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Posted by Defense World Staff on Jul 22nd, 2026

California Public Employees Retirement System lessened its stake in shares of Mid-America Apartment Communities, Inc. (NYSE:MAA – Free Report) by 34.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 269,258 shares of the real estate investment trust’s stock after selling 138,697 shares during the period. California Public Employees Retirement System owned 0.23% of Mid-America Apartment Communities worth $32,882,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. State Street Corp grew its holdings in shares of Mid-America Apartment Communities by 1.6% in the third quarter. State Street Corp now owns 8,119,375 shares of the real estate investment trust’s stock valued at $1,134,520,000 after purchasing an additional 125,130 shares during the period. Norges Bank acquired a new stake in Mid-America Apartment Communities during the fourth quarter worth about $750,603,000. Viking Global Investors LP raised its stake in Mid-America Apartment Communities by 46.7% during the fourth quarter. Viking Global Investors LP now owns 3,880,048 shares of the real estate investment trust’s stock worth $538,977,000 after purchasing an additional 1,234,966 shares during the period. Geode Capital Management LLC raised its stake in Mid-America Apartment Communities by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 3,423,986 shares of the real estate investment trust’s stock worth $473,977,000 after purchasing an additional 40,028 shares during the period. Finally, Invesco Ltd. boosted its holdings in Mid-America Apartment Communities by 6.7% in the 4th quarter. Invesco Ltd. now owns 2,154,600 shares of the real estate investment trust’s stock valued at $299,295,000 after purchasing an additional 134,739 shares during the last quarter. Hedge funds and other institutional investors own 93.60% of the company’s stock.

Mid-America Apartment Communities Stock Performance Shares of Mid-America Apartment Communities stock opened at $132.24 on Wednesday. The stock has a market capitalization of $15.39 billion, a price-to-earnings ratio of 40.07 and a beta of 0.74. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.13 and a quick ratio of 0.13. The business has a 50-day moving average of $134.45 and a 200 day moving average of $131.95. Mid-America Apartment Communities, Inc. has a 12 month low of $120.30 and a 12 month high of $153.93.

Mid-America Apartment Communities (NYSE:MAA – Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The real estate investment trust reported $2.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $1.30. Mid-America Apartment Communities had a net margin of 17.60% and a return on equity of 6.61%. The company had revenue of $553.73 million for the quarter, compared to analyst estimates of $555.75 million. During the same period in the prior year, the firm earned $2.20 earnings per share. The business’s revenue for the quarter was up .8% compared to the same quarter last year. Mid-America Apartment Communities has set its Q2 2026 guidance at 2.000-2.120 EPS and its FY 2026 guidance at 8.370-8.690 EPS. As a group, sell-side analysts forecast that Mid-America Apartment Communities, Inc. will post 8.5 earnings per share for the current year.

Mid-America Apartment Communities Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th will be paid a $1.53 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $6.12 annualized dividend and a dividend yield of 4.6%. Mid-America Apartment Communities’s payout ratio is 185.45%.

Insider Activity In related news, Director Tamara D. Fischer bought 1,100 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The stock was purchased at an average cost of $128.55 per share, for a total transaction of $141,405.00. Following the completion of the acquisition, the director owned 1,100 shares in the company, valued at approximately $141,405. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.60% of the company’s stock.

Analyst Ratings Changes Several analysts have recently weighed in on the stock. Scotiabank increased their price target on shares of Mid-America Apartment Communities from $129.00 to $137.00 and gave the company a “sector underperform” rating in a research note on Thursday, July 9th. Morgan Stanley lifted their price target on shares of Mid-America Apartment Communities from $150.00 to $155.00 and gave the company an “overweight” rating in a research report on Thursday, June 25th. Piper Sandler upped their price objective on Mid-America Apartment Communities from $140.00 to $143.00 and gave the company a “neutral” rating in a report on Tuesday. Truist Financial increased their price objective on Mid-America Apartment Communities from $136.00 to $146.00 and gave the stock a “buy” rating in a research report on Wednesday, June 10th. Finally, Cantor Fitzgerald cut their target price on Mid-America Apartment Communities from $141.00 to $132.00 and set a “neutral” rating for the company in a research note on Monday, May 4th. Eight analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Mid-America Apartment Communities currently has an average rating of “Hold” and an average price target of $144.75.

Check Out Our Latest Research Report on Mid-America Apartment Communities

About Mid-America Apartment Communities (Free Report)

Mid-America Apartment Communities, Inc (NYSE: MAA) is a publicly traded real estate investment trust (REIT) specializing in the acquisition, development, redevelopment and operation of multifamily residential properties. The company focuses on high-barrier-to-entry apartment communities, offering a mix of one-, two- and three-bedroom homes designed to meet the needs of diverse renter demographics. Its integrated business model encompasses property management, leasing, maintenance and customer service, providing residents with a comprehensive living experience under one ownership platform.

MAA’s portfolio comprises more than 100 communities and over 40,000 apartment homes across key Sun Belt markets.

Further Reading Five stocks we like better than Mid-America Apartment Communities Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible

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« PREVIOUS HEADLINECalifornia Public Employees Retirement System Has $29.32 Million Stock Holdings in Coeur Mining, Inc. $CDE

California Public Employees Retirement System trimmed its position in shares of Clean Harbors, Inc. (NYSE: CLH) by 2.9% in the undefined quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 104,730 shares of the business services provider's stock after selling 3,172

Posted by Defense World Staff on Jul 22nd, 2026

California Public Employees Retirement System cut its holdings in AST SpaceMobile, Inc. (NASDAQ:ASTS – Free Report) by 5.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 350,929 shares of the company’s stock after selling 18,426 shares during the period. California Public Employees Retirement System owned about 0.09% of AST SpaceMobile worth $29,081,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Crewe Advisors LLC acquired a new stake in AST SpaceMobile in the 4th quarter valued at $25,000. Laurel Wealth Advisors LLC bought a new stake in AST SpaceMobile during the 4th quarter worth about $25,000. Cornerstone Planning Group LLC boosted its stake in shares of AST SpaceMobile by 16,350.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 329 shares of the company’s stock worth $27,000 after buying an additional 327 shares during the last quarter. Byrne Asset Management LLC acquired a new position in shares of AST SpaceMobile during the 4th quarter worth about $29,000. Finally, Acumen Wealth Advisors LLC bought a new position in shares of AST SpaceMobile in the 4th quarter valued at about $29,000. Institutional investors and hedge funds own 60.95% of the company’s stock.

Wall Street Analysts Forecast Growth Several analysts recently issued reports on ASTS shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of AST SpaceMobile in a report on Wednesday, June 24th. Wall Street Zen downgraded AST SpaceMobile from a “sell” rating to a “strong sell” rating in a research note on Wednesday, April 15th. Piper Sandler started coverage on AST SpaceMobile in a research report on Wednesday, July 15th. They set an “overweight” rating and a $100.00 price target on the stock. Deutsche Bank Aktiengesellschaft cut AST SpaceMobile from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $117.00 to $106.00 in a research note on Friday, May 29th. Finally, New Street Research set a $106.00 target price on shares of AST SpaceMobile in a research note on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $86.95.

View Our Latest Stock Analysis on AST SpaceMobile

AST SpaceMobile Trading Up 10.3% Shares of NASDAQ:ASTS opened at $63.34 on Wednesday. AST SpaceMobile, Inc. has a 52-week low of $36.08 and a 52-week high of $133.86. The company has a market capitalization of $24.58 billion, a P/E ratio of -35.58 and a beta of 2.69. The company has a 50-day simple moving average of $86.07 and a 200 day simple moving average of $89.05. The company has a debt-to-equity ratio of 1.11, a quick ratio of 18.37 and a current ratio of 18.47.

AST SpaceMobile (NASDAQ:ASTS – Get Free Report) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.66) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.43). The business had revenue of $14.73 million for the quarter, compared to the consensus estimate of $39.01 million. AST SpaceMobile had a negative return on equity of 24.87% and a negative net margin of 573.67%.The company’s revenue for the quarter was up 1952.2% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.20) EPS. Sell-side analysts forecast that AST SpaceMobile, Inc. will post -1.38 earnings per share for the current year.

Insider Transactions at AST SpaceMobile In related news, CTO Huiwen Yao sold 40,000 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $96.37, for a total transaction of $3,854,800.00. Following the transaction, the chief technology officer directly owned 34,750 shares of the company’s stock, valued at approximately $3,348,857.50. The trade was a 53.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew Martin Johnson sold 45,809 shares of the stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $93.81, for a total value of $4,297,342.29. Following the completion of the sale, the chief financial officer owned 503,619 shares in the company, valued at approximately $47,244,498.39. This trade represents a 8.34% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 105,809 shares of company stock worth $9,748,492. 20.89% of the stock is owned by company insiders.

Key Headlines Impacting AST SpaceMobile Here are the key news stories impacting AST SpaceMobile this week:

Positive Sentiment: AST SpaceMobile completed a private offering of $1.15 billion of convertible senior notes due 2034, giving the company significant added capital to fund satellite deployment and operations. AST SpaceMobile Announces Completion of Private Offering of $1.15 Billion of Convertible Senior Notes Due 2034 Positive Sentiment: The stock is also benefiting from a broader risk-on move in space names, with investors rotating back into speculative aerospace and satellite stocks. AST SpaceMobile Catapults 12%, SpaceX Rises 7%, Virgin Galactic and Rocket Lab Rally as Space Stock Trade Takes a Risk-on Turn Positive Sentiment: Some analysts and market commentators are framing the recent pullback as an opportunity, arguing the new funding strengthens ASTS’s ability to pursue its long-term satellite network buildout. AST SpaceMobile: Convertible Notes Accelerate Its Full Potential (Rating Upgrade) Neutral Sentiment: AST SpaceMobile is also getting attention from a Midland factory expansion approval tied to its local footprint, which could support future manufacturing capacity but does not have an immediate financial impact. ASTS Stock Jumps Premarket: Midland Approves Factory Nearly 5x Larger Than AST SpaceMobile’s Original Plant Negative Sentiment: Bearish commentary is also weighing on sentiment, including Jim Cramer’s view that AST SpaceMobile is “losing a fortune”, reinforcing concerns about cash burn and execution risk. ‘That Thing Has Just Been Crushed’: Cramer On This Tech Stock Negative Sentiment: Separately, Pomerantz LLP announced an investigation on behalf of ASTS investors, which could add legal overhang and uncertainty for shareholders. INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of AST SpaceMobile, Inc. – ASTS AST SpaceMobile Profile (Free Report)

AST SpaceMobile is a U.S.-based aerospace company developing a space-based cellular broadband network designed to connect standard mobile phones and other devices directly to satellites. The company’s core proposition is “space-to-cell” service: operating a constellation of low-Earth-orbit (LEO) satellites equipped with large, high-power phased-array antennas to provide wide-area mobile broadband without requiring users to buy specialized terminals or handset modifications.

AST SpaceMobile designs, builds and operates satellite payloads and supporting ground infrastructure.

Further Reading Five stocks we like better than AST SpaceMobile Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible

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« PREVIOUS HEADLINECalifornia Public Employees Retirement System Acquires 7,103 Shares of Lennar Corporation $LEN

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HOBOKEN, N.J.--(BUSINESS WIRE)--NiCE (Nasdaq: NICE) will announce its second quarter 2026 results on Wednesday, August 5, 2026, before the opening of the NASDAQ Stock Exchange. Later that day, management will host a conference call to discuss the results. 8:30 AM - Eastern 1:30 PM - UK 3:30 PM - Israel The call will be webcast live on the Company's website at https://www.nice.com/company/investors/ir-events. Please register with the relevant link for either the webcast or dial-in on our IR Even.

Posted by Defense World Staff on Jul 22nd, 2026

Assetmark Inc. trimmed its holdings in shares of Reddit Inc. (NYSE:RDDT – Free Report) by 8.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 40,971 shares of the company’s stock after selling 3,573 shares during the quarter. Assetmark Inc.’s holdings in Reddit were worth $5,517,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. NewEdge Advisors LLC grew its stake in Reddit by 143.3% in the 1st quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock valued at $837,000 after purchasing an additional 4,701 shares during the period. Empowered Funds LLC purchased a new stake in shares of Reddit during the 1st quarter valued at $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Reddit by 106.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock worth $22,759,000 after purchasing an additional 111,780 shares during the period. Focus Partners Wealth raised its stake in shares of Reddit by 40.8% during the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after purchasing an additional 2,965 shares during the period. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after buying an additional 286 shares during the last quarter.

