The explosive growth of artificial intelligence (AI) has ignited a new supercycle in memory and storage chips. Training and running AI models demand enormous quantities of high-speed, low-latency memory to process massive data sets and parallel computations without bottlenecks.
Micron Technology (MU +12.26%) and Sandisk (SNDK +14.27%) have been prime beneficiaries of the AI memory boom thanks to their leadership in DRAM, NAND flash, and high-bandwidth memory (HMB). So far this year, Sandisk and Micron have surged 503% and 210%, respectively -- making them the top two performers in the Nasdaq-100.
While it may be tempting to follow the momentum, I think a harsh sell-off could be in store later this month. Read on to find out why.
Image source: The Motley Fool.
Why memory is becoming the bottleneck of AI workloads AI systems cannot function efficiently without high-performance memory. Frontier models shuttle billions of parameters and contextual data between processors at blistering speed. Insufficient DRAM bandwidth or storage capacity quickly becomes a limiting factor regardless of how powerful the underlying GPU clusters are.
Micron specializes in DRAM and HBM for training and real-time inference. Sandisk focuses on high-density NAND flash and enterprise-grade solid-state drives (SSDs) -- the storage foundation for vast data sets and model weights that power AI at scale. Both companies have ridden powerful tailwinds as AI hyperscalers race to expand capacity -- creating a structural shortage that has supported robust pricing power and earnings expansion.
Apple is pushing for more efficiency on its devices At the moment, there is no indication that Apple (AAPL +0.33%) will build its own memory fabs. Instead, the company continues to rely on external suppliers for its DRAM and NAND needs. However, recent reports suggest that Apple is exploring a collaboration with a company called PrismML, which specializes in memory compression.
The idea here is simple: Apple could use software optimizations to shrink AI models so they run more effectively on iPhones. By doing so, Apple can use memory quantization to slash memory cost requirements on select hardware while deploying the most demanding features on higher-end devices where component costs can be passed along to consumers in the form of price hikes.
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Taking a trip down memory lane Back in April, Alphabet released a product called TurboQuant, which promised major reductions in memory usage for AI inference. As the chart below shows, this announcement triggered an immediate sell-off in Micron and Sandisk stocks on fears that memory demand would evaporate.
MU data by YCharts
Investors can see that the sell-off was swift, yet the declines were ultimately short-lived. Both stocks quickly recovered and went on to notch fresh all-time highs as AI adoption continued to scale with higher overall memory and storage usage.
I think a comparable pattern could play out after Apple reports earnings on July 30. Any commentary about on-device AI progress or even rumors of proprietary memory protocols could spark short-term selling pressure in Micron and Sandisk as investors worry about reduced memory demand or new competition.
With that said, history suggests such a move would be overdone. Even if Apple improves its on-device capabilities or partners with memory-efficient providers, the fundamental need for HBM across the broader AI infrastructure stack is not going to diminish overnight. In fact, any advancement that Apple makes ultimately underscores the enduring importance and scarcity of advanced memory in the AI era. For this reason, any post-earnings weakness in Micron or Sandisk could represent a compelling opportunity to buy the dip.
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 Zillow Group, Inc. (NASDAQ:Z, ZG) and certain of the Company’s senior executives for securities fraud after significant stock drops resulting from potential violations of the federal securities laws.
If you invested in Zillow, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/zillow-class-action-lawsuit.
Key Details of the Zillow ($Z, $ZG) Class Action:
Lead Plaintiff Deadline: August 10, 2026Alleged Misconduct: Securities fraud relating to Zillow’s allegedly anticompetitive agreement with Redfin CorporationLargest Alleged Stock Drop: February 11, 2026 – 16.54% Stock Drop on Class C shares; 17.13% Stock Drop on Class A shares.Court: U.S. District Court for the Western District of WashingtonAction: Contact BFA Law to discuss your rights
Investors have until August 10, 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 Zillow Class C and Class A common stock. The class action is pending in the U.S. District Court for the Western District of Washington. It is captioned Breidert v. Zillow Group, Inc., et al., No. 26-cv-02016.
Why is Zillow Being Sued for Securities Fraud?
On February 6, 2025, Zillow entered into an agreement with Redfin through which Zillow became the exclusive provider of multifamily rental listings on Redfin’s platform and affiliate websites, including Rent.com. According to the complaint, during the relevant period, Zillow characterized the agreement with Redfin as a “partnership” that would provide Zillow exclusive access to Redfin’s advertising platform.
As alleged, in truth, under the terms of the agreement, Zillow paid Redfin $100 million to stop competing with Zillow, facilitate the transition of its multifamily rental advertising business to Zillow, and close the remainder of its business.
Why did Zillow’s Stock Drop?
On September 30, 2025, the FTC filed a complaint against Zillow and Redfin alleging violations of the federal antitrust laws. According to the FTC complaint, “Zillow and Redfin executed an unlawful agreement to remove competition from [the online rental marketplaces industry], starting with a $100 million payment to Redfin to exit the [Internet Listing Services] market.” In sum, the FTC alleged, “[t]his agreement is nothing more than an end run around competition on the merits with Redfin for customers…” This news caused the price of Zillow’s Class C and A common stock to decline 4.33% and 4.5%, respectively.
On February 10, 2026, Zillow’s CFO told investors that Zillow experienced increased legal expenses which “will result in approximately 200 basis points headwind to EBITDA margins in Q1.” On this news, the price of Zillow’s Class C and A common stock declined 16.54%, and 17.13%, respectively.
Finally, on May 7, 2026, Reuters reported that a “federal judge rejected [Zillow and Redfin’s] request to end a [FTC] lawsuit accusing them of illegally agreeing to suppress competition for online apartment rental listings.” This news caused the price of Zillow’s Class C and A common stock to decline 1.9% and 1.76%, respectively.
Click here for more information: https://www.bfalaw.com/cases/zillow-class-action-lawsuit.
What Can You Do?
If you invested in Zillow, 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.
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.
STAMFORD, CT--(BUSINESS WIRE)--Regulatory News: Philip Morris International Inc. (PMI) (NYSE: PM) today announces its 2026 second quarter results.1 "We delivered outstanding results in the second quarter, driving net revenues to over $11 billion for the first time with excellent growth across all headline metrics," said Jacek Olczak, Group CEO PMI. "With a robust first half under our belt, including continued momentum and strong results in our smoke-free business, we are well positioned to deli.
Packages of Marlboro cigarettes produced by Philip Morris International are seen at the grocery store in Warsaw, Poland May 29, 2024. REUTERS/Kacper Pempel Purchase Licensing Rights, opens new tab
CompaniesJuly 22 (Reuters) - Philip Morris International (PM.N), opens new tab cut its annual profit forecast for the third time this year on Wednesday, hurt by intensifying competition among tobacco products and negative currency swings.
Shares of the company were down 1% in premarket trading.
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The company also said it seeks to invest in its Zyn nicotine pouches following recent regulatory approval.
While U.S. regulators have recently taken a more favorable stance toward nicotine pouches, including allowing certain Zyn products to be marketed as less harmful than cigarettes, increased competition and pricing pressure have raised concerns about PMI's ability to maintain its market-leading position.
The company expects full-year adjusted earnings per share of $8.26 to $8.41, compared with its previous forecast of $8.31 to $8.46.
Philip Morris has been investing heavily to diversify beyond cigarettes, but faces mounting competition in the rapidly growing nicotine pouch category from products such as British American Tobacco's (BATS.L), opens new tab Velo.
The company launched Zyn Ultra, a higher-strength moist pouch variant, in June and priced it below PMI's flagship Zyn products on a per-pouch basis, as the company looks to defend market share.
Its second-quarter revenue rose 10.4% to $11.19 billion, exceeding analysts' estimate of $10.63 billion, according to data compiled by LSEG.
Reporting by Neil J Kanatt in Bengaluru and Emma Rumney in London; Editing by Devika Syamnath
Our Standards: The Thomson Reuters Trust Principles., opens new tab
NEW YORK, July 22, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a class action lawsuit has been filed against Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) and certain of the company’s senior executives for securities fraud after significant stock drops resulting from potential violations of the federal securities laws.
If you invested in Regeneron, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/regeneron-class-action-lawsuit.
Key Details of the Regeneron ($REGN) Class Action:
Lead Plaintiff Deadline: September 14, 2026Alleged Misconduct: Securities fraud alleging that Regeneron misled investors regarding the success of its Phase III Fianlimab-Libtayo clinical trialStock Drop: April 29, 2026 – 6.2% Stock DropMay 15, 2026 – 9.8% Stock Drop Court: U.S. District Court for the Southern District of New YorkAction: Contact BFA Law to discuss your rights Investors have until September 14, 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 Regeneron securities. The class action is pending in the U.S. District Court for the Southern District of New York. It is captioned Cheathem v. Regeneron Pharm., Inc., et al., No. 26-cv-6026.
Why is Regeneron Being Sued for Securities Fraud?
Regeneron is a pharmaceutical company that discovers, invents, develops, manufactures, tests, and commercializes medicines to treat various disorders.
During the relevant period, Regeneron was investigating Fianlimab, a human monoclonal antibody targeting the LAG-3 immune checkpoint receptor on T-cells. Specifically, Regeneron was testing Fianlimab in combination with Libtayo in a Phase III study to determine whether the drug combination could serve as a first-line treatment for advanced melanoma.
Regeneron told investors that it had “a lot of hope and confidence” that the Phase III trial “can generate a meaningful differentiation against current standards of care.” Further, despite acknowledging that study results had slowed, Regeneron told investors that this was likely because “there was a high level of response and those response[s] are very durable” and that the combination drug was a “potential blockbuster.”
In truth, as alleged, the Phase III Fianlimab-Libtayo study did not achieve statistically significant results.
Why did Regeneron’s Stock Drop?
On April 29, 2026, before market hours, Regeneron announced the Phase III Fianlimab-Libtayo study “will now consider all patients enrolled in the study with a minimum follow-up of 6 months.” This expansion of the study parameters indicated the study did not have enough positive results to achieve statistical significance. This news caused the price of Regeneron stock to decline $45.41 per share, or 6.2%, from a closing price of $731.77 per share on April 28, 2026, to $686.36 per share on April 29, 2026.
Then, on May 15, 2026, after market hours, Regeneron published a press release stating that the Phase III Fianlimab-Libtayo “did not reach statistical significance for the primary endpoint” tested. This news caused the price of Regeneron stock to decline $68.57 per share, or 9.8%, from a closing price of $698.25 per share on May 15, 2026, to $629.68 per share on May 18, 2026.
Click here for more information: https://www.bfalaw.com/cases/regeneron-class-action-lawsuit.
What Can You Do?
If you invested in Regeneron, 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.
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.
Investors comparing these two funds are really choosing between two different philosophies. The iShares Global Healthcare ETF (IXJ +0.60%) is a low-cost, diversified way to own the global healthcare sector. The Simplify Health Care ETF (PINK +1.49%) is an actively managed, more concentrated fund that includes innovative biotech and medtech names -- with a mission-driven twist that sets it apart from most other ETFs.
Snapshot (cost & size)MetricPINKIXJIssuerSimplifyiSharesExpense ratio0.51%0.40%1-year return (as of June 21, 2026)31.93%19.57%Dividend yield0.64%1.47%Beta0.780.52AUM$358.6 million$3.8 billionBeta measures price volatility relative to the S&P 500; beta is calculated from monthly returns over the available fund history (up to five years). The 1-year return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield.
IXJ is the more affordable option, with a 0.40% expense ratio compared to PINK's 0.51%. IXJ also pays out more for income-focused investors -- with a 1.47% dividend yield versus 0.64% for PINK.
Performance & risk comparisonMetricPINKIXJMax drawdown (3 yr)(18.77%)(18.14%)Growth of $1,000 over 3 years (total return)$1,449$1,187What's insideLaunched in 2001, the iShares Global Healthcare ETF (IXJ +0.60%) spreads its assets across 110 holdings covering the global healthcare sector. Its largest positions include Eli Lilly (LLY +2.30%) at 10.9%, Johnson & Johnson (JNJ +0.74%) at 7.0%, and Abbvie (ABBV +1.08%) at 5.1%.
The Simplify Health Care ETF (PINK +1.49%) takes a narrower, more concentrated approach, holding 58 positions. Its largest positions include Purecycle Technologies (PCT +6.08%) at 7.1%, United Therapeutics Corp (UTHR +1.23%) at 7.1%, and Novo Nordisk (NVO 0.41%) at 7.0%. PINK was launched in 2021.
For more guidance on ETF investing, check out the full guide at this link.
What this means for investorsChoosing between these two funds isn’t difficult. It really comes down to what an investor wants from their healthcare allocation.
IXJ is the more conventional choice -- a diversified index fund that's cheaper to own and pays a meaningfully higher dividend, making it a reasonable core holding for investors who want steady, low-maintenance exposure to global healthcare giants like Eli Lilly, Johnson & Johnson, and AbbVie.
PINK’s more concentrated portfolio comes with a mission-oriented mandate: Every dollar of net profit the fund generates is donated to breast cancer research through Susan G. Komen, one of the largest breast cancer non-profit organizations in the country. That's unique for an ETF -- most funds simply pocket their management fees -- so PINK gives investors a way to combine sector exposure with tangible social impact, without costing much more than a typical actively managed fund.
PINK has been the stronger performer lately, posting a roughly 32% one-year return -- well ahead of IXJ's steadier, more index-like results. That gap reflects the two funds' different approaches: PINK’s concentrated, actively managed portfolio includes more innovation-driven biotech and medtech names. These types of companies can outperform sharply at times, but that also means PINK carries more single-stock and strategy risk than a broadly diversified index fund. IXJ, by design, spreads risk across more than 100 global healthcare names, which tends to smooth out returns -- for better or worse -- compared with PINK's higher-octane approach.
Investors prioritizing income and diversification who want to keep costs as low as possible are likely better served by IXJ. Those comfortable with more concentration risk in exchange for the potential of stronger returns -- and who like the idea of their fund fees supporting cancer research -- may find PINK's offering more compelling. As always, recent outperformance is not a guarantee of what comes next, so investors should weigh their own risk tolerance as heavily as recent returns.
Andy Gould has positions in AbbVie, Novo Nordisk, and United Therapeutics. The Motley Fool has positions in and recommends AbbVie, Eli Lilly, Novo Nordisk, and United Therapeutics. The Motley Fool recommends Johnson & Johnson. The Motley Fool has a disclosure policy.
Danaher’s businesses include biotechnology, diagnostics, and life sciences. The stock dropped after management narrowed its expectations for revenue growth. (Dreamstime)
To say Danaher Corp. had a downbeat reaction to earnings is an understatement. We regret the timing of our stock pick, though investors with longer time horizons will want to stay the course.
Texas Instruments Incorporated (NASDAQ:TXN) will release its second quarter earnings report after the closing bell on Wednesday, July 22.
Analysts expect the Dallas, Texas-based company to report quarterly earnings of $1.92 per share, up from $1.41 per share in the year-ago period. The consensus estimate for Texas Instruments’ quarterly revenue is $5.24 billion. It reported $4.45 billion last year, according to Benzinga Pro.
On July 16, the company’s board of directors declared a quarterly cash dividend of $1.42 per share.
Texas Instruments shares rose 2.6% to close at $291.30 on Tuesday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
Considering buying TXN stock? Here’s what analysts think:
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Market News and Data brought to you by Benzinga APIs
NEW YORK, July 22, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a class action lawsuit has been filed against Intuit Inc. (NASDAQ:INTU) and certain of the company’s senior executives for securities fraud after significant stock drops resulting from potential violations of the federal securities laws.
If you invested in Intuit, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/intuit-class-action-lawsuit.
Key Details of the Intuit ($INTU) Class Action:
Lead Plaintiff Deadline: September 8, 2026Class Action Allegations: Securities fraud alleging that Intuit misled investors regarding TurboTax’s purported competitive advantages and growth prospectsLargest Alleged Stock Drop: May 21, 2026 – 20.02% Stock Drop Court: U.S. District Court for the Northern District of CaliforniaAction: Contact BFA Law to discuss your rights Investors have until September 8, 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 Intuit securities. The class action is pending in the U.S. District Court for the Northern District of California. It is captioned Baldwin v. Intuit Inc., et al., No. 26-cv-7086.
Why is Intuit Being Sued for Securities Fraud?
Intuit is a financial technology platform that serves consumers, small and mid-market businesses, and accountants through its offerings, which include TurboTax, Credit Karma, and QuickBooks.
During the relevant period, Intuit told investors it had significant “momentum” across its business segments, including TurboTax. Intuit attributed its “momentum” to purportedly significant competitive advantages, including integration of AI in its business and operations. Intuit also told investors that the 2026 tax season was “off to a strong start” as the company was poised to deliver the “best price for our customers.”
In truth, as alleged, the company was facing pressure among the most price-sensitive DIY tax filers and was not competitive on price in this segment.
Why did Intuit’s Stock Drop?
On May 20, 2026, before market hours, Reuters published an article titled “Intuit to cut 17% of global jobs to streamline operations, memo shows.” Reuters reported that Intuit was “laying off about 17% of its workforce” and was “winding down its Reno and Woodland Hills offices as part of a strategic restructuring to consolidate teams[.]” This news caused the price of Intuit stock to decline $15.78 per share, or 3.95%, from a closing price of $399.71 per share on May 19, 2026, to $383.93 per share on May 20, 2026.
Also on May 20, 2026, after market hours, Intuit released its fiscal Q3 2026 financial results, which included its 2026 tax season revenue. Intuit stated that it “did not have the overall tax season we expected” and that it “faced pressure among the most price-sensitive DIY filers.” Intuit stated that “[w]e [lost] on price.” Intuit also announced that TurboTax online paying units were expected to grow by only 2% as total IRS filers were expected to decline by approx. 30 basis points, representing the “most significant industry-wide contraction since the post-COVID tax season.” This news caused the price of Intuit stock to decline $76.86 per share, or 20.02%, from a closing price of $383.93 per share on May 20, 2026, to $307.07 per share on May 21, 2026.
Click here for more information: https://www.bfalaw.com/cases/intuit-class-action-lawsuit.
What Can You Do?
If you invested in Intuit, 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.
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.
Both American Airlines (NASDAQ:AAL | AAL Price Prediction) and Lockheed Martin (NYSE:LMT) report Q2 2026 results before the open on Thursday, July 23, 2026.
Food and beverage producer adopts on-machine architecture to reduce cabling, simplify maintenance and improve production visibility.
, /PRNewswire/ -- Rockwell Automation, Inc. (NYSE: ROK), the world's largest company dedicated to industrial automation and digital transformation, modernizes end-of-line operations at Ken's Foods, improving performance, reducing complexity and supporting continued growth.
Legacy equipment, limited visibility and conveyor layouts that restrict material flow create inefficiencies across packaging and palletizing. Traditional cabinet-based automation architecture also slows maintenance, requiring technicians to access remote panels to troubleshoot.
Kens Foods Ken's Foods implements an on-machine architecture with Rockwell Automation PowerFlex 350 variable frequency drives (VFDs) accessible directly on production equipment, simplifying operations and delivering measurable gains:
Increased visibility: On-machine drives provide remote access to real-time current, voltage and speed data. Teams identify issues faster and improve end-of-line performance.
Simplified maintenance: Direct access to drives on the equipment reduces troubleshooting time and speeds replacement. Local disconnects, test points and quick-connect power and input/output (I/O) simplify lockout/tagout procedures and allow teams to isolate equipment without shutting down large sections of the line.
Reduced complexity: On-machine architecture cuts cabling, eliminates the need for large control panels and reduces engineering efforts. Conveyor-mounted drives shorten wire runs and simplify installation. Setup is intuitive, and commissioning moves quickly with minimal configuration delays.
"We estimate an overall cost savings of 17% compared to designing, building centralized panels and wiring directly to local motor disconnects, I/O points and motors," said Kyle Richard, vice president of business development for Elm Electrical, an electrical partner of Ken's Foods. "The on-machine VFDs also support a scalable safety system across a 130-drive palletizing line. A network-based safety architecture reduces wiring and panel costs and allows electronic stops to be placed where they are needed along the conveyors."
Based on the results, Ken's Foods establishes on-machine architecture as the standard for future pallet-conveying systems.
"This approach helps us operate more efficiently as demand grows," said Tony Stolo, project engineer, Ken's Foods. "It takes up less space, installs faster and is easier to maintain. It also gives us flexibility to expand or reconfigure as our operations evolve and reconfigure the system as our operations evolve."
Learn more about Rockwell Automation's on-machine portfolio and solutions for food and beverage manufacturing. Read more about Ken's Foods journey with Rockwell Automation here.
About Rockwell Automation
Rockwell Automation, Inc. (NYSE: ROK), is a global leader in industrial automation and digital transformation. We connect the imaginations of people with the potential of technology to expand what is humanly possible, making the world more productive and more sustainable. Headquartered in Milwaukee, Wisconsin, Rockwell Automation employs approximately 26,000 problem solvers dedicated to our customers in more than 100 countries as of fiscal year end 2025. To learn more about how we are bringing the Connected Enterprise to life across industrial enterprises, visit www.rockwellautomation.com.
About Ken's Foods
Ken's Foods is a family-owned and -operated company that produces high-quality dressings, sauces and marinades. Ken's Foods, Inc was incorporated in 1958 and currently has plant operations in Marlborough, Massachusetts, McDonough, Georgia, Las Vegas and Lebanon, Indiana. In addition, Ken's employs over 1,600 employees nationally. Today, between its Retail Grocery Products and Food Service divisions, Ken's Foods produces and packages over 400 varieties of dressings and sauces. For more information, visit www.kensfoods.com.
View of the Prologis warehouse in Nieuwegein, Netherlands in this undated handout obtained by Reuters on November 30, 2020. Courtesy of Prologis/Handout via REUTERS/File Photo Purchase Licensing Rights, opens new tab
SummaryCompaniesBest and final bid of £10.32 per Segro shareSeveral investors had called on companies to engage furtherSegro shares up more than 4%July 22 (Reuters) - U.S. warehousing giant Prologis (PLD.N), opens new tab on Wednesday made what it called its best and final proposal to buy British rival Segro (SGRO.L), opens new tab for about £14 billion ($18.8 billion), in a last-minute approach ahead of a takeover deadline as investors urged the pair to keep talking.
Shares in Segro rose more than 4% to £9.07 by 0936 GMT but remained below the new bid price of £10.32 per share.
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The offer comprises 0.0920 Prologis shares and a partial cash alternative of up to £3.5 billion, marking an improvement from the company's third proposal, which Segro rejected on Monday.
"The Best and Final Proposal is final and will not be increased," Prologis said in a statement, although it added that it could still choose to do so under some exceptional conditions.
Investors including APG Asset Management, Norges Bank and CCLA Investment Management urged the companies to engage in talks, saying a combination was valuable and merited consideration.
Prologis' latest proposal represents a roughly 45% premium to the group's closing price on June 23, the day before Prologis first went public with its interest.
"We met and engaged with Prologis over the weekend and have been clear that we would consider and engage again on a revised proposal," a Segro spokesperson said in a statement emailed to Reuters shortly before Prologis' improved bid was announced.
The British group did not immediately respond to a further request for comment on the latest offer.
