Track market-moving stories before they get noisy

The South Korean government's dismissal of the findings of a congressional report alleging it's waged a targeted campaign against U.S.-based Coupang — commonly known as the Amazon of South Korea — is straining the relationship between the two global allies, officials in Congress and people close to the company told CNBC.

CNBC spoke with nearly a dozen people familiar with the Coupang-related tensions, some of whom asked not to be named in order to discuss sensitive matters. The company's representatives and supporters on Capitol Hill say they're seeking a quick end to what they describe as South Korea's campaign against the online retailer. People familiar with the situation raised the specter of retaliation from Congress or the White House, including potentially additional tariffs on South Korea, if the dispute drags on.

The report by the House Judiciary Committee's Republicans alleges the South Korean government waged an unprecedented offensive on Coupang — which is headquartered in Seattle and does the bulk of its business in South Korea — over a data breach that the company maintains was minimal.

This is really about the relationship between two key allies.

Chris Stewart

Former GOP congressman from Utah and president of lobbying firm Skyline Capitol, which has consulted for Coupang

The South Korean government disagrees on the scope of the breach and has said consumers in the country faced potential harm from their personal details being exposed. It held hearings, threatened criminal charges against Coupang's interim CEO, and levied a record-breaking data-privacy fine on the company.

"This isn't about just some commercial dispute," Chris Stewart, a former Republican congressman from Utah and president of lobbying firm Skyline Capitol, which has a consulting relationship with Coupang, told CNBC about the Coupang issue. "Policymakers, leaders in Congress and the White House understand this is really about the relationship between two key allies."

"The worst thing that could happen is if we get into a tit-for-tat environment, where [the U.S. seeks] to punish Korea in some way or tie this to an increase in tariffs. That's not my hope or desire at all," he said. But if South Korea doesn't back down, he said, "ultimately the president has the power of tariffs, which can be very powerful."

The South Korean government, through its embassy in Washington, said its alliance with the U.S. is "stronger than ever" and criticized the congressional report, which the Judiciary Committee released in July, as largely reflecting only Coupang's claims.

"The Korean Government has consistently engaged with members of the U.S. Congress and officials of the U.S. administration to explain our position regarding the Coupang matter, and we will continue these efforts going forward," a spokesperson for the embassy said.

The Coupang dispute is unfolding against a broader backdrop of friction in the crucial U.S.-South Korea alliance.

President Donald Trump on Aug. 16 said he would scale back annual military drills with South Korea. Asked in late August if the move was related to Coupang, a White House official, who asked not to be named in order to discuss the dispute, told CNBC via email that "there is no direct connection."

Still, the official cited a Trump executive order from last year that targets foreign governments that the administration says are overregulating U.S. technology companies.

"This is not a new focus or issue. That said, the Korean government has been misaligned with us on a number of bilateral issues," the official said.

Sen. Bernie Moreno, R-Ohio, last week sent a letter to U.S. Trade Representative Jamieson Greer urging a formal investigation into South Korea, and potentially additional tariffs on the country, over its treatment of Coupang in the aftermath of the data breach, which he called a "regulatory crusade."

"This specific data breach deserves investigation and may warrant even-handed enforcement. However, the larger pattern emerging in South Korea is cause for intense concern. Seoul has weaponized a small incident into a pretext for widespread weaponization against American enterprise," Moreno wrote.

Coupang spokesperson Erika Reynoso declined to comment on the prospect of tariffs or the specifics of South Korea's response.

"We regret the circumstances that led to a congressional investigation, but we acknowledge the Committee's thorough work to bring the facts to light. We continue to seek a constructive resolution that will strengthen the US-ROK alliance," Reynoso said in a statement, using an abbreviation for the Republic of Korea.

Pressure from Coupang shareholdersBut there is pressure on the U.S. government to act.

In January, two Coupang investors — venture capital firm Greenoaks Capital Partners and tech investment firm Altimeter Capital — petitioned Greer to open a Section 301 investigation into whether the South Korean government was discriminating against the company and to assess additional tariffs. Section 301 of the Trade Act of 1974 allows the U.S. Trade Representative to investigate unfair foreign practices affecting U.S. commerce.

No official investigation has been announced. A spokesperson for Greer did not respond to requests for comment. Marney Cheek, of law firm Covington & Burling, who has represented both investors in the case, also did not respond to a request for comment.

Greenoaks is Coupang's No. 2 shareholder after SB Investment Advisers, holding about 55.3 million shares or 3.38% of shares outstanding, according to FactSet data. Altimeter reported no Coupang holdings as of March 31, after selling its position of roughly 15.7 million shares.

While Trump has not indicated he would pursue an additional tariff investigation, those close to the situation pointed to his repeated commitments to protecting U.S. firms abroad.

"President Trump has been very vocal about fairness for American companies and not getting ripped off," Rep. Michael Baumgartner, R-Wash., who sits on the House Judiciary Committee, said when asked about the potential of retaliatory tariffs stemming from the Coupang dispute. "So yeah, I think [Trump's response] could be significant."

U.S.-South Korea trade pact stallsSouth Korea is the seventh-largest U.S. trading partner, according to the U.S. Census Bureau in June. In 2025, the two countries renegotiated a trade deal as part of Trump's sweeping global tariffs. A key aspect of that deal was a lower tariff rate for South Korea in exchange for a $350 billion investment in U.S. shipbuilding and national security, as well as reducing regulation of U.S. companies. 

But South Korea has been slow to finalize projects related to the $350 billion pledged as part of the trade deal, causing friction and threats of tariffs earlier this year from Trump.

In July, Trump imposed new import duties on South Korea and dozens of other countries, citing forced labor violations.

Secretary of State Marco Rubio spoke about the complexities of the U.S.-South Korea relationship during an appearance before the House Foreign Affairs Committee in June. The alleged hostility of South Korea toward Coupang and others has "impacted our ability to conclude a trade agreement with them because of some of their behavior towards American companies," Rubio said.

A covert missionThe U.S. report laid out what Republican investigators said were South Korea's actions involving Coupang since the data breach was disclosed in November, leading to the resignation of the company's CEO, Park Dae-jun, the following month. He apologized in a public statement for the breach, saying he felt "a deep sense of responsibility for the outbreak."

Congressional investigators described what they said were excessive fines, harassment and threats of criminal charges directed by the South Korean government at Coupang. They detail a response to the data breach from the country's authorities that sounds at points like something out of a spy novel. 

According to the report, the South Korean government compelled Coupang to hire divers for a covert mission to retrieve a laptop used in the breach by a disgruntled former employee — who is a Chinese national — from a river in Shanghai.

The report outlines the involvement of the Korean National Intelligence Service, or NIS, leading up to the recovery of the computer. Additional documents in the committee's possession — which were obtained by CNBC — include contemporaneous notes from a Coupang representative's phone that describe NIS representatives instructing the company to hire a diver and extract the computer from the river in December.

An internal company memo from around the time of the recovery mission — also obtained by CNBC — indicates Coupang coordinated the computer recovery at the behest of a high-ranking national security officer from the South Korean president's office. Call logs from before, during and after the retrieval show more than 200 calls between South Korean officials and representatives of Coupang, the committee reported.

The South Korean government has denied the report's findings. In a statement to CNBC, the spokesperson for the South Korean embassy said allegations that the government helped coordinate the retrieval are "entirely unfounded."

"The National Intelligence Service (NIS) conducted only working-level consultations with Coupang necessary to facilitate information sharing and prevent further harm in connection with the large-scale personal data breach. At no point did the NIS coerce or instruct Coupang to take any particular action," the spokesperson said.

In late July, after the congressional report was issued, the South Korean government submitted a rebuttal to the committee which the embassy also provided to CNBC.

The rebuttal says the data breach affected 37.55 million people, while the congressional report counters that the "former employee only stored and retained information related to approximately 3,000 accounts." The difference stems from the amount of data that was exposed versus what was retained.

Seoul, in its response, also downplayed the 625 billion won, or $409 million, fine the government levied on Coupang in June for the breach and for allegedly illegally collecting personal information. The New York Times reported that the fine was the largest data-privacy penalty imposed on a company by South Korea. But in its rebuttal, South Korea noted the fine fell far short of the 3% of a company's revenue it could have charged under the country's laws. Coupang reported 2025 revenue of $34.5 billion.

'A shame and a surprise'South Korea's response to the committee report hasn't sat well with Washington Republicans. One person familiar with the thinking of lawmakers on the House Judiciary, Foreign Affairs and Armed Services committees, who asked not to be named in order to speak candidly, emphasized the importance of the relationship between the U.S. and South Korea and called the episode "a shame and a surprise."

The person said Congress was considering all tools at its disposal, including sanctions.

"This report is too comprehensive and too full of facts to be rejected. Calling us liars will set us back even further," the person said, referring to U.S.-South Korea relations.

A former senior Trump White House official said "no one in Congress or the White House can understand why the South Korean government continues to lie about its attacks on U.S. companies, especially Coupang. This behavior is seriously undermining Korea's credibility in the U.S., and it looks performative to benefit their relationship with China." The official asked not to be named in order to speak candidly.

The South Korean embassy spokesperson called the suggestion "entirely unfounded."

However, the reaction on Capitol Hill — where Coupang has mounted an extensive lobbying effort — has not been universal outrage.

One Capitol Hill Democrat familiar with the Judiciary probe, who asked not to be named in order to speak candidly, questioned the GOP's intense focus on Coupang, given the company's limited footprint in the U.S., and pointed to the company's ties to the Trump White House.

Coupang donated $1 million to Trump's inaugural fund in 2024, putting it on par with Google, Meta and Nvidia. Kevin Warsh, now chairman of the Federal Reserve, was a Coupang board member from 2019 until earlier this year. And Rob Porter, its chief global affairs officer, was White House staff secretary in the first Trump administration.

But Coupang's corporate political action committee has frequently donated to candidates from both parties. And other Democrats, especially those from Coupang's home state, Washington, have joined their Republican colleagues in denouncing South Korea's posture toward the company.

Rep. Suzan DelBene, who represents part of the Seattle metropolitan area, said at a Ways and Means Committee hearing in January that she'd heard from Coupang and others that South Korea was violating the antidiscrimination commitments in the 2025 trade agreement.

And Sen. Maria Cantwell, also a Washington Democrat, sent a letter in February to South Korea's ambassador in Washington expressing her "grave concern" over the country's treatment of Coupang.

Undermining an allianceCoupang is not the first American company to complain of targeting by South Korean regulators. Other U.S.-based digital companies such as Google and Netflix have at times found themselves crosswise with the South Korean government.

Still, Coupang's supporters say they've never seen South Korea go after a company with the intensity with which it has pursued Coupang.

Baumgartner, who in late July introduced a bill that would give Congress the power to deem individual foreign officials subject to deportation or denial of entry if they engage in "economic discrimination" against the U.S., called South Korea's response "farcical" and "dismissive."

"Whatever happened with the data breach, none of it merited this over-the-top, punitive response," he said.

— Kevin Breuninger and Luke Fountain contributed to this report.

PORTLAND, Tenn., Aug. 26, 2026 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (“Shoals”) (Nasdaq: SHLS), a global leader in electrical infrastructure solutions for the energy transition market, today announced a favorable outcome in its patent infringement lawsuit against Voltage, LLC and Ningbo Voltage Smart Production Co. (collectively “Voltage”) in the U.S. District Court for the Middle District of North Carolina.

In a decisive win for Shoals during today’s ruling, the jury found that Voltage willfully infringed Shoals’ patents, awarded Shoals over $96 million in damages and soundly rejected Voltage’s arguments challenging the validity of Shoals’ patents. The judgment is subject to potential further increase at the Court’s discretion due to the jury’s finding of willfulness. Further, the Court indicated that it will grant a preliminary injunction preventing the manufacture, distribution or sale of the Voltage LYNX product in the United States with immediate effect.  

The North Carolina verdict follows multiple rulings that upheld Shoals' intellectual property, including Shoals’ June victory before the International Trade Commission (ITC), which found that Voltage’s LYNX product infringed Shoals’ patents covering aspects of its Big Lead Assembly (BLA) products and barred importation of Voltage’s infringing products. The Presidential Review Period for the ITC determination has now lapsed without intervention, bringing that matter to final resolution.

Together, the North Carolina verdict and ITC determination reinforce the strength of Shoals’ intellectual property portfolio and mark important victories for U.S.-developed technologies that support critical energy infrastructure, domestic manufacturing, and fair competition.

“Shoals’ patented BLA solution helped revolutionize the solar industry,” said Brandon Moss, CEO of Shoals. “These outcomes affirm the strength of our intellectual property and the importance of protecting the innovations behind our differentiated solutions. We are grateful to the Court and jury for their time, attention, and careful consideration. Shoals will continue to compete aggressively, invest in American manufacturing, and defend the technology that supports our long-term growth.”

Shoals has consistently maintained that intellectual property protections are essential to advancing U.S. innovation, encouraging domestic investment, and ensuring companies can compete on the strength of their technology.

That principle is especially important in Tennessee, where advanced manufacturers like Shoals are investing in engineering talent, skilled jobs, and technologies that strengthen the state’s economy.

"Tennessee's manufacturers and innovators rely on a strong intellectual property system to support investment, job creation, and economic growth,” said Josh Brown, President and CEO of the Tennessee Chamber of Commerce. “We applaud the protections afforded by the rule of law and the recognition of the importance of intellectual property rights. Companies like Shoals that invest in innovation, engineering, and advanced manufacturing help strengthen Tennessee's economy and America's competitiveness."

About Shoals Technologies Group

Shoals Technologies Group is a leading manufacturer of advanced electrical infrastructure solutions for mission critical applications across utility scale solar, battery storage, and data center power systems. Since its founding in 1996, the Company has designed innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability at scale. Shoals Technologies Group is a recognized leader in the energy transition industry. For additional information, please visit: https://www.shoals.com. 

Forward-Looking Statements:

This press release contains forward-looking statements. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws. Words, and variations of words, such as “will,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “likely,” “estimate,” “anticipate,” “objective,” “predict,” “project,” “drive,” “seek,” “aim,” “target,” “potential,” “commitment,” “outlook,” “continue,” “goal” or any other similar words are intended to identify our forward-looking statements. Although we believe that the expectations and assumptions reflected in any of our forward-looking statements are reasonable, actual results or outcomes could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from those indicated in these forward-looking statements. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this presentation except as required by applicable law or regulation. For important information on forward-looking statements, please see our most recent earnings release for Q2 2026 on our investor website at https://investors.shoals.com.

Shoals Media Relations
Lindsey Williams, VP of Marketing and External Communications
[email protected]

Shoals Investor Relations
Matt Tractenberg, VP of Finance and Investor Relations
[email protected]

A month has gone by since the last earnings report for Ventas (VTR - Free Report) . Shares have added about 1.1% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Ventas due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Ventas, Inc. before we dive into how investors and analysts have reacted as of late.

Ventas Q2 FFO & Revenues Beat Estimates on Strong SHOP GrowthVentas reported second-quarter 2026 normalized FFO per share of 97 cents, beating the Zacks Consensus Estimate of 96 cents by 1.04%. The metric increased 9% from the year-ago quarter.

Revenues climbed 21.7% year over year to $1.73 billion and surpassed the consensus estimate of $1.67 billion by 3.72%. Growth was led by the SHOP, where same-store cash NOI rose 16.3%.

