Track market-moving stories before they get noisy

Gerald Baker Financial Group LLC bought a new stake in NVIDIA Corporation (NASDAQ:NVDA – Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 31,372 shares of the computer hardware maker’s stock, valued at approximately $5,471,000. NVIDIA makes up approximately 1.8% of Gerald Baker Financial Group LLC’s holdings, making the stock its 17th biggest position.

A number of other large investors have also recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of NVIDIA during the fourth quarter valued at $62,244,133,000. J. Stern & Co. LLP increased its position in NVIDIA by 13,709.1% during the 4th quarter. J. Stern & Co. LLP now owns 125,760,307 shares of the computer hardware maker’s stock worth $23,454,297,000 after purchasing an additional 124,849,603 shares in the last quarter. Cardano Risk Management B.V. raised its stake in NVIDIA by 896.4% in the 4th quarter. Cardano Risk Management B.V. now owns 78,123,960 shares of the computer hardware maker’s stock valued at $14,570,119,000 after purchasing an additional 70,283,539 shares during the last quarter. Capital Research Global Investors lifted its holdings in NVIDIA by 16.1% in the 3rd quarter. Capital Research Global Investors now owns 165,377,852 shares of the computer hardware maker’s stock valued at $30,855,564,000 after purchasing an additional 22,896,705 shares in the last quarter. Finally, Laurel Wealth Advisors LLC lifted its holdings in NVIDIA by 15,496.1% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 21,865,525 shares of the computer hardware maker’s stock valued at $3,454,534,000 after purchasing an additional 21,725,326 shares in the last quarter. Institutional investors and hedge funds own 65.27% of the company’s stock.

Key Stories Impacting NVIDIA Here are the key news stories impacting NVIDIA this week:

Positive Sentiment: CEO Jensen Huang is emphasizing robotics and “physical AI” as the next major growth market, spanning autonomous machines, vehicles, factories and data centers. The company’s expanded Agent Toolkit, PhysicsNeMo and CUDA-X libraries are also being adopted by Cadence, Siemens, Synopsys, Samsung and Silvaco, supporting a broader software-and-platform ecosystem beyond GPU sales. NVIDIA robotics growth article Positive Sentiment: New strategic relationships with Safe Superintelligence, OpenAI, NAVER and other infrastructure partners could increase demand for NVIDIA’s Vera Rubin and Blackwell systems. Analysts remain broadly bullish, with reported price targets well above current trading levels. NVIDIA Safe Superintelligence investment article Neutral Sentiment: NVIDIA is reportedly discussing a potential backstop of up to $250 billion for OpenAI’s Ohio data-center project, alongside a much larger overall infrastructure plan. The arrangement could lock in substantial future chip demand, but it would also expand NVIDIA’s role from supplier to financier and expose it to OpenAI’s creditworthiness and project-execution risks. NVIDIA OpenAI financing article Negative Sentiment: Investors remain concerned that vendor-backed AI infrastructure spending represents circular financing rather than organic customer demand. Reports that NVIDIA could guarantee OpenAI-related obligations helped trigger a broad chip-stock selloff, while rising default-insurance costs have intensified balance-sheet concerns. NVIDIA default insurance costs article Negative Sentiment: Taiwanese authorities reportedly detained an NVIDIA employee in a probe involving alleged diversion of Super Micro AI servers to China. Although no wrongdoing by NVIDIA has been established, the investigation raises additional export-control, legal and reputational risks. Intensifying Chinese competition and weakness across Asian chip stocks are adding pressure to the sector. Taiwan NVIDIA employee investigation article Wall Street Analyst Weigh In A number of equities research analysts have recently commented on NVDA shares. Argus lifted their price target on shares of NVIDIA from $220.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. CICC Research upped their price objective on shares of NVIDIA from $240.60 to $268.30 and gave the company an “outperform” rating in a research note on Friday, May 22nd. Barclays restated an “overweight” rating on shares of NVIDIA in a research report on Thursday, May 21st. Bank of America reaffirmed a “buy” rating and issued a $350.00 target price (up from $320.00) on shares of NVIDIA in a research note on Thursday, May 21st. Finally, Wells Fargo & Company reiterated an “overweight” rating and issued a $315.00 price target (up from $265.00) on shares of NVIDIA in a report on Tuesday, May 12th. Three analysts have rated the stock with a Strong Buy rating, forty-eight have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $304.26.

View Our Latest Stock Report on NVIDIA

Insider Buying and Selling at NVIDIA In other news, Director Mark A. Stevens sold 885,000 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $210.17, for a total value of $186,000,450.00. Following the completion of the sale, the director owned 5,207,271 shares of the company’s stock, valued at $1,094,412,146.07. This represents a 14.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen C. Neal sold 15,500 shares of NVIDIA stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $215.73, for a total transaction of $3,343,815.00. Following the transaction, the director owned 116,135 shares in the company, valued at $25,053,803.55. The trade was a 11.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,901,125 shares of company stock valued at $410,583,015 over the last ninety days. Corporate insiders own 3.94% of the company’s stock.

NVIDIA Price Performance NVDA stock opened at $197.01 on Wednesday. The company has a market cap of $4.77 trillion, a PE ratio of 30.17, a price-to-earnings-growth ratio of 0.38 and a beta of 2.21. The company has a current ratio of 3.44, a quick ratio of 2.85 and a debt-to-equity ratio of 0.04. The stock has a 50-day moving average price of $206.86 and a two-hundred day moving average price of $195.98. NVIDIA Corporation has a 12-month low of $164.07 and a 12-month high of $236.54.

NVIDIA (NASDAQ:NVDA – Get Free Report) last released its quarterly earnings data on Wednesday, May 20th. The computer hardware maker reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $1.76 by $0.11. The company had revenue of $81.61 billion for the quarter, compared to the consensus estimate of $78.42 billion. NVIDIA had a return on equity of 96.94% and a net margin of 62.97%.The company’s quarterly revenue was up 85.2% compared to the same quarter last year. During the same period last year, the business posted $0.81 EPS. As a group, research analysts predict that NVIDIA Corporation will post 8.79 EPS for the current year.

NVIDIA Increases Dividend The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Thursday, June 4th were issued a $0.25 dividend. The ex-dividend date was Thursday, June 4th. This is a positive change from NVIDIA’s previous quarterly dividend of $0.01. This represents a $1.00 annualized dividend and a yield of 0.5%. NVIDIA’s payout ratio is 15.31%.

NVIDIA declared that its Board of Directors has approved a share buyback program on Wednesday, May 20th that authorizes the company to buyback $80.00 billion in outstanding shares. This buyback authorization authorizes the computer hardware maker to buy up to 1.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

About NVIDIA (Free Report)

NVIDIA Corporation, founded in 1993 and headquartered in Santa Clara, California, is a global technology company that designs and develops graphics processing units (GPUs) and system-on-chip (SoC) technologies. Co-founded by Jensen Huang, who serves as president and chief executive officer, along with Chris Malachowsky and Curtis Priem, NVIDIA has grown from a graphics-focused chipmaker into a broad provider of accelerated computing hardware and software for multiple industries.

The company’s product portfolio spans discrete GPUs for gaming and professional visualization (marketed under the GeForce and NVIDIA RTX lines), high-performance data center accelerators used for AI training and inference (including widely adopted platforms such as the A100 and H100 series), and Tegra SoCs for automotive and edge applications.

Read More Five stocks we like better than NVIDIA These 3 Stocks Have Soared in 2026—Can They Keep Climbing? Hasbro’s Earnings Beat Shows Why This Is No Longer Just a Toy Story Rambus: Another AI Phoenix Ready to Rise From the Ashes of Correction Chips & Clips: Memory Tariffs Rewire Tech Supply Chains Want to see what other hedge funds are holding NVDA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NVIDIA Corporation (NASDAQ:NVDA – Free Report).

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Forty three Eighteen Advisors LLC lowered its position in NVIDIA Corporation (NASDAQ:NVDA – Free Report) by 62.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,843 shares of the computer hardware maker’s stock after selling 14,539 shares during the quarter. Forty three Eighteen Advisors LLC’s holdings in NVIDIA were worth $1,542,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. State Street Corp raised its position in NVIDIA by 1.2% in the fourth quarter. State Street Corp now owns 991,480,489 shares of the computer hardware maker’s stock valued at $184,911,111,000 after purchasing an additional 11,451,386 shares during the period. Geode Capital Management LLC increased its position in shares of NVIDIA by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 588,803,093 shares of the computer hardware maker’s stock worth $109,446,217,000 after purchasing an additional 3,383,441 shares during the last quarter. Norges Bank acquired a new stake in shares of NVIDIA during the 4th quarter worth about $62,244,133,000. Bank of America Corp DE raised its holdings in NVIDIA by 1.5% in the 4th quarter. Bank of America Corp DE now owns 187,181,484 shares of the computer hardware maker’s stock valued at $34,909,347,000 after buying an additional 2,849,678 shares during the period. Finally, Legal & General Group Plc raised its holdings in NVIDIA by 1.5% in the 3rd quarter. Legal & General Group Plc now owns 181,203,035 shares of the computer hardware maker’s stock valued at $33,808,862,000 after buying an additional 2,609,560 shares during the period. 65.27% of the stock is currently owned by institutional investors and hedge funds.

NVIDIA Stock Performance Shares of NVDA opened at $197.01 on Wednesday. The company has a market capitalization of $4.77 trillion, a price-to-earnings ratio of 30.17, a price-to-earnings-growth ratio of 0.38 and a beta of 2.21. NVIDIA Corporation has a 52-week low of $164.07 and a 52-week high of $236.54. The company has a quick ratio of 2.85, a current ratio of 3.44 and a debt-to-equity ratio of 0.04. The stock has a 50 day moving average price of $206.86 and a 200 day moving average price of $195.98.

NVIDIA (NASDAQ:NVDA – Get Free Report) last released its quarterly earnings data on Wednesday, May 20th. The computer hardware maker reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.76 by $0.11. The company had revenue of $81.61 billion for the quarter, compared to analysts’ expectations of $78.42 billion. NVIDIA had a net margin of 62.97% and a return on equity of 96.94%. The firm’s revenue for the quarter was up 85.2% on a year-over-year basis. During the same quarter last year, the company earned $0.81 earnings per share. Research analysts predict that NVIDIA Corporation will post 8.79 EPS for the current fiscal year.

NVIDIA announced that its Board of Directors has authorized a share buyback plan on Wednesday, May 20th that permits the company to repurchase $80.00 billion in shares. This repurchase authorization permits the computer hardware maker to buy up to 1.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

NVIDIA Increases Dividend The business also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Thursday, June 4th were paid a dividend of $0.25 per share. The ex-dividend date was Thursday, June 4th. This represents a $1.00 annualized dividend and a yield of 0.5%. This is an increase from NVIDIA’s previous quarterly dividend of $0.01. NVIDIA’s dividend payout ratio (DPR) is 15.31%.

Insider Activity at NVIDIA In other news, Director Stephen C. Neal sold 15,500 shares of NVIDIA stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $215.73, for a total transaction of $3,343,815.00. Following the sale, the director owned 116,135 shares in the company, valued at approximately $25,053,803.55. The trade was a 11.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mark A. Stevens sold 885,000 shares of the business’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $210.17, for a total value of $186,000,450.00. Following the completion of the sale, the director directly owned 5,207,271 shares of the company’s stock, valued at $1,094,412,146.07. The trade was a 14.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,901,125 shares of company stock valued at $410,583,015 over the last ninety days. Insiders own 3.94% of the company’s stock.

NVIDIA News Summary Here are the key news stories impacting NVIDIA this week:

Positive Sentiment: CEO Jensen Huang is emphasizing robotics and “physical AI” as the next major growth market, spanning autonomous machines, vehicles, factories and data centers. The company’s expanded Agent Toolkit, PhysicsNeMo and CUDA-X libraries are also being adopted by Cadence, Siemens, Synopsys, Samsung and Silvaco, supporting a broader software-and-platform ecosystem beyond GPU sales. NVIDIA robotics growth article Positive Sentiment: New strategic relationships with Safe Superintelligence, OpenAI, NAVER and other infrastructure partners could increase demand for NVIDIA’s Vera Rubin and Blackwell systems. Analysts remain broadly bullish, with reported price targets well above current trading levels. NVIDIA Safe Superintelligence investment article Neutral Sentiment: NVIDIA is reportedly discussing a potential backstop of up to $250 billion for OpenAI’s Ohio data-center project, alongside a much larger overall infrastructure plan. The arrangement could lock in substantial future chip demand, but it would also expand NVIDIA’s role from supplier to financier and expose it to OpenAI’s creditworthiness and project-execution risks. NVIDIA OpenAI financing article Negative Sentiment: Investors remain concerned that vendor-backed AI infrastructure spending represents circular financing rather than organic customer demand. Reports that NVIDIA could guarantee OpenAI-related obligations helped trigger a broad chip-stock selloff, while rising default-insurance costs have intensified balance-sheet concerns. NVIDIA default insurance costs article Negative Sentiment: Taiwanese authorities reportedly detained an NVIDIA employee in a probe involving alleged diversion of Super Micro AI servers to China. Although no wrongdoing by NVIDIA has been established, the investigation raises additional export-control, legal and reputational risks. Intensifying Chinese competition and weakness across Asian chip stocks are adding pressure to the sector. Taiwan NVIDIA employee investigation article Analyst Ratings Changes Several research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $255.00 target price (up from $220.00) on shares of NVIDIA in a research note on Thursday, May 21st. Barclays reissued an “overweight” rating on shares of NVIDIA in a research note on Thursday, May 21st. Sanford C. Bernstein restated a “buy” rating on shares of NVIDIA in a report on Monday, June 29th. Itau BBA Securities lowered their price objective on shares of NVIDIA from $256.00 to $218.00 in a research report on Wednesday, June 24th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $285.00 target price (up from $250.00) on shares of NVIDIA in a report on Wednesday, May 20th. Three investment analysts have rated the stock with a Strong Buy rating, forty-eight have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $304.26.

Check Out Our Latest Report on NVIDIA

NVIDIA Profile (Free Report)

NVIDIA Corporation, founded in 1993 and headquartered in Santa Clara, California, is a global technology company that designs and develops graphics processing units (GPUs) and system-on-chip (SoC) technologies. Co-founded by Jensen Huang, who serves as president and chief executive officer, along with Chris Malachowsky and Curtis Priem, NVIDIA has grown from a graphics-focused chipmaker into a broad provider of accelerated computing hardware and software for multiple industries.

The company’s product portfolio spans discrete GPUs for gaming and professional visualization (marketed under the GeForce and NVIDIA RTX lines), high-performance data center accelerators used for AI training and inference (including widely adopted platforms such as the A100 and H100 series), and Tegra SoCs for automotive and edge applications.

Recommended Stories Five stocks we like better than NVIDIA These 3 Stocks Have Soared in 2026—Can They Keep Climbing? Hasbro’s Earnings Beat Shows Why This Is No Longer Just a Toy Story Rambus: Another AI Phoenix Ready to Rise From the Ashes of Correction Chips & Clips: Memory Tariffs Rewire Tech Supply Chains Want to see what other hedge funds are holding NVDA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NVIDIA Corporation (NASDAQ:NVDA – Free Report).

Receive News & Ratings for NVIDIA Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NVIDIA and related companies with MarketBeat.com's FREE daily email newsletter.

Investors allocating capital to the artificial intelligence sector are facing a complex transition in market mechanics. The early phase of the AI infrastructure boom relied heavily on organic hardware procurement, with hyperscalers purchasing silicon outright to build generative models.

Today, the physical economy underlying these digital networks is shifting toward a highly leveraged, vendor-financed credit cycle. Mega-cap semiconductor providers find themselves stepping in to guarantee immense counterparty debt to sustain client buildouts. Primary hyperscalers are actively maneuvering to capture infrastructure premiums, cannibalizing specialized cloud vendors in the process. Understanding how these capital expenditures impact balance sheets helps clarify where the structural integrity of peak demand might be fracturing.

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Co-Signing the Future: NVIDIA's $250B Credit WrapNVIDIA Today

$192.24 -4.78 (-2.42%)

As of 10:19 AM Eastern

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

52-Week Range$164.07▼

$236.54Dividend Yield0.52%

P/E Ratio29.42

Price Target$304.26

For years, chipmakers operated on a highly efficient business model. They designed advanced processors, contracted fabrication, and sold the hardware to top-tier technology firms. That dynamic is experiencing a structural evolution. NVIDIA NASDAQ: NVDA recently entered negotiations to provide a $250 billion credit wrap to backstop OpenAI's 10-gigawatt SoftBank data center lease in Ohio.

Because OpenAI lacks an investment-grade credit rating, the artificial intelligence (AI) research laboratory requires external balance sheets to secure physical data center leases at this unprecedented scale. Think of it like co-signing a mortgage for an entity that lacks the required credit score, except this entity wants to build a multi-billion-dollar AI factory.

Discussions also include an additional $350 billion in financing specifically for silicon, bringing the total project scope to over $500 billion. The market reacted sharply to the sheer scale of this contingent liability, sending NVIDIA shares down after the report surfaced.

Looking closely at Q1 fiscal year 2027 data, the picture reveals why the market is aggressively unwinding the equity. NVIDIA posted $58 billion in net income, yet $13.4 billion of that figure stems from unrealized equity gains rather than core operations. Revenue concentration remains a prevailing headwind, with 54% of top-line generation tied to just three hyperscaler clients.

By guaranteeing construction debt and leasing obligations for a privately held, loss-making entity, the hardware designer becomes a systemic infrastructure financier. This aggressive maneuver effectively locks in a captive deployment environment for its next-generation architecture, neutralizing the threat of OpenAI fully transitioning to custom silicon. This strategy relies heavily on perfect execution and uninterrupted compute utilization.

Institutional investors are actively pricing in the counterparty risk. Five-year credit default swap pricing, the cost to insure NVIDIA debt against default, rose by 0.14 percentage points, marking the highest margin expansion on record.

Buying the Customer: The Cost of Artificial DemandThe capital intensity required to secure regional hardware ecosystems extends beyond the region. NVIDIA recently invested $1 billion to secure a 4.5% equity stake in South Korean tech conglomerate Naver. Conducted alongside a $9 billion financing term sheet from Brookfield, this transaction aims to scale the GAK Sejong data center to 200 megawatts by 2028, utilizing proprietary platforms.