($1 = 0.7478 pounds)
Reporting by Prerna Bedi, Pushkala Aripaka, Anushka Chourasia and Nithyashree R B in Bengaluru; Editing by Subhranshu Sahu, Kirsten Donovan
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Prologis—the world's largest owner of industrial real estate—made a 9.5% increase over its initial proposal to take over its smaller U.K. rival, but ruled out further increases.
SEGRO PLC (LSE:SGRO) shares jumped as US logistics property giant Prologis Inc (NYSE:PLD) raised its bid in what it described as a "best and final" offer, and called for a longer deadline for negotiations.
The revised proposal values the FTSE 100 property group at around £14 billion, with shareholders offered 0.092 new Prologis shares for each Segro share – a 9.5% improvement on its initial approach – plus a £3.5 billion partial cash alternative.
Based on the closing share price of the US company, the offer values Segro at 1,031.7p per share, representing a 39% premium to Segro's closing price before the offer period began and a 14% premium to its adjusted net asset value at the end of June.
On Monday, Segro's board rejected a third approach priced at 993p a share, or about £13.5 billion, after meeting members of Segro's management in London over the weekend.
Yesterday, Prologis released a combative statement, saying no credible path to a recommended deal had been found, and accusing the Segro board of relying on an aspirational valuation built on unrealistic assumptions.
Prologis chief executive Dan Letter said the company had responded to shareholder feedback by improving its proposal but stressed the revised terms represented its final offer.
"We have listened to feedback from shareholders and this morning, we have improved our proposal to make a compelling offer to the Segro board," he said.
The US group has also asked Segro to seek an extension to the "put up or shut up" deadline, currently set to expire at 5pm today, to allow more time to negotiate the remaining terms of a recommended deal.
If completed, existing Segro shareholders would own about 8.9% of the combined company. Prologis also said it would explore a secondary listing in London if there is sufficient investor demand.
Treasury Secretary Scott Bessent told reporters Tuesday that the CLARITY Act, the market-structure bill that would formally classify XRP and Bitcoin as digital commodities, is on the “1-yard line” in the Senate, and he urged lawmakers to finish the job before the chamber breaks for its August recess. The Bessent quote and broad market reaction were carried by Bloomberg and Stocktwits on July 21, 2026. For XRP holders, this is the closest Washington has come to permanently settling the question that has hung over the token since the SEC first sued Ripple in 2020.
The reaction was immediate. XRP traded to an intraday high of $1.1511 and settled near $1.1485, a 3.5% gain, with roughly $2.93 million in leveraged short positions liquidated, making it the third-best performer among the top 50 cryptocurrencies on the day. Our own data pegs XRP at $1.14 as of July 22.
What Actually Changed The breakthrough was political, not technical. President Trump agreed to the CLARITY Act’s ethics provision, which bars the president, vice president, lawmakers, and senior officials from personally profiting from crypto while in office. That clause had stalled the bill for months. Trump’s own crypto ventures, including meme coin royalties and World Liberty Financial token sales, reportedly netted him more than $1.2 billion in 2025 alone (per Yahoo Finance/Decrypt reporting), which is why Democrats had refused to move without guardrails.
The backstory matters. Senator Chris Van Hollen’s earlier amendment to bar officials and their families from owning or promoting crypto was blocked by Republicans in May. The bill cleared the Senate Banking Committee 15 to 9, with only two Democrats, Ruben Gallego and Angela Alsobrooks, voting yes. The unlock came after Trump met with Senators Cynthia Lummis and Bernie Moreno.
The Vote Math Is Still Tight Republicans hold 53 Senate seats; passage requires 60 votes, so at least seven Democrats must cross over. Key holdouts include Catherine Cortez Masto and Mark Warner, who reportedly want illicit-finance safeguards addressed first. Prediction traders are not yet convinced: Polymarket’s implied probability of the CLARITY Act being signed into law in 2026 sits around 41%, having climbed into the low-40s from the low-30s.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Coinbase didn't make the cut. Grab the names FREE today.
The rally extended beyond XRP. Bitcoin traded around $66,800, and Coinbase (NASDAQ:COIN | COIN Price Prediction) closed at $175.85 on July 21, up 9.61% on the session and 8.89% for the week. That still leaves the stock down 22.24% year to date, a reminder that 2026 has been brutal for the crypto complex. Market cap now sits at roughly $42.27 billion.
The Case for Caution Not everyone is celebrating. Senators Van Hollen and Elizabeth Warren argue the current draft “risks deregulating existing markets and opening the door to further corruption and abuse” rather than strengthening consumer protections. And the clock is real: Senate Majority Leader John Thune must still fit a floor vote into a narrow window before the August 7 recess. Even a signed bill would be, in Bessent’s framing, a catalyst rather than a finish line. The GENIUS Act, the 2025 stablecoin law, is the cautionary tale: regulators later missed a follow-up rulemaking deadline.
For XRP, the single biggest overhang on institutional adoption, the risk that its commodity status could be reversed by a future administration, just moved meaningfully closer to permanent resolution. Whether it clears the Senate before August, and whether the final text satisfies its Democratic critics, is the drama still to come.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Coinbase didn't make the cut. Grab the names FREE today.
The Coinbase logo is seen in this illustration created on November 3, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab
CompaniesJuly 22 (Reuters) - Coinbase (COIN.O), opens new tab has settled a Freedom of Information Act lawsuit against the U.S. Securities and Exchange Commission over records it sought from the agency, the cryptocurrency exchange's chief legal officer, Paul Grewal, said in a Wall Street Journal op-ed on Wednesday.
Grewal said the agency, which polices corporate record-keeping, had lost text messages between former Chair Gary Gensler and other officials after a process the SEC said "automatically wiped" certain data.
Jumpstart your morning with the latest legal news delivered straight to your inbox from The Daily Docket newsletter. Sign up here.
As part of the settlement, the SEC will pay $150,000 and fix its record-retention policies, he wrote.
SEC did not immediately respond to a Reuters request for comment.
Coinbase sued the SEC and the Federal Deposit Insurance Corp. in 2024, seeking documents it said would show a concerted effort by U.S. regulators to stamp out crypto companies.
The lawsuit sought additional communications from senior SEC officials, including Gensler.
Coinbase has scored major wins from the SEC under U.S. President Donald Trump, including the dismissal of a major lawsuit the regulator brought against the company under President Joe Biden.
It also championed a stablecoin bill passed by the U.S. Congress.
Reuters has reported that the SEC is preparing more industry-friendly policies, including one that would allow crypto companies to offer blockchain-based stocks.
Reporting by Hannah Lang in New York and Utkarsh Shetti in Bengaluru; Editing by Tasim Zahid
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Provides update on strategic initiatives; Pending acquisition by Rocket Lab expected to close in mid-2027
, /PRNewswire/ -- Iridium Communications Inc. (Nasdaq: IRDM) ("Iridium" or the "Company"), a leading provider of global voice, data, and PNT satellite services, today reported financial results for the second quarter of 2026.
Pending Transaction with Rocket Lab
On June 28, 2026, the Company entered into a definitive agreement with Rocket Lab Corporation under which Rocket Lab will acquire the Company. The transaction is expected to be completed in mid-2027, subject to approval by Iridium stockholders and the satisfaction of other customary closing conditions.
In light of the pending transaction, the Company does not intend to hold conference calls to discuss its quarterly financial results or to update or provide financial guidance.
Second Quarter 2026 Financial Results
Iridium reported second quarter total revenue of $225.2 million, a 4% increase versus the comparable period of 2025. Service revenue, which primarily represents recurring revenue from Iridium's growing subscriber base, grew 4% from the year-ago period and was 72% of total revenue for the second quarter of 2026.
"Iridium's global network and expanding service portfolio continues to be the gold standard for mission critical applications," said Matt Desch, CEO, Iridium. "We believe vertically integrating with Rocket Lab's industry leading launch and satellite capabilities will allow the combined company to realize even greater ambitions to solve important connectivity challenges around the world."
Income from Operations
Net income was $9.7 million, or $0.09 per diluted share, for the second quarter of 2026, as compared to net income of $22.0 million, or $0.20 per diluted share, for the second quarter of 2025. The decrease was primarily the result of increases in transaction costs. Operational EBITDA ("OEBITDA")(1) for the second quarter of 2026 was $119.1 million, as compared to $121.3 million for the prior-year period. The year-over-year OEBITDA was lower due primarily to a $3.9 million increase in accrued expenses related to a change in practice to pay annual incentive compensation entirely in cash rather than a mix of equity and cash, which the Company previewed in prior quarters.
Subscribers
The Company ended the second quarter with 2,627,000 total billable subscribers, up from 2,483,000 for the year-ago period and 2,555,000 for the quarter ended March 31, 2026. Total billable subscribers grew 6% year-over-year, led by growth in commercial IoT.
Business Highlights
Service – Commercial
Commercial service remained the largest part of Iridium's business, representing 59% of the Company's total revenue during the second quarter. Commercial service revenue was $133.7 million, up 4% from the comparable period last year. Commercial IoT data revenue increased $2.3 million, or 5%, in the latest period, driven by a 9% increase in billable subscribers. Hosted payload and other data service revenue increased $2.0 million, or 14%, primarily due to increases in other data services contracts. Commercial voice and data revenue increased $1.6 million, or 3%, primarily due to higher average monthly revenue per unit ("ARPU") related to price actions implemented in the prior year. The increases in commercial services were partially offset by a decrease in commercial broadband revenue.
Service – U.S. Government
Government service revenue grew 3% to $27.6 million in the second quarter, reflecting contractual rate increases in the Enhanced Mobile Satellite Services contract (the "EMSS Contract") over the prior year. The U.S. government continues to be Iridium's largest single customer, representing 17% of service revenue and nearly all of engineering services and support business.
Iridium continues to expect a renewal of its EMSS Contract with the U.S. Space Force by March 2027.
Equipment
Equipment revenue was $20.8 million in the second quarter, up 7% compared to $19.5 million in the prior-year quarter.
Engineering & Support
Engineering and support revenue was $43.1 million during the second quarter, up 3% compared to $41.9 million in the prior-year quarter, primarily due to increasing activity with the U.S. government.
Strategic Growth Initiatives
In February 2026, Iridium announced four strategic initiatives that are driving new activity with business partners and designed to drive revenue growth and business expansion into new industries and applications. The Company remains focused on investing in and expanding its presence through the following initiatives:
Satellite IoT. Iridium continues to make progress on both proprietary and standards-based products and services to expand its IoT offering with key target markets. The introduction of the Iridium 9604, a new tri-mode module launched on June 23, 2026, combines Iridium Short Burst Data® (SBD®) satellite connectivity, LTE-M cellular, and GNSS positioning in a power efficient, small form factor module. The integrated architecture provides operational and economic benefits that are engineered to simplify device design, reduce costs, and allow the Iridium 9604 to serve as a next-generation platform for satellite IoT services.Iridium will also introduce its new standards-based service, Iridium NTN Direct, later this year. Live over-the-air demonstrations with mobile network operators, semiconductor companies, and existing business partners are underway to extend the reach of terrestrial services with satellite connectivity. These standardized services will provide direct-to-device (D2D) capabilities and support low-cost IoT applications, where reliability and coverage are critical, and even for connecting consumer devices from space.
Assured PNT. The recent announcement of the commercial availability of Iridium's new PNT ASIC, expands the potential applications and addressable market for Iridium's global PNT services. Designed to help protect GPS- and GNSS-dependent devices from growth jamming, spoofing, and other threats, Iridium PNT is used by commercial, civil, and government enterprises to ensure resilience for critical infrastructure, communications, and transportation. National Security Missions. Iridium continues to build off its successful history of providing mission critical communications under the EMSS program to develop and deploy efficient and resilient operations supporting the U.S. Space Force. Leveraging its ongoing work developing ground systems and managing the operations centers for the Space Development Agency's Proliferated Warfighter Space Architecture (PWSA), Iridium is positioned to expand its strategic relationship with the U.S. government. As new requirements and demand for systems take shape, additional opportunities to leverage Iridium's expertise and capabilities for other national security initiatives continue to emerge. Aviation Safety. Iridium's leadership position in aviation safety advanced further with the Company's acquisition of Aireon LLC, the world's only space-based Automatic Dependent Surveillance-Broadcast (ADS-B) air traffic surveillance system, on July 2, 2026. This acquisition of Aireon accelerates Iridium's growth into services for airlines and air navigation service providers, while adding valuable commercial data services capabilities and incremental revenue streams.Iridium is actively developing new products that leverage Aireon's existing satellite-based aviation safety surveillance services and global high-fidelity data set to deliver greater value to the entire aviation industry. This acquisition is expected to result in at least an additional consolidated $100 million of service revenue and $30 million of OEBITDA on an annualized basis.
Capital Allocation
Capital expenditures were $21.8 million for the second quarter, including $1.6 million in capitalized interest. The Company ended the second quarter with gross Term Loan debt of $1.8 billion, and a cash and cash equivalents balance of $184.2 million, for a net debt balance of $1.6 billion. The Company ended the second quarter with net leverage of 3.3 times trailing twelve months OEBITDA.
Subsequent to the end of the second quarter, Iridium closed on its acquisition of Aireon LLC. The aggregate purchase price payable was approximately $366.7 million, of which 50% was paid in cash at the closing of the acquisition and the remaining 50% was deferred in the form of a $183.4 million loan from the sellers, bearing no interest, maturing one year following the closing. The Company drew down $100 million on its Revolving Facility as a source of cash paid at the closing. Additionally, Iridium assumed Aireon's existing credit facility with an aggregate principal balance of $154.7 million, with a scheduled maturity date of October 10, 2028.
Iridium paid its second quarter dividend of $0.15 per share of common stock on June 30, 2026, resulting in a total payment of $16.2 million to stockholders.
(1) Non-GAAP Financial Measures & Definitions
In addition to disclosing financial results that are determined in accordance with U.S. GAAP, the Company reports OEBITDA, which is a non-GAAP financial measure, as a supplemental measure to help investors evaluate the Company's fundamental operational performance. OEBITDA represents earnings before interest, income taxes, depreciation and amortization, gain (loss) on equity method investments, transaction related expenses, and share-based compensation expenses. The Company considers the loss on early extinguishment of debt to be financing-related costs associated with interest expense or amortization of financing fees, which by definition are excluded from OEBITDA. Management believes such charges are incidental to, but not reflective of, the Company's day-to-day operating performance. OEBITDA does not represent, and should not be considered, an alternative to U.S. GAAP measurements such as net income or loss. In addition, there is no standardized measurement of OEBITDA, and the Company's calculations thereof may not be comparable to similarly titled measures reported by other companies. The Company believes OEBITDA is a useful measure across time in evaluating its fundamental core operating performance. Management also uses OEBITDA to manage the business, including in preparing its annual operating budget, debt covenant compliance, financial projections and compensation plans. The Company believes that OEBITDA is also useful to investors because similar measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies in similar industries. As indicated, OEBITDA does not include interest expense on borrowed money, the payment of income taxes, amortization of the Company's definite-lived intangible assets, or depreciation expense on the Company's capital assets, which are necessary elements of the Company's operations. Since OEBITDA does not account for these and other expenses, its utility as a measure of the Company's operating performance has material limitations. Due to these limitations, the Company's management does not view OEBITDA in isolation, but also uses other measurements, such as net income, revenues and operating profit, to measure operating performance. Please refer to the schedule below for a reconciliation of consolidated GAAP net income to OEBITDA and Iridium's Investor Relations webpage at www.iridium.com for a discussion and reconciliation of this and other non-GAAP financial measures.
Iridium Communications Inc.
Supplemental Reconciliation of GAAP Net Income to Operational EBITDA
(In thousands)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
GAAP net income
$ 9,679
$ 21,968
$ 31,273
$ 52,380
Interest expense, net
19,246
22,752
38,612
44,576
Income tax expense
3,125
3,807
11,952
9,626
Depreciation and amortization
53,863
52,837
107,604
104,504
Share-based compensation
17,359
19,089
28,741
30,837
Transaction related expenses(1)
14,325
—
15,024
—
Loss on equity method investments
1,510
860
2,242
1,508
Operational EBITDA
$ 119,107
$ 121,313
$ 235,448
$ 243,431
(1)
Represents direct costs incurred in connection with the evaluation, negotiation, consummation, financing and integration of strategic transactions, including, acquisitions, divestitures and investments, whether or not actually completed. These costs generally include legal and advisory fees, severance and other related costs.
About Iridium Communications Inc.
Iridium Communications Inc. (Nasdaq: IRDM) operates the world's only truly global mobile satellite network. It serves as a platform for innovation, enabling voice, data, and messaging, positioning, navigation, and timing (PNT), and aircraft surveillance services anywhere on Earth. Through its satellite constellation and integrated capabilities like Aireon, the world's only space-based air traffic surveillance system, Iridium delivers services that support safety-focused operations across aviation, maritime, government, industrial, and consumer markets. The Company is a leader in satellite Internet of Things (IoT) connectivity and is advancing direct-to-device (D2D) communications based on open standards to expand access to satellite services.
Headquartered in McLean, Virginia, Iridium innovates through an ecosystem of more than 500 technology and distribution partners, serving millions of customers worldwide. For more information, visit www.iridium.com.
Forward-Looking Statements
Statements in this press release that are not purely historical facts may constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Iridium has based these statements on its current expectations and the information currently available to it. Forward-looking statements in this press release include statements regarding Iridium's strategy and growth opportunities; expectations with respect to revenue growth, subscribers, and OEBITDA; Iridium's acquisition by Rocket Lab and the benefits and expected timing thereof; the anticipated timing of Iridium NTN Direct; and Iridium's future performance against its four strategic growth initiatives. Forward-looking statements can be identified by the words "anticipates," "may," "can," "believes," "expects," "projects," "intends," "likely," "will," "to be" and other expressions that are predictions or indicate future events, trends or prospects. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of Iridium to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, uncertainties regarding customer demand for Iridium's products and services, including demand from the U.S. government; Iridium's ability to maintain the health, capacity and content of its satellite constellation; the development of and market for Iridium's products and services; increased competition; risks related to Iridium's pending acquisition by Rocket Lab, including potential litigation relating to the proposed transaction that could be instituted against Rocket Lab, Iridium or their respective directors, managers, or officers, including the effects of any outcomes related thereto, the risk that disruptions from the proposed transaction will harm Rocket Lab's or Iridium's businesses, including current plans and operations, or will otherwise divert management time from ongoing business operations on transaction-related issues, potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction, fluctuations in, and uncertainty as to the long-term value of, Rocket Lab or Iridium common stock (including as relating to the risk that any announcements related to the proposed transaction could have adverse effects on the market price of such stock), restrictions during the pendency of the proposed transaction that may impact Iridium's ability to pursue certain business opportunities or strategic transactions, and unexpected costs, charges or expenses resulting from the proposed transaction; and Iridium's recent acquisition of Aireon; changes in trade policy, including tariff rates, as well as general industry and economic conditions; and legal, governmental and technological factors. Other factors that could cause actual results to differ materially from those indicated by the forward-looking statements include those factors listed under the caption "Risk Factors" in the Company's Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission ("SEC") on February 12, 2026, and the Company's Form 10-Q for the quarter ended June 30, 2026, filed with the SEC on July 22, 2026, as well as other filings Iridium makes with the SEC from time to time. There is no assurance that Iridium's expectations will be realized. If one or more of these risks or uncertainties materialize, or if Iridium's underlying assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. Iridium's forward-looking statements are based on information available to it as of the date of this press release and speak only as of the date of this press release, and Iridium undertakes no obligation to update forward-looking statements, except as required by applicable law.
Iridium Communications Inc.
Condensed Consolidated Statements of Operations
(In thousands)
Three Months Ended June 30,
2026
2025
Revenue
Service revenue
Commercial
$ 133,703
$ 128,820
Government
27,625
26,750
Total service revenue
161,328
155,570
Subscriber equipment
20,767
19,455
Engineering and support service
43,142
41,881
Total revenue
225,237
216,906
Operating expenses
Cost of services (exclusive of depreciation and amortization)
51,314
53,603
Cost of subscriber equipment sales
13,478
11,302
Research and development
5,530
4,279
Selling, general and administrative
67,044
44,627
Depreciation and amortization
53,863
52,837
Total operating expenses
191,229
166,648
Operating income
34,008
50,258
Other expense, net
Interest expense, net
(19,246)
(22,752)
Other income, net
(448)
(871)
Total other expense, net
(19,694)
(23,623)
Income before income taxes and loss on equity method investments
14,314
26,635
Income tax expense
(3,125)
(3,807)
Loss on equity method investments
(1,510)
(860)
Net income
$ 9,679
$ 21,968
Operational EBITDA
$ 119,107
$ 121,313
Iridium Communications Inc.
Condensed Consolidated Statements of Operations
(In thousands)
Six Months Ended June 30,
2026
2025
Revenue
Service revenue
Commercial
$ 264,107
$ 256,362
Government
55,250
53,500
Total service revenue
319,357
309,862
Subscriber equipment
40,986
42,576
Engineering and support service
83,951
79,346
Total revenue
444,294
431,784
Operating expenses
Cost of services (exclusive of depreciation and amortization)
100,950
102,389
Cost of subscriber equipment sales
26,492
24,169
Research and development
11,704
9,696
Selling, general and administrative
112,823
80,380
Depreciation and amortization
107,604
104,504
Total operating expenses
359,573
321,138
Operating income
84,721
110,646
Other expense, net
Interest expense, net
(38,612)
(44,576)
Other expense, net
(642)
(2,556)
Total other expense, net
(39,254)
(47,132)
Income before income taxes and loss on equity method investments
45,467
63,514
Income tax expense
(11,952)
(9,626)
Loss on equity method investments
(2,242)
(1,508)
Net income
$ 31,273
$ 52,380
Operational EBITDA
$ 235,448
$ 243,431
Iridium Communications Inc.
Summary Revenue and OEBITDA Highlights
(In thousands)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
% Change
2026
2025
% Change
Revenue
Service revenue(1)
Commercial service revenue
Voice and data
$ 58,387
$ 56,810
3 %
$ 115,820
$ 112,752
3 %
IoT data(2)
47,071
44,741
5 %
93,037
88,596
5 %
Broadband(3)
11,674
12,724
(8) %
23,896
25,600
(7) %
Hosted payload and other data service(4)
16,571
14,545
14 %
31,354
29,414
7 %
Total commercial service revenue
133,703
128,820
4 %
264,107
256,362
3 %
Government service revenue(5)
27,625
26,750
3 %
55,250
53,500
3 %
Total service revenue
161,328
155,570
4 %
319,357
309,862
3 %
Subscriber equipment
20,767
19,455
7 %
40,986
42,576
(4) %
Engineering and support(6)
Commercial
1,689
2,404
(30) %
3,032
4,041
(25) %
Government
41,453
39,477
5 %
80,919
75,305
7 %
Total engineering and support
43,142
41,881
3 %
83,951
79,346
6 %
Total revenue
$ 225,237
$ 216,906
4 %
$ 444,294
$ 431,784
3 %
Operational EBITDA
Operational EBITDA
$ 119,107
$ 121,313
(2) %
$ 235,448
$ 243,431
(3) %
Other
Capital expenditures(7)
$ 21,836
$ 20,710
$ 51,791
$ 45,256
Net debt(8)
$ 1,590,507
$ 1,745,412
Cash, cash equivalents and marketable securities
$ 184,214
$ 79,309
Revolving Credit Facility
$ —
$ 50,000
Term Loan, gross
$ 1,774,721
$ 1,774,721
Deferred financing costs
(12,847)
(15,552)
Term Loan, net
$ 1,761,874
$ 1,759,169
(1)
Service revenue consists primarily of subscription-based services which often generate a long-term recurring revenue stream from subscribers.
