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NOVI, Mich., July 22, 2026 (GLOBE NEWSWIRE) -- Gentherm (NASDAQ: THRM), a global market leader of innovative thermal management and pneumatic comfort technologies, today announced it has acquired Innovative Medical Equipment, LLC (IME), a Cleveland-area provider of the ThermaZone® thermal therapy device. The acquisition supports Gentherm's strategy to strengthen its Medical business through a strategic investment that expands its product portfolio.

IME adds an established technology platform and customer base that expands Gentherm’s addressable opportunities in healthcare while remaining aligned with the Company’s broader expertise. ThermaZone is a non-opioid thermal therapy solution designed to support pain management and recovery through controlled hot-and-cold therapy.

“We are intent on transforming Gentherm by building on our leadership in thermal management and expanding into markets where our capabilities and customer relationships can create long-term value,” said Bill Presley, President and CEO of Gentherm. “This transaction reflects Gentherm’s disciplined approach to capital deployment, prioritizing investments that align with its thermal and precision flow management capabilities and scalable global operating model.”

“Joining Gentherm creates an opportunity to build on the foundation we have established with ThermaZone and support the next stage of growth for the business,” said Brad Pulver, Founder and President of Innovative Medical Equipment. “Gentherm’s scale, technical capabilities and global operating experience make it a strong fit for IME as we look to broaden access to our technology.”

Gentherm expects the acquisition to support its long-term strategic initiatives by adding a new platform that advances the Company’s broader growth strategy and will deliver revenue synergies by leveraging its expanded customer relationships across additional channels.

About Gentherm
Gentherm (NASDAQ: THRM) is a global market leader of innovative thermal management and pneumatic comfort technologies. Automotive products include Climate Control Seats (CCS®), Climate Control Interiors (CCI™), Lumbar and Massage Comfort Solutions, and Valve Systems. Medical products include patient temperature management systems. The Company is also developing new technologies and products for existing and adjacent markets. Gentherm has more than 14,000 employees in facilities across 13 countries. In 2025, the Company recorded annual sales of approximately $1.5 billion and secured $2.2 billion in automotive new business awards. For more information, go to www.gentherm.com.

Investor Contact
Gregory Blanchette
[email protected]
248.308.1702

Media Contact
Haley Baur
[email protected]
248.289.9711

99th Consecutive Quarter of Revenue Growth

, /PRNewswire/ -- Rollins, Inc. (NYSE:ROL) ("Rollins" or the "Company"), a premier global consumer and commercial services company, reported unaudited financial results for the second quarter of 2026.

Key Highlights

Second quarter revenues were $1.1 billion, an increase of 7.9% over the second quarter of 2025 with organic revenues* increasing 5.7%. Quarterly operating income was $201 million, an increase of 1.5% over the second quarter of 2025. Quarterly operating margin was 18.7%, a decrease of 110 basis points compared to the second quarter of 2025. Adjusted operating income* was $210 million, an increase of 2.0% over the prior year. Adjusted operating margin* was 19.5%, a decrease of 110 basis points compared to the prior year. Quarterly net income was $144 million, an increase of 1.7% over the prior year. Adjusted net income* was $152 million, an increase of 3.4% over the prior year. Adjusted EBITDA* was $236 million, an increase of 2.2% over the prior year. Adjusted EBITDA margin* was 21.9%, a decrease of 120 basis points versus the second quarter of 2025. Quarterly EPS was $0.30 per diluted share, a 3.4% increase over the prior year EPS of $0.29. Adjusted EPS* was $0.32 per diluted share, an increase of 6.7% over the prior year. Operating cash flow was $173 million for the quarter, a decrease of 1.5% compared to the prior year. Free cash flow* was $166 million for the quarter, a decrease of 1.2% compared to the prior year. The Company invested $117 million in acquisitions, $6 million in capital expenditures, and paid dividends totaling $88 million. *Amounts are non-GAAP financial measures. See the schedules below for a discussion of non-GAAP financial metrics including a reconciliation to the most directly comparable GAAP measure.

Management Commentary

"Our second quarter results fell short of our expectations due to slower growth in parts of our residential pest control business, specifically brands more reliant on consumer-initiated demand through search, digital media and inbound calls, as lead volume declined in the quarter. Meanwhile, areas of the business that leverage relationship-based channels, such as home builders and door-to-door sales, delivered solid organic growth in the quarter, reinforcing the importance of our diversified, multi-brand approach. Although we remain cautious regarding near-term demand trends, lead volume improved toward the end of June and has maintained this momentum through the first few weeks of July," said Jerry Gahlhoff, Jr., President and Chief Executive Officer.

"Demand trends softened during the quarter, while our cost structure remained positioned for a stronger growth environment entering peak season. As a result, our margin performance was below our expectations. We have implemented organizational and operational changes to improve local execution, strengthen accountability, and better align resources with current demand conditions, while continuing to invest in areas that will drive long-term growth. Despite near-term challenges, our balance sheet remains strong, cash flow generation is healthy, and we have significant flexibility to reinvest in our business through our disciplined and balanced approach to capital allocation," said Will Harkins, Executive Vice President and Chief Financial Officer.  

Three and Six Months Ended Financial Highlights

Three Months Ended June 30,

Six Months Ended June 30,

Variance

Variance

(unaudited, in thousands, except per
share data and margins)

2026

2025

$

%

2026

2025

$

%

GAAP Metrics

Revenues

$  1,078,576

$ 999,527

$ 79,049

7.9 %

$       1,985,000

$           1,822,031

$         162,969

8.9 %

Gross profit (1)

$     569,946

$ 537,666

$ 32,280

6.0 %

$       1,030,848

$              960,036

$           70,812

7.4 %

Gross profit margin (1)

52.8 %

53.8 %

(100) bps

51.9 %

52.7 %

(80) bps

Operating income

$     201,359

$ 198,333

$   3,026

1.5 %

$          346,845

$              340,981

$             5,864

1.7 %

Operating margin

18.7 %

19.8 %

(110) bps

17.5 %

18.7 %

(120) bps

Net income

$     143,910

$ 141,489

$   2,421

1.7 %

$          251,748

$              246,737

$             5,011

2.0 %

EPS

$           0.30

$       0.29

$     0.01

3.4 %

$                0.52

$                    0.51

$               0.01

2.0 %

Net cash provided by operating
activities

$     172,506

$ 175,122

$  (2,616)

(1.5) %

$          290,873

$              322,014

$          (31,141)

(9.7) %

Non-GAAP Metrics

Adjusted operating income (2)

$     209,939

$ 205,900

$   4,039

2.0 %

$          362,732

$              352,769

$             9,963

2.8 %

Adjusted operating margin (2)

19.5 %

20.6 %

(110) bps

18.3 %

19.4 %

(110) bps

Adjusted net income (2)

$     151,927

$ 146,902

$   5,025

3.4 %

$          265,156

$              254,775

$           10,381

4.1 %

Adjusted EPS (2)

$           0.32

$       0.30

$     0.02

6.7 %

$                0.55

$                    0.53

$               0.02

3.8 %

Adjusted EBITDA (2)

$     236,292

$ 231,152

$   5,140

2.2 %

$          415,761

$              403,009

$           12,752

3.2 %

Adjusted EBITDA margin (2)

21.9 %

23.1 %

(120) bps

20.9 %

22.1 %

(120) bps

Free cash flow (2)

$     166,077

$ 168,046

$  (1,969)

(1.2) %

$          277,305

$              308,157

$          (30,852)

(10.0) %

(1) Exclusive of depreciation and amortization

(2) Amounts are non-GAAP financial measures. See the appendix to this release for a discussion of non-GAAP financial metrics including a reconciliation to the most directly comparable GAAP measure.

The following table presents financial information, including our significant expense categories, for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30,

Six Months Ended June 30,

(unaudited, in thousands)

2026

2025

2026

2025

$

% of
Revenue

$

% of
Revenue

$

% of
Revenue

$

% of
Revenue

Revenue

$           1,078,576

100.0 %

$ 999,527

100.0 %

$           1,985,000

100.0 %

$           1,822,031

100.0 %

Less:

Cost of services provided (exclusive of

Employee expenses

328,787

30.5 %

298,354

29.8 %

618,509

31.2 %

560,077

30.7 %

Materials and supplies

66,339

6.2 %

59,500

6.0 %

119,556

6.0 %

107,991

5.9 %

Insurance and claims

21,932

2.0 %

20,734

2.1 %

43,079

2.2 %

37,258

2.0 %

Fleet expenses

46,959

4.4 %

41,834

4.2 %

89,131

4.5 %

78,691

4.3 %

Other cost of services provided (1)

44,613

4.1 %

41,439

4.1 %

83,877

4.2 %

77,978

4.3 %

Total cost of services provided (exclusive of
depreciation and amortization below)

508,630

47.2 %

461,861

46.2 %

954,152

48.1 %

861,995

47.3 %

Sales, general and administrative:

Selling and marketing expenses

151,967

14.1 %

140,177

14.0 %

263,966

13.3 %

238,428

13.1 %

Administrative employee expenses

95,733

8.9 %

89,303

8.9 %

185,482

9.3 %

170,783

9.4 %

Insurance and claims

13,239

1.2 %

12,939

1.3 %

25,822

1.3 %

22,943

1.3 %

Fleet expenses

11,775

1.1 %

10,443

1.0 %

22,037

1.1 %

19,846

1.1 %

Other sales, general and administrative (2)

62,263

5.8 %

54,734

5.5 %

120,588

6.1 %

106,109

5.8 %

Total sales, general and administrative

334,977

31.1 %

307,596

30.8 %

617,895

31.1 %

558,109

30.6 %

Depreciation and amortization

33,610

3.1 %

31,737

3.2 %

66,108

3.3 %

60,946

3.3 %

Interest expense, net

9,391

0.9 %

7,380

0.7 %

18,242

0.9 %

13,176

0.7 %

Other (income) expense, net

2,214

0.2 %

(292)

— %

1,751

0.1 %

(984)

(0.1) %

Income tax expense

45,844

4.3 %

49,756

5.0 %

75,104

3.8 %

82,052

4.5 %

Net income

$              143,910

13.3 %

$ 141,489

14.2 %

$              251,748

12.7 %

$              246,737

13.5 %

1) Other cost of services provided includes facilities costs, professional services, maintenance & repairs, software license costs, and other expenses directly related to providing services.

2) Other sales, general and administrative includes facilities costs, professional services, maintenance & repairs, software license costs, bad debt expense, and other administrative expenses.

About Rollins, Inc.:
Rollins, Inc. (ROL) is a premier global consumer and commercial services company. Through its family of leading brands, the Company and its franchises provide essential pest control services and protection against termite damage, rodents, and insects to more than 2.8 million customers in North America, South America, Europe, Asia, Africa, and Australia, with approximately 22,000 employees from more than 850 locations. Rollins is parent to numerous brands, including Aardwolf Pestkare, Clark Pest Control, Crane Pest Control, Critter Control, Fox Pest Control, HomeTeam Pest Defense, Industrial Fumigant Company, MissQuito, Northwest Exterminating, OPC Pest Services, Orkin, Orkin Australia, Orkin Canada, Orkin UK, Safeguard, Romex Pest Control, Saela Pest Control, Trutech, Waltham Services, and Western Pest Services. You can learn more about Rollins and its subsidiaries by visiting www.rollins.com. 

Cautionary Statement Regarding Forward-Looking Statements
This press release as well as other written or oral statements by the Company may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current opinions, expectations, intentions, beliefs, plans, objectives, assumptions and projections about future events and financial trends affecting the operating results and financial condition of our business. Although we believe that these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions, or expectations. Generally, statements that do not relate to historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. The words "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "should," "will," "would," and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, statements regarding: the Company's expectations with respect to financial and business performance; near-term demand trends; lead volumes and consumer-initiated demand through search, digital media, inbound calls, and other channels; the sustainability of any improvement in lead volumes or demand trends experienced toward the end of the second quarter of 2026 or during the first weeks of July 2026; the performance and growth of relationship-based channels, including home builder and door-to-door sales channels; the benefits of the Company's diversified, multi-brand approach; seasonal profitability, margin performance, margin trends, and the alignment of the Company's cost structure with demand conditions; the expected effects of organizational and operational changes, including efforts to improve local execution, strengthen accountability, and align resources with demand conditions; investments intended to support long-term growth; the strength of the Company's balance sheet; cash flow generation; financial flexibility; capital allocation, including reinvestment in the business, acquisitions, capital expenditures, dividends, and share repurchases; and the Company's ability to execute its strategy and continue to grow.

These forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts, and assumptions, and involve a number of judgments, risks and uncertainties. Important factors could cause actual results to differ materially from those indicated or implied by forward-looking statements including, but not limited to, those set forth in the sections entitled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and may also be described from time to time in our future reports filed with the SEC.

Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required by law.

Conference Call
Rollins will host a conference call on Thursday, July 23, 2026 at 8:30 a.m. Eastern Time to discuss the second quarter 2026 results. The conference call will also broadcast live over the internet via a link provided on the Rollins, Inc. website at www.rollins.com. Interested parties can also dial into the call at 1-877-869-3839 (domestic) or +1-201-689-8265 (internationally) with conference ID of 13761216. For interested individuals unable to join the call, a replay will be available on the website for 180 days.