These sovereign investments in AI illustrate the immense upfront capital required to maintain market dominance. Acting as a financial backstop secures long-term revenue floors, but it also signals reliance on circular financing, in which NVIDIA absorbs contingent leasing debt to support future silicon demand. The model can work well if customers keep using the capacity and generating cash flow, but it becomes more fragile if end demand weakens.

Stranded Assets: The GPU Rental Market ImplodesOpenAI's push for a proprietary 10-gigawatt campus in Ohio threatens the established hierarchy of cloud computing. This aggressive expansion marks a strategic pivot from renting compute capacity to directly controlling physical infrastructure.

This maneuver directly affects Microsoft NASDAQ: MSFT. Microsoft faces early fractures in its legacy cloud alliances as OpenAI actively maneuvers to decentralize its infrastructure and reduce its reliance on Azure.

CoreWeave Today

$64.31 -2.99 (-4.45%)

As of 10:19 AM Eastern

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

52-Week Range$63.80▼

$153.20Price Target$136.25

While hyperscalers navigate shifting alliances, specialized AI infrastructure providers face severe operational distress. CoreWeave NASDAQ: CRWV is a primary example of rapid margin compression in the specialized GPU rental market. CoreWeave is trading well below its recent highs, with a negative earnings multiple and recen t price action that has included a sharp single-session drawdown.

The fundamental breakdown at CoreWeave accelerated following a major structural shift from its largest customer. Meta Platforms NASDAQ: META holds $35.2 billion in infrastructure contracts with CoreWeave. The launch of Meta Compute, a direct commercial cloud service designed to monetize excess capacity, transformed Meta Platforms from a primary buyer into a direct competitor. This introduction poses a structural threat to the independent GPU rental business model, sparking fears of stranded assets across the sector.

A review of CRWV's Q1 2026 fundamentals highlights the acute pressure. CoreWeave reported a widening net loss of $740 million, $536 million in interest expense, and negative free cash flow of $4.7 billion. Total liabilities have scaled to $50.8 billion. Insider action often foreshadows deeper fundamental issues. CoreWeave CEO Michael Intrator executed a series of recent stock sales totaling nearly $55 million, including his most recent sale of $24.07 million on July 21, 2026. This liquidation occurred alongside a pending securities fraud class action regarding data center construction delays, establishing an expanding multi-month pattern of executive selling inside of CoreWeave.

The Contagion Effect: Hedging the AI Supply ChainThe unconstrained AI spending cycle is showing structural fatigue, forcing a harsh repricing of systemic risk across the entire supply chain. Billions in data center asset-backed securities currently sit on the books of private equity-owned insurers. Data center asset-backed securities package leasing contracts into tradable debt. When yields rise, the cost to service this debt balloons, squeezing the underlying operator. If a tenant defaults, the guarantor absorbs the shock. Elevated long-term bond yields continuously threaten the stability of these circular financing loops.

When primary silicon vendors underwrite client infrastructure, it establishes a hard ceiling on unconstrained organic demand. Prominent institutional investors like Michael Burry have heavily increased short positions against the sector, targeting structural vulnerabilities in private credit linked to data center buildouts and semiconductor leases. The synchronized equity contraction across the processor ecosystem indicates a macroeconomic realization that peak data center capital expenditure relies increasingly on unsustainable vendor financing.

Surviving the Silicon Credit CrunchThe transition from hardware vendor to systemic infrastructure financier introduces unprecedented capital risk to balance sheets previously praised for pristine efficiency. The hardware ecosystem lock-in provides a tangible floor for long-term revenue, but the sheer scale of infrastructure financing forces the broader market to question the limits of peak capital expenditure.

Investors tracking the broader compute infrastructure buildout may want to evaluate institutional hedging metrics and insider liquidation patterns to identify structural shifts before they are fully priced into equity valuations.

Cautious market participants might consider waiting for stabilization in neocloud free cash flow metrics and clarity on hyperscaler insourcing before establishing long-term exposure to specialized infrastructure providers.

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Key Takeaways Netflix uses selective live events to drive subscriber sign-ups, engagement and advertising growth. NFLX says six of its 10 biggest sign-up days in five years were driven by live events. Netflix uses live broadcasts to promote originals and expand content discovery across its platform. Netflix's (NFLX - Free Report) expanding investment in live programming is emerging as a key driver of its long-term subscriber growth strategy. Rather than pursuing an expensive portfolio of premium sports rights, the company has adopted a selective approach by adding live sports, entertainment specials and marquee events that complement its on-demand library. Recent initiatives, including the MLB Home Run Derby, the World Baseball Classic in Japan and other live entertainment events, reflect Netflix's efforts to attract new members while expanding engagement and advertising opportunities. Live programming is evolving into a strategic extension of Netflix's core streaming business rather than a standalone offering.

Early results suggest that live content is generating meaningful business value despite representing a small portion of Netflix's content investment. Six of the company's 10 largest new-member sign-up days over the past five years have been driven by live events. While live programming is expected to represent roughly 5% of content spending and only about 1% of viewing hours this year, it has been supporting subscriber acquisition, advertising demand and content discovery. Total viewing hours increased 2% year over year in the first half of 2026, adding roughly 1.5 billion viewing hours.

Netflix is also leveraging live events to strengthen its broader content ecosystem by using marquee broadcasts to promote original series and encourage viewers to discover additional programming. This integrated approach enhances returns on content investments by extending viewer engagement beyond live events while creating premium advertising inventory for marketers.

By focusing on high-impact live events that drive new-member acquisition, deepen engagement and expand advertising opportunities, Netflix is strengthening another lever for subscriber growth. As the company expands its live content portfolio in a disciplined manner, the strategy could support sustained subscriber growth while creating additional monetization opportunities.

How Netflix Stacks Up Against PeersCompared with Disney (DIS - Free Report) and Warner Bros. Discovery (WBD - Free Report) , Netflix's live content strategy is more selective and event-driven. Disney continues to rely on ESPN and premium sports rights to drive engagement, while Warner Bros. Discovery leverages TNT Sports and live programming across its media portfolio. In contrast, Netflix focuses on marquee live events that complement its on-demand library and support subscriber acquisition. As Disney expands its streaming bundle and Warner Bros. Discovery integrates live sports into Max, Netflix's disciplined approach could help sustain membership growth while enhancing advertising opportunities.

NFLX’s Price Performance, Valuation & EstimatesShares of Netflix have declined 22.8% year to date, underperforming both the Zacks Broadcast Radio and Television industry and the Zacks Consumer Discretionary sector’s fall of 20.9% and 9.6%, respectively.

NFLX’s YTD Share Price Performance
Image Source: Zacks Investment Research

From a valuation standpoint, Netflix appears overvalued, trading at a forward 12-month price-to-earnings ratio of 19.36X, higher than the sector’s 16.4X. NFLX carries a Value Score of D.

NFLX’s Valuation
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for NFLX’s 2026 earnings is pegged at $3.59 per share, down by a penny over the past 30 days. This indicates a 41.9% increase from the previous year.

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

QUALCOMM Incorporated (NASDAQ:QCOM) will release its third quarter earnings report after the closing bell on Wednesday, July 29.

Analysts expect the San Diego, California-based company to report quarterly earnings of $2.22 per share, down from $2.77 per share in the year-ago period. The consensus estimate for Qualcomm’s quarterly revenue is $9.67 billion. It reported $10.37 billion last year, according to Benzinga Pro.

On July 22, Qualcomm expanded its collaboration with Samsung to expand use of Snapdragon to power new Galaxy lineup of smartphones, watches and intelligent eyewear.

Qualcomm shares fell 4.2% to close at $162.88 on Tuesday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

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Highlights:

Modular's AI-native software platform complements Qualcomm Technologies' solutions to accelerate generative and agentic AI technologies from edge to cloud.
  The combination of Qualcomm Technologies and Modular creates a leading AI compute platform for an array of high-growth areas, including data center, edge infrastructure, and personal and industrial AI.
  Modular's open ecosystem mission will continue, with Mojo, MAX and Modular Cloud continuing as products and brands. , /PRNewswire/ -- Qualcomm Incorporated (NASDAQ: QCOM) today announced that it has completed its acquisition of Modular Inc, a leading innovator in AI-native software infrastructure. Modular's software platform gives developers a unified way to optimize and deploy generative and agentic AI workloads across heterogenous computing systems. Combined with Qualcomm Technologies' leadership in high-performance, energy-efficient compute, Modular strengthens the company's ability to deliver complete AI solutions.

Qualcomm Completes Acquisition of Modular The acquisition will accelerate the expansion of Qualcomm Technologies' AI platforms across devices, data center, edge infrastructure, and personal and industrial AI. It will also give Modular the scale and reach to bring its technology to more developers, enterprises, hardware platforms, and markets. Modular's commitment to an open, heterogenous ecosystem will continue, while delivering leading performance across CPUs, GPUs, NPUs, and custom silicon. Mojo, MAX, and Modular Cloud will continue as products and brands, with expanded investment and support through Qualcomm Technologies. Chris Lattner, Co-Founder and CEO of Modular, will take on the role of Executive Vice President of Advanced AI Software and Platforms.

"Combining Modular's AI-native software platform with Qualcomm Technologies' leading solutions, industry scale and ecosystem partnerships accelerate our ability to deliver high-performance, energy-efficient AI solutions from edge to cloud," said Cristiano Amon, President and CEO, Qualcomm Incorporated. "With Modular's world-class engineering team, we're enabling a new and open approach to AI software development, enabling AI to run efficiently across any hardware while maximizing performance. This solves one of AI's biggest challenges, gives developers and customers genuine choice, and advances competition, innovation and resilience across the industry."

"Joining Qualcomm gives us the scale to bring Modular's software innovations to a broader portfolio of AI and compute platforms," said Lattner. "Together, we can help developers deploy AI more efficiently across a wide range of hardware architectures while improving productivity, performance, and portability."

About Qualcomm
Qualcomm is a global computing leader at the center of the AI era, enabling intelligence to scale from the most personal devices to large‑scale infrastructure. Building on more than four decades of innovation, we develop platforms and solutions that bring together advanced AI, high‑performance, low power computing and industry‑leading connectivity—powering products and services used around the world.  At Qualcomm, we are engineering human progress.

Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering and research and development functions and substantially all of our products and services businesses, including our QCT semiconductor business. Snapdragon and Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries.  Qualcomm patents are licensed by Qualcomm Incorporated. Qualcomm, Snapdragon, Qualcomm Dragonwing and Qualcomm Dragonfly are trademarks or registered trademarks of Qualcomm Incorporated.

Qualcomm Contacts:  
Clare Conley, Media Relations  
Phone: 1-858-845-5959  
Email: [email protected]  

Brett Simpson, Investor Relations  
Phone: 1-858-658-4813  
Email: [email protected]

SOURCE Qualcomm Incorporated

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SummaryW. P. Carey Inc. benefits from nearly half its leases being CPI-linked, driving robust revenue in an inflationary environment.WPC's payout ratio dropped to 70.6% and AFFO grew 4.7% annualized, supporting conservative, reliable dividends attractive for risk-averse investors.Management increased FY 2026 AFFO growth outlook to 5.2% and investment volumes are up, reflecting strong operational execution and shareholder alignment.Despite strong performance, WPC trades at a premium P/AFFO (~15x vs. 12.6x historical), justifying a Hold for valuation-conscious investors. EMS-FORSTER-PRODUCTIONS/DigitalVision via Getty Images

One of the core reasons why W. P. Carey Inc. (WPC) is doing so well stems from the fact that almost halve of its leases are CPI-linked in one way or the other. Around 30% of

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

, /PRNewswire/ -- A coalition of energy, infrastructure and utility companies today announced a strategic partnership to develop a data center campus at the U.S. Department of Energy's (DOE) Paducah Site in Western Kentucky. The $100 billion privately-funded project repurposes land at the former enrichment site into a hub for innovation and energy generation.

Once fully constructed in 2032, the campus will support up to 1.8 gigawatts (GW) of utility capacity and over 1.2 GW of compute capacity — backed by up to 4.6 GW of dedicated generation resources paid for and built specifically for the project, protecting customers from costs and fulfilling President Trump's Ratepayer Protection Pledge.

The partnership coalition includes Brookfield, NextEra Energy, Big Rivers Electric Power Corporation, Jackson Purchase Energy Cooperative and Paducah Power System.

"This new campus helps secure our nation's position as a global leader in innovation," said U.S. Energy Secretary Chris Wright. "It's difficult to overestimate the importance of this project. The planning and investment by NextEra Energy and Brookfield provides a crucial roadmap for future projects in the United States by revealing the ability to build world leading infrastructure without passing costs on to surrounding communities."

By pairing the Brookfield data center campus with new power infrastructure, the project is designed to strengthen grid reliability across the region while shielding current residential and small-business electricity ratepayers from additional costs. NextEra Energy will add power generation resources in stages as the campus ramps up, ensuring the data center's growing power needs are met by new supply.

The development is expected to create approximately 8,000 construction jobs and 600 full-time operations jobs.

DOE's former enrichment site proved to be the ideal location for largest economic investment in Kentucky's history. 

"We are intently focused on finding ways to put federal land back to use for American taxpayers," said DOE Assistant Secretary for Environmental Management Tim Walsh. "That commitment is at the heart of our office's American Energy Hubs initiative. Our employees are working with urgency to transform legacy sites that played a key role in the prosperity and success of our nation, like Paducah, into hubs for energy and innovation that keep our nation secure and create new jobs and economic opportunities for the region."

Once an essential component of the nation's atomic energy program, the Paducah Site has long contributed to America's energy security. Due to the scale of its previous operations, the site is already equipped with transmission capacity, water infrastructure, fiber connectivity, roads and land ready to support a project of this magnitude. That existing infrastructure significantly accelerates timelines to begin work on the development. 

Following its Request for Offers in November 2025, DOE selected Brookfield to lease land and develop and operate the data center campus at the Paducah Site. DOE also selected NextEra Energy to build and own the dedicated generation resources to power the campus, including up to 2 GW of natural gas and up to 2.6 GW of battery energy storage systems. The project is subject to negotiation and execution of definitive documentation.

Big Rivers Electric Power Corporation will provide wholesale electric service, Jackson Purchase Energy Cooperative will deliver retail service, and Paducah Power System will serve as a community supporter.

The power service agreement with Big Rivers Electric Power Corporation and Jackson Purchase Energy Cooperative will include additional oversight and approval from the Kentucky Public Service Commission.

A word from Bruce Flatt, CEO of Brookfield: 
"Demand for critical infrastructure that accelerates innovation in the U.S. and supports the economy will need to be met with capital, development capabilities, and additional power generation that benefits local communities. The Department of Energy Paducah Site will be the seed of our plan to invest $100 billion in AI infrastructure, and we are proud to help unlock that potential through responsible investment and long-term stewardship. By advancing this project in line with the White House's Ratepayer Protection Pledge, we are ensuring innovation and affordability go hand in hand with creating high-quality jobs, attracting new investment, and strengthening the local economy."

A word from John Ketchum, chairman, president and CEO of NextEra Energy: 
"This project is a proof point for how AI infrastructure should be built in America. The data center will bring its own power, pay for its own power infrastructure and create good-paying jobs for local workers — and in doing so, it will make the local communities stronger. New jobs, new energy resources, a more reliable grid and not a dollar of added cost on an existing customer's electric bill. The Paducah Site has the infrastructure, the capacity and the legacy to support a project of this scale. We are proud to continue moving forward to power it and do our part to help revitalize the region."

A word from Don Gulley, president and CEO of Big Rivers Electric Corporation: 
"Our members count on us to protect them from risk while planning boldly for the future. We believe this project will provide significant benefits to our members without compromising the affordability or reliability of their electricity. The infrastructure investments required for this project will strengthen reliability, open opportunities for new generation resources and position Western Kentucky as a technology leader."

A word from Greg Grissom, president and CEO of Jackson Purchase Energy Cooperative: 
"As a member-owned cooperative, our priority is always the people and communities we serve. Projects like this have the potential to bring meaningful economic development to our region while safeguarding the electricity our members depend on every day. Jackson Purchase Energy is proud to collaborate with our project partners to deliver long-term value for our members and support the region's future."

A word from Cory Hicks, CEO of Paducah Power System: 
"For generations, the Paducah Site has played a critical role in our nation's energy and national security mission — from its Cold War era legacy to decades of supporting America's defense and industrial capabilities. Today, our same site is helping power what many consider the next great national challenge: the race for advanced computing and artificial intelligence. Paducah Power System is proud to support this new mission of national significance while building a strong economic future for this region."

About Brookfield
Brookfield is a leading global investment firm with more than $1 trillion in assets under management headquartered in New York that owns and operates real assets and essential service businesses that form the backbone of the global economy. We invest on behalf of institutions and individuals around the world across infrastructure, energy, private equity, real estate, and credit—sectors critical to supporting economic growth and productivity. With a heritage spanning more than a century and operations in over 30 countries, we deploy long-term, patient capital to build the foundational assets and businesses that power a more connected, resilient, and sustainable future—seeking to build long-term wealth for our clients while delivering strong risk-adjusted returns for our shareholders.
For more information, please visit our website at www.brookfield.com

About NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is the largest electric power and energy infrastructure company in North America and is a leading provider of electricity to American homes and businesses. Headquartered in Juno Beach, Florida, NextEra Energy is a Fortune 200 company that owns Florida Power & Light Company, America's largest electric utility. NextEra Energy and its affiliated entities are meeting America's growing energy needs with a diverse mix of energy sources, including natural gas, nuclear, renewable energy and battery storage. For more information about NextEra Energy companies, visit: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.

About Big Rivers Electric Corporation
Big Rivers Electric Corporation is a member-owned, not-for-profit, generation and transmission cooperative. It provides wholesale electric power and shared services to three distribution cooperative Member-Owners across 22 counties in western Kentucky. The Member-Owners are Jackson Purchase Energy Cooperative, headquartered in Paducah; Kenergy Corp, headquartered in Henderson; and Meade County Rural Electric Cooperative Corporation, headquartered in Brandenburg. Together, the Member-Owners distribute retail electric power to more than 120,000 homes, farms, businesses, and industries. Big Rivers owns and operates 936 MW of generating capacity from three power stations. The total power capacity is 1,114 MW, including contracted capacity from the Southeastern Power Administration. High-voltage electric power is delivered to the Member-Owners over a system of 1,353 miles of transmission lines and 29 substations. Big Rivers is regulated by the Kentucky Public Service Commission.