(2)
IoT data service provides a two-way short burst data transmission between Iridium's network and a telemetry unit, which may be located, for example, on a container in transit or a buoy monitoring oceanographic conditions.
(3)
Broadband is comprised of Iridium OpenPort® and Iridium Certus®.
(4)
Hosted payload and other services consist primarily of services that do not have traditional billable subscribers. Hosted payload services consist of hosting and data services to our payload customers, Aireon LLC and L3Harris Technologies, Inc. We acquired Aireon LLC on July 2, 2026. Other services include primarily Iridium's position, navigation and timing service.
(5)
Government service revenue consists of voice and IoT data subscription-based services provided to agencies of the U.S. government through prime contracts.
(6)
Engineering and support includes engineering services for the Space Development Agency contract and to assist commercial customers in developing new technologies for use on Iridium's satellite system, as well as maintenance services to the U.S. government's dedicated gateway.
(7)
Capital expenditures based on cash spent in the respective period.
(8)
Net debt is calculated by taking the gross Term Loan and Revolving Credit Facility amounts, less cash, cash equivalents and marketable securities.
Iridium Communications Inc.
Subscriber Highlights
(In thousands, except ARPU)
As of June 30,
2026
2025
% Change
Billable Subscribers (1) (2)
Commercial
Voice and data, IoT data and Broadband service
Voice and data
402
415
(3) %
IoT data
2,091
1,924
9 %
Broadband (3)
16.0
16.3
(2) %
Total commercial voice and data, IoT data
and Broadband service
2,509
2,355
7 %
Government
Voice and data and IoT data service
Voice and data
42
49
(14) %
IoT data
76
79
(4) %
Total government voice and data and IoT
data service
118
128
(8) %
Total billable subscribers
2,627
2,483
6 %
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net Billable Subscriber Additions
Commercial
Voice and data. IoT data and Broadband service
Voice and data
3
6
—
—
IoT data
72
39
93
37
Broadband
(0.1)
—
(0.1)
(0.3)
Total commercial voice and data, IoT data
and Broadband service
75
45
93
37
Government
Voice and data and IoT data service
Voice and data
(1)
(5)
(1)
(13)
IoT data
(2)
—
(2)
—
Total government voice and data and IoT
data service
(3)
(5)
(3)
(13)
Total net billable subscriber additions
72
40
90
24
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
% Change
2026
2025
% Change
ARPU (2) (4)
Commercial
Voice and data
$ 49
$ 46
7 %
$ 48
$ 45
7 %
IoT data
$ 7.64
$ 7.83
(2) %
$ 7.58
$ 7.75
(2) %
Broadband
$ 243
$ 260
(7) %
$ 248
$ 260
(5) %
(1)
Subscribers as of the end of the respective period.
(2)
Billable subscriber and average monthly revenue per unit ("ARPU") data is not applicable for hosted payload and other data service revenue items and is excluded from presentation above.
(3)
Broadband is comprised of Iridium OpenPort and Iridium Certus.
(4)
ARPU is calculated by dividing revenue in the respective period by the average of the number of billable subscribers at the beginning of the period and the number of billable subscribers at the end of the period and then dividing the result by the number of months in the period.
Coupang logo is seen in this illustration taken February 11, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab
SummaryCompaniesSeoul says Coupang dispute not delaying trade, investment or security discussions with U.S.Official says investment is biggest bilateral issue, believes additional U.S. tariffs under Section 301 possibleSouth Korea, U.S. preparing second round of uranium enrichment and reprocessing talksSEOUL, July 22 (Reuters) - A top South Korean presidential official said on Wednesday that a dispute with U.S.-listed e-commerce firm Coupang was not delaying discussions with Washington on trade, investment or security, despite concerns the case had become a source of tension in the alliance.
National Security Adviser Wi Sung-lac said the Coupang matter involved a legally established data leak affecting more than 33 million records, rejecting the company's claim that the incident only involved about 3,000 records.
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"That fact has been established," Wi told a briefing. "Discussions should start from that point."
The dispute surrounding South Korea's investigation into a data leak at the Seattle-based Coupang has become a source of friction, with U.S. officials and business groups accusing Seoul of unfairly targeting the company.
Wi said a recent meeting involving South Korea's ambassador to the U.S. and senior government officials was convened to review a broad range of bilateral issues rather than the Coupang case alone.
"Coupang was discussed, of course," he said. "But we agreed to prepare response measures by looking at various issues comprehensively and collectively."
While there are "various pending issues" between South Korea and the United States, "there are no signs that security consultations are being delayed because of them," Wi said.
He said discussions on South Korea's $350 billion investment pledge in the United States were continuing, although no immediate outcome had yet materialised.
Wi said investment remained the biggest single issue in the bilateral relationship.
On trade, Wi said South Korea believed Washington could impose additional tariffs under Section 301 of the U.S. Trade Act connected to forced labour.
"Our general understanding is that even if Section 301 measures are taken, they would not exceed the broader tariff rate being discussed between South Korea and the United States," he said.
Washington last year lowered its tariff on South Korean imports to 15% from a threatened 25% after Seoul pledged the $350 billion investment package and $100 billion of energy purchases.
Seoul was continuing consultations with U.S. officials and providing relevant data and explanations, Wi said.
South Korean Industry Minister Kim Jung-kwan headed to Washington on Wednesday for talks with senior U.S. officials on trade and investment cooperation, his ministry said.
Wi also said Seoul was closely watching a U.S.-Saudi nuclear energy pact because it could have indirect implications for South Korea.
There were no obstacles to ongoing security discussions with Washington, including consultations on uranium enrichment and spent-fuel reprocessing, he said, adding the sides held talks in June and were preparing a second round of meetings.
"If necessary, we are also prepared to go to the United States for discussions," he said.
Reporting by Kyu-seok Shim Editing by Ed Davies
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Item 1 of 3 Employees work as parcels move along conveyor belts at the JD.com sorting center in Beijing, China, November 11, 2025. REUTERS/Maxim Shemetov/File Photo
[1/3]Employees work as parcels move along conveyor belts at the JD.com sorting center in Beijing, China, November 11, 2025. REUTERS/Maxim Shemetov/File Photo Purchase Licensing Rights, opens new tab
CompaniesBRUSSELS, July 22 (Reuters) - JD.com (9618.HK), opens new tab is set to be hit with formal subsidy charges over its $2.5 billion bid for German electronics retailer Ceconomy (CECG.DE), opens new tab, people familiar with the matter said, a move that could force the Chinese e-commerce giant to offer substantial remedies.
The charges, known as a statement of grounds under the Foreign Subsidies Regulation, are similar to a statement of objections or charge sheet under EU merger rules where regulators outline specific concerns, which must be addressed by companies or risk a veto on the deal.
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The charges, the first under the FSR, will be sent in the coming days and could come as early as Wednesday, one of the people said.
JD.com said the statement of grounds is a normal procedural step.
"We remain confident the transaction supports Europe's broader objectives around innovation and competitiveness. We continue to expect a positive conclusion of the process in the second half of 2026," the company said.
The European Commission, which polices unfair foreign state aid, declined to comment.
In May, it opened a full-scale investigation into the deal, warning that JD.com may be receiving preferential financing, tax incentives and grants from the Chinese government that may have helped the company offer a higher price for Ceconomy.
The acquisition will allow one of China's largest retailers to expand outside its home market via Ceconomy-owned electronic products retailers MediaMarkt and Saturn.
The EU charges will come after the July 1 introduction of a €3 customs duty on previously exempt low-value packages and ahead of a forthcoming handling fee as the European Union seeks to curb what it calls unfair competition from largely Chinese retailers such as Shein, Temu and AliExpress.
The number of e-commerce parcels arriving in the bloc has surged, reaching 5.8 billion in 2025 from 1.4 billion in 2022.
Reporting by Foo Yun Chee, additional reporting by Philip Blenkinsop; Editing by Joe Bavier and Louise Heavens
Our Standards: The Thomson Reuters Trust Principles., opens new tab
An agenda-setting and market-moving journalist, Foo Yun Chee is a 21-year veteran at Reuters. Her stories on high profile mergers have pushed up the European telecoms index, lifted companies' shares and helped investors decide on their next move. Her knowledge and experience of European antitrust laws and developments helped her break stories on Microsoft, Google, Amazon, Meta and Apple, numerous market-moving mergers and antitrust investigations. She has previously reported on Greek politics and companies, when Greece's entry into the eurozone meant it punched above its weight on the international stage, as well as on Dutch corporate giants and the quirks of Dutch society and culture that never fail to charm readers.
Evropské obranné společnosti zažívají zatím povedený týden. Trhy totiž reagují na překvapivé personální změny v britské vládě, když nový premiér Andy Burnham jmenoval do čela ministerstva financí Johna Healeyho. Investoři si krok interpretují jako signál, že obrana zůstane jednou z priorit ostrovní země, což se okamžitě promítlo do cen akcií firem navázaných na vojenské zakázky.
Mezi vítěze úterní obchodní seance patřily britské společnosti Babcock International, QinetiQ či Avon Technologies. Jejich akcie posílily o dvě až čtyři procenta, a to díky očekávání, že Healey jakožto ministr obrany za předchozí vlády Keira Starmera bude v nové funkci prosazovat vyšší financování ozbrojených sil. Starmera ostatně kritizoval za nedostatečné tempo navyšování vojenských výdajů v době rostoucích bezpečnostních rizik.
Otázkou ovšem zůstává, do jaké míry bude mít nový ministr financí prostor své představy realizovat. Velká Británie se sice v posledních letech přihlásila k ambicióznějším obranným cílům a přizpůsobuje se novým požadavkům NATO, podle odhadů ale v investičním plánu ministerstva obrany stále chybí 4,7 miliardy liber.
Přesto reagují analytici na jmenování Healeyho do čela státní pokladny pozitivně. „Trh to pravděpodobně přijme jako výhodné pro akcie obranných firem. Jako ministr financí bude (Healey) pravděpodobně mít mnoho požadavků na různé výdaje a kolik bude schopen vyčlenit na obranu, se teprve ukáže,“ uvedl pro CNBC analytik Citi Charles Armitage.
Za potenciální příjemce vyšších výdajů označil Armitage především firmy s významnou expozicí vůči britskému trhu. Vedle společností Babcock a QinetiQ, jejichž tržby jsou na domácím trhu závislé z 65 procent, zmínil také BAE Systems, kde je podíl na domácím trhu 35procentní. Část pozitivního efektu by pak mohly pocítit i evropské skupiny Thales a Leonardo, které v Británii generují desetiprocentní, respektive 15procentní podíl svých příjmů.
Podobně se vyjadřuje i Dan Coatsworth z investiční společnosti AJ Bell, jenž uvedl, že Healeyho jmenování by teoreticky mělo být pozitivní pro obranný průmysl. „Vždy tu bylo riziko, že nový ministr financí bude tvrdit, že dodatečné výdaje na obranu se nevyplatí, ale investoři nyní zastávají názor, že toto riziko bylo odstraněno. Britský trh je zaplaven obrannými akciemi, které se podílejí na domácích operacích. Ať už jde o BAE Systems, Babcock a Rolls-Royce nebo Qinetiq, Chemring a Cohort,“ řekl CNBC.
Současně ale varoval před přílišným optimismem. Zbrojařské tituly mají za sebou mimořádně silné období a velká část pozitivních očekávání už může být v cenách akcií započítána. Obranný průmysl navíc tradičně čelí riziku odkladů, změn nebo rušení významných státních kontraktů. „Samotné zvýšené vládní výdaje nejsou zaručenou vstupenkou k bohatství,“ upozornil.
Kde hledat zajímavé příležitosti
Ben Kumar ze společnosti 7IM se domnívá se, že právě ministerstvo obrany bude jedním z hlavních příjemců dodatečných vládních prostředků. Zároveň však připomíná dvě klíčové překážky: omezené veřejné finance a složitý systém zadávání státních zakázek.
U velkých obranných společností podle něj představuje Healeyho přítomnost na ministerstvu financí další podpůrný faktor v prostředí, které už nyní přeje růstu vojenských rozpočtů napříč Evropou. Firmám jako BAE Systems, Rolls-Royce či Babcock „rostou příjmy dvouciferným tempem a objednávková portfolia se hromadí: u BAE to je 84 miliard liber, u Rolls Royce cca 50 miliard liber, u Babcocku asi 15 miliard liber“, řekl.
Ještě zajímavější příležitosti pak Kumar vidí mezi menšími společnostmi. „Tam by mohl velký kontrakt od Ministerstva obrany být transformační – firmy jako Filtronic, Avon Technologies nebo SRT Marine Systems jsou mnohem, mnohem menší a preferenční zacházení by bylo mnohem důležitější,“ míní.
Evropský obranný sektor zažil v posledních dvou letech mimořádně silnou rally. Důvodem je kombinace rostoucích geopolitických rizik, postupného navyšování vojenských rozpočtů a nových závazků členských států NATO. Index Stoxx Europe Aerospace and Defense loni vzrostl o 56,5 procenta, přičemž některé britské tituly si připsaly ještě výraznější zhodnocení. Akcie Babcocku a Rolls-Royce se během roku více než zdvojnásobily, zatímco BAE Systems zpevnily bezmála o 50 procent.
Klíčovou otázkou nicméně zůstává zdroj financování. Finanční trhy dávají najevo, že budou pozorně sledovat dodržování britských fiskálních pravidel. Vývoj na trhu státních dluhopisů po komentářích nového přemíra naznačil, že investoři nejsou ochotni tolerovat výraznější rozvolnění rozpočtové disciplíny. Právě reakce dluhopisového trhu tak může nakonec výrazně ovlivnit, jak moc ambiciózní plány nové britské vlády v oblasti obrany budou.
NEW YORK, July 22, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Pentair plc. (NYSE: PNR) for potential securities fraud after its significant stock drop.
If you invested in Pentair, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/pentair-class-action-lawsuit
Key Details of the Pentair ($PNR) Class Action Investigation:
Investigation Overview: Securities fraud relating to destocking of inventory by channel partners in Pentair’s Pool segment amid Pentair’s CFO departure. Stock Decline: July 15, 2026 – 15% Stock DropAction: Contact BFA Law to discuss your rights Why is Pentair Being Investigated for Securities Fraud?
Pentair is being investigated for securities fraud following a significant stock drop. The decline in Pentair’s stock price caused significant losses to investors.
Pentair is a sustainable water solutions company comprised of three reportable segments: Flow, Water Solutions, and Pool. Pool is Pentair’s most profitable business segment.
BFA is investigating whether Pentair misled investors by making misstatements about its inventory levels by pool industry distributors.
Why did Pentair’s Stock Drop?
On July 14, 2026, after market hours, Pentair released its 2026 Q2 financial results. Pentair announced a significant 17% year-over-year decline in sales due to the adverse impact of Pool channel inventory. Pentair estimated the destocking of inventory in the Pool channel negatively impacted Pool segment sales by approximately $170 million and Pool segment income by approximately $105 million. The same day, Pentair also announced the departure of its CFO Nick Brazis, just four months after taking the position.
This news caused the price of Pentair common stock to decline $11.35 per share, or 15%, from $75.68 per share on July 14, 2026, to $64.33 per share on July 15, 2026.
Click here for more information: https://www.bfalaw.com/cases/pentair-class-action-lawsuit.
What Can You Do?
If you invested in Pentair, 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.
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.
July 22, 2026 07:05 ET | Source: Royalty Pharma plc
NEW YORK, July 22, 2026 (GLOBE NEWSWIRE) -- Royalty Pharma plc (Nasdaq: RPRX) today announced that it has acquired a portion of Neurimmune’s royalty interest in AstraZeneca’s cliramitug for up to $425 million, including $125 million upfront.
Cliramitug is a Phase 3 first-in-class TTR-fibril-depleting antibody designed to remove amyloid deposits in patients with TTR amyloidosis with cardiomyopathy (ATTR-CM), a progressive, degenerative and fatal disease caused by misfolded proteins that accumulate in the heart. Currently approved therapies for ATTR-CM slow disease progression by preventing ATTR accumulation but do not target amyloid already accumulated in the heart. Cliramitug is currently in the Phase 3 DepleTTR-CM trial with results expected in 2028i.
“We are excited to acquire a royalty interest in cliramitug,” said Pablo Legorreta, Chief Executive Officer and Chairman of the Board of Royalty Pharma. “Cliramitug combines a differentiated scientific approach with promising clinical data and addresses a rapidly growing market with significant unmet need. Cliramitug is our second recent investment in this indication and has the potential to transform the ATTR-CM disease course. This therapy further bolsters our development-stage pipeline, and we believe it will become a valuable contributor to our portfolio over the long term.”
“We are developing a novel class of therapeutics and are excited to enter into a partnership with Royalty Pharma related to our cardiac ATTR depleter, cliramitug,” said Roger M. Nitsch, President and Chief Executive Officer of Neurimmune. “Today’s transaction is providing funds to further advance our internal R&D pipeline while retaining the majority of our royalty and milestone interests in cliramitug.”
The ATTR-CM market grew over 40% in 2025 to greater than $7 billion in sales, driven by increasing diagnosis rates and new therapeutic options. AstraZeneca provided a peak sales target of between $3 billion and $5 billion for cliramitug at its May 2024 Investor Day.
Transaction terms
Under the terms of the agreement, Royalty Pharma will provide Neurimmune up to $425 million, including $125 million upfront, in exchange for a 3% to 4% royalty on worldwide net sales of cliramitug. In the first quarter of 2027, Royalty Pharma will provide another $125 million in cash to Neurimmune, with the remaining $175 million payable based on the achievement of certain clinical and regulatory milestones.
Advisors
Goodwin Procter and Maiwald acted as legal advisors to Royalty Pharma.
About Royalty Pharma plc
Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly – directly when it partners with companies to co fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta and Alyftrek, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, Servier’s Voranigo, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Pfizer’s Nurtec ODT, and Gilead’s Trodelvy, and 20 development-stage product candidates. For more information, visit www.royaltypharma.com.
The Global X Uranium ETF (NYSEARCA:URA) has taken a sharp turn lower even as the underlying commodity refuses to break. URA trades near $39, down nearly 18% over the past month and roughly 10% over the past week, while spot uranium has held near $85 per pound. That gap between what mining equities are pricing and what utilities are actually paying for U3O8 is the story of URA right now, and it frames what holders should be watching next.
What URA Actually Owns and Why the Selloff Stings URA is the largest pure-play uranium ETF, giving investors exposure to miners, developers, and nuclear-fuel companies through a single ticker with a 0.69% expense ratio. The fund solves a real problem: retail investors cannot buy physical uranium easily, and single-stock miner risk is punishing. The tradeoff is that URA is heavily concentrated in a handful of names, with Cameco (NYSE:CCJ | CCJ Price Prediction) setting the tone.
Even after the recent drawdown, the longer-term thesis is intact. URA is still up roughly 144% over five years and 277% over ten, driven by the same AI data center power thesis that pushed Cameco up more than 415% over five years. The one-year return of less than 1% tells you the easy money already ran.
The Macro Factor: Utility Contracting, Not Spot Prices The single macro variable that matters most for URA over the next twelve months is the pace of long-term utility contracting, not the daily spot tick. Spot uranium prices only reflect roughly a fifth of global volume. The other 80% moves through multi-year contracts between miners and nuclear utilities, and those contract prices are what actually feed miner earnings.
Watch the UxC and TradeTech monthly reports for the long-term contract price. If that number crosses $90 per pound and stays there, expect URA’s miners to be aggressive with new mine restarts and off-take announcements. If it drifts back toward $75, the AI-data-center narrative starts losing its financial backing. Check monthly. The EIA’s Uranium Marketing Annual Report, which showed weighted-average delivery prices climbing steadily through 2024, is the free public benchmark most investors miss.
The historical parallel is 2007. Spot uranium blew past $130 that year, miners tripled, then long-term contract prices refused to follow and the entire complex collapsed. A repeat of that spot-versus-term divergence is the tail risk here.
The Fund-Specific Factor: Cameco Concentration URA’s top holding drives an outsized share of daily returns. Cameco alone typically accounts for roughly a fifth of the portfolio, and its 19% one-month decline is why URA looks worse than the underlying commodity. NexGen Energy (NYSE:NXE), another top-ten holding, is down about 16% over the same month despite being up 27% year-over-year.
What to monitor: Cameco’s next quarterly earnings and specifically its realized price per pound and its book of contracted deliveries. If realized prices lag spot by more than $20, that tells you legacy contracts are still capping upside and URA holders should temper their expectations regardless of where spot goes. Investors who want commodity exposure without the miner leverage can look at the Sprott Physical Uranium Trust as a cleaner proxy.
What URA Holders Should Track Next Watch the long-term contract price in the next UxC monthly report for the macro read, and watch Cameco’s realized price in its next earnings release for the fund-specific read. Both need to move higher together for URA to reclaim its recent highs.
Contact [email protected] for any questions or corrections.
California Public Employees Retirement System lessened its stake in shares of Invitation Home (NYSE:INVH – Free Report) by 10.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,406,108 shares of the company’s stock after selling 155,586 shares during the period. California Public Employees Retirement System owned 0.24% of Invitation Home worth $34,942,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Tudor Investment Corp ET AL increased its stake in shares of Invitation Home by 570.5% in the 3rd quarter. Tudor Investment Corp ET AL now owns 130,998 shares of the company’s stock valued at $3,842,000 after purchasing an additional 111,461 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Invitation Home by 3.2% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,413,502 shares of the company’s stock worth $67,071,000 after buying an additional 74,029 shares during the period. SG Americas Securities LLC lifted its holdings in Invitation Home by 535.7% during the 4th quarter. SG Americas Securities LLC now owns 1,204,463 shares of the company’s stock worth $33,472,000 after buying an additional 1,014,984 shares during the period. Oak Thistle LLC grew its position in shares of Invitation Home by 1,538.3% in the 4th quarter. Oak Thistle LLC now owns 130,210 shares of the company’s stock valued at $3,619,000 after buying an additional 122,262 shares during the last quarter. Finally, M&T Bank Corp bought a new stake in shares of Invitation Home in the 4th quarter valued at about $1,756,000. 96.79% of the stock is owned by institutional investors and hedge funds.
Invitation Home Price Performance Shares of INVH opened at $29.83 on Wednesday. The firm has a market cap of $17.72 billion, a PE ratio of 31.40, a price-to-earnings-growth ratio of 3.53 and a beta of 0.84. Invitation Home has a 52-week low of $24.25 and a 52-week high of $32.67. The business’s 50 day moving average price is $29.47 and its two-hundred day moving average price is $27.54. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.02 and a current ratio of 0.02.
Invitation Home (NYSE:INVH – Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.18 by $0.08. The company had revenue of $579.00 million during the quarter, compared to the consensus estimate of $689.91 million. Invitation Home had a net margin of 20.88% and a return on equity of 6.29%. The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.48 EPS. Invitation Home has set its FY 2026 guidance at 1.900-1.980 EPS. On average, equities analysts anticipate that Invitation Home will post 1.89 EPS for the current year.