Analysts Set New Price Targets RDDT has been the subject of several research reports. UBS Group restated a “mixed” rating on shares of Reddit in a research report on Thursday, July 9th. Bank of America dropped their target price on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a research note on Thursday, April 2nd. Citizens Jmp reduced their target price on shares of Reddit from $250.00 to $240.00 and set a “market outperform” rating for the company in a research report on Friday, May 1st. The Goldman Sachs Group restated a “neutral” rating and set a $200.00 price target on shares of Reddit in a research note on Friday, May 1st. Finally, Truist Financial set a $265.00 price target on shares of Reddit in a report on Friday, May 1st. Nineteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. Based on data from MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $232.48.

Get Our Latest Analysis on Reddit

Reddit Stock Up 2.4% Shares of NYSE RDDT opened at $185.93 on Wednesday. The company has a market cap of $35.79 billion, a P/E ratio of 53.12 and a beta of 1.93. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95. The business has a 50-day simple moving average of $173.90 and a two-hundred day simple moving average of $168.62.

Reddit (NYSE:RDDT – Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. The company had revenue of $663.41 million during the quarter, compared to analyst estimates of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. Reddit’s revenue was up 69.1% compared to the same quarter last year. During the same period last year, the business earned $0.13 earnings per share. Equities research analysts anticipate that Reddit Inc. will post 4.85 EPS for the current year.

Insiders Place Their Bets In other news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $173.13, for a total value of $3,116,340.00. Following the transaction, the chief executive officer owned 373,814 shares of the company’s stock, valued at approximately $64,718,417.82. This represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Marie Reynolds sold 808 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total value of $161,600.00. Following the completion of the sale, the chief accounting officer owned 15,060 shares in the company, valued at $3,012,000. This trade represents a 5.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 169,141 shares of company stock worth $28,680,845 in the last three months. 28.48% of the stock is currently owned by corporate insiders.

Reddit Company Profile (Free Report)

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.

Featured Articles Five stocks we like better than Reddit Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible

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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.

NEW YORK, July 22, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Tennant Company (NYSE:TNC) for potential violations of the federal securities laws.

If you invested in Tennant, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/tennant-company-class-action-lawsuit.

Key Details of the Tennant ($TNC) Class Action Investigation:

Investigation Overview: Securities fraud related to Tennant’s implementation and rollout of its new, company-wide enterprise resource planning (“ERP”) systemStock Decline: February 24, 2026 – 23.4% Stock DropAction: Contact BFA Law to discuss your rights
Why is Tennant Being Investigated for Securities Fraud?

Tennant manufactures industrial cleaning equipment, including large mechanical floor scrubbers and sweepers used in warehouses, retail stores, and other commercial facilities.

BFA is investigating whether Tennant made false and misleading statements to investors regarding the implementation and rollout of a large-scale ERP system. For instance, Tennant assured investors the project was “progressing as we’ve anticipated,” was “on time and on budget,” and that the launch of the ERP in its Asia-Pacific region had been “successful,” with Tennant stating it had “mitigated disruptions and stabilized operations.”

Why did Tennant’s Stock Drop?

On February 24, 2026, Tennant revealed that the rollout of its new ERP system in North America caused severe operational disruptions, including that it was unable to process and ship customer orders following the launch of the system. As a result, Tennant lost roughly $30 million in sales and would need to spend more than $20 million in 2026 to remediate the issues, compared to roughly $5 million the company had planned to spend.

This news caused the price of Tennant stock to drop $19.28 per share, more than 23%, from a closing price of $82.30 per share on February 23, 2026, to $63.02 per share on February 24, 2026.

Click here for more information: https://www.bfalaw.com/cases/tennant-company-class-action-lawsuit.

What Can You Do?

If you invested in Tennant, you may have legal options and are encouraged to submit your information to the firm.

All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.

Submit your information by visiting:

https://www.bfalaw.com/cases/tennant-company-class-action-lawsuit

Or contact:
Adam McCall
[email protected]
212.789.3619

Why Bleichmar Fonti & Auld LLP?

BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters.

Most recently, The Legal 500 awarded BFA the most client satisfaction accolades of any plaintiff’s securities litigation law firm, with clients noting: “[t]here is no better service provider in the practice area,” “[t]he interest of the client is always front and center,” and “[t]here isn’t a better firm in this space.” One testimonial described the firm as “nimble and entrepreneurial,” with a “relentless focus on adding value for clients.” 

Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, please visit https://www.bfalaw.com.

https://www.bfalaw.com/cases/tennant-company-class-action-lawsuit

Attorney advertising. Past results do not guarantee future outcomes.

22.7.2026 14:15

Ropa +3,69 % na 87,45 USD za barel.
Zemní plyn +1,5 % na 2,908 USD za mbtu.

Zlato +1,32 % na 4130,4 USD za unci.
Stříbro +0,93 % na 59,66 USD za unci.
Měď -0,62 % na 6,512 USD za libru.

Kukuřice +1,26 % na 4,8125 USD za bušl.
Pšenice +2,51 % na 6,95 USD za bušl.

Michal Bárta
Fio banka, a.s.
Prohlášení

GE Vernova's logo during the CERAWeek energy conference 2026 in Houston, Texas, U.S., March 24, 2026. REUTERS/Danielle Villasana Purchase Licensing Rights, opens new tab

CompaniesJuly 22 (Reuters) - GE Vernova (GEV.N), opens new tab said on Wednesday global tariffs would increase its costs by about $100 ​million to $200 million in 2026, after the company narrowly missed ‌estimates for second-quarter core profit.

The expected cost increase reflects contract protections and some cost recovery efforts, though the tariff burden underscores the pressure on ​manufacturers navigating global trade barriers.

The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.

GE Vernova shares were down ​8% in premarket trading.

The Cambridge, Massachusetts-based company reported adjusted ⁠core earnings of $1.25 billion for the quarter, missing analysts' estimates ​of $1.28 billion, according to LSEG data.

Its wind business continued to lag ​its faster-growing Power and Electrification segments, as weaker onshore equipment deliveries and higher offshore wind project costs weighed on results.

Revenue from the wind segment fell ​about 10% to $2.03 billion, while its core loss widened to ​about $275 million.

POWER DEMAND DRIVES OUTLOOK UPGRADEThe company raised its 2026 revenue forecast for ‌a ⁠second consecutive quarter, helped by strong power demand and rising orders.

It now expects $45.5 billion-$46.5 billion, up from $44.5 billion-$45.5 billion.

GE Vernova reported $24.2 billion in orders in the second quarter, compared with $12.4 billion ​a year earlier.

U.S. ​power consumption is ⁠forecast to rise in 2026 and 2027 as data center expansion and electrification drive demand, with ​commercial-sector demand expected to outpace residential this year.

It ​also raised ⁠its annual free cash flow forecast to $11.5 billion-$12.5 billion from its previous range of $6.5 billion-$7.5 billion.

The electrification unit reported a core profit ⁠of $671 ​million, up from $314 million a year ​ago, while the power unit posted $1.03 billion, nearly a 31.3% rise.

Reporting by Sumit Saha ​in Bengaluru; Editing by Vijay Kishore, Jonathan Ananda and Tasim Zahid

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

The artificial intelligence (AI) infrastructure provider Nebius (NASDAQ: NBIS) received a major – and first since June ended – vote of confidence from Wall Street in the form of a Baird stock price target revision.

Specifically, Baird initiated coverage of the company with an ‘Outperform’ – ‘Buy’ – rating and a $250 12-month forecast for a 15.25% rally from NBIS shares’ latest close at $216.92.

The bullish outlook is backed by the estimate that Nebius has bolstered its position as a full-stack provider with its Token Factory inference and that an ‘aggressive approach’ to mergers and acquisitions (M&A) is a welcome choice in the dynamic and rapidly evolving sector.

The Nebius Group started its life late in the last century as a search engine and operated – and traded – under the name Yandex until the 2022 Russian Invasion of Ukraine, when it was suspended from Nasdaq due to sanctions.

Its shares made a return to the public markets in 2024 after the firm sold the parts of its business in the Eastern European country and arguably joined the AI ‘boom’ in earnest earlier in 2026 with a $2 billion announced investment from Nvidia (NASDAQ: NVDA).

Analysts predict NBIS stock price in the next 12 months Meanwhile, Baird’s coverage is roughly in line with the Wall Street average. Indeed, analysts overall consider Nebius stock a ‘Moderate Buy,’ with five positive and three ‘Neutral’ recommendations, per the data Finbold retrieved from TipRanks on July 22.

Additionally, the average 12-month price target for NBIS shares is remarkably close to Baird’s estimate, considering it forecasts a 16.57% rally to $252.86 within the timeframe.

Wall Street sets Nebius stock price target for the next 12 months. Source: TipRanks Notably, while the latest Nebius stock price prediction is not the highest assigned within the last month, it is, nonetheless, rather bullish considering the equity fell 21.45% since June 30 – the day Goldman Sachs analyst Alexander Duval upgraded their target from $267 to $286.

2026 Nebius stock price performance Elsewhere, NBIS shares recently started a recovery from the downturn that has been affecting them through July. Though the equity remains 23.51% in the red on the monthly chart, it is up 10.45% in the last week of trading, and it soared 18.78% during the Tuesday session.

Nebius stock price one-month chart. Source: Google Lastly, the long-term charts are even more favorable, and Nebius rose 141.16% in 2026 and rallied 325.25% within the last 12 months.

Featured image via Shutterstock

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MIAMI--(BUSINESS WIRE)---- $SMMT--Summit Therapeutics Inc. (Nasdaq: SMMT) today announced results of an updated overall survival (OS) analysis from the global Phase III HARMONi clinical trial featuring the novel, potential first-in-class investigational bispecific antibody ivonescimab. Ivonescimab plus platinum-doublet chemotherapy in this trial continues to show a positive OS trend and a consistent efficacy and safety profile in Asian and western patients when compared to chemotherapy alone. The HARMONi.

Rogers reports strong growth in consolidated service revenue and adjusted EBITDA, alongside decline in capital intensity strengthening free cash flow; company completes next stage of sports monetization strategy with agreement to buy remaining 25% minority stake in iconic Maple Leaf Sports & Entertainment (MLSE)

Total service revenue up 8% to $5.1 billion; adjusted EBITDA up 3% to $2.4 billionFree cash flow of $1.0 billion, up 6%Capital intensity improves 350 basis points to 12.4%, lowest capital intensity ratio since the first quarter of 2008Expects remaining minority stake purchase of MLSE to close in the fourth quarter Delivers adjusted EBITDA growth in Wireless and Cable; robust base management performance drives notable churn reduction while adding 57,000 combined mobile phone and retail Internet net additions

Wireless service revenue stable; adjusted EBITDA up 1% with adjusted EBITDA margin up 70 basis points to 66%Cable service revenue and adjusted EBITDA both up 1% with adjusted EBITDA margin up 10 basis points to 58%Postpaid mobile phone churn of 0.94%, mobile phone ARPU of $54.25Added 40,000 mobile phone net additions, including 22,000 postpaidRetail Internet net additions of 17,000 Robust sports and media financial results, agreement to purchase remaining minority stake in MLSE position company well for intended sports monetization opportunity

Revenue of $1.2 billion, up 53%; organic sports and media revenue up 13% excluding impact from MLSEAdjusted EBITDA of $69 million, an improvement of $61 millionFollowing close of minority stake purchase, investors to be offered minority stake in the consolidated Rogers world-class sports and media holdings to unlock significant value for company Company reaffirms its 2026 outlook

Total service revenue growth of 3% to 5%, adjusted EBITDA growth of 1% to 3%, capital expenditures of $2.5 billion to $2.7 billion, and free cash flow of $4.1 billion to $4.3 billion TORONTO, July 22, 2026 (GLOBE NEWSWIRE) -- Rogers Communications Inc. (TSX: RCI.A and RCI.B; NYSE: RCI) today announced its unaudited financial and operating results for the second quarter ended June 30, 2026.

"Our second quarter results reflect strong execution, delivering growth across our three lines of business," said Tony Staffieri, President and CEO. "We’re excited to bring together Canada's premier communications company with one of the world's premier sports and entertainment organizations and unlock long-term value for our shareholders."

