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Item 1 of 3 A 3D-printed Meta logo and word "AI" are seen in this illustration created on July 20, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

[1/3]A 3D-printed Meta logo and word "AI" are seen in this illustration created on July 20, 2026. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesCase against Meta is first to target AI use in layoffsWorkers grappling with lack of evidence, arbitration pactsObstacles help explain dearth of AI-related lawsuits by workersJuly 22 (Reuters) - A novel lawsuit claiming that Meta Platforms (META.O), opens new tab relied on discriminatory AI tools to select employees for layoffs highlights the problems workers face in suing employers over the new technology, including proving how it was actually used.

The case helps ​illustrate why a widely predicted wave of employment lawsuits over AI use has yet to arrive. Legal experts say workers often have little understanding of how AI systems ‌are used in the workplace and many have also signed away their right to sue in court, agreeing instead to resolve workplace disputes through a private process called arbitration that can keep such claims from ever being tested publicly.

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In a ruling last week declining to block Meta from finalizing the terminations of 26 people who sued, U.S. District Judge William Orrick identified a fundamental obstacle for plaintiffs who allege that AI discriminated against them: "they were not in the rooms where it happened."

That ​means workers like the Meta employees, who claim they were targeted for layoffs because they have disabilities or took medical or family leave, often cannot muster the evidence of wrongdoing necessary to ​quickly secure a win in court.

And they face another obstacle: Like a majority of U.S. workers, the plaintiffs are bound by an arbitration agreement, meaning they ⁠cannot band together in a class action, put their case before a jury, or push for a multimillion-dollar settlement in open court.

ARBITRATION AGREEMENTS BLOCK LAWSUITSCompanies generally prefer arbitration, which they say is a faster, ​cheaper alternative to court, while worker advocates say it often favors employers and discourages workers from bringing claims. The arbitration process is also confidential, so it can shield unfavorable evidence unearthed in an individual case ​from wider disclosure.

"Even if you establish that a particular system would produce discriminatory outcomes left and right, you have no way of sharing that information with other employees," said Christine Webber, co-chair of the civil rights and employment practice at plaintiffs' firm Cohen Milstein Sellers & Toll. Webber's firm is not involved in the Meta case.

Webber and other plaintiffs' lawyers said those hurdles explain the lack of high-profile court cases involving employers' use of AI even as it becomes routine, ​and why even the lawsuit against Meta seeking only temporary relief is unusual.

One of the few cases to emerge over companies' workplace use of AI tools involves Workday (WDAY.O), opens new tab, which is facing claims that its ​popular HR management software unlawfully filtered out applicants for jobs at other companies based on race, age and disability. Arbitration is not an issue in that case because Workday does not have agreements with its customers' job applicants. Workday ‌denies the allegations.

PLAINTIFFS ⁠SEEK INJUNCTIONThe agreements signed by the Meta workers contain a common, narrow exception for seeking a court order that temporarily blocks one side from taking some irreversible action. But that exception is typically invoked in cases involving the alleged theft of trade secrets or the solicitation of clients or employees, and not layoffs of at-will workers.

Orrick denied the plaintiffs a temporary restraining order that would have stopped Meta from completing the layoffs. He must still decide whether to issue a preliminary injunction, a temporary but longer-lasting order that would put the workers back in their jobs until their individual arbitration cases are resolved. He said ​he could change his mind and grant the injunction ​if the plaintiffs come up with evidence "regarding ⁠whether and how AI was used in an improper manner."

A hearing is scheduled for August 24, and the losing side can appeal Orrick's decision.

The plaintiffs claim that in selecting jobs to cut, Meta consulted AI tools that tracked productivity and AI token usage (a measure of how much workers use AI tools), disadvantaging ​people who missed work because of medical conditions or to care for family members.

They allege that Meta used a number of internal AI-assisted systems including ​a large language model ⁠assistant known as "Metamate," an employee-trained "second brain" that tracked workers' communications and documents, and a productivity score drawn from scanning keystrokes, screen content, emails and browser history, according to the lawsuit.

Meta said in court filings and statements last week in response to the lawsuit that humans made all of the decisions concerning nearly 8,000 layoffs announced earlier this year and has denied treating AI usage as a basis for identifying workers to terminate or to conduct ⁠performance reviews. A ​Meta spokesman said on Tuesday that the company had no further comment.

Orrick said in his decision that he was bound ​to take Meta at its word since the plaintiffs could not present any evidence to rebut those claims.

The plaintiffs' lawyers in a joint statement last week acknowledged the hurdles they face in gathering evidence, even calling on current and former Meta employees to ​contact them with knowledge of how AI was used in the selection process.

"Meta holds virtually all the relevant information," they said.

Reporting by Daniel Wiessner in Albany, New York; Editing by Alexia Garamfalvi and Matthew Lewis

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

Dan Wiessner (@danwiessner) reports on labor and employment and immigration law, including litigation and policy making. He can be reached at [email protected].

The company ranks low in car sales among the top-10 automakers, but its valuation is greater than the next 37 combined.

There's a reason why they call Warren Buffett "the Oracle of Omaha." In his 60-year career at the helm of Berkshire Hathaway, he made some incredibly shrewd moves that continue to pay off for the conglomerate even after Buffett's retirement.

One such investment is Coca-Cola (KO 0.18%). Buffett had Berkshire start buying the stock 38 years ago and gradually accumulated 400 million shares through a series of transactions and stock splits.

And while Coca-Cola may not be a flashy name on Wall Street, the investment is incredibly lucrative, which is why I believe new CEO Greg Abel will direct Berkshire to continue to hold Coca-Cola stock for a long time.

Former Berkshire Hathaway CEO Warren Buffett. Image source: The Motley Fool.

Coca-Cola and its amazing dividend One of the best things about investing in the Coca-Cola stock is the dividend. The nation's leading beverage company rewards investors with a dividend yield of 2.6% and has consistently juiced the payout. In fact, Coca-Cola has increased its dividend for 65 consecutive years, putting the company in the rarefied air of Dividend Kings -- companies with at least 50 years of dividend hikes in a row.

Here's why that's so important for Abel and Berkshire today. According to Berkshire's most recent annual report, the conglomerate reports $1.299 billion as the cost basis of its Coca-Cola investment. And in 2025 alone, Berkshire received a whopping $816 million in dividends from its investment, or essentially 62.8% of its entire cost basis in a single year.

That's an extraordinary number. Put another way, Berkshire Hathaway more than makes up the cost of its Coca-Cola investment every two years. The company's $1.299 billion investment was valued at $27.96 billion at the end of 2025.

With that kind of return, why would anyone sell? Coca-Cola stock is the gift that keeps giving.

Why is Coca-Cola so successful? Coca-Cola is best known for its carbonated beverages, including the namesake product line. But it also makes other products, such as Sprite, which is now the No. 3 soft drink in the U.S., as well as a variety of teas, waters, sports drinks, juices, coffees, and even some alcoholic beverages.

While headquartered in Atlanta, Coca-Cola is very much a global brand. The company reported improved revenues in all its geographic segments, resulting in 12% overall growth in net revenues to $12.5 billion in the first quarter. Its portfolio of products served it well -- the Asia-Pacific region had Q1 growth in juices, value-added dairy and plant-based beverages, while tea products sold strongly in emerging markets Latin America and the Asia-Pacific.

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"We're always pushing ourselves to do even better and focusing on getting more from our markets and more from our brands to drive balanced growth," CEO Henrique Braun said.

Why Greg Abel will hold Coca-Cola stock One thing that Buffett and Berkshire Hathaway have proven is that you don't need investments to be exciting. Berkshire's portfolio includes time-tested consumer companies like Coca-Cola, Kraft Heinz, and American Express instead of flashy names like Space Exploration Technologies and Sandisk. Coca-Cola is a mature and familiar business that has provided decades of business growth and dividend increases -- currently paying $2.12 per share annually.

Dividends don't have to be flashy when you're holding shares for decades. Consider that Berkshire's shares cost the company less than $4 each, on average. So getting $2.12 in annual dividends is incredibly lucrative when compared to the historical cost.

When Abel considers Coca-Cola stock, he doesn't have to decide whether it's a good investment at today's price. He just has to decide whether he wants to keep getting about $800 million every year without lifting a finger.

That's why I think Abel will hold Coca-Cola stock as long as he's at the helm of Berkshire Hathaway.

Alphabet (NASDAQ:GOOGL | GOOGL Price Prediction) is asking its investors to accept a trade-off that would have been unthinkable a year ago: give up the buybacks, and trust the AI bet instead.

According to CNBC’s MacKenzie Sigalos, in a segment on how “Alphabet sacrifices buybacks to fund its AI buildout,” the Google parent repurchased nothing in the first quarter, the first time it has bought back zero stock in a decade. That halts a buyback spree that returned close to $300 billion over the past five years. “Alphabet repurchased close to $300 billion worth of stock over the past five years, more than any of the other major AI hyperscalers,” Sigalos noted. “But then in Q1 it bought back nothing for the first time in a decade.”

The company’s own filings back that up. Alphabet listed no share repurchases in Q1 2026, while capital expenditures climbed to $35.67 billion, up 107.44% YoY, as the company nearly doubled its AI infrastructure spending. For the full year, Alphabet has guided to capex in the range of $175-$185 billion, disclosed in the company’s Q4 2025 SEC filings.

The Bet: Build, Don’t Buy Back The logic is a confidence statement about AI’s profitability. “Management is betting that the same cash can earn a greater return by building the infrastructure needed to run and sell AI at scale,” Sigalos explained. In other words, Alphabet believes a dollar spent on AI-serving infrastructure will beat the immediate earnings-per-share lift it would get from shrinking its share count.

Alphabet is also buying stakes. “They’ve also been putting it toward a very aggressive venture operation,” Sigalos said. “Close to $40 billion stake in Anthropic.” That is the eye-opener: the same cash that once flowed back to shareholders is now funding both Alphabet’s own data centers and a massive equity position in one of the leading rival AI labs. Alphabet is hedging its in-house Gemini development with a strategic position in a direct competitor, spreading its bets across the AI landscape.

The Proof Point Arrives at Earnings All of this sets up a high-stakes test when Alphabet reports. The number to watch is Google Cloud. “The whisper number is around 70% growth year over year,” Sigalos said, “and Alphabet has got to show that giving up the immediate return from buybacks can produce faster cloud growth and stronger margins.” Cloud grew 63% in the first quarter, so a step up toward 70% would help validate the reallocation. Faster cloud growth and expanding margins are the receipts management needs to justify sending buyback cash into servers and startups.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Google didn't make the cut. Grab the names FREE today.

Prediction markets already lean heavily toward a beat. Polymarket traders assign a 96.3% probability that Alphabet clears the earnings bar ahead of its upcoming earnings report, though shares have slipped -5.67% over the past month even as they sit up 83.14% over the last year.

The Bigger Question Underneath the numbers sits a debate about what this spending really signals. As the CNBC host put it, “Buybacks are what companies do if they don’t feel they have productive use for the cash. It’s surplus cash.” By that logic, halting buybacks says Alphabet believes it now has a productive use for every dollar. The bull case is conviction: a company seeing returns so compelling it would rather build than hand cash back.