Invitation Home Announces Dividend The company also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Thursday, June 25th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend was Thursday, June 25th. Invitation Home’s dividend payout ratio (DPR) is 126.32%.
Analyst Upgrades and Downgrades Several research analysts have issued reports on the stock. Jefferies Financial Group upgraded shares of Invitation Home to a “hold” rating in a research report on Friday, June 26th. Scotiabank increased their price objective on shares of Invitation Home from $29.00 to $30.00 and gave the stock a “sector perform” rating in a research report on Thursday, June 18th. Cfra downgraded shares of Invitation Home from a “hold” rating to a “sell” rating and lowered their target price for the stock from $29.00 to $27.00 in a research note on Wednesday, May 27th. Raymond James Financial upgraded shares of Invitation Home from a “market perform” rating to an “outperform” rating and set a $32.00 target price on the stock in a report on Monday, May 18th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Invitation Home from $28.00 to $29.00 and gave the company a “market perform” rating in a research report on Monday, May 4th. Ten research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Invitation Home presently has an average rating of “Hold” and a consensus price target of $32.47.
Check Out Our Latest Stock Report on Invitation Home
Invitation Home Company Profile (Free Report)
Invitation Homes (NYSE: INVH) is a real estate investment trust that specializes in the ownership, operation and leasing of single-family rental homes across the United States. The company focuses on acquiring suburban and urban-adjacent single-family residences and managing them as rental properties for households seeking professionally managed, long-term housing alternatives to traditional homeownership or multifamily rentals.
Operationally, Invitation Homes is involved in the full lifecycle of the single-family rental business: sourcing and acquiring homes, performing renovations and ongoing maintenance, marketing and leasing properties, and providing property management and resident services.
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Andra AP fonden grew its stake in shares of West Pharmaceutical Services, Inc. (NYSE:WST – Free Report) by 723.5% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 55,007 shares of the medical instruments supplier’s stock after buying an additional 48,327 shares during the period. Andra AP fonden owned approximately 0.08% of West Pharmaceutical Services worth $13,787,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Elyxium Wealth LLC acquired a new position in shares of West Pharmaceutical Services in the 4th quarter valued at $25,000. CYBER HORNET ETFs LLC bought a new stake in West Pharmaceutical Services in the second quarter valued at about $25,000. Cornerstone Planning Group LLC increased its stake in West Pharmaceutical Services by 90.9% in the first quarter. Cornerstone Planning Group LLC now owns 105 shares of the medical instruments supplier’s stock valued at $26,000 after acquiring an additional 50 shares during the period. Bayban acquired a new position in West Pharmaceutical Services in the fourth quarter worth about $27,000. Finally, Private Trust Co. NA lifted its stake in West Pharmaceutical Services by 156.4% during the fourth quarter. Private Trust Co. NA now owns 100 shares of the medical instruments supplier’s stock worth $28,000 after purchasing an additional 61 shares during the period. Institutional investors own 93.90% of the company’s stock.
West Pharmaceutical Services Stock Performance WST stock opened at $359.32 on Wednesday. The company has a 50 day moving average price of $334.27 and a 200 day moving average price of $286.00. West Pharmaceutical Services, Inc. has a fifty-two week low of $211.10 and a fifty-two week high of $367.66. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.71 and a quick ratio of 2.04. The stock has a market capitalization of $25.39 billion, a PE ratio of 48.04, a price-to-earnings-growth ratio of 2.85 and a beta of 1.16.
West Pharmaceutical Services (NYSE:WST – Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The medical instruments supplier reported $2.13 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.45. West Pharmaceutical Services had a return on equity of 19.03% and a net margin of 16.85%.The firm had revenue of $844.90 million during the quarter, compared to analysts’ expectations of $779.67 million. During the same period in the previous year, the business posted $1.45 EPS. The company’s quarterly revenue was up 21.0% compared to the same quarter last year. West Pharmaceutical Services has set its FY 2026 guidance at 8.400-8.750 EPS and its Q2 2026 guidance at 2.050-2.120 EPS. Analysts forecast that West Pharmaceutical Services, Inc. will post 8.6 EPS for the current year.
Analysts Set New Price Targets A number of equities analysts have recently issued reports on the company. BNP Paribas Exane started coverage on West Pharmaceutical Services in a report on Monday, July 13th. They issued an “outperform” rating and a $447.00 target price for the company. Morgan Stanley boosted their price target on West Pharmaceutical Services from $325.00 to $365.00 and gave the company an “equal weight” rating in a research note on Thursday, July 9th. Weiss Ratings upgraded West Pharmaceutical Services from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, April 27th. Zacks Research raised West Pharmaceutical Services from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. Finally, Citigroup reiterated a “buy” rating on shares of West Pharmaceutical Services in a research report on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $363.17.
Get Our Latest Stock Report on West Pharmaceutical Services
Insider Transactions at West Pharmaceutical Services In other West Pharmaceutical Services news, VP Annette F. Favorite sold 2,817 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $305.20, for a total value of $859,748.40. Following the completion of the sale, the vice president owned 16,828 shares of the company’s stock, valued at approximately $5,135,905.60. This represents a 14.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Chad Winters sold 896 shares of the business’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $300.67, for a total transaction of $269,400.32. Following the completion of the transaction, the chief accounting officer directly owned 1,523 shares of the company’s stock, valued at $457,920.41. This trade represents a 37.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.60% of the company’s stock.
West Pharmaceutical Services Company Profile (Free Report)
West Pharmaceutical Services, Inc is a global developer and manufacturer of components, systems and services that enable the containment and delivery of injectable drugs. The company focuses on high-quality packaging and delivery solutions for the pharmaceutical and biotech industries, producing primary drug packaging components and specialized drug delivery devices used for vaccines, biologics and other injectable therapies. West is known for its elastomeric closures, seals and polymer components that maintain sterility and compatibility with sensitive drug formulations.
In addition to component manufacturing, West provides engineered delivery systems and support services across the product lifecycle.
Further Reading Five stocks we like better than West Pharmaceutical Services Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible Want to see what other hedge funds are holding WST? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for West Pharmaceutical Services, Inc. (NYSE:WST – Free Report).
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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 ZoomInfo Technologies Inc. (NASDAQ:GTM) 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 ZoomInfo, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/zoominfo-class-action-lawsuit.
Key Details of the ZoomInfo ($GTM) Class Action:
Lead Plaintiff Deadline: August 24, 2026Alleged Misconduct: Securities fraud alleging that ZoomInfo misled investors regarding the impact of ZoomInfo’s AI-integrated products on customer retentionStock Drop: May 12, 2026 – 33% Stock DropCourt: U.S. District Court for the Western District of WashingtonAction: Contact BFA Law to discuss your rights
Investors have until August 24, 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 ZoomInfo securities. The class action is pending in the U.S. District Court for the Western District of Washington. It is captioned Tejeda v. ZoomInfo Technologies et al., No. 26-cv-05696.
Why is ZoomInfo Being Sued for Securities Fraud?
ZoomInfo has been sued for securities fraud following a significant stock drop resulting from potential violations of the federal securities laws. The decline in ZoomInfo’s stock price caused significant losses to investors.
ZoomInfo provides go-to-market (“GTM”) intelligence and a customer engagement platform for sales, marketing, operations, and recruiting professionals.
Throughout the relevant period, ZoomInfo allegedly stated that “the demand for AI for GTM is evident up and down our customer stack.” According to ZoomInfo, its “innovative go-to-market AI” was “driving stronger daily engagement from a diverse set of go-to-market personas.”
On February 9, 2026, ZoomInfo issued its 2026 revenue guidance “in the range of $1.247 billion to $1.267 billion,” because “in 2026, our focus is on bringing” ZoomInfo’s “all-in-one AI platform for go-to-market teams . . . to our customers at scale.”
In truth, as alleged, ZoomInfo’s customer retention declined as customers were rejecting ZoomInfo’s AI products.
Why did ZoomInfo’s Stock Drop?
On May 11, 2026, ZoomInfo announced its Q1 2026 results and slashed its 2026 revenue guidance from $1.247-$1.267 billion to $1.185-$1.205 billion. ZoomInfo revealed that its customer growth “regressed” due to “AI and agentic confusion” leading to “a pause in [customers’] purchasing decisions[.]”
This news caused the price of ZoomInfo stock to decline $1.98 per share, or 32.78%, from a closing price of $6.04 per share on May 11, 2026, to $4.06 per share on May 12, 2026.
Click here for more information: https://www.bfalaw.com/cases/zoominfo-class-action-lawsuit.
What Can You Do?
If you invested in ZoomInfo, 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.
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.
Acumen Wealth Advisors LLC raised its stake in shares of Dell Technologies Inc. (NYSE:DELL – Free Report) by 681.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,442 shares of the technology company’s stock after buying an additional 5,618 shares during the period. Acumen Wealth Advisors LLC’s holdings in Dell Technologies were worth $1,057,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Commonwealth Retirement Investments LLC acquired a new position in Dell Technologies in the 4th quarter valued at $25,000. Rossby Financial LCC boosted its stake in Dell Technologies by 968.4% during the 4th quarter. Rossby Financial LCC now owns 203 shares of the technology company’s stock valued at $26,000 after purchasing an additional 184 shares during the period. Portus Wealth Advisors LLC acquired a new stake in Dell Technologies in the 1st quarter valued at approximately $35,000. Kemnay Advisory Services Inc. acquired a new position in shares of Dell Technologies during the fourth quarter worth approximately $29,000. Finally, Navalign LLC acquired a new stake in shares of Dell Technologies in the fourth quarter worth $29,000. Institutional investors own 76.37% of the company’s stock.
Dell Technologies Trading Up 5.7% NYSE DELL opened at $403.55 on Wednesday. Dell Technologies Inc. has a 1-year low of $110.22 and a 1-year high of $469.47. The company has a market capitalization of $261.54 billion, a price-to-earnings ratio of 32.05, a PEG ratio of 0.82 and a beta of 1.31. The stock’s 50 day moving average is $378.67 and its two-hundred day moving average is $233.13.
Dell Technologies (NYSE:DELL – Get Free Report) last issued its earnings results on Thursday, May 28th. The technology company reported $4.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.96 by $1.90. Dell Technologies had a negative return on equity of 366.90% and a net margin of 6.28%.The business had revenue of $43.84 billion during the quarter, compared to analysts’ expectations of $35.74 billion. During the same period in the prior year, the firm posted $1.55 EPS. Dell Technologies’s quarterly revenue was up 87.5% compared to the same quarter last year. Dell Technologies has set its FY 2027 guidance at 17.900-17.900 EPS and its Q2 2027 guidance at 4.800-4.800 EPS. On average, analysts predict that Dell Technologies Inc. will post 17.77 earnings per share for the current year.
Dell Technologies Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Tuesday, July 21st will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Tuesday, July 21st. Dell Technologies’s payout ratio is currently 20.02%.
Key Stories Impacting Dell Technologies Here are the key news stories impacting Dell Technologies this week:
Positive Sentiment: Shares moved higher after Super Micro Computer’s preliminary results showed booming margins and strong orders, which traders viewed as a positive read-through for Dell’s AI server demand. Super Micro Soars Late On Booming Margins, Orders; Dell, HP Enterprise Also Rally Positive Sentiment: Market commentary from Jim Cramer flagged Dell as a likely next winner after SMCI’s results, reinforcing the bullish AI-demand narrative around Dell Technologies. QUICK SPARK: Jim Cramer Flags Dell as the Next Winner After SMCI Preliminary Results Positive Sentiment: Analysts and market reports noted Dell was rallying alongside other AI hardware names as the Nasdaq rebounded, suggesting broad sector strength is helping support the stock. Super Micro Jumps 6%, Dell Climbs 7%, HPE Rises 5% as AI Hardware Rebounds With the Nasdaq Neutral Sentiment: Several articles highlighted Dell as a trending AI-PC and enterprise hardware stock, but these pieces were more commentary than fresh company-specific catalysts. Dell Technologies Inc. (DELL) Is a Trending Stock: Facts to Know Before Betting on It Negative Sentiment: Dell also saw a prior-day pullback, with reports saying the stock underperformed the broader market, which may have set up the stronger rebound seen today. Here’s Why Dell Technologies (DELL) Fell More Than Broader Market Insider Activity In related news, Director Spv-2 L.P. Sl sold 59,492 shares of Dell Technologies stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $453.54, for a total transaction of $26,982,001.68. Following the completion of the transaction, the director directly owned 89,222 shares of the company’s stock, valued at $40,465,745.88. This trade represents a 40.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lake Group L.L.C. Silver sold 16,679 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $396.37, for a total value of $6,611,055.23. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 3,434,758 shares of company stock worth $1,448,870,683. Company insiders own 41.50% of the company’s stock.
Wall Street Analysts Forecast Growth DELL has been the topic of several research analyst reports. Citic Securities raised their price target on shares of Dell Technologies from $160.00 to $505.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Royal Bank Of Canada began coverage on shares of Dell Technologies in a research note on Friday, May 29th. They issued an “outperform” rating for the company. HSBC upgraded Dell Technologies to a “buy” rating in a research note on Friday, May 29th. Jefferies Financial Group downgraded Dell Technologies to a “hold” rating in a research report on Monday, June 1st. Finally, Zacks Research upgraded Dell Technologies from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Dell Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $492.76.
View Our Latest Stock Report on Dell Technologies
Dell Technologies Profile (Free Report)
Dell Technologies Inc is a multinational technology company that designs, manufactures and sells a broad range of information technology products, solutions and services. Its offerings span client computing devices (consumer and commercial laptops and desktops), enterprise infrastructure (servers, storage systems and networking equipment), software and cloud infrastructure, and a variety of professional services such as IT consulting, deployment, managed services and financing solutions. The company serves organizations of all sizes as well as individual consumers, with products and services aimed at enabling digital transformation and modern IT environments.
Founded by Michael Dell in 1984, the company grew from a direct-to-consumer PC business into a diversified IT provider through organic expansion and strategic acquisitions.
Featured Stories Five stocks we like better than Dell Technologies Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible
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Fifth Third Bancorp lifted its position in shares of Docusign Inc. (NASDAQ:DOCU – Free Report) by 4,207.7% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 52,683 shares of the company’s stock after buying an additional 51,460 shares during the quarter. Fifth Third Bancorp’s holdings in Docusign were worth $2,498,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of DOCU. Central Pacific Bank Trust Division acquired a new stake in Docusign in the 4th quarter worth about $25,000. Modus Advisors LLC acquired a new position in shares of Docusign during the 4th quarter worth approximately $27,000. Torren Management LLC bought a new position in shares of Docusign during the fourth quarter worth approximately $28,000. True Wealth Design LLC increased its holdings in shares of Docusign by 105.2% during the fourth quarter. True Wealth Design LLC now owns 433 shares of the company’s stock worth $30,000 after purchasing an additional 222 shares during the period. Finally, Aventura Private Wealth LLC acquired a new stake in shares of Docusign in the fourth quarter valued at approximately $30,000. Institutional investors own 77.64% of the company’s stock.
Wall Street Analysts Forecast Growth A number of brokerages recently issued reports on DOCU. BTIG Research reduced their price target on Docusign from $70.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, June 5th. UBS Group set a $60.00 price objective on Docusign in a report on Friday, June 5th. Citigroup upped their target price on Docusign from $50.00 to $54.00 and gave the company a “neutral” rating in a research report on Friday, June 5th. Wedbush decreased their price target on Docusign from $60.00 to $58.00 and set a “neutral” rating on the stock in a research report on Friday, June 5th. Finally, Wall Street Zen cut shares of Docusign from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 12th. Three investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Docusign currently has an average rating of “Hold” and an average price target of $60.27.
Check Out Our Latest Stock Report on DOCU
Insider Activity In related news, insider Robert Chatwani sold 15,902 shares of the business’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $43.01, for a total transaction of $683,945.02. Following the sale, the insider owned 72,805 shares in the company, valued at $3,131,343.05. The trade was a 17.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Blake Jeffrey Grayson sold 15,000 shares of the business’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $45.55, for a total value of $683,250.00. Following the sale, the chief financial officer owned 141,429 shares in the company, valued at $6,442,090.95. This represents a 9.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 76,695 shares of company stock valued at $3,476,002. 0.59% of the stock is currently owned by insiders.
Docusign Stock Performance Docusign stock opened at $50.74 on Wednesday. The stock has a fifty day moving average of $47.69 and a 200-day moving average of $49.14. The stock has a market capitalization of $9.69 billion, a P/E ratio of 32.95, a price-to-earnings-growth ratio of 1.54 and a beta of 0.90. Docusign Inc. has a 52 week low of $40.16 and a 52 week high of $86.65.
Docusign (NASDAQ:DOCU – Get Free Report) last issued its earnings results on Thursday, June 4th. The company reported $1.09 EPS for the quarter, topping the consensus estimate of $0.99 by $0.10. Docusign had a return on equity of 17.48% and a net margin of 9.59%.The firm had revenue of $830.24 million during the quarter, compared to the consensus estimate of $824.71 million. During the same quarter in the previous year, the firm earned $0.90 earnings per share. The business’s quarterly revenue was up 8.7% on a year-over-year basis. On average, research analysts forecast that Docusign Inc. will post 2.03 earnings per share for the current year.
Docusign Company Profile (Free Report)
DocuSign, Inc (NASDAQ: DOCU) is a leading provider of electronic signature and digital transaction management solutions. The company’s flagship offering, DocuSign eSignature, enables organizations to send, sign and manage legally binding electronic agreements securely in the cloud. Beyond eSignature, DocuSign’s Agreement Cloud combines contract lifecycle management, document generation, and workflow automation to streamline agreement processes from initiation through execution and storage.
DocuSign’s platform serves a diverse customer base spanning industries such as finance, real estate, healthcare, technology, and government.
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Dimensional Fund Advisors LP grew its position in Synchrony Financial (NYSE:SYF – Free Report) by 6.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,039,753 shares of the financial services provider’s stock after purchasing an additional 365,353 shares during the quarter. Dimensional Fund Advisors LP owned approximately 1.80% of Synchrony Financial worth $410,760,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently modified their holdings of the company. FWL Investment Management LLC purchased a new position in shares of Synchrony Financial during the 3rd quarter valued at $26,000. Fideuram Asset Management Ireland dac purchased a new position in shares of Synchrony Financial in the fourth quarter valued at about $29,000. Advisors Asset Management Inc. purchased a new position in shares of Synchrony Financial in the fourth quarter valued at about $29,000. Palisade Asset Management LLC bought a new position in shares of Synchrony Financial in the third quarter worth about $29,000. Finally, Reflection Asset Management bought a new position in shares of Synchrony Financial in the fourth quarter worth about $31,000. 96.48% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets In related news, insider Jonathan S. Mothner sold 51,258 shares of the business’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of $71.23, for a total value of $3,651,107.34. Following the sale, the insider owned 132,664 shares in the company, valued at approximately $9,449,656.72. The trade was a 27.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.36% of the company’s stock.
Analyst Upgrades and Downgrades Several analysts recently issued reports on SYF shares. Wells Fargo & Company cut their target price on Synchrony Financial from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. Truist Financial upped their price target on Synchrony Financial from $71.00 to $82.00 and gave the stock a “hold” rating in a research note on Thursday, April 23rd. BTIG Research lowered shares of Synchrony Financial from a “buy” rating to a “neutral” rating in a report on Wednesday, April 22nd. UBS Group increased their price objective on shares of Synchrony Financial from $77.00 to $84.00 and gave the company a “neutral” rating in a report on Tuesday, July 7th. Finally, TD Cowen lifted their price objective on shares of Synchrony Financial from $89.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Twelve investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, Synchrony Financial currently has a consensus rating of “Moderate Buy” and an average price target of $87.32.
View Our Latest Analysis on SYF
Key Synchrony Financial News Here are the key news stories impacting Synchrony Financial this week:
Positive Sentiment: Synchrony reported Q2 earnings of $2.59 per share, well above analyst estimates, helped by record purchase volume, stronger loan growth, and solid profitability. Synchrony Reports Second Quarter 2026 Results Positive Sentiment: The company raised its 2026 EPS outlook to $9.25-$9.50, signaling management confidence in continued earnings momentum. Synchrony Reports Second Quarter 2026 Results Positive Sentiment: Synchrony increased its quarterly dividend to $0.34 per share, a 13.3% boost, which supports the stock’s appeal to income investors. Synchrony Reports Second Quarter 2026 Results Neutral Sentiment: Management also highlighted June credit performance metrics and a more resilient consumer backdrop, suggesting borrowers are holding up better than feared. Synchrony Financial Reports June 2026 Credit Performance Metrics Negative Sentiment: One report noted that revenue missed estimates, which may have limited upside despite the earnings beat. Synchrony Financial misses Q2 CY2026 revenue estimates Synchrony Financial Trading Down 1.5% Shares of SYF stock opened at $72.28 on Wednesday. Synchrony Financial has a 12-month low of $63.08 and a 12-month high of $88.77. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 1.08. The stock’s 50-day moving average price is $73.20 and its 200-day moving average price is $73.22. The stock has a market capitalization of $24.31 billion, a price-to-earnings ratio of 7.47, a price-to-earnings-growth ratio of 0.69 and a beta of 1.32.
Synchrony Financial (NYSE:SYF – Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $2.59 EPS for the quarter, beating analysts’ consensus estimates of $2.14 by $0.45. Synchrony Financial had a return on equity of 23.41% and a net margin of 15.80%.The company had revenue of $3.72 billion during the quarter, compared to analyst estimates of $3.73 billion. During the same period in the prior year, the company earned $2.50 earnings per share. Synchrony Financial has set its FY 2026 guidance at 9.250-9.500 EPS. Equities research analysts predict that Synchrony Financial will post 9.34 EPS for the current fiscal year.
Synchrony Financial announced that its board has authorized a stock repurchase program on Tuesday, April 21st that allows the company to buyback $0.00 in shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.
Synchrony Financial Increases Dividend The company also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Wednesday, August 5th will be given a dividend of $0.34 per share. The ex-dividend date is Wednesday, August 5th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.9%. This is an increase from Synchrony Financial’s previous quarterly dividend of $0.30. Synchrony Financial’s dividend payout ratio is currently 12.41%.
About Synchrony Financial (Free Report)
Synchrony Financial (NYSE: SYF) is a consumer financial services company that specializes in providing point-of-sale financing and private-label, co-branded and branded credit card programs. The company serves as a payments and lending partner to retailers, digital merchants and service providers, offering consumer financing solutions designed to drive customer engagement and sales. Synchrony also operates a direct bank that offers deposit products, including savings accounts and certificates of deposit, which support its funding and customer-facing product suite.
Its core product set includes private-label and co-branded credit cards, general-purpose credit cards, installment loan programs and promotional financing options that are integrated into merchants’ checkout experiences.
See Also Five stocks we like better than Synchrony Financial Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible
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Bank of New York Mellon Corp lowered its position in Oshkosh Corporation (NYSE:OSK – Free Report) by 1.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 629,601 shares of the company’s stock after selling 6,457 shares during the quarter. Bank of New York Mellon Corp owned about 1.00% of Oshkosh worth $92,684,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in OSK. Tower View Wealth Management LLC purchased a new stake in shares of Oshkosh in the 1st quarter valued at about $29,000. Torren Management LLC bought a new position in shares of Oshkosh in the fourth quarter worth approximately $30,000. V Square Quantitative Management LLC bought a new position in shares of Oshkosh in the fourth quarter worth approximately $44,000. Lodestone Wealth Management LLC purchased a new stake in Oshkosh in the fourth quarter valued at approximately $47,000. Finally, Basepoint Wealth LLC purchased a new stake in Oshkosh in the fourth quarter valued at approximately $51,000. Institutional investors own 92.36% of the company’s stock.