Consolidated Financial Highlights

(In millions of Canadian dollars, except per share amounts, unaudited)Three months ended June 30
 Six months ended June 30 2026
 2025
 % Chg 2026
 2025
 % Chg
         Total revenue5,615 5,216 8 11,097 10,192 9 Total service revenue5,055 4,668 8 9,967 9,115 9 Adjusted EBITDA12,442 2,362 3 4,806 4,616 4 Net (loss) income(665)148 n/m (183)428 n/m Net (loss) income attributable to RCI shareholders(726)157 n/m (288)437 n/m Adjusted net income1633 632 —
 1,183 1,175 1 Adjusted net income attributable to RCI shareholders1640 620 3 1,190 1,163 2           Diluted (loss) earnings per share attributable to RCI shareholders($1.37)$0.29 n/m ($0.55)0.79 n/m Adjusted diluted earnings per share attributable to RCI shareholders1$1.15 $1.14 1 $2.17 2.14 1           Cash provided by operating activities1,517 1,596 (5)3,012 2,892 4 Free cash flow1982 925 6 1,758 1,511 16  n/m - not meaningful

_______________________________________
1 Adjusted EBITDA is a total of segments measure. Free cash flow is a capital management measure. Capital intensity and Wireless mobile phone ARPU are supplementary financial measures. Adjusted diluted earnings per share is a non-GAAP ratio. Adjusted net income and adjusted net income attributable to RCI shareholders (a component of adjusted diluted earnings per share) are non-GAAP financial measures. See "Non-GAAP and Other Financial Measures" in our Q2 2026 Management's Discussion and Analysis (MD&A), available at www.sedarplus.ca, and this earnings release for more information about each of these measures. These are not standardized financial measures under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other companies.

Strategic Highlights 

The five objectives set out below guide our work and decision-making as we further improve our operational execution and make well-timed investments to grow our core businesses and deliver increased shareholder value. Below are some highlights for the quarter.

Build the biggest and best networks in the country

Ranked best 5G+ network in Canada by umlaut in June 2026, a global leader in independent network performance benchmarking.Expanded satellite-to-mobile coverage to the US for roaming customers, providing the most coverage in Canada and the US of any Canadian wireless service provider.Deployed cloud-native network technology as an additional layer of mobile network resilience with Nokia and AWS – a global first.Invested $27 million to upgrade Canada’s best 5G+ network at stadiums and fan zones in Toronto and Vancouver, host cities for the FIFA World Cup. Deliver easy to use, reliable products and services

Expanded Rogers Xfinity Multiview to allow viewers to watch four live events at once.Delivered new 5G+ plans with premium features, including industry‑first Priority Network Access.Launched Rogers Red Partner, an integrated point-of-sale and credit card program for small- and medium-sized businesses. Be the first choice for Canadians

More Canadians continued to choose Rogers Wireless and Internet over any other provider.Attracted attendance over 95% of capacity for Toronto Blue Jays games at Rogers Centre, the best second quarter attendance since 1994.Reached 24 million Canadians throughout the 2026 Stanley Cup Playoffs on Sportsnet.Secured the #1 Canadian conventional English-language drama for the third consecutive year with Law & Order Toronto: Criminal Intent. Be a strong national company investing in Canada

Invested $695 million in capital expenditures.Launched "The 5.2 Project" as part of our Screen Break program to help Canadian youth balance their screen time.Named one of Canada’s Greenest Employers for the eleventh consecutive year by Mediacorp Canada Inc.Announced a new long-term agreement renewing Rogers as a partner of Toronto Pearson Airport. Be the growth leader in our industry

Grew total service revenue by 8% and adjusted EBITDA by 3%.Generated strong free cash flow of $982 million and cash flow from operating activities of $1,517 million. Update on sports and entertainment assets
On July 6, 2026, we announced we had entered into an agreement to acquire the remaining 25% ownership interest in MLSE from Kilmer Sports Inc. for $4.35 billion in cash (MLSE minority interest acquisition), which we intend to fund through existing and new short-term credit facilities. Upon completion of this transaction, we will own 100% of MLSE. This transaction is subject to league approvals and is expected to close in the fourth quarter. As a result of this agreement, we have recognized a loss related to the MLSE put liability (see "Review of Consolidated Performance" for more information).

MLSE owns the Toronto Maple Leafs (NHL), Toronto Raptors (NBA), Toronto FC (MLS), Toronto Argonauts (CFL), various minor league teams, and associated real estate holdings, including Scotiabank Arena. MLSE also holds interests in certain entities that are complementary to its sports and events businesses. Following completion of this transaction, MLSE will become a wholly owned subsidiary of Rogers, further enhancing our sports and entertainment portfolio, which also includes the Toronto Blue Jays, Rogers Centre, and Sportsnet.

Following the close of the above transaction, we intend to pursue the sale of a minority interest in our consolidated sports, media, and entertainment assets (Rogers Sports) to third-party investors over the next year. We expect this will unlock significant value for Rogers.

Quarterly Financial Highlights

Revenue
Total revenue and total service revenue increased by 8% this quarter, primarily as a result of revenue growth in Media and Cable.

Wireless service revenue this quarter was in line with the prior year as the impact of the cumulative addition of new customers was offset by a decline in mobile phone ARPU. Wireless equipment revenue increased by 2%, primarily as a result of a continued shift in the product mix towards higher-value devices.

Cable service revenue increased by 1% this quarter, primarily as a result of retail Internet subscriber growth and base management activities. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable service revenue would have increased by 2% this quarter.

Media revenue increased by 53% this quarter, primarily as a result of revenue from MLSE following the July 1, 2025 closing of the MLSE Transaction.

Adjusted EBITDA and margins
Consolidated adjusted EBITDA increased 3% this quarter, primarily as a result of EBITDA growth in Media, and our adjusted EBITDA margin decreased by 180 basis points.

Wireless adjusted EBITDA increased by 1%, primarily as a result of higher equipment margins. This gave rise to an adjusted EBITDA margin of 66%, up 70 basis points.

Cable adjusted EBITDA increased by 1% due to the flow-through impact of higher revenue, as discussed above. This gave rise to an adjusted EBITDA margin of 58%, up 10 basis points. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable adjusted EBITDA would have increased by 2% this quarter.

Media adjusted EBITDA increased by $61 million this quarter, primarily due to the aforementioned revenue impacts and associated costs.

Net loss and adjusted net income
There was a net loss of $665 million this quarter as a result of the $1,034 million non-cash loss on revaluation of the MLSE put liability (see "Update on sports and entertainment assets"). Adjusted net income this quarter was in line with the prior year, as higher adjusted EBITDA was offset by higher depreciation and amortization and higher finance costs.

Cash flow, available liquidity, and returns to shareholders
This quarter, we generated cash provided by operating activities of $1,517 million (2025 - $1,596 million), which decreased as a result of higher net investment in net operating assets and liabilities partially offset by higher adjusted EBITDA, and free cash flow of $982 million (2025 - $925 million), which increased primarily as a result of lower capital expenditures and higher adjusted EBITDA, partially offset by distributions to non-controlling interests. Our free cash flow generation is expected to further strengthen our balance sheet over time through accelerated repayment of debt.

As at June 30, 2026, we had $6.1 billion of available liquidity2 (December 31, 2025 - $5.9 billion), reflecting $1.7 billion in cash and cash equivalents and $4.4 billion available under our bank and other credit facilities.

Our debt leverage ratio2 was 3.8 as at June 30, 2026 (December 31, 2025 - 4.0, or 3.92 on an adjusted basis to include trailing 12-month adjusted EBITDA of a combined Rogers and MLSE as if the MLSE Transaction had closed at the beginning of the trailing 12-month period). See "Financial Condition" for more information.

We also returned $270 million in dividends to shareholders this quarter and we declared a $0.50 per share dividend on July 21, 2026.

________________________________________
2 Available liquidity and debt leverage ratio are capital management measures. Pro forma debt leverage ratio is a non-GAAP ratio. Pro forma trailing 12-month adjusted EBITDA is a non-GAAP financial measure and is a component of pro forma debt leverage ratio. See "Non-GAAP and Other Financial Measures" and "Financial Condition" in our Q2 2026 Management's Discussion and Analysis (MD&A), available at www.sedarplus.ca, and "Non-GAAP and Other Financial Measures" in this earnings release for more information about these measures. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Financial Condition" in our Q2 2026 MD&A for a reconciliation of available liquidity.

About this Earnings Release

This earnings release contains important information about our business and our performance for the three and six months ended June 30, 2026 and forward-looking information (see "About Forward-Looking Information") about future periods. This earnings release should be read in conjunction with our Second Quarter 2026 Interim Condensed Consolidated Financial Statements (Second Quarter 2026 Interim Financial Statements) and notes thereto, which have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB); our Second Quarter 2026 MD&A; our 2025 Annual MD&A; our 2025 Annual Audited Consolidated Financial Statements and notes thereto, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the IASB; and our other recent filings with Canadian and US securities regulatory authorities, including our Annual Information Form, which are available on SEDAR+ at sedarplus.ca or EDGAR at sec.gov.

For more information about Rogers, including product and service offerings, competitive market and industry trends, our overarching strategy, key performance drivers, and objectives, see "Understanding Our Business", "Corporate Overview", and "Delivering on our Priorities" in our 2025 Annual MD&A.

References to the Shaw Transaction are to our acquisition of Shaw Communications Inc. (Shaw) on April 3, 2023 (see "Shaw Transaction" in our 2023 Annual MD&A and our 2023 Annual Audited Consolidated Financial Statements). References to the MLSE Transaction are to our acquisition of BCE Inc.'s (Bell) indirect 37.5% interest in Maple Leaf Sports & Entertainment Ltd. (MLSE) on July 1, 2025 (see "MLSE Transaction" in our 2025 Annual MD&A and our 2025 Annual Audited Consolidated Financial Statements). References to the "network transaction" are to our sale of a non-controlling interest in Backhaul Network Services Inc. (BNSI), a Canadian subsidiary of Rogers that owns a minor part of our wireless network (see "Subsidiary Equity Investment" in our 2025 Annual MD&A and our 2025 Annual Audited Consolidated Financial Statements).

We, us, our, Rogers, Rogers Communications, and the Company refer to Rogers Communications Inc. and its subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures.

All dollar amounts in this earnings release are in Canadian dollars unless otherwise stated and are unaudited. All percentage changes are calculated using the rounded numbers as they appear in the tables. This earnings release is current as at July 21, 2026 and was approved by the Audit and Risk Committee of RCI's Board of Directors (the Board) on that date.

In this earnings release, this quarter, the quarter, or second quarter refer to the three months ended June 30, 2026, the first quarter refers to the three months ended March 31, 2026, and year to date refers to the six months ended June 30, 2026, unless the context indicates otherwise. All results commentary is in descending order of magnitude and is compared to the equivalent period in 2025 or as at December 31, 2025, as applicable, unless otherwise indicated.

Xfinity marks and logos are trademarks of Comcast Corporation, used under license. ©2026 Comcast. Rogers trademarks in this earnings release are owned or used under licence by Rogers Communications Inc. or an affiliate. This earnings release may also include trademarks of other third parties. The trademarks referred to in this earnings release may be listed without the ™ symbols. ©2026 Rogers Communications

Reportable segments
We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:

SegmentPrincipal activitiesWirelessWireless telecommunications operations for Canadian consumers, businesses, the public sector, and wholesale providers.CableCable telecommunications operations, including Internet, television and other video (Video), Satellite, telephony (Home Phone), and home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.MediaA diversified portfolio of media properties, including sports media and entertainment, sports team ownership, television and radio broadcasting, specialty channels, and digital media.
Wireless and Cable are operated by our wholly owned subsidiary, Rogers Communications Canada Inc. (RCCI), and certain other subsidiaries. Media is operated by our wholly owned subsidiary, Rogers Media Inc., its subsidiaries, and MLSE. Effective July 2025, TSC was transferred from the Media reportable segment to Corporate Items, consistent with changes to its management structure. Comparative results have been recast to reflect this change, with no impact on consolidated results.

Summary of Consolidated Financial Results

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except margins and per share amounts)2026
 2025
 % Chg 2026
 2025
 % Chg        Revenue      Wireless2,540 2,540 — 5,131 5,084 1 Cable1,984 1,968 1 3,932 3,903 1 Media1,155 757 53 2,143 1,299 65 Corporate items and intercompany eliminations(64)(49)31 (109)(94)16 Revenue5,615 5,216 8 11,097 10,192 9 Total service revenue15,055 4,668 8 9,967 9,115 9        Adjusted EBITDA      Wireless1,313 1,305 1 2,636 2,616 1 Cable1,158 1,147 1 2,280 2,255 1 Media69 8 n/m 69 (55)n/m Corporate items and intercompany eliminations(98)(98)— (179)(200)(11)Adjusted EBITDA2,442 2,362 3 4,806 4,616 4 Adjusted EBITDA margin243.5%45.3%(1.8 pts)43.3%45.3%(2.0 pts)       Net (loss) income(665)148 n/m (183)428 n/m Net (loss) income attributable to RCI shareholders(726)157 n/m (288)437 n/m (Loss) earnings per share attributable to RCI shareholders:        Basic($1.34)$0.29 n/m ($0.53)$0.81 n/m Diluted($1.37)$0.29 n/m ($0.55)$0.79 n/m         Adjusted net income2633 632 — 1,183 1,175 1 Adjusted net income attributable to RCI shareholders2640 620 3 1,190 1,163 2 Adjusted earnings per share attributable to RCI shareholders2:      Basic$1.19 $1.15 3 $2.20 $2.16 2 Diluted$1.15 $1.14 1 $2.17 $2.14 1        Capital expenditures695 831 (16)1,503 1,809 (17)Cash provided by operating activities1,517 1,596 (5)3,012 2,892 4 Free cash flow982 925 6 1,758 1,511 16  1 As defined. See "Key Performance Indicators".
2 Adjusted EBITDA margin is a supplementary financial measure. Adjusted basic and adjusted diluted earnings per share attributable to RCI shareholders are non-GAAP ratios (of which adjusted net income attributable to RCI shareholders is a component). These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Non-GAAP and Other Financial Measures" in our Q2 2026 MD&A for more information about each of these measures, available at www.sedarplus.ca.