ROLLINS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(in thousands)

(unaudited)

June 30,
2026

December 31,
2025

ASSETS

Cash and cash equivalents

$     109,085

$        100,004

Trade receivables, net

238,989

202,518

Financed receivables, short-term, net

49,261

44,723

Materials and supplies

42,807

42,982

Other current assets

150,259

82,455

Total current assets

590,401

472,682

Equipment and property, net

126,689

126,187

Goodwill

1,449,382

1,374,664

Intangibles, net

601,532

582,384

Operating lease right-of-use assets

408,136

424,528

Financed receivables, long-term, net

118,181

110,057

Other assets

60,611

50,021

Total assets

$  3,354,932

$     3,140,523

LIABILITIES

Short-term debt

$     215,918

$        123,683

Accounts payable

79,759

44,361

Accrued insurance – current

48,706

44,123

Accrued compensation and related liabilities

132,197

128,259

Unearned revenues

196,468

187,670

Operating lease liabilities – current

138,677

137,410

Other current liabilities

126,376

120,019

Total current liabilities

938,101

785,525

Accrued insurance, less current portion

92,394

79,157

Operating lease liabilities, less current portion

273,601

290,765

Long-term debt

487,107

486,147

Other long-term accrued liabilities

134,132

124,608

Total liabilities

1,925,335

1,766,202

STOCKHOLDERS' EQUITY

Common stock

481,124

481,194

Retained earnings and other equity

948,473

893,127

Total stockholders' equity

1,429,597

1,374,321

Total liabilities and stockholders' equity

$  3,354,932

$     3,140,523

ROLLINS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands except per share data)

(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

REVENUES

Customer services

$  1,078,576

$     999,527

$  1,985,000

$  1,822,031

COSTS AND EXPENSES

Cost of services provided (exclusive of
depreciation and amortization below)

508,630

461,861

954,152

861,995

Sales, general and administrative

334,977

307,596

617,895

558,109

Depreciation and amortization

33,610

31,737

66,108

60,946

Total operating expenses

877,217

801,194

1,638,155

1,481,050

OPERATING INCOME

201,359

198,333

346,845

340,981

Interest expense, net

9,391

7,380

18,242

13,176

Other (income) expense, net

2,214

(292)

1,751

(984)

CONSOLIDATED INCOME BEFORE INCOME
TAXES

189,754

191,245

326,852

328,789

PROVISION FOR INCOME TAXES

45,844

49,756

75,104

82,052

NET INCOME

$     143,910

$     141,489

$     251,748

$     246,737

NET INCOME PER SHARE - BASIC AND
DILUTED

$           0.30

$           0.29

$           0.52

$           0.51

Weighted average shares outstanding - basic

481,375

484,643

481,380

484,530

Weighted average shares outstanding - diluted

481,389

484,674

481,397

484,559

DIVIDENDS PAID PER SHARE

$       0.1825

$       0.1650

$       0.3650

$       0.3300

ROLLINS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED CASH FLOW INFORMATION

(in thousands)

(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

OPERATING ACTIVITIES

Net income

$    143,910

$     141,489

$    251,748

$     246,737

Depreciation and amortization

33,610

31,737

66,108

60,946

Change in working capital and other operating
activities

(5,014)

1,896

(26,983)

14,331

Net cash provided by operating activities

172,506

175,122

290,873

322,014

INVESTING ACTIVITIES

Acquisitions, net of cash acquired

(116,767)

(226,387)

(135,255)

(253,578)

Capital expenditures

(6,429)

(7,076)

(13,568)

(13,857)

Other investing activities, net

1,554

2,939

2,614

4,344

Net cash used in investing activities

(121,642)

(230,524)

(146,209)

(263,091)

FINANCING ACTIVITIES

Net borrowings (repayments)

51,992

59,989

101,488

155,204

Payment of dividends

(88,092)

(79,463)

(175,941)

(159,373)

Cash paid for common stock purchased

(20,476)

(251)

(42,826)

(14,922)

Other financing activities, net

(1,954)

(4,233)

(17,443)

(9,479)

Net cash used in financing activities

(58,530)

(23,958)

(134,722)

(28,570)

Effect of exchange rate changes on cash and
cash equivalents

208

1,218

(861)

3,052

Net increase (decrease) in cash and cash
equivalents

$       (7,458)

$      (78,142)

$        9,081

$       33,405

APPENDIX

Reconciliation of GAAP and non-GAAP Financial Measures

A non-GAAP financial measure is a numerical measure of financial performance, financial position, or cash flows that either 1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows, or 2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.

These measures should not be considered in isolation or as a substitute for revenues, net income, earnings per share or other performance measures prepared in accordance with GAAP. Management believes all of these non-GAAP financial measures are useful to provide investors with information about current trends in, and period-over-period comparisons of, the Company's results of operations. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP.

The Company has used the following non-GAAP financial measures in this earnings release:

Organic revenues

Organic revenues are calculated as revenues less the revenues from acquisitions completed within the prior 12 months and excluding the revenues from divested businesses. Acquisition revenues are based on the trailing 12-month revenue of our acquired entities. Management uses organic revenues, and organic revenues by type to compare revenues over various periods excluding the impact of acquisitions and divestitures.

Adjusted operating income and adjusted operating margin

Adjusted operating income and adjusted operating margin are calculated by adding back to operating income those expenses associated with the amortization of intangible assets and adjustments to the fair value of contingent consideration resulting from the acquisitions of Fox Pest Control, Saela Pest Control and Romex Pest Control. Adjusted operating margin is calculated as adjusted operating income divided by revenues. Management uses adjusted operating income and adjusted operating margin as measures of operating performance because these measures allow the Company to compare performance consistently over various periods.

Adjusted net income and adjusted EPS

Adjusted net income and adjusted EPS are calculated by adding back to the GAAP measures amortization of intangible assets and adjustments to the fair value of contingent consideration resulting from the acquisitions of Fox Pest Control, Saela Pest Control and Romex Pest Control, excluding gains and losses on the sale of non-operational assets and gains on the sale of businesses, and by further subtracting the tax impact of those expenses, gains, or losses. Management uses adjusted net income and adjusted EPS as measures of operating performance because these measures allow the Company to compare performance consistently over various periods.

EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, incremental EBITDA margin and adjusted incremental EBITDA margin

EBITDA is calculated by adding back to net income depreciation and amortization, interest expense, net, and provision for income taxes. EBITDA margin is calculated as EBITDA divided by revenues. Adjusted EBITDA and adjusted EBITDA margin are calculated by further adding back those expenses associated with the adjustments to the fair value of contingent consideration resulting from the acquisitions of Fox Pest Control, Saela Pest Control and Romex Pest Control, and excluding gains and losses on the sale of non-operational assets and gains on the sale of businesses. Management uses EBITDA, EBITDA margin, adjusted EBITDA and adjusted EBITDA margin as measures of operating performance because these measures allow the Company to compare performance consistently over various periods. Incremental EBITDA margin is calculated as the change in EBITDA divided by the change in revenue. Management uses incremental EBITDA margin as a measure of operating performance because this measure allows the Company to compare performance consistently over various periods. Adjusted incremental EBITDA margin is calculated as the change in adjusted EBITDA divided by the change in revenue. Management uses adjusted incremental EBITDA margin as a measure of operating performance because this measure allows the Company to compare performance consistently over various periods.

Free cash flow and free cash flow conversion

Free cash flow is calculated by subtracting capital expenditures from cash provided by operating activities. Management uses free cash flow to demonstrate the Company's ability to maintain its asset base and generate future cash flows from operations. Free cash flow conversion is calculated as free cash flow divided by net income.

Management uses free cash flow conversion to demonstrate how much net income is converted into cash. Management believes that free cash flow is an important financial measure for use in evaluating the Company's liquidity. Free cash flow should be considered in addition to, rather than as a substitute for, net cash provided by operating activities as a measure of our liquidity. Additionally, the Company's definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, management believes it is important to view free cash flow as a measure that provides supplemental information to our condensed consolidated statements of cash flows.

Adjusted sales, general and administrative ("SG&A")

Adjusted SG&A is calculated by removing the adjustments to the fair value of contingent consideration resulting from the acquisitions of Fox Pest Control, Saela Pest Control and Romex Pest Control. Management uses adjusted SG&A to compare SG&A expenses consistently over various periods.

Leverage ratio

Leverage ratio, a financial valuation measure, is calculated by dividing adjusted net debt by adjusted EBITDAR. Adjusted net debt is calculated by adding short-term debt and operating lease liabilities to total long-term debt less a cash adjustment of 90% of total consolidated cash. Adjusted EBITDAR is calculated by adding back to net income depreciation and amortization, interest expense, net, provision for income taxes, operating lease cost, and stock-based compensation expense. Management uses leverage ratio as an assessment of overall liquidity, financial flexibility, and leverage.

Set forth below is a reconciliation of the non-GAAP financial measures contained in this release to their most directly comparable GAAP measures.

(unaudited, in thousands, except per share data and margins)

Three Months Ended June 30,

Six Months Ended June 30,

Variance

Variance

2026

2025

$

%

2026

2025

$

%

Reconciliation of Revenues to Organic Revenues

Revenues

$  1,078,576

$ 999,527

79,049

7.9

$  1,985,000

$ 1,822,031

162,969

8.9

Revenues from acquisitions

(21,817)

—

(21,817)

2.2

(51,675)

—

(51,675)

2.8

Organic revenues

$  1,056,759

$ 999,527

57,232

5.7

$  1,933,325

$ 1,822,031

111,294

6.1

Reconciliation of Residential Revenues to Organic Residential Revenues

Residential revenues

$     485,845

$ 455,665

30,180

6.6

$     875,349

$    811,978

63,371

7.8

Residential revenues from
acquisitions

(13,950)

—

(13,950)

3.0

(32,095)

—

(32,095)

3.9

Residential organic revenues

$     471,895

$ 455,665

16,230

3.6

$     843,254

$    811,978

31,276

3.9

Reconciliation of Commercial Revenues to Organic Commercial Revenues

Commercial revenues

$     347,913

$ 320,490

27,423

8.6

$     659,639

$    604,847

54,792

9.1

Commercial revenues from
acquisitions

(4,467)

—

(4,467)

1.4

(9,838)

—

(9,838)

1.7

Commercial organic revenues

$     343,446

$ 320,490

22,956

7.2

$     649,801

$    604,847

44,954

7.4

Reconciliation of Termite and Ancillary Revenues to Organic Termite and Ancillary Revenues

Termite and ancillary revenues

$     234,151

$ 211,855

22,296

10.5

$     429,574

$    383,985

45,589

11.9

Termite and ancillary revenues from
acquisitions

(3,400)

—

(3,400)

1.6

(9,742)

—

(9,742)

2.6

Termite and ancillary organic
revenues

$     230,751

$ 211,855

18,896

8.9

$     419,832

$    383,985

35,847

9.3

Reconciliation of Franchise and Other Revenues to Organic Franchise and Other Revenues

Franchise and other revenues

$       10,667

$   11,517

(850)

(7.4)

$       20,438

$      21,221

(783)

(3.7)

Franchise and other revenues from
acquisitions

—

—

—

—

—

—

—

—

Franchise and other organic
revenues

$       10,667

$   11,517

(850)

(7.4)

$       20,438

$      21,221

(783)

(3.7)

Three Months Ended June 30,

Six Months Ended June 30,

Variance

Variance

2026

2025

$

%

2026

2025

$

%

Reconciliation of Operating Income and Operating Income Margin to Adjusted Operating Income and Adjusted Operating Margin

Operating income

$    201,359

$ 198,333

$    346,845

$    340,981

Acquisition-related expenses (1)

8,580

7,567

15,887

11,788

Adjusted operating income

$    209,939

$ 205,900

4,039

2.0

$    362,732

$    352,769

9,963

2.8

Revenues

$ 1,078,576

$ 999,527

$ 1,985,000

$ 1,822,031

Operating margin

18.7 %

19.8 %

17.5 %

18.7 %

Adjusted operating margin

19.5 %

20.6 %

18.3 %

19.4 %

Reconciliation of Net Income and EPS to Adjusted Net Income and Adjusted EPS

Net income

$    143,910

$ 141,489

$    251,748

$    246,737

Acquisition-related expenses (1)

8,580

7,567

15,887

11,788

Loss (gain) on sale of assets, net (2)

2,196

(292)

2,135

(984)

Tax impact of adjustments (3)

(2,759)

(1,862)

(4,614)

(2,766)

Adjusted net income

$    151,927

$ 146,902

5,025

3.4

$    265,156

$    254,775

10,381

4.1

EPS - basic and diluted

$          0.30

$       0.29

$          0.52

$          0.51

Acquisition-related expenses (1)

0.02

0.02

0.03

0.02

Loss (gain) on sale of assets, net (2)

—

—

—

—

Tax impact of adjustments (3)

(0.01)

—

(0.01)

(0.01)

Adjusted EPS - basic and diluted (4)

$          0.32

$       0.30

0.02

6.7

$          0.55

$          0.53

0.02

3.8

Weighted average shares outstanding
– basic

481,375

484,643

481,380

484,530

Weighted average shares outstanding
– diluted

481,389

484,674

481,397

484,559

Reconciliation of Net Income to EBITDA, Adjusted EBITDA, EBITDA Margin, Incremental EBITDA Margin, Adjusted EBITDA
Margin, and Adjusted Incremental EBITDA Margin

Net income

$    143,910

$ 141,489

$    251,748

$    246,737

Depreciation and amortization

33,610

31,737

66,108

60,946

Interest expense, net

9,391

7,380

18,242

13,176

Provision for income taxes

45,844

49,756

75,104

82,052

EBITDA

$    232,755

$ 230,362

2,393

1.0

$    411,202

$    402,911

8,291

2.1

Acquisition-related expenses (1)

1,341

1,082

2,424

1,082

Loss (gain) on sale of assets, net (2)

2,196

(292)

2,135

(984)

Adjusted EBITDA

$    236,292

$ 231,152

5,140

2.2

$    415,761

$    403,009

12,752

3.2

Revenues

$ 1,078,576

$ 999,527

79,049

$ 1,985,000

$ 1,822,031

162,969

EBITDA margin

21.6 %

23.0 %

20.7 %

22.1 %

Incremental EBITDA margin

3.0 %

5.1 %

Adjusted EBITDA margin

21.9 %

23.1 %

20.9 %

22.1 %

Adjusted incremental EBITDA margin

6.5 %

7.8 %

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow and Free Cash Flow Conversion

Net cash provided by operating activities

$    172,506

$ 175,122

$    290,873

$    322,014

Capital expenditures

(6,429)

(7,076)

(13,568)

(13,857)

Free cash flow

$    166,077

$ 168,046

(1,969)

(1.2)

$    277,305

$    308,157

(30,852)

(10.0)

Free cash flow conversion

115.4 %

118.8 %

110.2 %

124.9 %

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Reconciliation of SG&A to Adjusted SG&A

SG&A

$           334,977

$            307,596

$           617,895

$            558,109

Acquisition-related expenses (1)

1,341

1,082

2,424

1,082

Adjusted SG&A

$           333,636

$            306,514

$           615,471

$            557,027

Revenues

$        1,078,576

$            999,527

$        1,985,000

$         1,822,031

Adjusted SG&A as a % of revenues

30.9 %

30.7 %

31.0 %

30.6 %

Period Ended
June 30, 2026

Period Ended
December 31, 2025

Reconciliation of Debt and Net Income to Leverage Ratio

Short-term debt (5)

$           215,918

$            123,683

Long-term debt (6)

500,000

500,000

Operating lease liabilities (7)

412,278

428,175

Cash adjustment (8)

(98,177)

(90,004)

Adjusted net debt

$        1,030,019

$            961,854

Net income

$           531,716

$            526,705

Depreciation and amortization

129,906

124,744

Interest expense, net

33,624

28,558

Provision for income taxes

167,273

174,221

Operating lease cost (9)

167,888

159,924

Stock-based compensation expense

41,393

39,707

Adjusted EBITDAR

$        1,071,800

$         1,053,859

Leverage ratio

1.0x

0.9x

(1) Consists of expenses resulting from the amortization of intangible assets and adjustments to the fair value of contingent consideration associated with the acquisitions of Fox Pest Control, Saela Pest Control and Romex Pest Control. While we exclude such expenses in this non-GAAP measure, the revenue from the acquired companies is reflected in this non-GAAP measure and the acquired assets contribute to revenue generation.

(2) Consists of the gain or loss on the sale of non-operational assets.

(3) The tax effect of the adjustments is calculated using the applicable statutory tax rates for the respective periods.

(4) In some cases, the sum of the individual EPS amounts may not equal total adjusted EPS calculations due to rounding.