Senior Housing Revenues Fuel the Top LineResident fees and services increased 32% year over year to $1.36 billion, accounting for most of the company’s revenue expansion. The increase reflected both portfolio growth and stronger same-store senior housing performance.

Rental income from the OM&R portfolio rose 3.5% to $228.6 million. However, rental income from triple-net leased properties declined 18.2% to $124.9 million.

SHOP Metrics Show Stronger DemandSHOP same-store average occupancy improved 300 bps year over year to 90.9%. Average monthly RevPOR increased 5% to $5,528, supporting an 8.6% rise in same-store cash operating revenues to $979.6 million.

Same-store SHOP operating expenses increased 4.9% to $621.1 million, while management fees rose 12.3% to $53.8 million. Revenue growth outpaced these costs, lifting the same-store cash NOI margin by 210 bps to 31.1%.

Same-Store NOI Rise Across Major SegmentsTotal company same-store cash NOI advanced 10.3% year over year to $563 million. SHOP remained the primary contributor, with same-store cash NOI increasing 16.3% to $304.7 million.

The OM&R portfolio generated same-store cash NOI of $142.7 million, up 4.6%. Its cash operating revenues rose 4.2% to $214.9 million, while the cash NOI margin expanded 30 bps to 66.4%.

Triple-net same-store cash NOI increased 3.1% to $115.6 million. Together, gains across all three operating segments supported the company’s double-digit same-store NOI growth.

Ventas Expands InvestmentsVentas closed $2.2 billion of senior housing investments during the second quarter, bringing year-to-date investment volume to $3.4 billion. Management expects these investments to enhance the company’s multiyear growth rate and generate attractive financial returns.

To fund its 2026 investment activity, Ventas settled 31.4 million shares of common stock under equity forward sales agreements year to date for gross proceeds of $2.6 billion. It also had $1.6 billion of unsettled equity forward sales agreements, bringing total equity capital to $4.2 billion.

Strengthens Leverage & LiquidityNet debt to further adjusted EBITDA improved to 4.7 times at quarter-end from 5.0 times sequentially and 5.6 times year-over-year. Management attributed the improvement to SHOP NOI growth and equity-funded senior housing investments.

Ventas ended June with $4.9 billion of available liquidity, including credit facility availability, cash and cash equivalents and unsettled equity forward sales agreements outstanding. Cash and cash equivalents totaled $199 million.

Raises 2026 FFO OutlookManagement raised its 2026 normalized FFO per-share guidance to $3.85-$3.90 from $3.82-$3.89. The midpoint increased to $3.88 from $3.86, primarily due to higher accretive senior housing investment activity.

The company reaffirmed expectations for SHOP same-store cash NOI growth of 15%-17%, supported by occupancy growth of roughly 300 bps and RevPOR growth of about 5%.

The updated outlook assumes total company same-store cash NOI growth of 9%-10.5%. The guidance also incorporates approximately $646 million of interest expense at the midpoint. The company raised its 2026 senior housing investment target to $4.5 billion from $3 billion.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates revision.

VGM ScoresCurrently, Ventas has a average Growth Score of C, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a score of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of this revision looks promising. Interestingly, Ventas has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerVentas belongs to the Zacks REIT and Equity Trust - Other industry. Another stock from the same industry, SL Green (SLG - Free Report) , has gained 7.9% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

SL Green reported revenues of $171.85 million in the last reported quarter, representing a year-over-year change of +16.5%. EPS of -$0.38 for the same period compares with $1.63 a year ago.

SL Green is expected to post earnings of $1.50 per share for the current quarter, representing a year-over-year change of -5.1%. Over the last 30 days, the Zacks Consensus Estimate has changed +19.4%.

SL Green has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.

A month has gone by since the last earnings report for Sherwin-Williams (SHW - Free Report) . Shares have added about 1.4% in that time frame, underperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Sherwin-Williams due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

Sherwin-Williams’ Q2 Earnings Beat Estimates on Broad-Based Sales GrowthSherwin-Williams reported second-quarter 2026 adjusted earnings of $3.70 per share, up 9.5% year over year. The figure surpassed the Zacks Consensus Estimate of $3.56 by 3.9%.

Revenues increased 7.5% year over year to $6.79 billion and beat the consensus mark of $6.62 billion by 2.6%. Growth across all three reportable segments, including contributions from the Suvinil acquisition, supported results.

Selling, general and administrative expenses increased to $2.1 billion from $2.01 billion. As a percentage of sales, SG&A expenses improved to 31% from 31.9%. Higher employee-related costs, expenses related to the Suvinil acquisition and costs associated with the company’s new headquarters and technology center affected the quarter.

Segmental ReviewPaint Stores Group sales increased 5.1% year over year to $3.89 billion. The improvement reflected mid-single-digit selling price increases and low-single-digit volume growth. Paint Stores Group same-store sales rose 4.2%.Sales rose across all professional customer markets, led by double-digit growth in protective and marine, high-single-digit growth in commercial and mid-single-digit growth in residential repaint.Paint Stores Group profit rose 4.5% to $957.6 million from $916.5 million.

Consumer Brands Group sales jumped 21.5% to $983.5 million from $809.4 million. Growth was driven primarily by the Suvinil acquisition, increased sales in North America and a 1.6% favorable foreign currency translation impact. Consumer Brands Group profit climbed 29.7% to $212.9 million. The increase reflected higher sales, favorable product mix, supply-chain efficiencies and currency transaction benefits, partly offset by raw material inflation and incremental Suvinil-related SG&A costs. Reported margin improved to 21.6% from 20.3%.

Performance Coatings Group sales advanced 6.3% to $1.91 billion. Low-single-digit gains in price and volume, along with a 2% favorable currency translation impact, aided results. General Industrial and Automotive Refinish recorded high-single-digit growth, while Packaging, Industrial Wood and Coil posted mid-single-digit gains. Performance Coatings Group profit increased 11.5% to $273.3 million. Higher sales more than offset raw material and employee-related cost increases. Reported segment margin expanded to 14.3% from 13.6%.

Cash Returns & Balance SheetSherwin-Williams generated $1.49 billion in net operating cash flow during the first six months of 2026. The company returned $2.23 billion to shareholders through dividends and repurchases of 5.6 million common shares.

As of June 30, 2026, cash and cash equivalents were $293.5 million. Short-term borrowings totaled $2.25 billion, while long-term debt was $8.33 billion. The company had authorization to repurchase 24 million shares remaining through open-market transactions.

OutlookFor the third quarter of 2026, Sherwin-Williams expects consolidated net sales to increase by a mid to high-single-digit percentage year over year. Management expects demand softness to continue during the second half based on customer sentiment and the leading indicators it monitors.

For full-year 2026, the company raised its net sales growth forecast in the mid- to high-single-digit range. It also increased reported earnings guidance to $10.92-$11.32 per share from $10.70-$11.10.

Adjusted earnings are projected at $11.80-$12.20 per share, up from the prior guidance of $11.50-$11.90.

How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended upward during the past month.

VGM ScoresAt this time, Sherwin-Williams has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Charting a somewhat similar path, the stock was allocated a score of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Sherwin-Williams has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Quarterly total revenues reached RMB25.7 billion (US$3.8 billion)1
Quarterly deliveries were 98,330 vehicles

BEIJING, China, Aug. 26, 2026 (GLOBE NEWSWIRE) -- Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China’s new energy vehicle market, today announced its unaudited financial results for the quarter ended June 30, 2026.

Operating Highlights for the Second Quarter of 2026

Total deliveries for the second quarter of 2026 were 98,330 vehicles, representing an 11.5% year-over-year decrease.   2026 Q2 2026 Q1 2025 Q4 2025 Q3 Deliveries 98,330 95,142 109,194 93,211             2025 Q2 2025 Q1 2024 Q4 2024 Q3 Deliveries 111,074 92,864 158,696 152,831            As of June 30, 2026, in China, the Company had 495 retail stores in 160 cities, 536 servicing centers and Li Auto-authorized servicing shops operating in 220 cities, and 4,097 super charging stations in operation equipped with 22,593 charging stalls. Financial Highlights for the Second Quarter of 2026

Vehicle sales were RMB24.1 billion (US$3.5 billion) in the second quarter of 2026, representing a decrease of 16.7% from RMB28.9 billion in the second quarter of 2025 and an increase of 11.8% from RMB21.5 billion in the first quarter of 2026.Vehicle margin2 was 9.4% in the second quarter of 2026, compared with 19.4% in the second quarter of 2025 and 6.1% in the first quarter of 2026.Total revenues were RMB25.7 billion (US$3.8 billion) in the second quarter of 2026, representing a decrease of 15.1% from RMB30.2 billion in the second quarter of 2025 and an increase of 11.7% from RMB23.0 billion in the first quarter of 2026.Gross profit was RMB2.8 billion (US$418.0 million) in the second quarter of 2026, representing a decrease of 53.3% from RMB6.1 billion in the second quarter of 2025 and an increase of 56.9% from RMB1.8 billion in the first quarter of 2026.Gross margin was 11.0% in the second quarter of 2026, compared with 20.1% in the second quarter of 2025 and 7.9% in the first quarter of 2026.Operating expenses were RMB5.1 billion (US$757.1 million) in the second quarter of 2026, representing a decrease of 2.0% from RMB5.2 billion in the second quarter of 2025 and an increase of 6.9% from RMB4.8 billion in the first quarter of 2026.Loss from operations was RMB2.3 billion (US$339.1 million) in the second quarter of 2026, compared with RMB827.0 million income from operations in the second quarter of 2025 and RMB3.0 billion loss from operations in the first quarter of 2026.Operating margin was negative 9.0% in the second quarter of 2026, compared with 2.7% in the second quarter of 2025 and negative 13.0% in the first quarter of 2026. Net loss was RMB1.7 billion (US$251.3 million) in the second quarter of 2026, compared with RMB1.1 billion net income in the second quarter of 2025 and RMB2.3 billion net loss in the first quarter of 2026. Non-GAAP net loss3 was RMB1.5 billion (US$220.9 million) in the second quarter of 2026, compared with RMB1.5 billion non-GAAP net income in the second quarter of 2025 and RMB2.1 billion non-GAAP net loss in the first quarter of 2026.Diluted net loss per ADS4 attributable to ordinary shareholders was RMB1.69 (US$0.25) in the second quarter of 2026, compared with RMB1.03 diluted net earnings per ADS attributable to ordinary shareholders in the second quarter of 2025 and RMB2.26 diluted net loss per ADS attributable to ordinary shareholders in the first quarter of 2026. Non-GAAP diluted net loss per ADS attributable to ordinary shareholders was RMB1.49 (US$0.22) in the second quarter of 2026, compared with RMB1.37 non-GAAP diluted net earnings per ADS attributable to ordinary shareholders in the second quarter of 2025 and RMB2.09 non-GAAP diluted net loss per ADS attributable to ordinary shareholders in the first quarter of 2026.Net cash provided by operating activities was RMB15.0 million (US$2.2 million) in the second quarter of 2026, compared with RMB3.0 billion net cash used in operating activities in the second quarter of 2025 and RMB6.1 billion net cash used in operating activities in the first quarter of 2026. Free cash flow5 was negative RMB1.3 billion (US$191.7 million) in the second quarter of 2026, compared with negative RMB3.8 billion in the second quarter of 2025 and negative RMB7.4 billion in the first quarter of 2026. Key Financial Results(in millions, except for percentages and per ADS data)

     For the Three Months Ended % Change6 June 30,
2025 March 31,
2026 June 30,
2026 YoY QoQ RMB RMB RMB    Vehicle sales28,885.1 21,533.2 24,066.5 (16.7)% 11.8%Vehicle margin19.4% 6.1% 9.4% (10.0)pts 3.3pts          Total revenues30,245.6 22,982.9 25,666.9 (15.1)% 11.7%Gross profit6,067.0 1,808.0 2,836.1 (53.3)% 56.9%Gross margin20.1% 7.9% 11.0% (9.1)pts 3.1pts          Operating expenses(5,240.0) (4,806.8) (5,136.9) (2.0)% 6.9%Income/(Loss) from operations827.0 (2,998.8) (2,300.9) N/A (23.3)%Operating margin2.7% (13.0)% (9.0)% (11.7)pts 4.0pts          Net income/(loss)1,096.9 (2,276.0) (1,705.3) N/A (25.1)%Non-GAAP net income/(loss)1,468.2 (2,108.0)  (1,498.5) N/A (28.9)%          Diluted net earnings/(loss) per ADS attributable to ordinary shareholders1.03 (2.26) (1.69) N/A (25.2)%          Non-GAAP diluted net earnings/(loss) per ADS attributable to ordinary shareholders1.37 (2.09) (1.49) N/A (28.7)%          Net cash (used in)/provided by operating activities(3,036.2) (6,091.0) 15.0 N/A N/AFree cash flow (non-GAAP)(3,841.8) (7,388.3) (1,300.8) (66.1)% (82.4)%           Recent Developments

Delivery Update

In July 2026, the Company delivered 30,468 vehicles. As of July 31, 2026, in China, the Company had 490 retail stores in 159 cities, 536 servicing centers and Li Auto-authorized servicing shops operating in 219 cities, and 4,141 super charging stations in operation equipped with 22,841 charging stalls.
Product Refresh

In June 2026, the Company launched and commenced deliveries of its all-new Li L8. This model is available in two trims: Ultra and Livis. Both trims come standard with four zero-gravity seats, a 72.7 kWh 5C battery, Li Auto’s third-generation range extender, and the Qualcomm Snapdragon 8797 chip, alongside steer‑by‑wire and rear‑wheel steering. Li L8 Ultra features Li Auto’s third‑generation dual‑chamber, dual‑valve Magic Carpet Air Suspension and a proprietary MACH M100 chip, while Li L8 Livis features a proprietary 800V active suspension system, electro-mechanical brake, and dual MACH M100 chips. The Li L8 Ultra and Li L8 Livis are priced at RMB369,800 and RMB429,800, respectively.In July 2026, the Company launched and commenced deliveries of the new Li L6. The model features a new-generation all-aluminum suspension and dual-valve CDC for its chassis, the MACH M100 chip and fully upgraded perception hardware for its assisted driving system, and an EREV-dedicated 51 kWh LFP super charging battery. The new Li L6 is priced at RMB249,800.
Livis Day

In June 2026, the Company hosted Livis Day, a launch event for software and embodied AI, systematically showcasing Li Auto’s new-generation cabin interaction experience alongside a series of proprietary breakthroughs. These included the language intelligence models MACH Mind-Pro and MACH Mind-Edge, the machine intelligence model MACH VLA, and the world’s first dynamic dataflow AI chip, the MACH M100.
US$1.0 Billion Share Repurchase Program

Pursuant to its US$1.0 billion share repurchase program announced on March 24, 2026, the Company repurchased a total of 41,232,100 Class A ordinary shares at an aggregate consideration of HK$2.1 billion on the HKEX and a total of 9,487,026 ADSs (representing 18,974,052 Class A ordinary shares) at an aggregate consideration of US$150.9 million on the Nasdaq in the second quarter of 2026. As of the date of this press release, the Company has repurchased a total of approximately 91.7 million Class A ordinary shares (including approximately 23.7 million ADSs) for an aggregate consideration of approximately US$631.5 million.
CEO and CFO Comments

Mr. Xiang Li, chairman and chief executive officer of Li Auto, commented, “Amid intense market competition and a major model refresh cycle, Li Auto remained the best-selling domestic automotive brand in China’s RMB200,000-and-above NEV market in the first half of 2026. We have completed the upgrade of Li L series and are now refreshing our BEV lineup. Notably, the new Li L6 generated robust order flow, and we are confident that it will carry on the success of the Li i6 and reinforce our leading position in the RMB200,000-to-300,000 SUV market. Our enhanced product portfolio positions us well for growth. Backed by our unwavering user-centric product philosophy and leading in-house technologies, we will continue to pursue product excellence, expand our global footprint, and forge a sustainable path toward long-term value creation.”

