s stock after purchasing an additional 491,758 shares during the period. Amundi owned 2.62% of Pentair worth $369,208,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Hsbc Holdings PLC lifted its position in shares of Pentair by 1,459.8% during the 1st quarter. Hsbc Holdings PLC now owns 1,270,578 shares of the industrial products company’s stock valued at $110,617,000 after buying an additional 1,189,122 shares in the last quarter. AQR Capital Management LLC raised its stake in Pentair by 43.0% during the 3rd quarter. AQR Capital Management LLC now owns 1,472,500 shares of the industrial products company’s stock worth $161,754,000 after acquiring an additional 442,534 shares during the period. Morgan Stanley raised its stake in Pentair by 21.7% during the 4th quarter. Morgan Stanley now owns 2,474,549 shares of the industrial products company’s stock worth $257,700,000 after acquiring an additional 441,878 shares during the period. Squarepoint Ops LLC lifted its holdings in Pentair by 210.8% during the fourth quarter. Squarepoint Ops LLC now owns 640,803 shares of the industrial products company’s stock valued at $66,733,000 after purchasing an additional 434,657 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in Pentair by 37.6% during the second quarter. Ameriprise Financial Inc. now owns 1,565,882 shares of the industrial products company’s stock valued at $160,751,000 after purchasing an additional 428,200 shares in the last quarter. 92.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades PNR has been the subject of a number of analyst reports. Wolfe Research cut shares of Pentair from an “outperform” rating to a “peer perform” rating in a research note on Thursday, July 9th. The Goldman Sachs Group lowered their target price on shares of Pentair from $91.00 to $72.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 15th. Citigroup dropped their target price on shares of Pentair from $112.00 to $106.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Mizuho cut their price target on Pentair from $100.00 to $85.00 and set an “outperform” rating for the company in a research note on Tuesday, July 21st. Finally, Jefferies Financial Group set a $90.00 price target on Pentair in a report on Wednesday, July 15th. Eight investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Pentair has a consensus rating of “Hold” and an average target price of $89.94.

View Our Latest Analysis on Pentair

Pentair Trading Down 0.2% Shares of PNR opened at $66.66 on Thursday. The stock has a market capitalization of $10.77 billion, a PE ratio of 16.75, a P/E/G ratio of 1.45 and a beta of 1.03. The company’s fifty day moving average is $71.90 and its 200 day moving average is $85.31. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.19 and a current ratio of 1.45. Pentair plc has a fifty-two week low of $57.60 and a fifty-two week high of $113.95.

Pentair (NYSE:PNR – Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The industrial products company reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.02. Pentair had a net margin of 16.24% and a return on equity of 20.62%. The business had revenue of $932.60 million during the quarter, compared to analysts’ expectations of $943.24 million. During the same period last year, the company posted $1.39 EPS. The business’s revenue was down 17.0% on a year-over-year basis. Pentair has set its Q3 2026 guidance at 1.050-1.080 EPS. Sell-side analysts expect that Pentair plc will post 4.67 earnings per share for the current fiscal year.

Pentair Announces Dividend The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 7th. Shareholders of record on Friday, July 24th will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Friday, July 24th. Pentair’s payout ratio is presently 26.47%.

Trending Headlines about Pentair Here are the key news stories impacting Pentair this week:

Positive Sentiment: Pentair agreed to acquire Taco Group Holdings for approximately $1.4 billion, or about 10.5 times estimated 2026 EBITDA. The deal would expand Pentair’s hydronic and water-based solutions portfolio and increase its exposure to HVAC, commercial buildings, and data-center infrastructure. Management expects the acquisition to support long-term growth and reaffirmed its broader outlook. Pentair to Acquire Taco Group Holdings Positive Sentiment: Adjusted second-quarter EPS was $1.14, slightly above the $1.12 consensus estimate, while Flow sales increased 5%. Pentair also repurchased $150 million of stock during the quarter. Pentair Q2 Earnings Neutral Sentiment: Analyst views diverged. Robert W. Baird reduced its price target from $83 to $80 but maintained an “outperform” rating, while TD Cowen cut its target from $75 to $65 and moved to a “sell” rating. The conflicting calls highlight uncertainty around the recovery timeline. Negative Sentiment: Second-quarter sales fell 17% year over year to $932.6 million, missing the $943.2 million consensus. Pool sales plunged 42%, primarily because of roughly $170 million in channel inventory destocking, while GAAP EPS declined to $0.80 from $0.90. Pentair Reports Second Quarter 2026 Results Negative Sentiment: Third-quarter EPS guidance of approximately $0.97 to $1.00, or $1.05 to $1.08 on the company’s adjusted measure, was well below the roughly $1.33 analyst consensus. Full-year GAAP EPS guidance was set at approximately $3.86 to $4.06. Negative Sentiment: Several law firms announced investigations into potential securities-law violations and fiduciary-duty breaches related to the Pool-segment destocking, the stock’s decline, and a CFO departure. These announcements do not establish wrongdoing but add reputational and legal uncertainty. Pentair Securities Fraud Investigation About Pentair (Free Report)

Pentair plc (NYSE: PNR) is a global provider of water treatment and fluid management solutions. The company designs, manufactures and sells a broad range of products that move, treat, monitor and control the flow of water and other fluids across residential, commercial, industrial and municipal markets. Pentair’s offerings are focused on improving water quality, conserving resources and enabling efficient fluid handling in applications from household water systems and pools to large-scale industrial and municipal installations.

Product lines include pumps and pumping systems, water filtration and purification equipment, valves and controls, heat exchangers, pool and spa systems, and a range of aftermarket parts and services.

Featured Articles Five stocks we like better than Pentair Why SK hynix Could Be the Best AI Chip Stock to Buy Now Seagate Technology Stock Surges as Earnings Beat Silences AI Doubters Alphabet Is Down 18% From Its High After a Stellar Quarter—Overdone, or More Downside Ahead? Why Bloom Energy May Be the Most Important AI Infrastructure Stock Want to see what other hedge funds are holding PNR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Pentair plc (NYSE:PNR – Free Report).

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ToplineYum! Brands, the publicly traded parent company of Taco Bell, says it's already recovering from a sales slump driven by a cyclospora outbreak that sent foot traffic to the chain plummeting after thousands of people were sickened by eating tainted lettuce served at its restaurants.

A Taco Bell restaurant on July 14, 2026 in La Cañada Flintridge, California.

Getty Images

Key FactsYum! Brands CEO Chris Turner on Thursday said the outbreak, linked to lettuce supplied to Taco Bell by produce giant Taylor Farms, had a "meaningful near-term sales impact" on the company but that sales trends have been "steadily improving" over the last 10 days.

He also said brand sentiment on social media has returned to pre-Cyclospora levels and reported “consumers have become increasingly aware that this is an industry-wide issue, not an issue specific to Taco Bell.”

The comments came as Yum! reported second-quarter earnings for the period ending June 30—before the outbreak hit.

Yum! Brands earnings per share beat industry expectations and the company reported net revenue climbed 12% to $2.17 billion.

Shares of Yum! were up about 4% in premarket trading.

BIG NUMBER31%. That’s how much foot traffic to Taco Bell plummeted on July 17, the first Friday after the chain was linked to the outbreak, per Placer.ai. The broader fast-food category posted only a 1.9% traffic decline that same day, meaning Taco Bell's drop was approximately 16 times worse than its peers.

Key backgroundThousands of people had been sickened by cyclosporiasis, caused by the cyclospora bacteria, before the Food and Drug Administration linked the outbreak to iceberg lettuce served at Taco Bell. More than 1,600 of the estimated 7,000 sick people at the time—mid-July—reported eating at Taco Bell restaurants in five states. The restaurants had already stopped serving the tainted lettuce by the time the link was identified, and Taylor Farms later recalled products in 27 states. While the Taco Bell common thread is undeniable, the FDA says, it doesn’t explain all of the cyclosporiasis cases—now roughly 11,500—nationwide. To date, none of the produce the FDA has tested has produced a positive sample result for cyclospora and investigators are still working to trace what other produce may be making people sick.

SURPRISING FACTYum! Brands warned investors that cyclospora was a material business risk long before the active outbreak. The company listed the parasite alongside E. coli, listeria, salmonella and trichinosis as a prominent risk factor in its most recent SEC annual filing and named it as the No. 1 threat—ahead of every other business problem it predicted.

further readingForbesMichigan Passes 10,000 Cyclosporiasis Cases—And Experts Still Don’t Have A Definitive CauseBy Mary Whitfill RoeloffsForbesTaco Bell Lettuce Linked To Multistate Cyclosporiasis Outbreak—But Not Every Sick Person Ate ThereBy Mary Whitfill Roeloffs

PBF Energy (PBF - Free Report) came out with quarterly earnings of $6.22 per share, beating the Zacks Consensus Estimate of $4.05 per share. This compares to a loss of $1.03 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +53.58%. A quarter ago, it was expected that this refiner would post a loss of $0.79 per share when it actually produced a loss of $0.88, delivering a surprise of -11.39%.

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

PBF Energy, which belongs to the Zacks Oil and Gas - Refining and Marketing industry, posted revenues of $11.68 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 37.19%. This compares to year-ago revenues of $7.48 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

PBF Energy shares have added about 133.6% since the beginning of the year versus the S&P 500's gain of 6.9%.

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

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

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $5.01 on $8.91 billion in revenues for the coming quarter and $10.94 on $33.44 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Refining and Marketing is currently in the top 8% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Marathon Petroleum (MPC - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 4.

This refiner is expected to post quarterly earnings of $14.52 per share in its upcoming report, which represents a year-over-year change of +266.7%. The consensus EPS estimate for the quarter has been revised 61.2% higher over the last 30 days to the current level.

Marathon Petroleum's revenues are expected to be $34.83 billion, up 2.1% from the year-ago quarter.

30.7.2026 15:43, BAAERBAG

Management Erste Group se na konferenčním hovoru k výsledkům za 2Q 2026 vyjádřil detailněji k finančním cílům do roku 2030 a alokaci kapitálu.

Cesta k naplnění cílů do roku 2030 Management očekává, že hlavním tahounem bude organický růst, podpořený růstem úvěrového portfolia, provozní efektivitou a přínosem nedávné akvizice Erste Bank Polska. Vedle tradičního bankovnictví je dle managementu významný dlouhodobý růstový pilíř také správa aktiv a distribuce investičních a pojistných produktů, přičemž právě v Polsku vidí značný prostor pro růst objemu spravovaných aktiv.

Management současně potvrdil, že pokračují jednání o možném navýšení podílu v Erste Bank Polska, žádné rozhodnutí o načasování ani způsobu financování však zatím nepadlo. Management zároveň uvedl, že dosažení finančních cílů do roku 2030 na této transakci není závislé a případné navýšení podílu by představovalo dodatečný růstový impuls, nikoliv podmínku jejich splnění.