About Jackson Purchase Energy Cooperative
Jackson Purchase Energy Cooperative is a non-profit, member-owned rural electric cooperative headquartered in Paducah, Ky., serving more than 23,000 consumer-members in the Western Kentucky counties Ballard, Carlisle, Graves, Livingston, Marshall, and McCracken. Jackson Purchase Energy is regulated by the Kentucky Public Service Commission.

About Paducah Power System
Serving approximately 22,500 customers with a reliability rate of 99.99%, Paducah Power System has been bringing public power to the citizens of Paducah/McCracken County since September 1961, and more recently a robust fiber network that provides critical infrastructure throughout western Kentucky. The municipal system generates wholesale power at the Prairie State Energy Campus and peaking power at its generation plant in Paducah.

Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (together with its subsidiaries, NextEra Energy) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's control. Forward-looking statements in this news release include, among others, statements concerning growth strategies and development opportunities. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and its business and financial condition are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, those discussed in this news release and the following: effects of extensive regulation of NextEra Energy's business operations; inability of NextEra Energy to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory, operational and economic factors on regulatory decisions important to NextEra Energy; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support clean energy or changes in or the imposition of additional tax laws, tariffs, duties, policies or other costs or assessments on clean energy or equipment necessary to generate, store or deliver it; impact of new or revised laws, regulations, executive orders, interpretations or constitutional ballot and regulatory initiatives on NextEra Energy; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy; effects on NextEra Energy of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal, state and local government regulation of its operations and businesses; effect on NextEra Energy of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy of adverse results of litigation; impacts of NextEra Energy of allegations of violations of law; effect on NextEra Energy of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, storage, transmission and distribution facilities, natural gas and oil production and transportation facilities and other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy resulting from risks related to project siting, construction, permitting, governmental approvals and the negotiation of project development agreements, as well as supply chain disruptions; risks involved in the operation and maintenance of electric generation, storage, transmission and distribution facilities, natural gas and oil production and transportation facilities, and other facilities; effect on NextEra Energy of a lack of growth, slower growth or a decline in the number of customers or in customer usage; planned productivity increases and competitive advantages through the use of artificial intelligence technologies may not be realized and the use of and reliance on artificial intelligence may present certain risks; impact on NextEra Energy of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from geopolitical factors, terrorism, cyberattacks or other attempts to disrupt NextEra Energy's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low natural gas and oil prices, disrupted production or unsuccessful drilling efforts could impact NextEra Energy's natural gas and oil production and transportation operations and cause NextEra Energy to delay or cancel certain natural gas and oil production projects and could result in certain assets becoming impaired; risk of increased operating costs resulting from unfavorable supply costs necessary to provide full energy and capacity requirements services; inability or failure to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's risk management tools associated with its hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation operations on sale and delivery of power or natural gas; exposure of NextEra Energy to credit and performance risk from customers, hedging counterparties and vendors; failure of counterparties to perform under derivative contracts or of requirement for NextEra Energy to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's information technology systems, or implementation challenges; risks to NextEra Energy's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in over-the-counter markets; impact of negative publicity; inability to maintain, negotiate or renegotiate acceptable franchise agreements; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with ownership and operation of nuclear generation facilities; liability of NextEra Energy for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy's owned nuclear generation units through the end of their respective operating licenses or planned license extensions; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's ability to fund its liquidity and capital needs and meet its growth objectives; defaults or noncompliance related to project-specific, limited-recourse financing agreements; inability to maintain current credit ratings; reduced liquidity from the inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's assets and investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends, make distributions or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock; and the ultimate severity and duration of public health crises, epidemics and pandemics, and its effects on NextEra Energy's business. NextEra Energy discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2025 and other Securities and Exchange Commission (SEC) filings, and this news release should be read in conjunction with such SEC filings. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy undertakes no obligation to update any forward-looking statements.

SOURCE Paducah American Energy Hub

Micron Technology MU shares held firm in premarket trading on Wednesday, even as South Korean memory giant SK Hynix suffered a sharp selloff following its second-quarter earnings.

The move suggests investors may be distinguishing between short-term earnings disappointment and the longer-term outlook for artificial intelligence-driven memory demand.

SK Hynix shares plunged more than 9% in Seoul after the company reported record quarterly earnings and revenue but failed to meet the exceptionally high expectations that had been built into one of the market's biggest AI beneficiaries.

The weakness spread across South Korea's semiconductor sector, with Samsung Electronics falling more than 5% and dragging the broader Kospi index sharply lower.

Yet Micron, the largest US memory-chip maker, largely escaped the selling pressure.

Its shares fluctuated between modest gains and losses in premarket trading on Wednesday, and were up about 0.5% around 7:25 am ET.

After two days of heavy selling, some investors appeared to buy the dip, helping keep Micron shares relatively resilient.

Micron has lost about 13% over the past five trading sessions and roughly 28% over the last month, although the stock remains about 160% higher for the year.

The recent decline has prompted several analysts to argue that investors are overreacting to concerns surrounding AI infrastructure spending.

Kumquat Research on Seeking Alpha on Wednesday upgraded Micron from Buy to Strong Buy, arguing that the recent weakness presents a buying opportunity rather than signalling deterioration in the company's business.

The analyst pointed to Micron's latest quarterly guidance, noting that the company projected fourth-quarter revenue of $50 billion, gross margins of 86%, and adjusted earnings per share of $31, all comfortably ahead of Wall Street expectations.

According to the analyst, the AI boom has fundamentally altered the industry's earnings profile.

"Because of the AI supercycle, the company is earning a decade's worth of profits in just one quarter," the report said.

While semiconductor companies continue investing heavily in new manufacturing capacity, analysts argue that memory demand is still growing faster than supply.

Capital expenditure is accelerating across Micron, Samsung Electronics, and SK Hynix, but new fabrication facilities require years to build and ramp up production.

As a result, the market continues to face constrained supplies of advanced memory products required for AI servers.

The analyst argued that the recent correction has done little to alter the industry's underlying fundamentals.

"In fact, if anything, the demand case has been reaffirmed."

The report highlighted Nvidia's recently announced long-term memory supply agreement with SK Hynix, valued at approximately $750 billion, including roughly $500 billion tied to Nvidia and another $250 billion allocated to other US companies involved in AI infrastructure.

It also pointed to Alphabet's latest earnings, where the Google parent increased its 2026 capital expenditure guidance to roughly $200 billion, reinforcing expectations that hyperscalers continue expanding AI infrastructure despite investor concerns about returns.

The conclusion, according to the report, is that demand remains robust while supply remains tight, making the recent correction more reflective of changing investor sentiment than weakening industry fundamentals.

Despite the market reaction, SK Hynix delivered one of the strongest quarters in its history.

Operating profit surged more than sixfold from a year earlier to a record level, supported by booming demand for high-bandwidth memory used in AI systems.

However, revenue and operating profit still fell short of elevated analyst forecasts.

The company said delays in shipments of certain advanced products weighed on pricing gains for its core DRAM business.

Melvin, an AI analyst at Milk Road AI, argued that investors had focused too heavily on the earnings miss while overlooking the broader picture.

"The headline numbers aren't pretty, but revenue came in at $54.6B against estimates of $57.7B, a miss of about 5.4%, and operating profit landed at $41.6B versus the $44.2B expected, even with a still massive 76.3% operating margin. But here's why I'm not losing sleep over it...," he said.

He noted that average selling prices for DRAM rose roughly 30% quarter over quarter, while NAND flash prices climbed by the mid-50% range.

"That's not a company losing pricing power but rather a company still riding one of the strongest pricing cycles memory has ever seen," he said.

Analysts remain confident in long-term outlookSK Hynix also projected mid-20% annual DRAM demand growth next year and high-teen growth for NAND memory.

Management added that smartphone and PC shipments were constrained largely because manufacturers could not obtain sufficient memory supplies, rather than because end-market demand had weakened.

Melvin said that distinction was crucial.

"That's a supply constraint story, not a demand problem and supply constraints are exactly what keeps pricing power intact."

He added that major cloud companies continue expanding AI infrastructure and increasing memory procurement, while SK Hynix already has long-term supply agreements with ten customers.

"Hyperscalers aren't pulling back, they're fighting each other for the same limited memory supply."

"A miss against inflated estimates during a supply constrained, price surging market is a very different animal than a miss because nobody wants the product," he concluded.

Industry analyst Patrick Moorhead, chief executive of Moor Insights & Strategy, also dismissed concerns over the earnings miss.

"I think we've lost our minds to think that this performance wasn't a blowout performance," he wrote on X.

"Revenue +257% and profits +557% and this is bad? Estimates are BS when you are in mega growth."

"The decade-long AI build out thesis still stands," he added.

SEC-registered broker-dealer running the Aurora Alternative Trading System for securities finance now backed by two of the largest institutions at the center of U.S. markets, Charles Schwab and DTCC.

Key points

Provable Markets is modernizing securities finance infrastructure through end to end pre-trade, execution, and post-trade solutions for securities finance. Series B funding round led by Charles Schwab, with participation by DTCC, existing investors Dialectic Capital Management, Inkef and others. The round supports team growth across all facets, further core market infrastructure connectivity, product and geographical expansion. , /PRNewswire/ -- Provable Markets, operator of the securities finance platform Aurora, today announced the completion of its Series B investment round led by Charles Schwab (NYSE: SCHW), with The Depository Trust & Clearing Corporation (DTCC) joining as a new investor, and participation from existing investors Dialectic Capital Management, Inkef and others. 

The investment comes at a pivotal time in the Provable Markets growth story. The platform has posted new records for four consecutive quarters on its ATS processing over $30 trillion in monthly order volume.

"At Schwab, we value supporting innovative firms and technology that strengthen the financial services ecosystem and enable Schwab to meet the needs of our clients," said Howie Kennedy, Managing Director, Securities Lending, Charles Schwab Corporation. "Provable Markets supports that objective by helping modernize securities finance workflows through automation, connectivity, and scalable solutions, improving capital market efficiency and execution quality."

Provable Markets facilitates end- to- end securities finance workflows through a fully cloud-native offering that boasts deep connectivity into the heart of the US capital markets infrastructure with connectivity to DTCC's clearing agency subsidiaries, National Securities Clearing Corporation (NSCC) and The Depository Trust Company (DTC), the OCC, and Tri-party Agents. The platform leverages a novel matching engine within its SEC-registered Alternative Trading System (ATS) that provides clients with increased trade automation on a neutral playing field. With a seamless hand off to its Aurora post-trade solution, Provable eliminates historical bottlenecks that cannot be fixed through front-end workflow solutions alone in this highly complex ecosystem. Coupled with access to NSCC's SFT Clearing Service, clients can simultaneously realize significant capital relief under Basel regulatory frameworks to generate further ROI for their businesses and expand their trading opportunities.

— Brian Steele, Managing Director, President, Clearing & Securities Services at DTCC, stated, "As demand for securities financing transactions continues to grow, market participants are increasingly seeking solutions that improve capital efficiency while reducing operational complexity. Provable Markets' integration with DTCC's SFT Clearing Service helps participants streamline post-trade processing and unlock the balance sheet benefits of central clearing. By supporting and connecting to innovative platforms like Provable, we are helping create a more efficient and scalable securities finance ecosystem that can support continued growth across the market."

The Series B round will help Provable grow its commercial, product and engineering headcount to support the rapid growth of its client base and related services, while maintaining its level of market leading client service and scalable technology design and architecture. The funds will also drive additional product and geographical expansion.

"We started Provable Markets with the belief that modernizing securities finance is a market structure story that requires a foundational pipes and plumbing approach to rebuild core infrastructure from the bottom up. By maintaining that focus, we have been able to solve real problems for our clients that not only drive scaled automation, but also alleviate the increasingly acute pressures of operational and regulatory capital constraints. Charles Schwab and DTCC's investment validate and fuels our next stage of growth to execute on our vision of becoming core market infrastructure for the rapidly expanding securities finance landscape and beyond."— Matt Cohen, Co-Founder & CEO, Provable Markets

ABOUT PROVABLE MARKETS

Provable Markets is driving market structure change, offering front-to-back trade, lifecycle management, and post-trade solutions for cleared and uncleared SFTs — delivering execution optimization, operational efficiency, cost reduction, and risk mitigation across the value chain. Provable Markets is a FINRA member broker-dealer and SIPC member, and market operator of Aurora, a cloud-native alternative trading system (ATS) regulated by the US Securities and Exchange Commission. For more information, visit provablemarkets.com or contact [email protected]. 

SOURCE Provable Markets LLC

Bunge Global (BG - Free Report) came out with quarterly earnings of $2 per share, missing the Zacks Consensus Estimate of $2.03 per share. This compares to earnings of $1.31 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -1.48%. A quarter ago, it was expected that this agribusiness and food company would post earnings of $0.97 per share when it actually produced earnings of $1.83, delivering a surprise of +88.66%.

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

Bunge Global, which belongs to the Zacks Agriculture - Products industry, posted revenues of $24.04 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.34%. This compares to year-ago revenues of $12.77 billion. The company has topped consensus revenue estimates two times over the last four quarters.

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

Bunge Global shares have added about 31.8% since the beginning of the year versus the S&P 500's gain of 8.5%.

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

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

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.59 on $23.08 billion in revenues for the coming quarter and $9.74 on $92.31 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Agriculture - Products is currently in the top 10% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

BrightView Holdings (BV - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 4.

This investment company is expected to post quarterly earnings of $0.28 per share in its upcoming report, which represents a year-over-year change of -6.7%. The consensus EPS estimate for the quarter has been revised 0.9% higher over the last 30 days to the current level.

BrightView Holdings' revenues are expected to be $722.17 million, up 2% from the year-ago quarter.

V.F. (VFC - Free Report) came out with a quarterly loss of $0.27 per share versus the Zacks Consensus Estimate of a loss of $0.22. This compares to a loss of $0.24 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -22.73%. A quarter ago, it was expected that this maker of brands such as Vans, North Face and Timberland would post a loss of $0.02 per share when it actually produced break-even earnings, delivering a surprise of +100%.

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

V.F., which belongs to the Zacks Textile - Apparel industry, posted revenues of $1.67 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.29%. This compares to year-ago revenues of $1.76 billion. The company has topped consensus revenue estimates three times over the last four quarters.

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

V.F. shares have added about 0.9% since the beginning of the year versus the S&P 500's gain of 8.5%.

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

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

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

Ahead of this earnings release, the estimate revisions trend for V.F. was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.55 on $2.74 billion in revenues for the coming quarter and $1.09 on $9.52 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Textile - Apparel is currently in the bottom 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Ralph Lauren (RL - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.

This upscale clothing company is expected to post quarterly earnings of $4.26 per share in its upcoming report, which represents a year-over-year change of +13%. The consensus EPS estimate for the quarter has been revised 0.1% lower over the last 30 days to the current level.

Ralph Lauren's revenues are expected to be $1.86 billion, up 8.4% from the year-ago quarter.

New capabilities in TotalAI enable CISOs to reduce shadow AI, flag abnormal model behavior, and prove controls are working across development and runtime

, /PRNewswire/ -- Qualys, Inc. (NASDAQ: QLYS), a leading provider of cloud-based IT, security and compliance solutions, today announced new capabilities in TotalAI, built on the Qualys Enterprise TruRisk Platform, to empower organizations to discover, test, monitor, and govern enterprise AI risk from design to production. TotalAI provides enterprise CISOs with robust AI governance and risk management capabilities that satisfy new policy requirements around safe AI use in the U.S. and EU.

Qualys TotalAI: AI Governance Dashboard Enterprise AI adoption has outrun the controls built to govern it. Organizations are layering models, AI agents, and Model Context Protocol (MCP) servers onto security programs never designed for them, while attackers weaponize the same AI tools to move faster than defenders can track. Moreover, no other single point tool answers the questions security leaders face daily: Where is AI running? Which models can leak data or be manipulated? What are AI agents connected to? And can we prove our controls are working? TotalAI answers all four — with the same TruRisk score security teams already use for vulnerabilities, cloud, and containers.

"AI is outrunning the controls built to govern it, and security teams can no longer treat that risk as a separate list to be scanned and closed," said Grace Trinidad, Research Director at IDC. "The industry is moving beyond simply counting vulnerabilities toward continuously minimizing the exploitable surface, what is actually reachable and can be made to do harm, and AI is turning that shift from good practice to a requirement. Organizations that fold AI risk into continuous exposure management, spanning discovery, assessment, runtime visibility, and governance, will be the organizations positioned to adopt AI securely and at scale."

Qualys TotalAI provides enterprises with end-to-end AI security:

Gain total visibility into AI use — Discover shadow AI, cloud AI services, AI agents, models, MCP servers, AI containers, and browser-based AI, so teams know where AI runs across the enterprise and who owns the risk. Govern agentic AI, models and integrations end to end — See and control the tool calls AI agents make over MCP, so an agent's reach can be contained if needed. Kernel-level (eBPF) instrumentation reveals what AI workloads execute on servers, delivering visibility that scanners and logs can't provide. Prove governance is working — Give security, engineering, and governance, risk, and compliance (GRC) teams audit-ready evidence of what AI exists, the severity and impact of any issues, and a TruRisk-based prioritization plan of what to fix first. Shift AI security left — Find AI vulnerabilities, misconfigurations, and exposed secrets earlier, in code and pipelines. Test models for prompt injection, jailbreaks, and unsafe output before they reach production. Go beyond posture to adversarial testing — TotalAI red-teams both LLMs (prompt injection, jailbreaks) and MCP servers (tool poisoning, SSRF, rug-pull), mapped to the OWASP LLM & MCP Top 10 and the EU AI Act. While most tools govern MCP access, TotalAI scans the MCP server itself. "With every modern enterprise leveraging AI, the question is changing from 'Is my AI secure?' to 'Can I prove it to my board and regulators?'" said Sumedh Thakar, president and CEO of Qualys. "TotalAI gives enterprises a single, unified way to assess, govern, and secure AI risk continuously — not through periodic snapshots, but with the real-time clarity and discipline Qualys is known for."