Insider Transactions at Oshkosh In other Oshkosh news, Director Duncan Palmer sold 505 shares of Oshkosh stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $133.86, for a total value of $67,599.30. Following the transaction, the director directly owned 39,684 shares of the company’s stock, valued at $5,312,100.24. The trade was a 1.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.64% of the stock is currently owned by insiders.
Oshkosh Price Performance Shares of Oshkosh stock opened at $146.48 on Wednesday. Oshkosh Corporation has a 52-week low of $116.77 and a 52-week high of $180.49. The stock has a market capitalization of $9.13 billion, a price-to-earnings ratio of 16.31, a price-to-earnings-growth ratio of 0.70 and a beta of 1.23. The company has a fifty day moving average of $136.93 and a 200-day moving average of $147.65. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.83 and a current ratio of 1.63.
Oshkosh (NYSE:OSK – Get Free Report) last issued its earnings results on Friday, May 8th. The company reported $0.85 EPS for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.19). The business had revenue of $2.32 billion during the quarter, compared to analysts’ expectations of $2.29 billion. Oshkosh had a return on equity of 13.90% and a net margin of 5.54%.Oshkosh’s revenue for the quarter was up .2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.92 EPS. Oshkosh has set its FY 2026 guidance at 11.500-11.500 EPS. Equities research analysts expect that Oshkosh Corporation will post 10.87 EPS for the current year.
Oshkosh Dividend Announcement The business also recently declared a quarterly dividend, which was paid on Tuesday, June 9th. Investors of record on Tuesday, May 26th were given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 1.6%. The ex-dividend date was Tuesday, May 26th. Oshkosh’s dividend payout ratio (DPR) is presently 25.39%.
Analyst Ratings Changes A number of research firms have commented on OSK. Citigroup cut shares of Oshkosh from a “buy” rating to a “neutral” rating and cut their price target for the stock from $180.00 to $170.00 in a research note on Monday, April 13th. Evercore reaffirmed an “outperform” rating and set a $181.00 price objective on shares of Oshkosh in a report on Monday, May 11th. Truist Financial upped their target price on shares of Oshkosh from $176.00 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Robert W. Baird reduced their target price on Oshkosh from $175.00 to $172.00 and set an “outperform” rating on the stock in a research note on Monday, May 11th. Finally, Morgan Stanley lowered their price target on Oshkosh from $157.00 to $150.00 and set an “equal weight” rating on the stock in a research report on Tuesday, May 12th. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $168.60.
View Our Latest Stock Report on OSK
Oshkosh Profile (Free Report)
Oshkosh Corporation (NYSE: OSK) is a leading designer, manufacturer and marketer of specialty trucks, military vehicles and access equipment. The company’s offerings span critical end markets, including defense, fire and emergency services, commercial construction and industrial sectors. By combining engineering expertise with advanced technologies, Oshkosh delivers solutions that enhance mobility, safety and productivity for its customers.
Founded in 1917 and headquartered in Oshkosh, Wisconsin, the company has evolved from producing heavy-duty dump trucks to a diversified portfolio of products and services.
Further Reading Five stocks we like better than Oshkosh Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible Want to see what other hedge funds are holding OSK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Oshkosh Corporation (NYSE:OSK – Free Report).
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Item 1 of 2 A Yum! Brands Inc. Taco Bell is shown in Encinitas, California,U.S., October 3, 2016. REUTERS/Mike Blake/File Photo
[1/2]A Yum! Brands Inc. Taco Bell is shown in Encinitas, California,U.S., October 3, 2016. REUTERS/Mike Blake/File Photo Purchase Licensing Rights, opens new tab
CompaniesJuly 22 (Reuters) - The United States' largest foodborne illness outbreak in recent years, linked to shredded lettuce served at some Taco Bell eateries, may dent the fast-food chain's sales, but is unlikely to cause any long-lasting damage to the brand, analysts said.
U.S. health officials are investigating the source of the cyclosporiasis outbreak, which has sickened thousands of people in Michigan and four other states. Some reports had initially linked the parasite, Cyclospora, to a Taylor Farms plant in Mexico.
Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here.
However, Mexico said on Tuesday that there was no evidence yet to suggest that lettuce sourced from it caused the outbreak in the U.S.
Foot traffic at Taco Bell — owned by Yum Brands (YUM.N), opens new tab — was down 18.9% as of Friday, July 17, compared with the traffic on all Fridays from January 1 through July 6, according to Placer.ai, a company that gathers foot traffic data.
"Wary consumers may temporarily take their appetites elsewhere to sidestep any perceived health risk," said Morningstar analyst Ari Felhandler.
Shares of Yum Brands fell nearly 10% last week after Taco Bell's link to the outbreak emerged. The company is scheduled to report quarterly results as soon as next week.
Analysts and consultants said the outbreak would need to persist for months to materially damage the brand. They pointed to McDonald's (MCD.N), opens new tab, which returned to growth within a few quarters of the 2024 E. coli outbreak linked to one of its most popular menu items.
Taco Bell has said it removed potentially affected lettuce from restaurants in select states as a precaution and stopped using iceberg lettuce supplied by Taylor Farms nationwide while the investigation continues.
"They are already making the right moves," said Izzy Kharasch, president of Hospitality Works. "This type of action, in addition to lots of communication to the public, will get them back on track sooner rather than later."
ANALYSTS PREDICT SHORT-TERM IMPACTThe Tex-Mex chain has been a key driver of Yum's growth, outperforming many rivals despite broader weakness in the restaurant industry. A long-term dip in its sales would amount to a big hit in overall revenue.
Chipotle Mexican Grill (CMG.N), opens new tab, for instance, took years to rebuild customer confidence and restore sales after a series of foodborne illness outbreaks in 2015.
David Mayer, senior partner at global brand and design consultancy Lippincott, brushed such concerns aside. "People have very short-term memories," he said. "The most important thing for Taco Bell is that there is no additional food poisoning incident within the next 12 months."
A few Taco Bell customers Reuters spoke with echoed the sentiment.
Firefighter Shai Bialer said he was confident restaurants would quickly discard the affected lettuce because they feared lawsuits. "This is the only fast food I like," Bialer said, as he ate a bean burrito without lettuce at a Taco Bell in West Orange, New Jersey.
Spice distributor Benny Tejeda, who has a standing biweekly Taco Bell date with his father when the pair makes a delivery at a nearby market, said the tradition meant too much to him to skip. Tejeda is skeptical of the seriousness of the outbreak, saying he struggles to trust government agencies like the FDA to disseminate accurate information.
TRANSPARENCY REASSURANCESOther fast food chains are also protectively communicating with customers.
Salad chains Sweetgreen (SG.N), opens new tab and Chopt posted notices emphasizing that they do not use iceberg lettuce, while Chipotle highlighted to app users that it does not serve shredded iceberg lettuce. Just Salad separately emailed customers saying it does not use iceberg, pre-cut or shredded lettuce.
At a New Jersey Chipotle outlet on Tuesday, Caleb Rinn, 23, said he had forgotten all about the outbreak when he ordered a burrito bowl with lettuce.
Rinn said he is only mildly concerned. "No one has died from this," he said. Then, pausing, he said: "Right?"
Reporting by Juveria Tabassum and Neil J Kanatt in Bengaluru; Additional reporting by Anuja Bharat Mistry; Editing by Sayantani Ghosh and Shinjini Ganguli
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Nicholas P. Brown covers retail and consumer issues for Reuters. He was formerly the news agency’s San Juan bureau chief, leading coverage of Puerto Rico’s economic and humanitarian crises, as well as its award-winning on-the-ground coverage of Hurricane Maria. Most recently, Nick was part of the team that reported Slavery’s Descendants, a seven-part series on the economic legacy of American slavery. The series won an Online News Association award; a National Association of Black Journalists award; a pair of National Headliner awards; and was a finalist in three Deadline Club awards. Since joining Reuters in 2011, Nick has written about everything from bankruptcy law to the rise of white nationalism, deploying to the occasional natural disaster (including Hurricanes Harvey in Texas and Dorian in the Bahamas). He also covered Super Bowl LIV in Miami, and enjoyed it immensely. Contact:
Acumen Wealth Advisors LLC lifted its position in Robinhood Markets, Inc. (NASDAQ:HOOD – Free Report) by 5,612.0% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 7,140 shares of the company’s stock after purchasing an additional 7,015 shares during the period. Acumen Wealth Advisors LLC’s holdings in Robinhood Markets were worth $495,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Truist Financial Corp increased its position in Robinhood Markets by 88.9% during the 4th quarter. Truist Financial Corp now owns 145,489 shares of the company’s stock valued at $16,455,000 after purchasing an additional 68,458 shares during the period. PNC Financial Services Group Inc. raised its stake in Robinhood Markets by 86.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 100,849 shares of the company’s stock worth $11,406,000 after buying an additional 46,688 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Robinhood Markets by 26.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 365,551 shares of the company’s stock worth $44,477,000 after buying an additional 76,075 shares during the period. Nomura Asset Management Co. Ltd. grew its stake in Robinhood Markets by 196.3% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 722,857 shares of the company’s stock worth $81,755,000 after purchasing an additional 478,919 shares during the period. Finally, Nordea Investment Management AB boosted its stake in Robinhood Markets by 5.2% during the fourth quarter. Nordea Investment Management AB now owns 712,721 shares of the company’s stock worth $81,585,000 after acquiring an additional 35,471 shares in the last quarter. 93.27% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes A number of equities research analysts have weighed in on HOOD shares. Argus upped their price objective on shares of Robinhood Markets from $90.00 to $110.00 and gave the stock a “buy” rating in a report on Wednesday, June 17th. Loop Capital set a $110.00 price target on shares of Robinhood Markets in a research report on Wednesday, June 17th. Jefferies Financial Group decreased their price objective on shares of Robinhood Markets from $88.00 to $84.00 and set a “buy” rating for the company in a report on Monday, April 6th. Barclays increased their price objective on Robinhood Markets from $82.00 to $122.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Finally, Morgan Stanley lifted their price objective on Robinhood Markets from $95.00 to $124.00 and gave the stock an “equal weight” rating in a report on Friday, July 10th. Twenty-one investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $121.13.
View Our Latest Research Report on HOOD
More Robinhood Markets News Here are the key news stories impacting Robinhood Markets this week:
Positive Sentiment: Bernstein raised its price target on HOOD to $160 from $130 and said Robinhood’s prediction markets business could become a major revenue driver, potentially overtaking crypto revenue. Bernstein raises Robinhood price target to $160 as prediction markets revenue could overtake crypto Positive Sentiment: Needham & Company also lifted its price target on HOOD to $123 from $97 and maintained a buy rating, reinforcing the view that the stock still has upside from current levels. Positive Sentiment: Bloomberg reported that analysts see Robinhood’s prediction market revenue becoming larger than its crypto business, which supports the bullish narrative that HOOD is building new high-growth income streams. Robinhood Prediction Market Revenue to Top Crypto, Analysts Say Positive Sentiment: Investor sentiment around crypto-related stocks improved as Bitcoin recovered, helping lift HOOD alongside peers like Circle and Strategy. Circle, Robinhood, Strategy stocks surge on Bitcoin comeback Insider Buying and Selling In other Robinhood Markets news, insider Daniel Martin Gallagher, Jr. sold 10,000 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $83.68, for a total value of $836,800.00. Following the completion of the sale, the insider owned 481,396 shares in the company, valued at approximately $40,283,217.28. This represents a 2.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Meyer Malka acquired 250,000 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was acquired at an average cost of $80.74 per share, with a total value of $20,185,000.00. Following the purchase, the director owned 3,924,427 shares of the company’s stock, valued at approximately $316,858,235.98. This trade represents a 6.80% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have purchased 680,000 shares of company stock worth $55,306,560 and have sold 587,875 shares worth $62,602,915. 13.48% of the stock is currently owned by corporate insiders.
Robinhood Markets Stock Up 7.1% NASDAQ HOOD opened at $106.36 on Wednesday. The company has a 50-day moving average price of $95.20 and a 200-day moving average price of $88.73. The firm has a market capitalization of $95.78 billion, a P/E ratio of 51.38, a PEG ratio of 2.10 and a beta of 2.33. Robinhood Markets, Inc. has a 52 week low of $63.51 and a 52 week high of $153.86.
Robinhood Markets (NASDAQ:HOOD – Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The company reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.01). Robinhood Markets had a return on equity of 21.39% and a net margin of 41.12%.The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the previous year, the business posted $0.37 earnings per share. The firm’s revenue was up 15.1% on a year-over-year basis. As a group, equities research analysts anticipate that Robinhood Markets, Inc. will post 1.86 EPS for the current year.
About Robinhood Markets (Free Report)
Robinhood Markets, Inc (NASDAQ: HOOD) is a U.S.-based financial services company best known for its mobile-first brokerage platform that aims to “democratize finance for all.” Founded in 2013 by Vladimir Tenev and Baiju Bhatt and headquartered in Menlo Park, California, the company built early traction by offering commission-free trading and a simplified user experience that attracted a large base of retail investors.
Robinhood’s core products and services include a mobile app and web platform for trading U.S.
Further Reading Five stocks we like better than Robinhood Markets Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible
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Bank of New York Mellon Corp lessened its stake in Trimble Inc. (NASDAQ:TRMB – Free Report) by 12.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,213,381 shares of the scientific and technical instruments company’s stock after selling 165,132 shares during the period. Bank of New York Mellon Corp owned 0.52% of Trimble worth $79,149,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Sanctuary Advisors LLC raised its stake in shares of Trimble by 4.0% during the first quarter. Sanctuary Advisors LLC now owns 27,411 shares of the scientific and technical instruments company’s stock valued at $1,788,000 after acquiring an additional 1,065 shares in the last quarter. Calamos Advisors LLC purchased a new stake in shares of Trimble in the first quarter valued at approximately $213,000. J. Safra Sarasin Holding AG grew its stake in Trimble by 2.1% in the first quarter. J. Safra Sarasin Holding AG now owns 136,761 shares of the scientific and technical instruments company’s stock worth $8,901,000 after purchasing an additional 2,811 shares in the last quarter. Lifeworks Advisors LLC increased its holdings in Trimble by 13.8% during the 1st quarter. Lifeworks Advisors LLC now owns 8,502 shares of the scientific and technical instruments company’s stock worth $555,000 after purchasing an additional 1,033 shares during the period. Finally, Fifth Third Bancorp increased its holdings in Trimble by 383.5% during the 1st quarter. Fifth Third Bancorp now owns 65,539 shares of the scientific and technical instruments company’s stock worth $4,275,000 after purchasing an additional 51,984 shares during the period. 93.21% of the stock is owned by hedge funds and other institutional investors.
Trimble Stock Performance TRMB opened at $51.85 on Wednesday. The company has a market cap of $12.09 billion, a P/E ratio of 27.29, a price-to-earnings-growth ratio of 1.77 and a beta of 1.38. The company has a quick ratio of 0.88, a current ratio of 1.01 and a debt-to-equity ratio of 0.25. The firm’s 50-day moving average price is $53.02 and its 200-day moving average price is $63.00. Trimble Inc. has a 52-week low of $47.92 and a 52-week high of $87.50.
Trimble (NASDAQ:TRMB – Get Free Report) last released its earnings results on Wednesday, May 6th. The scientific and technical instruments company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.07. The company had revenue of $939.90 million for the quarter, compared to the consensus estimate of $905.60 million. Trimble had a net margin of 12.38% and a return on equity of 11.61%. Trimble’s revenue was up 11.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.61 EPS. Trimble has set its Q2 2026 guidance at 0.780-0.820 EPS and its FY 2026 guidance at 3.470-3.640 EPS. As a group, equities analysts anticipate that Trimble Inc. will post 3 EPS for the current fiscal year.
Wall Street Analyst Weigh In A number of research firms have recently issued reports on TRMB. Barclays dropped their price objective on shares of Trimble from $103.00 to $79.00 and set an “overweight” rating on the stock in a research note on Friday, May 29th. Wells Fargo & Company lowered their target price on Trimble from $70.00 to $61.00 and set an “overweight” rating for the company in a report on Tuesday, July 14th. Weiss Ratings cut Trimble from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, June 4th. Zacks Research downgraded Trimble from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. Finally, Robert W. Baird reduced their price target on Trimble from $90.00 to $85.00 and set an “outperform” rating for the company in a research report on Monday, March 30th. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Trimble has a consensus rating of “Moderate Buy” and an average price target of $83.78.
Check Out Our Latest Stock Analysis on TRMB
About Trimble (Free Report)
Trimble Inc (NASDAQ: TRMB) is a technology company that develops hardware, software and services to improve the productivity and connectivity of customers across the construction, agriculture, geospatial, transportation and logistics, and natural resources sectors. The company’s offerings center on advanced positioning technologies — including GNSS/GPS receivers, inertial sensors and laser scanning — integrated with application-specific software and cloud services to enable precise measurement, modeling, machine control and workflow automation for field and office operations.
Trimble’s product portfolio spans surveying and geospatial instruments (total stations, mobile mapping and terrestrial laser scanners), construction solutions (machine control systems, site positioning and estimating), agriculture systems (auto-steer, guidance and application-control platforms), and fleet and transportation telematics.
See Also Five stocks we like better than Trimble Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible Want to see what other hedge funds are holding TRMB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Trimble Inc. (NASDAQ:TRMB – Free Report).
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California Public Employees Retirement System lifted its position in shares of Permian Resources Corporation (NYSE:PR – Free Report) by 24.1% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,605,782 shares of the company’s stock after buying an additional 311,763 shares during the quarter. California Public Employees Retirement System owned approximately 0.19% of Permian Resources worth $34,235,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of PR. SHP Wealth Management bought a new stake in Permian Resources during the fourth quarter valued at about $27,000. SJS Investment Consulting Inc. lifted its position in shares of Permian Resources by 1,862.5% in the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock valued at $30,000 after acquiring an additional 1,341 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Permian Resources in the fourth quarter worth about $39,000. State of Wyoming grew its position in shares of Permian Resources by 126.8% during the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after purchasing an additional 1,640 shares in the last quarter. Finally, Cedar Mountain Advisors LLC purchased a new stake in shares of Permian Resources during the first quarter worth about $48,000. Institutional investors own 91.84% of the company’s stock.
Insider Buying and Selling at Permian Resources In related news, EVP Guy M. Oliphint sold 62,769 shares of the business’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the sale, the executive vice president owned 542,503 shares in the company, valued at approximately $11,088,761.32. The trade was a 10.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 5.00% of the company’s stock.
Wall Street Analyst Weigh In A number of research firms recently commented on PR. Zacks Research cut Permian Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, May 22nd. Raymond James Financial cut their price objective on shares of Permian Resources from $29.00 to $26.00 and set a “strong-buy” rating for the company in a report on Wednesday, June 17th. Scotiabank lifted their price objective on shares of Permian Resources from $21.00 to $25.00 and gave the company a “sector outperform” rating in a research report on Wednesday, April 22nd. Weiss Ratings cut shares of Permian Resources from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, July 15th. Finally, Wells Fargo & Company set a $26.00 target price on shares of Permian Resources in a report on Monday, May 25th. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $23.29.
View Our Latest Stock Analysis on PR
Permian Resources Price Performance NYSE:PR opened at $20.96 on Wednesday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $17.55 billion, a P/E ratio of 24.37 and a beta of 0.46. Permian Resources Corporation has a 12 month low of $11.92 and a 12 month high of $22.67. The business’s 50-day moving average is $19.46 and its 200 day moving average is $18.65.
Permian Resources (NYSE:PR – Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The firm’s revenue was up .9% on a year-over-year basis. During the same period in the prior year, the company earned $0.44 earnings per share. On average, equities research analysts forecast that Permian Resources Corporation will post 1.93 earnings per share for the current fiscal year.
Permian Resources Announces Dividend The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Tuesday, June 16th. Permian Resources’s dividend payout ratio is currently 74.42%.
Permian Resources Profile (Free Report)
Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.
Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.
Featured Stories Five stocks we like better than Permian Resources Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible
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, /PRNewswire/ -- CME Group Inc. (NASDAQ: CME) today reported financial results for the second quarter of 2026.
The company reported revenue of $1.7 billion and operating income of $1.1 billion for the second quarter of 2026. Net income was $1.0 billion and diluted earnings per common share were $2.88. On an adjusted basis, operating income was $1.2 billion, net income was $1.1 billion and diluted earnings per common share were $2.99. Financial results presented on an adjusted basis for the second quarter of 2026 and 2025 exclude certain items, which are detailed in the reconciliation of non-GAAP results.1
"The first half of 2026 was the strongest in CME Group's history," said CME Group Chairman and Chief Executive Officer Terry Duffy. "We delivered record H1 performance across revenue, adjusted operating income, adjusted net income and adjusted earnings per share, all of which were powered by record trading in Q1 and our second-highest Q2 volumes ever. During Q2, market data revenue increased 20% to a record $238 million. Importantly, we provided more than $95 billion in daily margin efficiencies during the quarter, a new high that represents unparalleled capital savings that our clients can redeploy in their businesses. We also continue to innovate a number of new tools to help clients manage risk and pursue opportunities, including Single-Stock futures, 1-Ounce Gold contracts available 24/7, U.S. Treasury clearing and Compute futures."
Second-quarter 2026 average daily volume (ADV) was the third highest quarterly ADV reaching 29.8 million contracts, which included non-U.S. ADV of 9.1 million contracts.
Clearing and transaction fees revenue for second-quarter 2026 totaled $1.4 billion. The total average rate per contract was $0.678. Market data revenue totaled a record $238 million for second-quarter 2026.
1. A reconciliation of the non-GAAP financial results mentioned to the respective GAAP figures can be found within the Reconciliation of Adjusted Operating Income and Adjusted Net Income and Adjusted Earnings per Common Share charts at the end of the financial statements.
As of June 30, 2026, the company had $2.3 billion in cash (including $200 million deposited with Fixed Income Clearing Corporation, which is included in other current assets) and $3.4 billion of debt. The company paid dividends during the second quarter of approximately $468 million and repurchased $695 million in CME Group common shares.
CME Group will hold a Q&A conference call to discuss second-quarter 2026 results at 8:30 a.m. Eastern Time today. A live audio webcast of the Q&A call will be available on the Investor Relations section of CME Group's website at investor.cmegroup.com under Events & Presentations. An archived recording will be available for up to two months after the call.
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.