Alokace kapitálu Vedení potvrdilo, že bude i nadále uplatňovat flexibilní přístup k alokaci kapitálu. Prioritou zůstává financování organického růstu a případných akvizičních příležitostí, včetně potenciálního navýšení podílu v Erste Bank Polska. Pokud by se však významnější růstové příležitosti neobjevily, považuje management zpětné odkupy akcií za pravděpodobný způsob distribuce přebytečného kapitálu akcionářům. Dividendová politika zůstává beze změny (výplatní poměr 40-50 %) a management si chce zachovat dostatečnou flexibilitu při rozhodování o budoucí distribuci kapitálu s ohledem na možné investiční příležitosti.

Akcie Erste Group (BAAERBAG) se na pražské burze obchodují za 2 740 Kč, na burze RM-SYSTÉM za 2 726 Kč.

Karel Nedvěd, Fio banka, a.s.

EL SEGUNDO, Calif., July 30, 2026 (GLOBE NEWSWIRE) -- Rangeview Inc., an advanced investment casting company, today announced it has been selected by Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS) to develop advanced cast components for its advanced turbine engine programs.

Under the funded development effort, Rangeview will develop and deliver flight quality cast superalloy hardware with significantly shortened development lead times. The program addresses a component class the Department of Defense has repeatedly identified as a critical gap in the domestic casting industrial base.

“Kratos is redefining what affordable engine production looks like, and we are proud to support that mission,” said Cameron Schiller, CEO and founder of Rangeview. “The industry needs new casting capacity and a new generation of suppliers to deliver it. Rangeview was built to be that supplier, winning programs, standing up capacity, and taking complex superalloy castings from design to flight hardware in a fraction of the traditional time, at home, in the United States.”

“Rangeview’s casting technology gives a level of flexibility, speed, and capability that cannot be achieved with conventional methods,” said Russ Jones, Chief Engineer at Kratos. “Their process enables complex geometries that previously required laser powder bed additive manufacturing but with high-capability cast superalloys. This development approach is accelerating our engineering timelines while preserving the performance and material properties we need for advanced turbine applications.”

Stacey Rock, President of Kratos’ Turbine Technologies Division, said, “Kratos is solidifying our supply chain with outstanding partners as we prepare for large volume production of our leading technology to sell jet engines for drones and missiles. Our agreement with Rangeview is another milestone as we execute our strategy.”

The award comes as engine manufacturers publicly cite castings as a leading constraint on gas turbine engine production and expands Rangeview's portfolio of funded programs across U.S. propulsion, defense, and energy customers.

About Rangeview
Rangeview Inc. is an advanced investment casting foundry based in El Segundo, California. Combining robotics, software, and digital tooling, Rangeview delivers cast superalloy turbine components with rapid first articles and scalable capacity for aerospace, defense, and energy customers. As demand for turbine castings outpaces legacy supply, Rangeview is building the next generation of American foundries. Learn more at rangeview.com.

About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading-edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing which is a value-add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win (PWin) is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of PWin is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include virtualized ground systems for satellites and space vehicles including software for C2 and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, hypersonic vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com and follow Kratos on LinkedIn and X.

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 28, 2025, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/62a2ae5b-d858-469e-807b-99c9b67e9456

Gas turbine bladed disk Representative bladed disk (blisk). Rangeview manufactures similar critical superalloy components fo...

Lincoln National (LNC - Free Report) came out with quarterly earnings of $2.24 per share, beating the Zacks Consensus Estimate of $2 per share. This compares to earnings of $2.36 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +12.00%. A quarter ago, it was expected that this insurance and retirement business would post earnings of $1.63 per share when it actually produced earnings of $1.66, delivering a surprise of +1.84%.

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

Lincoln National, which belongs to the Zacks Insurance - Life Insurance industry, posted revenues of $4.93 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.40%. This compares to year-ago revenues of $4.73 billion. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Lincoln National shares have lost about 7% since the beginning of the year versus the S&P 500's gain of 6.9%.

What's Next for Lincoln National?While Lincoln National has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

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

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.03 on $4.92 billion in revenues for the coming quarter and $7.73 on $19.69 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Life Insurance is currently in the bottom 23% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Manulife Financial (MFC - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.

This financial services company is expected to post quarterly earnings of $0.78 per share in its upcoming report, which represents a year-over-year change of +13%. The consensus EPS estimate for the quarter has been revised 2.4% lower over the last 30 days to the current level.

Manulife Financial's revenues are expected to be $7.42 billion, down 34.3% from the year-ago quarter.

Net sales of $2.6 billion, down 1.0% year-over-year Reported earnings per share of $1.08 and adjusted earnings per share(1) of $1.43 Full-year adjusted earnings per share outlook of approximately $5.50 - $5.75 , /PRNewswire/ -- AGCO (NYSE: AGCO) reported net sales of $2.6 billion for the second quarter ended June 30, 2026, a decrease of 1.0% compared to the second quarter of 2025. Reported net income was $1.08 per share for the quarter and adjusted net income(1) was $1.43 per share. These results compare to reported net income of $4.22 per share and adjusted net income(1) of $1.35 per share for the second quarter of 2025. Excluding favorable foreign currency translation of 2.7%, net sales in the quarter decreased 3.7% compared to the second quarter of 2025.

AGCO IR Earnings Release Q2 - Newsroom Thumbnail "AGCO's second-quarter results reflect our ongoing emphasis on delivering productivity for farmers while driving greater efficiency throughout the company to further strengthen profitability through the economic cycle. Farmers responded to rising uncertainty around input costs and demand by taking a more cautious approach to equipment purchases," said Eric Hansotia, AGCO's Chairman, President and CEO. "With this significant shift and mixed market dynamics, we continue to take decisive actions to align production with retail demand, manage inventory levels across our dealer network and maintain strong discipline around operating expenses and working capital. At the same time, our teams remained committed to serving farmers, gaining share in key markets, including high-horsepower offerings in North America, advancing our precision agriculture initiatives and improving the quality and efficiency of our operations."

Hansotia continued, "Given weaker-than-expected industry conditions, currency fluctuations and a more cautious outlook for the balance of the year, we are adjusting our full-year outlook. Farmers continue to face pressure from elevated operating costs, uneven crop economics and broader macroeconomic uncertainty, resulting in delayed equipment investments and limited visibility into demand recovery. In response, we remain focused on our cost-reduction efforts, closely managing production schedules and prioritizing cash flow and margin performance. While near-term market conditions are difficult, we are confident in the strategic actions we have taken to strengthen AGCO's competitive position and are committed to executing our Farmer-First strategy, expanding technology adoption and creating long-term value for our shareholders."

Net sales for the first six months of 2026 were approximately $5.0 billion, an increase of 5.7% compared to the same period in 2025. For the first six months of 2026, reported net income was $1.84 per share and adjusted net income(1) was $2.37 per share. These results compare to reported net income of $4.36 per share and adjusted net income(1) of $1.76 per share for the same period in 2025. Excluding favorable foreign currency translation of 5.2%, net sales in the first six months of 2026 increased 0.5% compared to the same period in 2025.

Second Quarter Highlights

Reported regional sales results(2): Europe/Middle East ("EME") (2.4)%, North America +19.7%, Latin America ("LATAM") (17.9)%, Asia/Pacific/Africa ("APA") (1.0)% Constant currency regional sales results(1)(2)(3): EME (4.7)%, North America +19.8%, LATAM (25.0)%, APA (6.4)% Regional operating margin performance: EME 15.0%, North America (5.2)%, LATAM (8.0)%, APA 7.7% The Company completed $345 million of share repurchases in the second quarter On April 30, 2026, the Company completed the sale of its 49% equity interests in the AGCO Finance U.S. and Canada joint ventures for approximately $190 million. Approximately $20 million of the total consideration was recognized in "Other expense, net" during the quarter representing future earnings that were effectively monetized and recognized upon closing, resulting in upfront recognition of the estimated income associated with the run-off of the U.S. and Canada AGCO Finance portfolios (1) See reconciliation of non-GAAP measures in appendix.

(2)  As compared to second quarter 2025.

(3) Excludes currency translation impact.

Market Update

Industry Unit Retail Sales

Tractors

Combines

Six Months Ended June 30, 2026

Change from

Prior Year Period

Change from

Prior Year Period

North America(4)

(9) %

(7) %

Brazil(5)

(11) %

(39) %

Western Europe(5)

3 %

(3) %

(4)  Excludes compact tractors.

(5)  Based on Company estimates.

Hansotia concluded, "As we move into the second half of 2026, farmers around the world have a heightened focus on maximizing net farm income through prioritizing productivity and performance from every acre and machine. Global trade discussions, geopolitical developments and changes in energy and input costs continue to influence farmer confidence and investment activity. Demand for agricultural equipment remains well below historical mid-cycle levels, and retail activity generally reflects producer profitability and replacement requirements. Technology-enabled solutions continue to gain traction as farmers look to improve operating efficiency and adopt more precision agriculture, automation and digital tools. AGCO's focus on innovation, customer success and disciplined execution positions us to navigate the current environment and capitalize on opportunities as agricultural markets strengthen."

North American industry retail tractor sales were 9% lower in the first six months of 2026 compared to the same period in 2025 with the largest change occurring in higher-horsepower categories. Combine unit sales were 7% lower year-over-year during the same period. Current farm economics, evolving grain export demand and elevated input costs are expected to continue to pressure industry demand throughout 2026.

Brazil industry retail tractor sales were 11% lower in the first six months of 2026 compared to the same period in 2025 reflecting softer demand for larger tractors partially offset by improved demand for smaller and mid-size equipment. Brazil's farm profitability is under pressure due to high production costs, particularly for imported fertilizer and demand for larger equipment has not yet shown renewed growth. Financing costs, credit conditions and broader political dynamics are expected to continue to constrain demand in 2026.

Western Europe industry retail tractor sales were 3% higher during the first six months of 2026 compared to the same period in 2025 led by strong growth in the United Kingdom and Scandinavia and stable demand across the broader Western European markets. Farm income levels in 2025, supported primarily by dairy and livestock producers, together with an aging equipment fleet, provide a favorable foundation for 2026 industry demand to remain consistent with 2025 levels despite higher input costs.

Regional Results

AGCO Regional Net Sales (in millions)

Three Months Ended June 30,

2026

2025

% change
from 2025

% change
from 2025
due to
currency
translation(6)

% change
excluding
currency

 translation

North America

$    471.5

$    393.9

19.7 %

(0.1) %

19.8 %

LATAM(7)

271.3

330.4

(17.9) %

7.1 %

(25.0) %

EME

1,732.4

1,774.9

(2.4) %

2.3 %

(4.7) %

APA

134.5

135.8

(1.0) %

5.4 %

(6.4) %

Total

$  2,609.7

$  2,635.0

(1.0) %

2.7 %

(3.7) %

Six Months Ended June 30,

2026

2025

% change
from 2025

% change
from 2025
due to
currency
translation(6)

% change
excluding
currency

 translation

North America

$    877.9

$    763.4

15.0 %

0.5 %

14.5 %

LATAM(7)

483.0

586.4

(17.6) %

7.2 %

(24.8) %

EME

3,333.2

3,105.4

7.3 %

5.8 %

1.5 %

APA

258.5

230.3

12.2 %

7.4 %

4.8 %

Total

$  4,952.6

$  4,685.5

5.7 %

5.2 %

0.5 %

(6) See footnotes for additional disclosures.