(5) The Company's short-term borrowings are presented under the short-term debt caption of our condensed consolidated statement of financial position, net of unamortized discounts.

(6) As of June 30, 2026 and December 31, 2025, the Company had outstanding borrowings of $500 million from the issuance of our 2035 Senior Notes. These borrowings are presented under the long-term debt caption of our condensed consolidated statement of financial position, net of unamortized discount and unamortized debt issuance costs. As of June 30, 2026 and December 31, 2025, the Company had no outstanding borrowings under the Revolving Credit Facility.

(7) Operating lease liabilities are presented under the operating lease liabilities - current and operating lease liabilities, less current portion captions of our condensed consolidated statement of financial position.

(8) Represents 90% of cash and cash equivalents per our condensed consolidated statement of financial position as of both periods presented.

(9) Operating lease cost excludes short-term lease cost associated with leases that have a duration of 12 months or less.

For Further Information Contact
Lyndsey Burton (404) 888-2348

SOURCE Rollins, Inc.

HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc.’s (NYSE: KMI) board of directors today approved a cash dividend of $0.2975 per share for the second quarter ($1.19 annualized), payable on August 17, 2026, to stockholders of record as of the close of business on August 3, 2026. This dividend is a 2% increase over the second quarter of 2025.

KMI is reporting:

Second quarter net income attributable to KMI of $867 million, an all-time record high for the second quarter. This was up from $715 million in the second quarter of 2025. Adjusted Net Income Attributable to KMI, which excludes Certain Items, was $821 million, 33% higher than the second quarter of 2025. Adjusted EBITDA of $2,199 million was also a record for the second quarter and was up 12% versus the second quarter of 2025. Earnings per share (EPS) of $0.39, up 22% versus the second quarter of 2025, and Adjusted EPS of $0.37, up 32% versus the second quarter of 2025. “Our fee-based business model, strategically located network of assets, and portfolio of long-term contracts with financially strong customers continue to support stable and predictable cash flows,” Executive Chairman Richard D. Kinder said.

“At the same time, demand for natural gas infrastructure continues to grow. Increasing LNG exports, rising power demand, and industrial expansion make our existing highly utilized assets more valuable and create significant opportunities for investment across our footprint.

“The company’s stable cash flows provide the financial flexibility to fund virtually all of our project backlog internally, support a growing dividend and maintain a strong balance sheet,” Kinder said. “We expect those projects to generate attractive returns, driving future earnings and cash flow growth while helping meet the nation's growing energy infrastructure needs.”

“Strong financial contributions from our business segments resulted in a record second quarter. The company delivered second quarter 2026 net income attributable to KMI of $867 million, 21% higher than the second quarter of 2025, while Adjusted EPS and Adjusted EBITDA were 32% and 12% higher, respectively, than the second quarter of 2025,” Chief Executive Officer Kim Dang said.

Dang continued, “In the second quarter, we continued to internally fund high-quality capital projects while generating cash flow from operations of $2 billion and free cash flow (FCF), which is after capital expenditures, of $1 billion. Our balance sheet remains healthy, as we ended the quarter with a Net Debt-to-Adjusted EBITDA ratio of 3.6 times, at the low end of our targeted range.

“We also achieved very strong results from capital expansion project execution this quarter, placing approximately $660 million (KM-share) in expansion projects into service. These included Tennessee Gas Pipeline’s (TGP) Cumberland Project that will serve a new natural gas-fired power plant in Tennessee; Hiland Express, a conversion of our Double H Pipeline system from crude oil to natural gas liquids service; and the eagerly anticipated Gulf Coast Express pipeline expansion to increase natural gas flows from the Permian Basin to South Texas markets. These revenue-generating expansion projects now join our strong base business, adding to our unparalleled network of pipeline and storage assets.

“As a result of placing those large projects into service, our project backlog at the end of the second quarter of 2026 was $9.6 billion, down $500 million from the first quarter of 2026, although the board today provided contingent approval on almost $400 million in projects that are not yet in the backlog. Natural gas projects account for approximately 92% of our project backlog, and more than 60% of the backlog is associated with projects supporting power generation and local distribution company demand. Even beyond the backlog, we continue to see strong interest from our customers in developing additional natural gas infrastructure.

“In calculating backlog Project EBITDA multiples, we exclude both the capital and EBITDA from our CO2 enhanced oil recovery projects and our gathering and processing projects where first-full-year multiples are more favorable, but the earnings are more uneven than with our other business segments. We expect the remaining $8.5 billion of projects in the backlog, when realized, to generate an aggregate first-full-year Project EBITDA multiple of approximately 5.6 times.”

2026 Outlook

For 2026, KMI budgeted net income attributable to KMI of $3.1 billion, Adjusted EPS of $1.36, declared dividends of $1.19 per share, Adjusted EBITDA of $8.6 billion, and year-end Net Debt-to-Adjusted EBITDA of 3.8 times. Based on results through the second quarter, KMI currently expects to be more than 5% favorable to budget on an Adjusted EBITDA basis and more than 12% favorable to budget on Adjusted EPS for the year. We also expect to end the year with an improved Net Debt-to-Adjusted EBITDA of 3.6 times.

This press release includes Adjusted Net Income Attributable to KMI, Adjusted EPS, Adjusted Segment EBDA, Adjusted EBITDA, Net Debt, FCF, and Project EBITDA, all of which are non-GAAP financial measures. For descriptions of these non-GAAP financial measures and reconciliations to the most comparable measures prepared in accordance with generally accepted accounting principles, please see “Non-GAAP Financial Measures” and the tables accompanying our preliminary financial statements.

Overview of Business Segments

“The Natural Gas Pipelines business segment’s financial performance was up in the second quarter of 2026 relative to the second quarter of 2025, on higher contributions from our Texas Intrastate system and our gathering assets,” KMI President Dax Sanders said.

“Natural gas transport volumes were up 7% compared to the second quarter of 2025, primarily due to LNG deliveries on TGP, increased demand for services on our Texas Intrastate system, and increased exports to Mexico as well as higher power generation demand in Arizona on El Paso Natural Gas Pipeline.

“Natural gas gathering volumes were up 26% from the second quarter of 2025 across our assets, with our KinderHawk system experiencing the largest growth.

“Contributions from the Products Pipelines business segment were up compared to the second quarter of 2025 due primarily to higher commodity prices.

“Total refined products volumes were down 5% compared to the second quarter of 2025 due to temporary West Coast supply disruptions, as well as a higher commodity price environment over the quarter. Crude and condensate volumes were down 16% compared to the second quarter of 2025, largely due to the conversion of our Double H pipeline to natural gas liquids service,” Sanders said.

“Terminals business segment earnings were up compared to the second quarter of 2025. The increase was led by our liquids terminals business, which benefited from higher rates and ancillary fees at our Houston Ship Channel hub facilities as well as favorable commodity pricing. Earnings from our Jones Act tanker fleet, which remains fully contracted under term charter agreements, were also up versus the prior year period on higher average charter rates. Contributions from our bulk terminals business were down despite higher volumes owing to one-time events in the prior year period,” Sanders continued.

“CO2 business segment earnings, which include the Energy Transition Ventures group, were up compared to the second quarter of 2025 due primarily to higher commodity prices and volumes. Volumes at SACROC, our largest field, were up 15% compared to the prior year period,” Sanders said.

Other News

Natural Gas Pipelines

On June 26, 2026, the Federal Energy Regulatory Commission (FERC) issued a Final Environmental Impact Statement covering both Southern Natural Gas (SNG) and Elba Express (EEC) Companies’ South System Expansion 4 (SSE4) project and TGP’s Mississippi Crossing (MSX) project. FERC has previously indicated that it expects to issue orders granting certificates of public convenience and necessity for both projects by the end of July 2026. The approximately $3.5 billion SSE4 project (KM-share, including EEC, approximately $1.8 billion) is designed to increase SNG’s South Main Line capacity by roughly 1.3 billion cubic feet per day (Bcf/d). With the timely receipt of all permits and approvals, KMI expects to place the first phase of SSE4 in service in the fourth quarter of 2028 and the second phase in the fourth quarter of 2029. The approximately $1.7 billion MSX project is expected to be placed in service as early as the second quarter of 2028, subject to the timely receipt of all permits and approvals. On June 5, 2026, TGP filed an application with the FERC for its South Texas Enhancement Project. The approximately $90 million project is designed to provide incremental firm natural gas transportation to South Texas and Mexico markets and extend existing shippers’ transportation paths to access incremental natural gas supplies. The project includes approximately 1.7 miles of new pipeline, an overpressure protection facility, and a new compressor station. With the timely receipt of all required permits and approvals, TGP expects the project to be placed in service in the second quarter of 2028. Natural Gas Pipeline Company of America LLC (NGPL) is continuing to develop its Amarillo Expansion project to support growing demand in the Texas Panhandle, including additional data center development. The expansion is expected to provide incremental firm transportation capacity of up to approximately 550,000 Dth/d. All of the project’s capacity is fully subscribed under a long-term contract. NGPL is preparing to file an application with the FERC for the approximately $200 million project (KM-share approximately $75 million) in the third quarter of 2026. With the timely receipt of all required permits and approvals, NGPL expects the project to be placed in service in the third quarter of 2028. On May 26, 2026, TGP placed in service its approximately $235 million Cumberland project, an approximately 32-mile, 30-inch pipeline lateral originating from TGP’s existing 100 Line in Dickson County, Tennessee and terminating at Tennessee Valley Authority’s (TVA) new natural gas-fired power plant in Stewart County, Tennessee. The project provides approximately 245,000 Dth/d of additional natural gas transportation service to support TVA’s commissioning and operation of its new power plant. On April 29, 2026, KMI placed in service its approximately $165 million Hiland Express Pipeline project, converting the Double H Pipeline system from crude oil to natural gas liquids service and providing Williston Basin producers and midstream companies with pipeline capacity to key market hubs. On June 23, 2026, the approximately $450 million Gulf Coast Express expansion project (KM-share approximately $160 million) was placed in service. The expansion increases natural gas transportation capacity by approximately 570 million cubic feet per day from the Permian Basin to South Texas markets and brings total system capacity to approximately 2.59 Bcf/d. Products Pipelines

KMI and Phillips 66 continue to advance the Western Gateway Pipeline project and have started the process of pursuing the necessary permits. As previously noted, the project is subject to the execution of definitive transportation service agreements, joint venture agreements, and respective board approvals. The refined products pipeline system would connect Midwest and Gulf Coast refinery supplies to Phoenix, Arizona, and California markets with connectivity to Las Vegas, Nevada, via KMI’s CALNEV Pipeline. Terminals

KMI is expanding its industry-leading storage, connectivity, and logistics offering in its Houston Ship Channel refined products hub. The scope of work includes the construction of two dedicated refined products pipelines connecting KMI’s Pasadena Terminal with a nearby major refinery, as well as various intra-terminal piping and tank modifications, including enhanced in-tank blending capabilities for butane and other gasoline components. The approximately $139 million project is supported by a long-term storage and volume commitment with a major national oil company and is expected to be in service in the third quarter of 2027. KMI is expanding the connectivity and capabilities of its 1.5-million-barrel Kinder Morgan Export Terminal (KMET) on the Houston Ship Channel. The scope of work includes the reconfiguration of two existing bi-directional refined products pipelines between KMET and KMI’s Pasadena Terminal and various piping and tank modifications enhancing the in-tank blending capabilities at KMET. The approximately $30 million project is supported by a long-term storage commitment with a major international trading company and is expected to be in service in the first quarter of 2027. All expected in-service dates for projects described above assume timely receipt and continued effectiveness of all necessary permits and approvals.

Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient, and environmentally responsible manner for the benefit of the people, communities, and businesses we serve. We own an interest in or operate approximately 78,000 miles of pipelines, 136 terminals, more than 700 Bcf of working natural gas storage capacity and have renewable natural gas generation capacity of approximately 6.9 Bcf per year of gross production. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2, renewable fuels and other products, and our terminals store and handle various commodities, including gasoline, diesel fuel, jet fuel, chemicals, metals, petroleum coke, and ethanol and other renewable fuels and feedstocks. Learn more about our work advancing energy solutions on the lower carbon initiatives page at www.kindermorgan.com.

Please join Kinder Morgan, Inc. at 4:30 p.m. ET on Wednesday, July 22, at www.kindermorgan.com for a LIVE webcast conference call on the company’s second quarter earnings.

Non-GAAP Financial Measures

As described in further detail below, our management evaluates our performance primarily using Net income attributable to Kinder Morgan, Inc. and Segment earnings before DD&A expenses (EBDA), along with the non-GAAP financial measures of Adjusted Net Income Attributable to Common Stock, in the aggregate and per share, Adjusted Segment EBDA, Adjusted Net Income Attributable to Kinder Morgan, Inc., Adjusted earnings before interest, income taxes, DD&A expenses (EBITDA), and Net Debt.

Our non-GAAP financial measures described below should not be considered alternatives to GAAP net income attributable to Kinder Morgan, Inc. or other GAAP measures and have important limitations as analytical tools. Our computations of these non-GAAP financial measures may differ from similarly titled measures used by others. You should not consider these non-GAAP financial measures in isolation or as substitutes for an analysis of our results as reported under GAAP. Management compensates for the limitations of our consolidated non-GAAP financial measures by reviewing our comparable GAAP measures identified in the descriptions of consolidated non-GAAP measures below, understanding the differences between the measures and taking this information into account in its analysis and its decision-making processes.

Certain Items, as adjustments used to calculate our non-GAAP financial measures, are items that are required by GAAP to be reflected in net income attributable to Kinder Morgan, Inc., but typically (1) do not have a cash impact (for example, unsettled commodity hedges and asset impairments), (2) by their nature are separately identifiable from our normal business operations and in most cases are likely to occur only sporadically (for example, certain legal settlements, enactment of new tax legislation and casualty losses), or (3) align the timing of cash impacts from natural gas inventory hedges with the future associated physical withdrawals from inventory. (See the accompanying Tables 2, 3, 5, and 6.) We also include adjustments related to joint ventures (see “Amounts associated with Joint Ventures” below).

The following table summarizes our Certain Items for the three and six months ended June 30, 2026 and 2025.

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

(In millions)

Certain Items

Risk management activities (1)(2)

$

(83

)

$

(95

)

$

30

$

(11

)

Income tax Certain Items (3)

37

(2

)

11

(37

)

Other

—

1

—

1

Total Certain Items (4)(5)

$

(46

)

$

(96

)

$

41

$

(47

)

Notes

(1)

Includes changes in fair value of unsettled derivatives, of which gains or losses are reflected within non-GAAP financial measures when realized.

(2)

Includes natural gas inventory hedges, of which gains or losses are reflected within non-GAAP financial measures when the associated physical gas is withdrawn from inventory.

(3)

Represents the income tax provision on Certain Items plus discrete income tax items. Includes the impact of KMI’s income tax provision on Certain Items affecting earnings from equity investments and is separate from the related tax provision recognized at the investees by the joint ventures which are also taxable entities.