Statements in this press release that are not historical facts are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. We want to caution you not to place undue reliance on any forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the factors that might affect our performance are increasing competition by foreign and domestic entities, including increased competition from new entrants into our markets and consolidation of existing entities; our ability to keep pace with rapid technological developments, including our ability to complete the development, implementation and maintenance of the enhanced functionality required by our customers while maintaining reliability and ensuring that such technology is not vulnerable to security risks; our ability to continue introducing innovative and competitive new products and services on a timely, cost-effective basis, including through our electronic trading capabilities, and derive revenues that are commensurate with our efforts and expectations, and our ability to maintain the competitiveness of our existing products and services; our ability to adjust our fixed costs and expenses if our revenues decline; our ability to manage variable costs associated with CME Group's transition to the Google Cloud, and minimize duplicative costs of maintaining both on-premise and Google Cloud environments during the transition; the resilience of our electronic platforms and the soundness of our business continuity and disaster recovery plans, including in the event of cyberattacks and cyberterrorism or as impacted by a failure of or disruption at one of our suppliers; our ability to maintain existing customers at substantially similar trading levels, develop strategic relationships and attract new customers; our ability to expand and globally offer our products and services; changes in regulations, including the impact of any changes in laws or government policies with respect to our products or services or our industry, such as any changes to regulations and policies that require increased financial and operational resources from us or our customers, as well as the impact of tariffs and tax policy changes, restrictions on our ability to offer CME Group products and services in specific geographies or to specific customers or limitations or changes in underlying/physical product flows across geographies; the costs associated with protecting our intellectual property rights and our ability to operate our business without violating the intellectual property rights of others; decreases in revenue from our market data as a result of decreased demand or changes to regulations in various jurisdictions; changes in our rate per contract due to shifts in the mix of the products traded, the trading venue and the mix of customers (whether the customer receives member or non-member fees or participates in one of our various incentive programs) and the impact of our tiered pricing structure; the ability of our credit and liquidity risk management practices to adequately protect us from the credit risks of clearing firms and other counterparties, and to satisfy the margin and liquidity requirements associated with the BrokerTec matched principal business; the ability of our compliance and risk management programs to effectively monitor and manage our risks, including our ability to prevent errors and misconduct and protect our infrastructure against security breaches and misappropriation of our intellectual property assets; our dependence on third-party providers and exposure to risk from third parties, including risks related to the performance, reliability and security of technology used by, or facilities provided by, our third-party providers and third-party providers that our clients and third-parties rely on; our reliance on third-party distribution partners, including independent software vendors, futures commission merchants, introducing brokers, broker-dealers, regulatory reporting and data distributors and platform operators, and other partners, for facilitating trading and for market data information, and potential impacts from changes in their business models and priorities; volatility in commodity, equity and fixed income prices, and price volatility of financial benchmarks and instruments such as interest rates, equity indices, fixed income instruments and foreign exchange rates; economic, social, political and market conditions, including new and existing geopolitical tensions or conflicts, the volatility of the capital and credit markets and the impact of economic conditions on the trading activity of our current and potential customers; our ability to accommodate increases in contract volume and market data and order transaction traffic across the entire trade cycle and the ability to implement enhancements meeting our regulatory obligations and customer needs without failure or degradation of the performance of our trading and clearing systems; our ability to execute our growth strategy and maintain our growth effectively; our ability to manage the risks, control the costs and achieve the synergies associated with our strategy for acquisitions, investments, alliances, strategic partnerships and joint ventures; variances in earnings on cash accounts and collateral that our clearing house holds; impact of CME Group pricing/fee level and structure and incentive changes; impact of aggregation services and internalization on trade flow and volumes; any negative financial impacts from changes to the terms of intellectual property and index rights; our ability to continue to generate funds and/or manage our indebtedness to allow us to continue to invest in our business; industry, channel partner and customer consolidation and/or concentration; decreases in trading and clearing activity; the imposition of a transaction tax or user fee on futures and options transactions and/or repeal of the 60/40 tax treatment of such transactions; increases in effective tax rates, borrowing costs, or changes in tax policy; our ability to maintain our brand and reputation; and the unfavorable resolution of material legal proceedings. For a detailed discussion and additional information concerning these and other factors that might affect our performance, see our other recent periodic filings, including our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission ("SEC") on February 26, 2026, under the caption "Risk Factors".
CME Group Inc. and Subsidiaries
Consolidated Balance Sheets
(in millions)
June 30, 2026
December 31, 2025
ASSETS
Current Assets:
Cash and cash equivalents
$ 2,144.2
$ 4,416.9
Marketable securities
131.4
125.0
Accounts receivable, net of allowance
753.1
639.2
Other current assets (includes $4.4 and $6.5 in restricted cash)
491.7
522.1
Performance bonds and guaranty fund contributions
158,110.7
159,656.1
Total current assets
161,631.1
165,359.3
Property, net of accumulated depreciation and amortization
351.2
362.7
Intangible assets—trading products
17,175.3
17,175.3
Intangible assets—other, net
2,494.6
2,610.7
Goodwill
10,505.8
10,514.7
Other assets
2,518.6
2,401.5
Total Assets
$ 194,676.6
$ 198,424.2
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable
$ 68.0
$ 71.8
Other current liabilities
538.6
568.8
Performance bonds and guaranty fund contributions
158,110.7
159,656.1
Total current liabilities
158,717.3
160,296.7
Long-term debt
3,424.2
3,422.3
Deferred income tax liabilities, net
5,220.9
5,242.2
Other liabilities
793.8
734.8
Total Liabilities
168,156.2
169,696.0
Total CME Group Shareholders' Equity
26,520.4
28,728.2
Total Liabilities and Equity
$ 194,676.6
$ 198,424.2
CME Group Inc. and Subsidiaries
Consolidated Statements of Income
(dollars in millions, except per share amounts; shares in thousands)
Quarter Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Revenues
Clearing and transaction fees
$ 1,352.5
$ 1,388.0
$ 2,895.1
$ 2,725.3
Market data and information services
238.1
198.1
462.2
392.6
Other
115.6
105.9
229.0
216.4
Total Revenues
1,706.2
1,692.0
3,586.3
3,334.3
Expenses
Compensation and benefits
233.5
221.6
456.5
428.3
Technology
83.3
70.9
159.9
136.6
Professional fees and outside services
29.1
37.4
57.3
65.9
Amortization of purchased intangibles
56.0
56.1
112.1
111.3
Depreciation and amortization
28.2
27.3
55.4
54.6
Licensing and other fee agreements
109.1
96.2
215.9
192.8
Other
59.9
53.2
112.4
107.5
Total Expenses
599.1
562.7
1,169.5
1,097.0
Operating Income
1,107.1
1,129.3
2,416.8
2,237.3
Non-Operating Income (Expense)
Investment income
1,429.7
1,518.4
2,819.0
2,411.1
Interest and other borrowing costs
(43.6)
(44.0)
(87.2)
(85.7)
Equity in net earnings of unconsolidated subsidiaries
97.7
99.0
200.1
187.2
Other non-operating income (expense)
(1,263.2)
(1,372.4)
(2,510.1)
(2,174.8)
Total Non-Operating Income (Expense)
220.6
201.0
421.8
337.8
Income before Income Taxes
1,327.7
1,330.3
2,838.6
2,575.1
Income tax provision
285.9
305.2
642.5
593.8
Net Income
$ 1,041.8
$ 1,025.1
$ 2,196.1
$ 1,981.3
Net Income Attributable to Common Shareholders of
CME Group - Basic(1)
$ 1,041.8
$ 1,012.2
$ 2,200.4
$ 1,956.4
Net Income Attributable to Common Shareholders of
CME Group - Diluted(1)
$ 1,041.8
$ 1,012.2
$ 2,196.1
$ 1,956.4
Earnings per Share Attributable to Common
Shareholders of CME Group:
Basic
$ 2.89
$ 2.81
$ 6.11
$ 5.44
Diluted
2.88
2.81
6.06
5.43
Weighted Average Number of Common Shares:
Basic
360,684
359,658
360,005
359,636
Diluted(2)
361,282
360,355
362,233
360,297
1. The difference between Net Income and Net Income Attributable to Common Shareholders of CME Group - Basic and Diluted is the result of the distribution of earnings allocated to preferred shares.
2. Preferred shares of 4,584,000 were all converted to Class A Common stock on March 5, 2026 with their weighted-average impact included in the Diluted shares starting in the first quarter of 2026.
CME Group Inc. and Subsidiaries
Reconciliation of Adjusted Operating Income
(dollars in millions)
Quarter Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Total Revenues
$ 1,706.2
$ 1,692.0
$ 3,586.3
$ 3,334.3
Adjusted Total Revenues
$ 1,706.2
$ 1,692.0
$ 3,586.3
$ 3,334.3
Total Expenses
$ 599.1
$ 562.7
$ 1,169.5
$ 1,097.0
Restructuring and severance
(6.0)
(1.4)
(10.0)
(2.5)
Deferred compensation(1)
(12.4)
(7.7)
(11.6)
(5.5)
Amortization of purchased intangibles
(56.0)
(56.2)
(112.1)
(111.3)
Strategic transaction-related (costs) credits
(1.0)
(2.8)
(1.6)
(2.8)
Real estate-related (costs) credits
0.7
8.1
—
8.1
Foreign exchange transaction gains (losses)
(0.3)
(3.5)
0.6
(5.9)
Unrealized and realized gains (losses) on assets
—
(0.4)
—
(0.4)
Litigation matters or settlements
(2.9)
(7.6)
(1.9)
(10.9)
Adjusted Total Expenses
$ 521.2
$ 491.2
$ 1,032.9
$ 965.8
Operating Income
$ 1,107.1
$ 1,129.3
$ 2,416.8
$ 2,237.3
Adjusted Operating Income
$ 1,185.0
$ 1,200.8
$ 2,553.4
$ 2,368.5
1. Includes $12.4 million and $11.6 million for changes in our non-qualified deferred compensation liability in the second quarter and first six months of 2026. This impact does not affect net income and adjusted net income, because the compensation and benefits change has an equal and offsetting change in investment income.
CME Group Inc. and Subsidiaries
Reconciliation of Adjusted Net Income and Adjusted Earnings per Common Share
(dollars in millions, except per share amounts; shares in thousands)
Quarter Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Net Income
$ 1,041.8
$ 1,025.1
$ 2,196.1
$ 1,981.3
Restructuring and severance
6.0
1.4
10.0
2.5
Amortization of purchased intangibles(1)
60.0
69.4
120.1
137.6
Strategic transaction-related costs (credits)(2)
0.3
2.8
0.4
2.8
Real estate-related costs (credits)
(0.7)
(8.1)
—
(8.1)
Foreign exchange transaction (gains) losses
0.3
3.6
(0.6)
6.0
Unrealized and realized (gains) losses on investments
(3.9)
—
19.0
6.4
Unrealized and realized (gains) losses on assets
—
0.4
—
0.4
Litigation matters or settlements
2.9
7.6
1.9
10.9
Income tax effect related to above
(15.3)
(15.5)
(36.3)
(31.6)
Other income tax items(3)
(9.7)
(7.3)
(8.8)
(8.9)
Adjusted Net Income
$ 1,081.7
$ 1,079.4
$ 2,301.8
$ 2,099.3
Adjusted Net Income Attributable to Common
Shareholders of CME Group - Basic(4)
$ 1,081.7
$ 1,065.8
$ 2,305.6
$ 2,072.9
Adjusted Net Income Attributable to Common
Shareholders of CME Group - Diluted(4)
$ 1,081.7
$ 1,065.8
$ 2,301.8
$ 2,072.9
Earnings per Share Attributable to Common Shareholders of CME Group:
Basic
$ 2.89
$ 2.81
$ 6.11
$ 5.44
Diluted
2.88
2.81
6.06
5.43
Adjusted Earnings per Share Attributable to Common Shareholders of CME
Group:
Basic
$ 3.00
$ 2.96
$ 6.40
$ 5.76
Diluted
2.99
2.96
6.35
5.75
Weighted Average Number of Common Shares:
Basic
360,684
359,658
360,005
359,636
Diluted(5)
361,282
360,355
362,233
360,297
1. Includes $2.6 million and $5.2 million of amortization of purchased intangibles at S&P Dow Jones Indices LLC and $1.4 million and $2.8 million of amortization of purchased intangibles at FanDuel Prediction Markets Holdings LLC in the second quarter and first six months of 2026. This is reported in Equity in net earnings of unconsolidated subsidiaries on the Consolidated Statements of Income.
2. The values shown above may differ from what is shown in the Reconciliation of Adjusted Operating Income as that schedule does not include adjustment items or portions of items included in non-operating results.
3. Other income tax items in the second quarter of 2026 include benefits related to the resolution of certain state income tax examinations and adjustments to tax reserves and tax receivables.
4. The difference between Adjusted Net Income and Adjusted Net Income Attributable to Common Shareholders of CME Group - Basic and Diluted is the result of the distribution of earnings allocated to preferred shares.
5. Preferred shares of 4,584,000 were all converted to Class A Common stock on March 5, 2026 with their weighted-average impact included in the Diluted shares starting in the first quarter of 2026.
CME Group Inc. and Subsidiaries
Quarterly Operating Statistics
2Q 2025
3Q 2025
4Q 2025
1Q 2026
2Q 2026
Trading Days
62
64
64
61
62
Quarterly Average Daily Volume (ADV)(1)
CME Group ADV (in thousands)
Product Line
2Q 2025
3Q 2025
4Q 2025
1Q 2026
2Q 2026
Interest rates
15,472
13,378
13,010
18,674
14,532
Equity indexes
7,661
6,278
7,738
8,655
8,633
Foreign exchange
1,096
834
853
1,193
989
Energy
3,082
2,295
2,523
3,985
2,667
Agricultural commodities
1,964
1,712
1,787
2,042
2,080
Metals
943
825
1,441
1,682
941
Total
30,217
25,322
27,353
36,231
29,843
Venue
CME Globex
28,097
23,418
25,542
33,633
27,935
Open outcry
993
989
816
1,241
830
Privately negotiated
1,127
915
995
1,357
1,078
Total
30,217
25,322
27,353
36,231
29,843
Quarterly Average Rate Per Contract (RPC)(1)
CME Group RPC
Product Line
2Q 2025
3Q 2025
4Q 2025
1Q 2026
2Q 2026
Interest rates
$ 0.481
$ 0.487
$ 0.486
$ 0.457
$ 0.480
Equity indexes
0.635
0.652
0.611
0.597
0.605
Foreign exchange
0.772
0.841
0.847
0.780
0.813
Energy
1.138
1.214
1.245
1.084
1.131
Agricultural commodities
1.435
1.423
1.427
1.344
1.426
Metals
1.456
1.505
1.295
1.153
1.315
Average RPC
$ 0.690
$ 0.702
$ 0.707
$ 0.652
$ 0.678
1. ADV and RPC includes futures and options on futures only.
Americký telekomunikační operátor AT&T zveřejnil hospodářské výsledky za druhé čtvrtletí roku 2026. Čistý přírůstek postpaid mobilních zákazníků překonal průměrný odhad analytiků. Nad očekáváním byly rovněž očištěný zisk na akcii a očištěná EBITDA.
Výsledky společnosti AT&T (T) za 2Q 2026 2Q 2026 Konsensus 2Q 2026 2Q 2025 Výnosy (mld. USD) 31,56 31,77 30,85 Čistý zisk (mld. USD) 4,59 -- 4,46 Očištěný zisk na akcii (EPS, USD/akcie) 0,65 0,59 0,54 Výsledky za 2Q Výnosy meziročně vzrostly o 2,6 % na 31,56 mld. USD.
Čistý přírůstek postpaid mobilních zákazníků dosáhl 432 000, nad odhadem 325 264. Míra odchodovosti (churn) u postpaid zákazníků s pouze mobilním tarifem činila 0,86 %.
Očištěná EBITDA vzrostla meziročně o 5,1 % na 12,3 mld. USD, nad odhadem 12,1 mld. USD.
Volný hotovostní tok dosáhl 4,7 mld. USD.
Výhled na FY 2026 Firma potvrzuje celoroční výhled pro rok 2026:
Volný hotovostní tok alespoň 18 mld. USD (konsensus: 18,17 mld. USD). Očištěný zisk na akcii 2,25–2,35 USD (konsensus: 2,32 USD). Růst očištěné EBITDA o 3 % až 4 %. Komentář vedení John Stankey, předseda představenstva a generální ředitel AT&T, uvedl: „Zrychlený růst, kterého jsme dosáhli v tomto čtvrtletí, ukazuje naše strukturální výhody vést další éru konektivity. Zrychlujeme tempo plánovaných zpětných odkupů akcií na letošní rok na přibližně 10 mld. USD, což odráží naši důvěru v naši tržní pozici. Díky vedoucímu postavení ve vláknové optice – nejlepší dostupné konektivní technologii – věříme, že náš výkon sítě a provozní rozsah nemají konkurenci.“
Návrat kapitálu akcionářům Společnost za čtvrtletí vrátila akcionářům 4,1 mld. USD, z toho přibližně 2,2 mld. USD formou zpětného odkupu akcií v rámci programu z roku 2024.
Návrat kapitálu akcionářům, zdroj: AT&T
Akcie AT&T Akcie AT&T (T) v předburzovní fázi obchodování rostou o 3,23 % na 22,98 USD.
Akcie AT&T Inc (T) před výsledky uzavřely na 22,26 USD Ukazatel Ukazatel Kapitalizace (mld. USD) 154,7 P/E 12,4 Vývoj za letošní rok (%) -10,4 Očekávané P/E 9,6 52týdenní minimum (USD) 19,9 Prům. cílová cena (USD) 29,2 52týdenní maximum (USD) 29,8 Dividendový výnos (%) 5,0 Zdroj: AT&T, Bloomberg
D.A. Davidson & CO. boosted its position in shares of CubeSmart (NYSE:CUBE – Free Report) by 53.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 44,689 shares of the real estate investment trust’s stock after purchasing an additional 15,590 shares during the quarter. D.A. Davidson & CO.’s holdings in CubeSmart were worth $1,638,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank purchased a new stake in CubeSmart in the fourth quarter worth about $395,968,000. Geode Capital Management LLC increased its position in CubeSmart by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 4,714,128 shares of the real estate investment trust’s stock valued at $169,975,000 after purchasing an additional 52,207 shares during the period. Alyeska Investment Group L.P. increased its position in CubeSmart by 36.4% during the 3rd quarter. Alyeska Investment Group L.P. now owns 4,283,952 shares of the real estate investment trust’s stock valued at $174,185,000 after purchasing an additional 1,143,464 shares during the period. Cbre Investment Management Listed Real Assets LLC raised its holdings in shares of CubeSmart by 3.1% in the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 3,469,724 shares of the real estate investment trust’s stock valued at $125,084,000 after purchasing an additional 105,105 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of CubeSmart by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,412,567 shares of the real estate investment trust’s stock valued at $123,023,000 after purchasing an additional 171,539 shares in the last quarter. 97.61% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades A number of equities analysts have recently issued reports on CUBE shares. Wall Street Zen upgraded shares of CubeSmart from a “sell” rating to a “hold” rating in a research note on Saturday, May 2nd. Mizuho boosted their price objective on shares of CubeSmart from $40.00 to $42.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 27th. Royal Bank Of Canada restated an “outperform” rating and set a $46.00 target price on shares of CubeSmart in a report on Monday, May 4th. Wells Fargo & Company increased their target price on CubeSmart from $39.00 to $40.00 and gave the company an “equal weight” rating in a research report on Monday, June 1st. Finally, Evercore set a $47.00 price target on CubeSmart in a report on Monday, July 6th. Six research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, CubeSmart has an average rating of “Hold” and an average target price of $43.25.
Check Out Our Latest Research Report on CUBE
CubeSmart Stock Performance Shares of CubeSmart stock opened at $40.95 on Wednesday. The firm has a market capitalization of $9.27 billion, a P/E ratio of 28.84, a PEG ratio of 7.19 and a beta of 1.08. The company has a quick ratio of 0.04, a current ratio of 0.04 and a debt-to-equity ratio of 1.29. The company has a 50 day moving average price of $40.42 and a 200 day moving average price of $39.24. CubeSmart has a 52 week low of $35.09 and a 52 week high of $42.90.
CubeSmart (NYSE:CUBE – Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The real estate investment trust reported $0.36 EPS for the quarter, topping the consensus estimate of $0.34 by $0.02. CubeSmart had a net margin of 28.93% and a return on equity of 11.84%. The business had revenue of $281.93 million during the quarter, compared to the consensus estimate of $275.25 million. During the same period in the previous year, the firm posted $0.64 earnings per share. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. CubeSmart has set its FY 2026 guidance at 2.520-2.600 EPS and its Q2 2026 guidance at 0.620-0.640 EPS. Sell-side analysts expect that CubeSmart will post 2.57 EPS for the current year.
CubeSmart Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 5.2%. The ex-dividend date of this dividend was Wednesday, July 1st. CubeSmart’s payout ratio is 149.30%.
About CubeSmart (Free Report)
CubeSmart (NYSE: CUBE) is a publicly traded real estate investment trust (REIT) specializing in the ownership, operation and management of self-storage facilities across the United States. The company’s portfolio comprises properties in primary and secondary markets, catering to both individual and business customers seeking flexible, short-term and long-term storage solutions. CubeSmart’s facilities feature a range of unit sizes, climate-controlled options and advanced security features, supported by on-site managers and centralized customer service operations.
In addition to traditional self-storage units, CubeSmart offers specialty services such as vehicle and boat storage, retail sales of packing and moving supplies, and tenant insurance programs.
Featured Articles Five stocks we like better than CubeSmart Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible
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Baader Bank Aktiengesellschaft purchased a new stake in PACCAR Inc. (NASDAQ:PCAR – Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 6,660 shares of the company’s stock, valued at approximately $768,000.
Other large investors have also modified their holdings of the company. Nomura Asset Management Co. Ltd. grew its holdings in shares of PACCAR by 2.4% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 413,489 shares of the company’s stock worth $45,281,000 after purchasing an additional 9,524 shares during the period. Nordea Investment Management AB raised its holdings in PACCAR by 12.6% in the fourth quarter. Nordea Investment Management AB now owns 122,451 shares of the company’s stock valued at $13,487,000 after buying an additional 13,668 shares during the period. Merit Financial Group LLC raised its holdings in PACCAR by 165.8% in the fourth quarter. Merit Financial Group LLC now owns 24,319 shares of the company’s stock valued at $2,663,000 after buying an additional 15,169 shares during the period. Vanguard Group Inc. lifted its position in PACCAR by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company’s stock valued at $6,951,172,000 after buying an additional 363,782 shares in the last quarter. Finally, Swiss Life Asset Management Ltd lifted its position in PACCAR by 118.2% during the fourth quarter. Swiss Life Asset Management Ltd now owns 638,688 shares of the company’s stock valued at $69,943,000 after buying an additional 345,937 shares in the last quarter. 64.90% of the stock is currently owned by institutional investors and hedge funds.
PACCAR Stock Up 1.5% Shares of NASDAQ:PCAR opened at $126.25 on Wednesday. The company has a quick ratio of 2.91, a current ratio of 3.11 and a debt-to-equity ratio of 0.52. PACCAR Inc. has a 52-week low of $92.25 and a 52-week high of $131.88. The company has a 50 day moving average of $117.82 and a two-hundred day moving average of $119.87. The company has a market capitalization of $66.44 billion, a price-to-earnings ratio of 26.86, a price-to-earnings-growth ratio of 1.14 and a beta of 0.97.
PACCAR (NASDAQ:PCAR – Get Free Report) last posted its earnings results on Tuesday, April 28th. The company reported $1.15 EPS for the quarter, hitting analysts’ consensus estimates of $1.15. The business had revenue of $6.78 billion for the quarter, compared to analysts’ expectations of $6.44 billion. PACCAR had a net margin of 8.91% and a return on equity of 12.81%. The business’s revenue for the quarter was down 9.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.46 earnings per share. As a group, analysts forecast that PACCAR Inc. will post 5.66 earnings per share for the current fiscal year.