(7) Note: Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer‑First transformation initiatives in North America. As a result, the Company's Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America. Segment information for all prior periods presented has been retrospectively adjusted to reflect this change.

North America
Net sales in the North American region increased 19.8% during the second quarter of 2026 compared to the second quarter of 2025, excluding the impact of unfavorable currency translation. Higher unit sales compared to the prior year supported the increase in sales. The most significant sales increases occurred in high-horsepower tractors and hay tools. Loss from operations for the second quarter of 2026 was approximately flat compared to the same period in 2025, primarily due to higher tariff-related costs, partially offset by the benefit of approximately $22 million of certain IEEPA tariff refunds recognized during the period.

Latin America
Latin America region net sales decreased 25.0% during the second quarter of 2026 compared to the second quarter of 2025, excluding the impact of favorable currency translation. Softer industry demand resulted in lower sales across all product categories. Income from operations for the second quarter of 2026 was $48.7 million lower compared to the same period in 2025. This decrease was primarily the result of significantly lower sales and production volumes and higher engineering expenses.

Europe/Middle East
Net sales in the Europe/Middle East region decreased 4.7% during the second quarter of 2026 compared to the second quarter of 2025, excluding the impact of favorable currency translation. Sales declines across most European markets were partially offset by growth in Germany and the United Kingdom. Income from operations in the second quarter of 2026 was approximately flat compared to the same period in 2025, despite lower sales, resulting in an operating margin of 15.0%.

Asia/Pacific/Africa
Asia/Pacific/Africa region net sales decreased 6.4% during the second quarter of 2026 compared to the second quarter of 2025, excluding favorable currency translation impacts. Lower sales across most of the Asian and African markets were partially offset by higher sales in Australia. Despite lower sales, income from operations in the second quarter of 2026 was approximately flat compared to the same period in 2025.

Outlook
AGCO's net sales for 2026 are expected to be from $10.1 to $10.2 billion. Adjusted operating margins are projected to be about 7.5% reflecting continued emphasis on pricing discipline, cost management and operational alignment. Production volumes are planned to align dealer inventory with market demand, while cost controls and positive pricing continue to support performance. Based on these assumptions, 2026 earnings per share are targeted between $5.50 and $5.75. These estimates reflect tariff policies as of July 30, 2026, together with AGCO's established mitigation actions and sourcing strategies. Any changes to tariff policies or related responses could affect these projections.

* * * * *

AGCO will host a conference call for this earnings announcement at 10 a.m. Eastern Time on Thursday, July 30. The Company will refer to slides on its conference call. Interested persons can access the conference call and slide presentation via AGCO's website at www.agcocorp.com under the "Investors" section. The webcast will also be archived immediately afterward for 12 months. A copy of this press release will be available on AGCO's website for at least 12 months following the call.

* * * * *

Safe Harbor Statement
Statements that are not historical facts, including the projections of earnings per share, production levels, sales, industry demand, market conditions, commodity prices, currency translation, farm income levels, margin levels, strategy, investments in product and technology development, new product introductions, restructuring and other cost reduction initiatives, production volumes, tax rates and general economic conditions, are forward-looking and subject to risks that could cause actual results to differ materially from those suggested by the statements. The following are among the factors that could cause actual results to differ materially from the results discussed in or implied by the forward-looking statements.

Our financial results depend entirely upon the agricultural industry, and factors that adversely affect the agricultural industry generally, including declines in the general economy, adverse weather, tariffs, increases in farm input costs, lower commodity prices, lower farm income and changes in the availability of credit for our retail customers, will adversely affect us. We maintain an independent dealer and distribution network in the markets where we sell products. The financial and operational capabilities of our dealers and distributors are critical to our ability to compete in these markets. Higher inventory levels at our dealers and high utilization of dealer credit limits as well as the financial health of our dealers could negatively impact future sales and adversely impact our performance. On April 1, 2024, we completed the acquisition of the ag assets and technologies of Trimble through the formation of a joint venture, PTx Trimble, of which we own 85%. Financing the PTx Trimble transaction significantly increased our indebtedness and interest expense. We also have made various assumptions relating to the acquisition that may not prove to be correct, and we may fail to realize all of the anticipated benefits of the acquisition. All acquisitions involve risk, and there is no certainty that the acquired business will operate as expected. Each of these items, as well as similar acquisition-related items, would adversely impact our performance. A majority of our sales and manufacturing takes place outside the United States, and many of our sales involve products that are manufactured in one country and sold in a different country. As a result, we are exposed to risks related to foreign laws, taxes and tariffs, trade restrictions, economic conditions, labor supply and relations, political conditions and governmental policies. In 2025, the U.S. government implemented a series of tariffs on goods imported into the United States from various countries, and in many cases these measures resulted in reciprocal tariffs and other actions on goods exported from the United States. These tariffs and related actions are complex, continuously evolving and remain highly volatile as trade negotiations and legal challenges proceed. In February 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act ("IEEPA"), which the U.S. government had relied on to impose certain tariffs, does not authorize the administration to impose such tariffs. Following that decision, on March 4, 2026, the U.S. Court of International Trade ("CIT") ordered U.S. Customs and Border Protection ("CBP") to process refunds of tariffs imposed under IEEPA, and on March 27, 2026, the CIT issued an amended order expanding the scope of entries subject to reliquidation. On April 20, 2026, the Consolidated Administration and Processing of Entries system opened for the first phase of refund filings. We have submitted certain refund claims under this initial phase; however, these claims remain subject to CBP review, and we cannot predict the timing, amount or ultimate collectability of any refunds to which we may be entitled. The IEEPA tariffs refund process remains subject to CBP review, and the administration has appealed the CIT's refund order to the U.S. Court of Appeals for the Federal Circuit, contesting both the scope of the refund obligation and the reliquidation of finally liquidated entries for importers who have not filed individual lawsuits. It remains uncertain when, or to what extent, such refunds will ultimately be collected. Following the U.S. Supreme Court's ruling, the administration has also imposed tariffs under alternative statutory authorities, the validity of which is also subject to legal challenge. As a result, the timing and extent of any refunds, the structure and scope of any new tariffs and the overall tariff framework remain uncertain and could create significant risks for our business. Depending on the countries affected, increases in tariffs have raised, and may continue to raise, the costs of inputs used in manufacturing our products, which in turn has impacted, and may further impact, our cost of goods sold. In addition, higher tariffs may lead to increased after‑tariff sales prices for the products we sell. Additionally, the economic uncertainty caused by the tariffs may result in customers delaying planned purchases of products and services. While impacts of the tariffs may be partially mitigated by the fact that a majority of our sales and manufacturing takes place outside the United States, there can be no guarantee that we will be able to fully offset the impact of existing or future tariffs through pricing, sourcing changes or other measures. Furthermore, retaliatory tariffs imposed by other countries on our exported products could negatively affect our sales and marketplace access in those countries. The economic uncertainty caused by these tariffs and related trade policy developments, together with uncertainty regarding their enforceability, continuation or modification, has adversely impacted, and is expected to continue to adversely impact, our sales. We cannot predict or control the impact of the conflicts in Ukraine or the Middle East on our business. These conflicts have already driven increased volatility across global energy, logistics and input markets, leading to higher fuel, fertilizer, transportation and input costs, as well as general uncertainty for farmers. There is a potential for natural gas shortages, as well as shortages in other energy sources, throughout Europe, which could negatively impact our production in Europe both directly and through interrupting the supply of parts and components that we use. It is unclear how long these conditions will continue, or whether they will worsen, and what the ultimate impact on our performance will be. In addition, AGCO sells products in, and purchases parts and components from, other regions where there could be hostilities. Any hostilities likely would adversely impact our performance. Most retail sales of the products that we manufacture are financed, either by our joint ventures with Rabobank or by a bank or other private lender. The AGCO Finance joint ventures with Rabobank, which are wholly owned or controlled by Rabobank and are dependent upon Rabobank for financing as well, finance approximately 50% of the retail sales of our tractors and combines in the markets where the joint ventures operate. Any difficulty by Rabobank to continue to provide that financing, or any business decision by Rabobank as the controlling member not to fund the business or particular aspects of it (for example, a particular country or region), would require the joint ventures to find other sources of financing (which may be difficult to obtain), or us to find another source of retail financing for our customers, or our customers would be required to utilize other retail financing providers. As a result of the recent economic downturn, financing for capital equipment purchases generally has become more difficult in certain regions and in some cases, can be expensive to obtain. To the extent that financing is not available or available only at unattractive prices, our sales would be negatively impacted. In addition, Rabobank also is the lead lender in our revolving credit facility and term loans and for many years has been an important financing partner for us. Any interruption or other challenges in that relationship would require us to obtain alternative financing, which could be difficult. Both AGCO and our finance joint ventures have substantial accounts receivable from dealers and end customers, and we would be adversely impacted if the collectability of these receivables was less than optimal; this collectability is dependent upon the financial strength of the farm industry, which in turn is dependent upon the general economy and commodity prices, as well as several of the other factors listed in this section. We can experience substantial and sustained volatility with respect to currency exchange rate and interest rate changes, which can adversely affect our reported results of operations and the competitiveness of our products. Our success depends on the introduction of new products, particularly engines that comply with emission requirements and sustainable smart farming technology, which require substantial expenditures; there is no certainty that we can develop the necessary technology or that the technology that we develop will be attractive to farmers or available at competitive prices. Our expansion plans in emerging markets, including establishing a greater manufacturing and marketing presence and growing our use of component suppliers, could entail significant risks. Our business is increasingly subject to regulations relating to privacy and data protection, and if we violate any of those regulations, or otherwise are the victim of a cyberattack, we could be subject to significant claims, penalties and damages. Cybersecurity breaches including ransomware attacks and other means are rapidly increasing. We continue to review and improve our safeguards to minimize our exposure to future attacks. However, there always will be the potential of the risk that a cyberattack will be successful and will disrupt our business, either through shutting down our operations, destroying data, exfiltrating data or otherwise. We depend on suppliers for components, parts and raw materials for our products, and any failure by our suppliers to provide products as needed, or by us to promptly address supplier issues, will adversely impact our ability to timely and efficiently manufacture and sell products. In addition, the potential of future natural gas shortages in Europe, as well as predicted overall shortages in other energy sources, could also negatively impact our production and that of our supply chain in the future. There can be no assurance that there will not be future disruptions. Any future pandemics could negatively impact our business through reduced sales, facility closures, higher absentee rates and reduced production at both our plants and the plants that supply us with parts and components. In addition, logistical and transportation-related issues and similar problems may also arise. We have previously experienced significant inflation in a range of costs, including for parts and components, shipping and energy. While we have been able to pass along most of those costs through increased prices, there can be no assurance that we will be able to continue to do so. If we are not, it will adversely impact our performance. We face significant competition, and if we are unable to compete successfully against other agricultural equipment manufacturers, we would lose customers and our net sales and performance would decline. We have a substantial amount of indebtedness (and have incurred additional indebtedness as part of the PTx Trimble joint venture transaction), and, as a result, we are subject to certain restrictive covenants and payment obligations, as well as increased leverage generally, that may adversely affect our ability to operate and expand our business. Further information concerning these and other factors is included in AGCO's filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2025, and subsequent Form 10-Qs. AGCO disclaims any obligation to update any forward-looking statements except as required by law.