Results of our Reportable Segments

WIRELESS

Wireless Financial Results

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except margins)2026
 2025
 % Chg 2026
 2025
 % Chg        Revenue      Service revenue from external customers1,954 1,972 (1)3,951 3,975 (1)Service revenue from internal customers36 27 33 70 50 40 Service revenue1,990 1,999 — 4,021 4,025 — Equipment revenue from external customers550 541 2 1,110 1,059 5 Revenue2,540 2,540 — 5,131 5,084 1        Operating costs      Cost of equipment503 528 (5)1,044 1,036 1 Other operating costs724 707 2 1,451 1,432 1 Operating costs1,227 1,235 (1)2,495 2,468 1        Adjusted EBITDA1,313 1,305 1 2,636 2,616 1        Adjusted EBITDA margin166.0%65.3%0.7 pts 65.6%65.0%0.6 pts Capital expenditures188 365 (48)467 772 (40) 1 Calculated using service revenue.

Wireless Subscriber Results 1

 Three months ended June 30
 Six months ended June 30
 (In thousands, except churn and mobile phone ARPU)2026
 2025
 Chg 2026
 2025
 Chg        Postpaid mobile phone      Gross additions333 362 (29)762 699 63 Net additions22 35 (13)50 46 4 Total postpaid mobile phone subscribers211,045 10,910 135 11,045 10,910 135 Churn (monthly)0.94%1.00%(0.06 pts) 1.08%1.01%0.07 pts Prepaid mobile phone      Gross additions199 135 64 348 267 81 Net additions18 26 (8)23 49 (26)Total prepaid mobile phone subscribers21,223 1,160 63 1,223 1,160 63 Churn (monthly)5.01%3.23%1.78 pts 4.52%3.28%1.24 pts Mobile phone ARPU (monthly)3$54.25 $55.45 ($1.20)$54.94 $56.24 ($1.30) 1 Subscriber counts and subscriber churn are key performance indicators. See "Key Performance Indicators".
2 As at end of period.
3 Mobile phone ARPU is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q2 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

Service revenue
Service revenue this quarter and year to date were in line with the prior year as the cumulative addition of new customers was offset by a decline in mobile phone ARPU as a result of the cumulative impact of competitive intensity.

The decreases in postpaid gross and net additions this quarter were a result of the overall slowing of population growth in Canada. The increases in postpaid gross and net additions year to date were a result of sales execution in a highly promotional and competitive Canadian market in the first quarter of 2026.

Equipment revenue
The 2% increase in equipment revenue this quarter and 5% increase year to date were primarily a result of:

a continued shift in the product mix towards higher-value devices; partially offset bya decrease in new subscribers purchasing devices. The increase year to date was also affected by higher device upgrades by existing customers.

Operating costs
Cost of equipment

The 5% decrease in the cost of equipment this quarter and 1% increase year to date were a result of the equipment revenue changes discussed above.

Other operating costs

The 2% increase in other operating costs this quarter and 1% increase year to date were a result of:

costs associated with our new satellite-to-mobile product offering; andhigher costs associated with marketing and advertising initiatives. Adjusted EBITDA
The 1% increases in adjusted EBITDA this quarter and year to date were a result of the revenue and expense changes discussed above.

CABLE

Cable Financial Results

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except margins)2026
 2025
 % Chg 2026
 2025
 % Chg        Revenue      Service revenue from external customers1,952 1,944 — 3,874 3,851 1 Service revenue from internal customers22 17 29 38 34 12 Service revenue1,974 1,961 1 3,912 3,885 1 Equipment revenue from external customers10 7 43 20 18 11 Revenue1,984 1,968 1 3,932 3,903 1        Operating costs826 821 1 1,652 1,648 —        Adjusted EBITDA1,158 1,147 1 2,280 2,255 1        Adjusted EBITDA margin58.4%58.3%0.1 pts 58.0%57.8%0.2 pts Capital expenditures367 404 (9)775 850 (9)
Cable Subscriber Results 1

 Three months ended June 30
 Six months ended June 30
 (In thousands, except ARPA and penetration)2026
 2025
 Chg 2026
 2025
 Chg        Homes passed210,624 10,354 270 10,624 10,354 270 Customer relationships      Net additions9 16 (7)6 20 (14)Total customer relationships24,862 4,825 37 4,862 4,825 37 ARPA (monthly)3$135.49 $135.74 ($0.25)$134.32 $136.59 ($2.27)       Penetration245.8%46.6%(0.8 pts) 45.8%46.6%(0.8 pts)       Retail Internet      Net additions17 26 (9)24 49 (25)Total retail Internet subscribers24,521 4,446 75 4,521 4,446 75 Video      Net losses(22)(25)3 (54)(57)3 Total Video subscribers22,449 2,560 (111)2,449 2,560 (111)Home Monitoring      Net additions1 3 (2)5 8 (3)Total Home Monitoring subscribers2158 141 17 158 141 17 Home Phone      Net losses(26)(29)3 (56)(55)(1)Total Home Phone subscribers21,333 1,452 (119)1,333 1,452 (119) 1 Subscriber results are key performance indicators. See "Key Performance Indicators".
2 As at end of period.
3 ARPA is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q2 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

Service revenue
The 1% increases in service revenue this quarter and year to date were a result of:

 retail Internet subscriber growth; andbase management activities, including adjustments to subscriber rates and bundled service offerings; partially offset bydeclines in our Home Phone and Video subscriber bases. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable service revenue would have increased by 2% this quarter and year to date.

Operating costs
The 1% increase in operating costs this quarter was a result of:

increased licensing rights associated with changes to our bundled service offerings; partially offset byother efficiency and productivity initiatives. Operating costs for the year to date were stable.

Adjusted EBITDA
The 1% increases in adjusted EBITDA this quarter and year to date were a result of the service revenue and expense changes discussed above. Excluding the impact of the sale of our customer-facing data centre business in 2025, Cable adjusted EBITDA would have increased by 2% this quarter and year to date.

MEDIA

Media Financial Results

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except margins)2026
 2025
 % Chg
 2026
 2025
 % Chg         Revenue from external customers1,075 679 58 1,991 1,142 74 Revenue from internal customers80 78 3 152 157 (3)Revenue1,155 757 53 2,143 1,299 65         Operating costs1,086 749 45 2,074 1,354 53         Adjusted EBITDA69 8 n/m 69 (55)n/m         Adjusted EBITDA margin6.0%1.1%4.9 pts
 3.2%(4.2)%7.4 pts Capital expenditures43 26 65 119 61 95 
Revenue
The 53% increase in revenue this quarter and 65% increase year to date were a result of:

approximately $0.31 billion and $0.79 billion in revenue from the consolidation of MLSE beginning in the second half of 2025, respectively; andexcluding the consolidation of MLSE, organic growth of 13% and 6%, respectively, substantially reflects higher Toronto Blue Jays revenue, primarily driven by higher game day attendance and sponsorships. Higher subscriber revenue from the Warner Bros. Discovery suite of channels substantially offset lower advertising revenue, primarily as a result of lower participation by Canadian teams in the NHL playoffs and ongoing softness in media advertising. Operating costs
The $337 million (45%) increase in operating costs this quarter and $720 million (53%) increase year to date were a result of:

approximately $0.23 billion and $0.64 billion of increased costs from the consolidation of MLSE; andthe combined effect of higher player salaries and other game day costs at the Toronto Blue Jays and higher programming costs. Adjusted EBITDA
The increases in adjusted EBITDA this quarter and year to date were a result of the revenue and expense changes discussed above.

CAPITAL EXPENDITURES

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except capital intensity)2026
 2025
 % Chg 2026
 2025
 % Chg        Wireless188 365 (48)467 772 (40)Cable367 404 (9)775 850 (9)Media43 26 65 119 61 95 Corporate97 36 169 142 126 13        Capital expenditures1695 831 (16)1,503 1,809 (17)       Capital intensity212.4%15.9%(3.5 pts)13.5%17.7%(4.2 pts) 1 Includes additions to property, plant and equipment net of proceeds on disposition and accrued government grants, but does not include expenditures for spectrum licences, additions to right-of-use assets, or assets acquired through business combinations.
2 Capital intensity is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" in our Q2 2026 MD&A for more information about this measure, available at www.sedarplus.ca.

We continue to (i) expand the reach and capacity of our 5G network across the country and (ii) invest in fibre deployments, including fibre-to-the-home (FTTH), in our cable network as we expand our network footprint to reach more homes and businesses, including in rural, remote, and Indigenous communities. These investments are expected to strengthen network resilience and stability and help us bridge the digital divide by expanding our network further into rural and underserved areas through participation in various programs and projects.

In April 2026, we updated our 2026 capital expenditure guidance range (see "Financial Guidance") as a direct reflection of the ongoing impacts from heightened competitive intensity and recent regulatory decisions. Our strategic priorities remain unchanged and our current capital expenditure guidance range continues to support these priorities. We expect to achieve our guidance range through (i) ongoing investments progressing at a slower pace, (ii) the deferral and/or cancellation of certain projects, and (iii) lower capital costs for projects, most predominantly affecting Wireless and Cable.

Wireless
In addition to the above, the decreases in capital expenditures in Wireless this quarter and year to date were due to the impact of $90 million of proceeds received on the sale of certain network assets. We continued to expand and enhance our wireless network through investments in network development and 5G deployment. We are actively deploying advanced spectrum assets, including the ongoing rollout of 3500 MHz spectrum and 3800 MHz spectrum. These investments build on our existing 5G infrastructure in the 600 MHz spectrum band, enabling greater speed, lower latency, and improved reliability for customers across urban and rural areas.

Cable
In addition to the above, the decreases in capital expenditures in Cable this quarter and year to date were a result of customers increasingly choosing to self-install new products. This quarter, we also sold certain cable network assets for $46 million (2025 - $47 million), the proceeds from which reduced capital expenditures. We are growing our network through expanded fibre deployments to increase our FTTH distribution and to extend our service footprint. At the same time, we are enhancing our network by upgrading our DOCSIS 3.1 platform as we transition to DOCSIS 4.0 to improve network resilience, stability, and capacity while delivering faster speeds. As part of this upgrade, we are rolling out mid-split technology (which has a greater number of frequencies than older technology and also allocates a greater number of frequencies to uploading data) in Ontario and Eastern Canada, significantly increasing upload speeds. These advancements leverage the latest technologies to provide greater bandwidth, improved performance, and an enhanced customer experience as we advance our connected home roadmap.

Media
The increases in capital expenditures in Media this quarter and year to date primarily reflect the continued modernization of Rogers Centre and Scotiabank Arena.

Capital intensity
Capital intensity decreased this quarter and year to date as a result of the revenue growth and capital expenditure changes discussed above.

Review of Consolidated Performance

This section discusses our consolidated net income and other income and expenses that do not form part of the segment discussions above.