Mr. Tie Li, chief financial officer of Li Auto, added, “In the second quarter of 2026, our gross margin improved sequentially to 11.0%, benefiting from the launch of the all-new Li L9. We anticipate further margin expansion for the second half of the year as our product mix optimizes, with a higher sales contribution from the Livis trim and the launch of refreshed BEV models and Li i9. Coupled with a sustained focus on operational efficiency, we expect our bottom-line to improve gradually. Balancing growth and profitability through disciplined capital allocation, we will steadfastly execute our core strategies in product innovation, technological advancement, and global expansion to secure our future competitiveness.”

Financial Results for the Second Quarter of 2026

Revenues

Total revenues were RMB25.7 billion (US$3.8 billion) in the second quarter of 2026, representing a decrease of 15.1% from RMB30.2 billion in the second quarter of 2025 and an increase of 11.7% from RMB23.0 billion in the first quarter of 2026.Vehicle sales were RMB24.1 billion (US$3.5 billion) in the second quarter of 2026, representing a decrease of 16.7% from RMB28.9 billion in the second quarter of 2025 and an increase of 11.8% from RMB21.5 billion in the first quarter of 2026. The decrease in revenue from vehicle sales over the second quarter of 2025 was primarily due to the decrease in vehicle deliveries and a lower average selling price due to a different product mix. The increase in revenue from vehicle sales over the first quarter of 2026 was primarily attributable to a higher average selling price due to a different product mix and the increase in vehicle deliveries.Other sales and services were RMB1.6 billion (US$235.9 million) in the second quarter of 2026, representing an increase of 17.6% from RMB1.4 billion in the second quarter of 2025 and an increase of 10.4% from RMB1.4 billion in the first quarter of 2026. The increase in revenue from other sales and services over the second quarter of 2025 and the first quarter of 2026 was mainly due to increased provision of services and sales of accessories, which is in line with higher accumulated vehicle sales.
Cost of Sales and Gross Margin

Cost of sales was RMB22.8 billion (US$3.4 billion) in the second quarter of 2026, representing a decrease of 5.6% from RMB24.2 billion in the second quarter of 2025 and an increase of 7.8% from RMB21.2 billion in the first quarter of 2026. The decrease in cost of sales over the second quarter of 2025 was primarily due to the decrease in vehicle deliveries. The increase in cost of sales over the first quarter of 2026 was primarily attributable to a higher average cost of sales due to a different product mix and the increase in vehicle deliveries.Gross profit was RMB2.8 billion (US$418.0 million) in the second quarter of 2026, representing a decrease of 53.3% from RMB6.1 billion in the second quarter of 2025 and an increase of 56.9% from RMB1.8 billion in the first quarter of 2026.Vehicle margin was 9.4% in the second quarter of 2026, compared with 19.4% in the second quarter of 2025 and 6.1% in the first quarter of 2026. The change in vehicle margin over the second quarter of 2025 and the first quarter of 2026 was mainly attributable to a different product mix.Gross margin was 11.0% in the second quarter of 2026, compared with 20.1% in the second quarter of 2025 and 7.9% in the first quarter of 2026. The change in gross margin over the second quarter of 2025 and the first quarter of 2026 was mainly due to the change in vehicle margin.
Operating Expenses

Operating expenses were RMB5.1 billion (US$757.1 million) in the second quarter of 2026, representing a decrease of 2.0% from RMB5.2 billion in the second quarter of 2025 and an increase of 6.9% from RMB4.8 billion in the first quarter of 2026.Research and development expenses were RMB2.8 billion (US$409.1 million) in the second quarter of 2026, representing a decrease of 1.2% from RMB2.8 billion in the second quarter of 2025 and an increase of 2.0% from RMB2.7 billion in the first quarter of 2026. Research and development expenses remained relatively stable compared with the second quarter of 2025 and the first quarter of 2026.Selling, general and administrative expenses were RMB2.3 billion (US$335.7 million) in the second quarter of 2026, representing a decrease of 16.2% from RMB2.7 billion in the second quarter of 2025 and an increase of 11.2% from RMB2.0 billion in the first quarter of 2026. The decrease in selling, general and administrative expenses over the second quarter of 2025 was primarily due to decreased employee compensation. The increase in selling, general and administrative expenses over the first quarter of 2026 was primarily due to increased expenses related to marketing and promotional activities. Income/(Loss) from Operations

Loss from operations was RMB2.3 billion (US$339.1 million) in the second quarter of 2026, compared with RMB827.0 million income from operations in the second quarter of 2025 and RMB3.0 billion loss from operations in the first quarter of 2026. Operating margin was negative 9.0% in the second quarter of 2026, compared with 2.7% in the second quarter of 2025 and negative 13.0% in the first quarter of 2026. Non-GAAP loss from operations was RMB2.1 billion (US$308.6 million) in the second quarter of 2026, compared with RMB1.2 billion non-GAAP income from operations in the second quarter of 2025 and RMB2.8 billion non-GAAP loss from operations in the first quarter of 2026.
Net Income/(Loss) and Net Earnings/(Loss) Per Share

Net loss was RMB1.7 billion (US$251.3 million) in the second quarter of 2026, compared with RMB1.1 billion net income in the second quarter of 2025 and RMB2.3 billion net loss in the first quarter of 2026. Non-GAAP net loss was RMB1.5 billion (US$220.9 million) in the second quarter of 2026, compared with RMB1.5 billion non-GAAP net income in the second quarter of 2025 and RMB2.1 billion non-GAAP net loss in the first quarter of 2026.Basic and diluted net loss per ADS attributable to ordinary shareholders were both RMB1.69 (US$0.25) in the second quarter of 2026, compared with RMB1.09 and RMB1.03 basic and diluted net earnings per ADS attributable to ordinary shareholders in the second quarter of 2025, respectively, and RMB2.26 basic and diluted net loss per ADS attributable to ordinary shareholders in the first quarter of 2026. Non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders were both RMB1.49 (US$0.22) in the second quarter of 2026, compared with RMB1.46 and RMB1.37 non-GAAP basic and diluted net earnings per ADS attributable to ordinary shareholders in the second quarter of 2025, respectively, and RMB2.09 non-GAAP basic and diluted net loss per ADS attributable to ordinary shareholders in the first quarter of 2026.
Cash Position, Operating Cash Flow and Free Cash Flow

Cash position7 was RMB87.5 billion (US$12.9 billion) as of June 30, 2026.Net cash provided by operating activities was RMB15.0 million (US$2.2 million) in the second quarter of 2026, compared with RMB3.0 billion net cash used in operating activities in the second quarter of 2025 and RMB6.1 billion net cash used in operating activities in the first quarter of 2026. The change in net cash provided by operating activities over the second quarter of 2025 and the first quarter of 2026 was mainly due to the timing differences between cash received from customers and payments for inventory purchases.Free cash flow was negative RMB1.3 billion (US$191.7 million) in the second quarter of 2026, compared with negative RMB3.8 billion in the second quarter of 2025 and negative RMB7.4 billion in the first quarter of 2026. Business Outlook

For the third quarter of 2026, the Company expects:

Deliveries of vehicles to be between 95,000 and 100,000 vehicles, representing a year-over-year increase of 1.9% to 7.3%.Total revenues to be between RMB26.6 billion (US$3.9 billion) and RMB28.0 billion (US$4.1 billion), representing a year-over-year change of -2.8% to +2.3%. This business outlook reflects the Company’s current and preliminary views on its business situation and market conditions, which are subject to change.

Conference Call

Management will hold a conference call at 8:00 a.m. U.S. Eastern Time on Wednesday, August 26, 2026 (8:00 p.m. Beijing/Hong Kong Time on August 26, 2026) to discuss financial results and answer questions from investors and analysts.

For participants who wish to join the call, please complete online registration using the link provided below prior to the scheduled call start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, passcode, and a unique access PIN. To join the conference, please dial the number provided, enter the passcode followed by your PIN, and you will join the conference instantly.

Participant Online Registration: https://s1.c-conf.com/diamondpass/10056444-vrf1u8.html

A replay of the conference call will be accessible through September 2, 2026, by dialing the following numbers:

United States:+1-855-883-1031Chinese Mainland:+86-400-1209-216Hong Kong, China:+852-800-930-639International:+61-7-3107-6325Replay PIN:10056444   Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.lixiang.com.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, such as non-GAAP cost of sales, non-GAAP research and development expenses, non-GAAP selling, general and administrative expenses, non-GAAP income/(loss) from operations, non-GAAP net income/(loss), non-GAAP net income/(loss) attributable to ordinary shareholders, non-GAAP basic and diluted net earnings/(loss) per ADS attributable to ordinary shareholders, non-GAAP basic and diluted net earnings/(loss) per share attributable to ordinary shareholders and free cash flow, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this press release.

Exchange Rate Information

This press release contains translations of certain Renminbi amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi are made at a rate of RMB6.7851 to US$1.00, the exchange rate on June 30, 2026, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollars amounts referred to could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

About Li Auto Inc.

Li Auto Inc. is a leader in China’s new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric vehicles. Its mission is: Be Proactive, Change the World. Through innovations in product, technology, and business model, the Company provides families with safe, convenient, and comfortable products and services. Li Auto is a pioneer in successfully commercializing extended-range electric vehicles in China. While firmly advancing along this technological route, it builds platforms for battery electric vehicles in parallel. The Company leverages technology to create value for users. It concentrates its in-house development efforts on proprietary range extension systems, innovative electric vehicle technologies, and smart vehicle solutions. The Company started volume production in November 2019. It offers high-tech flagship family MPVs, Li L series extended-range electric SUVs, and Li i series battery electric SUVs. The Company will continue to expand its product lineup to target a broader user base.

For more information, please visit: https://ir.lixiang.com.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “targets,” “likely to,” “challenges,” and similar statements. Li Auto may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) and The Stock Exchange of Hong Kong Limited (the “HKEX”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Li Auto’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Li Auto’s strategies, future business development, and financial condition and results of operations; Li Auto’s limited operating history; risks associated with extended-range electric vehicles and high-power charging battery electric vehicles; Li Auto’s ability to develop, manufacture, and deliver vehicles of high quality and appeal to customers; Li Auto’s ability to generate positive cash flow and profits; product defects or any other failure of vehicles to perform as expected; Li Auto’s ability to compete successfully; Li Auto’s ability to build its brand and withstand negative publicity; cancellation of orders for Li Auto’s vehicles; Li Auto’s ability to develop new vehicles; and changes in consumer demand and government incentives, subsidies, or other favorable government policies. Further information regarding these and other risks is included in Li Auto’s filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and Li Auto does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Li Auto Inc.
Investor Relations
Email: [email protected]

Christensen Advisory
Tel: +86-10-5900-1548
Email: [email protected]

Li Auto Inc.
Unaudited Condensed Consolidated Statements of Comprehensive Income/(Loss)(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

   For the Three Months Ended June 30,
2025 March 31,
2026 June 30,
2026 June 30,
2026 RMB RMB RMB US$Revenues:       Vehicle sales28,885,133 21,533,182 24,066,488 3,546,961Other sales and services1,360,480 1,449,729 1,600,402 235,870Total revenues30,245,613  22,982,911  25,666,890 3,782,831Cost of sales:       Vehicle sales(23,273,292) (20,225,885) (21,795,419) (3,212,247)Other sales and services(905,352) (948,981) (1,035,416) (152,601)Total cost of sales(24,178,644)  (21,174,866)  (22,830,835)  (3,364,848) Gross profit6,066,969  1,808,045 2,836,055 417,983Operating expenses:       Research and development expenses(2,810,170) (2,722,159) (2,775,633) (409,078)Selling, general and administrative expenses(2,717,761) (2,049,203) (2,278,044) (335,742)Other operating income/(expense), net287,980 (35,473) (83,228) (12,266)Total operating expenses(5,239,951)  (4,806,835)  (5,136,905)  (757,086) Income/(Loss) from operations827,018  (2,998,790) (2,300,850) (339,103)Other (expense)/income:       Interest expense(49,776) (40,658) (116,248) (17,133)Interest income and investment income, net496,454 394,020 455,033 67,064Others, net15,288 44,248 13,199 1,946Income/(Loss) before income tax 1,288,984  (2,601,180) (1,948,866) (287,226)Income tax (expense)/benefit(192,048) 325,148 243,609 35,904Net income/(loss)1,096,936  (2,276,032) (1,705,257) (251,322)Less: Net income/(loss) attributable to noncontrolling interests4,365 13,499 (1,076) (159)Net income/(loss) attributable to ordinary shareholders of Li Auto Inc.1,092,571  (2,289,531) (1,704,181) (251,163)        Net income/(loss)1,096,936  (2,276,032) (1,705,257) (251,322)Other comprehensive loss, net of tax       Foreign currency translation adjustment, net of nil tax(173,612) (161,404) (273,671) (40,334)Total other comprehensive loss, net of tax(173,612)  (161,404)  (273,671)  (40,334) Total comprehensive income/(loss)923,324  (2,437,436) (1,978,928) (291,656)Less: Comprehensive income/(loss) attributable to noncontrolling interests4,365 13,499 (1,076) (159)Comprehensive income/(loss) attributable to ordinary shareholders of Li Auto Inc.918,959  (2,450,935) (1,977,852) (291,497)Weighted average number of ADSs       Basic1,005,986,033 1,013,814,503 1,007,098,886 1,007,098,886Diluted1,071,261,046 1,013,814,503 1,007,098,886 1,007,098,886Net earnings/(loss) per ADS attributable to ordinary shareholders       Basic1.09 (2.26) (1.69) (0.25)Diluted1.03 (2.26) (1.69) (0.25)Weighted average number of ordinary shares       Basic2,011,972,066 2,027,629,006 2,014,197,771 2,014,197,771Diluted2,142,522,091 2,027,629,006 2,014,197,771 2,014,197,771Net earnings/(loss) per share attributable to ordinary shareholders       Basic0.54 (1.13) (0.85) (0.12)Diluted0.51 (1.13) (0.85) (0.12) Li Auto Inc.
Unaudited Condensed Consolidated Balance Sheets(All amounts in thousands)