The bear case is less flattering. It reads the buyback halt as competitive conformity in an AI arms race where enormous spending has become table stakes. The distinction matters for shareholders, because one interpretation means the money compounds and the other means it evaporates.

There is a telling detail in the comparison set. Among Alphabet, Microsoft, and Amazon, only Microsoft repurchased stock in the recent period. That makes Alphabet’s pivot part of a broader pattern of hyperscalers prioritizing the buildout over shareholder returns.

For now, Alphabet has drawn a clear line: the future of the company runs through AI infrastructure and strategic stakes like Anthropic. Whether that was visionary capital allocation or expensive herd behavior will start to become clear when Cloud’s numbers land. Investors who spent five years enjoying $300 billion in repurchases are being asked to be patient.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Google didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

Amazon (AMZN 0.96%) has taken investors on a choppy ride in 2026. Shares have been volatile, although they've climbed 9% this year (as of July 20).

Investors are fully focused on the start of earnings season, as they'll receive a fresh update from the management team. Should you buy this Magnificent Seven stock before it reports second-quarter financial results on July 30?

Image source: The Motley Fool.

While the upcoming financial release will provide key info, like revenue growth, capital expenditures, how Amazon Web Services (AWS) is performing, and artificial intelligence (AI) progress, a single quarter's number should not dictate a long-term investing decision. Portfolio moves should be made with the next five years (at least) in mind.

Amazon is currently a smart buying opportunity for investors, and it has nothing to do with what's coming on July 30. It has to do with liking the stock and company over an extended period of time.

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This is an elite business, whose shares have pulled back 8% since hitting a peak in early May. This is a dip that investors might want to take advantage of.

Thanks to AWS, which represents the majority of the company's operating income, Amazon has a strong position in the AI race. Of course, it also dominates online shopping and has a burgeoning digital advertising segment.

Neil Patel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon. The Motley Fool has a disclosure policy.

NEW YORK, July 22, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a class action lawsuit has been filed against Microsoft Corporation (NASDAQ:MSFT) and certain of the Company’s senior executives for securities fraud after its significant stock drop resulting from potential violations of the federal securities laws.

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

Key Details of the Microsoft ($MSFT) Class Action:

Lead Plaintiff Deadline: August 11, 2026Alleged Misconduct: Securities fraud alleging that Microsoft misled investors regarding its Azure cloud computing platform and AI chatbot CopilotStock Drop: January 28, 2026 – 10% Stock DropCourt: U.S. District Court for the Western District of WashingtonAction: Contact BFA Law to discuss your rights Investors have until August 11, 2026 to ask the Court to be appointed to lead the case. The complaint asserts securities fraud claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Microsoft common stock. The class action is pending in the U.S. District Court for the Western District of Washington. It is captioned City of St. Clair Shores Police and Fire Retirement System, et al., No. 26-cv-02071.

Why is Microsoft Being Sued for Securities Fraud?

Microsoft is a multinational technology company that develops software, cloud services, and devices. In recent years, Microsoft’s cloud computing platform named Azure has been Microsoft’s main growth driver. A key reason for Azure’s recent growth is Microsoft’s multi-billion-dollar investment into AI, including the development of its own generative AI chatbot named Copilot. 

According to the complaint, during the relevant period, Microsoft consistently touted Copilot’s best-in-class capabilities, which purportedly drove widespread and growing user adoption.  Copilot’s apparent success allowed Microsoft to report surging Azure-related revenue.

As alleged, in truth, Copilot suffered from severe functionality issues that caused user adoption to decline and put Microsoft’s Azure revenue at risk.

Why did Microsoft’s Stock Drop?

On January 28, 2026, Microsoft announced disappointing 2Q 2026 financial results and that Azure growth had slowed suddenly. Microsoft also allegedly revealed for the first time that the number of Microsoft 365 Copilot premium customers totaled only 15 million, materially below analyst estimates.

This news caused the price of Microsoft common stock to decline $48.13 per share, or 10%, from $481.63 per share on January 28, 2026, to $433.50 per share on January 29, 2026. 

Additionally, on February 3, 2026, The Wall Street Journal reported in an article titled “Microsoft’s Pivotal AI Product Is Running Into Big Problems” that severe challenges and functionality issues had plagued Copilot, causing the application to lose market share. Specifically, The Wall Street Journal reported that “[c]onfusing brand positioning and interoperability problems have frustrated users.”

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

What Can You Do?

If you invested in Microsoft, 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/microsoft-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/microsoft-class-action-lawsuit

Attorney advertising. Past results do not guarantee future outcomes.

Shares of Nvidia (NVDA +2.10%) and most of the AI-related semiconductor sector sold off last week after Moonshot, a China-based AI start-up, released its Kimi 3 model.

Kimi made waves across the industry, as the open-weights model displayed impressive performance against even the latest frontier models by Anthropic and OpenAI.

But the knee-jerk reactions to Kimi 3 seem like an echo of the DeepSeek and TurboQuant sell-offs of early 2025 and 2026, respectively. In both cases, innovations that made AI much more efficient didn't derail the AI build-out; in fact, one could argue they accelerated it by lowering adoption costs.

While these past cases aren't perfect mirrors of Kimi 3, here's why Nvidia investors shouldn't panic over this new model.

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Why Kimi sent a shudder through U.S. AI stocks Although Moonshot and other Chinese AI labs may have smuggled in some Nvidia chips illegally, Moonshot likely doesn't have access to nearly as many Nvidia chips for model training as the leading U.S. labs. There is also some uncertainty about whether Moonshot merely "distilled" a leading LLM from either Anthropic or OpenAI, essentially copying the weights from the U.S. labs.

Either way, Kimi 3 appears to have been trained at a small fraction of the cost of leading U.S. models, leading to panic over whether the U.S. giants should and will keep spending on high-end, very expensive Nvidia GPUs.

Another reason why Kimi may have spurred a sell-off in Nvidia and AI memory stocks is that it displayed a novel innovation called Kimi Delta Attention (KDA). This architecture enables the model to selectively read prior tokens to process new ones, rather than reading all prior tokens. The result is a 75% decline in KV cache, essentially an AI's short-term memory required to run the model, and a sixfold increase in speed. That means the model requires less memory and processing power, all things being equal.

Kimi doesn't lower inference requirements as much as feared Regardless of how Kimi was trained, if consumers and enterprises want to use it, the model has to run. And while KDA certainly makes more efficient use of KV cache, other architectural features make it somewhat compute-intensive, requiring high-end hardware such as the latest Nvidia racks.

First, Kimi 3 is a massive 2.8 trillion-parameter model that requires 1.5 terabytes of high-bandwidth memory. Second, Kimi 3 uses 896 experts in a "mixture of experts" architecture. A mixture of experts means a query can go to a specific, specialized "subnetwork" of the entire model, so each query doesn't have to run the entire model.

While that theoretically frees up space and lowers speed and cost, Kimi 3's experts aren't loaded entirely onto a GPU but rather are split across 16 experts per GPU, requiring at least 56 chips to hold and inference the model. Spreading the experts over more chips is a technique called WideEP.

According to chip research firm SemiAnalysis, this means that to run the model efficiently, one will need high-end chip systems with the required number of chips and associated networking, such as the Nvidia GB300 NVL72 reference architecture. Moreover, SemiAnalysis says that the lower KV cache per chip requires a subsequent massive scale-up in bandwidth to coordinate the dozens of chips required. That means a greater focus on rack-level networking and, therefore, Nvidia's NVLink technology.

Image source: Nvidia.

Don't forget U.S. regulations or the Jevons paradox Finally, even if Kimi does deliver certain efficiencies, many workloads likely won't be able to run Chinese models, especially if they have been distilled -- a fancy word for "pirated" -- from leading U.S. labs. Regulations will likely still spur many U.S. enterprises to adopt U.S.-based models, or at least take security precautions that will also increase costs.

Meanwhile, even if Kimi 3 still provides much more efficient frontier-level AI usage, the Jevons paradox, an economic concept that states as technology makes resource use more efficient, overall resource consumption increases rather than decreases, indicates this will only unlock greater adoption and usage, offsetting any efficiencies regarding Nvidia chips or memory.

Just as the DeepSeek and TurboQuant scares of 2025 and early 2026 proved to be buying opportunities in AI names, it appears as though the Kimi 3-inspired sell-off looks to be another such opportunity for long-term investors.

AT&T adds more than 1 million Advanced Connectivity customers, driven by year-over-year increases in net adds across fiber, fixed wireless, and postpaid phone subscribers

The Company reiterates all consolidated full-year 2026 and multi-year financial guidance and multi-year capital return plans, with accelerated pace of share repurchases in 2026

, /PRNewswire/ -- AT&T Inc. (NYSE: T) reported strong second-quarter results, driven by consistent execution of the Company's investment-led strategy, demonstrating improved growth in consolidated service revenue and profitability. The Company continues to grow its base of high-value converged customers as it delivered a record quarter for combined fiber and fixed wireless net adds and its strongest consumer postpaid wireless account growth in more than three years.

"The accelerated growth we delivered this quarter shows our structural advantages to lead the next era of connectivity," said John Stankey, AT&T Chairman and CEO. "We are accelerating the pace of our planned share repurchases this year to approximately $10 billion, reflecting our confidence in our market position. With an industry-leading position in fiber – the best connectivity technology available – we believe our network performance and operating scale can't be matched."

Second-Quarter Consolidated Results1

Revenues totaled $31.6 billion, up 2.3% from the year-ago quarter Diluted EPS from continuing operations was $0.66, versus $0.62 in the year-ago quarter; adjusted EPS* was $0.65, versus $0.54 in the year-ago quarter Operating income was $7.0 billion; adjusted operating income* was $7.5 billion Income from continuing operations was $5.0 billion, up 3.6% year over year; adjusted EBITDA* was $12.3 billion, up 5.2% year over year Cash from operating activities from continuing operations was $10.8 billion, versus $9.8 billion in the year-ago quarter Capital expenditures related to continuing operations were $5.7 billion; capital investment* was $6.1 billion Free cash flow* was $4.7 billion, versus $4.4 billion in the year-ago quarter Second-Quarter Highlights

Added over 1 million Advanced Connectivity customers, driven by year-over-year increases in net adds across fiber, fixed wireless, and postpaid phone subscribers Advanced Connectivity service revenue of $23.5 billion, up 5.1% year over year Advanced Connectivity operating income of $7.3 billion, up 20.3% year over year with EBITDA* of $12.0 billion, up 8.0% 42.5% of households with AT&T's advanced home internet services also chose AT&T wireless2  646,000 total consumer and business Advanced Connectivity internet net adds, including 367,000 fiber and 279,000 fixed wireless 432,000 postpaid phone net adds with postpaid phone churn of 0.86% Added more than 1 million total consumer and business locations reached with fiber for a total of 38.6 million; the Company remains on track to reach over 40 million total fiber locations by the end of 2026 and more than 60 million by the end of 20303 Returned $4.1 billion to shareholders, including approximately $2.2 billion in common share repurchases under the 2024 authorization Outlook and Capital Allocation Plan 
AT&T maintains its outlook for improved growth in adjusted EBITDA* and adjusted EPS* and higher free cash flow* through 2028, its plans to return $45 billion+ to shareholders during 2026-2028 through dividends and share repurchases, and an expectation that its net debt-to-adjusted EBITDA ratio* will return to a level consistent with its target in the 2.5x range within approximately three years following the closing of its transaction with EchoStar.