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 % Chg 2026
 2025
 % Chg        Adjusted EBITDA2,442 2,362 3 4,806 4,616 4 Deduct (add):      Depreciation and amortization1,194 1,184 1 2,415 2,350 3 Restructuring, acquisition and other211 238 (11)260 365 (29)Finance costs565 628 (10)1,008 1,207 (16)Gain on disposition of assets(30)— — (30)— — Other expense (income)1,019 (9)n/m 1,015 (7)n/m Income tax expense148 173 (14)321 273 18        Net (loss) income(665)148 n/m (183)428 n/m 
Depreciation and amortization

 Three months ended June 30
 Six months ended June 30 (In millions of dollars)2026
 2025
 % Chg
 2026
 2025
 % Chg
              Depreciation of property, plant and equipment931 933 — 1,888 1,864 1 Depreciation of right-of-use assets122 113 8 244 211 16 Amortization141 138 2 283 275 3              Total depreciation and amortization1,194 1,184 1 2,415 2,350 3 
Restructuring, acquisition and other

 Three months ended June 30 Six months ended June 30 (In millions of dollars)2026
 2025 2026
 2025
          Restructuring, acquisition and other excluding Shaw Transaction integration-related costs207 213 245 303 Shaw Transaction integration-related costs4 25 15 62          Total restructuring, acquisition and other211 238 260 365 
The restructuring, acquisition and other costs excluding Shaw Transaction integration-related costs in the second quarters of 2025 and 2026 primarily include severance and other departure-related costs associated with the targeted restructuring of our employee base, specifically including $120 million arising from a voluntary departure program in 2026. Year to date, we also incurred costs associated with certain litigation. In 2025, these costs also included costs related to the network transaction, an unfavourable regulatory decision related to retransmission of distant signals, and real estate rationalization programs.

The Shaw Transaction integration-related costs in 2025 and 2026 consisted of incremental costs supporting integration activities related to the Shaw Transaction.

Finance costs

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 % Chg 2026
 2025
 % Chg        Interest on borrowings, net1502 488 3 984 999 (2)Interest on lease liabilities41 36 14 80 72 11 Interest on post-employment benefits(1)(1)— (3)(3)— Loss (gain) on foreign exchange30 (75)n/m 37 (86)n/m Change in fair value of derivative instruments(23)59 n/m (35)72 n/m Change in fair value of subsidiary equity derivative instruments2(16)93 n/m (121)93 n/m Capitalized interest(8)(8)— (14)(17)(18)Deferred transaction costs and other40 36 11 80 77 4        Total finance costs565 628 (10)1,008 1,207 (16) 1 Interest on borrowings, net includes interest on short-term borrowings and on long-term debt.
2 Reflects the change in fair value of derivatives entered into related to the network transaction (see "Financial Risk Management" in our Q2 2026 MD&A for more information). This amount is removed from the calculation of adjusted net income and adjusted net income attributable to RCI shareholders (see below).

Other expense

The other expense this quarter and year to date primarily reflects a $1,034 million non-cash loss to recognize the change in the fair value of the MLSE put liability from $3.3 billion to $4.35 billion as at June 30, 2026 (see "Update on sports and entertainment assets").

Income tax expense

 Three months ended June 30
 Six months ended June 30(In millions of dollars, except tax rates)2026
 2025
 2026
 2025
      Statutory income tax rate26.2%26.2%26.2%26.2%(Loss) income before income tax expense(517)321 138 701      Computed income tax (recovery) expense(135)84 36 184 Increase (decrease) in income tax expense resulting from:    Non-(taxable) deductible stock-based compensation(7)1 (4)(1)Non-(taxable) deductible portion of equity (income) losses(1)1 (3)1 Non-deductible loss on revaluation of MLSE put liability274 — 274 — Non-(taxable) deductible portion of capital (gains) losses(10)44 (10)44 Unrealized capital losses for which no deferred tax asset is recognized19 45 19 45 Other items8 (2)9 —      Total income tax expense148 173 321 273      Effective income tax rate(28.6)%
53.9%232.6%38.9%Cash income taxes paid166 126 366 314           Cash income taxes paid increased this quarter and year to date due to timing of installments.

Net (loss) income

 Three months ended June 30
 Six months ended June 30 (In millions of dollars, except per share amounts)2026
 2025 % Chg
 2026
 2025 % Chg
            Net (loss) income(665)148 n/m (183)428 n/m Net (loss) income attributable to RCI shareholders(726)157 n/m (288)437 n/m Basic (loss) earnings per share attributable to RCI shareholders($1.34)$0.29 n/m ($0.53)$0.81 n/m Diluted (loss) earnings per share attributable to RCI shareholders($1.37)$0.29 n/m ($0.55)$0.79 n/m 
Adjusted net income
We calculate adjusted net income from adjusted EBITDA as follows:

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars, except per share amounts)2026
 2025
 % Chg 2026
 2025
 % Chg
         Adjusted EBITDA2,442 2,362 3 4,806 4,616 4 Deduct (add):       Depreciation and amortization11,022 972 5 2,062 1,909 8 Finance costs2581 535 9 1,129 1,114 1 Other income3(15)(9)67 (19)(7)171 Income tax expense4221 232 (5)451 425 6         Adjusted net income633 632 — 1,183 1,175 1 Adjusted net income attributable to RCI shareholders640 620 3 1,190 1,163 2         Adjusted earnings per share attributable to RCI shareholders:       Basic$1.19 $1.15 3 $2.20 $2.16 2 Diluted$1.15 $1.14 1 $2.17 $2.14 1  1 Depreciation and amortization excludes depreciation and amortization on the fair value increment recognized on acquisition of Shaw Transaction-related property, plant and equipment and intangible assets for the three and six months ended June 30, 2026 of $172 million and $353 million (2025 - $212 million and $441 million). Adjusted net income includes depreciation and amortization on the acquired Shaw property, plant and equipment and intangible assets based on Shaw's historical cost and depreciation policies.
2 Finance costs exclude the $16 million and $121 million (2025 - $93 million and $93 million) change in fair value of subsidiary equity derivative instruments for the three and six months ended June 30, 2026.
3 Other income excludes a $1,034 million non-cash loss on revaluation of the MLSE put liability (see "Update on sports and entertainment assets" for more information).
4 Income tax expense excludes recoveries of $73 million and $130 million (2025 - recoveries of $59 million and $152 million), respectively, for the three and six months ended June 30, 2026 related to the income tax impact for adjusted items.

Regulatory Developments

See "Regulation in our Industry" in our 2025 Annual MD&A for a discussion of the significant regulations that affected our operations as at March 6, 2026. The following are the relevant developments since that date.

Prohibition of Fees
On March 12, 2026, the Canadian Radio‑television and Telecommunications Commission (CRTC) issued Telecom Regulatory Policy CRTC 2026‑43, Prohibition of fees that are a barrier to switching cellphone and Internet plans, regarding fees incurred as a result of activating or modifying telecommunications service plans. The policy amends both the Internet Code and the Wireless Code to add a new definition of "activation or modification fee", which amendments became effective on June 12, 2026. On June 30, 2026, the CRTC issued Notice of Consultation CRTC 2026-155, Show cause and call for comments – Compliance with the prohibition of fees that are a barrier to switching cellphone and Internet plans, requiring each of Rogers, Bell, and Telus Corporation to show cause why certain fees charged by those carriers that the CRTC believes may be in contravention of Telecom Regulatory Policy 2026-43 are not in violation of sections 24 and 27.04 of the Telecommunications Act and Telecom Regulatory Policy 2026-43. Submissions addressing the issues are due to the CRTC by July 30, 2026.

CRTC Codes of Conduct
On April 13, 2026, in Telecom Regulatory Policy CRTC 2026-67, Enhancing customer notifications, the CRTC amended the Wireless Code and the Internet Code to set out what information must be included in notices sent to customers before the end of their contract and to require notifications to customers before the end of a time-limited discount or promotion and when their data usage reaches $50 when roaming internationally. The new requirements will come into effect on April 13, 2027.

Online Streaming Act
On May 21, 2026, the CRTC issued Broadcasting Regulatory Policies CRTC 2026-95 and 2026-96, which introduced (i) a new financial contribution requirement of 1.55% of annual Canadian broadcasting revenues to support a new Services of Exceptional Importance Fund (SEIF) applicable to all broadcasting ownership groups with annual revenues of at least $100 million and (ii) a new Canadian Programming Expenditures (CPE) framework. On June 3, 2026, the Government of Canada directed the CRTC to review its decision to regulate online streamers and Canadian broadcasters and stated it would be issuing new policy directions to the CRTC requiring it to adjust its implementation of the Online Streaming Act.

Updates to Risks and Uncertainties

See "Risk Management" and "Regulation in our Industry" in our 2025 Annual MD&A for a discussion of the principal risks and uncertainties that could have a material adverse effect on our business and financial results as at March 6, 2026, which should be reviewed in conjunction with this earnings release. The following updates and supplements those risks and uncertainties.

Monetization of sports, media, and entertainment assets
We intend to sell a minority interest in Rogers Sports after obtaining a 100% ownership interest in MLSE (see "Update on sports and entertainment assets"). While we believe there is a significant market for these assets, there is no guarantee we will be successful in selling a minority interest, whether at the expected investment amount, within the anticipated timing, or at all. Such a sale would also require approval from the various leagues governing our professional sports teams, which is not guaranteed. We may not proceed with, or complete, any sale of a minority interest in Rogers Sports, whether at the expected investment amount, within the anticipated timing, or at all, due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations.

Sports franchises
After obtaining a 100% ownership interest in MLSE (see "Update on sports and entertainment assets"), our exposure to risks associated with owning and operating sports franchises will increase.

Financial Guidance

On April 22, 2026, concurrently with the release of our first quarter 2026 results, we updated our consolidated guidance ranges for select full-year 2026 financial metrics that were originally provided on January 29, 2026 as a direct reflection of the ongoing impacts from heightened competitive intensity and recent regulatory decisions. This press release is available under Rogers' profile on SEDAR+ at sedarplus.ca and on EDGAR at sec.gov.

Key Performance Indicators

We measure the success of our strategy using a number of key performance indicators that are defined and discussed in our 2025 Annual MD&A and this earnings release. We believe these key performance indicators allow us to appropriately measure our performance against our operating strategy and against the results of our peers and competitors. The following key performance indicators, some of which are supplementary financial measures (see "Non-GAAP and Other Financial Measures"), are not measurements in accordance with IFRS. They include:

subscriber counts; Wireless;Cable; andhomes passed (Cable); Wireless subscriber churn (churn);Wireless mobile phone average revenue per user
(ARPU); Cable average revenue per account (ARPA);Cable customer relationships;Cable market penetration (penetration);capital intensity; andtotal service revenue. Non-GAAP and Other Financial Measures

Reconciliation of adjusted EBITDA

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 2026
 2025
      Net (loss) income(665)148 (183)428 Add (deduct):    Income tax expense148 173 321 273 Finance costs565 628 1,008 1,207 Depreciation and amortization1,194 1,184 2,415 2,350 EBITDA1,242 2,133 3,561 4,258 Add (deduct):    Other expense (income)1,019 (9)1,015 (7)Restructuring, acquisition and other211 238 260 365 Gain on disposition of assets(30)— (30)—      Adjusted EBITDA2,442 2,362 4,806 4,616 
Reconciliation of adjusted net income

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 2026
 2025
      Net (loss) income(665)148 (183)428 Add (deduct):    Restructuring, acquisition and other211 238 260 365 Change in fair value of subsidiary equity derivative instruments(16)93 (121)93 Depreciation and amortization on fair value increment of Shaw Transaction-related assets172 212 353 441 Loss on revaluation of MLSE put liability1,034 — 1,034 — Gain on disposition of assets(30)— (30)— Income tax impact of above items(73)(59)(130)(152)     Adjusted net income633 632 1,183 1,175 
Reconciliation of pro forma trailing 12-month adjusted EBITDA

 As at
December 31 (In millions of dollars)2025    Trailing 12-month adjusted EBITDA9,820 Add (deduct):  MLSE adjusted EBITDA - January to June 2025166    Pro forma trailing 12-month adjusted EBITDA9,986 
Reconciliation of adjusted net income attributable to RCI shareholders

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 2026
 2025
      Net (loss) income attributable to RCI shareholders(726)157 (288)437 Add (deduct):    Restructuring, acquisition and other211 238 260 365 Change in fair value of subsidiary equity derivative instruments(16)93 (121)93 Depreciation and amortization on fair value increment of Shaw Transaction-related assets172 212 353 441 Loss on revaluation of MLSE put liability1,034 — 1,034 — Gain on disposition of assets(30)— (30)— Revaluation of subsidiary US dollar-denominated balances180 (21)131 (21)Income tax impact of above items(85)(59)(149)(152)     Adjusted net income attributable to RCI shareholders640 620 1,190 1,163  1 Reflects RCI's share of the impacts of foreign exchange revaluation on US dollar-denominated intercompany balances in BNSI, our non-wholly owned subsidiary formed in connection with the network transaction. These impacts are eliminated on consolidation.