* * * * *

About AGCO
AGCO (NYSE: AGCO) is a global leader in agricultural machinery and precision agriculture technologies. Driven by a Farmer-First strategy, AGCO delivers value through its differentiated leading brands, Fendt™, Massey Ferguson™, PTx™ and Valtra™. AGCO's high-performance equipment and smart farming solutions, including brand-agnostic retrofit technologies and autonomous offerings, empower farmers to drive productivity while sustainably feeding the world. For more information, visit www.agcocorp.com. 

# # # # #

AGCO CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited and in millions)

June 30, 2026

December 31, 2025

ASSETS

Current Assets:

Cash and cash equivalents

$              573.4

$              861.8

Accounts and notes receivable, net

1,232.1

1,079.4

Inventories, net

3,007.1

2,709.3

Other current assets

525.1

545.6

Total current assets

5,337.7

5,196.1

Property, plant and equipment, net

1,939.9

1,996.2

Right-of-use lease assets

153.0

167.3

Investments in affiliates

490.6

609.9

Deferred tax assets

974.4

905.5

Other assets

455.0

481.0

Intangible assets, net

644.6

673.0

Goodwill

1,883.2

1,898.8

Total assets

$           11,878.4

$          11,927.8

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY

Current Liabilities:

Borrowings due within one year

$              546.7

$              117.7

Accounts payable

1,030.8

951.0

Accrued expenses

2,340.1

2,538.7

Other current liabilities

123.6

121.7

Total current liabilities

4,041.2

3,729.1

Long-term debt, less current portion and debt issuance costs

2,180.3

2,323.1

Operating lease liabilities

111.9

122.1

Pension and postretirement health care benefits

167.2

169.2

Deferred tax liabilities

123.0

126.5

Other noncurrent liabilities

881.8

885.1

Total liabilities

7,505.4

7,355.1

Redeemable noncontrolling interests

292.4

299.2

Stockholders' Equity:

Preferred stock

—

—

Common stock

0.7

0.7

Additional paid-in capital

10.9

0.5

Retained earnings

5,800.9

6,047.2

Accumulated other comprehensive loss

(1,731.9)

(1,774.9)

Total stockholders' equity

4,080.6

4,273.5

Total liabilities, redeemable noncontrolling interests and stockholders' equity

$           11,878.4

$          11,927.8

See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in millions, except per share data)

Three Months Ended June 30,

2026

2025

Net sales

$           2,609.7

$           2,635.0

Cost of goods sold

1,963.8

1,976.4

Gross profit

645.9

658.6

Operating expenses:

Selling, general and administrative expenses

335.7

326.4

Engineering expenses

141.2

117.8

Amortization of intangibles

17.1

15.7

Impairment charges

—

6.8

Restructuring and business optimization expenses

11.2

15.6

Loss on sale of business

—

12.3

Income from operations

140.7

164.0

Interest expense, net

17.0

17.8

Other expense, net

15.5

48.9

Income before income taxes and equity in net earnings of affiliates

108.2

97.3

Income tax provision (benefit)

40.4

(205.5)

Income before equity in net earnings of affiliates

67.8

302.8

Equity in net earnings of affiliates

7.0

11.6

Net income

74.8

314.4

Net loss attributable to noncontrolling interests

2.4

0.4

Net income attributable to AGCO Corporation

$              77.2

$             314.8

Net income per common share attributable to AGCO Corporation:

Basic

$              1.08

$              4.22

Diluted

$              1.08

$              4.22

Cash dividends declared and paid per common share

$              0.30

$              0.29

Weighted average number of common and common equivalent shares outstanding:

Basic

71.1

74.6

Diluted

71.2

74.6

See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in millions, except per share data)

Six Months Ended June 30,

2026

2025

Net sales

$           4,952.6

$           4,685.5

Cost of goods sold

3,725.3

3,506.3

Gross profit

1,227.3

1,179.2

Operating expenses:

Selling, general and administrative expenses

674.8

652.2

Engineering expenses

273.8

233.8

Amortization of intangibles

34.0

31.0

Impairment charges

2.1

7.9

Restructuring and business optimization expenses

21.2

28.6

Loss on sale of business

—

12.3

Income from operations

221.4

213.4

Interest expense, net

32.2

36.3

Other expense, net

42.0

81.2

Income before income taxes and equity in net earnings of affiliates

147.2

95.9

Income tax provision (benefit)

45.0

(203.5)

Income before equity in net earnings of affiliates

102.2

299.4

Equity in net earnings of affiliates

25.0

23.7

Net income

127.2

323.1

Net loss attributable to noncontrolling interests

5.0

2.2

Net income attributable to AGCO Corporation

$             132.2

$             325.3

Net income per common share attributable to AGCO Corporation

Basic

$              1.84

$              4.36

Diluted

$              1.84

$              4.36

Cash dividends declared and paid per common share

$              0.59

$              0.58

Weighted average number of common and common equivalent shares outstanding:

Basic

71.8

74.6

Diluted

71.9

74.6

See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in millions)

Six Months Ended June 30,

2026

2025

Cash flows from operating activities:

Net income

$             127.2

$             323.1

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation

133.8

124.6

Amortization of intangibles

34.0

31.0

Stock compensation expense

27.9

17.9

Impairment charges

2.1

7.9

Loss on sale of business

—

12.3

Equity in net earnings of affiliates, net of cash received

(25.0)

(23.1)

Deferred income tax benefit

(64.5)

(301.3)

Other

(14.0)

14.0

Changes in operating assets and liabilities:

Accounts and notes receivable, net

(177.7)

107.5

Inventories, net

(298.8)

(146.5)

Other current and noncurrent assets

43.8

(70.3)

Accounts payable

114.9

176.1

Accrued expenses

(156.5)

(244.5)

Other current and noncurrent liabilities

7.8

124.8

Total adjustments

(372.2)

(169.6)

Net cash provided by (used in) operating activities

(245.0)

153.5

Cash flows from investing activities:

Purchases of property, plant and equipment

(101.8)

(90.4)

Proceeds from sale of property, plant and equipment

0.3

1.1

Proceeds from sale of business

—

(12.3)

Investments in unconsolidated affiliates

(34.7)

(1.2)

Proceeds from sale of investments in unconsolidated affiliates

188.4

—

Other

(15.5)

(5.3)

Net cash provided by (used in) investing activities

36.7

(108.1)

Cash flows from financing activities:

Proceeds from indebtedness

376.6

518.0

Repayments of indebtedness

(56.2)

(367.5)

Purchases and retirement of common stock

(347.0)

—

Payment of dividends to stockholders

(42.0)

(43.3)

Payment of minimum tax withholdings on stock compensation

(7.0)

(9.1)

Net cash provided by (used in) financing activities

(75.6)

98.1

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

(4.5)

27.7

Increase (decrease) in cash, cash equivalents and restricted cash

(288.4)

171.2

Cash, cash equivalents and restricted cash, beginning of period

861.8

612.7

Cash, cash equivalents and restricted cash, end of period

$             573.4

$             783.9

See accompanying notes to condensed consolidated financial statements.

AGCO CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited, in millions)

1.    SEGMENT REPORTING

The Company has four operating segments which are also its reportable segments which consist of the North America, Latin America, Europe/Middle East and Asia/Pacific/Africa regions. Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer‑First transformation initiatives in North America. As a result, the Company's Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America. Segment information for all prior periods presented has been retrospectively adjusted to reflect this change. The Company's reportable segments are geography based and distribute a full range of agricultural machinery and precision agriculture technology. The Company's Chief Operating Decision Maker ("CODM"), Eric P. Hansotia, Chairman of the Board, President and Chief Executive Officer, evaluates segment performance primarily based on income from operations. The CODM utilizes income from operations to evaluate each segment's performance including the allocation of resources. Sales for each segment are based on the location of the third-party customer. The Company's selling, general and administrative expenses and engineering expenses are generally charged to each segment based on the region and division where the expenses are incurred. As a result, the components of income (loss) from operations for one segment may not be comparable to another segment. Segment results for the three and six months ended June 30, 2026 and 2025 based on the Company's reportable segments are as follows (in millions): 

Three Months Ended June 30,

North
America

Latin
America

Europe/Middle
East

Asia/Pacific/
Africa

Total
Segments

2026

Net sales

$    471.5

$    271.3

$     1,732.4

$       134.5

$  2,609.7

Cost of goods sold

378.9

236.0

1,242.4

106.5

1,963.8

Selling, general and administrative expenses

77.1

42.1

146.5

14.8

280.5

Engineering expenses

40.0

15.0

83.3

2.9

141.2

Income (loss) from operations

$    (24.5)

$    (21.8)

$       260.2

$        10.3

$    224.2

2025

Net sales

$    393.9

$    330.4

$     1,774.9

$       135.8

$  2,635.0

Cost of goods sold

305.3

265.8

1,299.3

106.0

1,976.4

Selling, general and administrative expenses

78.7

31.7

140.1

17.9

268.4

Engineering expenses

35.1

6.0

74.2

2.5

117.8

Income (loss) from operations

$    (25.2)

$      26.9

$       261.3

$          9.4

$    272.4

Six Months Ended June 30,

North
America

Latin
America

Europe/Middle
East

Asia/Pacific/
Africa

Total

Segments

2026

Net sales

$    877.9

$    483.0

$     3,333.2

$       258.5

$  4,952.6

Cost of goods sold

717.0

439.9

2,361.9

206.5

3,725.3

Selling, general and administrative expenses

159.3

78.1

288.6

32.2

558.2

Engineering expenses

77.1

27.7

163.5

5.5

273.8

Income (loss) from operations

$    (75.5)

$    (62.7)

$       519.2

$        14.3

$    395.3

2025

Net sales

$    763.4

$    586.4

$     3,105.4

$       230.3

$  4,685.5

Cost of goods sold

581.0

470.9

2,270.1

184.3

3,506.3

Selling, general and administrative expenses

163.5

65.8

275.3

34.4

539.0

Engineering expenses

68.3

16.3

144.3

4.9

233.8

Income (loss) from operations

$    (49.4)

$      33.4

$       415.7

$          6.7

$    406.4

A reconciliation from the segment information to the consolidated balances for income from operations is set forth below (in millions):

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Segment income from operations

$          224.2

$          272.4

$          395.3

$           406.4

Impairment charges

—

(6.8)

(2.1)

(7.9)

Loss on sale of business

—

(12.3)

—

(12.3)

Corporate expenses

(38.1)

(47.7)

(89.2)

(95.8)

Amortization of intangibles

(17.1)

(15.7)

(34.0)

(31.0)

Stock compensation expense

(17.1)

(10.3)

(27.4)

(17.4)

Restructuring and business optimization expenses

(11.2)

(15.6)

(21.2)

(28.6)

Consolidated income from operations

$          140.7

$          164.0

$          221.4

$           213.4

RECONCILIATION OF NON-GAAP MEASURES

This earnings release discloses adjusted income from operations, adjusted operating margin, adjusted net income, adjusted net income per share and net sales on a constant currency basis, each of which excludes amounts that are typically included in the most directly comparable measure calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). A reconciliation of each of those measures to the most directly comparable GAAP measure is included below.