         As of   December 31,
2025 June 30,
2026 June 30,
2026 RMB RMB US$ASSETS     Current assets:     Cash and cash equivalents56,691,765 40,117,782 5,912,629Restricted cash216,314 14,782 2,179Time deposits and short-term investments44,331,407 45,474,274 6,702,079Trade receivable119,823 206,592 30,448Inventories8,752,439 8,333,701 1,228,236Prepayments and other current assets5,174,246 4,322,856 637,110Total current assets115,285,994 98,469,987 14,512,681Non-current assets:     Long-term investments848,672 2,976,994 438,755Property, plant and equipment, net22,774,938 22,893,313 3,374,057Operating lease right-of-use assets, net9,099,313 7,890,346 1,162,893Intangible assets, net1,191,974 1,165,561 171,782Goodwill5,484 5,484 808Deferred tax assets3,334,206 3,755,111 553,435Other non-current assets1,755,237 3,522,804 519,197Total non-current assets39,009,824  42,209,613 6,220,927Total assets154,295,818  140,679,600 20,733,608LIABILITIES AND EQUITY     Current liabilities:     Short-term borrowings6,217,745 286,205 42,181Trade and notes payable40,579,219 38,756,080 5,711,939Amounts due to related parties26,644 452,813 66,736Deferred revenue, current1,621,429 1,208,610 178,127Operating lease liabilities, current1,690,356 1,572,211 231,715Accruals and other current liabilities13,412,260 12,201,637 1,798,301Total current liabilities63,547,653  54,477,556 8,028,999Non-current liabilities:     Long-term borrowings3,299,203 6,863,999 1,011,628Deferred revenue, non-current624,734 666,287 98,199Operating lease liabilities, non-current6,258,957 5,620,164 828,310Finance lease liabilities, non-current348,506 349,322 51,484Deferred tax liabilities691,652 548,423 80,828Other non-current liabilities6,385,370 6,192,234 912,622Total non-current liabilities17,608,422 20,240,429 2,983,071Total liabilities81,156,075  74,717,985 11,012,070Total Li Auto Inc. shareholders’ equity72,619,255  65,428,704 9,642,997Noncontrolling interests520,488 532,911 78,541Total shareholders’ equity73,139,743  65,961,615 9,721,538Total liabilities and shareholders’ equity154,295,818  140,679,600 20,733,608 Li Auto Inc.
Unaudited Condensed Consolidated Statements of Cash Flows(All amounts in thousands)

   For the Three Months Ended June 30,
2025 March 31,
2026 June 30,
2026 June 30,
2026 RMB RMB RMB US$Net cash (used in)/provided by operating activities(3,036,219) (6,090,994) 15,025 2,214Net cash (used in)/provided by investing activities(226,724) (8,181,439) 2,919,510 430,283Net cash (used in)/provided by financing activities(70,037) 337,303 (5,487,924) (808,820)Effect of exchange rate changes on cash, cash equivalents and restricted cash(108,393) (102,382) (184,614) (27,209)Net change in cash, cash equivalents and restricted cash(3,441,373)  (14,037,512)  (2,738,003)  (403,532) Cash, cash equivalents and restricted cash at beginning of period53,238,339 56,908,079 42,870,567 6,318,340Cash, cash equivalents and restricted cash at end of period49,796,966 42,870,567  40,132,564 5,914,808        Net cash (used in)/provided by operating activities(3,036,219) (6,090,994) 15,025 2,214Capital expenditures(805,544) (1,297,326) (1,315,790) (193,923)Free cash flow (non-GAAP)(3,841,763) (7,388,320) (1,300,765) (191,709) Li Auto Inc.
Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

   For the Three Months Ended June 30,
2025 March 31,
2026 June 30,
2026 June 30,
2026 RMB RMB RMB US$Cost of sales(24,178,644) (21,174,866) (22,830,835) (3,364,848)Share-based compensation expenses8,135 8,730 8,039 1,185Non-GAAP cost of sales(24,170,509)  (21,166,136)  (22,822,796)  (3,363,663)         Research and development expenses(2,810,170) (2,722,159) (2,775,633) (409,078)Share-based compensation expenses236,668 128,160 126,933 18,708Non-GAAP research and development expenses(2,573,502)  (2,593,999)  (2,648,700)  (390,370)         Selling, general and administrative expenses(2,717,761) (2,049,203) (2,278,044) (335,742)Share-based compensation expenses126,413 31,156 71,759 10,576Non-GAAP selling, general and administrative expenses(2,591,348)  (2,018,047)  (2,206,285)  (325,166)         Income/(Loss) from operations827,018 (2,998,790) (2,300,850) (339,103)Share-based compensation expenses371,216 168,046 206,731 30,469Non-GAAP income/(loss) from operations1,198,234 (2,830,744) (2,094,119) (308,634)        Net income/(loss)1,096,936 (2,276,032) (1,705,257) (251,322)Share-based compensation expenses371,216 168,046 206,731 30,469Non-GAAP net income/(loss)81,468,152 (2,107,986) (1,498,526) (220,853)         Net income/(loss) attributable to ordinary shareholders of Li Auto Inc.1,092,571 (2,289,531) (1,704,181) (251,163)Share-based compensation expenses371,216 168,046 206,731 30,469Non-GAAP net income/(loss) attributable to ordinary shareholders of Li Auto Inc.1,463,787 (2,121,485) (1,497,450) (220,694)        Weighted average number of ADSs       Basic1,005,986,033 1,013,814,503 1,007,098,886 1,007,098,886Diluted1,071,261,046 1,013,814,503 1,007,098,886 1,007,098,886Non-GAAP net earnings/(loss) per ADS attributable to ordinary shareholders       Basic1.46 (2.09) (1.49) (0.22)Diluted1.37 (2.09) (1.49) (0.22)Weighted average number of ordinary shares       Basic2,011,972,066 2,027,629,006 2,014,197,771 2,014,197,771Diluted2,142,522,091 2,027,629,006 2,014,197,771 2,014,197,771Non-GAAP net earnings/(loss) per share attributable to ordinary shareholders       Basic0.73 (1.05) (0.74) (0.11)Diluted0.69 (1.05) (0.74) (0.11)         ______________________________
1   All translations from Renminbi (“RMB”) to U.S. dollars (“US$”) are made at a rate of RMB6.7851 to US$1.00, the exchange rate on June 30, 2026 as set forth in the H.10 statistical release of the Federal Reserve Board.

2   Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of sales derived from vehicle sales only.

3   The Company’s non-GAAP financial measures exclude share-based compensation expenses. See “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this press release.

4   Each ADS represents two Class A ordinary shares.

5   Free cash flow represents operating cash flow less capital expenditures, which is considered a non-GAAP financial measure.

6   Except for vehicle margin, gross margin, and operating margin, where absolute changes instead of percentage changes are presented.

7   Cash position includes cash and cash equivalents, restricted cash, time deposits and short-term investments, and long-term time deposits and financial instruments included in long-term investments.

8   Non-GAAP items have no tax impact for all the periods presented.

Key Takeaways The Trade Desk is integrating Gracenote's content metadata and taxonomy into its CTV buying platform.Advertisers can use detailed programming data with TTD's other signals to build curated inventory strategies.CTV growth topped 50% year over year in EMEA and APAC, while video was a low-50% share of TTD's business. The Trade Desk (TTD - Free Report) is strengthening its connected TV (CTV) advertising proposition through a new partnership with Gracenote, Nielsen’s content intelligence business. The collaboration brings Gracenote’s program-level content metadata, identifiers and standardized taxonomy directly into TTD’s demand-side platform (DSP), potentially giving advertisers much greater precision and transparency when buying CTV inventory.

Gracenote provides content IDs, metadata and standardized taxonomy that can help identify and categorize programming more consistently. Through the integration, advertisers using The Trade Desk will be able to incorporate this information into their CTV buying strategies. Advertisers could use more detailed programming characteristics to develop a curated inventory strategy, creating a more contextual approach to CTV advertising. Advertisers can also combine Gracenote's programming information with other signals available through TTD.

For The Trade Desk, the partnership strengthens its position in the increasingly competitive CTV advertising market. The company already provides advertisers with extensive capabilities for programmatic buying. By incorporating standardized show-level information, TTD can give buyers another signal to use when evaluating inventory. That could make its platform more attractive to advertisers seeking television-like contextual precision in a programmatic buying environment.

Total revenue reached $715 million in the second quarter, up 3% year over year. Double-digit growth in CTV and audio continued in the second quarter, with video including CTV—representing a low-50% share of TTD’s business. Moreover, TTD’s investments in EMEA and APAC are paying off, with CTV growth exceeding 50% year over year in both regions during the quarter.

Could CTV Growth Strengthen TTD’s Competitive Position?PubMatic, Inc.’s (PUBM - Free Report) disciplined investments have diversified its business, with CTV, mobile app and emerging revenues making up about 60% of second-quarter sales and driving profitable double-digit growth. CTV growth was led by the Americas, up 25% year over year, while global CTV revenue rose 13% and accounted for about 20% of total revenue in the quarter. Its growth in CTV and mobile apps is strengthening its data signals, while its AI-native infrastructure and NVIDIA partnership enable smarter, real-time ad decisioning. Driven by CTV, mobile app and emerging revenues, third-quarter revenue is guided at $75 million–$77 million.

Magnite, Inc.’s (MGNI - Free Report) growth is driven by strong CTV and DV+ demand, with contribution ex-TAC from CTV up 36% year over year and accounting for 51% of total contribution ex-TAC in the second quarter. Growth accelerated across major media owners, while top 10 CTV accounts grew in the mid-to-high 40% range, highlighting strong momentum as programmatic becomes a preferred way to buy streaming TV. SpringServe remains central to MGNI’s CTV strategy, powering monetization beyond its original role as an ad server. SpringServe scored a major win with Samsung, powering premium smart TV home-screen ads and bringing the inventory to programmatic buying through MGNI’s DSP ecosystem.

TTD’s Price Performance, Valuation and EstimatesShares of TTD have declined 29.7% in the past month against the Zacks Internet Services industry and S&P 500 composites’ rise of 1.6% and 5.4%, respectively.

Image Source: Zacks Investment Research

TTD seems attractive, as suggested by the Value Score of B. From a valuation standpoint, TTD trades at a forward price-to-earnings of 26.78X, higher than the industry’s average of 20.32X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for TTD’s earnings has been revised downward over the past 60 days.

Image Source: Zacks Investment Research

TTD currently carries a Zacks Rank #4 (Sell).

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

COLUMBUS, Ohio, Aug. 27, 2026 (GLOBE NEWSWIRE) -- Root (NASDAQ: ROOT), the leading technology company in car insurance, today announced new rates that will reduce auto insurance premiums for Florida customers by 15% on average, with some policyholders seeing even more significant decreases.

Root has proudly served Florida drivers since 2022 and today serves more than 52,000 policyholders in the state, with nearly all indicated to see lower premiums as a result of the rate reductions. Eligible customers are expected to save about $400 per year on average, representing approximately $21 million in annualized savings.

Thanks to historic legislative reforms enacted in 2022 and 2023, Florida drivers are now seeing a more stable market and tangible benefits through lower insurance rates. Root’s 15% base rate reduction is a reflection of this progress. These reforms, spearheaded by Florida’s Governor, the Office of Insurance Regulation, and the Florida Legislature, address litigation-related costs that have historically contributed to higher insurance premiums. As costs decline, insurers can more accurately project future claims expenses and price coverage accordingly, creating opportunities to pass those savings on to consumers.

“We’re excited to reduce base rates by 15% for Florida customers and put money back in the hands of drivers,” said Alex Timm, Founder and CEO of Root. “Florida’s insurance market continues to improve as costs continue to decline under the reforms, and Root’s ability to accurately price risk allows us to reflect those improvements in what our customers pay.”

Root was built on the belief that car insurance should be priced more accurately and fairly based on individual risk. As Florida’s reforms help reduce costs and bring greater predictability to the insurance market, Root can translate those improvements into more competitive rates for safe drivers. Root remains focused on delivering value to Florida consumers through precise pricing, disciplined underwriting, and a continued commitment to rewarding safe driving.

About Root, Inc.

Root Insurance is a technology company revolutionizing car insurance through data science and automation. Founded in 2015 and based in Columbus, Ohio, Root, Inc. (NASDAQ: ROOT) is the parent company of Root Insurance Company. The Root app has reached more than 18 million downloads and has analyzed more than 37 billion miles of driving data to deliver personalized, easy, and fair pricing. For more information, visit root.com.

Contacts
Media:
[email protected]

Root. Inc, Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws regarding Root, Inc. These forward-looking statements relate to, among other things, expectations about our future business results and the success of our business in Florida. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond the company's control and are difficult to predict. We have based our forward-looking statements on our current expectations, estimates, and projections about our industry and our company. We caution that these statements are not guarantees of future performance and you should not rely unduly on them, as they involve risks, uncertainties, and assumptions that we cannot predict. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast. In accordance with "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we have included in Root's Form 10-K for the year ended Dec. 31, 2025, and other SEC filings, cautionary language identifying important factors that could cause future outcomes to differ materially from those set forth in the forward-looking statements. Copies of Root's Form 10-K and other SEC filings are available on the SEC's website, Root's website at ir.joinroot.com/investor-relations, or by contacting Root's Investor Relations office.

Key Takeaways Affirm returned to Australia by launching Shop Pay Installments with Shopify.The rollout gives Affirm access to Shopify's Australian merchants and is expected to add GMV and revenue.Affirm ended fiscal 2026 with GMV up 36%, revenue up 33% and active merchants up 51%. Affirm Holdings, Inc. (AFRM - Free Report) recently expanded its partnership with Shopify by launching Shop Pay Installments in Australia. The service is powered exclusively by Affirm and sits inside Shopify’s Shop Pay checkout. Affirm makes a real-time underwriting decision on every transaction and does not charge late fees, account fees or compounding interest. The launch marks the company’s return to Australia after it wound down operations there in 2023 as part of a broader effort to focus on growth and profitability.

The re-entry gives Affirm access to Shopify’s Australian merchant base while advancing a broader global partnership already spanning the United States, Canada and the U.K., with further expansion planned across Western Europe. AFRM can help merchants boost conversions and basket sizes by making larger purchases easier for customers to manage.

Shop Pay has more than 250 million buyers globally, while over 90% of Affirm purchases in North America come from repeat customers. That creates a large channel and strengthens Affirm’s international expansion opportunity over time.

The Australian rollout is expected to add GMV and transaction-driven revenue as adoption builds, while also widening Affirm’s merchant network. In fourth quarter fiscal 2026, GMV jumped 36% to $14.1 billion, revenues rose 33% to $1.17 billion and revenue less transaction costs increased 39% to $589 million.

Active consumers climbed 21% to 27.8 million, while transaction per active consumer grew 20%, giving Affirm a larger base for international growth and recurring transaction volume across new markets over time. Also, active merchant count surged 51% to 571,000 as of June 30, 2026.

How Are Peers Placed?Affirm is going back to a competitive Australian BNPL market, where several companies already have established positions. PayPal Holdings Inc. (PYPL - Free Report) has considerable reach through Pay in 4. PayPal says the product is available across more than 9 million active Australian PayPal accounts, while its 2025 survey showed usage among 51% of Australian BNPL users, up from 45% a year earlier.

Meanwhile, Block, Inc. (XYZ - Free Report) is one of the strongest competitors through Afterpay, which originated in Australia. Afterpay currently cites about 4.4 million active consumers in Australia and New Zealand. PayPal’s 2025 Australian survey found that 78% of Australian BNPL users had used Afterpay in the prior six months.

Affirm’s Price Performance, Valuation and EstimatesShares of Affirm have gained 4.1% year to date, outperforming the broader industry but trailing the S&P 500 Index.

Affirm’s YTD Price Performance Image Source: Zacks Investment Research

From a valuation standpoint, Affirm trades at a forward price-to-earnings ratio of 41.42X, up from the industry average of 27.93X. AFRM carries a Value Score of D.