Reconciliation of free cash flow

 Three months ended June 30
 Six months ended June 30
 (In millions of dollars)2026
 2025
 2026
 2025
      Cash provided by operating activities1,517 1,596 3,012 2,892 Add (deduct):    Capital expenditures(695)(831)(1,503)(1,809)Interest on borrowings, net and capitalized interest(494)(480)(970)(982)Interest paid456 395 1,008 990 Restructuring, acquisition and other211 238 260 365 Program rights amortization(33)(31)(86)(50)Change in net operating assets and liabilities160 28 319 111 Distributions paid by subsidiaries to non-controlling interests(117)— (233)— Net cash proceeds on subsidiary equity derivatives12 — 24 — Post-employment benefit contributions, net of expense(18)(19)(34)(36)Cash flows relating to other operating activities(16)38 (37)35 Other investment income(1)(9)(2)(5)     Free cash flow982 925 1,758 1,511  Rogers Communications Inc.
Interim Condensed Consolidated Statements of Income
(In millions of Canadian dollars, except per share amounts, unaudited)

 Three months ended June 30
 Six months ended June 30
  2026
 2025
 2026
 2025
      Revenue5,615 5,216 11,097 10,192      Operating expenses:    Operating costs3,173 2,854 6,291 5,576 Depreciation and amortization1,194 1,184 2,415 2,350 Restructuring, acquisition and other211 238 260 365 Finance costs565 628 1,008 1,207 Gain on disposition of assets(30)— (30)— Other expense (income)1,019 (9)1,015 (7)     (Loss) income before income tax expense(517)321 138 701 Income tax expense148 173 321 273      Net (loss) income for the period(665)148 (183)428      Net (loss) income for the period attributable to:    RCI shareholders(726)157 (288)437 Non-controlling interest61 (9)105 (9)     (Loss) earnings per share attributable to RCI shareholders:    Basic($1.34)$0.29 ($0.53)$0.81 Diluted($1.37)$0.29 ($0.55)$0.79  Rogers Communications Inc.
Interim Condensed Consolidated Statements of Financial Position
(In millions of Canadian dollars, unaudited)

 As at
June 30 As at
December 31  2026 2025      Assets    Current assets:    Cash and cash equivalents1,726 1,344 Accounts receivable5,728 6,105 Inventories553 550 Current portion of contract assets153 151 Other current assets1,341 1,239 Current portion of derivative instruments303 99 Total current assets9,804 9,488      Property, plant and equipment26,286 26,307 Intangible assets28,771 28,898 Investments1,292 1,291 Derivative instruments960 746 Financing receivables1,065 1,198 Other long-term assets2,093 2,052 Goodwill20,032 20,032      Total assets90,303 90,012      Liabilities and equity    Current liabilities:    Short-term borrowings2,237 4,000 Accounts payable and accrued liabilities4,375 4,831 Other current liabilities4,838 3,831 Contract liabilities952 1,114 Current portion of long-term debt4,855 1,186 Current portion of lease liabilities728 690 Total current liabilities17,985 15,652      Provisions56 55 Long-term debt35,191 35,872 Lease liabilities2,687 2,428 Other long-term liabilities2,063 2,225 Deferred tax liabilities9,471 9,494 Total liabilities67,453 65,726      Equity    Equity attributable to RCI shareholders16,559 17,751 Non-controlling interest6,291 6,535 Equity22,850 24,286      Total liabilities and equity90,303 90,012  Rogers Communications Inc.
Interim Condensed Consolidated Statements of Cash Flows
(In millions of Canadian dollars, unaudited)

 Three months ended June 30
 Six months ended June 30
  2026
 2025
 2026
 2025
 Operating activities:    Net (loss) income for the period(665)148 (183)428 Adjustments to reconcile net income to cash provided by operating activities:    Depreciation and amortization1,194 1,184 2,415 2,350 Program rights amortization33 31 86 50 Finance costs565 628 1,008 1,207 Income tax expense148 173 321 273 Post-employment benefits contributions, net of expense18 19 34 36 Income from associates and joint ventures(14)— (17)(2)Gain on disposition of assets(30)— (30)— Loss on revaluation of MLSE put liability1,034 — 1,034 — Other16 (38)37 (35)Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid2,299 2,145 4,705 4,307 Change in net operating assets and liabilities(160)(28)(319)(111)Income taxes paid(166)(126)(366)(314)Interest paid, net(456)(395)(1,008)(990)     Cash provided by operating activities1,517 1,596 3,012 2,892      Investing activities:    Capital expenditures(695)(831)(1,503)(1,809)Additions to program rights and other intangible assets(43)(24)(141)(48)Changes in non-cash working capital related to investing activities(83)(68)(195)(56)Acquisitions and other strategic transactions, net of cash acquired— — (85)— Other(6)7 (9)8      Cash used in investing activities(827)(916)(1,933)(1,905)     Financing activities:    Net proceeds received from (repayment of) short-term borrowings161 (483)(1,791)(1,336)Net (repayment) issuance of long-term debt— (2,178)2,169 424 Net proceeds (payments) on settlement of debt derivatives and subsidiary equity derivatives20 (6)26 77 Transaction costs incurred(2)(61)(29)(99)Principal payments of lease liabilities(141)(134)(297)(267)Dividends paid to RCI shareholders(270)(188)(540)(373)Distributions paid by subsidiaries to non-controlling interests(117)— (233)— Issuance of subsidiary shares to non-controlling interest— 6,656 — 6,656 Other(1)(3)(2)(4)     Cash (used in) provided by financing activities(350)3,603 (697)5,078      Change in cash and cash equivalents340 4,283 382 6,065 Cash and cash equivalents, beginning of period1,386 2,680 1,344 898      Cash and cash equivalents, end of period1,726 6,963 1,726 6,963  About Forward-Looking Information

This earnings release includes "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information"), and assumptions about, among other things, our business, operations, and financial performance and condition approved by our management on the date of this earnings release. This forward-looking information and these assumptions include, but are not limited to, statements about our objectives and strategies to achieve those objectives, and about our beliefs, plans, expectations, anticipations, estimates, or intentions.

Forward-looking information

typically includes words like could, expect, may, anticipate, assume, believe, intend, estimate, plan, project, guidance, outlook, target, and similar expressions;includes conclusions, forecasts, and projections that are based on our current objectives and strategies and on estimates, expectations, assumptions, and other factors that we believe to have been reasonable at the time they were applied but may prove to be incorrect; andwas approved by our management on the date of this earnings release. Our forward-looking information in this earnings release includes forecasts and projections related to the following items, among others:

revenue;total service revenue;adjusted EBITDA;capital expenditures;cash income tax payments;free cash flow (including its application to strengthen our balance sheet through accelerated debt repayment);dividend payments;the growth of new products and services;expected growth in subscribers and the services to which they subscribe; the cost of acquiring and retaining subscribers and deployment of new services;continued cost reductions and efficiency improvements;our debt leverage ratio and how we intend to manage that ratio;the completion and funding of the MLSE minority interest acquisition, including its timing, and the sale of a minority interest in Rogers Sports to third-party investors, including the timing, size, and proceeds therefrom; andall other statements that are not historical facts. Our conclusions, forecasts, and projections in this earnings release are based on a number of estimates, expectations, assumptions, and other factors, including, among others:

general economic and industry conditions, including the effects of inflation;currency exchange rates and interest rates;product pricing levels and competitive intensity;subscriber growth;pricing, usage, and churn rates;changes in government regulation; technology and network deployment;availability of devices;timing of new product launches;content and equipment costs;the integration of acquisitions; andindustry structure and stability.
Except as otherwise indicated, this earnings release and our forward-looking information do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetization events, mergers, acquisitions, other business combinations, or other transactions that may be considered or announced or may occur after the date on which the statement containing the forward-looking information is made.

Risks and uncertainties
Actual events and results may differ materially from what is expressed or implied by forward-looking information in this earnings release as a result of risks, uncertainties, and other factors, many of which are beyond our control or our current expectations or knowledge, including, but not limited to:

regulatory changes;technological changes;economic, geopolitical, and other conditions affecting commercial activity and the costs of goods and services, including the potential application or modification of tariffs, trade wars, recessions, or reduced immigration levels;unanticipated changes in content or equipment costs;changing conditions in the sports, media, entertainment, information, and communications industries;performance of our sports teams, including uncertainty as to their participation or success in their respective postseasons;sports-related work stoppages or cancellations and labour disputes;the integration of acquisitions;litigation and tax matters;the level of competitive intensity;the emergence of new opportunities;external threats, such as epidemics, pandemics, and other public health crises, natural disasters, the effects of climate change, or cyberattacks, among others;the MLSE minority interest acquisition is subject to closing conditions and termination rights and may not be completed on the anticipated terms, in the anticipated timeline, or at all; the anticipated benefits of the MLSE minority interest acquisition may not be realized;we may be unable to proceed with, or complete, the sale of a minority interest in Rogers Sports, within the anticipated timing or at all, due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations;if completed, the sale of a minority interest in Rogers Sports may not be at the expected valuation or may not raise the anticipated proceeds;we may fund all or a portion of the MLSE minority interest acquisition through alternate sources;new interpretations or accounting standards, or changes to existing interpretations and accounting standards, from accounting standards bodies; changes to the methodology, criteria, or conclusions used by rating agencies in assessing or assigning equity treatment or equity credit on our subordinated notes or for the network transaction; and the other risks outlined in "Risks and Uncertainties Affecting our Business" in our 2025 Annual MD&A and "Updates to Risks and Uncertainties" in this earnings release.
These risks, uncertainties, and other factors can also affect our objectives, strategies, plans, and intentions. Should one or more of these risks, uncertainties, or other factors materialize, our objectives, strategies, plans, or intentions change, or any other factors or assumptions underlying the forward-looking information prove incorrect, our actual results and our plans could vary materially from what we currently foresee.

Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and caution them that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information or the factors or assumptions underlying them, whether as a result of new information, future events, or otherwise, except as required by law. All of the forward-looking information in this earnings release is qualified by the cautionary statements herein.

Before making an investment decision
Before making any investment decisions and for a detailed discussion of the risks, uncertainties, and environment associated with our business, its operations, and its financial performance and condition, fully review the sections in our 2025 Annual MD&A entitled "Regulation in our Industry" and "Risk Management", as well as our various other filings with Canadian and US securities regulators, which can be found at sedarplus.ca and sec.gov, respectively. Information on or connected to sedarplus.ca, sec.gov, our website, or any other website referenced in this document is not part of or incorporated into this earnings release.

About Rogers

Rogers is Canada's communications, sports and entertainment company and its shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).

Investment Community ContactMedia Contact  Paul CarpinoSarah Schmidt647.435.6470647.643.6397paul.carpino@[email protected]
Quarterly Investment Community Teleconference

Our second quarter 2026 results teleconference with the investment community will be held on:

July 22, 20268:00 a.m. Eastern Timewebcast available at about.rogers.com/investor-relationsmedia are welcome to participate on a listen-only basis A rebroadcast will be available at about.rogers.com/investor-relations for at least two weeks following the teleconference. Additionally, investors should note that from time to time, Rogers management presents at brokerage-sponsored investor conferences. Most often, but not always, these conferences are webcast by the hosting brokerage firm, and when they are webcast, links are made available on our website at about.rogers.com/investor-relations.

For More Information

You can find more information relating to us on our website (about.rogers.com/investor-relations), on SEDAR+ (sedarplus.ca), and on EDGAR (sec.gov), or you can e-mail us at [email protected]. Information on or connected to these and any other websites referenced in this earnings release is not part of, or incorporated into, this earnings release.

You can also go to about.rogers.com/investor-relations for information about our governance practices, corporate social responsibility reporting, a glossary of communications and media industry terms, and additional information about our business.

NEW YORK--(BUSINESS WIRE)--OneSpaWorld Holdings Limited, (NASDAQ: OSW), the pre-eminent global provider of health and wellness products and services on board cruise ships and in destination resorts around the world, announced today that it will release its Second Quarter Fiscal 2026 earnings on Wednesday, July 29th before market open. The Company will conduct a conference call the same day at 10:00 am ET to discuss its quarterly results. What: OneSpaWorld Second Quarter Fiscal 2026 financial re.

Anders Opedal, CEO of Equinor, speaks to Reuters reporters as major oil executives, energy ministers, mining and government officials attend CERAWeek by S&P Global in Houston, Texas, U.S.,... Purchase Licensing Rights, opens new tab Read more

SummaryCompaniesStorage levels below five-year averageAsian buyers draw LNG cargoes from EuropeEurope will be more exposed to price swings, Equinor CEO saysOSLO, July 22 (Reuters) - The CEO of Europe's largest supplier of ‌natural gas expects the region to fall short of its goal to fill gas storage sites to 80% of capacity before the winter, hampered by ​market tightness that has increased competition from buyers in Asia.