The following is a reconciliation of reported income from operations, net income attributable to AGCO and net income per share attributable to AGCO to adjusted income from operations, adjusted net income and adjusted net income per share for the three and six months ended June 30, 2026 and 2025 (in millions, except per share data):

Three Months Ended June 30,

2026

2025

Income From
Operations

Net
Income(1)

Net Income
Per Share(1)

Income From
Operations

Net
Income(1)

Net Income
Per Share(1)

As reported

$       140.7

$       77.2

$       1.08

$       164.0

$     314.8

$       4.22

Restructuring and business optimization expenses(2)

11.2

8.7

0.12

15.6

11.6

0.16

Amortization of PTx Trimble acquired intangibles(3)

14.3

11.0

0.16

13.0

7.9

0.11

Transaction-related costs(4)

0.1

—

—

5.8

1.6

0.02

Impairment charges(5)

—

—

—

6.8

6.8

0.09

Loss on sale of business(6)

—

—

—

12.3

12.7

0.17

Divestiture-related foreign currency translation release(7)

5.3

5.3

0.07

—

—

—

Discrete tax items(8)

—

—

—

—

(255.2)

(3.42)

As adjusted

$       171.6

$     102.2

$       1.43

$       217.5

$     100.2

$       1.35

(1)

Net income and net income per share amounts are after tax.

(2)

The restructuring expenses recorded during the three months ended June 30, 2026 and 2025 related primarily to severance, business optimization and other related costs associated with the Company's restructuring program.

(3)

Amortization of intangibles related to intangibles acquired as part of the Company's acquisition of PTx Trimble.

(4)

The transaction-related costs recorded during the three months ended June 30, 2026 related to the Company's divestiture of the majority of its Grain & Protein ("G&P") business. The transaction-related costs recorded during the three months ended June 30, 2025 related to the Company's divestiture of the majority of its G&P business and the formation of the PTx Trimble joint venture.

(5)

The impairment charges recorded during the three months ended June 30, 2025 primarily related to the impairment of certain other assets.

(6)

The loss on sale of business recorded during the three months ended June 30, 2025 related to the finalization of the preliminary working capital and other adjustments related to the sale of the majority of the Company's G&P business.

(7)

During the three months ended June 30, 2026, the Company divested its interests in its Canadian finance joint venture. Foreign currency translation impacts since inception of the finance joint venture previously recognized within "Accumulated other comprehensive loss" were recorded within "Other expense, net" in the Company's Condensed Consolidated Statements of Operations.

(8)

During the three months ended June 30, 2025, the Company's income tax provision included a net tax benefit of $255.2 million related to a legal entity reorganization.

Six Months Ended June 30,

2026

2025

Income From
Operations

Net
Income(1)

Net Income
Per Share(1)

Income From
Operations

Net
Income(1)

Net Income
Per Share(1)

As reported

$       221.4

$     132.2

$       1.84

$       213.4

$     325.3

$       4.36

Restructuring and business optimization expenses(2)

21.2

17.1

0.24

28.6

21.3

0.29

Amortization of PTx Trimble acquired intangibles(3)

28.7

22.1

0.31

25.8

15.5

0.21

Transaction-related costs(4)

0.3

—

—

12.9

3.6

0.05

Impairment charges(5)

2.1

2.1

0.03

7.9

7.9

0.10

Loss on sale of business(6)

—

—

—

12.3

12.7

0.17

Divestiture-related foreign currency translation release(7)

5.3

5.3

0.07

—

—

—

Discrete tax items(8)

—

(8.5)

(0.12)

—

(255.2)

(3.42)

As adjusted

$       279.0

$     170.3

$       2.37

$       300.9

$     131.1

$       1.76

(1)

Net income and net income per share amounts are after tax.

(2)

The restructuring expenses recorded during the six months ended June 30, 2026 and 2025 related primarily to severance, business optimization and other related costs associated with the Company's restructuring program.

(3)

Amortization of intangibles related to intangibles acquired as part of the Company's acquisition of PTx Trimble.

(4)

The transaction-related costs recorded during the six months ended June 30, 2026 related to the Company's divestiture of the majority of its G&P business. The transaction-related costs recorded during the six months ended June 30, 2025 related to the Company's divestiture of the majority of its G&P business and the formation of the PTx Trimble joint venture.

(5)

The impairment charges recorded during the six months ended June 30, 2026 and 2025 primarily related to the impairment of certain other assets.

(6)

The loss on sale of business recorded during the six months ended June 30, 2025 related to the finalization of the preliminary working capital and other adjustments related to the sale of the majority of the Company's G&P business.

(7)

During the six months ended June 30, 2026, the Company divested its interests in its Canadian finance joint venture. Foreign currency translation impacts since inception of the finance joint venture previously recognized within "Accumulated other comprehensive loss" were recorded within "Other expense, net" in the Company's Condensed Consolidated Statements of Operations.

(8)

During the six months ended June 30, 2026, the Company received a refund resulting from a favorable resolution related to a prior settlement under the Brazilian government's "Litigation Zero" tax amnesty program. During the six months ended June 30, 2025, the Company's income tax provision included a net tax benefit of $255.2 million related to a legal entity reorganization.

The following is a reconciliation of adjusted operating margin for the three and six months ended June 30, 2026 and 2025 (in millions, except margin data):

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net sales

$       2,609.7

$       2,635.0

$       4,952.6

$       4,685.5

Income from operations

140.7

164.0

221.4

213.4

Adjusted income from operations(1)

$         171.6

$         217.5

$         279.0

$         300.9

Operating margin(2)

5.4 %

6.2 %

4.5 %

4.6 %

Adjusted operating margin(2)

6.6 %

8.3 %

5.6 %

6.4 %

(1)

Refer to the previous table for the reconciliation of income from operations to adjusted income from operations.

(2)

Operating margin is defined as the ratio of income from operations divided by net sales. Adjusted operating margin is defined as the ratio of adjusted income from operations divided by net sales.

The Company does not provide a quantitative reconciliation of forward-looking, non-GAAP financial measures to the most directly comparable GAAP financial measure because it is difficult to reliably predict or estimate the relevant components without unreasonable effort due to future uncertainties that may potentially have a significant impact on such calculations and providing them may imply a degree of precision that would be confusing or potentially misleading.

The following tables set forth, for the three and six months ended June 30, 2026 and 2025, the impact to net sales of currency translation by geographical segment (in millions, except percentages):

Three Months Ended June 30,

Change due to currency translation

2026

2025

% change
from 2025

$

%

North America

$     471.5

$     393.9

19.7 %

$       (0.2)

(0.1) %

Latin America(1)

271.3

330.4

(17.9) %

23.5

7.1 %

Europe/Middle East

1,732.4

1,774.9

(2.4) %

41.1

2.3 %

Asia/Pacific/Africa

134.5

135.8

(1.0) %

7.3

5.4 %

$   2,609.7

$   2,635.0

(1.0) %

$       71.7

2.7 %

(1)

Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer‑First transformation initiatives in North America. As a result, the Company's Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America. Segment information for all prior periods presented has been retrospectively adjusted to reflect this change.

Six Months Ended June 30,

Change due to currency translation

2026

2025

% change
from 2025

$

%

North America

$     877.9

$     763.4

15.0 %

$        3.5

0.5 %

Latin America(1)

483.0

586.4

(17.6) %

42.0

7.2 %

Europe/Middle East

3,333.2

3,105.4

7.3 %

179.7

5.8 %

Asia/Pacific/Africa

258.5

230.3

12.2 %

17.0

7.4 %

$   4,952.6

$   4,685.5

5.7 %

$     242.2

5.2 %

(1)

Effective January 1, 2026, the Company realigned its organizational structure to support its Farmer‑First transformation initiatives in North America. As a result, the Company's Mexico operations were transferred from the North America segment to the South America segment, which was renamed Latin America. Segment information for all prior periods presented has been retrospectively adjusted to reflect this change.

SOURCE AGCO Corporation

BOSTON, July 30, 2026 (GLOBE NEWSWIRE) -- Cabot Corporation (NYSE: CBT) announced today that Sean Keohane has notified the Board of Directors of his decision to retire as President and Chief Executive Officer (CEO) of the Company and to step down from the Company’s Board of Directors, each effective September 30, 2026. Erica McLaughlin, Executive Vice President, Chief Financial Officer (CFO) and Head of Corporate Strategy, has been elected to succeed Keohane as President and CEO, and to serve on the Board as a member of the class of directors whose term expires at the 2029 Annual Meeting of Stockholders, both effective October 1, 2026.

Keohane will remain with the Company in an advisory capacity through the end of the 2026 calendar year to ensure a smooth transition. In connection with McLaughlin’s appointment, the Company has commenced a search process to identify a new CFO.

McLaughlin joined Cabot in 2002 and has held a broad range of senior leadership positions within the Company’s finance and strategy organizations and Reinforcement Materials business. Prior to her current role, which she has held since 2018, she was Vice President, Business Operations for Reinforcement Materials and General Manager of its tire business and Vice President of Investor Relations, positions from which she has developed a deep understanding of finance, corporate strategy and business operations. She has played a key role in shaping the company’s strategic direction, driving operational discipline, and advancing major initiatives across the portfolio. She also currently serves on the Board of Directors of Azenta Life Sciences (Nasdaq: AZTA) and on the Advisory Board of FM Global.

“Erica brings deep industry expertise and a strong understanding of Cabot’s businesses, markets and global operations. This experience, coupled with her commitment to the company’s long-term strategic priorities, positions her exceptionally well to lead Cabot,” said Board Chair Michael Morrow. “Our decision to appoint Erica as the next President and CEO reflects a thoughtful and deliberate succession planning process. Her deep knowledge of the organization and commitment to the values and culture that have been integral to Cabot’s success will provide continuity as we execute this leadership transition. We believe she brings the leadership, discipline and strategic clarity needed to lead Cabot forward and deliver on our long-term vision.”

“I am deeply honored to succeed Sean as President and CEO and lead Cabot into our next chapter,” said McLaughlin. “Having been at Cabot for close to 25 years, I know firsthand the strength of our people and our businesses. I look forward to working with the Board and our global team to build on our success, grow the company by supporting our customers with innovative chemistry solutions to advance their businesses, and create value for our stockholders.”

Keohane has had a distinguished career spanning nearly 25 years with Cabot and has served as the company’s President and CEO since 2016. During his tenure, he has led the company through a period of meaningful change; focusing the portfolio, strengthening its core businesses, developing its entry and scale up into battery materials, advancing the company’s sustainability agenda, and deepening the company’s commitment to operational and commercial excellence. Under his leadership, Cabot has delivered strong performance and generated long-term value for shareholders.