(4)

Amounts for the periods ended June 30, 2026 and 2025 include $(1) million and $(2) million for the three-month periods, respectively, and $(1) million for the six-month 2026 period reported within “Earnings from equity investments” on the accompanying Preliminary Consolidated Statement of Income of "Risk management activities."

(5)

Amounts for the three and six-month periods ended June 30, 2025 includes $(1) and $1 million, respectively, reported within "Interest, net" on the accompanying Preliminary Consolidated Statement of Income of “Risk management activities.”

Adjusted Net Income Attributable to Kinder Morgan, Inc. (KMI) is calculated by adjusting net income attributable to Kinder Morgan, Inc. for Certain Items. Adjusted Net Income Attributable to Kinder Morgan, Inc. is used by us, our investors, and other external users of our financial statements as a supplemental measure that provides decision-useful information regarding our period-over-period performance and ability to generate earnings that are core to our ongoing operations. We believe the GAAP measure most directly comparable to Adjusted Net Income Attributable to Kinder Morgan, Inc. is net income attributable to Kinder Morgan, Inc. (See the accompanying Tables 1 and 2.)

Adjusted Net Income Attributable to Common Stock is calculated by adjusting Net income attributable to Kinder Morgan, Inc., the most comparable GAAP measure, for Certain Items, and further for net income allocated to participating securities and adjusted net income in excess of distributions for participating securities. We believe Adjusted Net Income Attributable to Common Stock allows for calculation of adjusted earnings per share (Adjusted EPS) on the most comparable basis with earnings per share, the most comparable GAAP measure to Adjusted EPS. Adjusted EPS is calculated as Adjusted Net Income Attributable to Common Stock divided by our weighted average shares outstanding. Adjusted EPS applies the same two-class method used in arriving at basic earnings per share. Adjusted EPS is used by us, our investors, and other external users of our financial statements as a per-share supplemental measure that provides decision-useful information regarding our period-over-period performance and ability to generate earnings that are core to our ongoing operations. (See the accompanying Table 2.)

Adjusted Segment EBDA is calculated by adjusting segment earnings before DD&A, general and administrative expenses and corporate charges, interest expense, and income taxes (Segment EBDA) for Certain Items attributable to the segment. Adjusted Segment EBDA is used by management in its analysis of segment performance and management of our business. We believe Adjusted Segment EBDA is a useful performance metric because it provides management, investors, and other external users of our financial statements additional insight into performance trends across our business segments, our segments’ relative contributions to our consolidated performance, and the ability of our segments to generate earnings on an ongoing basis. Adjusted Segment EBDA is also used as a factor in determining compensation under our annual incentive compensation program for our business segment presidents and other business segment employees. We believe it is useful to investors because it is a measure that management uses to allocate resources to our segments and assess each segment’s performance. (See the accompanying Table 3.)

Adjusted EBITDA is calculated by adjusting net income attributable to Kinder Morgan, Inc. for Certain Items and further for DD&A, including the amortization of basis differences related to our joint ventures, income tax expense, and interest. We also include amounts from joint ventures for income taxes and DD&A (see “Amounts associated with Joint Ventures” below). Adjusted EBITDA (on a rolling 12-months basis) is used by management, investors, and other external users, in conjunction with our Net Debt (as described further below), to evaluate our leverage. Management and external users also use Adjusted EBITDA as an important metric to compare the valuations of companies across our industry. Our ratio of Net Debt-to-Adjusted EBITDA is used as a supplemental performance target for purposes of our annual incentive compensation program. We believe the GAAP measure most directly comparable to Adjusted EBITDA is net income attributable to Kinder Morgan, Inc. (See the accompanying Tables 2 and 5.)

Amounts associated with Joint Ventures - Certain Items and Adjusted EBITDA reflect amounts from unconsolidated joint ventures (JVs) and consolidated JVs utilizing the same recognition and measurement methods used to record “Earnings from equity investments” and “Noncontrolling interests (NCI),” respectively. The calculation of Adjusted EBITDA related to our unconsolidated and consolidated JVs includes the same adjustments (DD&A, including the amortization of basis differences related to joint ventures only, and income tax expense) with respect to the JVs as those included in the calculation of Adjusted EBITDA for our wholly-owned consolidated subsidiaries; further, we remove the portion of these adjustments attributable to non-controlling interests. (See Tables 2, 5 and 6.) Although these amounts related to our unconsolidated JVs are included in the calculation of Adjusted EBITDA, such inclusion should not be understood to imply that we have control over the operations and resulting revenues, expenses, or cash flows of such unconsolidated JVs.

Net Debt is calculated by subtracting from debt (1) cash and cash equivalents, (2) debt fair value adjustments, and (3) the foreign exchange impact on Euro-denominated bonds for which we have entered into currency swaps to convert that debt to U.S. dollars. Net Debt, on its own and in conjunction with our Adjusted EBITDA (on a rolling 12-months basis) as part of a ratio of Net Debt-to-Adjusted EBITDA, is a non-GAAP financial measure that is used by management, investors, and other external users of our financial information to evaluate our leverage. Our ratio of Net Debt-to-Adjusted EBITDA is also used as a supplemental performance target for purposes of our annual incentive compensation program. We believe the most comparable measure to Net Debt is total debt as reconciled in the notes to the accompanying Preliminary Consolidated Balance Sheets in Table 5.

Project EBITDA is calculated for an individual capital project as earnings before interest expense, taxes, DD&A, and general and administrative expenses attributable to such project, or for JV projects, consistent with the methods described above under “Amounts associated with Joint Ventures,” and in conjunction with capital expenditures for the project, is the basis for our Project EBITDA multiple. Management, investors, and others use Project EBITDA to evaluate our return on investment for capital projects before expenses that are generally not controllable by operating managers in our business segments. We believe the GAAP measure most directly comparable to Project EBITDA is the portion of net income attributable to a capital project. We do not provide the portion of budgeted net income attributable to individual capital projects (the GAAP financial measure most directly comparable to Project EBITDA) due to the impracticality of predicting, on a project-by-project basis through the second full year of operations, certain amounts required by GAAP, such as projected commodity prices, unrealized gains and losses on derivatives marked to market, and potential estimates for certain contingent liabilities associated with the project completion.

FCF is calculated by reducing cash flow from operations for capital expenditures (sustaining and expansion), and FCF after dividends is calculated by further reducing FCF for dividends paid during the period. FCF is used by management, investors, and other external users as an additional leverage metric, and FCF after dividends provides additional insight into cash flow generation. Therefore, we believe FCF is useful to our investors. We believe the GAAP measure most directly comparable to FCF is cash flow from operations. (See the accompanying Table 6.)

Important Information Relating to Forward-Looking Statements

This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Generally, the words “expects,” “believes,” “anticipates,” “plans,” “will,” “shall,” “estimates,” “projects,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements in this news release include, among others, express or implied statements pertaining to: the long-term demand for KMI’s assets and services; KMI’s 2026 expectations; anticipated dividends; KMI’s capital projects, including the regulatory environment for projects and expected costs, completion timing, and benefits of those projects; and proposed joint ventures. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although KMI believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance as to when or if any such forward-looking statements will materialize nor their ultimate impact on our operations or financial condition. Important factors that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements include: the timing and extent of changes in the supply of and demand for the products we transport and handle; trends expected to drive new natural gas demand for electricity generation; commodity prices; counterparty financial risk; changes in tariffs and trade restrictions; repercussions of recent armed conflicts in the Middle East; including commodity price volatility and potential adverse effects on financial and economic conditions; our ability to obtain required permits and approvals for pending expansion projects when expected; KMI’s ability to negotiate terms of the proposed Western Gateway Pipeline joint venture with Phillips 66; and the other risks and uncertainties described in KMI’s reports filed with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year-ended December 31, 2025 (under the headings “Risk Factors” and “Information Regarding Forward-Looking Statements” and elsewhere), and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website at ir.kindermorgan.com. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, KMI undertakes no obligation to update any forward-looking statement because of new information, future events, or other factors. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements.

Table 1

Kinder Morgan, Inc. and Subsidiaries

Preliminary Consolidated Statements of Income

(In millions, except per share amounts, unaudited)

Three Months Ended
June 30,

%
change

Six Months Ended
June 30,

%
change

2026

2025

2026

2025

Revenues

$

4,477

$

4,042

$

9,305

$

8,283

Operating costs, expenses, and other

Costs of sales (exclusive of items shown separately below)

1,405

1,211

3,154

2,687

Operations and maintenance

806

773

1,517

1,484

Depreciation, depletion, and amortization

620

616

1,253

1,226

General and administrative

192

188

376

375

Taxes, other than income taxes

120

111

234

223

Other income, net

(12

)

(9

)

(19

)

(9

)

Total operating costs, expenses, and other

3,131

2,890

6,515

5,986

Operating income

1,346

1,152

2,790

2,297

Other income (expense)

Earnings from equity investments

225

206

479

426

Interest, net

(425

)

(452

)

(855

)

(903

)

Other, net

20

13

40

28

Income before income taxes

1,166

919

2,454

1,848

Income tax expense

(272

)

(177

)

(559

)

(363

)

Net income

894

742

1,895

1,485

Net income attributable to NCI

(27

)

(27

)

(52

)

(53

)

Net income attributable to Kinder Morgan, Inc.

$

867

$

715

$

1,843

$

1,432

Class P Shares

Basic and diluted earnings per share

$

0.39

$

0.32

22

%

$

0.82

$

0.64

28

%

Basic and diluted weighted average shares outstanding

2,225

2,222

—

%

2,225

2,222

—

%

Declared dividends per share

$

0.2975

$

0.2925

2

%

$

0.595

$

0.585

2

%

Adjusted Net Income Attributable to Kinder Morgan, Inc. (1)

$

821

$

619

33

%

$

1,884

$

1,385

36

%

Adjusted EPS (1)

$

0.37

$

0.28

32

%

$

0.84

$

0.62

35

%

Table 2

Kinder Morgan, Inc. and Subsidiaries

Preliminary Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Kinder Morgan, Inc., to Adjusted Net Income Attributable to Common Stock and to Adjusted EBITDA Reconciliations

(In millions, unaudited)

Three Months Ended
June 30,

%
change

Six Months Ended
June 30,

%
change

2026

2025

2026

2025

Net income attributable to Kinder Morgan, Inc.

$

867

$

715

21

%

$

1,843

$

1,432

29

%

Certain Items (1)

Risk management activities

(83

)

(95

)

30

(11

)

Income tax Certain Items

37

(2

)

11

(37

)

Other

—

1

—

1

Total Certain Items

(46

)

(96

)

52

%

41

(47

)

187

%

Adjusted Net Income Attributable to Kinder Morgan, Inc.

$

821

$

619

33

%

$

1,884

$

1,385

36

%

Net income attributable to Kinder Morgan, Inc.

$

867

$

715

21

%

$

1,843

$

1,432

29

%

Total Certain Items (2)

(46

)

(96

)

41

(47

)

Net income allocated to participating securities and other (3)

(4

)

(4

)

(10

)

(8

)

Adjusted Net Income Attributable to Common Stock

$

817

$

615

33

%

$

1,874

$

1,377

36

%

Net income attributable to Kinder Morgan, Inc.

$

867

$

715

21

%

$

1,843

$

1,432

29

%

Total Certain Items (2)

(46

)

(96

)

41

(47

)

DD&A

620

616

1,253

1,226

Income tax expense (4)

235

179

548

400

Interest, net (5)

425

453

855

902

Amounts associated with joint ventures

Unconsolidated JV DD&A (6)

92

100

183

200

Remove consolidated JV partners' DD&A

(15

)

(16

)

(31

)

(31

)

Unconsolidated JV income tax expense (7)

21

21

46

47

Adjusted EBITDA

$

2,199

$

1,972

12

%

$

4,738

$

4,129

15

%

Notes

(1)

See table included in “Non-GAAP Financial Measures—Certain Items.”

(2)

For a detailed listing, see the above reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Adjusted Net Income Attributable to Kinder Morgan, Inc.

(3)

Other for each of the periods ended June 30, 2026 and 2025 includes Adjusted net income in excess of distributions for participating securities of less than $1 million.

(4)

To avoid duplication, adjustments for income tax expense for the periods ended June 30, 2026 and 2025 exclude $37 million and $(2) million for the three-month periods, respectively, and $11 million and $(37) million for the six-month periods, respectively, which amounts are already included within “Certain Items.” See table included in “Non-GAAP Financial Measures—Certain Items.”

(5)

To avoid duplication, adjustments for interest, net excludes $(1) million and $1 million for the three and six-month periods ended June 30, 2025, respectively, which amounts are already included within “Certain Items.” See table included in “Non-GAAP Financial Measures—Certain Items.”

(6)

Includes amortization of basis differences related to our JVs.

(7)

Includes the tax provision on Certain Items recognized by the investees that are taxable entities associated with our Citrus, NGPL, and Products (SE) Pipe Line equity investments. The impact of KMI’s income tax provision on Certain Items affecting earnings from equity investments is included within “Certain Items” above.

Table 3

Kinder Morgan, Inc. and Subsidiaries

Preliminary Reconciliation of Segment EBDA to Adjusted Segment EBDA

(In millions, unaudited)

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Segment EBDA (1)

Natural Gas Pipelines Segment EBDA

$

1,520

$

1,436

$

3,231

$

2,889

Certain Items (2)

Risk management activities

(59

)

(89

)

27

(9

)

Natural Gas Pipelines Adjusted Segment EBDA

$

1,461

$

1,347

$

3,258

$

2,880

Products Pipelines Segment EBDA

$

343

$

289

$

663

$

562

Certain Items (2)

Risk management activities

(4

)

—

1

1

Products Pipelines Adjusted Segment EBDA

$

339

$

289

$

664

$

563

Terminals Segment EBDA

$

310

$

300

$

639

$

575

Certain Items (2)

Risk management activities

(1

)

—

—

—

Terminals Adjusted Segment EBDA

$

309

$

300

$

639

$

575

CO2 Segment EBDA

$

226

$

150

$

394

$

331

Certain Items (2)

Risk management activities

(19

)

(5

)

2

(4

)

CO2 Adjusted Segment EBDA

$

207

$

145

$

396

$

327

Table 4

Segment Volume and CO2 Segment Hedges Highlights

(Historical data is pro forma for acquired and divested assets, JV volumes at KMI share (1))

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Natural Gas Pipelines

Natural gas transport volumes (BBtu/d)

47,886

44,818

48,830

45,509

Natural gas sales volumes (BBtu/d)

3,908

2,832

3,900

2,716

Gathering volumes (BBtu/d)

4,637

3,692

4,479

3,725

NGL transport (MBbl/d)

52

39

48

35

Products Pipelines (MBbl/d)

Gasoline (2)

970

1,016

941

975

Diesel fuel

357

369

349

353

Jet fuel

296

325

294

314

Total refined product volumes

1,623

1,710

1,584

1,642

Crude and condensate

421

503

420

490

Total delivery volumes (MBbl/d)

2,044

2,213

2,004

2,132

Terminals

Liquids leasable capacity (MMBbl)

78.6

78.7

78.6

78.7

Liquids utilization % (3)

93.0

%

94.4

%

93.2

%

94.3

%

Bulk transload tonnage (MMtons)

12.9

12.6

25.0

24.8

CO2 (MBbl/d)

SACROC oil production

21.11

18.42

20.68

18.84

Yates oil production

5.88

6.01

5.77

5.98

Other

1.05

1.09

1.05

1.09

Total oil production - net (MBbl/d) (4)

28.04

25.52

27.50

25.91

NGL sales volumes - net (MBbl/d) (4)

9.80

9.03

9.77

9.16

CO2 sales volumes - net (Bcf/d)

0.306

0.291

0.309

0.301

RNG sales volumes (BBtu/d)

13

12

13

10

Realized weighted average oil price ($ per Bbl)

$

73.78

$

67.60

$

69.71

$

67.99

Realized weighted average NGL price ($ per Bbl)

$

33.38

$

32.08

$

31.71

$

33.74

CO2 Segment Hedges

Remaining
2026

2027

2028

Crude Oil (5)

Price ($ per Bbl)

$

64.54

$

63.92

$

67.28

Volume (MBbl/d)

23.15

18.10

11.30

NGLs

Price ($ per Bbl)

$

42.42

$

52.33

Volume (MBbl/d)

4.18

0.99

Notes

(1)

Volumes for acquired assets are included for all periods. However, EBDA contributions from acquisitions are included only for periods subsequent to their acquisition. Volumes for assets divested, idled and/or held for sale are excluded for all periods presented.