Gas ​volumes at European storage sites are significantly lower than ⁠the five-year average and at their second-lowest level in 15 years, ​Equinor (EQNR.OL), opens new tab chief Anders Opedal told Reuters on Wednesday after the company ​reported its highest quarterly profit since early 2023.

The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.

"We do not think that Europe will necessarily be able to fill up its stocks to more than 80% this ​autumn," Opedal said.

As a result of lower gas storage levels, which ​currently stand at 54%, Europe will be more exposed to market price swings ‌this ⁠winter than in previous winters, he added.

The U.S.-Iran war has effectively halted shipping through the Strait of Hormuz, including about a fifth of the world's liquefied natural gas, typically delivered to Asian customers.

Europe, meanwhile, ​has been unable to ​call on ⁠Russian pipeline gas as those supplies are phased out because of the war in Ukraine.

Equinor says that Europe ​relies on LNG to meet about 30% of ​its import ⁠needs, but supply is now missing.

"The gas that was supposed to come from Qatar was supposed to go to Asia, and that means ⁠that ​LNG that earlier in the year came ​into Europe is now going to Asia," Opedal said, referring to the increased competition ​for global supplies.

Reporting by Nora Buli Editing by Terje Solsvik and David Goodman

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Wall Street remains overwhelmingly bullish on SpaceX (NASDAQ: SPCX) ahead of the company's first earnings report as a publicly traded firm on August 4, 2026.

Kylie Jenner introduced her new Meta glasses. The backlash began.

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Senior Correspondent covering technology and culture

Kylie Jenner designed new Meta glasses. They've become a flash point. Meta Kylie Jenner is very much like Meta's glasses: You can't deny they're popular — but that doesn't mean they're not also controversial. (Just ask Club Chalamet. Actually, don't.)

It's undeniable that the camera-and-video smart glasses have sold — at least 7 million pairs last year. Now, a fresh wave of attention — and scrutiny — has followed the launch of a new style of the glasses: an oval-framed pair designed by Jenner.

When she debuted them late last month, there was an immediate backlash. One person commented, "Predator glasses" on her Instagram announcement. Another said. "Such a scary product for a WOMAN to be supporting." A British advocacy group bought a bus ad mocking the glasses with Jenner's image and the slogan "we're always watching you." I've reached out to Jenner's team for comment.

The anti-AI glasses sentiment might be getting louder simply because the glasses are getting more popular: They're a thing young people actually encounter out in the world. (I wrote about "Computah" back in June; he uses Meta's more traditional Ray-Bans to make funny videos pretending to "program" people.) They can also come with the potential creep factor. There's a whole genre of pick-up artists who post videos using them. I wrote about other people who do obnoxious pranks on service workers with the glasses and post on TikTok and Reels.

And at a Madrid music festival last week, the pop star Lorde went on an expletive-laden diatribe about them, saying "Don't get the glasses. Not sexy."

Interestingly, since the launch of her namesake frames, Jenner doesn't seem to be wearing them much in public. At the World Cup finals, she wore what appeared to be different tapered oval sunnies, and at a Knicks game, she used an old-school point-and-shoot camera to take photos of her boyfriend, rather than Meta glasses.

She did wear them in a recent Instagram post promoting her swimwear line.

The glasses, which can record video and take hands-free photos, have always been controversial — how could camera glasses not be? But it feels to me like we're at a new level of the discourse about them, where young people are both bemoaning their impact on society and also buying them.

What seems new here is the AI element, which is being beefed up in the glasses. In general, there's widespread anti-AI sentiment among young people, yet they continue to use AI. (Life is complicated; no judgment.)

Of course, the most controversial AI element in the glasses is one that doesn't exist on them (yet): facial recognition. Meta has been dancing around this feature for years. Whether it actually happens could depend on public reception — so it matters right now how Meta and its executives are messaging it.

That's where Meta's recent messaging around the glasses comes in.

NameTag would identify people you knowIt's a relatable dilemma: You're talking to someone at a party, and you can't for the life of you remember their name. Or, even more brutal, you forget them completely, and they inform you that you've met before (oof).

This social agony is what Meta says it aims to solve with facial recognition in its AI-powered smart glasses. It hasn't launched facial recognition, but it seems to be very interested in doing so. Wired reported that a recent software update for the glasses included code (that wasn't actually working yet) for a feature called NameTag that could help you identify people you've met before.

But is the "cocktail party problem," as Meta CTO Andrew Bosworth called it in a recent interview on Nicholas Thompson's podcast, a big enough problem that we should be willing to make the privacy tradeoffs of a world where facial recognition glasses at parties are normalized?

A Meta spokesman told me facial recognition isn't yet a done deal.

"We haven't made a decision on the so-called NameTag feature, and it's not available in glasses people can buy today," Meta's Carl Woog said. "Should we decide to make something like this available, it will be our responsibility to do so with a thoughtful approach that protects people's privacy."

It feels hard to square the idea of facial recognition in glasses with personal privacy.

In the podcast interview, Bosworth also discusses the benefits of the glasses to the blind, as well as people who have trouble remembering faces or names because of a brain injury or other cognitive issue.

Facial recognition could have real benefits for the blindThat podcast interview wasn't the first time Meta executives or other company communications mentioned the glasses' disability benefits as a talking point.

I believe the people working on the glasses at Meta really care about the potential benefits for people with disabilities. The division at Meta that makes the glasses, Reality Labs, has its origins in Meta's acquisition of CTRL Labs, a company working on neural interface wearables meant to help people who couldn't type. In June, Meta pledged to provide free glasses to any of the 130,000 blind military veterans who request them.

"There are a lot of people working at Reality Labs who have dedicated their professional careers to building frontier technology that can help people who have real needs, be it limited sight, hearing, or mobility, and we are inspired by these efforts," Woog said.

Still, Meta glasses are not primarily sold as disability aids — they're fun toys for general consumers. And the discussion around disabilities also creates a kind of false tension: If you're worried about the privacy implications of facial recognition glasses, you might be against helping the blind. I have to believe there exists a middle ground; you can care about both things.

Meta knows that public sentiment is crucial to getting widespread acceptance of AI features like facial recognition. For now, it seems it will have to work on its messaging if the recent backlash to the Kylie glasses is any indication.

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Katie Notopoulos You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

Katie Notopoulos is a senior correspondent at Business Insider who writes about technology, business, and culture. She covers topics such as internet culture, Big Tech, retail, AI, parenting in the digital age, and personal tech.Previously, Katie was a tech reporter at BuzzFeed News and has written for The Atlantic, The New York Times, Fast Company, and MIT Technology Review. Based in New York, you can reach her by email [email protected] or find her on Twitter. Bluesky, and Threads @katienotopoulos.Some of her stories include:

Google AI said to put glue in pizza — so I made a pizza with glue and ate itThe Zuckermoon is overGen Z doesn't want to say "hello" when answering the phone. I'm concerned. Wait, is Walmart cool now?Mark Zuckerberg has created the saddest place on the internet with Meta AI's public feedHow Instagram got its mojo backAm I the JD Vance of my group chat?We need to talk about whatever's happening with Starbucks' drinksThis chart shows a key reason why millennial parents are miserableIt's not just you. Eggshells really are chipping more. Meta Wearables Kylie Jenner More AI

All eyes will be on Meta Platforms (META 0.30%) on July 29. That's when it reports second-quarter earnings, and there will be one major question looming on that date: Will Meta Platforms launch a cloud computing business?

If CEO and founder Mark Zuckerberg makes an announcement about a cloud computing platform, I think the stock could skyrocket. On the flip side, if he says it's not happening anytime soon, don't be surprised if the stock sells off, as the market is starting to expect this new segment from Meta.

Regardless, I think Meta is still a strong investment option, and investors should consider scooping it up before its July 29 earnings release.

Image source: Getty Images.

A cloud computing business helps justify Meta's spending The big four AI hyperscalers include Meta Platforms, Amazon, Microsoft, and Alphabet. These four got grouped because they are spending hundreds of billions of dollars on data center capital expenditures.

The $650 billion spending in 2026 isn't the peak, either. Nvidia, the major supplier of computing units for the AI build-out, projects this figure will rise to $1 trillion in 2027. That's incredible growth and showcases the robust demand for AI computing.

While many businesses are being formed that use AI computing resources, the jury is still out on whether all the AI spending will be worth it, especially for companies developing AI models. Some worry that generative AI will basically be a commodity, and there won't be much money in store for the companies that develop the models. However, cloud computing businesses, like the ones Amazon, Microsoft, and Alphabet have built, generate revenue each time computing resources are used, so they will still make out fine over the long term.

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This concern is why the market has been skeptical of Meta's strategy over the past few years: It's spending heavily and hasn't made much progress, yet it has a vast amount of computing resources. Zuckerberg has told investors that he has considered forming a cloud computing business if excess computing capacity becomes available.

A recent Bloomberg report speculated that a cloud business is already being formed, creating a new revenue stream for Meta that would be quite lucrative in the long term. This would justify the spending on those centers, making Meta a far more attractive investment.

If Meta announces this on July 29 during its Q2 earnings report, I think the stock could easily rocket higher. But if Zuckerberg says it won't happen anytime soon, don't be surprised to see the stock sell off, as the market has started to suspect this launch for a while and has priced some of it already.

Keithen Drury has positions in Alphabet, Amazon, Meta Platforms, Microsoft, and Nvidia. The Motley Fool has positions in and recommends Alphabet, Amazon, Meta Platforms, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.

After the market close on July 20, Space Exploration Technologies (SPCX +3.08%) said it will release second-quarter earnings on Aug. 4.

The report will coincide with SpaceX's first earnings call with analysts as a public company and comes at a pivotal time, with the stock hovering near its lowest point since its June 12 initial public offering (IPO). As of the market close on July 21, SpaceX shares are down 40% from its intraday high of $225.64 on June 16.

Here's what investors should look for when SpaceX reports and if the growth stock is a buy now.

Image source: Getty Images.

Welcome to the public stage Aug. 4 will be Elon Musk's first earnings call as chief executive officer of a company that isn't Tesla (TSLA +2.53%). Investors should tune in to see how the earnings call is conducted, whether its format differs from Tesla's, and whether it leans more on SpaceX's other executives than on Musk.

It would also be worth paying attention to how SpaceX releases supplemental materials, whether it includes useful information in its presentation decks and earnings release, or whether investors will need to dig for details in its quarterly 10-Q filing with the Securities and Exchange Commission (SEC).

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SpaceX's Model 3 moment Since 2023, SpaceX has been responsible for launching more than 80% of the world's mass put into orbit. The bulk of that mass has come from SpaceX's Starlink network of low earth orbit broadband and mobile satellites.

With 9,600 Starlink satellites in orbit as of March 31 and 10.3 million Starlink subscribers, Starlink is instrumental to SpaceX's revenue and free cash flow growth. SpaceX has a mix of consumer and enterprise solutions. As it has added more customers, its revenue per user has declined. So investors should tune in to SpaceX's plans to expand Starlink and whether its pricing model will change as it improves connectivity.

In its May 20 Form S-1 IPO filing with the SEC, SpaceX said it expects to begin deploying its next-generation Starlink V3 satellites on Starship launchers in the second half of 2026, and it is on schedule to do so. SpaceX planned to launch its 13th Starship test flight on July 16 but scrubbed it and rescheduled it for July 23. Part of the payload includes 20 Starlink V3 satellites.

Compared to V2 satellites, V3 will offer a 10-fold improvement in downlink capacity and a 22-fold increase in uplink capacity -- adding to Starlink's competitive advantages.

All told, Starlink could prove to be as important to SpaceX as the Model 3 was to Tesla. The Model 3 provided a high-volume electric vehicle at a competitive price, vaulting Tesla from a struggling company to a cash cow. Without Model 3, Tesla would have lacked the resources needed to expand its robotaxi fleet and the Optimus line of humanoid robots.

AI satellites Scaling Starlink is a bold endeavor in and of itself. But SpaceX has far more ambitious plans, namely, deploying millions of artificial intelligence (AI) compute satellites in space.

SpaceX's February 2026 acquisition of xAI is instrumental in its AI compute constellation plans because it effectively gives SpaceX a major internal customer and a sandbox for testing satellite performance.

What's more, SpaceX, xAI, and Tesla are collaborating on the Terafab facility in Texas to mass-produce AI chips, enabling these companies to secure their own compute rather than relying on other suppliers. SpaceX is also building a factory of more than 11-million-square feet in Texas called Gigafactory, which will handle end-to-end production of AI satellites -- from solar panels to the AI compute modules.

These projects will be incredibly costly, take years to scale, and have no clear timeline for profitability. SpaceX's earnings call should provide investors with updates on these projects.