Availability
TotalAI is generally available. To learn more, visit qualys.com/free-trial-new/totalai or visit our booth #2333 at Black Hat USA 2026.

Additional Resources

Read our blog post, "Operationalize AI Governance Across Shadow GenAI, MCP, and Agentic Workloads with Qualys TotalAI" Book a meeting with us at Black Hat USA 2026 Request a demo at qualys.com/free-trial-new/totalai Register for the webinar, "You Are Securing AI. Can You Prove Your AI Is Secure?"  Follow Qualys on LinkedIn, Instagram and X About Qualys   
Qualys, Inc. (NASDAQ: QLYS) is a leading provider of cloud-based security, compliance and IT solutions with more than 10,000 subscription customers worldwide, including a majority of the Forbes Global 100 and Fortune 100. Qualys helps organizations streamline and automate their security and compliance solutions onto a single platform for greater agility, better business outcomes, and substantial cost savings.

The Qualys Enterprise TruRisk Platform leverages a single agent to continuously deliver critical security intelligence while enabling enterprises to automate the full spectrum of vulnerability detection, compliance, and protection for IT systems, workloads and web applications across on premises, endpoints, servers, public and private clouds, containers, and mobile devices. Founded in 1999 as one of the first SaaS security companies, Qualys has strategic partnerships and seamlessly integrates its vulnerability management capabilities into security offerings from cloud service providers, including Oracle Cloud Infrastructure, Amazon Web Services, the Google Cloud Platform and Microsoft Azure, along with a number of leading managed service providers and global consulting organizations. For more information, please visit http://www.qualys.com

.Qualys, Qualys VMDR®, Qualys TruRisk and the Qualys logo are proprietary trademarks of Qualys, Inc. All other products or names may be trademarks of their respective companies.

Media Contact:   
Rachel Yap Winship 
Qualys
[email protected]

SOURCE Qualys, Inc.

ALBUQUERQUE, N.M., July 29, 2026 (GLOBE NEWSWIRE) -- ARRAY Technologies, Inc. (NASDAQ: ARRY) (“ARRAY” or the “Company”), a New Mexico-based leading global provider of tracking technology and fixed-tilt products, foundation solutions, software systems and services, today announced an expansion of its product portfolio with launch of ARRAY Atlas™, a new suite of foundation-to-tracker solutions designed exclusively for ARRAY trackers and APA foundations to enhance their technical interoperability.

Across standard and challenging sites alike, the interface between foundation and tracker has historically been fragmented, hardware-heavy, and never engineered as an integrated part of the tracker system. This includes traditional steel W-beams, the current standard for most utility-scale solar piles and foundation-to-tracker interfaces, which can create unnecessary cost and execution challenges through volatile commodity pricing, limited sourcing flexibility, and installation complexity.

Designed from the ground up, the Atlas suite reimagines the connection between APA foundation and ARRAY tracker, giving customers greater installation flexibility, procurement resilience, wire management readiness, and project certainty across virtually any soil condition.

As an engineered alternative to existing foundation approaches, Atlas provides a cost competitive and optimized solution to service the tracker foundation market, which exceeds $1B annually1.

"For decades, developers have relied on commodity steel piles that were never engineered as part of the tracker system," said Josh Von Deylen, Chief Executive Officer of APA Solar, an ARRAY company. "Atlas changes that by bringing the foundation and tracker interface together in a purpose-built solution that helps customers install faster, source more efficiently, and execute projects with greater confidence."

ARRAY Atlas I (left) and Atlas II (right), a new suite of foundation-to-tracker solutions designed exclusively for ARRAY trackers and APA foundations

Atlas is available in two configurations built around a common engineered bearing housing platform to enable customers to pair the right foundation solution for their site while maintaining a consistent tracker interface above grade:

Atlas I is designed for standard soil conditions, connecting driven foundations (a shortened W-beam or sigma pile) to the tracker through an adjustable rolled steel C-channel and bearing interface, which offers customers:

Greater design and field flexibility to correct minor driving variation in height through vertical C-channel adjustmentImproved procurement resiliency by reducing or eliminating steel beam in favor of roll-formed steel componentsReduced deformation risk by shortening the driven foundation and separating it from the tracker interface Atlas II is designed for challenging soil conditions, connecting engineered foundations (helical piles or ground screws) with a dual-leg interface and bearing interface, which offers customers:

Better installation efficiency through an integrated design with fewer connection points and a 70% reduction in component count compared to APA A-Frame®Enhanced adaptability for design and on-site conditions, including improved vertical and East/West adjustability, supporting sites with varied topography As utility-scale solar projects continue to scale in size while labor availability, procurement complexity, and schedule pressures increase, developers are looking for integrated solutions that simplify construction and reduce execution risk.

The launch of Atlas represents another milestone following ARRAY's acquisition of APA Solar, a premier solar racking and foundations solutions provider, in 2025. By combining ARRAY's leadership in solar tracking with APA's expertise in foundation engineering, the companies are accelerating the development of integrated solutions that simplify project execution from the ground up.

For more information or to discuss project inquiries, please contact the APA sales team at [email protected] or 419-267-5280.

For more information on ARRAY Atlas, visit https://arraytechinc.com/products/atlas

(1) Based on Wood Mackenzie Global Solar Tracker Landscape H1 2026 Report and company estimates

About ARRAY Technologies

ARRAY Technologies (NASDAQ: ARRY) is a leading global provider of solar tracking technology and fixed-tilt systems to utility-scale and distributed generation customers who construct, develop, and operate solar photovoltaic sites. With solutions engineered to withstand harsh weather conditions, ARRAY’s high-quality solar trackers, fixed-tilt systems, software platforms, foundation solutions, and field services combine to maximize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology – relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit www.arraytechinc.com.

Forward Looking Statement

This press release contains forward-looking statements. These statements are not historical facts but rather are based on the Company's current expectations and projections regarding its business, operations and other factors relating thereto. Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expects," "intends," "plans," "projects," "believes," "estimates" and similar expressions are used to identify these forward-looking statements. Forward-looking statements include, without limitation, statements regarding the expected performance, availability, pricing, and market adoption of ARRAY Atlas™ and the Company's other recently launched products; the anticipated benefits of the Atlas suite to customers, including installation speed and efficiency, procurement resilience and sourcing flexibility, design and field adjustability, reduced component counts, and reduced execution risk; the Company's estimates regarding the size of its total addressable market and the anticipated expansion of that market through foundation-to-tracker solutions; the anticipated benefits of the Company's acquisition of APA Solar, including the integration of ARRAY's tracking technology with APA Solar's foundation engineering capabilities and the development of additional integrated solutions; the Company's ability to continue to grow its global installed base and expand into new markets; the Company's expectations regarding continued demand for solar energy and utility-scale solar deployment, including trends in project scale, labor availability, procurement complexity, and construction schedules; and the Company's business strategy and growth prospects. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. These risks, uncertainties, and assumptions include, without limitation, changes in demand for utility-scale solar projects domestically and internationally; customer acceptance and rate of adoption of new products, including Atlas; delays in product availability or shipment; actual field, installation, and cost performance of the Company's products that may differ from modeled or anticipated results, including in varied soil and site conditions; the Company's ability to realize the anticipated benefits of the APA Solar acquisition on the expected timeline or at all; the accuracy of the Company's estimates regarding its total addressable market; volatility in steel and other commodity prices and the availability of components and raw materials; macroeconomic conditions, trade policy changes, or supply chain disruptions affecting operations; changes in government policy or incentives supporting solar energy deployment; and reliance on third-party partners to perform their respective roles on schedule and to specification. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors. Forward-looking statements should be evaluated together with the risks and uncertainties that affect our business and operations, particularly those described in more detail in the Company's most recent Annual Report on Form 10-K and other documents on file with the SEC, each of which can be found on our website www.arraytechinc.com. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future

Media Contact:

Steven Kirsch
+1 505-738-6923
[email protected]

Investor Relations Contact:

ARRAY Technologies
Investor Relations
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fe78dfcf-bff0-4e85-9fa0-fb92685e2296

Generac Holdings (GNRC - Free Report) came out with quarterly earnings of $2.91 per share, beating the Zacks Consensus Estimate of $1.95 per share. This compares to earnings of $1.65 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +49.23%. A quarter ago, it was expected that this generator maker would post earnings of $1.33 per share when it actually produced earnings of $1.8, delivering a surprise of +35.34%.

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

Generac Holdings, which belongs to the Zacks Manufacturing - General Industrial industry, posted revenues of $1.17 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.37%. This compares to year-ago revenues of $1.06 billion. The company has topped consensus revenue estimates just once over the last four quarters.

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

Generac Holdings shares have added about 43.4% since the beginning of the year versus the S&P 500's gain of 8.5%.

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

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

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

Ahead of this earnings release, the estimate revisions trend for Generac Holdings was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.52 on $1.32 billion in revenues for the coming quarter and $8.91 on $4.92 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Manufacturing - General Industrial is currently in the top 21% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Nordson (NDSN - Free Report) , has yet to report results for the quarter ended July 2026.

This maker of adhesives and industrial coatings is expected to post quarterly earnings of $3.09 per share in its upcoming report, which represents a year-over-year change of +13.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Nordson's revenues are expected to be $779 million, up 5.1% from the year-ago quarter.

Entergy (ETR - Free Report) came out with quarterly earnings of $1.03 per share, beating the Zacks Consensus Estimate of $0.94 per share. This compares to earnings of $1.05 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +9.57%. A quarter ago, it was expected that this power company would post earnings of $0.89 per share when it actually produced earnings of $0.86, delivering a surprise of -3.37%.

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

Entergy, which belongs to the Zacks Utility - Electric Power industry, posted revenues of $3.52 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.08%. This compares to year-ago revenues of $3.33 billion. The company has topped consensus revenue estimates three times over the last four quarters.

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

Entergy shares have added about 21.5% since the beginning of the year versus the S&P 500's gain of 8.5%.

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

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

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.75 on $4.13 billion in revenues for the coming quarter and $4.40 on $14.27 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Utility - Electric Power is currently in the bottom 32% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Dominion Energy (D - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 31.

This energy company is expected to post quarterly earnings of $0.73 per share in its upcoming report, which represents a year-over-year change of -2.7%. The consensus EPS estimate for the quarter has been revised 3.8% higher over the last 30 days to the current level.

Dominion Energy's revenues are expected to be $4.06 billion, up 6.6% from the year-ago quarter.

, /PRNewswire/ -- OGE Energy Corp. (NYSE: OGE), the parent company of Oklahoma Gas and Electric Company ("OG&E"), today reported earnings of $0.56 per diluted share during the three months that ended June 30, 2026, compared to $0.53 per diluted share in the second quarter 2025.

OG&E, a regulated electric company, contributed earnings of $0.58 per diluted share in the second quarter, compared to earnings of $0.53 per diluted share in the second quarter 2025. Other operations, which includes the holding company, contributed a loss of $0.02 per diluted share compared to breakeven results in the second quarter of 2025. "Our second-quarter results reflect the strength of our business and the disciplined execution of our team as we advance investments that support reliable, affordable service for customers," said Sean Trauschke, Chairman, President, and CEO of OGE Energy Corp. "We are making significant progress on initiatives that position OG&E for incremental growth while maintaining a strong focus on protecting existing customers as we prepare to serve new large-load opportunities and support economic development."

Second Quarter 2026 results

OG&E contributed net income of $120.1 million, or $0.58 per diluted share, in the second quarter compared to $107.7 million, or $0.53 per diluted share, in the same period 2025. The increase in net income was primarily due to increased recovery of capital investments and lower interest expense, partially offset by increased operation and maintenance expenses.

Other Operations resulted in a loss of $3.8 million, or $0.02 per diluted share, in the second quarter compared to a loss of $0.2 million, in the same period 2025. The increased loss was primarily due to higher interest expense and a one-time benefit related to legacy midstream operations recognized in 2025, which was partially offset by increased other income.

OGE Energy's net income was $116.3 million or $0.56 per diluted share in the second quarter, compared to earnings of $107.5 million, or $0.53 per diluted share, in the same period 2025.

2026 Outlook 
OGE Energy's 2026 consolidated earnings guidance remains unchanged and is projected to be $2.43 per average diluted share, within a range of $2.38 to $2.48 per average diluted share. The guidance assumes, among other things, normal weather for the remainder of the year. OG&E has significant seasonality in its earnings due to weather on a year-over-year basis.

See OGE Energy's 2025 Form 10-K for other key factors and assumptions underlying its 2026 guidance.

Conference Call Webcast
OGE Energy Corp. will host an earnings and business update conference call on Wednesday, July 29, 2026, at 8 a.m. CDT. The conference will be available through the Investor Center at www.oge.com.

Some of the matters discussed in this news release may contain forward looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements are intended to be identified in this document by the words "anticipate," "believe," "estimate," "expect," "forecast," "intend," "objective," "plan," "possible," "potential," "project," "target" and similar expressions. Actual results may vary materially. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to: general economic conditions, including the availability of credit, access to existing lines of credit, access to the commercial paper markets, actions of rating agencies and inflation rates, and their impact on capital expenditures; the ability of the Company to access the capital markets and obtain financing on favorable terms, as well as inflation rates and monetary fluctuations; the ability to obtain timely and sufficient rate relief to allow for recovery of items such as capital expenditures, fuel and purchased power costs, operating costs, transmission costs and deferred expenditures; prices and availability of electricity, coal and natural gas; competitive factors, including the extent and timing of the entry of additional competition in the markets served by the Company, potentially through deregulation; the impact on demand for the Company's services resulting from cost-competitive advances in technology, such as distributed electricity generation and customer energy efficiency programs; technological developments, changing markets and other factors that result in competitive disadvantages and create the potential for impairment of existing assets; factors affecting utility operations such as unusual weather conditions; catastrophic weather-related damage; unscheduled generation outages; unusual maintenance or repairs; unanticipated changes to fossil fuel, natural gas or coal supply costs or availability due to higher demand, shortages, transportation problems or other developments; environmental incidents; or electric transmission or gas pipeline system constraints; availability and prices of raw materials and equipment for current and future construction projects; the effect of retroactive pricing of transactions in the SPP markets, adjustments in market pricing mechanisms by the SPP, or allocation of transmission upgrade costs; federal or state legislation and regulatory decisions and initiatives that affect cost and investment recovery, have an impact on rate structures or affect the speed and degree to which competition enters the Company's markets; environmental laws, safety laws or other regulations that may impact the cost of operations, restrict or change the way the Company's facilities are operated or result in stranded assets; the ability of the Company to meet future capacity requirements mandated by the SPP, which could be impacted by future load growth, environmental regulations, and the availability of resources; changes in accounting standards, rules or guidelines; the discontinuance of accounting principles for certain types of rate-regulated activities; the cost of protecting assets against, or damage due to, terrorism or cyberattacks, including the Company losing control of its assets and potential ransoms, and other catastrophic events; the availability, cost, coverage and terms of insurance; changes in the use, perception or regulation of generative artificial intelligence technologies, which could limit the Company's ability to utilize such technology, create risk of enhanced regulatory scrutiny, generate uncertainty around intellectual property ownership, licensing or use, or which could otherwise result in risk of damage to the Company's business, reputation or financial results; creditworthiness of suppliers, customers and other contractual parties, including large, new customers from industries such as cryptocurrency and data centers; social attitudes regarding the electric utility and power industries; identification of suitable investment opportunities to enhance shareholder returns and achieve long-term financial objectives through business acquisitions and divestitures; increased pension and healthcare costs; national and global events that could adversely affect and/or exacerbate macroeconomic conditions, including inflationary pressures, interest rate fluctuations, supply chain disruptions, economic recessions, pandemic health events, tariffs and uncertainty surrounding continued hostilities or sustained military campaigns, and their collateral consequences; costs and other effects of legal and administrative proceedings, settlements, investigations, claims and matters, including, but not limited to, those described in the Company's Form 10-Q for the quarter ended June 30, 2026; and other risk factors listed in the reports filed by the Company with the Securities and Exchange Commission, including those listed within the Company's most recent Form 10-K for the year ended December 31, 2025.

Note: Condensed Consolidated Statements of Income for OGE Energy Corp., Condensed Statements of Income and Comprehensive Income for Oklahoma Gas & Electric Company, and Financial and Statistical Data for Oklahoma Gas & Electric Company attached.