(2)

Gasoline volumes include ethanol pipeline volumes.

(3)

The ratio of our tankage capacity in service to liquids leasable capacity.

(4)

Net of royalties and outside working interests.

(5)

Includes West Texas Intermediate hedges.

Table 5

Kinder Morgan, Inc. and Subsidiaries

Preliminary Consolidated Balance Sheets

(In millions, unaudited)

June 30,

December 31,

2026

2025

Assets

Cash and cash equivalents

$

89

$

63

Other current assets

2,499

2,691

Property, plant, and equipment, net

40,522

39,331

Investments

7,705

7,532

Goodwill

20,084

20,084

Deferred charges and other assets

3,163

3,047

Total assets

$

74,062

$

72,748

Liabilities and Stockholders' Equity

Short-term debt

$

2,443

$

1,226

Other current liabilities

3,204

3,096

Long-term debt

29,701

30,597

Debt fair value adjustments

104

180

Other

5,731

5,200

Total liabilities

41,183

40,299

Other stockholders' equity

31,681

31,117

Accumulated other comprehensive (loss) income

(50

)

45

Total KMI stockholders' equity

31,631

31,162

Noncontrolling interests

1,248

1,287

Total stockholders' equity

32,879

32,449

Total liabilities and stockholders' equity

$

74,062

$

72,748

Net Debt (1)

$

32,027

$

31,716

Adjusted EBITDA Twelve Months Ended (2)

Reconciliation of Net Income Attributable to Kinder Morgan, Inc. to Last Twelve Months Adjusted EBITDA

June 30,

December 31,

2026

2025

Net income attributable to Kinder Morgan, Inc.

$

3,467

$

3,056

Total Certain Items (3)

(69

)

(157

)

DD&A

2,480

2,453

Income tax expense (4)

982

834

Interest, net (4)

1,741

1,788

Amounts associated with joint ventures

Unconsolidated JV DD&A (5)

372

391

Less: Consolidated JV partners' DD&A

(62

)

(63

)

Unconsolidated JV income tax expense

89

89

Adjusted EBITDA

$

9,000

$

8,391

Net Debt-to-Adjusted EBITDA

3.6

3.8

Notes

(1)

Amounts calculated as total debt, less (i) cash and cash equivalents; (ii) debt fair value adjustments; and (ii) the foreign exchange impact on our Euro denominated debt of $28 million and $44 million as of June 30, 2026 and December 31, 2025, respectively, as we have entered into swaps to convert that debt to U.S.$.

(2)

Reflects the rolling 12-month amounts for each period above.

(3)

See table included in “Non-GAAP Financial Measures—Certain Items.”

(4)

Amounts are adjusted for Certain Items. See “Non-GAAP Financial Measures—Certain Items” for more information.

(5)

Includes amortization of basis differences related to our JVs.

Table 6

Kinder Morgan, Inc. and Subsidiaries

Preliminary Supplemental Information

(In millions, unaudited)

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

KMI FCF

Net income attributable to Kinder Morgan, Inc.

$

867

$

715

$

1,843

$

1,432

Net income attributable to noncontrolling interests

27

27

52

53

DD&A

620

616

1,253

1,226

Deferred income taxes

295

160

576

327

Earnings from equity investments

(225

)

(206

)

(479

)

(426

)

Distribution of equity investment earnings (1)

213

212

363

397

Working capital and other items

163

125

(157

)

(198

)

Cash flow from operations

1,960

1,649

3,451

2,811

Capital expenditures (GAAP)

(982

)

(647

)

(1,786

)

(1,413

)

FCF

978

1,002

1,665

1,398

Dividends paid

(665

)

(654

)

(1,319

)

(1,296

)

FCF after dividends

$

313

$

348

$

346

$

102

More News From Kinder Morgan, Inc.

Hypertriglyceridemia is the presence of high levels of triglycerides (a type of fat) in the blood. The disease substantially raises the likelihood of fatal acute pancreatitis and frequent hospitalizations.

Trial Outcomes And Efficacy HighlightsBoth Phase 3 investigations successfully achieved their primary milestone by cutting triglyceride levels compared to a placebo.

Additionally, the studies satisfied all secondary objectives, demonstrating a statistically meaningful drop in acute pancreatitis occurrences.

Patients receiving a quarterly 25 mg subcutaneous dose of plozasiran experienced median triglyceride decreases of 79% in SHASTA-3 and 81% in SHASTA-4 after 12 months, whereas placebo groups saw reductions of around 27%.

A combined analysis indicated a statistically significant drop in single-event patient rates (p<0.0221) and overall event frequency (p<0.0077).

Across the broader patient group with triglyceride counts exceeding 500 mg/dL, cumulative pancreatitis events fell by 78%.

Notably, high-risk patients possessing triglyceride levels above 880 mg/dL alongside a history of acute pancreatitis achieved a 100% reduction in pancreatitis incidents compared to placebo.

Safety Metrics And Regulatory RoadmapPlozasiran exhibited a favorable safety profile, showing treatment-related adverse events in line with earlier trial observations.

Researchers recorded no novel safety concerns, standard laboratory variations, hypersensitivity cases, or thrombocytopenia risks. Liver enzyme changes remained clinically insignificant, and liver fat content evaluations matched placebo levels.

While complete evaluation of the trials continues ahead of future publications, plozasiran currently holds regulatory clearance under the brand name Redemplo across several regions, including the U.S., European Union, China, Australia, and Canada, for familial chylomicronemia syndrome.

The company plans to use data from SHASTA-3, SHASTA-4, and MUIR-3 to submit a supplemental new drug application to the U.S. FDA before the end of 2026, alongside seeking global authorizations.

ARWR Stock Price Activity: Arrowhead shares were up 22% at $90.96 at last check on Wednesday, according to Benzinga Pro data.

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Key Takeaways Toast launched an AI marketing agent to help restaurants create campaigns and attract more guests.Pilot users of Toast IQ Grow saw average sales rise 8% versus similar Toast restaurants.Toast's AI push lifted coding velocity 60% and resolved 40% of customer-support interactions. Toast, Inc. (TOST - Free Report) is making artificial intelligence (AI) a central part of its growth strategy. In May 2026, the company launched Toast IQ Grow, a marketing product built around its first AI agent. It creates campaigns using restaurant sales data across email, text messages and social channels, helping busy operators save time and attract guests.

Early results appear encouraging. Pilot customers using Toast IQ Grow recorded an average 8% increase in sales compared with similar Toast restaurants. Sahara Bistro Shawarma attributed nearly one-third of its March 2026 sales to Toast marketing tools. Its sales also rose more than 30% from the prior four weeks, suggesting that AI agents can produce measurable returns.

Toast also has a large base for expanding AI services. It ended the first quarter of 2026 with about 171,000 locations, up 22% year over year, after adding roughly 7,000 net locations. Toast IQ already had 40,000 weekly active locations, giving the platform more operating, payment and guest data to generate useful recommendations.

The AI push is also supporting Toast’s internal efficiency. Engineering coding velocity increased more than 60% year over year, helping the company launch its marketing agent three months earlier than planned. About 40% of customer-support interactions were resolved by AI, improving efficiency and enabling Toast to invest more in account management, product development and sales.

Investors need to watch whether AI usage is converting into stronger financial growth. First-quarter 2026 annualized recurring run-rate (ARR) rose 26% to $2.2 billion, while recurring gross profit grew 27%. Adjusted EBITDA reached $179 million, and operating income climbed to $110 million from $43 million.

How Are XYZ & LSPD Integrating AI?Block’s (XYZ - Free Report) Square has embedded AI into its merchant services through automated marketing, customer insights and operational recommendations. These tools help restaurants personalize promotions, simplify decisions and improve efficiency within the broader Square ecosystem. XYZ reported serving more than 4 million sellers across its global digital commerce platforms.

Lightspeed (LSPD - Free Report) applies AI to restaurant analytics, inventory planning and customer engagement. Its AI-driven features help operators interpret sales patterns, forecast demand and identify practical actions that may improve margins. LSPD ended the fourth quarter of fiscal 2026 with approximately 150,000 total customer locations using its commerce platform worldwide.

TOST’s Price Performance, Valuation & EstimatesShares of Toast have outperformed in the past three months compared with the broader industry.

Image Source: Zacks Investment Research

From a valuation standpoint, Toast’s shares have a Value Score of C. In terms of forward 12-month P/E, TOST stock is trading at 26.20X, which is at a discount to the Zacks Internet Software industry’s 27.43X.

Image Source: Zacks Investment Research

Toast’s estimate revisions reflect a positive trend. The Zacks Consensus Estimate for full-year 2026 earnings per share has been revised upward to $1.35 in the past two months. The consensus estimate for the metric indicates a year-over-year increase of 51.69%.

Image Source: Zacks Investment Research

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

Options traders are bracing for a sizable post-earnings move in QuantumScape (NASDAQ:QS) shares ahead of the company’s Q2 results.

The solid-state battery developer is set to report after Wednesday’s closing bell, with Benzinga Pro estimates calling for a loss of 18 cents per share.

Benzinga options data implies an approximately 11.38% one-standard-deviation move over the relevant expiration window based on current option prices.

QuantumScape and Honda’s Joint Research DealQuantumScape has entered a joint research agreement with Honda focused on solid-state battery technology. The multi-year plan targets battery solutions and manufacturing processes. Honda’s evaluation of QuantumScape’s technology found unique advantages, leading the partners to explore applications beyond automotive uses.

Honda Targets Motorcycles and Industrial EquipmentHonda sees potential to deploy solid-state batteries in motorcycles, scooters, and industrial equipment. The platform’s high energy density and fast charging could support products where reliability and efficiency matter. The deal also expands the scope of QuantumScape’s work beyond cars.

QS Stock Price Activity: QuantumScape shares were down 2.40% at $5.91 at the time of publication on Wednesday, according to Benzinga Pro data.

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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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RALEIGH, N.C., July 22, 2026 (GLOBE NEWSWIRE) -- Highwoods Properties, Inc. (NYSE:HIW) announces its Board of Directors has declared a cash dividend of $0.50 per share of common stock for the quarter ended June 30, 2026, which equates to an annualized dividend of $2.00 per share. This quarterly dividend is payable on September 9, 2026 to all holders of record as of August 17, 2026.

The Board also declared a cash dividend of $21.5625 per share of the Company’s 8 5/8% Series A Cumulative Redeemable Preferred Stock. The dividend is payable on August 31, 2026 which is the next regularly scheduled dividend payment date, to all holders of record as of August 17, 2026.

About Highwoods
Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW), fully-integrated office real estate investment trust (“REIT”) that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. Our vision is to be a leader in the evolution of commercial real estate for the benefit of our customers, our communities and those who invest with us. Our mission is to create environments and experiences that inspire our teammates and our customers to achieve more together. We are in the work-placemaking business and believe that by creating exceptional environments and experiences, we can deliver greater value to our customers, their teammates and, in turn, our shareholders. For more information about Highwoods, please visit our website at www.highwoods.com.

Contact: Brendan Maiorana
Executive Vice President and Chief Financial Officer
[email protected]
919-872-4924 

Americké akcie dnes hledaly směr, protože investoři vyčkávali na začátek klíčové části výsledkové sezóny technologických firem. Trhy zároveň znervózněl další růst cen ropy způsobený eskalací konfliktu mezi USA a Íránem.

Článek se odemkne 22.07.2026 23:01

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Cencora (COR) is transitioning from a bulk pharmaceutical distributor to a specialty medicines infrastructure provider, targeting higher-margin, service-driven growth. Recent acquisitions of OneOncology and Retina Consultants of America are driving margin expansion, with Q2 adjusted gross profit up 15.7% and margin rising to 4.31%. Management raised FY2026 adjusted EPS guidance to $17.70–$17.90, expects $3B adjusted FCF, and targets 10–14% long-term EPS growth.

Rosen Law Firm, a global investor rights law firm, announces a class action lawsuit on behalf of purchasers of common stock of Primoris Services Corporation (NY

SAN DIEGO--(BUSINESS WIRE)---- $PRIM #Energy--Robbins LLP informs stockholders that a class action was filed on behalf of all investors who purchased or otherwise acquired Primoris Services Corporation (NYSE: PRIM) securities between August 5, 2025 and June 22, 2023. Primoris is an infrastructure services company that provides engineering, procurement, construction, and maintenance services to customers in the utilities, energy, and infrastructure markets.For more information, submit a form, email attorney Aaron.

, /PRNewswire/ --

Why: Rosen Law Firm, a global investor rights law firm, announces a class action lawsuit on behalf of purchasers of common stock of Primoris Services Corporation (NYSE: PRIM) between August 5, 2025 and June 22 2026, inclusive (the "Class Period"). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 21, 2026.

So what: If you purchased Primoris common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

What to do next: To join the Primoris class action, go to https://rosenlegal.com/cases/primoris-services-corporation/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 21, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

Details of the case: According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Primoris' cost estimation, cost-to-complete forecasting, and project oversight processes were deficient and failed to provide reliable estimates of the costs and expected profitability of significant fixed-price renewable energy projects; (2) as a result, Primoris systematically underestimated the costs and risks of significant fixed-price renewable energy projects that were experiencing material cost overruns, execution problems, and schedule delays; and (3) accordingly, defendants' statements regarding Primoris' estimating processes, project execution, ability to manage project risk, financial performance, and financial guidance lacked a reasonable basis and omitted material adverse facts. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Primoris class action, go to https://rosenlegal.com/cases/primoris-services-corporation/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
www.rosenlegal.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/prim-investors-have-opportunity-to-lead-primoris-services-corporation-securities-fraud-lawsuit-302832400.html

SOURCE THE ROSEN LAW FIRM, P. A.

Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market's attention and produce exceptional returns. But finding a growth stock that can live up to its true potential can be a tough task.

By their very nature, these stocks carry above-average risk and volatility. Moreover, if a company's growth story is over or nearing its end, betting on it could lead to significant loss.

However, it's pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects.

Our proprietary system currently recommends RBC Bearings (RBC - Free Report) as one such stock. This company not only has a favorable Growth Score, but also carries a top Zacks Rank.

Studies have shown that stocks with the best growth features consistently outperform the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.

Here are three of the most important factors that make the stock of this maker of bearings and components a great growth pick right now.

Earnings GrowthEarnings growth is arguably the most important factor, as stocks exhibiting exceptionally surging profit levels tend to attract the attention of most investors. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for RBC Bearings is 27.1%, investors should actually focus on the projected growth. The company's EPS is expected to grow 17% this year, crushing the industry average, which calls for EPS growth of 11.1%.

Cash Flow GrowthWhile cash is the lifeblood of any business, higher-than-average cash flow growth is more important and beneficial for growth-oriented companies than for mature companies. That's because, growth in cash flow enables these companies to expand their businesses without depending on expensive outside funds.

Right now, year-over-year cash flow growth for RBC Bearings is 19.5%, which is higher than many of its peers. In fact, the rate compares to the industry average of 6.3%.

While investors should actually consider the current cash flow growth, it's worth taking a look at the historical rate too for putting the current reading into proper perspective. The company's annualized cash flow growth rate has been 30.8% over the past 3-5 years versus the industry average of 9.1%.

Promising Earnings Estimate RevisionsBeyond the metrics outlined above, investors should consider the trend in earnings estimate revisions. A positive trend is a plus here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

There have been upward revisions in current-year earnings estimates for RBC Bearings. The Zacks Consensus Estimate for the current year has surged 0.6% over the past month.

Bottom LineRBC Bearings has not only earned a Growth Score of B based on a number of factors, including the ones discussed above, but it also carries a Zacks Rank #2 because of the positive earnings estimate revisions.

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

This combination positions RBC Bearings well for outperformance, so growth investors may want to bet on it.

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Key Takeaways C.H. Robinson is set to report Q2 results on July 29, with earnings and revenues seen rising y/y. CHRW faces soft freight demand, higher spot and fuel costs, and pressure on truckload margins. C.H. Robinson's disciplined revenue management and strong LTL performance support its prospects. C.H. Robinson Worldwide (CHRW - Free Report)  is scheduled to report second-quarter 2026 results on July 29, after market close.

The Zacks Consensus Estimate for the second-quarter 2026 earnings has been revised upward by 1.34% over the past 60 days to $1.51 per share. The consensus mark indicates a 17.05% increase from the second-quarter 2025 actuals. The Zacks Consensus Estimate for second-quarter 2026 revenues is pegged at $4.37 billion, indicating a 5.6% increase from second-quarter 2025 actuals. 

C.H. Robinson has an encouraging earnings surprise history. The company’s earnings have outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 9.37%.

Let’s see how things have shaped up for C.H. Robinson this earnings season.

Factors Likely to Have Influenced CHRW's Q2 PerformanceWe expect CHRW's performance in the to-be-reported quarter to have faced pressure from soft freight demand, elevated truckload spot market costs, lower ocean freight rates due to excess vessel capacity and continued geopolitical and trade-related disruptions affecting global shipping networks.

The Zacks Consensus Estimate for Global Forwarding’s second-quarter 2026 revenues is pegged at $786.04 million, indicating a 1.5% decrease from the year-ago reported figure. For All Other and Corporate (Robinson Fresh, Managed Services and Other Surface Transportation), the second-quarter 2026 revenues are pegged at $412.58 million, indicating a 2% decline from the year-ago reported figure.

Elevated truckload spot market costs, supply-driven capacity constraints, higher fuel costs, rising carrier operating expenses and continued pressure on contractual truckload margins are expected to have put a strain on CHRW's performance in the June-end quarter.

On the contrary, the company's disciplined revenue management practices, coupled with strong LTL performance, are expected to have supported its prospects. The Zacks Consensus Estimate for second-quarter 2026 North American Surface Transportation revenues is pegged at $3.07 billion, indicating a 5.1% increase from the year-ago reported figure.

What Our Model Says About CHRWOur proven model does not predict an earnings beat for C.H. Robinson this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. Which is not the case here. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

CHRW has an Earnings ESP of -1.23% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Highlights of CHRW’s Q1 ResultsCHRW reported mixed first-quarter 2026 results, wherein earnings surpassed the Zacks Consensus Estimate while revenues missed the same.

Quarterly earnings per share (EPS) of $1.35 outpaced the Zacks Consensus Estimate of $1.24 and improved 15.4% year over year. Total revenues of $4.01 billion missed the Zacks Consensus Estimate of $4.08 billion and fell 0.8% year over year.

Stocks to ConsiderHere are a few stocks from the broader Zacks Transportation sector that investors may consider, as our model shows that these have the right combination of elements to beat on earnings this reporting cycle.

Herc Holdings Inc. (HRI - Free Report) has an Earnings ESP of +14.47% and a Zacks Rank #3 at present. HRI is scheduled to report second-quarter 2026 results on July 28, before the market opens.

The Zacks Consensus Estimate for the second-quarter 2026 earnings has been revised upward by 7.04% over the past 60 days to 76 cents per share. The Zacks Consensus Estimate for revenues is pegged at $1.15 billion, indicating a 16.75% increase from the second-quarter 2025 actuals. 

Schneider National (SNDR - Free Report) has an Earnings ESP of +1.50% and a Zacks Rank #1 at present. SNDR is scheduled to report second-quarter 2026 earnings on July 30.

The Zacks Consensus Estimate for second-quarter 2026 earnings has remained flat at 22 cents over the past 60 days. SNDR’s earnings beat the Zacks Consensus Estimate in one of the preceding four quarters (missing the mark twice and met the mark once in the remaining three quarters). The average miss is 17.97%.

It's been a rough year for SoFi Technologies (SOFI -3.09%) shareholders. The stock is down 34% year to date in a thriving bull market.

But as the second-quarter earnings report approaches, investors got excellent news from the big banks, including JPMorgan Chase and Goldman Sachs. Bank stocks in general tend to move as a group, and the good news should trickle down to SoFi as well. Here's what's happening.

What's good for some banks is good for all banks The main growth driver for both JPMorgan Chase and Goldman Sachs was investment banking. Both companies reported strong growth in the segment: 55% for Goldman Sachs and 45% for JPMorgan Chase.

Image source: SoFi.

Investment banking includes activities like initial public offerings (IPOs) and other capital raises, mergers and acquisitions (M&A), and asset management -- the kinds of things that Wall Street is known for doing. Heightened investment banking activity is a great sign of a healthy economy, where businesses transact and make deals.

High IPO activity often comes when there's a strong bull market, and Q2 featured the Space Exploration Technologies (SpaceX) IPO, the largest ever. Goldman Sachs said that M&A activity increased 90% year over year in the quarter and that the artificial intelligence (AI) build-out is driving growth in many areas.

Increased activity in the big banks is good for smaller banks, too. More money is going around, more people are investing, and that leads to a robust economy. While there have been warning signs about the economy, conditions remain strong so far.

It's not just investment banking While investment banking accounted for much of the growth in Q2, it was a great quarter all around for all segments. In particular, lending was strong, which is an excellent indicator for SoFi. At JPMorgan Chase, for example, average loans were up 10% year over year.

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SoFi has expanded into a full digital banking app, but its original and core business is lending. Lending was responsible for more than half of total revenue in the 2026 first quarter, and it increased 55% year over year. Total originations were up 68%, with particular strength in home loans, which were up 137%, and student loans, which were up 119%.

SoFi doesn't have an investment banking arm, but it's also benefiting from the wave of capital activity through its investing tools, and it was one of the platforms that offered retail IPO access to SpaceX.

SoFi reports Q2 earnings on July 29, and there's a lot to get excited about now.

JPMorgan Chase is an advertising partner of Motley Fool Money. Jennifer Saibil has positions in SoFi Technologies. The Motley Fool has positions in and recommends Goldman Sachs Group and JPMorgan Chase. The Motley Fool has a disclosure policy.

Key Takeaways Pegasystems' revenues rose 9.4%, while earnings increased 25% but missed estimates. Pega Cloud revenues jumped 28% and accounted for 51% of quarterly revenues.Pegasystems warned that delayed client decisions may pressure ACV growth and cash generation. Pegasystems (PEGA - Free Report) reported second-quarter 2026 non-GAAP earnings of 35 cents per share, missing the Zacks Consensus Estimate by 18.61%. Earnings rose 25% year over year.

Revenues rose 9.4% year over year to $420.72 million but missed the consensus mark by 1.84%. The shortfalls came despite continued cloud momentum. Pega Cloud annual contract value rose 22% year over year, while total annual contract value increased 7% or 8% in constant currency.

Backlog grew year over year, supporting longer-term revenue visibility. Total backlog increased 10% year over year to $2.02 billion as of June 30, 2026 or 11% in constant currency. Pega Cloud backlog rose 18% to $1.56 billion and accounted for 77% of total backlog, up from 72% a year earlier.

PEGA's Cloud Growth Supports Revenue ExpansionPega Cloud revenues climbed 28% year over year to $213.93 million and represented 51% of quarterly revenues, up from 43% a year earlier. Maintenance revenues declined 6% to $74.53 million. 

Together, subscription services revenues advanced 17% to $288.46 million. Subscription license revenues rose 2% to $82.03 million, taking total subscription revenues up 13% to $370.49 million.

PEGA's Revenue Mix Shows Subscription StrengthConsulting revenues declined 13% year over year to $50.23 million and accounted for 12% of total revenues compared with 15% in the prior-year quarter. The decline partly offset gains across the subscription business.

Subscription revenues represented 88% of quarterly revenues, up from 85% a year earlier. The higher recurring-revenue mix supported the top-line increase, but higher operating costs and delayed client decisions limited the benefit to profitability.

Pegasystems Faces Slower ACV GrowthTotal annual contract value reached $1.62 billion at June 30, 2026, compared with $1.51 billion a year earlier. Pega Cloud ACV increased to $926.29 million from $761.05 million, highlighting the continued shift toward cloud contracts.

However, management said unprecedented changes in the AI market prompted clients to delay purchasing decisions. The company added that ACV growth slowed in the first half and warned that these factors may continue to pressure growth for the rest of the year.

PEGA's Operating DetailsGross profit rose 13.7% year over year to $312.69 million. The gross margin expanded about 280 basis points to 74.3%, driven by revenue growth and a slight decline in total cost of revenues.

Operating expenses increased 14.9% to $296.05 million. Selling and marketing expenses rose 12.4%, research and development expenses increased 6.8%, and general and administrative expenses jumped 37.6%.

GAAP operating income slipped 3.7% year over year to $16.64 million. The operating margin contracted roughly 50 basis points to 4% as expense growth outpaced revenues.

PEGA’s Balance Sheet & Cash FlowAs of June 30, 2026, cash and cash equivalents and marketable securities totaled $361.9 million, down from $474 million as of March 31, 2026.

For the first six months of 2026, cash provided by operating activities increased 2.7% year over year to $298.23 million. Free cash flow rose 0.6% to $288.26 million, even as the company cautioned that slower ACV growth could weigh on cash generation for the remainder of the year.

PEGA's Zacks Rank & Stocks to ConsiderCurrently, Pegasystems carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader Zacks Computer and Technology sector include Agilysys (AGYS - Free Report) , Bandwidth (BAND - Free Report) and Fortinet (FTNT - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

 Shares of Agilysys have declined 15.3% in the year-to-date period. AGYS is set to report its first-quarter fiscal 2027 results on July 27.

 Shares of Bandwidth have surged 355.4% in the year-to-date period. BAND is slated to report its second-quarter 2026 results on July 29.

 Fortinet shares have gained 99.1% in the year-to-date period. FTNT is set to report its second-quarter 2026 results on July 29.

Key Takeaways TEL beat Q3 earnings and revenue estimates as sales rose 14% and orders hit a record $5.7 billion. TEL expects about $5.25B in Q4 sales and adjusted EPS of about $3.05, with 11% sales growth. TEL agreed to acquire Astrodyne TDI for $1.4B to expand its Industrial Solutions power portfolio. TE Connectivity (TEL - Free Report) reported third-quarter fiscal 2026 adjusted earnings of $2.94 per share, up 22% year over year. The figure beat the Zacks Consensus Estimate of $2.85 by 3.2%.

Net sales increased 14% year over year to $5.16 billion and surpassed the Zacks Consensus estimate by 3.14%. Growth across both the Industrial and Transportation segments supported performance. Orders reached a record $5.7 billion, rising 27% year over year.

TEL's Q3 Top-Line DetailsTransportation Solutions generated revenues of $2.58 billion, accounting for half of total sales. Segment revenues increased 7% on a reported basis and 5% organically from the year-ago quarter.

Industrial Solutions also recorded revenues of $2.58 billion, representing the remaining half of sales. The figure climbed 22% year over year on a reported basis and 21% organically, reflecting broad-based demand across most of its businesses.

TE Connectivity's Segment PerformanceWithin Transportation Solutions, Automotive sales rose 5% to $1.91 billion, including 3% organic growth, supported by content outperformance in Asia and Europe. Commercial Transportation revenues advanced 20% to $434 million and increased 18% organically on strong content growth across all regions.

Sensor’s revenues declined 1% to $233 million and fell 3% organically. The segment's adjusted operating income increased to $541 million from $486 million, while adjusted operating margin expanded 90 basis points to 21%.

TEL's Industrial Businesses Maintain MomentumDigital Data Networks revenues surged 34% to $813 million on both a reported and organic basis, aided by continued momentum in artificial intelligence applications. Management indicated that orders support another strong sequential sales increase for the business in the fourth quarter.

Energy sales increased 34% to $516 million, including 33% organic growth, driven by grid-hardening activity and data-center construction. Automation and Connected Living revenues rose 16% to $664 million, while Aerospace, Defense and Marine sales advanced 12% to $419 million. Medical revenues decreased 7% to $168 million. The segment's adjusted operating income increased to $588 million from $467 million, while adjusted operating margin expanded 70 basis points to 22.8%.

TE Connectivity's Q3 Operating DetailsIn third-quarter fiscal 2026, GAAP gross margin expanded 26 basis points (bps) year over year to 35.6%.

Selling, general and administrative expenses increased to $532 million from $491 million. Research, development and engineering expenses rose to $230 million from $211 million.

GAAP operating income increased to $981 million from $857 million. Operating margin edged up 10 bps to 19%. Adjusted operating income rose to $1.13 billion from $953 million, while adjusted operating margin expanded 90 bps to 21.9%.

TEL's Cash Flow and Balance SheetAs of June 26, 2026, cash and cash equivalents totaled $1.24 billion. Total debt was $5.63 billion.