A potential merger with Tesla With SpaceX now public, some folks are speculating that it's only a matter of time before Tesla and SpaceX attempt to merge. After all, SpaceX bought xAI even though there were several valid reasons Tesla could have bought it instead. Tesla is a major customer of xAI, with xAI playing a role in Tesla's robotics, automotive vehicles, and energy storage projects.

A merger between SpaceX and Tesla would make Terafab a unified project under one umbrella rather than a partnership. And Tesla may be able to assist SpaceX with its energy storage needs.

Investors will likely be looking for insight on the SpaceX earnings call about its considerations for a merger with Tesla or why it may downplay merger speculation. Even if SpaceX and Tesla shareholders were vote to approve a merger, it would still face intense regulatory scrutiny.

SpaceX has a lot to prove Aug. 4 also is a critical day for SpaceX investors because it opens the door to a major share unlocking just two days later, letting early investors who were barred from selling after the IPO dispose of shares on public markets.

So far, SpaceX has been a tale of insatiable investor euphoria that briefly made it worth more than Amazon and Microsoft, only to have it fall as investors questioned its viability and path to profitability.

SpaceX has done an excellent job outlining a roadmap that features bold plans for AI compute satellites, lunar economies, colonies on Mars, and interplanetary travel. But SpaceX must fill the gaps in that roadmap before the stock becomes a reasonable buy for long-term investors.

Uber has underperformed, with shares down ~15% YTD and ~30% from late 2025 highs, creating a value opportunity. I reiterate my buy rating on UBER, citing ongoing strong fundamentals and new growth catalysts despite recent market weakness. Upcoming Q2 earnings on August 5 could serve as a positive catalyst; I recommend buying the dip ahead of this event.

REDWOOD CITY, Calif.--(BUSINESS WIRE)--Today, Observe.AI announced a multi-year strategic collaboration agreement with Amazon Web Services (AWS) to help enterprises deploy AI Agents for CX across customer service operations at scale.Through this collaboration, customers can use Observe.AI's Agentic CX Platform, running on AWS, to bring AI agents into the core of customer experience: resolving customer needs directly, supporting frontline teams in real time, and continuously improving performance.

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Rahul Devikar, a senior software engineer at Microsoft, says AI has transformed the way software gets built. Rahul Devikar This as-told-to essay is based on a conversation with Rahul Devikar, a 34-year-old senior software engineer at Microsoft who lives in the Seattle area. It has been edited for length and clarity.

I've worked as a software engineer at Microsoft since 2018. Over the years, I've had a front-row seat to how AI has transformed the way software gets built.

One of the biggest projects I've worked on is Microsoft 365 Agents SDK, an open-source library for building AI agents. It was my first open-source project at Microsoft, and we took it from idea to public preview in just a few months.

While projects like this require a lot of work, I haven't experienced much of the AI fatigue that I've heard other engineers talk about. That's because overall, I think AI has made it much easier to get projects done.

That said, AI comes with its own challenges. Sometimes an AI agent hallucinates, and figuring out why can be frustrating. As long as you're checking what it produces along the way, though, I think AI helps more than it hurts.

The biggest AI time savings isn't writing the initial codeIn my experience, it used to be much more common to work long hours just to hit a deadline. There was often a concern about whether we'd finish a project on time. Now, we can usually build the first version much more quickly and spend more time refining and improving it instead.

Some projects that used to take about a month can now be finished in three or four days — or at most a week. Using a combination of internal tools like Copilot and external ones like Claude, we have a lot more opportunities to build proofs-of-concept, and AI has dramatically sped up development.

For bigger product releases, though, the biggest time savings haven't come from writing the initial code. They've come from making changes after the first version is built.

When you design something, show it to other people, and realize certain things need to be improved, you have to go back and make those changes. Back in 2020, for example, that process might have taken another month or two. Today, it's often a matter of days or weeks.

The biggest challenge is knowing when AI is wrongDespite the benefits of AI tools, they aren't perfect and can make mistakes.

I've seen AI agents hallucinate when asked to complete engineering tasks. The biggest challenge isn't that they hallucinate — it's recognizing when they've hallucinated. If you don't already understand the task yourself or know what to expect, it can be difficult to spot when the AI has made a mistake. I've found that the better you are at catching those mistakes, the more successful you'll be using AI.

Overall, I think AI should be thought of as an assistant, not a replacement. As a user, you have context that the AI doesn't always have. One of my biggest concerns is that people will become too reliant on AI without developing the underlying knowledge themselves. I think that could lead to more "AI slop."

Now is the time to start experimenting with AII think there's a comparison to be made between AI and the internet. When the internet first took off, there was a lot of hype around it. Today, it's such a normal part of our lives that we can't imagine living without it.

I think AI is on a similar path. There's a lot of excitement around it right now, but eventually it will just become part of everyday life. People won't think about using AI any more than they think about using the internet today.

That's why I think it's a good idea for people to experiment with AI tools and try vibe coding. If you have an idea, try building it. I think many people would be surprised by how much they can accomplish.

When it comes to working with AI tools, I think it's helpful to remember that you're working with an AI, not a human. The tool might not understand what you're trying to say, even if another person would.

You usually need to be much more descriptive about what you want. I've found it's more effective to break a task into smaller steps instead of asking the AI to do everything at once. That approach tends to make the whole process much more efficient.

I'm skeptical that AI will replace software engineersPersonally, I experiment with AI tools like Agents365, Claude, and GitHub Copilot to get more hands-on experience with the technology. During tax season, for example, I built an agent to help me understand my taxes.

Despite the benefits of using AI I've seen over my years at Microsoft, I'm skeptical that it will lead to fewer software engineering jobs. While there have been tech layoffs in recent years, this isn't the first time the industry has gone through layoffs.

I'm sure AI has played a role in some layoffs, but I also think engineers who keep learning new technologies will be in a much better position going forward. Software engineering has always required constant learning, and I don't think that's going to change. I think it's going to create more opportunities to build new products, and at the end of the day, engineers will still be needed to design and develop them.

AI can recommend different approaches or generate code, but it's still up to engineers to decide what technologies to use and how to build the product.

Do you have a story to share about learning AI or working in tech? Reach out to the reporter via email at [email protected], or via Signal at jzinkula.29.

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Jacob Zinkula You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

as told to AI Artificial Intelligence More Microsoft Big Tech Tech Careers

Nvidia (NVDA +2.10%) was the market's go-to artificial intelligence (AI) stock for a time. Its data center products, including graphic processing units (GPUs), were in such high demand that it was hard to keep up with the company's soaring revenues.

Buyers piled into the stock, resulting in the price more than tripling in 2023 and nearly doing so again in 2024. But investors began diversifying into the sector last year, with names in memory chips and data center power suppliers attracting more attention.

Investors shouldn't count Nvidia out, though, especially now that the stock has flatlined over the past three months. I believe next month's earnings report from Nvidia will be a wake-up call. Here's why.

Image source: Nvidia.

Just do the math Nvidia stock has hardly moved over the last three months. Year to date, it is up 8.75%, but that trails the Nasdaq-100 by nearly five percentage points.

The stagnation of Nvidia stock is somewhat understandable. Memory chip companies have seen sales and earnings soar, attracting significant investment capital from the tech industry. Investors are also anticipating the public debuts of AI model leaders Anthropic and OpenAI, and Space Exploration Technologies (SpaceX) just completed the largest initial public offering (IPO) in history. There's only so much capital to go around.

But that spells opportunity, and investors might want to act before the next catalyst from Nvidia.

Data source: Nvidia. Chart by author.

Nvidia's revenue growth has not only been stellar but also accelerating, driven by its data center segment. Management predicts fiscal second-quarter revenue will jump approximately 12% over Q1. Simply meeting that guidance would represent a 95% year-over-year increase. That's phenomenal growth for any tech company in the markets. 

Nvidia is a safer bet Nvidia isn't being valued as such a strong growth stock, though. Its forward price-to-earnings (P/E) ratio of about 22 is even lower than the Nasdaq-100 index's 25 P/E average. SpaceX isn't profitable yet, so P/E isn't a metric being used, but its price-to-sales (P/S) ratio is about four times that of Nvidia based on expected 2026 revenue.

While investors have been distracted by other growth and potential growth stories, Nvidia remains a known entity with promising prospects as far out as is reasonable to see. That's why it's not hard to predict that Nvidia's stock price will move higher after the company confirms its expected sales and earnings in August.

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That move higher might not happen right away. Or investors could push the stock up ahead of earnings. There's no way to know when, but it seems a good bet that Nvidia's share price will continue to rise as its financial results improve.

A $1,000 investment in Nvidia (NASDAQ: NVDA) around the launch of DeepSeek-R1 in January 2025 would be worth approximately $1,480 today, representing a gain of about 48%.

DeepSeek-R1, unveiled on January 20, 2025, drew global attention by demonstrating advanced reasoning capabilities at a fraction of the computing cost of many leading AI models. 

The development sparked concerns that more efficient AI systems could reduce demand for expensive AI hardware.

Those fears culminated on January 27, 2025, when Nvidia shares plunged nearly 17% in a single session, erasing roughly $600 billion in market value in the largest one-day market-cap loss ever recorded by a public company.

The downturn proved temporary as Nvidia recovered and continued climbing. An investor who bought about 7.14 shares at roughly $140 each shortly after the DeepSeek-R1 launch would now hold a position worth around $1,480, based on Nvidia’s current share price near $207.

NVDA one-year stock price chart. Source: Finbold Nvidia’s rebound after DeepSeek AI scare  While DeepSeek-R1 raised concerns about AI infrastructure spending, the broader AI market continued expanding throughout 2025 and into 2026. 

Nvidia benefited from sustained investment by hyperscalers, enterprises, and AI developers building large-scale training and inference systems.

The company also continued advancing its data center and AI chip offerings, helping maintain its leadership position.

Nvidia’s business has continued expanding at a rapid pace based on the financial figures. The company reported record fiscal 2026 revenue of $215.9 billion, including $68.1 billion in fourth-quarter revenue and $62.3 billion from its data center segment.

Investor attention is now turning to Nvidia’s August 4 earnings report. In this line, recent market expectations call for quarterly revenue of around $91 billion, reflecting continued demand for Blackwell AI systems.

Additional support has come from improving sentiment around international sales. Recent U.S. approvals allowing limited AI chip exports to China have eased some concerns about access to one of the world’s largest AI markets.

Despite periodic volatility, Wall Street continues to view Nvidia as one of the main beneficiaries of the global AI buildout. The upcoming earnings report is expected to provide a key test of whether massive AI infrastructure spending by major technology companies can continue at its current pace.

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Small toy figures with laptops and smartphones are seen in front of displayed AT&T logo, in this illustration taken December 5, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

July 22 (Reuters) - AT&T (T.N), opens new tab added more wireless subscribers than expected in the second quarter, as ​its revamped low-cost, unlimited plans along with bundled ‌mobile and broadband offerings attracted value-conscious customers.

Shares of the company jumped 5% in premarket trading on Wednesday.

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The gains build on ​AT&T's broader convergence strategy of selling multiple connectivity ​services to the same household to reduce churn ⁠and increase customer lifetime value as U.S. telecom providers ​chase the same finite pool of users.

AT&T in March launched ​OneConnect, a single subscription that bundles unlimited wireless service with home internet under one monthly bill.

It has also rolled out customizable ​Build-A-Plan options and new entry-level wireless plans with more ​high-speed data, while continuing to invest aggressively in expanding its fiber ‌network.

AT&T ⁠added 432,000 net monthly bill-paying wireless subscribers during the April to June period, flying past estimates of 338,500 additions, according to FactSet.

The bundled offerings also helped the ​company post record ​broadband additions, ⁠with 367,000 new fiber internet users and 279,000 fixed wireless subscribers.

About 42.5% of homes ​using AT&T's advanced internet services are also ​subscribing to ⁠its wireless.

For the second quarter, total revenue stood at $31.6 billion, compared with estimates of $31.80 billion, according to data compiled ⁠by ​LSEG.

Adjusted earnings per share came ​in at 65 cents, compared with analysts' average estimate of 59 cents.

Reporting ​by Harshita Mary Varghese in Bengaluru; Editing by Shinjini Ganguli

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

HomeIndustriesTelecommunicationsEarnings ResultsEarnings ResultsThe telecommunications company beat expectations on subscriber growth, free cash flow and profitJuly 22, 2026, 6:42 a.m. ET

AT&T’s stock was rising in premarket action on Wednesday as the company showed further progress with its strategy of selling customers both internet and mobile service.

The company reported 432,000 postpaid phone net additions for the second quarter, with the figure tracking customers who pay for phone service after each cycle is complete. Analysts tracked by FactSet had been expecting 338,500 postpaid phone net adds.