The Company's long-term outlook for 2026-2028 includes4:

Service revenue growth in the low-single-digit range annually Advanced Connectivity service revenue growth in the mid-single-digit range annually, including expected growth of 5%+ in 2026 Legacy service revenue decline of 20%+ in 2026 and be immaterial by the end of 2029 Adjusted EBITDA* growth in the 3% to 4% range in 2026, improving to 5% or better in 2028 Advanced Connectivity EBITDA* growth in the mid-to-high-single-digit range annually, including expected growth of 6%+ in 2026 Legacy EBITDA* expected to turn negative after 2027, until AT&T has substantially eliminated direct costs associated with operating its copper-based network5 Adjusted EPS* of $2.25 to $2.35 in 2026 with a double-digit 3-year CAGR through 2028 Capital investment* in the $23 billion to $24 billion range annually during 2026-2028 Free cash flow* of $18 billion+ in 2026, $19 billion+ in 2027, and $21 billion+ in 2028 Strong capital returns, including plans to maintain its current annualized common stock dividend of $1.11 per share and approximately $24 billion of share repurchases, including approximately $10 billion during 2026 Note: AT&T's second-quarter 2026 earnings conference call will be webcast at 8:30 a.m. ET on Wednesday, July 22, 2026. The webcast and related materials, including financial highlights, will be available at investors.att.com.

Consolidated Financial Results

Revenues for the second quarter totaled $31.6 billion, versus $30.8 billion in the year-ago quarter, up 2.3%. This was largely due to growth in Advanced Connectivity fiber and wireless revenues, with fiber revenues including the impact of our first-quarter acquisition of Lumen's mass markets fiber business. Revenues in Mexico were also higher due to favorable foreign exchange impacts. Offsetting these increases were lower Legacy revenues from lower demand for services as the Company continues to decommission its copper-based network. Operating expenses were $24.5 billion, versus $24.3 billion in the year-ago quarter. Operating expenses increased due to an asset abandonment charge associated with the reprioritization of the Company's spectrum strategy, higher advertising expense, incremental customer costs related to the acquired mass markets fiber business, and higher bad debt expenses driven by subscriber growth. These increases were largely offset by lower depreciation expense from fully depreciated legacy assets, partially offset by ongoing capital spending for strategic initiatives. Also offsetting the increase were cost reductions from transformation initiatives, lower content licensing fees, and gains on tower transactions. Operating income was $7.0 billion, versus $6.5 billion in the year-ago quarter. When adjusting for certain items, adjusted operating income* was $7.5 billion, versus $6.5 billion in the year-ago quarter. Income from continuing operations was $5.0 billion, versus $4.9 billion in the year-ago quarter, which included equity in net income of DIRECTV. Income from continuing operations attributable to common stock was $4.6 billion, versus $4.5 billion in the year-ago quarter. Earnings per diluted common share from continuing operations was $0.66, versus $0.62 in the year-ago quarter. Adjusting for $(0.01), which includes a benefit from tax items that were primarily offset by an asset abandonment charge, and transaction, legal, and other items, adjusted earnings per diluted common share* was $0.65, versus $0.54 in the year-ago quarter. Adjusted EBITDA* was $12.3 billion, versus $11.7 billion in the year-ago quarter. Cash from operating activities from continuing operations was $10.8 billion versus $9.8 billion in the year-ago quarter, which benefitted from $0.3 billion of cash received from DIRECTV, net of related tax payments. The increase reflects lower cash tax payments and timing of working capital payments, which were partially offset by a voluntary pension plan contribution of $100 million. Capital expenditures related to continuing operations were $5.7 billion, compared to $4.9 billion in the year-ago quarter. Capital investment* totaled $6.1 billion, versus $5.1 billion in the year-ago quarter. Cash payments for vendor financing totaled $0.4 billion, versus $0.2 billion in the year-ago quarter. Free cash flow* was $4.7 billion, versus $4.4 billion in the year-ago quarter. Total debt was $144.0 billion at the end of the second quarter, and net debt* was $126.4 billion. Segment Results6

Advanced Connectivity service revenues grew 5.1% year over year, driving growth in operating income of 20.3% and EBITDA* of 8.0%. Internet net adds were 646,000 — comprised of 367,000 fiber and 279,000 fixed wireless — and postpaid phone net adds were 432,000.

Advanced Connectivity

Dollars in millions

Second Quarter

Percent

Unaudited

2026

2025

Change

Operating Revenues

$  28,615

$  27,497

4.1

%

Service

23,478

22,334

5.1

%

Wireless Service

17,413

16,853

3.3

%

Advanced Home Internet

2,926

2,299

27.3

%

Business Fiber and Advanced Connectivity

1,946

1,769

10.0

%

Business Transitional and Other

1,042

1,249

(16.6)

%

Other Service

151

164

(7.9)

%

Equipment

5,137

5,163

(0.5)

%

Operating Expenses

21,270

21,391

(0.6)

%

Operating Income

7,345

6,106

20.3

%

Operating Income Margin

25.7

%

22.2

%

350

BP

EBITDA*

$  12,032

$  11,141

8.0

%

 EBITDA Margin*

42.0

%

40.5

%

150

BP

Advanced Connectivity segment revenues grew 4.1% year over year, driven by service revenue growth of 5.1%. Wireless service revenue increased due to growth in retail wireless subscribers in underpenetrated categories and converged accounts, and pricing actions that were partially offset by promotional discounts on wireless subscriber additions. Advanced home internet revenue growth, which included an impact from the acquired mass markets fiber business that closed in the first quarter, reflects increases in fiber and AT&T Internet Air revenues. Business fiber and advanced connectivity revenues increased largely due to higher fiber and fixed wireless revenues. Business transitional and other revenues decreased partly due to lower demand for virtual private network and wholesale services.

Operating expenses were down 0.6% year over year, due to lower depreciation expense from fully depreciated legacy assets, partially offset by ongoing capital spending for strategic initiatives. Also contributing to the decline were cost reductions from transformation initiatives, lower content licensing fees, and tower transaction gains. These decreases were partially offset by higher advertising expense, incremental customer costs related to the acquired mass markets fiber business, and higher bad debt expenses driven by subscriber growth.

Operating income was $7.3 billion, up 20.3% year over year. EBITDA* was $12.0 billion, up $891 million year over year.

Legacy revenues continued to decline year over year in line with AT&T's goal to power down and stop providing service over the large majority of its domestic copper-based network by the end of 2029.

Legacy

Dollars in millions

Second Quarter

Percent

Unaudited

2026

2025

Change

Operating Revenues

$  1,632

$   2,202

(25.9)

%

Operating Expenses

1,109

1,243

(10.8)

%

Operating Income

523

959

(45.5)

%

Operating Income Margin

32.0

%

43.6

%

(1,160)

BP

EBITDA*

$     523

$      959

(45.5)

%

EBITDA Margin*

32.0

%

43.6

%

(1,160)

BP

Legacy segment revenues were down 25.9% year over year, primarily due to lower demand for services as the Company continues to decommission its copper-based network. Operating expenses, which represent direct operating costs, were $1.1 billion, down 10.8% year over year. Expense declines were primarily driven by lower personnel and other costs resulting from the decommissioning of the copper-based network, and lower fulfillment cost amortization, partially offset by vendor settlements. Operating income and EBITDA* were $523 million, down $436 million year over year.

Latin America

Dollars in millions

Second Quarter

Percent

Unaudited

2026

2025

Change

Operating Revenues

$   1,224

$   1,054

16.1

%

 Service

780

662

17.8

%

 Equipment

444

392

13.3

%

Operating Expenses

1,186

1,008

17.7

%

Operating Income

38

46

(17.4)

%

EBITDA*

227

201

12.9

%

Latin America segment revenues were up 16.1% year over year, primarily driven by favorable foreign exchange rates and postpaid wireless subscriber growth. Operating expenses were up 17.7% year over year due to unfavorable foreign exchange rates, higher bad debt expense, and higher depreciation expense. Operating income was $38 million, down $8 million year over year. EBITDA* was $227 million, up $26 million year over year.

* Further clarification and explanation of non-GAAP measures and reconciliations to the most comparable GAAP measures can be found in the "Non-GAAP Measures and Reconciliations to GAAP Measures" section of the release and at investors.att.com.

1 With the closing of the acquisition of substantially all of Lumen's Mass Markets fiber business on February 2, 2026, the fiber customer relationships were retained by AT&T and are included in the Company's year-to-date results, unless otherwise indicated. The recently acquired fiber network assets, including certain fiber network build capabilities, were placed in a wholly owned subsidiary, of which AT&T plans to sell a controlling interest to an equity partner that will co-invest in the ongoing business. As such, the subsidiary is classified as held-for-sale and reflected as discontinued operations.

2 Advanced home internet connections with AT&T wireless is defined as AT&T Fiber and AT&T Internet Air connections that are also primary wireless account holders that subscribe to consumer postpaid phone service. AT&T refers to these customers as converged customers. Convergence rate represents the ratio of converged customers to advanced home internet connections. This 2Q26 convergence metric is presented based on available information and is subject to revision.

3 Total consumer and business locations reached with fiber represents the sum of: (1) AT&T Owned and Operated locations, which reflect its customer locations passed by AT&T's fiber network and (2) AT&T Fiber Ventures locations, which represent locations served from the recently acquired mass markets fiber business, Gigapower, and other commercial open access providers.

4 The Company's long-term outlook for 2026-2028 is presented on a continuing operations basis and excludes discontinued operations.

5 The strategy to remove legacy fixed costs across a geography is tied to the decommissioning of infrastructure after all customers have been upgraded to newer services. Gaining approvals could delay this decommissioning beyond 2029.

6 Effective with the Company's first-quarter 2026 reporting, AT&T revised its operating segments to reflect the evolution of its business model to focus on delivering converged advanced connectivity services.

About AT&T
We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 150 years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at about.att.com. Investors can learn more at investors.att.com.

Cautionary Language Concerning Forward-Looking Statements
Information set forth in this news release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in AT&T's filings with the Securities and Exchange Commission. AT&T disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.

Non-GAAP Measures and Reconciliations to GAAP Measures
Schedules and reconciliations of non-GAAP financial measures cited in this document to the most comparable financial measures under generally accepted accounting principles (GAAP) can be found at investors.att.com and in our Form 8-K dated July 22, 2026. Adjusted diluted EPS, adjusted operating income, EBITDA, EBITDA margin, adjusted EBITDA, free cash flow, and net debt are non-GAAP financial measures frequently used by investors and credit rating agencies. The information below refers only to AT&T's continuing operations and does not include discussion of balances or activity related to discontinued operations.