TE Connectivity generated $1.19 billion in cash from operating activities during the quarter, nearly unchanged from the prior-year period. Free cash flow declined to $883 million from $962 million.

TEL repurchased $529 million of shares and paid $226 million in dividends during the quarter.

TE Connectivity's Positive Q4 GuidanceFor the fourth quarter of fiscal 2026, TE Connectivity expects sales of approximately $5.25 billion, indicating 11% growth on both a reported and organic basis. Adjusted earnings are projected to be approximately $3.05 per share, representing an 18% year-over-year increase.

TEL also agreed to acquire Astrodyne TDI for approximately $1.4 billion. The business is expected to contribute annual sales of more than $250 million and expand the company's power-management portfolio within Industrial Solutions.

TEL’s Zacks Rank & Other Stocks to ConsiderCurrently, TE Connectivity has a Zacks Rank #2 (Buy).

Some other top-ranked stocks in the broader Zacks Computer and Technology sector are Bandwidth (BAND - Free Report) , Amphenol (APH - Free Report) , and Amkor Technology (AMKR - Free Report) . While Bandwidth and Amphenol sport a Zacks Rank #1 (Strong Buy), Amkor Technology carries a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Bandwidth is set to report second-quarter 2026 results on July 29. Bandwidth shares have appreciated 355.4% year to date.

Amphenol is slated to report second-quarter 2026 results on July 29. Amphenol shares have gained 16.8% year to date.

Amkor Technology is set to report second-quarter 2026 results on July 29. Amkor Technology shares have surged 69% year to date.

As transportation undergoes a radical shift toward electrification, investors are weighing the potential of flying taxis against luxury electric cars. Choosing between Archer Aviation (ACHR -2.27%) and Lucid Group (LCID -6.69%) involves balancing visionary technology with financial durability.

Archer Aviation focuses on urban air mobility, aiming to launch commercial air-taxi networks in major global hubs. Lucid competes in the premium automotive market, prioritizing industry-leading battery efficiency and high-end design. Both companies represent high-risk bets on the future of how people move, though they operate in different regulatory and manufacturing environments.

The case for Archer AviationArcher Aviation develops electric vertical takeoff and landing (eVTOL) aircraft for commercial and military use. This growth among industrial stocks is anchored by an agreement with United Airlines Holdings (UAL -0.92%) providing for the conditional purchase of up to $1.0 billion in Midnight aircraft. The company also partners with the U.S. Air Force and Stellantis (STLA +0.00%) for manufacturing support.

In FY 2025, Archer Aviation reported revenue of $300,000. This early-stage revenue was accompanied by a net loss of approximately $618.2 million. This reflects a company still in its pre-commercial phase as it pursues aircraft type and production certification.

As of its December 2025 balance sheet, the debt-to-equity ratio is roughly 0.1x. This ratio measures total debt, including short- and long-term obligations, against shareholders' equity, with a lower number indicating less reliance on borrowed money. Free cash flow was negative at $511.7 million, representing the cash remaining after operating and capital spending are covered.

The case for Lucid GroupLucid Group manufactures luxury electric vehicles, including the Air sedan and the Gravity SUV, through direct-to-consumer channels. Its most significant customer relationship is with the government of Saudi Arabia, which has a 10-year agreement to purchase up to 100,000 vehicles. The company also works with Uber Technologies (UBER -1.96%) and Nuro to develop autonomous robotaxi fleets, though this customer concentration adds a layer of risk to its long-term outlook.

In FY 2025, revenue reached approximately $1.35 billion, which represents growth of more than 67% compared to the previous year. Despite this significant top-line growth, Lucid reported a net loss of roughly $3.7 billion, reflecting the high costs of automotive production and ongoing research and development at this stage.

According to the December 2025 balance sheet, the debt-to-equity ratio is nearly 1.2x. This means the company uses slightly more debt than equity to fund its capital-intensive operations. Free cash flow was negative $3.8 billion for the fiscal year.

Risk profile comparisonArcher Aviation faces significant regulatory hurdles, as it depends entirely on the FAA and other agencies for aircraft certification. Delays in receiving these approvals for the Midnight aircraft could indefinitely postpone the start of commercial revenue. Additionally, the company must prove it can successfully scale high-volume manufacturing in Georgia without previous experience in mass production, while also navigating complex legal disputes with competitors like Joby Aviation (JOBY +0.00%).

Lucid struggles with financial instability and a high cash burn rate, which has led to litigation and market volatility. The company also faces operational risks from leadership changes and historical manufacturing delays at its Arizona and Saudi Arabian facilities. Competition from established automakers like Tesla Inc (TSLA -1.19%) or luxury brands such as Mercedes-Benz Group adds further pressure on sales, especially as high interest rates impact demand for premium vehicles.

Valuation comparisonArcher Aviation trades at a dramatically higher P/S ratio than Lucid, reflecting its extremely early stage of commercialization.

MetricArcher AviationLucidForward P/En/an/aP/S ratio1,890x1.7xValuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

The federal government created the framework in 2025 for real-world testing of eVTOL aircraft, a concrete step toward making Archer's vision a reality. Japan, South Korea, and Saudi Arabia are other countries building similar regulatory frameworks. A lot still has to happen for Archer’s aircraft to get into the skies, but the notion that the nation's airspace is being regulated in a way that is holding back growth is one that has found favor.

Archer is taking steps to refurbish a small Los Angeles airport for use as its testing grounds and is working to scale up its manufacturing capabilities to eventually reach capacity for 50 planes a year. Management has an initial plan to focus on military and cargo uses for its plane, which would be an easier path to early revenue. Future estimates are speculative, but Wall Street analysts see Archer turning its first profit in 2030, with $2.3 billion in revenue, but a lot has to go right between now and then.

The major card Archer is holding is the purchase agreement with United Airlines to serve as taxis, extending the airline’s services. The contract isn’t guaranteed to be executed in full, however.

Meanwhile, Lucid has an agreement with Uber to provide 35,000 robotaxis, up from a previously announced 20,000, while Uber upped its investment in Lucid to $500 million from $350 million. The luxury EV maker said March orders jumped 144% from February this year, a bright light for the business, which still struggles with high cash burn. Still, sales gains are starting from a small base: its vehicle sales rate was just 43 units per day in 2025.

The Saudi agreement should pay dividends, with the company constructing a factory in the country that should ensure the government follows through on its orders. A focus on cutting operational costs should help, although Lucid is still expected to lose around $3.6 billion in fiscal 2026, while revenue grows about $600 million to $1.95 billion.

Both Archer and Lucid are EV pioneers in the early stage of their business plans. Archer’s price-to-sales is far too high to ignore at current prices, while Lucid’s very low P/S suggests it may be the better bet for 2026.

Nexstar Media Group, Inc. (NXST: NASDAQ), today announced that it will launch primetime newscasts Monday through Sunday in Dallas and Phoenix in mid-August, br

Key Takeaways Wabtec's Q2 adjusted EPS rose 21.6% as revenue climbed 17.5%, beating estimates on Freight and Transit growth.Freight sales rose 16.9% and Transit revenue gained 18.9%, with both segments expanding adjusted margins.Wabtec raised 2026 revenue guidance to $12.30-$12.60 billion and adjusted EPS to $10.60-$10.90. Westinghouse Air Brake Technologies (WAB - Free Report) , operating as Wabtec Corporation, reported encouraging second-quarter 2026 results wherein both earnings and revenues surpassed the Zacks Consensus Estimate and increased year over year.

Quarterly adjusted earnings of $2.76 per share beat the Zacks Consensus Estimate of $2.63 by 4.9% and increased 21.6% year over year, owing to higher sales and operating margin expansion.

Revenues climbed 17.5% to $3.18 billion and surpassed the consensus mark of $3.08 billion by 3.2%. Growth across Freight and Transit, supported by acquisitions and organic expansion, drove the top line. The 12-month backlog increased 11.3% to $9.14 billion.

Apart from the better-than-expected results, Wabtec has also raised its full-year 2026 guidance. The company raised its 2026 adjusted earnings guidance to $10.60-$10.90 per share from the previous $10.25-$10.65 range. The midpoint increased by 30 cents and represents expected year-over-year growth of approximately 19.9%. The Zacks Consensus Estimate of $10.64 lies within the updated guidance.

The company also raised its 2026 revenue guidance to a range of $12.30-$12.60 billion from the prior view of $12.19-$12.49 billion. The midpoint rose by $110 million and implies growth of approximately 11.5% from 2025. The Zacks Consensus Estimate of $12.37 billion lies within the updated guidance.

WAB's Freight Segment Drives Broad-Based GrowthFreight segment revenues increased 16.9% year over year to $2.24 billion. Equipment sales rose 35% to $737 million on higher locomotive deliveries, while Digital Intelligence sales surged 88.5% to $360 million, aided by the acquisitions of Inspection Technologies and Frauscher Sensor Technologies.

Services revenues declined 4.2% to $748 million because of lower modernization deliveries, as expected. Components revenues were nearly flat at $398 million. Freight adjusted operating margin improved 80 basis points to 25.8%, reflecting better gross margins despite higher operating expenses as a percentage of sales.

Wabtec's Transit Business Posts Margin ExpansionTransit segment revenues rose 18.9% to $936 million. The increase reflected the Dellner Couplers acquisition, higher original equipment and aftermarket sales and favorable foreign currency movements. On a constant-currency basis, segment sales advanced 17.7%.

Original equipment revenues grew to $411 million from $353 million, while aftermarket revenues increased to $525 million from $434 million. Adjusted operating margin expanded 250 basis points to 17.7%, supported by improved gross profitability.

WAB Benefits From Acquisition and Organic GainsAcquisitions contributed $232 million to second-quarter sales growth, including $163 million in Freight and $69 million in Transit. Organic growth added another $229 million, split between $158 million in Freight and $71 million in Transit.

Favorable foreign exchange contributed $24 million, while portfolio optimization actions reduced revenues by $12 million. The mix shows that Wabtec’s growth was not solely acquisition-driven, as underlying demand also made a meaningful contribution.

Wabtec Expands Consolidated ProfitabilityAdjusted gross margin increased 190 basis points to 36.7%, while adjusted operating margin improved 80 basis points to 21.9%. Robust sales growth and stronger gross margins supported profitability across the organization.

WAB's Backlog Supports Revenue VisibilityTotal backlog reached $30.93 billion as of June 30, 2026, up 41.7% from $21.83 billion a year earlier. Freight backlog increased to $25.33 billion, while Transit backlog rose to $5.60 billion.

The 12-month backlog grew by $930 million year over year. Freight accounted for $6.64 billion of the near-term backlog, while Transit represented $2.50 billion. This order coverage provides visibility into production and service activity across both core businesses.

Wabtec Generates Stronger Operating Cash FlowCash from operations increased to $441 million from $209 million in the prior-year quarter. Operating cash flow conversion improved to 82% from 46%, aided by higher net income and favorable working-capital movements.

Wabtec ended the quarter with $670 million in cash, cash equivalents and restricted cash. Total available liquidity was $2.02 billion, including $1.36 billion available under existing credit facilities. Total debt stood at $6.57 billion, including $4.92 billion of long-term debt.

During the reported quarter, Wabtec repurchased $215 million of shares and paid $53 million in dividends.

Currently, Wabtec carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Q2 Performances of Other Transportation CompaniesDelta Air Lines (DAL - Free Report) reported second-quarter 2026 earnings (excluding 88 cents from non-recurring items) of $1.56 per share, beating the Zacks Consensus Estimate of $1.51. Earnings declined in double digits (% wise) from a year ago as sharply higher fuel costs pressured profitability.

Revenues rose on a year-over-year basis to $17.67 billion but missed the consensus estimate of $17.76 billion. Broad demand strength lifted adjusted total revenue per available seat mile, or TRASM, 12.4%, while premium and diversified revenue streams continued to expand.

United Airlines Holdings, Inc. (UAL - Free Report) ) reported second-quarter 2026 adjusted earnings of $1.99 per share, down 48.6% year over year but above the Zacks Consensus Estimate of $1.92 by 3.7%.

Operating revenues rose 16% to $17.67 billion and were essentially in line with the $17.68-billion consensus mark. A 12.1% increase in total revenue per available seat mile, or TRASM, and broad-based gains across premium, loyalty and cargo revenues supported the top line despite sharply higher fuel costs.

J.B. Hunt Transport Services, Inc. (JBHT - Free Report) reported second-quarter 2026 earnings of $1.91 per share, up 45.8% from $1.31 a year ago. The figure beat the Zacks Consensus Estimate of $1.71 by 11.7%.

Operating revenues climbed 19.4% year over year to $3.50 billion and surpassed the consensus mark of $3.19 billion by 9.5%. Higher volumes and pricing across several businesses supported growth, led by a 10% increase in Intermodal loads.

Key Takeaways Coherent is benefiting from AI-driven demand, record backlog and rising margins.COHR is expected to deliver stronger sales and earnings growth than ARM, with upward EPS estimate revisions.COHR offers a more attractive valuation and upside, while ARM's premium valuation limits near-term potential. Both Coherent Corp. (COHR - Free Report) and Arm Holdings (ARM - Free Report) are technology companies whose business models focus heavily on advanced hardware and innovation at the core of modern computing.

ARM is best known for its semiconductor IP, providing chip architectures that power a vast share of smartphones, servers and increasingly AI-focused processors. COHR, on the other hand, operates in the realm of photonics, lasers and optical components, enabling the ultra-fast connectivity and precision manufacturing that form the backbone of today’s data and electronics industries.

The two companies compete for investor interest in high-growth, innovation-driven segments of the tech infrastructure ecosystem.

COHR’s CaseCoherent's transformation has been fueled by booming demand for AI infrastructure. The company's Datacenter & Communications segment has become its primary growth engine, accounting for 75% of third-quarter fiscal 2026 revenues while delivering 41% year-over-year growth.

This shift is significant because it changes the company's revenue profile. Historically, hardware manufacturers have been exposed to short product cycles and volatile demand. Today, Coherent is increasingly tied to long-duration AI infrastructure spending, providing investors with greater confidence in future earnings.

Unlike traditional semiconductor hardware cycles, AI-related investments are supported by large-scale cloud deployments and multi-year capital spending plans, making demand considerably more predictable.

One of the biggest positives for Coherent is the dramatic improvement in order visibility.

Rather than experiencing the typical cyclical increase in hardware demand, the company is witnessing a step-change in customer commitments. Record backlog levels now extend into calendar 2028, while long-term supply agreements stretch through 2030.

This level of visibility substantially lowers the risk that new manufacturing investments become underutilized during an economic slowdown.

To support this unprecedented demand, Coherent invested approximately $290 million in capital expenditures during the third quarter of fiscal 2026, more than doubling spending from the prior-year period.

Importantly, this aggressive capacity expansion is backed by contractual customer commitments rather than speculative demand forecasts.

The surge in AI-related demand is translating directly into stronger profitability for COHR.