“The Board is deeply appreciative of Sean’s exceptional leadership and distinguished career at Cabot,” said Morrow. “We extend our congratulations on a well-deserved retirement. During his tenure as CEO, Sean provided strong, steady and thoughtful leadership, focusing the company’s portfolio around its core businesses and advancing new strategic long-term growth priorities. His collaborative leadership style has strengthened our organization and leadership team, leaving a strong foundation for continued success in the years ahead.”

“It has been a tremendous privilege to lead Cabot and to work alongside such a talented and dedicated global team,” said Keohane. “I am incredibly proud of what we have accomplished together and the foundation we have created. I am confident Cabot is in excellent hands under Erica’s leadership. We have worked side by side for almost my entire tenure as CEO and I have seen first-hand her strong leadership, operational discipline, and sharp strategic mind. Erica is a trusted and highly capable leader with deep knowledge of our business and a commitment to our people, the culture, and the unique heritage of this great company. I look forward to supporting a seamless transition in the months ahead.”

ABOUT CABOT CORPORATION
Cabot Corporation (NYSE: CBT) is a global specialty chemicals and performance materials company headquartered in Boston, Massachusetts. The company is a leading provider of reinforcing carbons, specialty carbons, battery materials, engineered elastomer composites, inkjet colorants, masterbatches and conductive compounds, fumed metal oxides and aerogel. For more information on Cabot, please visit the company’s website at cabotcorp.com.

Forward-Looking Statements: This press release contains forward-looking statements. All statements that address expectations or projections about the future, including with respect to the planned leadership transition and expectations for future performance, growth and value creation for stockholders, are forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, potentially inaccurate assumptions, and other factors, some of which are beyond our control and difficult to predict. If known or unknown risks materialize, or should underlying assumptions prove inaccurate, our actual results could differ materially from past results and from those expressed or implied by forward-looking statements. Important factors that could cause our results to differ materially from those expressed or implied in the forward-looking statements include, but are not limited to: the inherent uncertainty of management transitions and the ability of the Company to successfully execute its planned leadership transition; industry capacity utilization and competition from other specialty chemical companies; safety, health and environmental requirements and related constraints imposed on our business; regulatory and financial risks related to climate change developments; volatility in the price and availability of energy and raw materials; negative or uncertain worldwide or regional economic conditions and market opportunities, including from trade relations, global health matters or geo-political conflicts; failure to achieve growth expectations from new products, applications and technology developments; failure to realize benefits from acquisitions, alliances, or joint ventures or achieve our portfolio management objectives; litigation or legal proceedings; interest rates, tax rates, currency exchange controls, tariffs and fluctuations in foreign currency rates; and other risks and uncertainties described in the reports we file with the Securities and Exchange Commission ("SEC"). These factors are discussed more fully in the reports we file with the SEC, particularly under the heading "Risk Factors" in our annual report on Form 10-K for our fiscal year ended September 30, 2025, which is filed with the SEC and available at www.sec.gov. We assume no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.

Contact:
Vanessa Craigie
Corporate Communications
[email protected]
(617) 342-6015

Robert Rist
Investor Relations
[email protected]
(617) 342-6374

The nation’s third and fourth largest theater chains, Cinemark and Marcus Theatres, both posted upbeat earnings amid a long-awaited box office recovery.

Plano, Texas-based Cinemark saw sales rise 15% to $1.1 billion for the June quarter, a milestone for the company, on rising admissions and concession sales as the CEO applauded “our studio partners for delivering such a fulsome and compelling slate of films that meaningfully connected with audiences.”

Cinemark shares are up over 4% in early trading on the report, which saw net income of $139 million was up from $94 million for an EPS of $1.19 vs $0.63.

“Our achievements reflect the significant progress we’ve made enhancing our consumer offerings, scaling revenue opportunities and further optimizing our business, combined with the impact of solid operating rigor in a robust box office environment,” said CEO Sean Gamble.

AMC Entertainment and Imax both reported solid numbers last week.

Cinemark, a sector favorite on Wall Street with a strong balance sheet, said it’s been picking up market share since Covid and that domestic box office results surpassed North American industry growth by over 200 basis points year-over-year. International admissions outpaced comparable industry benchmarks by 500 basis points year-over-year.

The company generated record quarterly admissions revenue of $540 million worldwide and concession revenue of $433 million.

At smaller Marcus, based in Milwaukee, revenues rose to $151 million for the June quarter, up 14%. Operating income surged 70% to $27 million.

“It is a great time to be a moviegoer, with a steady slate of compelling films bringing audiences of all ages together at the movies,” said division president Jeffry Tomachek. (Marcus also owns a sizeable hotel business.)

Marcus Theatres’ top five highest-performing films were The Super Mario Galaxy Movie, Michael, Toy Story 5, Obsession and Backrooms

The third quarter continues strong led by the massive success of The Odyssey; strong pre-sales for Spider-Man: Brand New Day; continued carry-over excitement for Toy Story 5; and additional family-friendly films such as Minions & Monsters and Moana.

“With many more highly anticipated films expected through the end of the year, 2026 is shaping up to be a memorable year for moviegoing,” Tomachek said, noting upcoming Super Troopers 3, Paw Patrol: The Dino Movie, Insidious: Out of the Further, Practical Magic 2, Resident Evil, Forgotten Island, Digger, Verity, Other Mommy, The Social Reckoning, Street Fighter, The Cat in the Hat, Godzilla Minus Zero, Hunger Games: Sunrise on the Reaping, Hexed, Focker-In-Law, Dune: Part Three, Avengers: Doomsday, The Angry Birds Movie 3 and Jumanji: Open World.

Both companies are hosting calls with analysts this morning.

On-chain data flagged by Lookonchain shows two prominent institutional players moving significant amounts of Hyperliquid's native $HYPE token to Coinbase Prime within a 15-hour window, adding to a growing pattern of large exchange deposits from major holders.

Multicoin Capital deposited another 137,100 HYPE, worth approximately $7.51 million, into Coinbase Prime. Bitwise followed with a transfer of 22,463 HYPE, valued at roughly $1.23 million. The moves are the latest in a series of institutional transfers that have kept $HYPE under selling pressure in recent weeks.

A Pattern of Institutional OutflowsThe latest transfers are not isolated. Multicoin Capital unstaked a large HYPE position on July 22, 2026, with on-chain analysts tracking approximately 1.96 million HYPE worth $120 million leaving staking across three wallets associated with the firm. One labeled wallet sent 395,570 HYPE to Coinbase Prime as part of that earlier wave.

Bitwise has also been an active mover. Bitwise's BHYP Hyperliquid ETF transferred 39.31K HYPE tokens valued at roughly $2.13 million to Coinbase in one recent move, bringing cumulative outflows to 280.69K HYPE over recent weeks.

The optics are complicated by Multicoin's own published research. On June 25, barely a month before these deposits began, Multicoin published a valuation report projecting a base-case price of $319 for HYPE by 2028, implying over 400% upside from trading levels at the time.

Selling Signal or Portfolio Management?Large deposits to a centralized exchange are widely read as a precursor to selling, but analysts urge caution. The Coinbase Prime deposit is a stronger selling signal than unstaking alone, but it still falls short of proof. Coinbase markets Prime as a platform combining trading, financing, and qualified custody, meaning an institutional deposit can support execution or custody without revealing which function the client intends to use.

Large wallet movements to exchanges often precede sell-offs, but on-chain analysts have cautioned that a Coinbase deposit and an unstaking request alone are not definitive proof of an actual sale. The tokens could be moved for purposes such as collateral management, custody changes, or liquidity provisioning.

Despite the pressure, some firms remain constructive on $HYPE. Grayscale said that HYPE is undervalued at a 15x to 18x valuation multiple compared to Circle and Coinbase stocks, and that the token still looks cheap compared to fintech equities despite its gains this year.

Sources:
Memeburn: Multicoin Capital Unstakes $120M HYPE
Crypto Briefing: Institutions Sell HYPE as Multicoin Capital Deposits $8M into Coinbase Prime
AMBCrypto: Why Grayscale Thinks Hyperliquid's HYPE Is Still Cheap Despite Institutional Sell-Off

, /PRNewswire/ -- Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company"), a leading component solutions provider for the Outdoor Enthusiast and Housing markets, today reported financial results for the second quarter and six months ended June 28, 2026.

Second Quarter 2026 Highlights (compared to Second Quarter 2025 unless otherwise noted)

Net sales were $1.04 billion compared to $1.05 billion in the prior-year period. Revenue growth of 22% in Marine, 28% in Powersports, and 2% in Housing predominantly offset the impact of a 15% decline in RV end market revenue, driven by a 16% decline in RV industry wholesale unit shipments. Patrick's RV content per unit (on a trailing 12-month basis) increased 7%, while estimated Marine content per unit (on a trailing 12-month basis) grew 22%. Operating income was $77 million and operating margin was 7.4% compared to operating income of $87 million and operating margin of 8.3% in the prior-year period. On an adjusted basis1, operating margin was 7.5% compared to 8.3% in the prior-year period. Net income increased 34% to $43 million and diluted earnings per share (EPS) increased 33% to $1.28. On an adjusted basis1, net income was $44 million, or $1.29 per diluted share, compared to $51 million, or $1.50 per diluted share in the prior-year period. Reported and adjusted diluted EPS1 include the dilutive impact of convertible notes and related warrants of approximately $0.07 per share, compared to $0.03 in the prior-year period. Adjusted EBITDA1 was $126 million and adjusted EBITDA margin1 was 12.1% compared to adjusted EBITDA1 of $135 million and adjusted EBITDA margin1 of 12.9% in the prior-year period. On a year-to-date basis, cash flow provided by operating activities was $69 million compared to $189 million in the prior-year period. Free cash flow1, on a trailing twelve-month basis, was $128 million. Returned $106 million to shareholders in the second quarter of 2026, including $15 million through regular quarterly dividends and $91 million through share repurchases. Available liquidity was $691 million at the end of the second quarter; total net leverage ratio was 3.0x. Subsequent to the end of the second quarter, as previously announced on June 30, 2026, the Company signed a definitive agreement with LCI Industries to combine in an all-stock merger. Please visit www.patrickandlipperttogether.com for information regarding the transaction. "Our second quarter results underscore the strength and resilience of our diversified platform, the continued dedication of our team, and our focus on continuing to drive both organic and strategic growth despite uncertain and volatile market conditions," said Andy Nemeth, Chief Executive Officer. "Our strategic diversification across distinct end markets continued to support our overall performance in what has been a challenging consumer discretionary environment. Growth in our Marine, Powersports, and Housing businesses largely offset a double-digit percentage decline in our RV end market revenue amid equally soft RV industry wholesale unit shipments. Despite this uncertainty, we remain encouraged by the level of discipline across the value chain in each of our markets, as our teams, the OEMs we serve, and dealers continue to focus on measured production schedules and prudent inventory management, supporting healthy long-term industry dynamics. Across Patrick, we are staying close to our customers, investing in innovation, and driving additional operational efficiencies, while preserving the flexibility to exceed customer expectations."

Net sales of $1.04 billion declined less than 1% from the second quarter of 2025. Revenue growth in the Company's Marine, Powersports, and Housing end markets predominantly offset the impact of a decline in RV end market revenue, which was related to a 16% decline in RV industry wholesale unit shipments in the quarter. The Company's strong content per unit growth in Marine and a continued increase in attachment rates within the Company's Powersports business were instrumental in delivering solid revenue performance overall. 