It beat earnings estimates in each of the past four quarters, with an average surprise of 379.4%.

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

Key Takeaways Cloudflare added nearly 2 million developers in Q2, bringing its platform total above 7.4 million.Workers is gaining enterprise traction through pool-of-funds contracts and growing customer usage.AI agent adoption could boost Workers as customers build, deploy and scale AI agents on the platform. Cloudflare’s (NET - Free Report) Workers developer platform is becoming an increasingly important part of its growth strategy. During the second quarter of 2026, the company said its Workers platform continued to drive new customer adoption. Cloudflare ended the second quarter with more than 7.4 million developers on its platform, adding nearly two million developers in the second quarter alone. This was more than the 1.5 million developers added during all of 2025.

Cloudflare’s Workers developer platform is also gaining traction among enterprise customers. Cloudflare said more customers are including Workers in pool-of-funds contracts, allowing them to use the developer platform along with services such as Zero Trust and reverse proxy. For example, an APAC technology company signed a $4 million pool-of-funds contract for Workers after previously signing an $8.7 million Application Services contract. Another technology company signed a $6 million Workers contract to support its AI agent capabilities.

Cloudflare said the Workers platform has moved beyond being mainly an adoption-focused product and has become a meaningful contributor to revenues. The company also noted that the Workers platform is driving consumption as customers use it alongside its security and networking products. This creates an opportunity for Cloudflare to expand its relationships with existing customers as their developer teams increase their use of the platform.

The growing use of AI agents could provide another boost to the Workers Platform, which is designed to help customers build, deploy and scale AI agents. With AI workloads increasing and more developers joining the platform, Workers could become a key contributor to Cloudflare’s overall growth. The Zacks Consensus Estimate for Cloudflare’s 2026 and 2027 revenues indicates year-over-year growth of 32.3% and 28.5%, respectively.

Cloudflare Faces Tough CompetitionCompetitors like Palo Alto Networks (PANW - Free Report) and Zscaler (ZS - Free Report) are also gaining ground through platform expansion and AI innovation.

Palo Alto Networks’ wide range of innovative products, strong customer base and growing opportunities in areas like Zero Trust and SASE continue to support its long-term growth potential. In the third quarter of fiscal 2026, SASE was Palo Alto Networks’ fastest-growing segment, with SASE Annual recurring revenues up 40% year over year. PANW's SASE business is benefiting from strong customer demand for cloud-delivered networking and security solutions as enterprises continue to support hybrid work environments and secure access to cloud applications.

Zscaler is seeing strong adoption of its Zero Trust Everywhere strategy, which is helping the company expand beyond its traditional user security offerings. The strategy combines security for users, cloud workloads and branch locations on a single platform. The company ended the third quarter of fiscal 2026 with more than 700 Zero Trust Everywhere enterprises, up from more than 550 in the previous quarter. As more customers adopt multiple products across the platform, Zero Trust Everywhere could help Zscaler increase customer spending, win larger deals and support long-term growth.

NET’s Price Performance, Valuation & EstimatesShares of Cloudflare have jumped 40.7% in the year-to-date period against the Zacks Internet – Software industry’s decline of 4.5%.

NET YTD Price Return Performance
Image Source: Zacks Investment Research

From a valuation standpoint, NET trades at a forward price-to-sales ratio of 28.87, significantly higher than the industry’s average of 3.91. The Zacks Value Score of F suggests that NET stock is overvalued.

NET Forward 12-Month P/S Ratio
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for NET’s 2026 earnings is pegged at $1.26 per share, revised up by a penny over the past seven days, indicating a 35.5% increase from the previous year.

Image Source: Zacks Investment Research

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

SummaryFortinet stock has surged over 100% in 2026, driven by robust AI-driven cybersecurity demand and strong product revenue growth.FTNT’s free cash flow, billings, and deferred revenue are strong, with gross margins near 80% and a clean balance sheet supporting aggressive buybacks.Valuation models (FCFF, FCFE, residual income) converge on an intrinsic value range of $120–150 per share, below the current ~$160 price.I rate FTNT a Hold, as current valuation embeds optimistic growth and return assumptions; a pullback or evidence of sustained high growth would increase my conviction.Editor's note: Seeking Alpha is proud to welcome KRM Insights as a new contributing analyst. You can become one too! Share your best investment idea by submitting your article for review to our editors. Get published, earn money, and unlock exclusive SA Premium access.

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of BUG either through stock ownership, options, or other derivatives. 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.

BUG is an ETF that has 8.14% allocation to FTNT. I hold long-term call options in my IRA.

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.

It has been about a month since the last earnings report for Fortinet (FTNT - Free Report) . Shares have added about 12% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Fortinet due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for Fortinet, Inc. before we dive into how investors and analysts have reacted as of late.

Fortinet Q2 Earnings & Revenues Beat Estimates, Increase Y/YFortinet reported second-quarter 2026 non-GAAP earnings per share (EPS) of 90 cents, beating the Zacks Consensus Estimate by 20% and rising 40.6% year over year.

Total revenues of $2.05 billion beat the consensus mark by 9.1% and increased 25.6% year over year, driven by strong demand across customer segments, industry verticals, and geographies. Growth was fueled by accelerating investment in securing AI infrastructure, the convergence of firewall, SD-WAN and SASE technologies into the company's newly defined SASE Firewall platform, and continued strength in operational technology (OT) security amid rising regulatory and critical infrastructure requirements.

Total deferred revenues (current plus long-term portions combined) came in at $7.68 billion, while the current portion was $3.84 billion as of June 30, 2026.

Total billings increased 33.4% year over year to $2.37 billion, led by 34% growth in secure networking, more than 55% growth in OT, 35% growth in Unified SASE and 25% growth in AI-driven security operations.

FTNT's Q2 in DetailSegment-wise, Product revenues increased 51.9% year over year to $773 million, representing 37.7% of total revenues. The acceleration was driven by strong FortiGate unit growth and higher average selling prices as customers shifted toward higher-performing models, along with customer investments to secure AI workloads and support AI data center buildouts.

Service revenues of $1.27 billion grew 13.7% year over year, accounting for 62.3% of total revenues, with growth improving from the prior quarter. The first quarter of 2026 marked the trough for service revenue growth, with a positive trajectory expected going forward as accelerating product revenue feeds through to attached services. Service billings accelerated to 26% growth and total deferred revenues grew 17%. FortiSASE adoption within the large enterprise installed base rose to 90%, with FortiSASE billings growing more than 100% year over year, benefiting from expansion sales, competitive replacements and new large enterprise wins.

Margins of FTNTTotal GAAP gross margin was 80.2%, contracting 50 basis points (bps) year over year. Non-GAAP gross margin came in at 80.9%, contracting 70 bps year over year but exceeding the high end of guidance.

GAAP operating margin expanded 560 bps year over year to 33.7% in the second quarter. On a non-GAAP basis, operating margin expanded 490 bps to a second quarter record of 38%, reflecting stronger than expected revenue growth, disciplined cost management and growing efficiencies from internal AI initiatives.

FTNT's Balance Sheet & Cash FlowFortinet exited the second quarter of 2026 with cash and cash equivalents and short-term investments of $4.07 billion, up from $3.29 billion reported at the end of the first quarter of 2026.

Cash flow from operations was $1.04 billion for the second quarter of 2026, up from $451.9 million in the prior year quarter, an increase of 130.9%. Free cash flow of $965.6 million grew 239.9% year over year from $284.1 million in the prior year quarter, reflecting improved linearity, higher billings and strong working capital discipline, representing a free cash flow margin of 47.2%. Adjusted free cash flow reached $995.9 million, up 132.7% year over year, representing a margin of 48.6%.

The company repurchased 1.9 million shares of common stock for $146 million during the second quarter, bringing year-to-date repurchases to 12.5 million shares for $973 million, at an average price of approximately $78 per share. The remaining share repurchase authorization stands at approximately $766 million.

FTNT's Q3 & 2026 GuidanceFortinet expects third-quarter revenues in the range of $2.01-$2.10 billion. Billings are estimated in the range of $2.25-$2.35 billion. The non-GAAP gross margin is expected in the range of 79-81%, while the non-GAAP operating margin is anticipated between 35-37%. Non-GAAP EPS is projected in the range of 83-87 cents.

For 2026, FTNT raised its outlook and now predicts revenues in the range of $8.02-$8.18 billion (up from prior $7.71-$7.87 billion). Service revenues are projected in the range of $5.18 to $5.22 billion. Billings are expected in the range of $9.35-$9.55 billion (up from prior $8.8 to $9.1 billion). The non-GAAP gross margin is expected in the range of 79-81% and the operating margin is projected in the band of 35-37%. Non-GAAP EPS is anticipated to be between $3.41 and $3.47 (up from prior $3.10-$3.16).

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates revision.

The consensus estimate has shifted 13.51% due to these changes.

VGM ScoresCurrently, Fortinet has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with an F. Following the exact same course, the stock has a score of F on the value side, putting it in the bottom 20% quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Fortinet has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry PlayerFortinet belongs to the Zacks Security industry. Another stock from the same industry, Varonis Systems (VRNS - Free Report) , has gained 12.2% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

Varonis reported revenues of $180.02 million in the last reported quarter, representing a year-over-year change of +18.3%. EPS of $0.04 for the same period compares with $0.03 a year ago.

For the current quarter, Varonis is expected to post earnings of $0.02 per share, indicating a change of -66.7% from the year-ago quarter. The Zacks Consensus Estimate has changed +4.1% over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Varonis. Also, the stock has a VGM Score of D.

A contract that SLB (SLB.N) and Venezuela's state-run PDVSA signed last week has granted the ​U.S. oil services and technology company access to oilfield data from the country with the world's largest crude reserves, three sources close to ‌the negotiations said.

The deal will allow SLB to organize and upgrade PDVSA's vast but outdated databases following years of neglect and a recent cyberattack, according to the sources.

Venezuela has not published routine oil statistics in more than a decade and the latest annual bulletin released by the oil ministry was in 2015. Except for limited output data reported monthly to OPEC, the ​lack of information has become a major obstacle to promoting oilfields for investment and tracking core activities like output, refining and exports.

From reservoir ​characterization to real-time crude production, the contract between PDVSA and SLB will involve data management and provide essential services. The ⁠companies have not disclosed the reach of the contract, but the sources said SLB will be able to use new technology, including artificial intelligence, to expand, ​modernize and make Venezuela's oil data reliable again.

"The agreement's goal is to help PDVSA and the oil ministry to digitize and consolidate all data of the ​oil industry," one of the sources said, adding the contract also involves technology transfer and training. If a new entrant needs data about an oilfield it is interested in, it can be taken from a cloud, the person added.

Since being the target of a ransomware attack late last year that knocked down applications from email to a key contract administration software, ​PDVSA has been plagued by information chaos. The company's staff is communicating through rudimentary free-access services like Telegram, while facilities are operating independently of a centralized ​system, the sources said.

In recent months, PDVSA has managed to patch its main applications, but it needs to migrate systems — particularly its geological and production databases — to new providers and ‌implement modern ⁠tracking tools, they added.

"Functionality is in recovery phase, but lots of data were lost due to damages to the servers," one of the sources said. "Some data needs to be rebuilt from paper copies."

CONTRACT FOLLOWS YEARS OF DELAYED PAYMENTS
Many other details of the contract with SLB, including duration and payment mechanism, remain unknown.

Payments in kind, including with crude, were discussed with SLB as part of negotiations. Any money transfers are expected to be complicated, with the U.S. in control of ​all revenue from the country's oil ​exports, leaving Venezuela little room to ⁠negotiate.

Last week, Venezuela's oil ministry and the U.S. embassy in Caracas confirmed that an agreement with SLB had been signed with PDVSA to "modernize exploration and production."

SLB's head for Mexico, Central America and Venezuela, William Antonio, said last week at a ​conference in Houston the contract with PDVSA started immediately after it was signed. The companies have not provided additional ​details and did not ⁠immediately reply to requests for comment.

In 2019, Washington imposed harsh sanctions on Venezuela's energy sector. PDVSA defaulted on billions of dollars in already delayed payments to companies including oilfield service firms such as SLB.

Companies now willing to work with PDVSA are taking precautions to avoid new payment issues, many oil executives have said.

Another major obstacle for ⁠any service ​contract is a myriad of software and application patches PDVSA has installed as workarounds due to ​sanctions preventing U.S. technology providers from working with Venezuela's state companies.

Despite the challenges, SLB is set to give a first external look to PDVSA's main statistics, which Venezuela has guarded intensively in recent decades.

31.8.2026 13:14, SLB

Americká společnost SLB (dříve Schlumberger), která poskytuje služby v oblasti ropného průmyslu, oznámila, že podepsala dohodu o akvizici německé firmy Kelvion, globálního dodavatele technologií tepelného managementu a výměny tepla. Kupní cena činí přibližně 3,4 mld. USD v hotovosti, k tomu SLB převezme dluh ve výši zhruba 0,7 mld. USD. Prodávajícími jsou fondy spravované Apollem jako většinovým vlastníkem a fondy poradensky spravované společností Triton, které drží menšinový podíl.

Kelvion má za rok 2026 očekávané tržby 2,3 až 2,4 mld. USD a očištěný zisk EBITDA 350 až 400 mil. USD, datová centra jsou jeho největší a nejrychleji rostoucí koncový trh s očekávanými tržbami 1,2 až 1,3 mld. USD.

SLB očekává, že akvizice bude v prvních 12 měsících po uzavření přispívat k růstu zisku na akcii i volného hotovostního toku na akcii. Transakce by měla být uzavřena v první polovině roku 2027, podmínkou jsou regulatorní schválení.

„AI pohání nejvýznamnější investiční cyklus do infrastruktury za našeho života," uvedl Olivier Le Peuch, generální ředitel SLB. „Tato transakce urychluje naši ambici stát se průmyslovým technologickým partnerem odvětví datových center a pomáhat zákazníkům zvládat rostoucí komplexitu infrastruktury potřebné ke škálování AI. Kelvion posouvá naši cestu k integrovanějším řešením infrastruktury datových center, rozšiřuje náš adresovatelný trh — více než zdvojnásobuje naši tržbovou příležitost na gigawatt dodané kapacity — a umožňuje nám škálovat jak naši nabídku, tak globální dosah tohoto byznysu."

Akcie SLB Akcie SLB (SLB) v předburzovní fázi obchodování roste o 1,99 % na 58,47 USD.

Zdroj: Bloomberg, Financial Times

Michal Bárta
Fio banka, a.s.
Prohlášení

Shares of Cintas Corporation (NASDAQ:CTAS – Get Free Report) have earned an average recommendation of “Moderate Buy” from the fifteen ratings firms that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $212.3077.

Several research firms have recently issued reports on CTAS. UBS Group reaffirmed a “buy” rating and issued a $230.00 price target (up from $228.00) on shares of Cintas in a research report on Thursday, July 16th. Truist Financial reduced their price objective on shares of Cintas from $255.00 to $225.00 and set a “buy” rating for the company in a research note on Monday, June 15th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $231.00 target price on shares of Cintas in a report on Wednesday, July 15th. Weiss Ratings upgraded shares of Cintas from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, July 10th. Finally, Bank of America raised Cintas from a “neutral” rating to a “buy” rating and boosted their price target for the company from $200.00 to $230.00 in a report on Thursday, July 16th.