PACCAR Announces Dividend The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Wednesday, August 12th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $1.40 annualized dividend and a yield of 1.1%. PACCAR’s payout ratio is 29.79%.
Wall Street Analyst Weigh In Several equities research analysts have issued reports on the stock. Evercore set a $139.00 price objective on shares of PACCAR in a research note on Monday, May 11th. Morgan Stanley raised their target price on shares of PACCAR from $109.00 to $113.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. BNP Paribas Exane assumed coverage on shares of PACCAR in a report on Tuesday, March 31st. They set a “neutral” rating and a $126.00 target price on the stock. Weiss Ratings cut shares of PACCAR from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, May 21st. Finally, Truist Financial increased their price target on PACCAR from $126.00 to $131.00 and gave the company a “hold” rating in a report on Thursday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $124.18.
Read Our Latest Analysis on PACCAR
PACCAR Profile (Free Report)
PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.
In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.
Recommended Stories Five stocks we like better than PACCAR Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible Want to see what other hedge funds are holding PCAR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PACCAR Inc. (NASDAQ:PCAR – Free Report).
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Woodward (NASDAQ:WWD – Get Free Report) is expected to be posting its Q3 2026 results after the market closes on Wednesday, July 29th. Analysts expect Woodward to announce earnings of $2.44 per share and revenue of $1.1104 billion for the quarter. Woodward has set its FY 2026 guidance at 9.150-9.450 EPS. Investors may review the information on the company’s upcoming Q3 2026 earning results page for the latest details on the call scheduled for Wednesday, July 29, 2026 at 5:00 PM ET.
Woodward (NASDAQ:WWD – Get Free Report) last released its earnings results on Wednesday, April 29th. The technology company reported $2.27 EPS for the quarter, beating the consensus estimate of $2.10 by $0.17. The company had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Woodward had a return on equity of 20.12% and a net margin of 12.85%.The business’s revenue for the quarter was up 23.4% on a year-over-year basis. During the same period last year, the firm earned $1.69 EPS. On average, analysts expect Woodward to post $9 EPS for the current fiscal year and $10 EPS for the next fiscal year.
Woodward Stock Up 4.1% NASDAQ WWD opened at $406.87 on Wednesday. The stock has a market capitalization of $24.24 billion, a P/E ratio of 48.73, a price-to-earnings-growth ratio of 2.33 and a beta of 0.86. Woodward has a 52 week low of $233.31 and a 52 week high of $450.92. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.19 and a current ratio of 1.73. The stock has a fifty day moving average of $389.09 and a 200-day moving average of $373.25.
Woodward Announces Dividend The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 20th will be issued a $0.32 dividend. The ex-dividend date is Thursday, August 20th. This represents a $1.28 annualized dividend and a yield of 0.3%. Woodward’s dividend payout ratio (DPR) is currently 15.33%.
Insiders Place Their Bets In other Woodward news, Director Daniel G. Korte sold 14,700 shares of the firm’s stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $356.05, for a total transaction of $5,233,935.00. Following the transaction, the director owned 4,434 shares in the company, valued at approximately $1,578,725.70. This trade represents a 76.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Karrie M. Bem sold 185 shares of the business’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $355.00, for a total value of $65,675.00. Following the transaction, the executive vice president owned 3,648 shares of the company’s stock, valued at $1,295,040. The trade was a 4.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 15,629 shares of company stock valued at $5,570,005. 0.71% of the stock is owned by insiders.
Institutional Inflows and Outflows Hedge funds and other institutional investors have recently bought and sold shares of the company. Invesco Ltd. grew its holdings in Woodward by 122.0% during the third quarter. Invesco Ltd. now owns 905,578 shares of the technology company’s stock valued at $228,849,000 after purchasing an additional 497,722 shares during the period. Findlay Park Partners LLP raised its holdings in Woodward by 136.2% in the fourth quarter. Findlay Park Partners LLP now owns 686,200 shares of the technology company’s stock worth $207,452,000 after purchasing an additional 395,726 shares during the period. Two Sigma Investments LP raised its holdings in Woodward by 1,086.9% in the third quarter. Two Sigma Investments LP now owns 330,514 shares of the technology company’s stock worth $83,524,000 after purchasing an additional 302,666 shares during the period. Lord Abbett & CO. LLC bought a new position in shares of Woodward during the fourth quarter worth $65,918,000. Finally, Soros Fund Management LLC bought a new position in shares of Woodward during the fourth quarter worth $54,798,000. Institutional investors own 81.18% of the company’s stock.
Analyst Ratings Changes A number of analysts recently commented on WWD shares. Truist Financial lifted their price objective on Woodward from $404.00 to $415.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. Weiss Ratings restated a “buy (b)” rating on shares of Woodward in a research report on Friday. Susquehanna initiated coverage on shares of Woodward in a research note on Tuesday, May 26th. They issued a “positive” rating and a $423.00 target price on the stock. UBS Group lifted their price target on shares of Woodward from $427.00 to $429.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Finally, Royal Bank Of Canada started coverage on shares of Woodward in a research note on Thursday, April 16th. They set an “outperform” rating and a $450.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Woodward currently has an average rating of “Moderate Buy” and an average price target of $395.50.
View Our Latest Stock Report on WWD
About Woodward (Get Free Report)
Woodward, Inc (NASDAQ: WWD) is a global leader in the design, manufacture and service of control systems and components for the aerospace and industrial markets. Founded in 1870 and headquartered in Fort Collins, Colorado, the company specializes in motion control, fuel systems, actuation, and digital control solutions. Its offerings enable precision management of flow, pressure and motion in critical applications ranging from aircraft engines and power turbines to hydraulic systems.
Woodward’s product portfolio is organized into two primary segments: Aerospace and Industrial.
Featured Stories Five stocks we like better than Woodward Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible
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ORLANDO, Fla.--(BUSINESS WIRE)--Travel + Leisure Co. (NYSE:TNL), a leading leisure travel company, today reported second quarter 2026 financial results for the three months ended June 30, 2026. Highlights and outlook include: Net revenue of $1.06 billion. Gross VOI sales of $693 million, up 4% and 6% year-over-year, respectively(1) Net income of $109 million (diluted earnings per share of $1.72) Adjusted EBITDA of $269 million and Adjusted diluted earnings per share of $1.88, representing 8% an.
SummaryWrap Technologies is upgraded to Buy following regulatory clarity and a transformative counter-UAS platform launch.ATF's reclassification of BolaWrap removes a major procurement hurdle, unlocking potential for broader law enforcement adoption and accelerating sales cycles.Exclusive rights to Frenel’s thermal-polarimetric tech enable WRAP to enter the high-growth defense and counter-drone markets with WrapShield.Management guides for 100% FY26 revenue growth; sustained operating leverage and proven WrapShield margins are key to long-term profitability. halbergman/E+ via Getty Images
I initiated coverage on Wrap Technologies, Inc. (WRAP) in late 2023 with a Hold rating. At the time, I recognized the company's public safety and non-lethal restraint solutions and its flagship product, the BolaWrap, but
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of WRAP either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
California Public Employees Retirement System lowered its holdings in W.R. Berkley Corporation (NYSE:WRB – Free Report) by 35.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 502,561 shares of the insurance provider’s stock after selling 270,746 shares during the period. California Public Employees Retirement System owned approximately 0.13% of W.R. Berkley worth $33,310,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. Mitsui Sumitomo Insurance Co. Ltd. bought a new position in shares of W.R. Berkley in the fourth quarter worth approximately $3,542,919,000. Vanguard Group Inc. lifted its position in W.R. Berkley by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 37,033,581 shares of the insurance provider’s stock valued at $2,596,795,000 after purchasing an additional 309,828 shares during the last quarter. State Street Corp grew its stake in W.R. Berkley by 1.0% in the 3rd quarter. State Street Corp now owns 14,921,114 shares of the insurance provider’s stock worth $1,143,256,000 after buying an additional 149,605 shares in the last quarter. Norges Bank bought a new position in shares of W.R. Berkley in the 4th quarter worth $435,752,000. Finally, Invesco Ltd. raised its position in shares of W.R. Berkley by 0.4% during the 4th quarter. Invesco Ltd. now owns 4,913,337 shares of the insurance provider’s stock valued at $344,523,000 after buying an additional 20,538 shares in the last quarter. Institutional investors own 68.82% of the company’s stock.
W.R. Berkley Stock Performance NYSE WRB opened at $72.39 on Wednesday. The company has a 50-day simple moving average of $68.72 and a two-hundred day simple moving average of $68.35. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.29. W.R. Berkley Corporation has a 12-month low of $62.87 and a 12-month high of $78.96. The firm has a market cap of $26.95 billion, a price-to-earnings ratio of 14.86, a PEG ratio of 3.45 and a beta of 0.29.
W.R. Berkley (NYSE:WRB – Get Free Report) last released its quarterly earnings data on Monday, July 20th. The insurance provider reported $1.27 EPS for the quarter, topping the consensus estimate of $1.08 by $0.19. W.R. Berkley had a return on equity of 19.49% and a net margin of 12.94%.The firm had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.28 billion. During the same quarter in the previous year, the business earned $1.05 earnings per share. The company’s quarterly revenue was up 2.4% on a year-over-year basis. On average, equities analysts forecast that W.R. Berkley Corporation will post 4.66 EPS for the current year.
W.R. Berkley Increases Dividend The business also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Tuesday, June 23rd were paid a $0.10 dividend. This is an increase from W.R. Berkley’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Tuesday, June 23rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.6%. W.R. Berkley’s payout ratio is presently 8.21%.
Analysts Set New Price Targets WRB has been the topic of a number of research analyst reports. Mizuho increased their target price on W.R. Berkley from $72.00 to $74.00 and gave the company a “neutral” rating in a research note on Tuesday. Wall Street Zen upgraded W.R. Berkley from a “sell” rating to a “hold” rating in a research report on Saturday, April 25th. Brean Capital cut W.R. Berkley from a “buy” rating to a “neutral” rating and set a $73.00 price objective on the stock. in a report on Wednesday, March 25th. Bank of America restated an “underperform” rating and issued a $68.00 target price (down from $74.00) on shares of W.R. Berkley in a research report on Thursday, July 16th. Finally, Barclays reaffirmed an “underweight” rating and issued a $62.00 target price (down from $64.00) on shares of W.R. Berkley in a research note on Friday, June 12th. Three equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and six have issued a Sell rating to the company’s stock. According to MarketBeat, W.R. Berkley has an average rating of “Reduce” and an average price target of $70.44.
Read Our Latest Stock Report on W.R. Berkley
More W.R. Berkley News Here are the key news stories impacting W.R. Berkley this week:
Positive Sentiment: WRB beat Q2 earnings expectations and posted better-than-expected revenue, suggesting solid underlying business momentum and stronger-than-anticipated underwriting results. Positive Sentiment: The quarter benefited from premium growth, higher investment income, and lower catastrophe losses, all of which are favorable for insurers’ profitability. Positive Sentiment: Analysts turned more constructive after the report, with Truist raising its price target to $83 and maintaining a buy rating, while Mizuho also lifted its target to $74. Neutral Sentiment: Some coverage noted that revenue missed certain Wall Street expectations in a separate headline, but the earnings beat and strong insurance fundamentals appear to be outweighing that concern. About W.R. Berkley (Free Report)
W. R. Berkley Corporation (NYSE: WRB) is a publicly traded insurance holding company that underwrites and sells commercial property and casualty insurance, specialty insurance products, and reinsurance. Headquartered in Greenwich, Connecticut, the company operates a portfolio of underwriting businesses that focus on niche and specialty commercial risks, offering coverage tailored to industries such as transportation, construction, professional services and other commercial lines.
The company’s product mix includes primary and excess casualty, property, professional liability, environmental and other specialty lines, together with treaty and facultative reinsurance solutions.
See Also Five stocks we like better than W.R. Berkley Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible Want to see what other hedge funds are holding WRB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for W.R. Berkley Corporation (NYSE:WRB – Free Report).
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Fifth Third Bancorp grew its stake in shares of Zebra Technologies Corporation (NASDAQ:ZBRA – Free Report) by 156.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,001 shares of the industrial products company’s stock after buying an additional 6,101 shares during the period. Fifth Third Bancorp’s holdings in Zebra Technologies were worth $2,091,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Garner Asset Management Corp purchased a new position in Zebra Technologies during the fourth quarter valued at approximately $30,000. Johnson Financial Group Inc. increased its stake in shares of Zebra Technologies by 330.3% in the fourth quarter. Johnson Financial Group Inc. now owns 142 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 109 shares in the last quarter. SBI Securities Co. Ltd. increased its stake in shares of Zebra Technologies by 164.8% in the fourth quarter. SBI Securities Co. Ltd. now owns 143 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 89 shares in the last quarter. CYBER HORNET ETFs LLC bought a new stake in shares of Zebra Technologies during the 2nd quarter valued at $39,000. Finally, NBC Securities Inc. bought a new stake in shares of Zebra Technologies during the 4th quarter valued at $57,000. 91.03% of the stock is currently owned by institutional investors.
Zebra Technologies Price Performance Shares of NASDAQ:ZBRA opened at $262.40 on Wednesday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.57 and a current ratio of 0.96. The firm has a fifty day moving average price of $250.93 and a 200 day moving average price of $238.72. Zebra Technologies Corporation has a fifty-two week low of $199.05 and a fifty-two week high of $352.66. The firm has a market cap of $12.50 billion, a price-to-earnings ratio of 31.73 and a beta of 1.60.
Zebra Technologies (NASDAQ:ZBRA – Get Free Report) last posted its earnings results on Tuesday, May 12th. The industrial products company reported $4.75 earnings per share for the quarter, beating the consensus estimate of $4.21 by $0.54. The company had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Zebra Technologies had a net margin of 7.49% and a return on equity of 18.91%. Zebra Technologies’s quarterly revenue was up 14.3% on a year-over-year basis. During the same period last year, the company posted $4.02 earnings per share. Zebra Technologies has set its FY 2026 guidance at 18.300-18.700 EPS and its Q2 2026 guidance at 4.200-4.500 EPS. As a group, sell-side analysts expect that Zebra Technologies Corporation will post 15.2 earnings per share for the current fiscal year.
Analyst Ratings Changes Several research analysts recently weighed in on the stock. Robert W. Baird upped their target price on shares of Zebra Technologies from $300.00 to $310.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. KeyCorp upgraded Zebra Technologies from a “sector weight” rating to an “overweight” rating and set a $305.00 price target for the company in a research note on Wednesday, May 13th. Weiss Ratings raised Zebra Technologies from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday. BNP Paribas Exane boosted their price objective on Zebra Technologies from $365.00 to $370.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. Finally, Truist Financial upped their price objective on Zebra Technologies from $267.00 to $296.00 and gave the stock a “hold” rating in a research note on Thursday, July 2nd. Eight equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $327.00.
Check Out Our Latest Research Report on ZBRA
Insider Activity In other news, Director Janice M. Roberts sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $249.54, for a total transaction of $748,620.00. Following the sale, the director directly owned 6,183 shares of the company’s stock, valued at $1,542,905.82. This represents a 32.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Loizides Melissa Luff sold 500 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $253.95, for a total value of $126,975.00. Following the transaction, the insider owned 3,702 shares of the company’s stock, valued at $940,122.90. This represents a 11.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.91% of the company’s stock.
Zebra Technologies Profile (Free Report)
Zebra Technologies Corporation is a global technology company specializing in marking, tracking and computer printing solutions. The company produces a wide range of hardware and software products designed to enable real-time visibility of assets, inventory and personnel across diverse industries. Its offerings help businesses automate data capture and streamline operations in environments such as retail, healthcare, manufacturing, transportation and logistics.
The company’s product portfolio includes barcode and RFID printers, mobile computing devices, barcode scanners, RFID readers and related supplies such as labels and tags.
See Also Five stocks we like better than Zebra Technologies Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible Want to see what other hedge funds are holding ZBRA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Zebra Technologies Corporation (NASDAQ:ZBRA – Free Report).
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Here are three stocks with buy rank and strong value characteristics for investors to consider today, July 22:
Yext, Inc. (YEXT - Free Report) : This consumer information platform company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing by 21.4% over the last 60 days.
Yext has a price-to-earnings ratio (P/E) of 8.01 compared with 9.60 for the industry. The company possesses a Value Scoreof A.
Apogee Enterprises, Inc. (APOG - Free Report) : This architectural products company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing by 3.9% over the last 60 days.
Apogee has a price-to-earnings ratio (P/E) of 13.32 compared with 22.68 for the S&P. The company possesses a Value Score of A.
LCNB Corp. (LCNB - Free Report) : This financial holding company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its next year earnings increasing 3.6% over the last 60 days.
LCNB has a price-to-earnings ratio (P/E) of 11.45 compared with 22.68 for the S&P. The company possesses a Value Score of B.
See the full list of top ranked stocks here.
Learn more about the Value score and how it is calculated here.
Fifth Third Bancorp lifted its position in Rambus, Inc. (NASDAQ:RMBS – Free Report) by 1,675.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,361 shares of the semiconductor company’s stock after acquiring an additional 25,820 shares during the period. Fifth Third Bancorp’s holdings in Rambus were worth $2,354,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Krilogy Financial LLC lifted its position in Rambus by 3.8% during the first quarter. Krilogy Financial LLC now owns 2,238 shares of the semiconductor company’s stock valued at $193,000 after purchasing an additional 81 shares during the period. Oak Grove Capital LLC grew its position in Rambus by 1.3% during the 4th quarter. Oak Grove Capital LLC now owns 7,600 shares of the semiconductor company’s stock worth $698,000 after purchasing an additional 100 shares during the period. Northwestern Mutual Investment Management Company LLC raised its stake in shares of Rambus by 0.4% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 24,085 shares of the semiconductor company’s stock valued at $2,213,000 after buying an additional 103 shares during the last quarter. Ashton Thomas Private Wealth LLC raised its stake in shares of Rambus by 3.3% during the 4th quarter. Ashton Thomas Private Wealth LLC now owns 3,445 shares of the semiconductor company’s stock valued at $317,000 after buying an additional 110 shares during the last quarter. Finally, Meeder Advisory Services Inc. lifted its holdings in shares of Rambus by 3.0% in the 4th quarter. Meeder Advisory Services Inc. now owns 3,883 shares of the semiconductor company’s stock valued at $357,000 after buying an additional 114 shares during the period. Hedge funds and other institutional investors own 88.54% of the company’s stock.
Insider Buying and Selling at Rambus In other news, Director Meera Rao sold 2,972 shares of the business’s stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $150.30, for a total transaction of $446,691.60. Following the completion of the sale, the director owned 19,974 shares in the company, valued at approximately $3,002,092.20. The trade was a 12.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Xianzhi Sean Fan sold 37,914 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $151.69, for a total value of $5,751,174.66. Following the completion of the sale, the executive vice president directly owned 168,358 shares of the company’s stock, valued at approximately $25,538,225.02. This trade represents a 18.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 65,886 shares of company stock valued at $10,171,466. 0.75% of the stock is currently owned by company insiders.
Rambus Price Performance NASDAQ:RMBS opened at $105.79 on Wednesday. The company’s 50-day moving average is $130.56 and its two-hundred day moving average is $114.30. Rambus, Inc. has a 1-year low of $62.81 and a 1-year high of $174.10. The firm has a market capitalization of $11.44 billion, a price-to-earnings ratio of 50.38 and a beta of 1.84.
Rambus (NASDAQ:RMBS – Get Free Report) last posted its quarterly earnings data on Monday, April 27th. The semiconductor company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.02. The firm had revenue of $180.19 million during the quarter, compared to analysts’ expectations of $179.94 million. Rambus had a net margin of 31.90% and a return on equity of 17.41%. As a group, equities analysts anticipate that Rambus, Inc. will post 2.44 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth Several analysts recently commented on RMBS shares. Robert W. Baird lowered shares of Rambus from an “outperform” rating to a “neutral” rating and set a $120.00 price target on the stock. in a research report on Tuesday, April 28th. Rosenblatt Securities increased their target price on shares of Rambus from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, April 28th. Benchmark assumed coverage on Rambus in a research report on Wednesday, July 15th. They set a “buy” rating and a $165.00 target price on the stock. Jefferies Financial Group lifted their price target on Rambus from $120.00 to $145.00 and gave the company a “buy” rating in a research note on Tuesday, April 28th. Finally, Evercore reaffirmed an “outperform” rating and issued a $172.00 price target on shares of Rambus in a report on Tuesday, April 28th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $134.75.
Check Out Our Latest Report on Rambus
Rambus Profile (Free Report)
Rambus Inc is a technology licensing company specializing in semiconductor and system-level interface solutions. Founded in 1990 by Stanford University researchers Mike Farmwald and Mark Horowitz, Rambus established its headquarters in Sunnyvale, California. The company initially gained prominence by developing high-speed DRAM interface technology and securing a broad patent portfolio covering memory architecture, data signaling and power management innovations.
Today, Rambus licenses its proprietary intellectual property (IP) to semiconductor companies, original equipment manufacturers (OEMs) and system integrators worldwide.
See Also Five stocks we like better than Rambus Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible Want to see what other hedge funds are holding RMBS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rambus, Inc. (NASDAQ:RMBS – Free Report).
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Otis delivers organic Service sales growth of 9% matching the highest level since spin with strong double-digit growth in modernization and repair and accelerating maintenance trends
Second quarter 2026
Net sales up 7% and organic sales up 6%, driven by Service net sales up 11% with organic sales up 9%, and New Equipment net sales flat with organic sales down (1)%, improving sequentially GAAP operating profit up $28 million and adjusted operating profit down $25 million Modernization orders up 9% at constant currency, backlog up 24%, 26% at constant currency Operating cash flow of $267 million; adjusted free cash flow of $290 million Share repurchases of approximately $400 million First half 2026
Net sales up 7% and organic sales up 4%, driven by Service net sales up 11% with organic sales up 7% GAAP operating profit up $156 million and adjusted operating profit down $35 million Operating cash flow of $680 million; adjusted free cash flow of $562 million Share repurchases of approximately $800 million , /PRNewswire/ -- Otis Worldwide Corporation (NYSE:OTIS) reported second quarter 2026 net sales of $3.9 billion with organic sales up 6% versus the prior year. GAAP earnings per share (EPS) increased 13% to $1.12 and adjusted EPS decreased 4% to $1.01.
"Otis delivered a solid quarter, with net sales up 7%, supported by growth across all Service lines and sequential improvement in New Equipment trends. Our strategy, actions and investments in Service quality are gaining traction as evidenced by double-digit growth in both modernization and repair sales with maintenance growth also accelerating, contributing to Service sales growth that matched the highest level achieved since spin," said Chair, CEO & President Judy Marks. "Strong backlog in both modernization and New Equipment provides good visibility and supports our expectation for continued growth in the quarters ahead. We remain confident in the long-term growth opportunities across our Service portfolio. An aging installed base and our customers' increasing focus on reliability, uptime and Service quality are driving favorable demand in both modernization and repair, contributing to drive sustained growth and value creation."
Judy Marks continued, "As we look to the second half of the year and take a measured approach to our outlook, we remain confident in the durability of our Service-led growth model. We are continuing to invest in our strategic priorities including Service quality, pricing initiatives, and the application of digital technology with a focus on front-line operating excellence and strong execution across the globe. This Service-driven strategy reinforces our conviction in the long-term growth potential of the business and our ability to deliver sustainable value creation for shareholders over time."