OGE ENERGY CORP.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

(In millions, except per share data)

2026

2025

2026

2025

OPERATING REVENUES

Revenues from contracts with customers

$

688.0

$

719.7

$

1,424.7

$

1,460.8

Other revenues

23.9

21.9

39.8

28.5

Operating revenues

711.9

741.6

1,464.5

1,489.3

FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE

217.7

261.1

554.4

585.1

OPERATING EXPENSES

Other operation and maintenance

138.7

127.1

275.2

248.9

Depreciation and amortization

138.1

140.6

274.5

278.0

Taxes other than income

25.8

26.2

55.7

57.4

Operating expenses

302.6

293.9

605.4

584.3

OPERATING INCOME

191.6

186.6

304.7

319.9

OTHER INCOME (EXPENSE)

Allowance for equity funds used during construction

7.3

6.0

14.8

13.0

Other net periodic benefit expense

(2.6)

(2.9)

(5.2)

(5.5)

Other income

15.3

17.2

28.9

24.2

Other expense

(7.1)

(5.2)

(19.4)

(9.7)

Net other income

12.9

15.1

19.1

22.0

INTEREST EXPENSE

Interest on long-term debt

71.6

66.6

137.9

128.0

Allowance for borrowed funds used during construction

(3.4)

(3.7)

(7.0)

(8.2)

Interest on short-term debt and other interest charges

(1.5)

9.3

(4.3)

19.7

Interest expense

66.7

72.2

126.6

139.5

INCOME BEFORE TAXES

137.8

129.5

197.2

202.4

INCOME TAX EXPENSE

21.5

22.0

30.7

32.2

NET INCOME

$

116.3

$

107.5

$

166.5

$

170.2

BASIC AVERAGE COMMON SHARES OUTSTANDING

206.5

201.3

206.4

201.3

DILUTED AVERAGE COMMON SHARES OUTSTANDING

207.8

202.1

207.5

202.0

BASIC EARNINGS PER AVERAGE COMMON SHARE

$

0.56

$

0.53

$

0.81

$

0.85

DILUTED EARNINGS PER AVERAGE COMMON SHARE

$

0.56

$

0.53

$

0.80

$

0.84

OKLAHOMA GAS AND ELECTRIC COMPANY
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

(In millions)

2026

2025

2026

2025

OPERATING REVENUES

Revenues from contracts with customers

$

688.0

$

719.7

$

1,424.7

$

1,460.8

Other revenues

23.9

21.9

39.8

28.5

Operating revenues

711.9

741.6

1,464.5

1,489.3

FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE

217.7

261.1

554.4

585.1

OPERATING EXPENSES

Other operation and maintenance

138.6

126.3

275.4

248.1

Depreciation and amortization

138.1

140.6

274.5

278.0

Taxes other than income

25.8

26.2

55.7

57.4

Operating expenses

302.5

293.1

605.6

583.5

OPERATING INCOME

191.7

187.4

304.5

320.7

OTHER INCOME (EXPENSE)

Allowance for equity funds used during construction

7.3

6.0

14.8

13.0

Other net periodic benefit expense

(2.5)

(2.6)

(5.0)

(5.1)

Other income

6.4

4.1

9.1

9.4

Other expense

(0.6)

(0.5)

(1.4)

(1.4)

Net other income

10.6

7.0

17.5

15.9

INTEREST EXPENSE

Interest on long-term debt

65.9

60.8

126.5

116.4

Allowance for borrowed funds used during construction

(3.4)

(3.7)

(7.0)

(8.2)

Interest on short-term debt and other interest charges

(4.1)

6.3

(11.1)

12.0

Interest expense

58.4

63.4

108.4

120.2

INCOME BEFORE TAXES

143.9

131.0

213.6

216.4

INCOME TAX EXPENSE

23.8

23.3

35.6

37.7

NET INCOME

$

120.1

$

107.7

$

178.0

$

178.7

Other comprehensive income, net of tax

—

—

—

—

COMPREHENSIVE INCOME

$

120.1

$

107.7

$

178.0

$

178.7

OKLAHOMA GAS AND ELECTRIC COMPANY
FINANCIAL AND STATISTICAL DATA

Three Months Ended

Six Months Ended

June 30,

June 30,

(Dollars in millions)

2026

2025

2026

2025

Operating revenues by classification:

Residential

$

261.1

$

261.0

$

521.5

$

548.3

Commercial

215.6

225.9

427.6

434.7

Industrial

56.5

60.2

117.2

122.4

Oilfield

49.3

53.2

107.7

112.4

Public authorities and street light

62.3

64.5

124.2

125.3

System sales revenues

644.8

664.8

1,298.2

1,343.1

Provision for rate refund

—

—

—

3.0

Integrated market

27.4

26.3

74.7

47.6

Transmission

30.5

42.1

71.2

81.9

Other

9.2

8.4

20.4

13.7

Total operating revenues

$

711.9

$

741.6

$

1,464.5

$

1,489.3

MWh sales by classification (In millions)

Residential

2.3

2.1

4.4

4.6

Commercial

3.3

3.1

6.1

5.8

Industrial

1.0

1.0

2.0

2.0

Oilfield

1.1

1.0

2.2

2.1

Public authorities and street light

0.7

0.7

1.4

1.4

System sales

8.4

7.9

16.1

15.9

Integrated market

0.4

0.2

0.7

0.4

Total sales

8.8

8.1

16.8

16.3

Number of customers

917,157

909,131

917,157

909,131

Weighted-average cost of energy per kilowatt-hour (In cents)

Natural gas

3.438

3.498

5.173

4.265

Coal

2.662

2.761

2.620

2.751

Total fuel

3.086

3.120

4.208

3.508

Total fuel and purchased power

2.406

3.076

3.179

3.437

Degree days (A)

Heating - Actual

127

156

1,510

2,056

Heating - Normal

250

250

2,139

2,139

Cooling - Actual

772

579

864

598

Cooling - Normal

553

553

563

563

(A) Degree days are calculated as follows: The high and low degrees of a particular day are added together and then averaged. If the calculated average is above 65 degrees, then the difference between the calculated average and 65 is expressed as cooling degree days, with each degree of difference equaling one cooling degree day. If the calculated average is below 65 degrees, then the difference between the calculated average and 65 is expressed as heating degree days, with each degree of difference equaling one heating degree day. The daily calculations are then totaled for the particular reporting period. The calculation of heating and cooling degree normal days is based on a 30-year average and weighted on a jurisdictional split.

SOURCE OGE Energy Corp.

, /PRNewswire/ -- M/I Homes, Inc. (NYSE: MHO) announced results for the three and six months ended June 30, 2026.

2026 Second Quarter Results:

New contracts increased 15% to 2,387, a second quarter record Homes delivered decreased 6% to 2,206 Revenue declined 9% to $1.1 billion Gross margin of 22% Pre-tax income of $105 million, including inventory charges of $4 million, 10% of revenue, down 35% Net income of $79 million ($3.02 per diluted share) versus $121 million ($4.42 per diluted share) Shareholders' equity reached a record $3.2 billion, with book value per share increasing to a record $128 Repurchased $50 million of common stock Return on equity of 10% Homebuilding debt to capital ratio of 18% The Company reported pre-tax income of $104.6 million and net income of $79.1 million ($3.02 per diluted share). These results include pre-tax inventory charges of $4.2 million ($0.12 per diluted share). This compares to pre-tax income of $160.1 million and net income of $121.2 million, or $4.42 per diluted share, for the second quarter of 2025. For the six months ended June 30, 2026, pre-tax income was $193.7 million and net income was $146.9 million, or $5.57 per diluted share. This compared to pre-tax income of $306.2 million and net income of $232.5 million, or $8.40 per diluted share, for the same period of 2025.

Homes delivered in 2026's second quarter decreased 6% to 2,206 homes. This compares to 2,348 homes delivered in 2025's second quarter. Homes delivered for the six months ended June 30, 2026 were 4,120 compared to 2025's deliveries of 4,324 for the six months ended June 30, 2025, a decrease of 5%. New contracts increased 15% to a record 2,387 for the second quarter of 2026 compared to 2,078 in last year's second quarter. For the first half of 2026, new contracts were 4,737 compared to 4,370 in 2025, an increase of 8%. Homes in backlog at June 30, 2026 had a total sales value of $1.31 billion, an 8% decrease from a year ago. Backlog units at June 30, 2026 decreased 6% to 2,426 homes, with an average sales price of $538,000. At June 30, 2025, backlog sales value was $1.43 billion, with backlog units of 2,577 and an average sales price of $553,000. M/I Homes had 234 communities at both June 30, 2026 and 2025. The Company's cancellation rate was 8% in the second quarter of 2026 compared to 13% in the second quarter of 2025.

Robert H. Schottenstein, Chief Executive Officer and President, commented, "We delivered solid second quarter results despite continued challenging market conditions. Highlights included a second quarter record of 2,387 new contracts, gross margins of 22%, a pre-tax margin of 10% and a return on equity of 10%."

Mr. Schottenstein added, "Notwithstanding current market conditions, we are confident in the long-term fundamentals of the housing industry and in our ability to navigate this uncertain environment. Our financial condition is excellent, highlighted by S&P's recent upgrade of our credit rating to BB+. We have a very strong balance sheet with record shareholders' equity of $3.2 billion, no borrowings under our $900 million unsecured credit facility, cash of $736 million, a homebuilding debt-to-capital ratio of 18%, and a net debt-to-capital ratio of negative 1%. Given the quality of our geographic footprint, the diversity of our product offering and continued focus on well-located communities, we are well positioned to have a solid 2026."

The Company will broadcast live its earnings conference call today at 10:30 A.M. Eastern Time. To listen to the call live, log on to the M/I Homes' website at mihomes.com, click on the "Investors" section of the site, and select "Listen to the Conference Call." A replay of the call will continue to be available on our website through July 2027.

M/I Homes, Inc., celebrating its 50th year in business in 2026, is one of the nation's leading homebuilders of single-family homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota, Fort Myers/Naples and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina and Nashville, Tennessee.

Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "targets," "envisions," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities, construction defects, product liability and warranty claims and various governmental rules and regulations including changes in trade policy affecting business such as new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties, as more fully discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. We undertake no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.

M/I Homes, Inc. and Subsidiaries

Summary Statement of Income (unaudited)

(Dollars and shares in thousands, except per share amounts)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

New contracts

2,387

2,078

4,737

4,370

Average community count

232

230

232

227

Cancellation rate

8 %

13 %

8 %

11 %

Backlog units

2,426

2,577

2,426

2,577

Backlog sales value

$              1,305,248

$              1,425,138

$              1,305,248

$              1,425,138

Homes delivered

2,206

2,348

4,120

4,324

Average home closing price

$                        459

$                        479

$                        459

$                        477

Homebuilding revenue:

   Housing revenue

$              1,011,974

$              1,124,475

$              1,890,584

$              2,064,506

   Land revenue

18,948

6,667

29,814

11,209

Total homebuilding revenue

$              1,030,922

$              1,131,142

$              1,920,398

$              2,075,715

Financial services revenue

32,336

31,450

63,567

62,970

Total revenue

$              1,063,258

$              1,162,592

$              1,983,965

$              2,138,685

Cost of sales - operations

823,559

875,973

1,541,675

1,599,283

Cost of sales - inventory charges

4,200

—

4,200

—

Gross margin

$                235,499

$                286,619

$                438,090

$                539,402

General and administrative expense

70,198

67,247

131,384

126,320

Selling expense

64,023

63,655

119,363

116,441

Operating income

$                101,278

$                155,717

$                187,343

$                296,641

Interest income, net of interest expense

(3,286)

(4,377)

(6,391)

(9,574)

Income before income taxes

$                104,564

$                160,094

$                193,734

$                306,215

Provision for income taxes

25,496

38,851

46,834

73,735

Net income

$                  79,068

$                121,243

$                146,900

$                232,480

Earnings per share:

Basic

$                   3.08

$                   4.52

$                   5.69

$                   8.59

Diluted

$                   3.02

$                   4.42

$                   5.57

$                   8.40

Weighted average shares outstanding:

Basic

25,667

26,836

25,836

27,074

Diluted

26,193

27,406

26,376

27,673

M/I Homes, Inc. and Subsidiaries

Summary Balance Sheet and Other Information (unaudited)

(Dollars in thousands, except per share amounts)

As of

June 30,

2026

2025

Assets:

Total cash, cash equivalents and restricted cash

$   735,941

$   800,398

Mortgage loans held for sale

258,965

280,867

Inventory:

Lots, land and land development

1,850,007

1,683,930

Land held for sale

40,887

5,005

Homes under construction

1,387,441

1,403,582

Other inventory

226,963

194,089

Total Inventory

$ 3,505,298

$ 3,286,606

Property and equipment - net

34,446

33,749

Investments in joint venture arrangements

62,018

67,466

Operating lease right-of-use assets

51,929

56,403

Goodwill

16,400

16,400

Deferred income tax asset

4,508

13,451

Other assets

186,538

184,699

Total Assets

$ 4,856,043

$ 4,740,039

Liabilities:

Debt - Homebuilding Operations:

Senior notes due 2028 - net

$   398,814

$   398,040

Senior notes due 2030 - net

298,125

297,621

Total Debt - Homebuilding Operations

$   696,939

$   695,661

Notes payable bank - financial services operations

252,366

275,926

Total Debt

$   949,305

$   971,587

Accounts payable

244,494

252,476

Operating lease liabilities

53,732

57,997

Other liabilities

381,092

375,843

Total Liabilities

$ 1,628,623

$ 1,657,903

Shareholders' Equity

3,227,420

3,082,136

Total Liabilities and Shareholders' Equity

$ 4,856,043

$ 4,740,039

Book value per common share

$     127.88

$     117.01

Homebuilding debt to capital ratio (1)

18 %

18 %

(1)

 The ratio of homebuilding debt to capital is calculated as the carrying value of our homebuilding debt outstanding divided by the sum of the carrying value of our homebuilding debt outstanding plus shareholders' equity.

M/I Homes, Inc. and Subsidiaries

Selected Supplemental Financial and Operating Data (unaudited)

(Dollars in thousands)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Cash provided by operating activities

$      36,806

$      37,755

$     172,537

$    102,642

Cash used in investing activities

$     (11,873)

$     (12,318)

$        (6,755)

$     (15,246)

Cash used in financing activities

$     (56,408)

$       (1,417)

$    (119,030)

$   (108,568)

Land/lot purchases

$    131,056

$    101,751

$     210,296

$     247,734

Land development spending

$    154,742

$    139,008

$     259,105

$     240,607

Land sale revenue

$      18,948

$        6,667

$       29,814

$       11,209

Land sale gross profit

$        5,491

$        3,202

$         7,690

$         3,988

Financial services pre-tax income

$      14,423

$      14,476

$       28,520

$       30,582

M/I Homes, Inc. and Subsidiaries

Non-GAAP Financial Results (1)

(Dollars in thousands)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net income

$      79,068

$    121,243

$    146,900

$    232,480

Add:

Provision for income taxes

25,496

38,851

46,834

73,735

Interest income - net

(6,156)

(7,726)

(11,996)

(15,767)

Interest amortized to cost of sales

7,952

8,227

14,646

15,128

Depreciation and amortization

5,333

4,904

10,587

9,681

Non-cash charges

8,761

3,916

12,946

8,116

Adjusted EBITDA

$    120,454

$    169,415

$    219,917

$    323,373

(1)

We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operations and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. These non-GAAP financial measures should be used to supplement our GAAP results in order to provide a greater understanding of the factors and trends affecting our operations.

M/I Homes, Inc. and Subsidiaries

Selected Supplemental Financial and Operating Data

NEW CONTRACTS

Three Months Ended

Six Months Ended

June 30,

June 30,

%

%

Region

2026

2025

Change

2026

2025

Change

Northern

1,016

873

16 %

2,042

1,938

5 %

Southern

1,371

1,205

14 %

2,695

2,432

11 %

Total

2,387

2,078

15 %

4,737

4,370

8 %

HOMES DELIVERED

Three Months Ended

Six Months Ended

June 30,

June 30,

%

%

Region

2026

2025

Change

2026

2025

Change

Northern

892

967

(8) %

1,644

1,793

(8) %

Southern

1,314

1,381

(5) %

2,476

2,531

(2) %

Total

2,206

2,348

(6) %

4,120

4,324

(5) %

BACKLOG

June 30, 2026

June 30, 2025

Dollars

Average

Dollars

Average

Region

Units

(millions)

Sales Price

Units

(millions)

Sales Price

Northern

1,234

$       699

$  567,000

1,281

$       721

$  563,000

Southern

1,192

$       606

$  508,000

1,296

$       704

$  543,000

Total

2,426

$    1,305

$  538,000

2,577

$    1,425

$  553,000

LAND POSITION SUMMARY

June 30, 2026

June 30, 2025

Lots

Lots Under

Lots

Lots Under

Region

Owned

Contract

Total

Owned

Contract

Total

Northern

7,138

12,519

19,657

7,104

8,710

15,814

Southern

16,244

13,149

29,393

17,403

17,247

34,650

Total

23,382

25,668

49,050

24,507

25,957

50,464

M/I Homes, Inc. and Subsidiaries

Non-GAAP Reconciliation (1)

(Dollars and shares in thousands, except per share amounts)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Income before income taxes

$    104,564

$  160,094

$    193,734

$  306,215

Add: Inventory charges (2)

4,200

—

4,200

—

Adjusted income before income taxes

$    108,764

$  160,094

$    197,934

$  306,215

Net income

$     79,068

$  121,243

$    146,900

$  232,480

Add: Inventory charges - net of tax (2)

3,176

—

3,185

—

Adjusted net income

$     82,244

$  121,243

$    150,085

$  232,480

Inventory charges - net of tax (2)

$       3,176

$          —

$       3,185

$       —

Divided by: Diluted weighted average shares outstanding

26,193

27,406

26,376

27,673

Diluted earnings per share related to inventory charges (2)

$        0.12

$          —

$        0.12

$       —

Add: Diluted earnings per share

3.02

4.42

5.57

8.40

Adjusted diluted earnings per share

$        3.14

$      4.42

$        5.69

$       8.40

(1)

We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operations and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. These non-GAAP financial measures should be used to supplement our GAAP results in order to provide a greater understanding of the factors and trends affecting our operations.

(2)

Represents the related charges divided by diluted weighted average shares outstanding during the respective period as presented in the Summary Statement of Income.

SOURCE M/I Homes, Inc.

Energy Transfer (ET +1.46%) has become a very reliable income investment over the past few years. The master limited partnership (MLP), which sends a Schedule K-1 Federal tax form each year, just notched its 19th consecutive quarterly dividend increase. That pay bump pushes its current yield up to 6.8%.

Here's a look at whether now's the time to buy the high-yielding MLP for income.

Image source: The Motley Fool.

Built back better Energy Transfer recently declared its latest cash distribution. The MLP is raising its quarterly payment to $0.34 per unit ($1.36 annualized), a more than 3% increase compared to the year-ago period. It will pay this distribution on Aug. 19 to unitholders of record as of the close of business on Aug. 7.

That's the 19th quarterly increase in a row. The pipeline company began raising its distribution in late 2021, following a 50% cut in early 2020 to retain additional cash and strengthen its financial position. That strategy has worked to perfection as Energy Transfer is now in the best financial shape in its history. That has allowed it to steadily rebuild its distribution, which is now well above the prior peak of $1.22 per unit.

Today's Change

(

1.46

%) $

0.29

Current Price

$

20.20

Plenty of fuel to continue growing Energy Transfer currently plans to grow its distribution by 3% to 5% per year. That's a very achievable level for the MLP. It currently generates significant excess free cash after paying distributions ($2.7 billion in distributable cash flow in the first quarter, compared to less than $1.2 billion in total distributions paid). That's enabling it to retain substantial excess free cash flow to fund its growth capital program.

The MLP currently expects to invest between $5.5 billion and $5.9 billion into growth capital projects this year. That's part of a multi-year, multi-billion-dollar expansion backlog, with projects expected to enter commercial service through 2030, including $9.5 billion of major gas pipeline projects. It also has many smaller-scale gas pipeline projects underway, as well as crude oil and natural gas liquids (NGL) projects. Meanwhile, it has several additional projects under development to support growing gas power demand, NGL exports, and U.S. oil production. These projects should drive meaningful earnings and cash flow growth as they enter commercial service. The MLP currently expects to grow its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by 15% at the midpoint of its guidance range this year. This growth should support its distribution growth plan.