View Our Latest Report on Cintas

Cintas Price Performance Shares of CTAS opened at $204.18 on Friday. Cintas has a fifty-two week low of $161.16 and a fifty-two week high of $219.16. The firm’s 50-day simple moving average is $194.43 and its two-hundred day simple moving average is $185.45. The stock has a market cap of $81.71 billion, a PE ratio of 54.59, a price-to-earnings-growth ratio of 3.30 and a beta of 0.92. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.27 and a current ratio of 1.43. Cintas (NASDAQ:CTAS – Get Free Report) last released its earnings results on Wednesday, July 15th. The business services provider reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $0.05. Cintas had a net margin of 17.75% and a return on equity of 42.05%. The firm had revenue of $2.91 billion during the quarter, compared to analyst estimates of $2.87 billion. During the same period last year, the business earned $1.09 earnings per share. The business’s revenue was up 8.9% on a year-over-year basis. Cintas has set its FY 2027 guidance at 5.360-5.500 EPS. Analysts anticipate that Cintas will post 5.49 earnings per share for the current fiscal year.

Cintas Increases Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, August 14th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.0%. This is a positive change from Cintas’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, August 14th. Cintas’s dividend payout ratio is currently 55.61%.

Institutional Trading of Cintas Several institutional investors and hedge funds have recently added to or reduced their stakes in CTAS. California State Teachers Retirement System grew its holdings in Cintas by 16,328.1% during the 2nd quarter. California State Teachers Retirement System now owns 89,228,560 shares of the business services provider’s stock valued at $15,175,993,000 after buying an additional 88,685,413 shares in the last quarter. BlackRock Inc. purchased a new position in shares of Cintas in the second quarter worth $4,520,425,000. State Street Corp lifted its holdings in shares of Cintas by 1.4% in the fourth quarter. State Street Corp now owns 15,311,491 shares of the business services provider’s stock worth $2,879,632,000 after buying an additional 210,477 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Cintas by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 9,293,485 shares of the business services provider’s stock worth $1,746,453,000 after acquiring an additional 97,220 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Cintas during the fourth quarter worth $923,672,000. Institutional investors own 63.46% of the company’s stock.

Cintas Company Profile (Get Free Report)

Cintas Corporation (NASDAQ: CTAS) is a provider of business services and products focused on workplace appearance, safety and facility maintenance. The company is best known for its uniform rental and corporate apparel programs, which include rental, leasing and direct-purchase options, laundering and garment repair. Cintas markets its services to a wide range of end-users, including manufacturing, food service, healthcare, hospitality, retail and government customers.

Beyond uniforms, Cintas offers a suite of facility services and products designed to help organizations maintain clean, safe and compliant workplaces.

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Key Takeaways Cameco's H1 uranium production fell 5%, with McArthur River/Key Lake gains offset by lower Cigar Lake output.Key Lake faces a longer-than-normal Q3 maintenance outage, while Cigar Lake halted for two weeks in July.Cameco kept 2026 production guidance at 19.5-21.5M pounds despite operational disruptions. Cameco Corporation (CCJ - Free Report) reported a 5% decline in its share of uranium production to 10.1 million pounds in the first half of 2026. Performance across key operations was mixed, with higher production at McArthur River/Key Lake offset by lower output at Cigar Lake.

Cameco’s share of packaged production from McArthur River and Key Lake rose 14% year over year to 5.8 million pounds. Production has been higher in 2026 due to differences in the mine plan.

However, operations faced temporary disruptions in May when flooding in northern Saskatchewan affected the primary transportation route to supply the McArthur River and Key Lake operations. Although the sites had not been impacted, the disruption to the delivery of critical operating materials and reagents led to a temporary suspension of production at Key Lake and reduced mining activity at McArthur River for around two weeks. 

The annual maintenance outage at the Key Lake mill is scheduled for the third quarter. The shutdown is expected to last longer than normal due to the nature of the work being performed. Cameco cautioned that production could be affected if the restart encountered challenges or there are delays in commissioning new equipment. The company, however, maintained its share of production from McArthur River/Key Lake at 10.0-11.5 million pounds for 2026. Cameco’s share from the operations was 10.5 million pounds in 2025. 

Cameco’s share of packaged production from Cigar Lake declined to 4.3 million pounds in the first six months of 2026 from 5.5 million pounds in the prior year period. The decline mainly reflected the impact of the annual maintenance outage, which was carried out in the second quarter this year, as opposed to the third quarter last year. 

In July, Cigar Lake temporarily suspended production for two weeks due to operational challenges at Orano’s McClean Lake mill. The mine’s production outlook for 2026, however, remains unchanged and Cameco’s share remains at 9.5-10.0 million pounds. The company’s share of production from Cigar Lake was 9.2 million pounds. 

In July 2026, Cameco increased its ownership stake to 57.4% in Cigar Lake. Its share of 2026 expected production from the operation remains unchanged based on the new ownership structure. 

Cameco’s expected total production for 2026 is at 19.5-21.5 million pounds compared with 23.4 million pounds in 2025. 

Peer Energy Fuels Inc. (UUUU - Free Report) mined ore containing 315,000 pounds of uranium in the second quarter, bringing first-half mined production to 740,000 pounds. Finished uranium production totaled 865,000 pounds in the second quarter and 1.7 million pounds in the first half.

With first-half finished production already above the low end of its full-year guidance, Energy Fuels has made solid progress toward its 2026 target of 1.5-2.5 million pounds of finished uranium. The company expects to mine 2.0-2.5 million pounds of contained uranium during 2026.

CCJ’s Price Performance, Valuation & EstimatesIn the past year, Cameco shares have gained 36.5% against the industry’s 1% dip. Energy Fuels gained 34.4% while Centrus Energy (LEU - Free Report) declined 10.4% in the same timeframe. 

Image Source: Zacks Investment Research

CCJ stock is trading at a forward price-to-sales ratio of 18.06 compared with the industry’s 4.83. Energy Fuels is trading higher at 19.67, while Centrus Energy is trading lower at 8.18.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Cameco’s earnings for 2026 of $1.27 per share indicates year-over-year growth of 23.3%. The same for 2027 implies growth of 69.4%.

Image Source: Zacks Investment Research

The consensus estimate for Cameco’s earnings for 2026 has moved down over the past 60 days, while the same for 2027 has moved up, as shown in the chart below.

Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #3 (Hold).

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

West Pharmaceutical Services, Inc. (NYSE:WST – Get Free Report) has earned an average rating of “Moderate Buy” from the fifteen brokerages that are currently covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a hold recommendation, eleven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $368.0769.

A number of research analysts have recently commented on WST shares. Stephens reiterated an “overweight” rating and issued a $360.00 price target on shares of West Pharmaceutical Services in a research note on Tuesday, June 2nd. Zacks Research lowered West Pharmaceutical Services from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 12th. Morgan Stanley upped their target price on West Pharmaceutical Services from $325.00 to $365.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Barclays upgraded West Pharmaceutical Services from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $310.00 to $400.00 in a research report on Tuesday, June 9th. Finally, KeyCorp lifted their price target on West Pharmaceutical Services from $350.00 to $390.00 and gave the company an “overweight” rating in a research note on Thursday, July 2nd.

Get Our Latest Report on WST

West Pharmaceutical Services Price Performance WST stock opened at $338.21 on Monday. The stock has a market cap of $23.80 billion, a price-to-earnings ratio of 43.30, a P/E/G ratio of 2.36 and a beta of 1.15. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.82 and a quick ratio of 2.12. The company has a 50 day simple moving average of $350.55 and a 200 day simple moving average of $304.00. West Pharmaceutical Services has a 1 year low of $223.83 and a 1 year high of $386.00. West Pharmaceutical Services (NYSE:WST – Get Free Report) last issued its earnings results on Thursday, July 23rd. The medical instruments supplier reported $2.37 earnings per share for the quarter, beating analysts’ consensus estimates of $2.08 by $0.29. The firm had revenue of $872.30 million for the quarter, compared to analyst estimates of $839.98 million. West Pharmaceutical Services had a net margin of 16.98% and a return on equity of 20.11%. The company’s quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter last year, the business posted $1.84 earnings per share. West Pharmaceutical Services has set its Q3 2026 guidance at 2.140-2.240 EPS and its FY 2026 guidance at 8.850-9.050 EPS. Research analysts anticipate that West Pharmaceutical Services will post 8.93 EPS for the current fiscal year.

West Pharmaceutical Services Announces Dividend The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Wednesday, July 29th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Wednesday, July 29th. West Pharmaceutical Services’s dividend payout ratio (DPR) is 11.27%.

Institutional Investors Weigh In On West Pharmaceutical Services A number of institutional investors have recently added to or reduced their stakes in the business. California State Teachers Retirement System increased its holdings in West Pharmaceutical Services by 36,590.8% in the second quarter. California State Teachers Retirement System now owns 40,592,489 shares of the medical instruments supplier’s stock valued at $14,572,704,000 after purchasing an additional 40,481,855 shares during the period. BlackRock Inc. bought a new position in West Pharmaceutical Services during the 2nd quarter worth $2,387,990,000. Bank of New York Mellon Corp acquired a new position in West Pharmaceutical Services during the 2nd quarter worth about $733,733,000. Generation Investment Management LLP acquired a new position in West Pharmaceutical Services during the 2nd quarter worth about $728,168,000. Finally, Norges Bank bought a new stake in shares of West Pharmaceutical Services in the 4th quarter valued at about $272,041,000. 93.90% of the stock is owned by institutional investors.

West Pharmaceutical Services Company Profile (Get Free Report)

West Pharmaceutical Services, Inc is a global developer and manufacturer of components, systems and services that enable the containment and delivery of injectable drugs. The company focuses on high-quality packaging and delivery solutions for the pharmaceutical and biotech industries, producing primary drug packaging components and specialized drug delivery devices used for vaccines, biologics and other injectable therapies. West is known for its elastomeric closures, seals and polymer components that maintain sterility and compatibility with sensitive drug formulations.

In addition to component manufacturing, West provides engineered delivery systems and support services across the product lifecycle.

Featured Stories Five stocks we like better than West Pharmaceutical Services Strike a Balance Between Growth and Stability With These 3 Names Ready to Rally Rubrik’s AI Security Bet Could Power the Next Leg Higher Apple’s Foldable iPhone Could Be a Catalyst, But Not a Cure-All Snowflake Is Up Nearly 50% in 2026—What Are Short Sellers Betting Against?

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A month has gone by since the last earnings report for Carrier Global (CARR - Free Report) . Shares have lost about 2% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Carrier Global due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Carrier Global Corporation before we dive into how investors and analysts have reacted as of late.

Carrier Q2 Earnings & Sales Top Estimates, HVAC Orders Up Y/YCarrier reported better-than-expected second-quarter 2026 financial results with adjusted earnings and net sales surpassing the Zacks Consensus Estimate. On the other hand, the bottom line declined year over year while the top line grew.

The company’s organic expansion marked an earlier-than-expected return to growth, aided by improving residential and light commercial conditions in the Americas and Europe. During the quarter, CARR’s orders jumped roughly 40%, while commercial HVAC orders increased about 65%, reflecting robust data-center demand.

Carrier’s Q2 Earnings & Sales TrendsThe quarter’s adjusted earnings per share were 86 cents, down 7% year over year but 3.6% above the Zacks Consensus Estimate of 83 cents.

Net sales increased 4% to $6.35 billion year over year and beat the consensus mark by 5.5%. Product sales increased to $5.63 billion from $5.48 billion in the year-ago quarter. Service sales advanced to $717 million from $636 million, providing a stronger recurring-revenue contribution.

CARR's Americas Unit Leads Quarterly GrowthClimate Solutions Americas generated sales of $3.37 billion, up 4% on both a reported and organic basis. Residential sales increased 9%, while light commercial sales rose 10% on solid retail and K-12 demand. Commercial sales declined 8% because of customer delivery timing. Segment operating profit decreased 6% to $823 million year over year, while margin fell 260 basis points (bps) to 24.4%, as price-led revenue growth was outweighed by input costs and an unfavorable mix.

Carrier Sees Mixed Regional Segment TrendsClimate Solutions Europe revenues increased 6% to $1.32 billion, including 3% organic growth. Residential and light commercial sales rose high-single digits, supported by an approximately 20% increase in heat-pump sales, while commercial revenues declined mid-single digits.

Climate Solutions Asia Pacific, Middle East & Africa sales grew 4% to $917 million. Double-digit gains in India, the Middle East, Southeast Asia and Australia offset continued weakness in China. Transportation revenues rose 2% to $738 million, as roughly 40% container growth countered low-teens declines in global truck and trailer sales.

CARR Faces Margin Pressure Across BusinessesAdjusted operating profit declined 6% year over year to $1.10 billion. Adjusted operating margin contracted 190 bps to 17.2%, as favorable volume and productivity were more than offset by higher input costs and an unfavorable business mix.

Reported operating profit fell 9% to $825 million, with the corresponding margin narrowing 180 bps to 13%. A higher adjusted effective tax rate of 23.2%, compared with 22.1% a year earlier, also weighed on earnings, while a lower share count offered a partial offset.

Carrier Generates Strong Cash Flow & Returns CapitalOperating cash flow totaled $927 million, up from $649 million in the prior-year quarter. After capital expenditures of $117 million, free cash flow reached $810 million compared with $568 million a year earlier.

Carrier returned about $640 million to shareholders through dividends and share repurchases during the second quarter. The company maintained its full-year free cash flow target of approximately $2 billion and share-repurchase expectation of about $1.5 billion.

CARR Lifts 2026 Sales & Profit OutlookCarrier raised its 2026 sales outlook to approximately $23 billion from about $22 billion. The company now expects organic sales growth in the mid-to-high-single-digit range, compared with its prior expectation of flat to low-single-digit growth. Adjusted operating profit is projected at roughly $3.5 billion, up from the previous forecast of $3.4 billion. Adjusted earnings guidance increased to approximately $2.90 per share from $2.80, including an estimated five-cent headwind from the NORESCO exit and start-up costs for a new U.S. manufacturing facility.

How Have Estimates Been Moving Since Then?It turns out, estimates review have trended downward during the past month.

VGM ScoresAt this time, Carrier Global has a subpar Growth Score of D, however its Momentum Score is doing a bit better with a C. Following the exact same course, the stock was allocated a score of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions looks promising. Interestingly, Carrier Global has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry PlayerCarrier Global belongs to the Zacks Building Products - Air Conditioner and Heating industry. Another stock from the same industry, Comfort Systems (FIX - Free Report) , has gained 6.3% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

Comfort Systems reported revenues of $3.27 billion in the last reported quarter, representing a year-over-year change of +50.3%. EPS of $12.53 for the same period compares with $6.53 a year ago.

Comfort Systems is expected to post earnings of $12.06 per share for the current quarter, representing a year-over-year change of +46.2%. Over the last 30 days, the Zacks Consensus Estimate has changed +1.5%.

Comfort Systems has a Zacks Rank #1 (Strong Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.

Lucid Group LCID shares fell about 7.7% Monday as pressure on growth stocks outweighed recent developments in the electric-vehicle maker's European retail strategy.