Adjusted EPS is calculated by excluding from operating revenues, operating expenses, other income (expenses) and income tax expense, certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, actuarial gains and losses, significant abandonments and impairments, benefit-related gains and losses, employee separation and other material gains and losses. Non-operational items arising from asset acquisitions and dispositions include the amortization of intangible assets. While the expense associated with the amortization of certain wireless licenses and customer lists is excluded, the revenue of the acquired companies is reflected in the measure and those assets contribute to revenue generation. We also adjust for net actuarial gains or losses associated with our pension and postemployment benefit plans due to the often-significant impact on our results (we immediately recognize this gain or loss in the income statement, pursuant to our accounting policy for the recognition of actuarial gains and losses). Consequently, our adjusted results reflect an expected return on plan assets rather than the actual return on plan assets, as included in the GAAP measure of income. The tax impact of adjusting items is calculated using the adjusted effective tax rate during the quarter except for adjustments that, given their magnitude, can drive a change in the effective tax rate; in these cases, we use the actual tax expense or combined marginal rate of approximately 25%.

For 2Q26, adjusted EPS of $0.65 is diluted EPS from continuing operations of $0.66 adjusted to remove $0.05 benefit from tax items and adjusted for a $0.03 asset abandonment charge, and $0.01 for benefit-related, transaction, legal and other items. For 2Q25, adjusted EPS of $0.54 is diluted EPS of $0.62 minus $0.05 equity in net income of DIRECTV and minus $0.03 benefit-related, transaction, legal and other items. Transaction, legal and other costs include certain legal reserves and settlements that cover extended historical periods, novel theories of liability, and/or are unpredictable in both magnitude and timing, and therefore are distinct and separate from normal, recurring legal matters. Such costs are presented net of expected insurance recoveries.

The Company expects adjustments to 2026 reported diluted EPS from continuing operations to include acquisition-related amortization of approximately $0.3 billion (based on preliminary information), a non-cash mark-to-market benefit plan gain/loss and other items. The Company expects the mark-to-market adjustment, which is driven by interest rates and investment returns that are not reasonably estimable at this time, to be a significant item. AT&T's projected adjusted EPS depends on future levels of revenues and expenses, most of which are not reasonably estimable at this time. Accordingly, the Company cannot provide a reconciliation between this projected non-GAAP metric and the most comparable GAAP metric without unreasonable effort.

Adjusted operating income is operating income adjusted for revenues and costs the Company considers non-operational in nature, including items arising from asset acquisitions or dispositions. For 2Q26, adjusted operating income of $7.5 billion is calculated as operating income of $7.0 billion, plus adjustments of $418 million. For 2Q25, adjusted operating income of $6.5 billion is calculated as operating income of $6.5 billion minus adjustments of $12 million. Adjustments for all periods are detailed in the Discussion and Reconciliation of Non-GAAP Measures included in our Form 8-K dated July 22, 2026, and include transaction, legal, and other costs as discussed above.

EBITDA is income from continuing operations plus income tax, interest, and depreciation and amortization expenses minus equity in net income (loss) of affiliates and other income (expense) – net. Adjusted EBITDA is calculated by excluding from EBITDA certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, significant abandonments and impairments, benefit-related gains and losses, employee separation, and other material gains and losses. Adjustments include transaction, legal, and other costs as discussed above.

For 2Q26, adjusted EBITDA of $12.3 billion is calculated as income from continuing operations of $5.0 billion, plus income tax expense of $0.8 billion, plus interest expense of $1.9 billion, plus equity in net income (loss) of affiliates of $(29) million, minus other income (expense) – net of $0.7 billion, plus depreciation and amortization of $5.0 billion, plus adjustments of $334 million. For 2Q25, adjusted EBITDA of $11.7 billion is calculated as income from continuing operations of $4.9 billion, plus income tax expense of $1.2 billion, plus interest expense of $1.7 billion, minus equity in net income of affiliates of $0.5 billion, minus other income (expense) – net of $0.8 billion, plus depreciation and amortization of $5.3 billion, minus adjustments of $21 million. Adjustments for all periods are detailed in the Discussion and Reconciliation of Non-GAAP Measures included in our Form 8-K dated July 22, 2026.

At the segment level, EBITDA is operating income before depreciation and amortization. EBITDA margin is EBITDA divided by total revenues. For 2Q26, Advanced Connectivity EBITDA of $12.0 billion is operating income of $7.3 billion plus depreciation and amortization of $4.7 billion. For 2Q25, Advanced Connectivity EBITDA of $11.1 billion is operating income of $6.1 billion plus depreciation and amortization of $5.0 billion.

Adjusted EBITDA, Advanced Connectivity EBITDA, and Legacy EBITDA estimates depend on future levels of revenues and expenses which are not reasonably estimable at this time. Accordingly, we cannot provide reconciliations between these projected non-GAAP metrics and the most comparable GAAP metrics without unreasonable effort.

Free cash flow for 2Q26 of $4.7 billion is cash from operating activities from continuing operations of $10.8 billion, minus capital expenditures of $5.7 billion and cash paid for vendor financing of $0.4 billion. For 2Q25, free cash flow of $4.4 billion is cash from operating activities of $9.8 billion, less cash distributions from DIRECTV classified as operating activities of $0.5 billion, less cash taxes paid on DIRECTV of $0.3 billion, minus capital expenditures of $4.9 billion and cash paid for vendor financing of $0.2 billion. Due to high variability and difficulty in predicting items that impact cash from operating activities, capital expenditures and vendor financing payments, the Company is not able to provide a reconciliation between projected free cash flow and the most comparable GAAP metric without unreasonable effort.

Capital investment provides a comprehensive view of cash used to invest in our networks, product developments, and support systems. In connection with capital improvements, we have favorable payment terms of 120 days or more with certain vendors, referred to as vendor financing, which are excluded from capital expenditures and reported as financing activities. Capital investment includes capital expenditures and cash paid for vendor financing ($0.4 billion in 2Q26, $0.2 billion in 2Q25). Due to high variability and difficulty in predicting items that impact capital expenditures and vendor financing payments, the Company is not able to provide a reconciliation between projected capital investment and the most comparable GAAP metric without unreasonable effort.

Net debt of $126.4 billion at June 30, 2026, is calculated as total debt of $144.0 billion less cash and cash equivalents of $17.6 billion and time deposits (i.e., deposits at financial institutions that are greater than 90 days) of $0. Net debt-to-adjusted EBITDA is calculated by dividing net debt by the sum of the most recent four quarters of adjusted EBITDA. Net debt and adjusted EBITDA estimates depend on future levels of revenues, expenses and other metrics which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between projected net debt-to-adjusted EBITDA and the most comparable GAAP metrics and related ratios without unreasonable effort.

Discussion and Reconciliation of Non-GAAP Measures 

We believe the following measures are relevant and useful information to investors as they are part of AT&T's internal management reporting and planning processes and are important metrics that management uses to evaluate the operating performance of AT&T and its segments. Management also uses these measures as a method of comparing performance with that of many of our competitors. These measures should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with U.S. generally accepted accounting principles (GAAP). 

On February 2, 2026, we closed our transaction with Lumen Technologies, Inc. (Lumen) and acquired substantially all of Lumen's Mass Markets fiber business. The acquisition included customer relationships, which we include with our advanced home internet services, and fiber network assets that were placed in a wholly owned subsidiary, Forged Fiber 37 Services, LLC (Forged Fiber). We plan to sell a controlling interest in Forged Fiber to an equity partner that will co-invest in the ongoing business. As such, Forged Fiber met the criteria of held-for-sale and accordingly is reflected as discontinued operations in the accompanying financial statements. The information below refers only to our continuing operations and does not include discussion of balances or activity of Forged Fiber.

Free Cash Flow

Free cash flow is defined as cash from operations minus cash flows related to our DIRECTV equity investment that was sold in July 2025, minus capital expenditures and cash paid for vendor financing (classified as financing activities). Free cash flow after dividends is defined as cash from operations minus cash flows related to our DIRECTV equity investment, capital expenditures, cash paid for vendor financing and dividends on common and preferred shares. Free cash flow dividend payout ratio is defined as the percentage of dividends paid on common and preferred shares to free cash flow. We believe these metrics provide useful information to our investors because management views free cash flow as an important indicator of how much cash is generated by routine business operations, including capital expenditures and vendor financing, and makes decisions based on it. Management also views free cash flow as a measure of cash available to pay debt and return cash to shareowners.

Free Cash Flow and Free Cash Flow Dividend Payout Ratio

Dollars in millions

Second Quarter

Six-Month Period

2026

2025

2026

2025

Net Cash Provided by Operating Activities from Continuing Operations

$   10,801

$    9,763

$    18,396

$   18,812

Less: Distributions from DIRECTV classified as operating activities

—

(503)

—

(1,926)

Less: Cash taxes paid on DIRECTV

—

251

—

251

Less: Capital expenditures

(5,700)

(4,897)

(10,577)

(9,174)

Less: Payment of vendor financing

(431)

(220)

(643)

(423)

Free Cash Flow

4,670

4,394

7,176

7,540

Less: Dividends paid

(1,976)

(2,044)

(3,973)

(4,135)

Free Cash Flow after Dividends

$    2,694

$    2,350

$     3,203

$    3,405

Free Cash Flow Dividend Payout Ratio

42.3 %

46.5 %

55.4 %

54.8 %

Cash Paid for Capital Investment

In connection with capital improvements, we negotiate with some of our vendors to obtain favorable payment terms of 120 days or more, referred to as vendor financing, which are excluded from capital expenditures and reported in accordance with GAAP as financing activities. We present an additional view of cash paid for capital investment to provide investors with a comprehensive view of cash used to invest in our networks, product developments and support systems. 

Cash Paid for Capital Investment

Dollars in millions

Second Quarter

Six-Month Period

2026

2025

2026

2025

Capital expenditures

$    (5,700)

$    (4,897)

$     (10,577)

$   (9,174)

Payment of vendor financing

(431)

(220)

(643)

(423)

Cash paid for Capital Investment

$    (6,131)

$     (5,117)

$     (11,220)

$   (9,597)

EBITDA

Our calculation of EBITDA, as presented, may differ from similarly titled measures reported by other companies. For AT&T, EBITDA excludes other income (expense) – net, and equity in net income (loss) of affiliates, as these do not reflect the operating results of our subscriber base or operations that are not under our control. Equity in net income (loss) of affiliates represents the proportionate share of the net income (loss) of affiliates in which we exercise significant influence, but do not control. Because we do not control these entities, management excludes these results when evaluating the performance of our primary operations. EBITDA also excludes interest expense and the provision for income taxes. Excluding these items eliminates the expenses associated with our capital and tax structures. Finally, EBITDA excludes depreciation and amortization in order to eliminate the impact of capital investments. EBITDA does not give effect to cash used for debt service requirements and thus does not reflect available funds for distributions, reinvestment or other discretionary uses. EBITDA is not presented as an alternative measure of operating results or cash flows from operations, as determined in accordance with GAAP. 

These measures are used by management as a gauge of our success in acquiring, retaining and servicing subscribers because we believe these measures reflect AT&T's ability to generate and grow subscriber revenues while providing a high level of customer service in a cost-effective manner. Management also uses these measures as a method of comparing cash generation potential with that of many of its competitors. The financial and operating metrics which affect EBITDA include the key revenue and expense drivers for which management is responsible and upon which we evaluate performance. 