Time to buy the high-yielding MLP? Energy Transfer's strong growth has fueled a more than 20% increase in its unit price this year. Despite that, it trades at the lowest valuation among its MLP peers at 8.5 times forward earnings (compared to the 9.5x-11.5x range). Given its strong growth prospects and financial profile, Energy Transfer looks like a great buy right now. It should continue delivering a growing income stream along with solid price appreciation as its earnings grow, which should fuel high-octane total returns in the coming years.

Centurion Mine Advancing Toward Targeted Production Rates

Seaborne Thermal Results Benefit from Higher Pricing

Multiple Strategic Financial Actions Further Strengthen Capital Structure

, /PRNewswire/ -- Peabody (NYSE: BTU) today reported net income attributable to common stockholders of $(90.6) million, or $(0.74) per diluted share, for the second quarter of 2026, compared to $(27.6) million, or $(0.23) per diluted share, in the prior-year quarter. Peabody reported Adjusted EBITDA1 of $24.0 million in the second quarter of 2026 compared to $93.3 million in the prior-year quarter.

"While second quarter results reflected temporarily lower volumes and higher costs, we are already seeing those impacts mitigate across our operations. We expect improved results in the second half of the year as performance at our flagship Centurion Mine achieves targeted production rates," said Peabody President and Chief Executive Officer Jim Grech. "We're targeting strong cash generation for the second half of 2026, fueled by our seaborne metallurgical and thermal segments."

Highlights

Completed significant longwall commissioning activities at Centurion and are targeting 1.5 to 2.0 million tons of sales in the second half of 2026, while costs and margins progress toward targeted run-rate levels. Issued $250 million of 0.5% 2031 convertible notes, purchased a capped call with a cap price of $50.61 per share and repurchased $241.2 million of 3.25% 2028 convertible notes (with a conversion price of $18.99 per share) for cash consideration of $386.8 million, effectively repurchasing 5.0 million shares. Revised U.S. and Australia surety arrangements reducing reclamation cash collateral requirements by approximately $350 million. Increased revolving credit facility capacity to $400 million. Awarded a grant from the U.S. Department of Energy to advance rare earth elements (REE) and critical minerals (CM) development opportunities in the Powder River Basin. Coupled with the Wyoming Energy Authority grant awarded earlier this year, the company continued to progress promising REE/CM opportunities. Declared a quarterly dividend of $0.075 per share on July 29, 2026, payable on Sept. 3, 2026, to stockholders of record on Aug. 12, 2026. Second Quarter Segment Performance

Seaborne Thermal

Quarter Ended

Six Months Ended

Jun.

Mar.

Jun.

Jun.

Jun.

2026

2026

2025

2026

2025

Tons sold (in millions)

3.0

3.0

3.6

6.0

8.0

Export

1.9

1.9

2.1

3.8

5.0

Domestic

1.1

1.1

1.5

2.2

3.0

Revenue per Ton

$      74.85

$      66.61

$      53.22

$      70.81

$      57.25

Export - Avg. Realized Price per Ton

95.87

86.25

72.86

91.20

76.56

Domestic - Avg. Realized Price per Ton

36.69

32.62

24.19

34.66

24.57

Costs per Ton

57.93

50.26

44.10

54.17

42.61

Adjusted EBITDA Margin per Ton

$      16.92

$      16.35

$        9.12

$      16.64

$      14.64

Adjusted EBITDA (in millions)

$        52.1

$        48.5

$        33.5

$      100.6

$      117.7

Seaborne Thermal delivered Adjusted EBITDA of $52.1 million in the second quarter, realizing average prices 12.4 percent higher than the first quarter amid strong coal-fueled generation across multiple Asian countries. Costs per ton of $57.93 came in at the low end of guidance, reflecting strong production volumes at Wilpinjong.

Seaborne Metallurgical

Quarter Ended

Six Months Ended

Jun.

Mar.

Jun.

Jun.

Jun.

2026

2026

2025

2026

2025

Tons sold (in millions)

2.5

2.0

2.2

4.5

4.0

Revenue per Ton

$     148.04

$     138.28

$     114.79

$     143.57

$     119.40

Costs per Ton

155.08

141.72

118.97

148.96

118.39

Adjusted EBITDA Margin per Ton

$       (7.04)

$       (3.44)

$       (4.18)

$       (5.39)

$        1.01

Adjusted EBITDA (in millions)

$       (17.0)

$         (7.0)

$         (9.2)

$       (24.0)

$          4.0

Seaborne Metallurgical delivered Adjusted EBITDA of $(17.0) million in the quarter, as the continued commissioning of Centurion contributed to higher-than-expected costs. Sales volumes exceeded expectations by 0.2 million tons due to higher volumes at Metropolitan and the CMJV. Realized pricing increased 7.1 percent quarter over quarter to $148.04 per ton, supported by growing supply constraints in China.

Powder River Basin

Quarter Ended

Six Months Ended

Jun.

Mar.

Jun.

Jun.

Jun.

2026

2026

2025

2026

2025

Tons sold (in millions)

16.4

21.2

20.0

37.6

39.6

Revenue per Ton

$      13.63

$      13.65

$      13.82

$      13.64

$      13.92

Costs per Ton

14.06

12.53

11.66

13.20

11.92

Adjusted EBITDA Margin per Ton

$      (0.43)

$        1.12

$        2.16

$        0.44

$        2.00

Adjusted EBITDA (in millions)

$        (7.1)

$        23.7

$        43.0

$        16.6

$        79.3

Powder River Basin delivered Adjusted EBITDA of $(7.1) million in the second quarter. Sales volumes fell below targeted levels due to milder weather extending the spring shoulder season and longer coal generation plant maintenance downtimes ahead of summer. Costs totaled $14.06 per ton, reflecting lower volumes while maintaining full utilization of the equipment fleet to uncover more coal in advance of higher expected volumes in the second half of the year.

Other U.S. Thermal

Quarter Ended

Six Months Ended

Jun.

Mar.

Jun.

Jun.

Jun.

2026

2026

2025

2026

2025

Tons sold (in millions)

3.0

3.3

2.9

6.3

6.0

Revenue per Ton

$      55.26

$      55.79

$      54.08

$      55.54

$      54.20

Costs per Ton

46.13

44.37

49.39

45.20

46.43

Adjusted EBITDA Margin per Ton

$        9.13

$      11.42

$        4.69

$      10.34

$        7.77

Adjusted EBITDA (in millions)

$        26.9

$        37.8

$        13.5

$        64.7

$        46.4

Other U.S. Thermal delivered Adjusted EBITDA of $26.9 million in the quarter. Sales volumes of 3.0 million tons came in 0.4 million tons below expectations, reflecting the impact of mild weather and heavy rainfall at the end of the quarter resulting in rail outages. Despite these challenges, costs of $46.13 per ton were in line with guidance, reflecting disciplined cost management.

Centurion Update

Centurion made meaningful commissioning progress during the quarter. The operating team has implemented effective processes to address face conditions while maintaining production momentum and is working through remaining roof control issues, which are due to a limited rock fault zone. With operational constraints significantly reduced, Peabody's focus is on achieving targeted production rates.

The company is now targeting annual Centurion sales of 2.0 to 2.5 million tons, including 0.5 to 0.7 million tons in the third quarter. Costs are expected to trend more in line with expectations as production volumes increase.

Financial Update

At June 30, 2026, the company had $526.3 million cash and total liquidity of $959.1 million.

"Peabody enhanced its capital structure through a series of strategic financial transactions, including an opportunistic refinancing of convertible notes, revised surety arrangements that reduced restricted cash and collateral by approximately $350 million and increased our revolving credit facility to $400 million," said Executive Vice President and Chief Financial Officer Mark Spurbeck. "Together, these actions unlock shareholder value, jump start shareholder returns, lower borrowing costs and increase financial flexibility."

During the quarter, the company issued $250 million of 2031 convertible notes at a conversion price of $38.32 per share, which was effectively increased to $50.61 per share with a related capped call transaction. The company also repurchased $241.2 million of 2028 convertible notes for cash consideration of $386.8 million, effectively repurchasing 5.0 million shares. New surety arrangements resulted in a reduction to Restricted Cash and Collateral of approximately $350 million (43 percent). The company intends to evaluate additional 2028 convertible note repurchases and share repurchases in accordance with its shareholder return policy and financial strategy to increase free cash flow per share and maintain financial resiliency.

Third Quarter 2026 Outlook  

Seaborne Thermal

Volume is expected to be 3.0 million tons, including 1.9 million export tons. 1.1 million tons of Newcastle product and 0.8 million tons of high ash product are unpriced. Costs are anticipated to be $52—$57 per ton. Seaborne Metallurgical

Seaborne met volume is expected to be 1.9—2.1 million tons, a decrease from second quarter due to a longwall move at Metropolitan and an expected lock outage impacting sales at Shoal Creek. Sales are anticipated to achieve approximately 70-75 percent of the premium hard coking coal price index. Costs are anticipated to be $130—$140 per ton.  U.S. Thermal

PRB volume is expected to be 22 million tons at an average price of $13.60 per ton and costs of approximately $11.75—$12.25 per ton. Other U.S. Thermal volume is expected to be 3.7 million tons at an average price of $58.20 per ton and costs of approximately $45—$49 per ton.  2026 Guidance Targets

For the full year outlook, the company is updating guidance. Seaborne thermal expects a volume increase of 200 thousand tons to 12.7 million tons. Seaborne met costs are expected to increase by approximately $10 per ton, primarily due to lower volumes and elevated contract labor, materials and supply costs at Centurion. The company also is increasing Powder River Basin costs by $0.25 per ton, reflecting lower first-half shipments.

Today's earnings call is scheduled for 10 a.m. CT and can be accessed via the company's website at PeabodyEnergy.com.

Peabody (NYSE: BTU) is a leading coal producer, providing essential products for the production of affordable, reliable energy and steel. Our commitment to sustainability underpins everything we do and shapes our strategy for the future. For further information, visit PeabodyEnergy.com.  

Contact:
Kala Finklang
Email: [email protected]  

1 Adjusted EBITDA is a non-GAAP financial measure. Adjusted EBITDA margin is equal to segment Adjusted EBITDA divided by segment revenue. Revenue per Ton and Adjusted EBITDA Margin per Ton are equal to revenue by segment and Adjusted EBITDA by segment, respectively, divided by segment tons sold. Costs per Ton is equal to Revenue per Ton less Adjusted EBITDA Margin per Ton. Management believes Costs per Ton and Adjusted EBITDA Margin per Ton best reflect controllable costs and operating results at the reportable segment level. We consider all measures reported on a per ton basis, as well as Adjusted EBITDA margin, to be operating/statistical measures. Please refer to the tables and related notes herein for a reconciliation and definition of non-GAAP financial measures.

Guidance Targets

Segment Performance

2026 Full Year

Total Volume
(millions of

short tons)

Priced Volume
(millions of short
tons)

Priced Volume
Pricing per
Short Ton

Average Cost per
Short Ton

Seaborne Thermal

12.4 - 13.0

8.3

$60.19

$49.50 - $54.50

Seaborne Thermal (Export)

7.9 - 8.5

3.8

$91.20

N/A

Seaborne Thermal (Domestic)

4.5

4.5

$34.00

N/A

Seaborne Metallurgical

8.8 - 10.3

4.5

$143.57

$130.00 - $145.00

PRB U.S. Thermal

82.0 - 88.0

80.8

$13.65

$12.00 - $12.50

Other U.S. Thermal

13.2 - 14.2

13.6

$56.70

$45.00 - $49.00

Other Annual Financial Metrics ($ in millions)

2026 Full Year

SG&A

$115

Total Capital Expenditures

$340

ARO Cash Spend

$65

Supplemental Information

Seaborne Thermal

~50% of unpriced export volumes are expected to price on average at
Globalcoal "NEWC" levels and ~50% are expected to have a higher ash
content and price at 85-95% of API 5 price levels.

Seaborne Metallurgical

On average, Peabody's metallurgical sales are anticipated to price at 70-80%
of the premium hard-coking coal index price (FOB Australia).

PRB and Other U.S. Thermal

PRB and Other U.S. Thermal volumes reflect volumes priced at June 30, 2026.
Weighted average quality for the PRB segment 2026 volume is approximately
8,730 BTU.

Certain forward-looking measures and metrics presented are non-GAAP financial and operating/statistical measures. Due to the volatility and variability of certain items needed to reconcile these measures to their nearest GAAP measure, no reconciliation can be provided without unreasonable cost or effort.

Condensed Consolidated Statements of Operations (Unaudited)

For the Quarters Ended Jun. 30, 2026, Mar. 31, 2026 and Jun. 30, 2025 and the Six
Months Ended Jun. 30, 2026 and 2025

(In Millions, Except Per Share Data)

Quarter Ended

Six Months Ended

Jun.

Mar.

Jun.

Jun.

Jun.

2026

2026

2025

2026

2025

Revenue

$    1,003.2

$      973.3

$      890.1

$    1,976.5

$    1,827.1

Operating Costs and Expenses (1)

953.9

864.7

789.4

1,818.6

1,559.6

Depreciation, Depletion and Amortization

107.5

109.5

93.4

217.0

185.5

Asset Retirement Obligation Expenses

13.8

13.6

13.8

27.4

27.4

Selling and Administrative Expenses

23.3

31.6

23.5

54.9

47.1

Restructuring Charges

2.3

1.1

3.5

3.4

5.2

Costs Related to Terminated Acquisition

2.3

3.0

18.8

5.3

21.2

Net Gain on Disposals

(4.4)

(11.7)

(14.8)

(16.1)

(20.0)

Loss from Equity Affiliates

9.9

5.7

0.9

15.6

7.6

Operating Loss

(105.4)

(44.2)

(38.4)

(149.6)

(6.5)

Interest Expense, Net of Capitalized Interest

12.7

10.7

11.1

23.4

22.6

Induced Conversion Expense

17.2

—

—

17.2

—

Interest Income

(12.1)

(13.1)

(13.8)

(25.2)

(29.2)

Net Periodic Benefit Credit, Excluding Service Cost

(0.3)

(0.4)

(7.4)

(0.7)

(14.8)

(Loss) Income from Continuing Operations Before Income Taxes

(122.9)

(41.4)

(28.3)

(164.3)

14.9

Income Tax (Benefit) Provision

(37.0)

(16.0)

(2.7)

(53.0)

2.2

(Loss) Income from Continuing Operations, Net of Income Taxes

(85.9)

(25.4)

(25.6)

(111.3)

12.7

Loss from Discontinued Operations, Net of Income Taxes

(0.3)

(0.2)

(0.4)

(0.5)

(0.7)

Net (Loss) Income

(86.2)

(25.6)

(26.0)

(111.8)

12.0

Less: Net Income Attributable to Noncontrolling Interests

4.4

6.8

1.6

11.2

5.2

Net (Loss) Income Attributable to Common Stockholders

$       (90.6)

$      (32.4)

$      (27.6)

$     (123.0)

$           6.8

Adjusted EBITDA (2)

$         24.0

$        82.5

$        93.3

$       106.5

$       237.3

Diluted EPS - (Loss) Income from Continuing Operations (3)(4)

$       (0.74)

$      (0.26)

$      (0.22)

$      (1.00)

$         0.06

Diluted EPS - Net (Loss) Income Attributable to Common
     Stockholders (3)

$       (0.74)

$      (0.27)

$      (0.23)

$      (1.01)

$         0.06

(1)

Excludes items shown separately.

(2)

Adjusted EBITDA is a non-GAAP financial measure. Refer to the "Reconciliation of Non-GAAP Financial Measures" section in this document for definitions and reconciliations to the most comparable measures under U.S. GAAP.

(3)

Weighted average diluted shares outstanding were 122.0 million, 122.0  million and 121.7 million during the quarters ended June 30, 2026,  March 31, 2026 and June 30, 2025, respectively. Weighted average diluted shares outstanding were 122.0 million and 122.3 million during the six months ended June 30, 2026 and 2025, respectively.

(4)

Reflects (loss) income from continuing operations, net of income taxes less net income attributable to noncontrolling interests.

This information is intended to be reviewed in conjunction with the company's filings with the SEC.

Condensed Consolidated Balance Sheets

As of Jun. 30, 2026 and Dec. 31, 2025

(Dollars In Millions)

(Unaudited)

Jun. 30, 2026

Dec. 31, 2025

Cash and Cash Equivalents

$         526.3

$         575.3

Accounts Receivable, Net

328.8

314.9

Inventories, Net

440.3

383.2

Other Current Assets

324.2

285.4

Total Current Assets

1,619.6

1,558.8

Property, Plant, Equipment and Mine Development, Net

3,081.9

3,153.3

Operating Lease Right-of-Use Assets

119.5

121.2

Restricted Cash and Collateral

459.8

844.1

Investments and Other Assets

124.9

127.6

Deferred Income Taxes

43.4

2.2

Total Assets

$      5,449.1

$      5,807.2

Current Portion of Long-Term Debt

$           13.5

$           15.2

Accounts Payable and Accrued Expenses

792.7

827.0

Total Current Liabilities

806.2

842.2

Long-Term Debt, Less Current Portion

325.5

321.2

Deferred Income Taxes

—

26.3

Asset Retirement Obligations, Less Current Portion

692.4

692.8

Accrued Postretirement Benefit Costs

108.0

109.2

Operating Lease Liabilities, Less Current Portion

85.9

87.5

Other Noncurrent Liabilities

133.2

145.8

Total Liabilities

2,151.2

2,225.0

Common Stock

1.9

1.9

Additional Paid-in Capital

3,865.8

4,004.8

Treasury Stock

(1,930.6)

(1,927.3)

Retained Earnings

1,214.4

1,355.9

Accumulated Other Comprehensive Income

97.1

101.1

Peabody Energy Corporation Stockholders' Equity

3,248.6

3,536.4

Noncontrolling Interests

49.3

45.8

Total Stockholders' Equity

3,297.9

3,582.2

Total Liabilities and Stockholders' Equity

$      5,449.1

$      5,807.2

This information is intended to be reviewed in conjunction with the company's filings with the SEC.