Investors were also weighing a new threat to the auto sector after President Donald Trump said the U.S. plans to impose 50% tariffs on Canadian auto imports starting in 2027. Higher Treasury yields added to the pressure on rate-sensitive growth names.

Lucid last week expanded its European footprint by naming Munsterhuis Autobedrijven as its first retail partner in the Netherlands. The arrangement adds sales, leasing and service capabilities in Hengelo to Lucid's existing presence in Hilversum.

Attention also remains on the company's restructuring plan. Lucid is targeting $1.4 billion in cash-flow savings through lower capital spending, workforce reductions and working-capital measures. With $3 billion of liquidity, investors are watching the production ramp at its AMP-2 facility in Saudi Arabia and development of its midsize vehicle platform.

Near-term trading may remain sensitive to tariffs, interest rates and execution on Lucid's cost-cutting and production plans.

Lucid's new CEO unveiled a sweeping list of fixes, partnerships, and bold promises, but Wall Street responded by punishing the stock hard. The question now is whether the company can survive long enough to compete in markets dominated by rivals…

Lucid’s (NASDAQ: LCID | LCID Price Prediction) shares rallied into the summer as it moved from below $3 in mid-July to $8 by the end of the month. In the last month, they have collapsed 23% and are now down 53% for the year. Clearly, Wall St. sees what was once a troubled company as deeply troubled.

Investors disliked second-quarter earnings and winced when new CEO Silvio Napoli said he had started an “operational reset.” He said current models were not enough to take the company forward and that it needed new products. He said he planned to cut expenses by another $1 billion. He said that the company’s new Cosmos, priced below $50,000, would be delayed until next year. And he chopped 1,500 people. This is after layoffs several months ago.

Napoli’s list of plans may have been too long to be believable. The company will use Nuro’s self-driving software to partner with Uber (NYSE: UBER). It will be built on the all-electric Gravity SUV. The announcement of the deal was nothing short of breathless: “Setting a new standard for safe, sustainable, and scalable autonomous transportation worldwide with a next-generation global robotaxi program. This is a first-of-its-kind partnership built on expertise, collaboration, and trust,” the companies said.

The reason for the panic is simple. Lucid continues to lose money and makes very few vehicles. It has cut costs, a move that is as old as the mountains. And it is unclear how much was fat and how much was muscle.

The sub-$50,000 EV is a product most EV companies know they need to restart slow EV sales. That means competition. And the self-driving taxi business is full to overflowing. That includes Tesla (NASDAQ: TSLA) and Waymo, who have access to huge amounts of capital and have been in the field for months, if not years.

Lucid is chasing business where it is not close to the first company in line. And, well behind others, it does not have the money to catch up.

Contact [email protected] for any questions or corrections.

Electric vehicle maker Lucid (LCID.O) is recalling 27,185 of its ​flagship Air luxury sedans in the U.S., ‌because an exterior lighting circuit could overheat and increase the risk of a fire, the National ​Highway Traffic Safety Administration said on Friday.

Here ​are some details:

The NHTSA recall notice asked ⁠owners to park their vehicles outside ​and away from structures until a remedy is ​deployed.

The overheated circuit could also cause loss of exterior lighting, which could, in turn, increase the risk ​of a crash, according to the NHTSA.

Lucid ​has released an over-the-air software update to fix the issue ‌and ⁠has already determined that 20,719 vehicles have received the update, the NHTSA added.

The recall marks Lucid's largest to date, encompassing more ​vehicles than the ​company delivered ⁠throughout 2025, when it handed over 15,841 cars.

In May, Lucid recalled ​2,039 vehicles due to loss of ​drive ⁠power, while it also recalled more than 10,000 vehicles in January this year over rearview ⁠camera ​image issues.

Lucid is backed ​by Saudi Arabia's Public Investment Fund (PIF).

It has been about a month since the last earnings report for Corning (GLW - Free Report) . Shares have added about 23.2% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Corning due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for Corning Incorporated before we dive into how investors and analysts have reacted as of late.

Corning Beats Q2 Earnings Estimates on Optical and Solar Growth

Corning reported second-quarter 2026 results with non-GAAP earnings of 78 cents per share, up 30% year over year and 2.6% above the Zacks Consensus Estimate. Core revenues of $4.74 billion increased 17% and surpassed the consensus mark by 2.9%.

Revenue growth was primarily led by Optical Communications and Solar segments. Enterprise Networks sales jumped 65%, supported by accelerating demand for generative artificial intelligence (AI) infrastructure. Core operating margin also expanded as higher volumes and improved execution strengthened profitability.

Optical Sales Accelerate on AI Demand

Optical Communications remained the company’s largest growth engine, with sales rising 32% year over year to $2.07 billion. Segment net income surged 77% to $438 million, reflecting strong demand and favorable operating leverage.

Enterprise Networks drove the improvement as hyperscale customers expanded AI-related data center capacity. Corning also announced multiyear agreements with Amazon and NVIDIA, supporting further demand for optical fiber, cable and connectivity products. The NVIDIA partnership includes plans to increase U.S. optical connectivity manufacturing capacity tenfold and expand domestic fiber production capacity by more than 50%.

Solar Business Posts Sharp Growth

Solar revenues climbed 90% year over year to $438 million, making the segment the company’s fastest-growing operation. Sales also increased 18% sequentially as Corning continued to scale its polysilicon, wafer and module businesses.

The segment recorded a net loss of $7 million against a net income of $2 million a year earlier. Results were affected by an extended maintenance shutdown and equipment upgrade at the solar wafer facility. Management expects profitability to improve in the third quarter as production resumes and operating efficiencies strengthen.

GLW Expands Core Margins and Profitability

Core gross margin improved 120 basis points year over year to 39.6%. Core operating margin expanded 190 basis points to 20.9%, while core operating income rose to $989 million from $770 million.

Core net income increased 30% to $680 million. The stronger margin profile reflected higher sales volumes, a favorable business mix and improved scale. Core return on invested capital advanced 180 basis points to 14.9%, indicating better returns from the company’s asset base and growth investments.

On a GAAP basis, operating income rose to $698 million from $573 million. Selling, general and administrative expenses increased to $608 million from $515 million, while research, development and engineering expenses rose to $299 million from $276 million.

Corning’s Other Segments Deliver Mixed Results

Glass Innovations generated sales of $1.46 billion, up 1% year over year. Segment net income increased 9% to $354 million, showing improved profitability despite modest revenue growth. Automotive sales advanced 2% to $471 million, while net income increased 4% to $82 million. The business also improved sequentially, with revenues rising 8% and profit increasing 17% from the first quarter. Life Sciences and Emerging Growth Businesses remained a weak spot. Revenues declined 15% year over year to $294 million, while the segment posted a net loss of $21 million compared with net income of $6 million in the prior-year quarter.

Cash Flow Strength Lends Support

Corning generated $1.72 billion in operating cash flow during the quarter, up from $708 million a year earlier. Adjusted free cash flow reached $1.42 billion compared with $451 million in the prior-year period.

Capital expenditures totaled $422 million. Cash and cash equivalents were $2.50 billion at June 30, 2026, while long-term debt stood at $7.76 billion.

Outlook

For the third quarter, management expects core sales between $4.9 billion and $5 billion, representing approximately 16% year-over-year growth. Core earnings are projected between 85 cents and 89 cents per share, implying growth of roughly 28%.

Corning continues to target an annualized sales run rate of $20 billion by the end of 2026 under its upgraded Springboard Plan. The company also aims to reach $30 billion by the end of 2028 and $40 billion by the end of 2030, supported by AI infrastructure, solar expansion and deeper customer partnerships.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a upward trend in estimates review.

The consensus estimate has shifted 5.72% due to these changes.

VGM ScoresCurrently, Corning has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with a D. Following the exact same course, the stock has a score of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Corning has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Broad Run Investment Management LLC purchased a new position in Transdigm Group Incorporated (NYSE:TDG – Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 10,801 shares of the aerospace company’s stock, valued at approximately $14,387,000. Transdigm Group comprises 2.2% of Broad Run Investment Management LLC’s investment portfolio, making the stock its 15th largest position.

Several other institutional investors and hedge funds also recently made changes to their positions in TDG. Empowered Funds LLC boosted its stake in Transdigm Group by 5.0% during the first quarter. Empowered Funds LLC now owns 1,372 shares of the aerospace company’s stock worth $1,898,000 after buying an additional 65 shares in the last quarter. Acadian Asset Management LLC increased its holdings in Transdigm Group by 92.3% in the 1st quarter. Acadian Asset Management LLC now owns 273 shares of the aerospace company’s stock valued at $376,000 after buying an additional 131 shares during the period. NewEdge Advisors LLC raised its stake in shares of Transdigm Group by 152.9% in the 2nd quarter. NewEdge Advisors LLC now owns 2,064 shares of the aerospace company’s stock valued at $3,138,000 after buying an additional 1,248 shares in the last quarter. Sei Investments Co. boosted its position in shares of Transdigm Group by 25.4% during the 2nd quarter. Sei Investments Co. now owns 33,032 shares of the aerospace company’s stock valued at $50,227,000 after acquiring an additional 6,697 shares in the last quarter. Finally, Treasurer of the State of North Carolina boosted its position in shares of Transdigm Group by 3.6% during the 2nd quarter. Treasurer of the State of North Carolina now owns 25,821 shares of the aerospace company’s stock valued at $39,264,000 after acquiring an additional 902 shares in the last quarter. Institutional investors own 95.78% of the company’s stock.

Transdigm Group Stock Performance NYSE TDG opened at $1,198.78 on Tuesday. The stock has a market capitalization of $67.05 billion, a P/E ratio of 36.37, a price-to-earnings-growth ratio of 2.00 and a beta of 0.91. Transdigm Group Incorporated has a 52 week low of $1,123.61 and a 52 week high of $1,463.03. The stock has a fifty day moving average of $1,268.22 and a 200-day moving average of $1,244.70.

Transdigm Group (NYSE:TDG – Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The aerospace company reported $10.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.30 by $0.57. The business had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.68 billion. Transdigm Group had a negative return on equity of 23.65% and a net margin of 19.69%.The firm’s revenue for the quarter was up 22.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $9.60 earnings per share. Transdigm Group has set its FY 2026 guidance at 40.620-41.460 EPS. Equities research analysts forecast that Transdigm Group Incorporated will post 38.81 earnings per share for the current fiscal year. Insider Activity at Transdigm Group In other Transdigm Group news, Director W Nicholas Howley sold 10,132 shares of the firm’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $1,216.08, for a total value of $12,321,322.56. Following the transaction, the director directly owned 21,548 shares of the company’s stock, valued at approximately $26,204,091.84. This trade represents a 31.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Joel Reiss sold 3,900 shares of the company’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $1,238.76, for a total transaction of $4,831,164.00. Following the sale, the chief operating officer owned 3,600 shares of the company’s stock, valued at $4,459,536. The trade was a 52.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 38,196 shares of company stock worth $48,027,598 over the last 90 days. 3.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades A number of research analysts have commented on TDG shares. BNP Paribas Exane cut their price target on shares of Transdigm Group from $1,800.00 to $1,750.00 and set an “outperform” rating for the company in a research note on Thursday, May 14th. JPMorgan Chase & Co. increased their target price on Transdigm Group from $1,440.00 to $1,450.00 and gave the stock a “neutral” rating in a report on Monday, June 15th. BMO Capital Markets raised their target price on Transdigm Group from $1,450.00 to $1,525.00 and gave the stock an “outperform” rating in a research report on Thursday, July 2nd. Morgan Stanley cut Transdigm Group from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $1,680.00 to $1,345.00 in a research report on Wednesday, July 15th. Finally, Jefferies Financial Group lifted their price objective on Transdigm Group from $1,565.00 to $1,575.00 in a report on Monday, May 11th. Six equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $1,463.71.

View Our Latest Research Report on TDG

(Free Report)

TransDigm Group Incorporated is a designer, producer and supplier of engineered aircraft components and systems for commercial and military aerospace applications. The company’s product portfolio covers a broad range of mission-critical parts and subsystems, including mechanical and electromechanical components, ignition and fuel system parts, sensors and actuators, cockpit and cabin systems, and other safety-critical hardware. TransDigm supplies original equipment manufacturers (OEMs) as well as the aftermarket, providing spare parts, repair and overhaul services and component support throughout an asset’s life cycle.

TransDigm’s operating model places emphasis on proprietary, niche components that are difficult to replace, and the company operates through a collection of independently run subsidiaries and brands that sell specialized products.

See Also Five stocks we like better than Transdigm Group Visa Just Put Hims & Hers in the Penalty Box—Here’s Why It Matters Treasury Yields Are Surging Again: 3 Stocks That Could Feel the Pain Snowflake Could Be Headed for New Highs Despite Insider Selling MongoDB Is Surging—And the Next Catalyst Is Almost Here Want to see what other hedge funds are holding TDG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Transdigm Group Incorporated (NYSE:TDG – Free Report).

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Key Takeaways DKNG's sportsbook handle rose 11% YoY, while trailing 12-month net revenue per customer increased 14%.DraftKings kept 2026 revenue guidance at $6.5-$6.9B and adjusted EBITDA outlook at $700-$900M.FLUT cut its 2026 revenue and EBITDA outlooks amid taxes, restructuring and regional weakness. The online gaming industry is navigating an increasingly competitive environment as operators balance customer acquisition, promotional spending, product innovation and profitability. Within this environment, DraftKings Inc. (DKNG - Free Report) and Flutter Entertainment plc (FLUT - Free Report) hold leading competitive positions but differ materially in geographic exposure, operating mix and capital-allocation priorities.

DraftKings is leveraging improving customer economics, its nationwide Super App and the expansion of Predictions, while Flutter is relying on FanDuel’s U.S. scale, international diversification and cost-transformation initiatives. With both companies pursuing growth amid regulatory uncertainty and shifting market dynamics, a closer look at their recent performance, strategies and outlook can help determine which stock has stronger prospects ahead.

The Case for DKNGDraftKings continues to demonstrate solid underlying momentum across its sportsbook operations. Second-quarter sportsbook handle increased 11% year over year, while sports consumer volume rose 15%. Monthly unique payers increased 9%, or more than 6% excluding World Cup-only customers. Sportsbook handle share also improved year over year for the third consecutive quarter, pointing to sustained competitive gains.

Customer-acquisition trends were similarly encouraging. Customer acquisition increased nearly 75% year over year, with DraftKings adding roughly 30% more customers than planned. Although acquisition spending exceeded expectations by approximately 10%, customer acquisition costs were about 25% below projections and reached their most efficient level since the first quarter of 2025. Reported revenues declined 4.6% year over year to $1.44 billion. However, revenues increased 10% on a normalized basis after adjusting for sports outcomes and customer-acquisition effects.

Improving monetization further supports the company’s growth profile. Trailing 12-month net revenue per unique customer increased 14% during the first half of 2026, indicating sustained growth in revenues generated from each customer. A continued increase in parlay handle mix also supports the underlying economics of the sportsbook business.

Predictions represents an additional growth opportunity. More than 600,000 customers engaged with the offering year to date, while annualized total volume traded increased nearly fivefold from $2.3 billion in April to $11 billion in July. The launch of DKeX, approval as a Futures Commission Merchant and the development of in-house market-making capabilities should enable DraftKings to capture a larger share of the platform’s economics as activity migrates to its proprietary infrastructure.