There are material limitations to using these non-GAAP financial measures. EBITDA and EBITDA margin, as we have defined them, may not be comparable to similarly titled measures reported by other companies. Furthermore, these performance measures do not take into account certain significant items, including depreciation and amortization, interest expense, tax expense and equity in net income (loss) of affiliates. For market comparability, management analyzes performance measures that are similar in nature to EBITDA as we present it, and considering the economic effect of the excluded expense items independently as well as in connection with its analysis of net income as calculated in accordance with GAAP. EBITDA and EBITDA margin should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP. 

EBITDA and Adjusted EBITDA

Dollars in millions

Second Quarter

Six-Month Period

2026

2025

2026

2025

Income from Continuing Operations

$     5,038

$     4,861

$     9,257

$    9,553

Additions:

Income Tax Expense

784

1,237

1,963

2,536

Interest Expense

1,883

1,655

3,696

3,313

Equity in Net (Income) Loss of Affiliates

29

(485)

70

(1,925)

Other (Income) Expense - Net

(696)

(767)

(1,290)

(1,222)

Depreciation and amortization

4,966

5,251

9,932

10,441

EBITDA

12,004

11,752

23,628

22,696

     Transaction, legal and other costs

149

49

295

128

     Benefit-related (gain) loss 

(101)

(70)

(76)

(64)

     Asset impairments and abandonments and restructuring

286

—

286

504

Adjusted EBITDA1

$    12,338

$    11,731

$   24,133

$   23,264

1 See "Adjusting Items" section for additional discussion and reconciliation of adjusted items.

Segment EBITDA and EBITDA Margin

Dollars in millions

Second Quarter

Six-Month Period

2026

2025

2026

2025

Advanced Connectivity Segment

Operating Income

$    7,345

$     6,106

$    14,198

$     12,078

  Add: Depreciation and amortization

4,687

5,035

9,392

10,008

EBITDA

$  12,032

$    11,141

$    23,590

$     22,086

Total Operating Revenues

$  28,615

$    27,497

$    57,086

$     54,689

Operating Income Margin

25.7

%

22.2

%

24.9

%

22.1

%

EBITDA Margin

42.0

%

40.5

%

41.3

%

40.4

%

Legacy Segment

Operating Income

$       523

$         959

$      1,135

$       1,978

  Add: Depreciation and amortization

—

—

—

—

EBITDA

$       523

$         959

$      1,135

$       1,978

Total Operating Revenues

$    1,632

$      2,202

$      3,400

$       4,570

Operating Income Margin

32.0

%

43.6

%

33.4

%

43.3

%

EBITDA Margin

32.0

%

43.6

%

33.4

%

43.3

%

Latin America Segment

Operating Income

$         38

$           46

$           58

$            89

  Add: Depreciation and amortization

189

155

389

305

EBITDA

$       227

$         201

$         447

$          394

Total Operating Revenues

$    1,224

$      1,054

$      2,397

$       2,025

Operating Income Margin

3.1

%

4.4

%

2.4

%

4.4

%

EBITDA Margin

18.5

%

19.1

%

18.6

%

19.5

%

Adjusting Items

Adjusting items include revenues and costs we consider non-operational in nature, including items arising from asset acquisitions or dispositions, including the amortization of intangible assets. While the expense associated with the amortization of certain wireless licenses and customer lists is excluded, the revenue of the acquired companies is reflected in the measure and that those assets contribute to revenue generation. We also adjust for net actuarial gains or losses associated with our pension and postemployment benefit plans due to the often-significant impact on our results (we immediately recognize this gain or loss in the income statement, pursuant to our accounting policy for the recognition of actuarial gains and losses). Consequently, our adjusted results reflect an expected return on plan assets rather than the actual return on plan assets, as included in the GAAP measure of income. 

The tax impact of adjusting items is calculated using the adjusted effective tax rate during the quarter except for adjustments that, given their magnitude, can drive a change in the effective tax rate, in these cases we use the actual tax expense or combined marginal rate of approximately 25%.   

Adjusting Items

Dollars in millions

Second Quarter

Six-Month Period

2026

2025

2026

2025

Operating Expenses

    Transaction, legal and other costs1

$       149

$        49

$      295

$       128

    Benefit-related (gain) loss

(101)

(70)

(76)

(64)

    Asset impairments and abandonments and restructuring

286

—

286

504

Adjustments to Operations and Support Expenses

334

(21)

505

568

    Amortization of intangible assets

84

9

141

18

Adjustments to Operating Expenses

418

(12)

646

586

Other

    Equity in net income of DIRECTV

—

(503)

—

(1,926)

    Benefit-related (gain) loss, impairments of investments and other

(89)

(189)

(61)

(125)

Adjustments to Income from Continuing Operations Before

   Income Taxes

329

(704)

585

(1,465)

    Tax impact of adjustments

81

(168)

140

(333)

    Tax-related items

365

—

365

—

Adjustments to Income From Continuing Operations

$      (117)

$    (536)

$        80

$    (1,132)

    Preferred stock redemption gain

—

—

—

(90)

Adjustments to Income From Continuing Operations

   Attributable to Common Stock

$      (117)

$    (536)

$        80

$    (1,222)

1 Includes certain legal reserves and settlements that cover extended historical periods, novel theories of liability and/or are unpredictable in
both magnitude and timing, and therefore are distinct and separate from normal, recurring legal matters. Such costs are presented net of
expected insurance recoveries and are primarily associated with legacy legal matters and cybersecurity events. 

Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted diluted EPS are non-GAAP financial measures calculated by excluding from operating revenues, operating expenses, other income (expense) and income tax expense, certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, actuarial gains and losses, significant abandonments and impairments, benefit-related gains and losses, employee separation and other material gains and losses. Management believes that these measures provide relevant and useful information to investors and other users of our financial data in evaluating the effectiveness of our operations and underlying business trends.

Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted diluted EPS should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP. AT&T's calculation of Adjusted items, as presented, may differ from similarly titled measures reported by other companies.

Adjusted Operating Income, Adjusted Operating Income Margin,

Adjusted EBITDA and Adjusted EBITDA Margin

Dollars in millions

Second Quarter

Six-Month Period

2026

2025

2026

2025

Operating Income

$     7,038

$     6,501

$   13,696

$    12,255

Adjustments to Operating Expenses

418

(12)

646

586

Adjusted Operating Income

$     7,456

$     6,489

$   14,342

$    12,841

EBITDA

$   12,004

$   11,752

$   23,628

$    22,696

Adjustments to Operations and Support Expenses

334

(21)

505

568

Adjusted EBITDA

$   12,338

$   11,731

$   24,133

$    23,264

Total Operating Revenues

$   31,558

$   30,847

$   63,064

$    61,473

Operating Income Margin

22.3 %

21.1 %

21.7 %

19.9 %

Adjusted Operating Income Margin

23.6 %

21.0 %

22.7 %

20.9 %

Adjusted EBITDA Margin

39.1 %

38.0 %

38.3 %

37.8 %

Adjusted Diluted EPS

Second Quarter

Six-Month Period

2026

2025

2026

2025

Diluted Earnings Per Share (EPS) From Continuing

  Operations

$     0.66

$      0.62

$    1.21

$      1.22

    Equity in net income of DIRECTV

—

(0.05)

—

(0.21)

    Restructuring and impairments

0.03

—

0.03

0.05

    Benefit-related, transaction, legal and other items

0.01

(0.03)

0.03

(0.01)

    Tax-related items

(0.05)

—

(0.05)

—

Adjusted EPS

$     0.65

$      0.54

$    1.22

$      1.05

Year-over-year growth - Adjusted

20.4 %

16.2 %

Weighted Average Common Shares Outstanding with

   Dilution (000,000)

6,946

7,219

6,987

7,221

Net Debt to Adjusted EBITDA

Net Debt to EBITDA ratios are non-GAAP financial measures frequently used by investors and credit rating agencies and management believes these measures provide relevant and useful information to investors and other users of our financial data. Our Net Debt to Adjusted EBITDA ratio is calculated by dividing the Net Debt by the sum of the most recent four quarters Adjusted EBITDA. Net Debt is calculated by subtracting cash and cash equivalents and deposits at financial institutions that are greater than 90 days (e.g., certificates of deposit and time deposits), from the sum of debt maturing within one year and long-term debt.

Net Debt to Adjusted EBITDA - 2026

Dollars in millions

Three Months Ended

Sept. 30,

Dec. 31,

March 31,

June 30,

Four

Quarters

20251

20251

20261

2026

Adjusted EBITDA

$   11,861

$   11,236

$   11,795

$   12,338

$   47,230

End-of-period current debt

9,323

End-of-period long-term debt

134,631

Total End-of-Period Debt

143,954

Less: Cash and Cash Equivalents

17,570

Net Debt Balance

126,384

Annualized Net Debt to Adjusted EBITDA Ratio

2.68

1 As reported in AT&T's Form 8-K filed April 22, 2026.

Net Debt to Adjusted EBITDA - 2025

Dollars in millions

Three Months Ended

Sept. 30,

Dec. 31,

March 31,

June 30,

Four

Quarters

20241

20241

20251

20251

Adjusted EBITDA

$   11,586

$   10,791

$   11,533

$   11,731

$   45,641

End-of-period current debt

9,254

End-of-period long-term debt

123,057

Total End-of-Period Debt

132,311

Less: Cash and Cash Equivalents

10,499

Less: Time Deposits

1,500

Net Debt Balance

120,312

Annualized Net Debt to Adjusted EBITDA Ratio

2.64

1 As reported in AT&T's Form 8-K filed April 22, 2026.

© 2026 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property.

SOURCE AT&T

AT&T's second-quarter earnings from continuing operations came in at 66 cents a share, compared with 62 cents a share a year earlier.

Horizon Gold Ltd (ASX:HRN, OTC:HZGLF) has confirmed a financially robust development pathway for its 100%-owned Gum Creek Gold Project in Western Australia, with a definitive feasibility study targeting first production in the second half of 2028.

The open-pit study outlines average production of 98,000 ounces of gold per annum during the first five years and total recovered production of 880,000 ounces across an initial 10-year mine life.

Based on a gold price of A$5,500 per ounce, Gum Creek is forecast to generate A$1.85 billion in pre-tax free cash flow, a pre-tax net present value of A$1.31 billion and an internal rate of return of 53.1%.

Pre-production capital is estimated at A$350 million, including mine development, a new processing plant, supporting infrastructure and contingency. The project has an estimated all-in sustaining cost of A$2,995 per ounce and a 23-month payback period from first production.

Board advances project toward investment decision Horizon’s board has endorsed the DFS and approved Gum Creek’s progression into the execution phase, targeting a final investment decision in the second quarter of 2027.

Planned work includes completing the approvals pathway, progressing detailed engineering, engaging engineering, procurement and construction contractors, appointing key members of the owner’s team and advancing major equipment and supply tenders.