Operating income was $77 million compared to $87 million in the second quarter of 2025. Operating margin was 7.4% compared to 8.3% in the same period last year. The year-over-year decline partially reflected a number of factors, including the impact of a double-digit percentage decline in RV industry wholesale unit shipments, higher oil and fuel prices and the related fuel surcharges, and merger-related costs. Adjusted operating margin1 was 7.5% compared to 8.3% in the second quarter of 2025.

Net income increased 34% to $43 million, or $1.28 per diluted share, compared to $32 million, or $0.96 per diluted share in the second quarter of 2025. Adjusted net income1 in the second quarter of 2026 was $44 million, or $1.29 per diluted share1, compared to adjusted net income1 of $51 million, or $1.50 per diluted share1 in the prior-year period. Adjusted net income1 in the second quarter of 2025 excludes one-time expenses related to a legal settlement. Reported and adjusted diluted earnings per share1 in the second quarter of 2026 include approximately $0.07 of dilution from the Company's convertible notes and related warrants compared to $0.03 in the prior-year period.

Jeff Rodino, President, said, "Our strategic investments have positioned Patrick to better support our customers in more ways than ever before. As our OEM customers continue to focus on affordability, efficiency, labor productivity, product differentiation and managing retail demand patterns, we are bringing forward solutions in partnership that are practical, scalable, and aligned with the needs of today's market. Whether through new product development, component and composite solutions, electrical systems, aftermarket capabilities, advanced manufacturing, value engineering, or The Experience, our teams are working directly with customers to help solve the challenges that matter most to their businesses. Our solutions-oriented approach supports organic growth while helping customers deliver more value to the end consumer. While near-term demand conditions remain challenging, we believe our portfolio of brands, technical expertise, and ability to execute across our end markets continue to reinforce Patrick as a trusted partner across business cycles."

Second Quarter 2026 Revenue by Market Sector
(compared to Second Quarter 2025 unless otherwise noted)

RV (39% of Revenue)

Revenue of $407 million decreased 15% while RV industry wholesale unit shipments decreased 16%. Content per wholesale RV unit (on a trailing twelve-month basis) increased 7% to $5,303 when compared to the prior-year period and was flat compared to the first quarter of 2026. Marine (18% of Revenue)

Revenue of $191 million increased 22% compared to flat estimated wholesale powerboat industry unit shipments.  Estimated content per wholesale powerboat unit (on a trailing twelve-month basis) increased 22% to $4,883 when compared to the prior-year period and increased 5% when compared to the first quarter of 2026. Powersports (12% of Revenue)

Revenue of $123 million increased 28% driven by continued demand for utility-focused units, increased OEM penetration, and stronger attachment rates for Sportech's cab enclosure solutions and other premium vehicle content, including audio. Housing (31% of Revenue, comprised of Manufactured Housing ("MH") and Industrial)

Revenue of $320 million increased 2%; estimated wholesale MH industry unit shipments decreased 8%; total housing starts decreased 1%. Estimated content per wholesale MH unit (on a trailing twelve-month basis) of $6,673 was flat compared to the prior-year period and increased 1% compared to the first quarter of 2026. Balance Sheet, Cash Flow and Capital Allocation

For the first six months of 2026, cash provided by operating activities was $69 million compared to $189 million in the prior-year period, reflecting higher working capital investment compared to the first half of 2025, as inventory levels remained elevated in connection with the Company's composite products growth strategy. Purchases of property, plant and equipment totaled $18 million in the second quarter of 2026, reflecting the disciplined deployment of capital toward strategic investments, including technology, automation, and other operational efficiency enhancements. On a trailing twelve-month basis, free cash flow1 through the second quarter of 2026 was $128 million compared to $262 million in the prior-year period primarily reflecting the aforementioned increase in working capital investment.

Patrick returned $106 million to shareholders during the second quarter of 2026, including $15 million through dividends and $91 million for the repurchase of 980,000 shares of the Company's common stock. At the end of the second quarter, the Company had unused capacity of $62 million under its current share repurchase authorization.

Total debt at the end of the second quarter was approximately $1.4 billion, resulting in a total net leverage ratio of 3.0x (as calculated in accordance with the Company's credit agreement). Available liquidity, comprised of borrowing availability under the Company's credit facility and cash on hand, was approximately $691 million.

Business Outlook and Summary

"Our long-term strategy and confidence in Patrick's value creation opportunity remain unchanged, even as we take a prudent view of the balance of the year given the continued macroeconomic uncertainty across our end markets," continued Mr. Nemeth. "We are not relying on a near-term market rebound and are focused on the actions within our control: staying close to our customers, delivering cost-effective product solutions, aligning our cost structure appropriately, advancing high-value growth initiatives, actioning M&A opportunities within our key markets and in alignment with our strategic plan, and continuing to strengthen the capabilities that differentiate Patrick in the marketplace. This focused mindset allows us to manage through near-term uncertainty while building a stronger, more agile platform for the future. With our diversified business model, solid balance sheet, entrepreneurial and customer-first culture, and proven execution capabilities, we believe Patrick is well positioned to deliver long-term profitable growth and shareholder value creation. Consistent with Patrick's long-term vision and strategy, we are excited about the enhanced value proposition the combination with LCI Industries will create for our stakeholders once the transaction is closed, and believe it can enable us to more effectively partner with OEMs to achieve their goals, while driving long-term profitable growth and enhanced shareholder value."

1 See additional information at the end of this release regarding non-GAAP financial measures.

Conference Call Webcast

Patrick Industries will host an online webcast of its second quarter 2026 earnings conference call that can be accessed on the Company's website, www.patrickind.com, under "Investors," on Thursday, July 30, 2026 at 10:00 a.m. Eastern Time. A replay will also be available following the call. In addition, a supplemental earnings presentation can be accessed on the Company's website, www.patrickind.com, under "Investors."

About Patrick Industries, Inc.

Patrick (NASDAQ: PATK) is a leading component solutions provider serving original equipment manufacturers and aftermarket customers in the RV, Marine, Powersports and Housing markets. Since 1959, Patrick has empowered manufacturers and outdoor enthusiasts to achieve next-level recreation experiences. Our customer-focused approach brings together design, manufacturing, distribution, and transportation in a full solutions model that defines us as a trusted partner. Patrick is home to more than 85 leading brands, all united by a commitment to quality, customer service, and innovation. Headquartered in Elkhart, IN, Patrick employs approximately 10,000 skilled team members throughout the United States. For more information on Patrick, our brands, and products, please visit www.patrickind.com. 

Cautionary Statement Regarding Forward-Looking Statements

Information set forth in this communication constitutes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future, and can be identified by forward-looking words such as "anticipate," "believe," "could," "continue," "estimate," "expect," "intend," "may," "should," "will" and "would" or similar words. These forward-looking statements are based on current expectations, forecasts, and assumptions that involve risks and uncertainties and on information available to Patrick Industries, Inc. as of the date hereof. The forward-looking statements are based on current expectations and our actual results may differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that any forward-looking statement will be realized or that actual results will not be significantly different from that set forth in such forward-looking statement. Factors that could cause actual results to differ materially from those in forward-looking statements included in this press release include, without limitation: adverse economic and business conditions, including cyclicality and seasonality in the industries we sell our products and inflationary pressures; the financial condition of our customers or suppliers; the loss of a significant customer; changes in consumer preferences; declines in the level of unit shipments or reduction in growth in the markets we serve; the availability of retail and wholesale financing for RVs, watercraft and powersports products, and residential and manufactured homes; pricing pressures due to competition; costs and availability of raw materials, commodities and energy and transportation; supply chain issues, including financial problems of manufacturers, dealers or suppliers and shortages of adequate materials or manufacturing capacity; the challenges and risks associated with doing business internationally; challenges and risks associated with importing products, such as the imposition of duties, tariffs or trade restrictions, changes in international trade relationships or governmental policies, including the imposition of price caps, or the imposition of trade restrictions or tariffs on any materials or products used in the operation of our business; the ability to manage our working capital, including inventory and inventory obsolescence; the availability and costs of labor and production facilities and the impact of labor shortages; fuel shortages or high prices for fuel; any interruptions or disruptions in production at one of our key facilities; challenges with integrating acquired businesses; the impact of the consolidation and/or closure of all or part of a manufacturing or distribution facility; an impairment of assets, including goodwill and other long-lived assets; an inability to attract and retain qualified executive officers and key personnel; the effects of union organizing activities; the impact of governmental and environmental regulations, and our inability to comply with them; changes to federal, state, local or certain international tax regulations; unusual or significant litigation, governmental investigations, or adverse publicity arising out of alleged defects in products, services, perceived environmental impacts, or otherwise; public health emergencies or pandemics, such as the COVID-19 pandemic; our level of indebtedness; our inability to comply with the covenants contained in our senior secured credit facility; an inability to access capital when needed; the settlement or conversion of our notes; fluctuations in the market price for our common stock; an inability of our information technology systems to perform adequately; any disruptions in our business due to an IT failure, a cyber-incident or a data breach; any adverse results from our evaluation of our internal controls over financial reporting under Section 404 of the Sarbanes-Oxley Act of 2002; certain provisions in our Articles of Incorporation and Amended and Restated By-laws that may delay, defer or prevent a change in control; adverse conditions in the insurance markets; and the impact on our business resulting from wars and military conflicts, such as war in Ukraine and evolving conflict in the Middle East, including, but not limited to conflict with Iran.

Forward-looking statements include, without limitation, statements about the benefits of the proposed transaction between the Company and LCI Industries ("LCI") (the "proposed transaction"), future financial and operating results, the combined company's plans, objectives, expectations and intentions, and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties outside of our control. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: (1) the completion of the proposed transaction may not occur on the anticipated terms and timing or at all; (2) the occurrence of any event, change or other circumstances that could give rise to the termination of the proposed transaction; (3) the risk that the necessary regulatory approvals for the proposed transaction may not be obtained or may be obtained subject to conditions that are not anticipated; (4) risks that any of the closing conditions to the proposed transaction may not be satisfied in a timely manner; (5) risks related to litigation brought in connection with the proposed transaction; (6) risks related to disruption of management time from ongoing business operations due to the proposed transaction; (7) effects of the announcement, pendency or completion of the proposed transaction on the ability of the Company to retain customers and retain and hire key personnel and maintain relationships with suppliers, distributors, advertisers, content providers, vendors and other business partners, and on its operating results and business generally; (8) negative effects of the announcement or the consummation of the proposed transaction on the market price of the Company's common stock; (9) risks related to the potential impact of general economic, political and market factors on the companies or the proposed transaction; (10) inherent uncertainties involved in the estimates and assumptions used in the preparation of financial projections; (11) the ability to obtain or consummate financing or refinancing related to the proposed transaction; and (12) the response of the Company or LCI management to any of the aforementioned factors. The Company's actual results could differ materially from those stated or implied, due to risks and uncertainties associated with its business, which include the risks related to the proposed transaction.