Nonetheless, Predictions remains at an early stage, and its long-term return profile has yet to be established. Customer-friendly sports outcomes created an approximately $80 million second-quarter revenue headwind, while the additional spending required to acquire more customers than planned reduced near-term adjusted EBITDA. DraftKings also expects to invest $200-$300 million in Predictions during 2026, with regulatory uncertainty adding another layer of risk.

The Case for FLUTFlutter’s international footprint provides meaningful geographic diversification, although performance across markets remains uneven. International revenues increased 10% in the second quarter, including contributions from the Snai and Betnacional acquisitions. Italy recovered strongly following temporary pressure associated with the Snai migration, while Southern Europe and Africa iGaming revenues rose 34%. These gains were partly offset by lower organic revenues in Brazil, continued weakness in APAC racing and profitability pressure from higher U.K. iGaming taxes.

In the United States, FanDuel is taking steps to strengthen engagement following shortcomings in the execution of its generosity strategy during the previous NFL season. Rewards Club reached 70% of customers, while BetProtect+ and SuperSub enhanced the sportsbook proposition. However, U.S. revenues declined 6% year over year, including a six-percentage-point headwind from customer-friendly sports outcomes. Flutter also estimated that the U.S. sportsbook market grew approximately 5% during the first half and incorporated a broadly similar rate into its second-half assumptions.

FanDuel Predicts offers another potential growth avenue, although first-half progress was slower than planned and the regulatory framework remains unsettled. The One App rollout and Crypto.com integration are expected to strengthen the offering, while market-making activities are projected to contribute approximately $50 million to both revenues and adjusted EBITDA in 2026. However, the absence of separately disclosed customer and volume metrics makes the platform’s early traction difficult to evaluate.

At the consolidated level, Flutter’s revenues increased 3%, and second-quarter performance exceeded internal expectations. Profitability and cash generation, however, remained under pressure. Adjusted EBITDA declined 45%, free cash flow fell 56%, and the company recorded a net loss of $296 million compared with net income of $37 million a year earlier. Leverage ended the quarter at 4.3X, above the medium-term target range of 2-2.5X.

Flutter expects approximately $500 million of transaction, restructuring and integration costs in 2026, including initial efficiency program implementation costs and $95 million of historical tax provisions.

How Do DKNG and FLUT Stack Up on Outlook?DraftKings enters the second half with healthy sportsbook demand, improving customer economics and unchanged full-year guidance. Its core business remains on track to generate approximately $1 billion in adjusted EBITDA in 2026. Including the planned Predictions investment, DraftKings maintained its revenue outlook of $6.5-$6.9 billion and adjusted EBITDA guidance of $700-$900 million.

Flutter plans to increase customer generosity in the United States to strengthen engagement and position FanDuel for potential market-share gains in 2027. Although the investment could benefit the business over time, it will constrain near-term earnings. U.S. adjusted EBITDA is now expected to be approximately breakeven in the third quarter and roughly $500 million in the fourth quarter, down from the previous fourth-quarter expectation of about $700 million.

The midpoint of Flutter’s 2026 revenue outlook was reduced by $395 million to $17.91 billion, while its adjusted EBITDA midpoint was lowered by $210 million to $2.655 billion. The reductions leave Flutter with a less favorable near-term earnings trajectory despite its broader international platform.

The guidance divergence is notable. DraftKings is investing in prediction markets without reducing its consolidated outlook. Flutter, meanwhile, is increasing customer generosity to strengthen U.S. momentum after lowering its full-year expectations. DraftKings, therefore, currently offers greater near-term earnings visibility.

How Does the Zacks Consensus Estimate Compare for DKNG & FLUT?The Zacks Consensus Estimates for DraftKings’ 2026 sales and earnings per share (EPS) suggest year-over-year increases of 11.4% and 56.1%, respectively. In the past 60 days, the consensus EPS estimate for 2026 has declined 7.2%.

DKNG Earnings Estimate Trend
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Flutter’s 2026 sales suggests year-over-year growth of 9.4%, while the EPS estimate indicates a decline of 40.4%. In the past 60 days, the consensus EPS estimate for 2026 has declined 15.8%.

FLUT Earnings Estimate Trend
Image Source: Zacks Investment Research

Price Performance & Valuation of DKNG & FLUTDraftKings’ stock has gained 1.7% in the past six months, outperforming the industry’s fall of 10.9%. Meanwhile, Flutter shares have declined 10.4% over the same period.

DKNG & FLUT Stock Six-Month Price Performance
Image Source: Zacks Investment Research

DraftKings trades at a forward 12-month P/E multiple of 24.48X, above the industry average of 21.96X. FLUT trades at a lower forward 12-month P/E multiple of 17.21X.

Image Source: Zacks Investment Research

End NotesOverall, DraftKings and Flutter are pursuing growth through sportsbook innovation, customer engagement and prediction-market expansion. DraftKings benefits from healthy betting demand, improving customer economics and rapid Predictions adoption, while Flutter offers FanDuel’s scale, international diversification and a lower valuation.

However, DKNG’s stronger consensus earnings-growth outlook, unchanged guidance and superior recent share-price performance currently give it an edge. DKNG currently carries a Zacks Rank #3 (Hold), while FLUT has a Zacks Rank #5 (Strong Sell), reinforcing DraftKings’ relative advantage in this comparison.

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

 | Source: Vaxart, Inc.

European Patent Office granted Vaxart a new patent, extending intellectual property protection for Vaxart’s Norovirus vaccine program through at least 2036 across key European markets

KEY HIGHLIGHTS:
• European Patent Office (EPO) granted Vaxart a new patent: European Patent No. 3791859. The patent formally published today. This patent further protects core IP for Vaxart's oral recombinant norovirus vaccine candidate.
• Extended Intellectual Property Protection secured through at least 2036 across 13 major European jurisdictions, including Germany, France, Italy, Spain, and the United Kingdom.
• Proprietary Delivery Platform Validation: Protects key aspects of Vaxart's room-temperature stable, needle-free pill technology for the use of against norovirus.

SOUTH SAN FRANCISCO, Calif., Aug. 26, 2026 (GLOBE NEWSWIRE) -- Vaxart, Inc. (OTCQX: VXRT), a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform, today announced that the European Patent Office (EPO) formally published the grant of European Patent No. 3791859 effective today on August 26, 2026 (European Patent Bulletin 26/35).

"Securing this patent expands our global intellectual property portfolio and secures additional protection of our norovirus asset for Europe through at least 2036," said Steven Lo, Chief Executive Officer at Vaxart. "As leaders in oral vaccine development, covering critical aspects of our proprietary delivery approach further solidifies our intellectual property estate. As the industry sees ongoing challenges with traditional injected norovirus candidates, this patent secures our potential advantage in delivering a targeted, oral tablet solution for norovirus, an area of high unmet need."

Following grant publication, the patent will be validated in key European territories, including Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Spain, Sweden, Switzerland, and the United Kingdom.

About Vaxart
Vaxart is a clinical-stage biotechnology company developing a range of oral recombinant vaccines based on its proprietary delivery platform. Vaxart vaccines are designed to be administered using pills that can be stored and shipped without refrigeration and eliminate the risk of needle-stick injury. Vaxart believes that its proprietary pill vaccine delivery platform is suitable to deliver recombinant vaccines, positioning the Company to develop oral versions of currently marketed vaccines and to design recombinant vaccines for new indications. Vaxart’s development programs currently include pill vaccines designed to protect against coronavirus, norovirus, and influenza, as well as a therapeutic vaccine for human papillomavirus (HPV), Vaxart’s first immune-oncology indication. Vaxart has filed broad domestic and international patent applications covering its proprietary technology and creations for oral vaccination using adenovirus and TLR3 agonists.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding Vaxart’s strategy, prospects, plans and objectives, results from preclinical and clinical trials, commercialization agreements and licenses, and beliefs and expectations of management are forward-looking statements. These forward-looking statements may be accompanied by such words as “should,” “believe,” “could,” “potential,” “will,” “expected,” “anticipate,” “plan,” "target," "seek," "intend," "may," "predict," "project," "would," and other words and terms of similar meaning. Examples of such statements include, but are not limited to, statements relating to Vaxart’s ability to raise capital pursuant to the purchase agreement with LPC; Vaxart’s ability to develop and commercialize its product candidates, including its vaccine booster products; Vaxart’s expectations regarding clinical results and trial data, and the timing of receiving and reporting such clinical results and trial data; Vaxart’s expected timing for future clinical trials; Vaxart’s expectations with respect to the effectiveness of its product candidates; expectations regarding collaborations, including the Dynavax collaboration; and Vaxart’s cash runway and anticipated funding needs. These forward-looking statements are based on current expectations, estimates, forecasts, and projections about the industry and markets in which Vaxart operates as well as management’s current beliefs and assumptions. Vaxart may not actually achieve the plans, carry out the intentions, or meet the expectations or projections disclosed in the forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations, and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Vaxart makes, including uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement, and/or completion dates for clinical trials, regulatory submission dates, regulatory approval dates, and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; whether regulatory authorities will be satisfied with the design of and results from the clinical studies; decisions by regulatory authorities impacting labeling, manufacturing processes, and safety that could affect the availability or commercial potential of any product candidate, including the possibility that Vaxart’s product candidates may not be approved by the FDA or non-U.S. regulatory authorities; that, even if approved by the FDA or non-U.S. regulatory authorities, Vaxart’s product candidates may not achieve broad market acceptance; that a Vaxart collaborator may not attain development and commercial milestones; that Vaxart or its partners may experience manufacturing issues and delays due to events within, or outside of, Vaxart’s or its partners’ control; difficulties in production, particularly in scaling up initial production, including difficulties with production costs and yields, quality control, including stability of the product candidate and quality assurance testing, shortages of qualified personnel or key raw materials, and compliance with strictly enforced federal, state, and foreign regulations; that Vaxart may not be able to obtain, maintain, and enforce necessary patent and other intellectual property protection; that Vaxart’s capital resources may be inadequate; Vaxart’s ability to resolve pending legal matters; Vaxart’s ability to obtain sufficient capital to fund its operations on terms acceptable to Vaxart, if at all; the impact of government healthcare proposals and policies; competitive factors; and other risks and uncertainties described in the “Risk Factors” sections of Vaxart’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission, which are available on the SEC’s website at www.sec.gov. The forward-looking statements in this press release speak only as of the date of this press release. Vaxart undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.

Contact
Vaxart Media and Investor Relations
FINN Partners
[email protected]

BlackRock Inc. bought a new position in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 2,648,584 shares of the company’s stock, valued at approximately $104,619,000. BlackRock Inc. owned 0.79% of Sirius XM at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Valeo Financial Advisors LLC grew its position in Sirius XM by 3.2% in the second quarter. Valeo Financial Advisors LLC now owns 10,916 shares of the company’s stock valued at $322,000 after acquiring an additional 340 shares during the period. Altshuler Shaham Ltd grew its holdings in shares of Sirius XM by 36.7% in the 1st quarter. Altshuler Shaham Ltd now owns 1,553 shares of the company’s stock worth $36,000 after purchasing an additional 417 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Sirius XM by 33.7% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,837 shares of the company’s stock worth $55,000 after purchasing an additional 463 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Sirius XM by 36.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,836 shares of the company’s stock worth $41,000 after purchasing an additional 493 shares during the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its position in shares of Sirius XM by 5.4% during the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 9,862 shares of the company’s stock worth $291,000 after purchasing an additional 509 shares in the last quarter. Institutional investors and hedge funds own 10.69% of the company’s stock.

More Sirius XM News Here are the key news stories impacting Sirius XM this week:

Positive Sentiment: SiriusXM is adding former LSU football coach Brian Kelly to a weekly show with Danny Kanell and Roy Philpott. The move expands the company’s sports programming and could help attract college-football listeners and advertising revenue. Brian Kelly joins SiriusXM for weekly show Neutral Sentiment: Director Anjali Sud reportedly acquired 60 Sirius XM shares through a dividend-related restricted stock unit credit. Because the shares were received through an equity compensation process rather than a large open-market purchase, the transaction offers limited insight into management’s valuation view. Anjali Sud share acquisition Negative Sentiment: SiriusXM is reportedly dropping Howard Stern’s Channel 101 after layoffs affecting roughly a dozen staffers. The decision may reduce programming costs, but it also highlights disruption around one of the company’s highest-profile personalities and could weigh on subscriber engagement, content visibility and investor confidence. Howard Stern’s SiriusXM 101 channel dropped Negative Sentiment: Reports that Stern’s channel was removed following broader layoffs add to concerns about SiriusXM’s content strategy and its relationship with marquee talent. The impact could be partly offset if the replacement programming improves listening, but that benefit remains unproven. Howard Stern channel replacement announced Insider Transactions at Sirius XM In other news, Director Jonelle Procope sold 16,672 shares of the firm’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $29.97, for a total value of $499,659.84. Following the transaction, the director owned 18,354 shares of the company’s stock, valued at approximately $550,069.38. This trade represents a 47.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 3.27% of the company’s stock. Wall Street Analyst Weigh In A number of research firms have commented on SIRI. Benchmark restated a “buy” rating on shares of Sirius XM in a research report on Wednesday, July 29th. Weiss Ratings upgraded shares of Sirius XM from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, July 9th. The Goldman Sachs Group reissued a “neutral” rating and issued a $32.00 target price on shares of Sirius XM in a report on Friday, August 7th. Wells Fargo & Company increased their price target on Sirius XM from $30.00 to $31.00 and gave the stock an “equal weight” rating in a research report on Friday, July 31st. Finally, JPMorgan Chase & Co. lifted their price target on Sirius XM from $26.00 to $34.00 and gave the company a “neutral” rating in a report on Friday, July 31st. Four research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $30.92.

Get Our Latest Stock Report on Sirius XM

Sirius XM Stock Performance SIRI stock opened at $28.54 on Friday. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.46 and a quick ratio of 0.46. The company has a 50 day moving average price of $29.65 and a 200 day moving average price of $26.49. Sirius XM Holdings Inc. has a fifty-two week low of $19.76 and a fifty-two week high of $32.66. The stock has a market capitalization of $9.62 billion, a PE ratio of 11.42, a price-to-earnings-growth ratio of 0.62 and a beta of 0.95.

Sirius XM (NASDAQ:SIRI – Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.08). The firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.14 billion. Sirius XM had a net margin of 10.23% and a return on equity of 9.37%. The firm’s quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.57 earnings per share. Analysts forecast that Sirius XM Holdings Inc. will post 3.01 EPS for the current year.

Sirius XM Announces Dividend The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 26th. Shareholders of record on Monday, August 10th were given a dividend of $0.27 per share. The ex-dividend date was Monday, August 10th. This represents a $1.08 dividend on an annualized basis and a yield of 3.8%. Sirius XM’s dividend payout ratio is presently 43.20%.

Sirius XM Company Profile (Free Report)

Sirius XM Holdings Inc is a leading audio entertainment company specializing in subscription-based satellite and streaming radio services. Formed in 2008 through the merger of Sirius Satellite Radio and XM Satellite Radio, the company delivers a broad range of programming across music, sports, news, talk and comedy channels. Sirius XM’s offerings include exclusive live sports play-by-play, artist-curated music channels, news coverage from major networks and original talk and entertainment series.

Headquartered in New York City, Sirius XM serves listeners throughout the United States and Canada, reaching tens of millions of subscribers.

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