Plant construction is expected to begin in the fourth quarter of 2027, subject to financing and environmental approvals, followed by an estimated 12-month construction period.

"The completion of this Definitive Feasibility Study is a defining milestone for Horizon Gold, confirming Gum Creek as a robust, simple and technically de-risked development project ready to advance quickly toward a Final Investment Decision," managing director and chief executive Scott Williamson said. 

"Gum Creek is one of the most advanced undeveloped gold projects in Western Australia, and this study underpins a clear pathway to production in 2028. We're proud of the work our team has put into this DFS, and we look forward to progressing towards FID in Q2 2027 as we advance Gum Creek towards production and continue our exciting exploration across the belt."

Open-pit plan underpinned by maiden reserve The DFS is based on conventional open-pit mining of free-milling ore from seven priority deposits and processing through a new 2.4-million-tonne-per-annum gravity and carbon-in-leach plant.

The production target comprises 25.1 million tonnes at 1.19 g/t gold for 962,000 contained ounces, of which around 880,000 ounces are expected to be recovered.

It is predominantly supported by a maiden probable ore reserve of 18.2 million tonnes at 1.24 g/t gold for 728,000 ounces.

The processing plant is designed for average gold recoveries of 91.5% and includes the capacity to expand to 3 million tonnes per annum as additional ore sources are developed.

Underground and sulphide upside The current DFS excludes several opportunities that could increase production or extend the project’s operating life.

These include 9.3 million tonnes of sulphide mineralisation grading 2.3 g/t gold for 698,000 ounces, including the Wilsons underground deposit, which hosts 400,000 ounces at 4.31 g/t gold.

Horizon is also assessing higher-grade, free-milling underground resources at Swan, Swift and Kingfisher, where existing underground infrastructure could reduce the capital required to restart mining.

The company is investigating toll treatment, joint venture and partnership opportunities that may provide lower-capital pathways to early production ahead of the full-scale project.

Next steps Horizon will now progress Gum Creek through the execution phase, with a final investment decision targeted for the second quarter of 2027.

Near-term priorities include completing remaining environmental and heritage surveys, securing regulatory approvals, advancing detailed engineering and engaging an EPC contractor for the proposed processing plant.

The company also plans to expand the existing accommodation camp, begin site and road upgrades, appoint key project personnel and advance procurement of long-lead equipment, including the ball mill, power generators and switchgear.

Horizon is working with financial adviser Orimco to assess project funding options, with formal engagement with Australian and international financial institutions expected to begin following the DFS release.

Subject to financing and approvals, major construction is scheduled to start in the fourth quarter of 2027, paving the way for first gold in the second half of 2028

About Horizon Gold Horizon Gold is focused on developing the Gum Creek Gold Project, around 115 kilometres southeast of Meekatharra in Western Australia.

The project covers about 720 square kilometres of the Gum Creek greenstone belt and hosts a mineral resource of 37.97 million tonnes at 1.89 g/t gold for 2.30 million ounces.

Gum Creek has previously produced more than 1 million ounces of gold and retains existing roads, an airstrip, accommodation and other infrastructure from earlier mining operations.

SAN FRANCISCO--(BUSINESS WIRE)--After the final whistle blew on the FIFA World Cup 2026™, millions of fans returned home with unforgettable memories and a trail of economic activity that stretched across countries. Every tap to pay left a lasting impact, as spending throughout the tournament delivered a meaningful boost to merchants and local economies across host cities in Canada, Mexico and the United States. According to new data from Visa, the tournament drove significant growth in cross-bo.

Earnings season has arrived once again, and last week, several major banks reported their second-quarter results.

Banks like JPMorgan Chase (JPM +1.88%) and Bank of America (BAC +1.32%) serve millions of American households and hold trillions in consumer deposits. These banks can help investors understand how Americans are spending their money, as well as the challenges some may face with debt and delinquency.

Here's what these bank earnings just revealed about the health of the American consumer right now.

Image source: Getty Images.

Consumers across the credit spectrum are holding up well There has been a lot of discussion about the K-shaped economy, which refers to a divergence in which high-income households are benefiting from rising wealth and spending, while lower-income groups face stagnant wages and inflation. The upper part of the K represents asset-rich consumers who profit from stock market gains, while the lower part represents those struggling with price increases amid persistent inflation, fueling fears of an economic slowdown.

In their earnings calls, bank executives have pushed back against the K-shaped recovery story, saying that consumers across the credit spectrum are holding up well. JPMorgan Chief Financial Officer Jeremy Barnum told investors during the company's Q2 earnings call that consumer spending is "robust and across income segments" and that its better-than-expected credit performance is visible "pretty much across the board by any kind of FICO score."

Today's Change

(

1.88

%) $

6.36

Current Price

$

345.23

If lower-income consumers were buckling, it would typically show up in late payments and depleted savings. However, Bank of America also reported that consumers remain resilient, with "average deposit investment balances and spending all showed linked quarter increases," according to CFO Alastair Borthwick.

Delinquencies are down while spending is up The data backs up what bankers are saying. In Q2, JPMorgan's net charge-off rate came in at 3.34%, down from 3.47% in Q1 and a 6-basis-point improvement from last year's Q2. This positive development has enabled the bank to lower its full-year net charge-off rate forecast to 3.2%. At Bank of America, the credit card charge-off rate was 3.55% for the quarter, down from 3.82% a year ago and 3.64% in the previous quarter.

Credit metrics are holding up well, as is spending. At JPMorgan, combined debit and credit card sales volumes increased by 10% year over year. At Bank of America, these volumes rose 9%.

Today's Change

(

1.32

%) $

0.80

Current Price

$

61.22

Bank executives attribute the strong performance to a couple of factors. Bank of America pointed to a stable labor market, with the unemployment rate hovering around 4.2% and new jobless claims remaining low. JPMorgan echoed the sentiment about a strong labor market and noted a positive tailwind from higher tax refunds in the quarter.

Resilient consumers should help support further economic growth Bankers said that consumers are performing well across the income and credit spectrum, though they admit some cohorts may still be struggling. During the Morgan Stanley U.S. Financials Conference in June, Marianne Lake, Chief Executive Officer of JPMorgan's consumer and community banking division, noted that a small group is seeing wages fail to keep pace with inflation.

Bank of America notes that wealthy clients are doing exceptionally well, as its global wealth and investment management division saw client balances jump 12% year over year to an all-time high of $4.9 trillion, leading to record revenue of $6.9 billion, a 16% increase year over year.

Banks continue to keep a close eye on inflation and on pockets of consumers experiencing falling real wages. That said, the American consumer remains strong and resilient. As unemployment remains relatively low and credit metrics improve, banks remain confident in extending credit, which should help support consumer spending and drive continued economic growth as we head into the second half of 2026.

NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Johnson & Johnson today announced that the U.S. Food and Drug Administration (FDA) has granted De Novo authorization for the OTTAVA™ Robotic Surgical System, the world's first table-integrated soft tissue robotic system. The system received marketing authorization for multiple procedures in general surgery, including Roux-en-Y gastric bypass, gastrectomy, cholecystectomy, splenectomy, gastric sleeve, small bowel resection, appendectomy, lysis of adhesio.

Walt Disney (DIS 0.31%) shares have tumbled. They now trade 52% below their record from March 2021 as of July 20, at a price-to-earnings (P/E) ratio of 15.4. But the business is performing well from a fundamental perspective.

Netflix (NFLX +1.67%) has also faltered. Its shares are 50% off their peak from June 2025. However, they trade at a P/E ratio of 21.3, 38% more expensive than Disney.

Why is the House of Mouse so much cheaper than the streaming pioneer? This is the only answer that I can think of.

Image source: The Motley Fool.

Holding on to the past Investors who have followed Disney for a while know that the stock can never sustainably command a high valuation multiple from the investment community. That's particularly true right now. I believe there are two headwinds that pressure the stock.

The market probably continues to punish the stock because Disney's cable networks, a dying offering, are still a material part of the overall business. During fiscal 2025 (ended Sept. 27, 2025), this segment generated 10% of the company's total revenue and 17% of its operating income.

To be clear, these figures have continued to come down, but they highlight an anchor that prevents Disney from truly letting go of its past. This situation creates a financial impediment, as gains in other segments have to work harder to offset the secular decline of cable TV.

Another headwind relates to the nature of this company. Disney has always been a capital-intensive business. Creating and acquiring content is particularly expensive.

In the physical world, the theme parks and cruise ships require significant capital to maintain and grow. This reality isn't changing, and it sucks up capital that could be returned to shareholders in the form of higher dividends and stock buybacks.

Putting a premium on a pure-play streamer Netflix shares don't look like their usual self these days. They're 50% below their all-time high. The stock immediately sank after the business reported its first-quarter results in April. And it fell again when Netflix gave investors its latest update on July 16.

Slower growth might be one of the main reasons for the dip. Netflix is forecasting a 13.3% year-over-year revenue gain in 2026. That would be the third slowest increase in the past 10 years.

Even during a notable share-price decline, though, Netflix stock commands a 38% premium to Disney. The market clearly highly values a pure-play streaming entity, especially one that pioneered the industry and has long held such a dominant position. Netflix doesn't have legacy assets that are a drag on its financial performance. It has been able to focus fully on streaming entertainment, with a natural evolution into advertising and live events.

Over the past five years, Netflix's revenue increased by 73%, higher than Disney's 62% gain. In the most recent fiscal quarter, the former posted a stellar operating margin of 33.4%, well ahead of the latter's 18.3%. These important financial metrics support the market's more favorable view of Netflix.

Today's Change

(

-0.31

%) $

-0.30

Current Price

$

96.11

Where the opportunity is Investors might be inclined to move quickly to buy Netflix shares while they've fallen so much. But I don't believe this is the right opportunity. Even at a P/E multiple of 21.3, the stock isn't cheap, particularly when competitive forces are creating the most difficult operating environment in the company's history.

Disney looks like the better buy of these two entertainment juggernauts. Its valuation, of course, presents an attractive opportunity for long-term investors to acquire a competitively advantaged company. Consensus analyst estimates call for adjusted diluted earnings per share annualized growth of 11.5% between fiscal 2025 and fiscal 2028, as success in streaming and experiences drive higher profits going forward.

It doesn't look as if Netflix's premium is going away anytime soon. However, Disney's discount is too hard to pass up.

Joe DePinto will join Target's Board of Directors on Aug. 1 and serve on Infrastructure & Finance and Audit & Risk committees.
  DePinto adds expertise in operations, loyalty, fresh food and omnichannel capabilities as the company charts its next chapter of growth under CEO Michael Fiddelke. , /PRNewswire/ -- Target Corporation (NYSE: TGT) announced the election of Joe DePinto, former president and chief executive officer of 7-Eleven, Inc., to its Board of Directors. The appointment is another step Target is taking to accelerate its enterprise strategy and fuel new growth under CEO Michael Fiddelke.

"At Target, we're leading with merchandising authority, elevating the guest experience, accelerating technology and strengthening our team and communities to pave a new path of growth," said Fiddelke. "Joe has spent his career relentlessly focused on the customer, empowering teams and delivering operational excellence. His perspective and experience in retail, with a particular emphasis in food and digital commerce, will be a tremendous asset to our Board as we continue building momentum against our strategy."