Condensed Consolidated Statements of Cash Flows (Unaudited)

For the Quarters Ended Jun. 30, 2026, Mar. 31, 2026 and Jun. 30, 2025 and the Six
Months Ended Jun. 30, 2026 and 2025

(Dollars In Millions)

Quarter Ended

Six Months Ended

Jun.

Mar.

Jun.

Jun.

Jun.

2026

2026

2025

2026

2025

Cash Flows From Operating Activities

Net Cash (Used In) Provided By Continuing Operations

$        (0.7)

$         30.6

$         23.8

$        29.9

$       144.3

Net Cash Used in Discontinued Operations

(0.7)

(0.6)

(0.6)

(1.3)

(1.2)

Net Cash (Used In) Provided By Operating Activities

(1.4)

30.0

23.2

28.6

143.1

Cash Flows From Investing Activities

Additions to Property, Plant, Equipment and Mine Development

(58.4)

(85.4)

(94.2)

(143.8)

(164.6)

Changes in Accrued Expenses Related to Capital Expenditures

(1.5)

(37.1)

(3.4)

(38.6)

(42.0)

Proceeds from Disposal of Assets, Net of Receivables

—

5.4

5.3

5.4

12.5

Contributions to Joint Ventures

(172.1)

(165.6)

(153.0)

(337.7)

(291.3)

Distributions from Joint Ventures

173.5

160.2

155.9

333.7

306.7

Other, Net

(2.1)

(1.0)

(1.7)

(3.1)

(2.0)

Net Cash Used In Investing Activities

(60.6)

(123.5)

(91.1)

(184.1)

(180.7)

Cash Flows From Financing Activities

Proceeds from Long-Term Debt

360.0

—

—

360.0

—

Repayments of Long-Term Debt

(499.3)

(2.4)

(4.8)

(501.7)

(7.6)

Payment of Debt Issuance and Other Deferred Financing Costs

(14.3)

—

(0.1)

(14.3)

(1.8)

Purchase of Capped Calls

(16.7)

—

—

(16.7)

—

Excise Taxes Paid Related to Common Stock Repurchases

—

—

(1.7)

—

(1.7)

Repurchase of Employee Common Stock Relinquished for Tax
     Withholding

—

(3.3)

—

(3.3)

(0.8)

Dividends Paid

(9.1)

(9.2)

(9.2)

(18.3)

(18.3)

Distributions to Noncontrolling Interests

—

(7.7)

—

(7.7)

(14.7)

Net Cash Used In Financing Activities

(179.4)

(22.6)

(15.8)

(202.0)

(44.9)

Net Change in Cash, Cash Equivalents and Restricted Cash

(241.4)

(116.1)

(83.7)

(357.5)

(82.5)

Cash, Cash Equivalents and Restricted Cash at Beginning of
     Period

1,168.4

1,284.5

1,383.8

1,284.5

1,382.6

Cash, Cash Equivalents and Restricted Cash at End of
     Period

$      927.0

$    1,168.4

$    1,300.1

$      927.0

$    1,300.1

This information is intended to be reviewed in conjunction with the company's filings with the SEC.

Reconciliation of Non-GAAP Financial Measures (Unaudited)

For the Quarters Ended Jun. 30, 2026, Mar. 31, 2026 and Jun. 30, 2025 and the Six
Months Ended Jun. 30, 2026 and 2025

(Dollars In Millions)

Note: Management believes that non-GAAP financial measures are used by investors to measure our operating performance. These measures
are not intended to serve as alternatives to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures
presented by other companies.

Quarter Ended

Six Months Ended

Jun.

Mar.

Jun.

Jun.

Jun.

2026

2026

2025

2026

2025

(Loss) Income from Continuing Operations, Net of Income Taxes

$      (85.9)

$      (25.4)

$      (25.6)

$      (111.3)

$         12.7

Depreciation, Depletion and Amortization

107.5

109.5

93.4

217.0

185.5

Asset Retirement Obligation Expenses

13.8

13.6

13.8

27.4

27.4

Restructuring Charges

2.3

1.1

3.5

3.4

5.2

Costs Related to Terminated Acquisition

2.3

3.0

18.8

5.3

21.2

Changes in Amortization of Basis Difference Related to Equity
     Affiliates

(0.7)

(0.6)

(0.8)

(1.3)

(1.4)

Interest Expense, Net of Capitalized Interest

12.7

10.7

11.1

23.4

22.6

Induced Conversion Expense

17.2

—

—

17.2

—

Interest Income

(12.1)

(13.1)

(13.8)

(25.2)

(29.2)

Unrealized Losses (Gains) on Foreign Currency Option
     Contracts

3.9

(0.3)

(4.1)

3.6

(8.4)

Take-or-Pay Contract-Based Intangible Recognition

—

—

(0.3)

—

(0.5)

Income Tax (Benefit) Provision

(37.0)

(16.0)

(2.7)

(53.0)

2.2

Adjusted EBITDA (1)

$        24.0

$        82.5

$        93.3

$       106.5

$       237.3

Operating Costs and Expenses

$      953.9

$      864.7

$      789.4

$    1,818.6

$    1,559.6

Unrealized (Losses) Gains on Foreign Currency Option
     Contracts

(3.9)

0.3

4.1

(3.6)

8.4

Take-or-Pay Contract-Based Intangible Recognition

—

—

0.3

—

0.5

Net Periodic Benefit Credit, Excluding Service Cost

(0.3)

(0.4)

(7.4)

(0.7)

(14.8)

Total Segment Costs (2)

$      949.7

$      864.6

$      786.4

$    1,814.3

$    1,553.7

(1)

Adjusted EBITDA is defined as (loss) income from continuing operations before deducting net interest expense, income taxes, asset retirement obligation expenses and depreciation, depletion and amortization. Adjusted EBITDA is also adjusted for the discrete items that management excluded in analyzing the reportable segments' operating performance, as displayed in the reconciliation above. Adjusted EBITDA is used by the chief operating decision maker as the primary financial metric to measure each segment's operating performance against expected results and to allocate resources, including capital investment in mining operations and potential expansions.

(2)

Total Segment Costs is defined as operating costs and expenses adjusted for the discrete items that management excluded in analyzing each reportable segment's operating performance, as displayed in the reconciliation above. Total Segment Costs is used by management as a component of a metric to measure each segment's operating performance.

This information is intended to be reviewed in conjunction with the company's filings with the SEC.

Supplemental Financial Data (Unaudited)

For the Quarters Ended Jun. 30, 2026, Mar. 31, 2026 and Jun. 30, 2025 and the Six
Months Ended Jun. 30, 2026 and 2025

Quarter Ended

Six Months Ended

Jun.

Mar.

Jun.

Jun.

Jun.

2026

2026

2025

2026

2025

Tons Sold (In Millions)

24.9

29.6

28.7

54.5

57.6

Revenue Summary (In Millions)

Seaborne Thermal

$       230.6

$      197.5

$      195.1

$       428.1

$       460.2

Seaborne Metallurgical

358.3

283.0

252.2

641.3

472.3

Powder River Basin

223.8

289.5

275.7

513.3

551.3

Other U.S. Thermal

163.2

184.5

155.1

347.7

323.8

Total U.S. Thermal

387.0

474.0

430.8

861.0

875.1

Corporate and Other

27.3

18.8

12.0

46.1

19.5

Total

$    1,003.2

$      973.3

$      890.1

$    1,976.5

$    1,827.1

Total Segment Costs Summary (In Millions) (1)

Seaborne Thermal

$       178.5

$      149.0

$      161.6

$       327.5

$       342.5

Seaborne Metallurgical

375.3

290.0

261.4

665.3

468.3

Powder River Basin

230.9

265.8

232.7

496.7

472.0

Other U.S. Thermal

136.3

146.7

141.6

283.0

277.4

Total U.S. Thermal

367.2

412.5

374.3

779.7

749.4

Corporate and Other

28.7

13.1

(10.9)

41.8

(6.5)

Total

$      949.7

$      864.6

$      786.4

$    1,814.3

$    1,553.7

Other Supplemental Financial Data (In Millions)

Adjusted EBITDA - Seaborne Thermal

$        52.1

$        48.5

$        33.5

$       100.6

$       117.7

Adjusted EBITDA - Seaborne Metallurgical

(17.0)

(7.0)

(9.2)

(24.0)

4.0

Adjusted EBITDA - Powder River Basin

(7.1)

23.7

43.0

16.6

79.3

Adjusted EBITDA - Other U.S. Thermal

26.9

37.8

13.5

64.7

46.4

Adjusted EBITDA - Total U.S. Thermal

19.8

61.5

56.5

81.3

125.7

Middlemount

(10.1)

(5.0)

(1.3)

(15.1)

(8.2)

Resource Management Results (2)

8.3

14.0

17.3

22.3

22.8

Selling and Administrative Expenses

(23.3)

(31.6)

(23.5)

(54.9)

(47.1)

Other Operating Costs, Net (3)

(5.8)

2.1

20.0

(3.7)

22.4

Adjusted EBITDA (1)

$        24.0

$        82.5

$        93.3

$       106.5

$       237.3

(1)

Total Segment Costs and Adjusted EBITDA are non-GAAP financial measures. Refer to the "Reconciliation of Non-GAAP Financial Measures" section in this document for definitions and reconciliations to the most comparable measures under U.S. GAAP.

(2)

Includes gains (losses) on certain surplus coal reserve, coal resource and surface land sales and property management costs and revenue.

(3)

Includes trading and brokerage activities, costs associated with post-mining activities, gains (losses) on certain asset disposals, minimum charges on certain transportation-related contracts, results from the Company's other equity method investments, costs associated with suspended operations, holding costs associated with the Centurion Mine, the impact of foreign currency remeasurement and expenses related to the Company's other commercial activities.

This information is intended to be reviewed in conjunction with the company's filings with the SEC.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "projects," "forecasts," "targets," "would," "will," "should," "goal," "could" or "may" or other similar expressions. Forward-looking statements provide management's or the Board's current expectations or predictions of future conditions, events, or results. All statements that address operating performance, events, or developments that may occur in the future are forward-looking statements, including statements regarding the shareholder return framework, execution of the Company's operating plans, market conditions for the Company's products, reclamation obligations, financial outlook, potential acquisitions and strategic investments, and liquidity requirements. All forward-looking statements speak only as of the date they are made and reflect Peabody's good faith beliefs, assumptions, and expectations, but they are not guarantees of future performance or events. Furthermore, Peabody disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond Peabody's control, that are described in Peabody's periodic reports filed with the SEC including its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2025, and other factors that Peabody may describe from time to time in other filings with the SEC. You may get such filings for free at Peabody's website at www.peabodyenergy.com. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.

SOURCE Peabody

, /PRNewswire/ -- Stepan Company (NYSE: SCL) today reported:

Second Quarter 2026 Highlights

Reported net income was $22.9 million, up 102% versus the prior year. Adjusted net income(1) was $27.1 million, up 126% versus the prior year. EBITDA(2) was $69.1 million and Adjusted EBITDA(2) was $74.4 million, up 37% and 45% respectively, year-over-year. Global sales volume was up 3% year-over-year. Organic sales volume was up 6% year-over-year.       Cash from Operations was $8.4 million during the quarter. Free cash flow(3) for the quarter was a negative $15.0 million, driven by higher working capital requirements. Excluding the impact of higher working capital, free cash flow was $32.7 million, up 69% versus the prior year. Pre-tax earnings include a $5.1 million restructuring charge largely related to the previously announced closure of the Company's Fieldsboro, NJ site and decommissioning of select assets at its Elwood (Millsdale), IL and Stalybridge, UK facilities.  The Company announced today a plan to reduce its global salaried workforce by approximately 100 positions. This action is part of the previously announced Project Catalyst efficiency initiative. The majority of this restructuring expense is expected to be recognized during the second half of 2026. The Company anticipates full year restructuring charges in the range of $75.0 to $80.0 million, which is in line with prior communications, with a projected cash impact between $14.0 and $18.0 million. First Half 2026 Highlights

Reported net income was a $18.5 million loss versus $31.1 million of income in the prior year. The current year loss is entirely due to a $70.5 million pre-tax restructuring charge. The cash impact associated with this restructuring charge was approximately $7.0 million year-to-date.  Adjusted net income(1) was $37.4 million, up 20% versus the prior year. EBITDA(2) was $52.7 million and Adjusted EBITDA(2) was $124.1 million. Adjusted EBITDA was up 14% year-over-year. Organic sales volume was up 3% year-over-year. "Quarterly earnings were up significantly driven by improved Surfactant and Polymer results. Second quarter adjusted EBITDA of $74.4 million was up 45% year-over-year due to global volume growth, margin recovery and Project Catalyst savings. We believe the quarter also benefited from customer pre-buys as a result of the global geopolitical situation. Surfactant and Polymer adjusted EBITDA were up 59% and 22%, respectively," said Luis E. Rojo, President and Chief Executive Officer. "Surfactant organic sales volume was up 7% and Polymer sales volume was up 5% in the quarter. The Surfactant volume growth was broad-based and across all end markets and all regions. Within Polymers, the North American Rigid and Phthalic Anhydride businesses delivered double digit volume growth. We are pleased with the growth we achieved in several of our key strategic end markets despite ongoing global economic uncertainties and supply chain disruptions. We continue to execute Project Catalyst safely and in line with expectations. As part of the organizational-effectiveness component of Project Catalyst, today we announced a plan to reduce the Company's global salaried workforce by around 100 roles before the end of the year. During the past few quarters, we took a disciplined and deliberate approach to minimize the impact of these actions through normal attrition, pausing external hiring and emphasizing internal talent. We are committed to supporting our affected colleagues through this transition in line with our People First culture."       

Financial Summary

Three Months Ended
June 30,

Six Months Ended
June 30,

($ in thousands, except per share data)

2026

2025

%
Change

2026

2025

%
Change

Net Sales

$

684,109

$

594,689

15

%

$

1,288,618

$

1,187,944

8

%

Operating Income (Loss)

$

37,210

$

17,965

107

%

$

(12,412)

$

46,253

NM

Net Income (Loss)

$

22,911

$

11,341

102

%

$

(18,495)

$

31,052

NM

Earnings per Diluted Share

$

1.00

$

0.50

100

%

$

(0.81)

$

1.36

NM

Adjusted Net Income *

$

27,052

$

11,952

126

%

$

37,365

$

31,262

20

%

Adjusted Earnings per
   Diluted Share *

$

1.18

$

0.52

127

%

$

1.63

$

1.37

19

%

* See Table II for reconciliations of non-GAAP adjusted net income and adjusted earnings per diluted share.

Percentage Change in Net Sales

Net sales in the second quarter of 2026 increased 15% year-over-year.  This increase reflects higher selling prices, mainly attributable to the pass-through of higher raw material costs and more favorable product mix, a 3% increase in sales volume and the favorable impact of foreign currency translation. Organic sales volume was up 6% year-over-year.  

Three Months Ended
June 30, 2026

Six Months Ended
June 30, 2026

Volume

3

%

(—)

%

Selling Price & Mix

9

%

5

%

Foreign Translation

3

%

3

%

Total

15

%

8

%

Segment Results

Three Months Ended
June 30,

Six Months Ended
June 30,

($ in thousands)

2026

2025

%
Change

2026

2025

%
Change

Net Sales

Surfactants

$

483,902

$

411,456

18

%

$

937,589

$

841,793

11

%

Polymers

$

178,007

$

162,751

9

%

$

308,036

$

308,867

(0)

%

Specialty Products

$

22,200

$

20,482

8

%

$

42,993

$

37,284

15

%

Total Net Sales

$

684,109

$

594,689

15

%

$

1,288,618

$

1,187,944

8

%

Three Months Ended
June 30,

Six Months Ended
June 30,

($ in thousands, all amounts pre-tax)

2026

2025

%
Change

2026

2025

%
Change

Operating Income (Loss)

Surfactants

$

34,362

$

13,367

157

%

$

52,910

$

42,297

25

%

Polymers

$

22,469

$

17,159

31

%

$

31,291

$

25,177

24

%

Specialty Products

$

5,007

$

5,258

(5)

%

$

9,722

$

10,766

(10)

%

Total Segment
   Operating Income

$

61,838

$

35,784

73

%

$

93,923

$

78,240

20

%

Corporate Expenses

$

(24,628)

$

(17,819)

38

%

$

(106,335)

$

(31,987)

232

%

Consolidated
   Operating Income
    (Loss)

$

37,210

$

17,965

107

%

$

(12,412)

$

46,253

NM

Three Months Ended
June 30,

Six Months Ended
June 30,

($ in millions)

2026

2025

%
Change

2026

2025

%
Change

EBITDA

$

69.1

$

50.6

37

%

$

52.7

$

108.6

(51)

%

Adjusted EBITDA

   Surfactants

$

54.9

$

34.5

59

%

$

96.0

$

82.9

16

%

   Polymers

$

31.2

$

25.6

22

%

$

48.6

$

41.6

17

%

   Specialty Products

$

6.5

$

6.7

(3)

%

$

12.6

$

13.7

(8)

%

   Unallocated Corporate

$

(18.1)

$

(15.4)

18

%

$

(33.1)

$

(29.3)

13

%

Consolidated Adjusted EBITDA

$

74.4

$

51.4

45

%

$

124.1

$

108.9

14

%

Consolidated adjusted EBITDA(2) increased $23.0 million, or 45%, in the quarter.  This  increase was primarily due to higher Surfactant and Polymer earnings driven by sales volume growth and margin recovery.        