Key Figures
Quarter Ended June 30,
Six Months Ended June 30,
(dollars in millions, except per share
amounts)
2026
2025
Y/Y
Y/Y
(CFX)
2026
2025
Y/Y
Y/Y
(CFX)
Net sales
$ 3,859
$ 3,595
7 %
6 %
$ 7,425
$ 6,945
7 %
4 %
Organic sales growth
6 %
4 %
GAAP
Operating profit
$ 575
$ 547
$ 28
$ 1,114
$ 958
$ 156
Operating profit margin
14.9 %
15.2 %
(30) bps
15.0 %
13.8 %
120 bps
Net income
$ 428
$ 393
9 %
$ 768
$ 636
21 %
Earnings per share
$ 1.12
$ 0.99
13 %
$ 1.99
$ 1.60
24 %
Adjusted non-GAAP comparison
Operating profit
$ 587
$ 612
$ (25)
$ (32)
$ 1,137
$ 1,172
$ (35)
$ (70)
Operating profit margin
15.2 %
17.0 %
(180) bps
15.3 %
16.9 %
(160) bps
Net income
$ 389
$ 416
(6) %
$ 736
$ 784
(6) %
Earnings per share
$ 1.01
$ 1.05
(4) %
$ 1.90
$ 1.97
(4) %
Second quarter net sales of $3.9 billion, increased 7% versus the prior year, driven by Service sales with growth in all lines of business.
Second quarter GAAP operating profit of $575 million increased $28 million driven primarily by the absence of UpLift transformation costs, separation-related adjustments, and other non-recurring items in the prior year. Adjusted operating profit of $587 million decreased $25 million at actual currency and $32 million at constant currency, driven by growth in Service more than offset by a decline in New Equipment and other corporate adjustments. GAAP operating profit margin contracted 30 basis points to 14.9% and adjusted operating profit margin of 15.2% declined 180 basis points versus the prior year driven by unfavorable segment performance and other corporate adjustments, partially offset by segment mix. The performance was impacted by ongoing investment in key Service growth initiatives, which were expanded this year to capitalize on strong repair and modernization demand, enhance Service excellence, and build long-term pricing capabilities.
GAAP EPS of $1.12 increased 13% compared to the prior year primarily driven by the absence of UpLift transformation costs, separation-related adjustments, and other non-recurring items in the prior year. Adjusted EPS of $1.01 decreased 4% driven by operational performance, higher interest, and higher tax rate, partially offset by favorable foreign exchange rates, a lower share count, and lower noncontrolling interest.
Service
Quarter Ended June 30,
Six Months Ended June 30,
(dollars in millions)
2026
2025
Y/Y
Y/Y
(CFX)
2026
2025
Y/Y
Y/Y
(CFX)
Net sales
$ 2,580
$ 2,319
11 %
10 %
$ 4,997
$ 4,506
11 %
8 %
Organic sales
9 %
7 %
Segment operating profit
$ 599
$ 578
$ 21
$ 16
$ 1,155
$ 1,115
$ 40
$ 6
Segment operating profit margin
23.2 %
24.9 %
(170) bps
23.1 %
24.7 %
(160) bps
In the second quarter, net sales of $2.6 billion increased 11%, with a 9% increase in organic sales. Organic maintenance and repair sales increased 6% and organic modernization sales increased 24%.
Segment operating profit of $599 million increased $21 million at actual currency and increased $16 million at constant currency as higher volume and favorable pricing more than offset higher labor cost including the impact of ongoing strategic initiatives and productivity, material cost headwinds and unfavorable mix. Segment operating profit margin contracted 170 basis points to 23.2%.
New Equipment
Quarter Ended June 30,
Six Months Ended June 30,
(dollars in millions)
2026
2025
Y/Y
Y/Y
(CFX)
2026
2025
Y/Y
Y/Y
(CFX)
Net sales
$ 1,279
$ 1,276
0 %
(1) %
$ 2,428
$ 2,439
(0) %
(3) %
Organic sales
(1) %
(3) %
Segment operating profit
$ 40
$ 68
$ (28)
$ (30)
$ 78
$ 134
$ (56)
$ (57)
Segment operating profit margin
3.1 %
5.3 %
(220) bps
3.2 %
5.5 %
(230) bps
In the second quarter, net sales of $1.3 billion were flat versus the prior year, with approximately 10% organic sales growth in the Americas, and low single digit growth in Asia Pacific, offset by a high teens decline in China, and a mid-single digit decline in EMEA.
Segment operating profit of $40 million decreased $28 million at actual currency and $30 million at constant currency primarily from the impacts of lower volume, unfavorable price, and mix. Segment operating profit margin contracted 220 basis points to 3.1%.
New Equipment orders were down 5% at constant currency with low teens growth in the Americas, and a low single digit growth in EMEA, more than offset by a greater than 20% decline in Asia Pacific, and a high teens decline in China. New Equipment backlog increased 3% at actual currency and 4% at constant currency.
Cash flow
Quarter Ended June 30,
Six Months Ended June 30,
(dollars in millions)
2026
2025
Y/Y
2026
2025
Y/Y
Cash flow from operations
$ 267
$ 215
$ 52
$ 680
$ 405
$ 275
Free cash flow
$ 223
$ 179
$ 44
$ 603
$ 335
$ 268
Adjusted free cash flow
$ 290
$ 243
$ 47
$ 562
$ 429
$ 133
Second quarter cash flow changes were driven by an increase in net income and changes in working capital.
2026 Outlook1
Otis is revising our full year outlook:
Net sales of $15.1 to $15.3 billion Organic sales up low to mid-single digits Organic New Equipment sales down low single digits to flat Organic Service sales up mid to high single digits Adjusted operating profit of approximately $2.4 billion, down $45 to $15 million at constant currency; down $30 million to flat at actual currency Adjusted EPS of $4.01 to $4.05 Adjusted free cash flow of $1.50 to 1.55 billion 1 Note: When we provide outlook for organic sales, adjusted operating profit, adjusted EPS, adjusted effective tax rate and adjusted free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort. See "Use and Definitions of Non-GAAP Financial Measures" below for additional information.
About Otis
Otis is the world's leading elevator and escalator manufacturing, installation, service and modernization company. We move 2.5 billion people a day and maintain approximately 2.5 million customer units worldwide, the industry's largest Service portfolio. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 45,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories worldwide. For more information, visit www.otis.com and follow us on LinkedIn, YouTube, Instagram and Facebook @OtisElevatorCo.
Use and Definitions of Non-GAAP Financial Measures
Otis Worldwide Corporation ("Otis") reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information, but should not be considered in isolation or as substitutes for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. A reconciliation of the non-GAAP measures (referenced in this press release) to the corresponding amounts prepared in accordance with GAAP appears in the attached tables. These tables provide additional information as to the items and amounts that have been excluded from the adjusted measures. Below are our non-GAAP financial measures:
Non-GAAP measure
Definition
Organic sales
Represents consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and other significant items of a non-recurring and/or nonoperational nature ("other significant items"). Management believes organic sales is a useful measure in providing period-to-period comparisons of the results of the Company's ongoing operational performance.
Adjusted selling, general and administrative ("SG&A") expense
Represents SG&A expense (a GAAP measure), excluding restructuring costs and other significant items.
Adjusted operating profit
Represents income from continuing operations (a GAAP measure), excluding restructuring costs and other significant items.
Adjusted net interest expense
Represents net interest expense (a GAAP measure), adjusted for the impacts of non-recurring acquisition related financing costs and related net interest expense pending the completion of a transaction and other significant items.
Adjusted noncontrolling interest in earnings
Represents noncontrolling interest in earnings (a GAAP measure), excluding restructuring costs and other significant items, including related tax effects.
Adjusted net income
Represents net income attributable to Otis Worldwide Corporation (a GAAP measure), excluding restructuring costs and other significant items, including related tax effects.
Adjusted earnings per share ("EPS")
Represents diluted earnings per share attributable to common shareholders (a GAAP measure), adjusted for the per share impact of restructuring and other significant items, including related tax effects.
Adjusted effective tax rate
Represents the effective tax rate (a GAAP measure) adjusted for other significant items and the tax impact of restructuring costs and other significant items.
Constant currency
GAAP financial results include the impact of changes in foreign currency exchange rates ("AFX"). We use the non-GAAP measure "at constant currency" or "CFX" to show changes in our financial results without giving effect to period-to-period currency fluctuations. Under U.S. GAAP, income statement results are translated in U.S. dollars at the average exchange rate for the period presented. Management believes that this non-GAAP measure is useful in providing period-to-period comparisons of the results of the Company's ongoing operational performance.
Free cash flow
Represents cash flow from operations (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing Otis' ability to fund its activities, including the financing of acquisitions, debt service, repurchases of common stock and distribution of earnings to shareholders. Free cash flow should not be considered an alternative to, or more meaningful than, net cash flows provided by operating activities, or any other measure of liquidity presented in accordance with GAAP.
Adjusted free cash flow
Represents cash flow from operations (a GAAP measure) less capital expenditures, adjusted to exclude certain items management believes affect the comparability of operating results. Management believes adjusted free cash flow is a useful measure of liquidity that provides investors additional information regarding the Company's ability to fund its activities, including the financing of acquisitions, debt service, repurchases of common stock and distribution of earnings to shareholders. Adjusted free cash flow should not be considered an alternative to, or more meaningful than, net cash flows provided by operating activities, or any other measure of liquidity presented in accordance with GAAP.
Management believes that organic sales, adjusted SG&A expense, adjusted operating profit, adjusted net interest expense, adjusted noncontrolling interest in earnings, adjusted net income, adjusted EPS and the adjusted effective tax rate are useful measures in providing period-to-period comparisons of the results of the Company's ongoing operational performance.
When we provide our expectations for adjusted net sales, organic sales, adjusted operating profit, adjusted net interest expense, adjusted noncontrolling interest in earnings, adjusted net income, adjusted effective tax rate, adjusted EPS, free cash flow and adjusted free cash flow on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures (expected diluted EPS from continuing operations, operating profit, the effective tax rate, net sales and expected cash flow from operations) generally is not available without unreasonable effort due to potentially high variability, complexity and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.
Cautionary Statement
This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. From time to time, oral or written forward-looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide management's current expectations or plans for Otis' future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "medium-term," "near-term," "confident," "goals" and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, dividends, share repurchases, tax rates, research & development spend, restructuring or transformation actions (including UpLift and related reorganization and outsourcing activities and such actions with respect to our business in China), credit ratings, net indebtedness and other measures of financial performance or potential future plans, strategies or transactions, or statements that relate to climate change and our intent to achieve certain sustainability targets or other corporate responsibility initiatives, including operational impacts and costs associated therewith, and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For those statements, Otis claims the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Such risks, uncertainties and other factors include, without limitation: (1) the effect of economic conditions in the industries and markets in which Otis and its businesses operate and any changes therein, including financial market conditions, fluctuations in commodity prices and other inflationary pressures, interest rates and foreign currency exchange rates, levels of end market demand in construction, pandemic health issues, natural disasters, whether as a result of climate change or otherwise, and the financial condition of Otis' customers and suppliers; (2) the effect of changes in political conditions in the U.S. and in other countries in which Otis and its businesses operate, including tensions between the U.S. and China and geopolitical conflicts, including the ongoing conflicts and instability in the Middle East and the conflict between Russia and Ukraine on general market conditions, commodity costs, global trade policies and related sanctions, export controls and tariffs, and currency exchange rates in the near term and beyond; (3) challenges in the development, production, delivery, support, employee adoption, performance and realization of the anticipated benefits of advanced technologies and new products and services; (4) future levels of indebtedness, capital spending and research and development spending; (5) future availability of credit and factors that may affect such availability or costs thereof, including credit market conditions and Otis' capital structure; (6) the timing and scope of future repurchases of Otis' common stock, which may be suspended at any time due to various factors, including market conditions and the level of other investing activities and uses of cash; (7) fluctuations in prices and delays and disruptions in delivery of materials and services from suppliers, whether as a result of changes in general economic conditions, geopolitical conflicts or otherwise; (8) cost reduction or containment actions, restructuring or transformation costs and related savings and other consequences thereof, including with respect to UpLift and our China business and related impacts of reorganization, change management and outsourcing activities, as applicable; (9) new business and investment opportunities and the realization of anticipated benefits, including meeting customer expectations and maintaining our competitiveness; (10) the outcome of legal proceedings, investigations and other contingencies; (11) pension plan assumptions and future contributions; (12) the impact of the negotiation of collective bargaining agreements and labor disputes, labor actions, including strikes or work stoppages, and labor inflation in the markets in which Otis and its businesses operate globally; (13) the effect of changes in laws, regulations and enforcement priorities in the U.S. and other countries in which Otis and its businesses operate; (14) the ability of Otis to retain and hire key personnel; (15) the scope, nature, impact or timing of acquisition and divestiture activity, the integration of acquired businesses into existing businesses and realization of synergies and opportunities for growth and innovation and incurrence of related costs; (16) the determination by the Internal Revenue Service (the "IRS") and other tax authorities that the distribution or certain related transactions should be treated as taxable transactions in connection with the separation (the "Separation") of Otis and Carrier Global Corporation ("Carrier") from United Technologies Corporation (now known as RTX Corporation ("RTX"); and (17) our obligations and disputes that have or may hereafter arise under the agreements we entered into with RTX and Carrier in connection with the Separation. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary from those stated in forward-looking statements, see Otis' registration statement on Form 10 and the reports of Otis on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Otis assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Otis Worldwide Corporation
Condensed Consolidated Statements of Operations
Quarter Ended June 30,
Six Months Ended June 30,
(Unaudited)
(Unaudited)
(dollars in millions, except per share amounts; shares in millions)
2026
2025
2026
2025
Net Sales
$ 3,859
$ 3,595
$ 7,425
$ 6,945
Costs and Expenses:
Cost of products and services sold
2,723
2,506
5,207
4,855
Research and development
39
38
77
75
Selling, general and administrative
520
499
1,030
963
Total Costs and Expenses
3,282
3,043
6,314
5,893
Other income (expense), net
(2)
(5)
3
(94)
Operating profit
575
547
1,114
958
Non-service pension cost (benefit)
2
—
2
—
Interest expense (income), net
26
26
85
71
Net income before income taxes
547
521
1,027
887
Income tax expense (benefit)
98
98
225
208
Net income
449
423
802
679
Less: Noncontrolling interest in subsidiaries' earnings
21
30
34
43
Net income attributable to Otis Worldwide Corporation
$ 428
$ 393
$ 768
$ 636
Earnings Per Share of Common Stock:
Basic
$ 1.12
$ 1.00
$ 1.99
$ 1.61
Diluted
$ 1.12
$ 0.99
$ 1.99
$ 1.60
Weighted Average Number of Shares Outstanding:
Basic shares
382.6
393.7
385.2
395.1
Diluted Shares
383.5
395.8
386.4
397.3
Otis Worldwide Corporation
Reconciliation of Reported (GAAP) to Adjusted Operating Profit & Operating Profit Margin
Quarter Ended June 30,
Six Months Ended June 30,
(Unaudited)
(Unaudited)
(dollars in millions)
2026
2025
2026
2025
Net Sales
New Equipment
$ 1,279
$ 1,276
$ 2,428
$ 2,439
Service
2,580
2,319
4,997
4,506
Total Net Sales
$ 3,859
$ 3,595
$ 7,425
$ 6,945
Operating Profit
New Equipment
$ 40
$ 68
$ 78
$ 134
Service
599
578
1,155
1,115
Total segment operating profit
639
646
1,233
1,249
Corporate and Unallocated
(64)
(99)
(119)
(291)
Total Otis GAAP Operating Profit
575
547
1,114
958
UpLift restructuring
—
25
—
45
Other restructuring
11
12
18
35
UpLift transformation costs
—
18
—
41
Separation-related adjustments 1
—
9
5
61
Litigation-related settlement costs 2
—
—
—
21
Held for sale impairment
—
—
—
10
Other, net
1
1
—
1
Total Otis Adjusted Operating Profit
$ 587
$ 612
$ 1,137
$ 1,172
Reported Total Operating Profit Margin
14.9 %
15.2 %
15.0 %
13.8 %
Adjusted Total Operating Profit Margin
15.2 %
17.0 %
15.3 %
16.9 %
1 Separation-related adjustments in the quarters and six months ended June 30, 2026 and 2025 represent estimated amounts
due to RTX Corporation (our former parent) in accordance with the Tax Matters Agreement, including those amounts related
to a favorable ruling received in August 2024 regarding a tax litigation in Germany.
2 Litigation-related settlement costs in the six months ended June 30, 2025 represent the aggregate amount of settlement costs
and increase in loss contingency accruals, excluding legal costs, for certain legal matters that are outside of the ordinary
course of business due to the size, complexity and/or unique facts of these matters.
Otis Worldwide Corporation
Reconciliation of Reported (GAAP) to Adjusted (Non-GAAP) Net Income, Earnings Per Share, and Effective Tax Rate
Quarter Ended June 30,
Six Months Ended June 30,
(Unaudited)
(Unaudited)
(dollars in millions, except per share amounts)
2026
2025
2026
2025
Adjusted Operating Profit
$ 587
$ 612
$ 1,137
$ 1,172
Non-service pension cost (benefit)
2
—
2
—
Adjusted net interest expense 1, 2
68
57
127
103
Adjusted income from operations before income taxes
517
555
1,008
1,069
Income tax expense (benefit)
98
98
225
208
Tax impact on restructuring and non-recurring items
—
11
4
32
Non-recurring tax items 2
20
12
20
12
Adjusted net income from operations
399
434
759
817
Adjusted noncontrolling interest 2, 3
10
18
23
33
Adjusted net income attributable to common
shareholders
$ 389
$ 416
$ 736
$ 784
GAAP net income attributable to common shareholders
$ 428
$ 393
$ 768
$ 636
UpLift restructuring
—
25
—
45
Other restructuring
11
12
18
35
UpLift transformation costs
—
18
—
41
Separation-related adjustments
—
9
5
61
Litigation-related settlement costs
—
—
—
21
Held for sale impairment
—
—
—
10
Interest income related to non-recurring tax items 1, 2
(31)
(15)
(31)
(16)
Tax effects of restructuring, non-recurring items and other
adjustments
—
(11)
(4)
(32)
Non-recurring tax items 2
(20)
(12)
(20)
(12)
Other, net 3
1
(3)
—
(5)
Adjusted net income attributable to common
shareholders
$ 389
$ 416
$ 736
$ 784
Diluted Earnings Per Share
$ 1.12
$ 0.99
$ 1.99
$ 1.60
Impact to diluted earnings per share
(0.11)
0.06
(0.09)
0.37
Adjusted Diluted Earnings Per Share
$ 1.01
$ 1.05
$ 1.90
$ 1.97
Effective Tax Rate
17.9 %
18.8 %
21.9 %
23.4 %
Impact of adjustments on effective tax rate
4.9 %
3.0 %
2.8 %
0.2 %
Adjusted Effective Tax Rate
22.8 %
21.8 %
24.7 %
23.6 %
1 In August 2024, we received a favorable ruling regarding a tax litigation in Germany. As a result, income tax benefits and
related interest income were recorded in 2024. Net interest expense is reflected as adjusted without $7 million of interest
income for the quarter and six months ended June 30, 2026, compared to $1 million and $2 million for the same periods in
2025.
2 Certain tax reserves were adjusted in the second quarter of 2026 and 2025. As a result, Net interest expense and
Noncontrolling interest are reflected as adjusted without $35 million of interest income and $11 million of the noncontrolling
interest share of the reserves adjustments, respectively, for the quarter and six months ended June 30, 2026, compared to
$30 million and $16 million, respectively, for the same periods in 2025.
3 Noncontrolling interest is reflected as adjusted without $4 million and $6 million of the noncontrolling interest share of
Other restructuring for the quarter and six months ended June 30, 2025.
Otis Worldwide Corporation
Components of Changes in Net Sales
Quarter Ended June 30, 2026 Compared with Quarter Ended June 30, 2025
Factors Contributing to Total % Change in Net Sales
Organic
FX
Translation
Acquisitions /
Divestitures,
net and Other
Total
New Equipment
(1) %
1 %
— %
— %
Service
9 %
1 %
1 %
11 %
Maintenance and Repair
6 %
1 %
1 %
8 %
Modernization
24 %
— %
2 %
26 %
Total Net Sales
6 %
1 %
— %
7 %
Six Months Ended June 30, 2026 Compared with Six Months Ended June 30, 2025
Factors Contributing to Total % Change in Net Sales
Organic
FX
Translation
Acquisitions /
Divestitures,
net and Other
Total
New Equipment
(3) %
3 %
— %
— %
Service
7 %
3 %
1 %
11 %
Maintenance and Repair
5 %
3 %
1 %
9 %
Modernization
16 %
2 %
— %
18 %
Total Net Sales
4 %
3 %
— %
7 %
Components of Changes in New Equipment Backlog
June 30, 2026
Y/Y Growth %
New Equipment Backlog increase at actual currency
3 %
Foreign exchange impact to New Equipment Backlog
1 %
New Equipment Backlog increase at constant currency
4 %
Components of Changes in Modernization Backlog
June 30, 2026
Y/Y Growth %
Modernization Backlog increase at actual currency
24 %
Foreign exchange impact to Modernization Backlog
2 %
Modernization Backlog increase at constant currency
26 %
Otis Worldwide Corporation
Reconciliation of Segment and Total Adjusted Operating Profit at Constant Currency
Quarter Ended June 30, 2026 Compared with Quarter Ended June 30, 2025
(dollars in millions)
2026
2025
Y/Y
New Equipment
Segment Operating Profit
$ 40
$ 68
$ (28)
Impact of foreign exchange
(2)
—
(2)
Segment Operating Profit at constant currency
$ 38
$ 68
$ (30)
Service
Segment Operating Profit
$ 599
$ 578
$ 21
Impact of foreign exchange
(5)
—
(5)
Segment Operating Profit at constant currency
$ 594
$ 578
$ 16
Otis Consolidated
Adjusted Operating Profit
$ 587
$ 612
$ (25)
Impact of foreign exchange
(7)
—
(7)
Adjusted Operating Profit at constant currency
$ 580
$ 612
$ (32)
Six Months Ended June 30, 2026 Compared with Six Months Ended June 30, 2025
Net cash flows provided by operating activities (GAAP)
$ 267
$ 215
$ 680
$ 405
Capital expenditures
(44)
(36)
(77)
(70)
Free cash flow (Non-GAAP)
223
179
603
335
Adjustments for:
UpLift restructuring payments
6
8
14
19
UpLift transformation payments
7
14
11
33
Separation-related payments 1
57
72
63
72
German Tax Litigation refunds 2
(3)
(30)
(129)
(30)
Adjusted free cash flow (Non-GAAP)
$ 290
$ 243
$ 562
$ 429
1 These represent payments to RTX Corporation (our former parent) in accordance with the Tax Matters Agreement.
2 In August 2024, we received a favorable ruling regarding a tax litigation in Germany. The Company began receiving
refunds during 2025 and anticipates the refund process to continue through 2026.
Media Contact:
Katy Padgett
+1-860-674-3047
[email protected]