DePinto brings more than three decades of leadership experience across retail and consumer products, having led the world's largest convenience retailer through significant expansion, digital innovation and evolving consumer preferences. During his tenure, 7-Eleven, Inc. accelerated investments in omnichannel capabilities, loyalty programs and fresh food offerings while growing its store footprint and strengthening its position as a leading convenience retailer.

DePinto has also held leadership roles at PepsiCo and GameStop and brings public company governance expertise from boards including Brinker International, Jo-Ann Stores and OfficeMax.

"We're continually focused on ensuring the Board brings together the expertise and perspectives that align with the company's strategic priorities," added Christine Leahy, Lead Independent Director of Target's Board of Directors. "Joe's extensive experience leading growth and omnichannel innovation across retail and consumer businesses will be a valuable addition to our Board as we help guide Target's long-term success."

About Target
Target Corporation (NYSE: TGT) brings together style, design and value to offer a distinct assortment and elevated shopping experience across more than 2,000 U.S. stores and online. Powered by more than 400,000 team members, Target serves millions of families each week and invests in the communities where they live and work to support growth and opportunity for all.

SOURCE Target Corporation

Provides a state-of-the-art overview of the evidence on the critical role of bradykinin B2 receptor in the pathogenesis of bradykinin-mediated angioedemaExplains the scientific foundation for targeting the bradykinin B2 receptor as a therapeutic strategy for additional bradykinin-mediated diseases ZUG, Switzerland, July 22, 2026 (GLOBE NEWSWIRE) -- Pharvaris (Nasdaq: PHVS), a late-stage biopharmaceutical company developing novel, oral bradykinin B2 receptor antagonists to help address unmet needs of those living with bradykinin-mediated diseases such as hereditary angioedema (HAE) and acquired angioedema due to C1 inhibitor deficiency (AAE-C1INH), today announced the publication of a comprehensive review article in Clinical Reviews in Allergy & Immunology providing a state-of-the-art overview of the biology of bradykinin and the bradykinin B2 receptor (B2R), and summarizing the growing body of evidence supporting B2R antagonism as a therapeutic strategy for bradykinin-mediated diseases. Drawing on decades of scientific and clinical research, the article traces the evolution of bradykinin B2 receptor antagonism from foundational discoveries in kinin biology to a clinically validated therapeutic approach.

"The long history of scientific and clinical evidence demonstrates that bradykinin B2 receptor antagonism is a validated and foundational therapeutic approach in the management of bradykinin-mediated angioedema," said Anne Lesage, Ph.D., Chief Early Development Officer of Pharvaris. "A deep understanding of kinin biology and of the roles of bradykinin and the bradykinin B2 receptor in allergic and immunological conditions, such as bronchial asthma, chronic cough, allergic rhinitis, and chronic urticaria, can inform the development of novel therapeutic interventions. Bradykinin B2 receptor antagonism may be a potential viable therapeutic strategy for various diseases; to date, there have been no observations of increased risks of long-term unfavorable effects from the antagonism of the bradykinin B2 receptor. Rooted in scientific expertise, Pharvaris is proud to contribute to the growing knowledge of the roles of bradykinin in the pathogenesis of bradykinin-mediated diseases and of the potential for the antagonism of bradykinin B2 receptor as therapeutic strategy in managing these conditions.”

Advances in understanding kinin biology have enabled the development of mechanism-based treatment approaches. By directly blocking the receptor through which bradykinin exerts its pathological effects, bradykinin B2 receptor antagonists target the main mediator of swelling regardless of the upstream mechanism driving excess bradykinin production and/or bradykinin B2 receptor activity. Clinical experience has supported the therapeutic relevance of this approach and has contributed to a deeper understanding of the role of bradykinin signaling across multiple disease states.

In addition to its established role in HAE, including HAE with normal C1 inhibitor, and AAE-C1INH, growing evidence suggests that bradykinin signaling may contribute to a broader range of immunological and inflammatory disorders, underscoring the potential importance of continued research into bradykinin B2 receptor-targeted therapies.

The full article can be found here: Therapeutic Targeting of the Bradykinin B2 Receptor in Immunological and Vascular Diseases: Insights from Kinin Biology to Clinical Outcomes

About Pharvaris 
Pharvaris is a late-stage biopharmaceutical company developing novel, oral bradykinin B2 receptor antagonists to help address unmet needs in bradykinin-mediated conditions, including all types of bradykinin-mediated angioedema. Pharvaris’ aspiration is to offer therapies with injectable-like efficacy™, a well-tolerated profile, and the convenience of oral administration to prevent and treat bradykinin-mediated angioedema attacks. By delivering on this aspiration, Pharvaris aims to provide a new standard of care in bradykinin-mediated angioedema. For more information, visit https://pharvaris.com/.

Forward Looking Statements 
This press release contains certain forward-looking statements that involve substantial risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements relating to our future plans, studies and trials, and any statements containing the words “believe,” “anticipate,” “expect,” “hope,” “estimate,” “may,” “could,” “should,” “would,” “will,” “intend” and similar expressions. These forward-looking statements are based on management’s current expectations, are neither promises nor guarantees, and involve known and unknown risks, uncertainties and other important factors that may cause Pharvaris’ actual results, performance or achievements to be materially different from its expectations expressed or implied by the forward-looking statements. Such risks include but are not limited to the following: uncertainty in the outcome of our interactions with regulatory authorities, including the FDA; the expected timing, progress, or success of our clinical development programs, especially for deucrictibant immediate-release capsules and deucrictibant extended-release tablets, which are in late-stage global clinical trials; our ability to replicate the efficacy and safety demonstrated in the RAPIDe-1, RAPIDe-2, RAPIDe-3, and CHAPTER-1 Phase 2 and Phase 3 studies in ongoing and future nonclinical studies and clinical trials, such as CHAPTER-3, and CREAATE; the outcome of regulatory approvals, including the outcome of our NDA for the on-demand treatment of acute attacks of HAE; risks arising from epidemic diseases, which may adversely impact our business, nonclinical studies, and clinical trials; our ability to potentially use deucrictibant for alternative purposes, for example to treat C1-INH deficiency (AAE-C1INH); the value of our ordinary shares; the timing, costs and other limitations involved in obtaining regulatory approval for our product candidates, or any other product candidate that we may develop in the future; our ability to establish commercial capabilities or enter into agreements with third parties to market, sell, and distribute our product candidates; our ability to compete in the pharmaceutical industry, including with respect to existing therapies, emerging potentially competitive therapies and with competitive generic products; our ability to market, commercialize and achieve market acceptance for our product candidates; our ability to produce sufficient amounts of drug product candidates for commercialization; our ability to raise capital when needed and on acceptable terms; regulatory developments in the United States, the European Union and other jurisdictions; our ability to protect our intellectual property and know-how and operate our business without infringing the intellectual property rights or regulatory exclusivity of others; our ability to manage negative consequences from changes in applicable laws and regulations, including tax laws (including the Biosecure Act), our ability to maintain an effective system of internal control over financial reporting; changes and uncertainty in general market conditions; disruptions at the FDA and other agencies; changes and uncertainty in general market, political and economic conditions, including as a result of inflation and geopolitical conflicts; changes in regulations and customs, tariffs and trade barriers; and the other factors described under the headings “Cautionary Statement Regarding Forward-Looking Statements” and “Item 3. Key Information—D. Risk Factors” in our Annual Report on Form 20-F and other periodic filings with the U.S. Securities and Exchange Commission. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. While Pharvaris may elect to update such forward-looking statements at some point in the future, Pharvaris disclaims any obligation to do so, even if subsequent events cause its views to change. These forward-looking statements should not be relied upon as representing Pharvaris’ views as of any date subsequent to the date of this press release. 

Contact 
Maggie Beller
Vice President, Head of Corporate and Investor Communications
[email protected]

PayPal Today

$55.85 -0.97 (-1.71%)

As of 07/21/2026 04:00 PM Eastern

52-Week Range$38.46▼

$79.50Dividend Yield1.00%

P/E Ratio10.48

Price Target$54.61

Since its founding in December 1998, PayPal NASDAQ: PYPL has grown alongside e-commerce into a financial services giant. Today, the company’s market cap exceeds $50 billion. But along the way, the stock has not been kind to investors.

Following its return to public trading in July 2015 after being spun off from eBay NASDAQ: EBAY, PayPal surged to its all-time high of $308.53 per share in July 2021. But it has been a difficult ride for shareholders, with PYPL down nearly 82% since then.

Get PayPal alerts:

PayPal Holdings, Inc. (PYPL) Price Chart for Wednesday, July, 22, 2026

But last week, long-term holders were treated to an unexpected catalyst: Stripe and private equity firm Advent International proposed a joint $53.4 billion acquisition of PayPal. Shares rose up as much as 19% in pre-market trading on July 15, finishing the day up nearly 16%.

In the days that followed, PayPal’s board declined the offer, stating that the bid was too low. Nonetheless, a deal could still materialize.

In the meantime, shares have continued to climb above their pre-bid level. Here’s what investors need to know about the digital payment platform’s future, and whether or not the stock’s recent turnaround can be sustained.

Details of the $53 Billion Bid PayPal Passed OnPayPal Today

$55.85 -0.97 (-1.71%)

As of 07/21/2026 04:00 PM Eastern

52-Week Range$38.46▼

$79.50Dividend Yield1.00%

P/E Ratio10.48

Price Target$54.61

Seeing a potentially mispriced company, the offer was priced at $60.50 per share—about 6.5% higher than the stock's July 20 closing price, and around 28% above its July 14 pre-announceemnt close.

Had the bid been accepted, at $53.4 billion, it would have been the largest fintech acquisition in history. Stripe and Advent reportedly planned to hold equal ownership stakes in PayPal rather than divide the company’s assets.

The move makes sense for privately-held Stripe, a financial infrastructure platform that provides global payment processing, subscription management, and fraud prevention services to businesses.

But that offer was not aimed at absorbing PayPal’s 439 million active consumer and merchant accounts around the world. According to Tech Times, the bid was aimed at securing PayPal’s “consumer-facing stablecoin distribution network and the peer-to-peer trust relationship those accounts represent.

PayPal’s Stablecoin Is the Ultimate PrizeLaunched on Aug. 7, 2023, PayPal’s native stablecoin—PayPal USD (PYUSD)—represents the next chapter in the company’s payment facilitation playbook.

Built on the Ethereum (ETH) and Solana (SOL) blockchains ,PYUSD is designed to remain worth $1 and is backed by cash and short-term U.S. government debt. Eligible PayPal users can currently earn a variable 4% annual reward by holding it in their accounts.

But more importantly, Visa NYSE: V added PYUSD to its stablecoin settlement platform, allowing participating issuers and acquirers to use the token for certain settlement transactions across Visa’s network. The integration could expand PYUSD’s role in cross-border and on-chain payments as Visa builds out its stablecoin infrastructure.