Higher factory utilization and improved supply chain efficiencies contributed to a 163-basis-point expansion in the adjusted operating margin during the third quarter. Meanwhile, adjusted net income climbed nearly 56% year over year, highlighting the operating leverage created by rising production volumes.

As manufacturing assets become increasingly utilized, incremental revenues are flowing through to earnings at a faster pace, improving the overall quality of Coherent's financial performance.

This combination of expanding margins and stronger earnings suggests the company is benefiting not only from higher sales but also from greater operational efficiency.

ARM’s CaseARM has built one of the semiconductor industry's strongest competitive advantages through a deeply interconnected ecosystem linking software developers and hardware manufacturers. This two-sided network has evolved into a durable competitive moat that becomes stronger as adoption continues to expand.

The company's architecture has become the preferred standard for device manufacturers because of its broad compatibility with leading operating systems, including Android, iOS, Windows and Linux. This extensive software support gives hardware manufacturers confidence that Arm-based processors will seamlessly run widely used applications, developer tools and enterprise software across multiple computing environments.

The benefits extend equally to software developers. As more hardware companies adopt Arm Holdings' architecture, developers gain immediate access to an enormous installed base of devices, creating greater incentives to optimize applications for Arm-powered systems. Every additional hardware partner strengthens the software ecosystem, while broader software compatibility attracts even more hardware manufacturers.

This self-reinforcing cycle has helped ARM establish an exceptionally strong competitive position. The company's intellectual property now powers nearly every smartphone globally, creating significant barriers for competitors seeking to challenge its dominance in mobile CPU architecture.

While Arm Holdings has traditionally been known for licensing its processor designs, the company is increasingly expanding its presence across AI infrastructure. Its newly introduced Arm AGI CPU has been specifically designed to address the emerging era of agentic artificial intelligence, where autonomous AI agents continuously process and execute increasingly complex workloads.

The Arm AGI CPU is positioned as a highly efficient alternative to conventional x86 processors. According to the company, the processor delivers superior rack-level performance while improving overall infrastructure efficiency. The architecture is also designed to reduce capital expenditures for customers while enabling more efficient scaling of AI workloads across cloud and enterprise environments.

This initiative represents a strategic evolution beyond ARM's traditional licensing model. Rather than serving solely as a processor architecture provider, the company is increasingly positioning itself as a core infrastructure platform supporting the next generation of AI-powered data centers.

How Do Zacks Estimates Compare for COHR & ARM?The Zacks Consensus Estimate for COHR’s fiscal 2026 sales and EPS indicates year-over-year growth of 22% and 55%, respectively. EPS estimates have been trending upward over the past 60 days.

                                                                Image Source: Zacks Investment Research

The Zacks Consensus Estimate for ARM’s current-year sales suggests 20% year-over-year growth, while EPS is expected to grow 19%. EPS estimates have been trending downward over the past 60 days.

                                                               Image Source: Zacks Investment Research

COHR’s Valuation Reflects Strong Growth PotentialWhile COHR appears attractively valued with a forward 12-month P/E of 36.5X versus its median of 39.2X, ARM's higher forward P/E of 120.7X, below its median of 122.9X, reflects investor confidence in its strong earnings growth potential.

Why Coherent Appears to Be the Better PickWhile both companies are well positioned to benefit from the AI infrastructure buildout, Coherent emerges as the more compelling investment. The company combines accelerating demand, improving profitability, and exceptional revenue visibility through long-term customer commitments, reducing the uncertainty typically associated with hardware businesses. Its expanding role in AI networking infrastructure provides exposure to a critical segment of the AI ecosystem, while operational efficiencies continue to enhance earnings quality. Although Arm possesses a powerful competitive moat, its premium valuation and moderating earnings outlook leave less room for upside. Coherent offers a stronger balance of growth, visibility, and valuation.

While COHR carries a Zacks Rank #2 (Buy), ARM carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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LOWELL, Ark.--(BUSINESS WIRE)--J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) announced today that its Board of Directors has declared a regular quarterly dividend on its common stock of $ 0.45 (forty five cents) per common share. The dividend is payable to stockholders of record on August 7, 2026 and will be paid on August 21, 2026.

About J.B. Hunt

J.B. Hunt’s vision is to create the most efficient transportation network in North America. The company’s industry-leading solutions and mode-neutral approach generate value for customers by eliminating waste, reducing costs and enhancing supply chain visibility. Powered by one of the largest company-owned fleets in the country and third-party capacity through its J.B. Hunt 360°® digital freight marketplace, J.B. Hunt can meet the unique shipping needs of any business, from first mile to final delivery, and every shipment in-between. Through disciplined investments in its people, technology and capacity, J.B. Hunt is delivering exceptional value and service that enable long-term growth for the company and its stakeholders.

J.B. Hunt Transport Services Inc. is an S&P 500 company and a component of the Dow Jones Transportation Average. Its stock trades on NASDAQ under the ticker symbol JBHT. J.B. Hunt Transport Inc. is a wholly owned subsidiary of JBHT. The company’s services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, last mile, transload and more. For more information, visit www.jbhunt.com.

More News From J.B. Hunt Transport Services, Inc.

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Key Takeaways SoundHound is expanding restaurant automation with OASYS across drive-thrus, kiosks, phones and chat.AI-enabled drive-thru locations generated higher revenues for a major QSR customer than comparable stores.First-quarter 2026 revenues rose 52%, while cash reached about $216 million with no debt. SoundHound AI (SOUN - Free Report) is strengthening its position as a leading provider of AI-powered restaurant automation, making 2026 an important year for the company. While SoundHound is still expanding beyond its automotive roots, its growing traction in restaurants, combined with new agentic AI capabilities, could make it one of the industry's key disruptors.

A major catalyst is SoundHound's newly launched OASYS platform, a self-learning agentic AI system that allows businesses to build, deploy and continuously improve AI agents across drive-thrus, kiosks, phones, web, chat and other customer touchpoints. This unified platform significantly reduces deployment time while enabling restaurants to automate ordering, customer service and workflow management with minimal manual intervention.

The company's restaurant momentum is also becoming increasingly tangible. Management noted that a major quick-service restaurant (QSR) customer found AI-enabled drive-thru locations generated higher revenues than comparable stores without SoundHound's technology. The company also reported rising cross-selling opportunities among restaurant customers and growing adoption of its Voice Insights analytics platform, suggesting that customers are expanding beyond initial deployments.

Another potential growth driver is the planned acquisition of LivePerson. Once completed, the transaction will combine SoundHound's voice AI with LivePerson's digital messaging capabilities, enabling restaurants to offer seamless customer interactions across voice, text and chat. The acquisition is also expected to expand cross-selling opportunities while broadening the company's enterprise customer base.

Financially, SoundHound appears well positioned to support these initiatives. First-quarter 2026 revenues rose 52% year over year to a record level, the company ended the quarter with approximately $216 million in cash and no debt, and management reaffirmed its full-year revenue outlook of $225-$260 million.

Although continued losses and execution risks around integrating LivePerson remain challenges, SoundHound's expanding restaurant footprint, differentiated voice AI technology and growing enterprise ecosystem position it well to become a meaningful force in restaurant automation during 2026.

Restaurant AI Competition Is IntensifyingNCR Voyix (VYX - Free Report) is one of SoundHound's strongest competitors in restaurant automation due to its extensive restaurant software ecosystem spanning point-of-sale, payment processing, self-service kiosks and digital ordering. NCR Voyix has deep relationships with leading restaurant chains and continues to enhance its AI-driven ordering and operational capabilities.

While NCR Voyix primarily focuses on restaurant commerce infrastructure, it is still expanding its conversational AI capabilities. This creates an opportunity for the company to compete directly with SoundHound as restaurants increasingly seek integrated voice-enabled ordering and customer engagement solutions.

Par Technology (PAR - Free Report) is another major rival, offering cloud-based restaurant management software, digital ordering, loyalty programs, back-office solutions and restaurant analytics. Through acquisitions and continued product development, Par Technology has built a comprehensive platform serving thousands of restaurant locations.

As restaurants increasingly adopt AI to improve order accuracy, labor productivity and customer experience, Par Technology is embedding more automation across its software suite. While Par Technology offers a broad restaurant operating platform, SoundHound differentiates itself with its proprietary voice AI, agentic AI platform and drive-thru automation capabilities, positioning the company to capture a larger share of AI-first restaurant deployments.

SOUN’s Price Performance, Valuation & EstimatesSoundHound shares have lost 34.2% year to date (YTD), underperforming the industry, as shown below:

SOUN’s YTD Price Performance

Image Source: Zacks Investment Research

From a valuation standpoint, SOUN trades at a forward price-to-sales (P/S) multiple of 11.18, slightly above the industry’s average.

SOUN’s P/S Ratio (Forward 12-Month) vs. Industry

Image Source: Zacks Investment Research

Over the past 60 days, the Zacks Consensus Estimate for SoundHound’s 2026 loss per share has remained unchanged at 18 cents, as shown below. The expected loss also remains wider than the previous year’s loss of 13 cents.

EPS Trend of SOUN Stock

Image Source: Zacks Investment Research

Financial markets run on speed, often pricing in geopolitical shifts fractions of a second before standard retail feeds register a headline. For high-frequency trading firms and quantitative hedge funds, paying a steep premium for a latency advantage can be a required cost of doing business.

Trump Media & Technology Group Today

DJT

Trump Media & Technology Group

$9.14 -0.69 (-6.98%)

As of 03:39 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$6.96▼

$20.17 Trump Media & Technology Group NASDAQ: DJT plans to launch Truth API—a licensed data feed that will automatically deliver verified Truth Social posts to institutional customers in milliseconds—on Aug. 1, 2026.

The prevailing narrative surrounding Trump Media historically centers on its consumer-facing social network and the associated retail user base.

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The fundamental reality of operating an advertising-supported consumer platform has proven exceptionally challenging in the current macroeconomic environment.

Building an infrastructure to support millions of free users requires immense capital, often leading to severe margin compression before a platform ever achieves true scale.

Trading Pennies in Ad Spend for Six-Figure ContractsEvaluating Trump Media through a traditional fundamental lens requires addressing the immediate financial metrics.

Trump Media generated $3.68 million in total revenue during 2025, with first-quarter 2026 revenue coming in just over $870,000. The trailing 12-month net margin is deeply negative at 29,103%, which is difficult to interpret, given the company’s unusually small revenue base and the fact that its 2025 loss included substantial investment-related losses. Valuing an enterprise with a $2.6 billion market capitalization against those distinct sales figures yields a price-to-sales ratio that defies standard value investing principles.

The Truth API marks a structural pivot aimed at rectifying those exact metrics. Instead of chasing fractions of a cent in retail ad spend, Trump Media is adding an enterprise software-as-a-service model. The machine-readable feed will give institutional clients machine-readable access to posts from 10 influential Truth Social accounts within milliseconds of publication. The service will reportedly cost up to $100,000 per month, or $60,000 per month with a three-year commitment.

The unit economics here could materially alter the fundamental outlook for Trump Media. Securing just four enterprise clients at the premium tier would yield $4.8 million annually, instantly outpacing the entire gross revenue Trump Media generated in 2025. This could redefine the path to profitability, shifting the focus away from mass-audience acquisition toward specialized B2B data licensing.

High Beta Meets High-Margin Revenue GrowthPricing market-moving information requires historical context. A Truth Social post regarding international tariffs in April 2025 triggered a 9.5% single-day rally in the broader index, while statements on U.S.-Iran relations in March 2026 caused immediate price dislocations in the crude oil market. Algorithms executing trades milliseconds ahead of standard public feeds form the core value proposition for prospective Truth API buyers.

Trump Media & Technology Group Corp. (DJT) Price Chart for Wednesday, July, 22, 2026

Trump Media currently trades around $9.40. Trading dynamics reveal a high beta of 4.10, indicating DJT moves with over four times the volatility of the broader market.

This metric pairs with a heavily bearish short-interest profile. When fundamental shifts occur in highly shorted equities, the mechanics for a sharp upside price dislocation become a distinct possibility. If the upcoming API launch produces material revenue news, it could force short sellers to cover their positions and the resulting buy-side pressure could be aggressive.

Trump Media also authorized a $400 million share repurchase program in June 2025, permitting the buyback of up to 10.2% of outstanding shares at the time. This authorization acts as a potential floor against further margin compression, providing potential capital support just as the new revenue model comes online.

Current top-tier institutional positioning remains negligible at around 4.3%, with funds like Handelsbanken Fonder AB holding just 0.02% of shares. Demonstrating repeatable enterprise software revenue is often the primary vehicle for attracting broader institutional capital, which could help stabilize a volatile shareholder base over the long term.

Mitigating Digital Risks With Hard Asset InvestmentsEvaluating a specialized data provider requires a critical look at the underlying asset. The inherent vulnerability for Trump Media is key-person concentration risk. The API's demand elasticity relies on one specific account continuing to bypass standard press channels in favor of exclusive social media disclosures. If regulatory interventions or ethics litigation compel simultaneous public disclosure of presidential policies, the latency edge could narrow or disappear.

Trump Media appears to recognize these structural vulnerabilities and is actively deploying capital to offset them. Recent corporate announcements confirm the settlement of critical legacy legal disputes, reducing legal uncertainty.

More critically, emerging reports indicate an aggressive capital deployment strategy outside the digital media sector, specifically eyeing nuclear energy investments. Trump Media has agreed to an all-stock merger with fusion developer TAE Technologies. The transaction remains pending, but if completed, it would move the company well beyond digital media. It would, however, add significant execution, financing, and commercialization risk.

Diversifying into hard assets while operating a high-margin data licensing business creates a much more resilient financial profile than operating a standalone social media application.

Trump Media also recently transferred 2,650 Bitcoin, valued at nearly $205 million, to Crypto.com, reflecting a high-risk tolerance in treasury management that strays far from traditional cash equivalents.

Watching for Material Revenue ConfirmationAdding an institutional data feed to a consumer network is a complex endeavor.

Demand for a six-figure social media feed remains unproven, especially when comprehensive institutional data terminals from established financial data providers cost a fraction of the quoted price for the Truth API. Quantitative funds will rigorously test the feed's latency against traditional scraping methods before committing to long-term enterprise contracts.

The optionality embedded in the Trump Media data extends well beyond immediate trading latency. Trump Media indicated an intent to explore licensing the platform's historical text archives to artificial intelligence (AI) developers. Training large language models requires vast amounts of proprietary conversational data, creating an additional scalable revenue stream not tied solely to daily market volatility.

If Trump Media packages its archives for AI model training, the total addressable market expands well beyond the specialized high-frequency trading niche.

Investors might consider watching for evidence that the Truth API can produce material, repeatable revenue in upcoming quarterly filings. Disclosed contract values, enterprise customer acquisition rates, and any materialized AI licensing agreements offer the clearest evidence that Trump Media is building a scalable business.

Cautious market participants may prefer to wait for official revenue confirmation from the API launch before allocating capital, while those with a higher risk tolerance may want to closely monitor the mechanics of underlying volatility as the August rollout approaches.

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