Surfactant net sales were $483.9 million for the quarter, up 18% versus the prior year.  Selling prices were up 12% primarily due to pass through of higher raw material costs, improved product and customer mix, along with pricing actions.  Global Sales volume was up 2% and organic sales volume increased 7%.  All global regions recognized organic volume growth and our strategic end markets combined grew high single digits.  Foreign currency translation positively impacted net sales by 4%.  Surfactant adjusted EBITDA(2)  for the quarter increased $20.4 million, or 59%, versus the prior year.  This increase was primarily due to sales volume growth and margin recovery.  Polymer net sales were $178.0 million for the quarter, a 9% increase versus the prior year.  Selling prices were up 3%, primarily due to the pass-through of higher raw material costs and margin recovery.  Sales volume increased 5% in the quarter.  North American sales volume was up double digits, inclusive of significant growth in Spray Foam, partially offset by lower volumes in Europe and Asia.  Foreign currency translation positively impacted net sales by 1% during the quarter.  Polymer adjusted EBITDA(2) increased $5.6 million, or 22%, versus the prior year primarily due to sales volume growth and global margin improvement. Specialty Products net sales were $22.2 million for the quarter, an 8% increase versus the prior year.  Specialty Products volume increased 4% while adjusted EBITDA(2) decreased $0.2 million, or 3%.  The slight decrease in adjusted EBITDA(2) was primarily due to less favorable product mix within the medium chain triglycerides product line that was mostly offset by higher earnings in the food and flavor business.  Outlook

"We believe we are positioned to continue delivering growth in all our key strategic businesses such as Crop Productivity, Oilfield, Tier 2/3 Surfactants and North American Polymers.  We continue to execute on Project Catalyst, which is our comprehensive plan designed to further optimize our asset base and create a more productive and agile organization to enable balanced growth," said Luis E. Rojo, President and Chief Executive Officer.  "Despite the ongoing and significant market uncertainties and challenges,  the organization is focused on executing our growth opportunities, productivity plans and cash interventions.  With these actions and the strong first half results, we believe we will deliver full year Adjusted EBITDA growth, positive free cash flow and continue to de-leverage the balance sheet in 2026."  

Notes

(1) Adjusted net income and adjusted earnings per share are non-GAAP measures which exclude deferred compensation income/expense, certain environmental remediation-related costs as well as other significant and infrequent/non-recurring items. See Table II for reconciliations of non-GAAP adjusted net income and adjusted earnings per diluted share.

(2) EBITDA and adjusted EBITDA are non-GAAP measures.  See Table VI for calculations and GAAP reconciliations of EBITDA and adjusted EBITDA.

(3) Free cash flow is a non-GAAP measure and reflects cash generated from operations minus capital expenditures.  Cash generated from operations was $8.4 million during the second quarter of 2026 and capital expenditures were $23.4 million. 

Conference Call

Stepan Company will host a conference call to discuss its second quarter results at 9:00 a.m. ET (8:00 a.m. CT) on July 29, 2026. The call can be accessed by phone and webcast. To access the call by phone, please click on this Registration Link, complete the form and you will be provided with dial in details and a PIN. To avoid delays, we encourage participants to dial into the conference call ten minutes ahead of the scheduled start time. The webcast can be accessed through the Investors/Conference Calls page at www.stepan.com. A webcast replay of the conference call will be available at the same location shortly after the call.

Supporting Slides

Slides supporting this press release will be made available at www.stepan.com through the Investors/Presentations page at approximately the same time as this press release is issued.

Corporate Profile

Stepan Company is a major manufacturer of specialty and intermediate chemicals used in a broad range of industries. Stepan is a leading merchant producer of surfactants, which are the key ingredients in consumer and industrial cleaning and disinfection compounds and in agricultural and oilfield solutions. The Company is also a leading supplier of polyurethane polyols used in the expanding thermal insulation market, and CASE (Coatings, Adhesives, Sealants, and Elastomers) industries.

Headquartered in Northbrook, Illinois, Stepan utilizes a network of modern production facilities located in North and South America, Europe and Asia. 

The Company's common stock is traded on the New York Stock Exchange (NYSE) under the symbol SCL. For more information about Stepan Company please visit the Company online at www.stepan.com

More information about Stepan's sustainability program can be found on the Sustainability page at www.stepan.com

Certain information in this news release consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include statements about Stepan Company's plans, objectives, strategies, financial performance and outlook, trends, the amount and timing of future cash distributions, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, Stepan Company's actual financial results, performance, achievements or prospects may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "guidance," "predict," "potential," "continue," "likely," "will," "would," "should," "illustrative" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by Stepan Company and its management based on their knowledge and understanding of the business and industry, are inherently uncertain. These statements are not guarantees of future performance, and stockholders should not place undue reliance on forward-looking statements.

There are a number of risks, uncertainties and other important factors, many of which are beyond Stepan Company's control, that could cause actual results to differ materially from the forward-looking statements contained in this news release. Such risks, uncertainties and other important factors include, among other factors, the risks, uncertainties and factors described in Stepan Company's Form 10-K, Form 10-Q and Form 8-K reports and exhibits to those reports, and include (but are not limited to) risks and uncertainties related to our ability to realize cost savings or operating efficiencies associated with strategic initiatives, including Project Catalyst; accidents, unplanned production shutdowns or disruptions in manufacturing facilities; reduced demand due to customer product reformulations or new technologies; our inability to successfully develop or introduce new products; compliance with laws and other legal restrictions, including those relating to the international scope of our business; domestic and global competition; volatility of raw material and energy costs and supply; disruptions in transportation or significant changes in transportation costs; downturns in certain industries and general economic downturns; international business risks, including changes in global trade policies, tariffs and retaliatory measures and countermeasures; currency exchange rate fluctuations; changes in tax policy and potential adverse tax consequences due to the international scope of our business; downgrades in our credit ratings or our ability to access the credit or capital markets if and when necessary; global political, military, security or other instability and increased security regulations; costs, delays and miscalculations in capacity needs related to expansion or other capital projects; interruption or breaches of information technology systems; unfavorable resolution of litigation against us; maintaining and protecting intellectual property rights; our ability to identify suitable acquisition candidates and successfully complete and integrate acquisitions; our ability to retain executive management and key personnel; and issues relating to compliance with our debt covenants.  In addition to the risks described in the Company's periodic reports, the restructuring actions described herein may involve risks related to the execution of facility closures and asset decommissioning, potential operational disruptions, impacts on employees and local communities, environmental compliance, and the realization of anticipated cost savings and efficiencies.

These forward-looking statements are made only as of the date hereof, and Stepan Company undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.

* * * * *

Tables follow

Table I

STEPAN COMPANY
For the Three and Six Months Ended June 30, 2026 and 2025
(Unaudited – in 000's, except per share data)

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Net Sales

$

684,109

$

594,689

$

1,288,618

$

1,187,944

Cost of Sales

584,127

522,804

1,123,785

1,040,596

Gross Profit

99,982

71,885

164,833

147,348

Operating Expenses:

Selling

14,866

14,657

27,032

26,765

Administrative

24,203

22,801

45,516

44,215

Research, Development and Technical Services

17,195

14,701

32,188

29,350

Deferred Compensation

1,402

1,761

1,964

765

57,666

53,920

106,700

101,095

Business Restructuring

5,106

-

70,545

-

Operating Income (Loss)

37,210

17,965

(12,412)

46,253

Other Income (Expense):

Interest, Net

(5,682)

(5,485)

(10,693)

(9,611)

Other, Net

1,021

1,306

1,165

1,808

(4,661)

(4,179)

(9,528)

(7,803)

Income (Loss) Before Provision for Income
  Taxes

32,549

13,786

(21,940)

38,450

Provision for Income Taxes

9,638

2,445

(3,445)

7,398

Net Income (Loss)

22,911

11,341

(18,495)

31,052

Net Income (Loss) Per Common Share

Basic

$

1.00

$

0.50

$

(0.81)

$

1.36

Diluted

$

1.00

$

0.50

$

(0.81)

$

1.36

Shares Used to Compute Net Income Per
   Common Share

Basic

22,897

22,865

22,893

22,866

Diluted

22,924

22,879

22,893

22,885

Table II

Reconciliation of Non-GAAP Net Income (Loss) and Earnings per Diluted Share*

Three Months Ended
June 30,

Six Months Ended
June 30,

($ in thousands, except per share amounts)

2026

EPS

2025

EPS

2026

EPS

2025

EPS

Net Income (Loss) Reported

$

22,911

$

1.00

$

11,341

$

0.50

$

(18,495)

$

(0.81)

$

31,052

$

1.36

Deferred Compensation (Income)
    Expense

$

52

$

-

$

69

$

-

$

529

$

0.02

$

(401)

$

(0.02)

Environmental Remediation
    Expense

$

92

$

-

$

542

$

0.02

$

170

$

0.01

$

611

$

0.03

Business Restructuring

$

3,997

$

0.18

$

-

$

-

$

55,161

$

2.41

$

-

$

-

Adjusted Net Income

$

27,052

$

1.18

$

11,952

$

0.52

$

37,365

$

1.63

$

31,262

$

1.37

* All amounts in this table are presented after-tax

The Company believes that certain non-GAAP measures, in conjunction with comparable GAAP measures, are useful for evaluating the Company's operating performance and financial condition. The Company uses this non-GAAP information as an indicator of business performance and evaluates management's effectiveness with specific reference to these indicators. Management believes that these non-GAAP financial measures provide useful supplemental information because they exclude non-operational items that affect comparability between years. These measures should be considered in addition to, not as substitutes for or superior to, measures of financial performance prepared in accordance with GAAP and may differ from similarly titled measures presented by other companies. The Company's Annual Report on Form 10-K for the year ended December 31, 2025 contains additional information regarding the use of non-GAAP financial measures.

Summary of Second Quarter 2026 Adjusted Net Income Items

Adjusted net income excludes non-operational deferred compensation income/expense, certain environmental remediation costs and other significant and infrequent or non-recurring items.

Deferred Compensation: The second quarter of 2026 reported net income includes $0.1 million of after-tax expense versus $0.1 million of after-tax expense in the prior year.  Environmental Remediation: The second quarter of 2026 reported net income includes $0.1 million of after-tax expense versus $0.5 million of after-tax expense in the prior year. Business Restructuring: The second quarter of 2026 reported net income includes $4.0 million of after-tax expense related to restructuring charges.  There were no restructuring charges recognized in the prior year quarter. Table III

Reconciliation of Pre-Tax to After-Tax Adjustments

Management uses the non-GAAP adjusted net income metric to evaluate the Company's operating performance. Management excludes the items listed in the table below because they are non-operational items. The cumulative tax effect is typically calculated using the statutory tax rates for the jurisdictions in which the transactions occurred.

Three Months Ended
June 30,

Six Months Ended
June 30,

($ in thousands, except per share amounts)

2026

EPS

2025

EPS

2026

EPS

2025

EPS

Pre-Tax Adjustments

Deferred Compensation (Income)
     Expense

$

68

$

92

$

696

$

(534)

Environmental Remediation
     Expense

$

121

$

722

$

223

$

814

Business Restructuring

$

5,106

$

-

$

70,545

$

-

   Total Pre-Tax Adjustments

$

5,295

$

814

$

71,464

$

280

Cumulative Tax Effect on
      Adjustments

$

(1,154)

$

(203)

$

(15,604)

$

(70)

After-Tax Adjustments

$

4,141

$

0.18

$

611

$

0.02

$

55,860

$

2.44

$

210

$

0.01

Table IV

Deferred Compensation Plans

The full effect of the deferred compensation plans on quarterly pre-tax income was $0.1 million of expense versus $0.1 million of expense in the prior year.  The quarter-end market prices of Company stock and the impact of deferred compensation on specific income statement line items is summarized below:

2026

2025

6/30

3/31

12/31

9/30

6/30

3/31

Stepan Company

$

55.72

$

49.98

$

47.36

$

47.70

$

54.58

$

55.04

Three Months Ended
June 30,

Six Months Ended
June 30,

($ in thousands)

2026

2025

2026

2025

Deferred Compensation

Operating Income (Expense)

$

(1,402)

$

(1,761)

$

(1,964)

$

(765)

Other, net – Mutual Fund Gain

1,334

1,669

1,268

1,299

Total Pre-Tax

$

(68)

$

(92)

$

(696)

$

534

Total After-Tax

$

(52)

$

(69)

$

(529)

$

401

Effects of Foreign Currency Translation

The Company's foreign subsidiaries transact business and report financial results in their respective local currencies. These results are translated into U.S. dollars at average foreign exchange rates appropriate for the reporting period.  The table below presents the impact that foreign currency translation had on select income statement line items. 

($ in millions)

Three Months
Ended
June 30,

Change

Change
Due to
Foreign
Currency
Translation

Six Months Ended
June 30,

Change

Change
Due to
Foreign
Currency
Translation

2026

2025

2026

2025

Net Sales

$

684.1

$

594.7

$

89.4

$

17.1

$

1,288.6

$

1,187.9

$

100.7

$

42.4

Gross Profit

100.0

71.9

$

28.1

2.9

164.8

147.3

$

17.5

5.4

Operating Income
    (Loss)

37.2

18.0

$

19.2

2.1

(12.4)

46.3

$

(58.7)

3.4

Pretax Income
    (Loss)

32.5

13.8

$

18.7

2.1

(21.9)

38.5

$

(60.4)

3.5

Corporate Expenses

Three Months Ended
June 30,

Six Months Ended
June 30,

($ in thousands)

2026

2025

%
Change

2026

2025

%
Change

Total Corporate Expenses

$

24,628

$

17,819

38

%

$

106,335

$

31,987

232

%

Less:

   Deferred Compensation Expense

$

1,402

$

1,761

(20)

%

$

1,964

$

765

157

%

   Environmental Remediation
      Expense

$

121

$

722

(83)

%

$

223

$

814

(73)

%

   Business Restructuring

$

5,106

$

-

NM

$

70,545

$

-

NM

Adjusted Corporate Expenses

$

17,999

$

15,336

17

%

$

33,603

$

30,408

11

%

Adjusted Corporate expenses increased $2.7 million, or 17% for the quarter.  This increase was primarily due to higher incentive-based compensation expenses.  

Table V

Stepan Company
Consolidated Balance Sheets
June 30, 2026 and December 31, 2025

June 30, 2026

December 31,
2025

ASSETS

Current Assets

$

974,764

$

858,959

Property, Plant & Equipment, Net

1,142,612

1,219,627

Other Assets

275,290

279,116

Total Assets

$

2,392,666

$

2,357,702

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities

$

846,998

$

666,494

Deferred Income Taxes

10,998

11,450

Long-term Debt

244,069

340,975

Other Non-current Liabilities

78,555

94,773

Total Stepan Company Stockholders' Equity

1,212,046

1,244,010

Total Liabilities and Stockholders' Equity

$

2,392,666

$

2,357,702

Selected Balance Sheet Information 

The Company's total debt decreased by $4.3 million and cash decreased by $27.1 million versus March 31, 2026. The Company's net debt level increased $22.8 million versus March 31, 2026 and its net debt ratio was 31% versus 30% in the prior quarter (Net Debt and Net Debt Ratio are non-GAAP measures, reconciliations of which are shown in the table below). Management uses the non-GAAP net debt metric to show a more complete picture of the Company's overall liquidity, financial flexibility and leverage level. 

($ in millions)

June 30,
2026

March 31,
2026

December 31,
2025

Net Debt

Total Debt

$

647.4

$

651.7

$

626.7

Cash

113.7

140.8

132.7

Net Debt

$

533.7

$

510.9

$

494.0

Equity

1,212.0

1,193.0

1,244.0

Net Debt + Equity

$

1,745.7

$

1,703.9

$

1,738.0

Net Debt / (Net Debt + Equity)

31

%

30

%

28

%

The major working capital components were:

($ in millions)

June 30,
2026

March 31,
2026

December 31,
2025

Net Receivables

$

492.3

$

433.7

$

388.0

Inventories

324.5

289.0

298.8

Accounts Payable

(321.7)

(285.7)

(261.7)

$

495.1

$

437.0

$

425.1

Table VI

Reconciliations of Non-GAAP EBITDA and Adjusted EBITDA

Management uses the non-GAAP EBITDA and adjusted EBITDA metrics to evaluate the Company's operating performance.  Management excludes the items listed in the table below because they are non-operational items.  Refer to the Income Statement on Table I for a bridge between Operating Income and Net Income.

Three Months Ended
June 30, 2026

($ in millions)

Surfactants

Polymers

Specialty
Products

Unallocated
Corporate

Consolidated

Operating Income

$

34.4

$

22.5

$

5.0

$

(24.6)

$

37.2

   Depreciation and Amortization

20.5

8.7

1.5

0.2

30.9

   Other, Net Income

-

-

-

1.0

1.0

EBITDA

$

69.1

   Deferred Compensation

-

-

-

0.1

0.1

   Environmental Remediation

-

-

-

0.1

0.1

   Business Restructuring

-

-

-

5.1

5.1

Adjusted EBITDA

$

54.9

$

31.2

$

6.5

$

(18.1)

$

74.4

Three Months Ended
June 30, 2025

($ in millions)

Surfactants

Polymers

Specialty
Products

Unallocated
Corporate

Consolidated

Operating Income

$

13.4

$

17.2

$

5.2

$

(17.8)

$

18.0

   Depreciation and Amortization

21.1

8.4

1.5

0.3

31.3

   Other, Net Income

-

-

-

1.3

1.3

EBITDA

$

50.6

   Deferred Compensation

-

-

-

0.1

0.1

   Environmental Remediation

-

-

-

0.7

0.7

Adjusted EBITDA

$

34.5

$

25.6

$

6.7

$

(15.4)

$

51.4

Six Months Ended
June 30, 2026

($ in millions)

Surfactants

Polymers

Specialty
Products

Unallocated
Corporate

Consolidated

Operating Income

$

52.9

$

31.3

$

9.7

$

(106.3)

$

(12.4)

   Depreciation and Amortization

43.1

17.3

2.9

0.6

63.9

   Other, Net Income

-

-

-

1.2

1.2

EBITDA

$

52.7

   Deferred Compensation

-

-

-

0.7

0.7

   Environmental Remediation

-

-

-

0.2

0.2

   Business Restructuring

-

-

-

70.5

70.5

Adjusted EBITDA

$

96.0

$

48.6

$

12.6

$

(33.1)

$

124.1

Six Months Ended
June 30, 2025

($ in millions)

Surfactants

Polymers

Specialty
Products

Unallocated
Corporate

Consolidated

Operating Income

$

42.3

$

25.2

$

10.8

$

(32.0)

$

46.3

   Depreciation and Amortization

40.6

16.4

2.9

0.6

60.5

   Other, Net Income

-

-

-

1.8

1.8

EBITDA

$

108.6

   Deferred Compensation

-

-

-

(0.5)

(0.5)

   Environmental Remediation

-

-

-

0.8

0.8

Adjusted EBITDA

$

82.9

$

41.6

$

13.7

$

(29.3)

$

108.9

SOURCE Stepan Company