Discussions of additional risks and uncertainties are contained in the Company's filings with the Securities and Exchange Commission ("SEC"), including but not limited to the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and in the Company's Quarterly Reports on Form 10-Q for subsequent quarterly periods, which are filed with the SEC and available on the SEC's website at www.sec.gov. The Company expressly disclaims any obligation to update, alter, or otherwise revise any forward-looking statements, whether written or oral, as a result of new information, future events, or otherwise, except as required by applicable law. Persons reading this communication are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof.

Contact:

Steve O'Hara
Vice President of Investor Relations
[email protected]
574.294.7511

PATRICK INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

Three Months Ended

Six Months Ended

(In thousands, except per share data)

June 28, 2026

June 29, 2025

June 28, 2026

June 29, 2025

Net sales

$     1,041,704

$     1,047,554

$     2,038,876

$     2,050,974

 Cost of goods sold

794,129

796,922

1,564,441

1,571,751

Gross profit

247,575

250,632

474,435

479,223

 Operating Expenses:

     Warehouse and delivery

50,608

46,075

95,640

90,657

     Selling, general and administrative

96,188

93,206

189,284

187,137

     Amortization of intangible assets

23,744

24,629

47,754

49,138

           Total operating expenses

170,540

163,910

332,678

326,932

Operating income

77,035

86,722

141,757

152,291

     Interest expense, net

18,978

18,869

37,366

37,981

     Other expenses

—

24,420

—

24,420

 Income before income taxes

58,057

43,433

104,391

89,890

     Income taxes

14,636

10,997

21,490

19,216

Net income

$         43,421

$         32,436

$         82,901

$         70,674

Basic earnings per common share

$            1.36

$            1.00

$            2.57

$            2.17

Diluted earnings per common share

$            1.28

$            0.96

$            2.37

$            2.07

Weighted average shares outstanding - Basic

31,913

32,520

32,199

32,595

Weighted average shares outstanding - Diluted

33,973

33,823

34,993

34,116

PATRICK INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

($ in thousands)

June 28, 2026

December 31, 2025

ASSETS

Current Assets:

Cash and cash equivalents

$                29,160

$                26,432

Trade and other receivables, net

276,863

185,405

Inventories

653,255

595,265

Prepaid expenses and other

63,180

66,020

Total current assets

1,022,458

873,122

Property, plant and equipment, net

410,230

408,502

Operating lease right-of-use assets

227,533

199,087

Goodwill and intangible assets, net

1,539,053

1,582,662

Other non-current assets

12,012

12,801

Total assets

$            3,211,286

$            3,076,174

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities:

Current maturities of long-term debt

$                  6,250

$                  6,250

Current operating lease liabilities

57,977

54,956

Accounts payable

224,474

192,448

Accrued liabilities

94,135

94,412

Other current liabilities

416

424

Total current liabilities

383,252

348,490

Long-term debt, less current maturities, net

1,412,496

1,282,821

Long-term operating lease liabilities

174,717

148,889

Deferred tax liabilities, net

96,079

96,875

Other long-term liabilities

13,666

14,802

Total liabilities

2,080,210

1,891,877

Total shareholders' equity

1,131,076

1,184,297

Total liabilities and shareholders' equity

$            3,211,286

$            3,076,174

PATRICK INDUSTRIES, INC.      

 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) 

Six Months Ended

($ in thousands)

June 28, 2026

June 29, 2025

Cash flows from operating activities

Net income

$                82,901

$                70,674

Depreciation and amortization

85,790

85,255

Stock-based compensation expense

11,986

11,300

Deferred income taxes

(796)

(7,782)

Other adjustments to reconcile net income to net cash provided by operating activities

1,782

2,283

Change in operating assets and liabilities, net of acquisitions of businesses

(112,756)

27,737

Net cash provided by operating activities

68,907

189,467

Cash flows from investing activities

Purchases of property, plant and equipment

(36,558)

(38,446)

Business acquisitions and other investing activities

(7,659)

(48,172)

Net cash used in investing activities

(44,217)

(86,618)

Net cash flows used in financing activities

(21,962)

(114,436)

Net increase (decrease) in cash and cash equivalents

2,728

(11,587)

Cash and cash equivalents at beginning of year

26,432

33,561

Cash and cash equivalents at end of period

$                29,160

$                21,974

PATRICK INDUSTRIES, INC.

Earnings Per Common Share (Unaudited)

The table below illustrates the calculation of earnings per common share:

Three Months Ended

Six Months Ended

(in thousands, except per share data)

June 28, 2026

June 29, 2025

June 28, 2026

June 29, 2025

Numerator:

Net income attributable to common shares

$         43,421

$         32,436

$         82,901

$         70,674

Denominator:

Weighted average common shares outstanding - basic

31,913

32,520

32,199

32,595

Weighted average impact of potentially dilutive convertible notes

1,275

903

1,575

984

Weighted average impact of potentially dilutive warrants

641

199

1,012

295

Weighted average impact of potentially dilutive securities

144

201

207

242

Weighted average common shares outstanding - diluted

33,973

33,823

34,993

34,116

Earnings per common share:

Basic earnings per common share

$            1.36

$            1.00

$            2.57

$            2.17

Diluted earnings per common share

$            1.28

$            0.96

$            2.37

$            2.07

PATRICK INDUSTRIES, INC.
Non-GAAP Reconciliation (Unaudited)

Use of Non-GAAP Financial Metrics

In addition to reporting financial results in accordance with U.S. GAAP, the Company also provides financial metrics, such as net leverage ratio, content per unit, free cash flow, earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA, adjusted net income, adjusted diluted earnings per share ("adjusted diluted EPS"), adjusted operating margin, adjusted EBITDA margin and available liquidity, which we believe are important measures of the Company's business performance. These metrics should not be considered alternatives to U.S. GAAP. Our computations of net leverage ratio, content per unit, free cash flow, EBITDA, adjusted EBITDA, adjusted net income, adjusted diluted EPS, adjusted operating margin, adjusted EBITDA margin and available liquidity may differ from similarly titled measures used by others. We calculate available liquidity by taking our revolving credit facility capacity, subtracting the outstanding revolver balance and outstanding letters of credit, and adding cash and cash equivalents. Content per unit metrics are generally calculated using our market sales divided by Company estimates based on third-party measures of industry volume. We calculate EBITDA by adding back depreciation and amortization, net interest expense, and income taxes to net income. We calculate adjusted EBITDA by taking EBITDA and adding back stock-based compensation, acquisition-related transaction costs, merger-related costs, loss on sale of business unit, legal settlement, loss on sale of property, plant and equipment and subtracting out the gain on sale of property, plant and equipment. Adjusted net income is calculated by removing the impact of acquisition-related transaction costs, net of tax, legal settlement, net of tax, merger-related costs, net of tax and the loss on sale of business unit, net of tax. Adjusted diluted EPS is calculated as adjusted net income divided by our diluted weighted average shares outstanding. Adjusted operating margin is calculated by removing the impact of acquisition-related transaction costs, merger-related costs and loss on sale of business unit. We calculate free cash flow by subtracting cash paid for purchases of property, plant and equipment from net cash provided by operating activities. RV wholesale unit shipments are provided by the RV Industry Association. Marine wholesale unit shipments are Company estimates based on data provided by the National Marine Manufacturers Association. MH wholesale unit shipments are Company estimates based on data provided by the Manufactured Housing Institute. Housing starts are provided by the U.S. Census Bureau. You should not consider these metrics in isolation or as substitutes for an analysis of our results as reported under U.S. GAAP.

The following tables reconcile net income to EBITDA, adjusted EBITDA and margins:

Three Months Ended

($ in thousands)

June 28, 2026

% of Net Sales

June 29, 2025

% of Net Sales

Net income

$         43,421

4.2 %

$         32,436

3.1 %

+

Depreciation & amortization

43,013

4.1 %

42,609

4.1 %

+

Interest expense, net

18,978

1.8 %

18,869

1.8 %

+

 Income taxes

14,636

1.4 %

10,997

1.0 %

EBITDA

120,048

11.5 %

104,911

10.0 %

+

Stock-based compensation

6,008

0.6 %

6,051

0.6 %

+

Merger-related costs

437

— %

—

— %

+

Loss on sale of business unit

226

— %

—

— %

+

Legal settlement

—

— %

24,420

2.3 %

+

(Gain) loss on sale of property, plant and equipment

(429)

— %

52

— %

Adjusted EBITDA

$       126,290

12.1 %

$       135,434

12.9 %

Six Months Ended

($ in thousands)

June 28, 2026

% of Net Sales

June 29, 2025

% of Net Sales

Net income

$         82,901

4.1 %

$         70,674

3.4 %

+

Depreciation & amortization

85,790

4.2 %

85,255

4.2 %

+

Interest expense, net

37,366

1.8 %

37,981

1.9 %

+

 Income taxes

21,490

1.1 %

19,216

0.9 %

EBITDA

227,547

11.2 %

213,126

10.4 %

+

Stock-based compensation

11,986

0.6 %

11,300

0.6 %

+

Acquisition-related transaction costs

—

— %

64

— %

+

Merger-related costs

437

— %

—

— %

+

Loss on sale of business unit

226

— %

—

— %

+

Legal settlement

—

— %

24,420

1.2 %

+

(Gain) loss on sale of property, plant and equipment

(584)

— %

2,094

— %

Adjusted EBITDA

$       239,612

11.8 %

$       251,004

12.2 %

The following table reconciles cash flow from operations to free cash flow on a trailing twelve-month basis:

Trailing Twelve Months Ended

($ in thousands)

June 28, 2026

June 29, 2025

Cash flows from operating activities

$              208,854

$              343,650

Less: purchases of property, plant and equipment

(81,033)

(81,717)

Free cash flow

$              127,821

$              261,933

The following table reconciles operating margin to adjusted operating margin:

Three Months Ended

Six Months Ended

June 28, 2026

June 29, 2025

June 28, 2026

June 29, 2025

Operating margin

7.4 %

8.3 %

7.0 %

7.4 %

Merger-related costs

0.1 %

— %

— %

— %

Adjusted operating margin

7.5 %

8.3 %

7.0 %

7.4 %

The following table reconciles net income to adjusted net income and diluted earnings per common share to adjusted diluted earnings per common share:

Three Months Ended

Six Months Ended

($ in thousands, except per share data)

June 28, 2026

June 29, 2025

June 28, 2026

June 29, 2025

Net income

$         43,421

$         32,436

$         82,901

$         70,674

+

Acquisition-related transaction costs

—

—

—

64

+

Legal settlement

—

24,420

—

24,420

+

Merger-related costs

437

—

437

—

+

Loss on sale of business unit

226

—

226

—

-

Tax impact of adjustments

(165)

(6,039)

(165)

(6,055)

Adjusted net income

$         43,919

$         50,817

$         83,399

$         89,103

Diluted earnings per common share

$            1.28

$            0.96

$            2.37

$            2.07

Legal settlement, net of tax

—

0.54

—

0.54

Merger-related costs, net of tax

0.01

—

0.01

—

Adjusted diluted earnings per common share

$            1.29

$            1.50

$            2.38

$            2.61

SOURCE Patrick Industries, Inc.