Visa Today

V

Visa

$355.94 -4.63 (-1.28%)

As of 07/21/2026 03:59 PM Eastern

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

52-Week Range$293.89▼

$365.14Dividend Yield0.75%

P/E Ratio31.00

Price Target$398.36

According to Visa’s 2025 annual report, the company reported 4.7 billion Visa-branded cards with total volume of $16.7 trillion last year.

Meanwhile, industry consultancy firm Grand View Research forecasts the global stablecoins segment of the decentralized finance market to grow to nearly $183 billion by 2033 from $3.3 billion in 2025—good for an almost comical compound annual growth rate of 69%.

As part of its expanded payment settlement rails, Visa’s decision to embrace the PYUSD stablecoin to allow partners to settle fiat currency-backed transactions directly on-chain is poised to be a massive windfall for PayPal.

At the same time, PayPal continues to expand PYUSD’s utility as a low-cost, near-instant payment and transfer mechanism within its digital wallet ecosystem on Venmo and PayPal.

Together with the $60.50 offering, this suggests that at current prices, shares of the San Jose, California-based firm could be dramatically undervalued.

Is PayPal Underpriced?PayPal Stock Forecast Today12-Month Stock Price Forecast:
$54.61
-2.22% Downside

Hold
Based on 46 Analyst Ratings

Current Price$55.85High Forecast$100.00Average Forecast$54.61Low Forecast$32.00PayPal Stock Forecast Details

For now, Wall Street has yet to price in the stablecoin story.

Based on the 46 analysts who cover the stock, PayPal carries a consensus Hold rating and an average 12-month price target implies nearly 2% downside from current prices.

While that may be discounting the underlying price drivers PayPal is set to enjoy, it also overlooks solid fundamentals and sound management.

In Q1, revenue growth stood at 7.21%—a dramatic year-over-year increase from 1.2% in Q1 2025.

Similarly, after four consecutive quarters of free cash flow (FCF) contraction, PayPal posted back-to-back quarters of FCF in Q4 2025 and Q1 at nearly 354% and 155%, respectively.

Earnings per share (EPS) offers another clue. Despite their struggles, PayPal has beat on earnings in nine of the last 11 quarters, including seven of the last eight. In Q1, the company reported EPS of $1.34, topping the consensus estimate of $1.27, and with a trailing price-to-earnings ratio of 10.66, PayPal’s earnings are expected to grow 8.27% in the next year.

In the company's Q1 earnings call, PayPal’s new CEO Enrique Lores, who officially took on that role on March 1, reaffirmed the company’s focus on three lines of business: Checkout/PayPal, Consumer Financial Services/Venmo, and Payment Services/Crypto—the latter of which underscores the significance of PYUSD.

Management also expects at least $1.5 billion of gross run-rate savings over the next two to three years as broad AI and automation adoption drives down operating costs. Ultimately, these factors should continue to fuel a long-awaited rebound for the company, which next reports earnings on July 28.

Should You Invest $1,000 in PayPal Right Now?Before you consider PayPal, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and PayPal wasn't on the list.

While PayPal currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Nuclear energy is entering a new growth cycle as rising power demand, expanding data centers, and renewed policy support bring the sector back into focus. After strong gains in recent years, the most impactful phase of nuclear investment may still be ahead. This report highlights seven nuclear energy stocks positioned across the value chain—combining near-term revenue with long-term upside as next-generation technologies scale. Click the link below to unlock the full list.

Get This Free Report

Intel stock NASDAQ:INTC heads into Thursday’s earnings with expectations running ahead of a turnaround story.

Shares remain up more than 160% this year despite falling over 30% from June’s high, as investors bet that AI-server demand can revive the company’s processor business and support its manufacturing ambitions.

Wall Street expects second-quarter revenue of about $14.44 billion and adjusted earnings of 22 cents a share, slightly above Intel’s guidance for $13.8 billion to $14.8 billion and 20 cents.

Intel reports after Thursday’s close, followed by a 5 pm ET call. Options traders are pricing a 13.52% move in either direction.

The strongest part of Intel’s comeback is its Data Center and AI division.

First-quarter revenue rose 22% to $5.1 billion, driven largely by a 27% increase in server processor prices, even as unit volumes fell 5% and supply constraints prevented Intel from meeting all demand.

That mix explains why analysts broadly expect a beat.

Wedbush analyst Matt Bryson said the question was “not whether Intel beats expectations, but rather how does sentiment shift,” according to TipRanks.

He estimates data-centre sales could rise about 10% sequentially and 40% year on year, with double-digit server price increases accounting for much of the growth.

The difficulty is that strong pricing is already embedded in expectations.

Investors will want evidence that volumes are also improving and that constrained production is easing. Intel’s 39% adjusted gross-margin forecast, below the 41% reported in the first quarter, makes the quality of any beat especially important.

Foundry economics remain the fault lineIntel Foundry reported $5.42 billion of first-quarter segment revenue, but only $174 million came from external customers.

The unit recorded a $2.44 billion operating loss, showing that most reported sales still reflect manufacturing work for Intel’s own product divisions rather than a mature third-party business.

KeyBanc analyst John Vinh has taken the bullish view.

He raised his price target to $155 from $110 and kept a Buy rating, after estimating that Intel 18A yields had improved to about 85% from 65% in the previous quarter.

His supply-chain checks also indicated that 14A remains on course for mass production in the second half of 2028.

Intel’s new collaboration with Fortinet offers another proof point. The companies will jointly develop Fortinet’s SP6 security processor using Intel’s design, packaging and manufacturing capabilities.

However, neither financial terms nor a production timetable were disclosed, so the agreement does not yet establish that foundry returns are improving.

Third-quarter guidance must show that stronger processor demand can lift margins while Intel continues funding factories and advanced process development.

UBS raised its target to $121 from $83 while retaining a Neutral stance, citing data-centre demand and possible pricing gains.

The firm said investors would also require updates on manufacturing execution and external foundry customers.

Intel’s planned job reductions within its data-centre group could support expenses, but they underline how aggressively management is still reshaping the business.

The bullish outcome combines faster data-centre growth, margins above guidance, improving 18A economics and firmer external commitments.

The bearish outcome is a server-led beat accompanied by weak margins, supply constraints or continued ambiguity around foundry profitability.

NEW YORK, July 22, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into International Business Machines Corporation (NYSE:IBM) for potential securities fraud after its significant stock drop.

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

Key Details of the IBM ($IBM) Class Action Investigation:

Investigation Overview: Securities fraud relating to IBM’s misrepresentations about the pace of securing new business deals and the strength of its IBM Z product outlook  Stock Decline: July 14, 2026 – 25% Stock DropAction: Contact BFA Law to discuss your rights
Why is IBM Being Investigated for Securities Fraud?

IBM is being investigated for securities fraud following a significant stock drop. The decline in IBM’s stock price caused significant losses to investors.

IBM is a global technology and consulting company that focuses on hybrid cloud and artificial intelligence. IBM uses IBM Z to deliver enhanced AI acceleration through multi-model AI capabilities, low unit cost architecture at scale for workloads that require end-to-end encryption, continued availability, and ultra-high throughput.

BFA is investigating whether IBM misled investors about its pace securing new business deals and the strength of its IBM Z outlook.

Why did IBM’s Stock Drop?

On July 14, 2026, IBM released its 2026 Q2 financial results. IBM announced a disappointing quarter that it attributed to “a shortfall in our Z performance and the associated software stack, primarily in Transaction Processing.” IBM also revealed that it had “faltered,” and “did not adapt and move quickly enough” so that “numerous large deals failed to close on the timelines we expected, driving the majority of our shortfall.”

This news caused the price of IBM stock to decline over $75 in intraday trading on July 14, 2026, or over 25%.

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

What Can You Do?

If you invested in IBM, 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/ibm-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/ibm-class-action-lawsuit

Attorney advertising. Past results do not guarantee future outcomes.

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WOKING, England--(BUSINESS WIRE)--Linde (Nasdaq: LIN) has been included in the FTSE4Good Index Series for the 11th consecutive year, recognizing its continued leadership in sustainable business practices. “Sustainability is embedded in how we operate—from driving continuous improvement across our operations while supporting our customers' decarbonization goals to robust governance and community engagement,” said Erin Catapano, Vice President Sustainability, Linde. “Our continued inclusion in th.

TORONTO, Ontario — TheNewswire - July 22, 2026 — Renforth Resources Inc. (CSE: RFR | OTC: RFHRF | FSE: 9RR) ("Renforth" or the "Company") is pleased to update shareholders on our ongoing drill program on our wholly owned Victoria Ni/Cu/Co Open Pit Polymetallic deposit. The program has successfully completed two drillholes in the first undercut area, with visual mineralization encountered in both holes.   First Undercut Area

, /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced that Dr. Michael (Mike) Garrison has informed the company of his intent to retire after more than 20 years with BD, effective Oct. 2.

Garrison is currently executive vice president and president of the Medical Essentials and BioPharma Systems segments at BD. During his tenure, Garrison held several leadership roles including executive vice president and president of BD's Medical segment, worldwide president of Medication Management Solutions and worldwide president of Surgery. Prior to joining BD in 2005, Garrison held various roles across R&D and marketing within the MedTech industry.

"Mike has made a significant impact on BD over the past two decades, helping guide our company through periods of transformation while always keeping our customers, patients and associates at the center of his decisions," said Tom Polen, Chairman, CEO and President of BD. "He has built strong teams, developed exceptional leaders and helped position our business for the future. We are grateful for Mike's leadership, partnership and many contributions to BD, and we wish him well in his retirement."

Garrison will remain in his role through the end of the fiscal year. A comprehensive search is underway to identify the next president of Medical Essentials. Going forward, BioPharma Systems will report directly to Polen, streamlining the operating model and reflecting the segment's strategic importance as a growth driver.

"It has been a privilege to spend more than two decades at BD, working alongside talented teams who are deeply committed to improving healthcare around the world," Garrison said. "I will always value the people, purpose and impact that have made my time at BD so meaningful, and I look forward to seeing the company continue to advance the future of care."

About BD
BD is one of the world's largest pure-play medical technology companies with a Purpose of advancing the world of health™ by driving innovation across medical essentials, connected care, biopharma systems and interventional. The company supports those on the frontlines of healthcare by developing transformative technologies, services and solutions that optimize clinical operations and improve care for patients. Operating across the globe, with more than 60,000 employees, BD delivers billions of products annually that have a positive impact on global healthcare. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase clinical efficiency, improve safety and expand access to healthcare. For more information on BD, please visit bd.com or connect with us on LinkedIn at www.linkedin.com/company/bd1/, X @BDandCo or Instagram @becton_dickinson.

SOURCE BD (Becton, Dickinson and Company)

NEW YORK--(BUSINESS WIRE)--Moody's Corporation (NYSE: MCO) today announced results for the second quarter 2026 and updated select metrics within its outlook for full year 2026. The Earnings Release and other earnings materials can be found on the Moody's IR website at ir.moodys.com. In addition, the Earnings Release will be furnished with the Securities and Exchange Commission (SEC) on a Form 8-K and will be available on the SEC website at www.sec.gov. Teleconference Details: Date and Time July.

With tech earnings on tap from the likes of Alphabet, Tesla, IBM, memory-chip maker Micron could be in for a wild ride.