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It has been about a month since the last earnings report for Carvana (CVNA - Free Report) . Shares have added about 20.6% in that time frame, outperforming the S&P 500.

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

Carvana Q2 Earnings Match EstimatesCarvana reported earnings of 42 cents per share for the second quarter of 2026, in line with the Zacks Consensus Estimate. Earnings rose 61.5% year over year. Revenues of $7.37 billion increased 52.4% year over year and topped the consensus mark of $6.99 billion by 5.5%. The top-line beat reflected record retail volume and strong vehicle pricing.

Retail Volume Reaches a RecordRetail vehicle sales increased 61.7% to $5.5 billion, supported by a 17.4% rise in revenue per retail unit to $27,908. Retail units sold advanced 37.7% to 197,325. Retail volumes have nearly doubled over the past two years and continued to outpace an industry that declined year over year. Wholesale sales and revenues grew 31.2% to $1.34 billion, while wholesale unit sales climbed 44.4% to 105,052.

Gross Profit Rises, GPU DeclinesTotal gross profit increased 30.1% to $1.38 billion. Retail vehicle gross profit rose 34.4% to $700 million, wholesale gross profit advanced 19.7% to $158 million and other gross profit grew 28.0% to $526 million.

However, total gross profit per unit fell $412 to $7,014, and non-GAAP GPU declined $455 to $7,125. On a sequential basis, total gross profit and non-GAAP GPU improved by $231 and $214, respectively.

Margins Reflect Growth InvestmentsOperating income increased to $680 million from $511 million, but adjusted EBITDA margin contracted to 10.4% from 12.4%. Adjusted EBITDA rose to $769 million from $601 million, showing strong dollar profit growth even as the margin narrowed.

Net income advanced 66.6% to $513 million. Selling, general and administrative expenses increased to $704 million from $551 million as advertising, logistics and other costs rose.

Carvana Expands Production CapacityInventory selection remains central to the company’s growth plan. Carvana integrated retail production capabilities at three additional ADESA sites during the quarter, bringing the total to 19, and began construction on its first full buildout at an ADESA location.

The current footprint provides fully built-out annual capacity for about 1.5 million retail units, with additional real estate available for expansion. The new full buildout is expected to begin producing vehicles in early 2027.

Cash and LiquidityCash and cash equivalents totaled $2.63 billion as of June 30, 2026, up from $2.32 billion at year-end 2025. Committed liquidity resources were $4.67 billion, while total liquidity resources increased to $7 billion from $6.74 billion. For the first six months of 2026, net cash provided by operating activities rose to $345 million from $261 million.

Full-Year EBITDA OutlookFor the third quarter, management expects retail units sold to increase sequentially from the second quarter. For full-year 2026, Carvana projects adjusted EBITDA of $2.7-$3 billion, compared with $2.24 billion in 2025. It also reiterated its long-term path toward selling 3 million vehicles annually and achieving a 13.5% adjusted EBITDA margin between 2030 and 2035.

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

The consensus estimate has shifted 7.89% due to these changes.

VGM ScoresAt this time, Carvana has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. Charting a somewhat similar path, the stock has a grade of F on the value side, putting it in the fifth quintile for this investment strategy.

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

Outlook Carvana has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Callan Family Office LLC acquired a new position in Tapestry, Inc. (NYSE:TPR – Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 4,970 shares of the luxury accessories retailer’s stock, valued at approximately $727,000.

Several other large investors also recently added to or reduced their stakes in TPR. World Investment Advisors increased its holdings in Tapestry by 3.6% during the first quarter. World Investment Advisors now owns 1,979 shares of the luxury accessories retailer’s stock valued at $279,000 after buying an additional 69 shares during the last quarter. Horizon Bancorp Inc. IN raised its position in Tapestry by 4.7% in the first quarter. Horizon Bancorp Inc. IN now owns 1,575 shares of the luxury accessories retailer’s stock worth $222,000 after acquiring an additional 71 shares during the period. Smartleaf Asset Management LLC boosted its stake in shares of Tapestry by 2.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,682 shares of the luxury accessories retailer’s stock worth $477,000 after acquiring an additional 73 shares during the last quarter. Eastern Bank boosted its stake in shares of Tapestry by 24.4% during the 2nd quarter. Eastern Bank now owns 392 shares of the luxury accessories retailer’s stock worth $57,000 after acquiring an additional 77 shares during the last quarter. Finally, NewEdge Wealth LLC grew its position in shares of Tapestry by 2.7% during the 1st quarter. NewEdge Wealth LLC now owns 3,186 shares of the luxury accessories retailer’s stock valued at $450,000 after acquiring an additional 85 shares during the period. 90.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Tapestry In related news, CEO Joanne C. Crevoiserat sold 27,761 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the completion of the sale, the chief executive officer owned 666,149 shares in the company, valued at approximately $88,244,758.03. This trade represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is currently owned by company insiders.

Tapestry Stock Up 1.5% TPR opened at $132.16 on Tuesday. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75. Tapestry, Inc. has a fifty-two week low of $93.00 and a fifty-two week high of $164.80. The firm’s fifty day moving average is $144.75 and its 200 day moving average is $144.91. The stock has a market cap of $26.35 billion, a price-to-earnings ratio of 18.13, a price-to-earnings-growth ratio of 1.65 and a beta of 1.43. Tapestry (NYSE:TPR – Get Free Report) last issued its earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.04. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The company had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same quarter in the prior year, the firm posted $1.04 EPS. Tapestry’s quarterly revenue was up 8.9% compared to the same quarter last year. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, sell-side analysts forecast that Tapestry, Inc. will post 7.94 earnings per share for the current fiscal year.

Tapestry Increases Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, September 4th will be paid a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.4%. This is a positive change from Tapestry’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, September 4th. Tapestry’s dividend payout ratio is currently 21.95%.

Analyst Ratings Changes Several research firms have recently commented on TPR. Daiwa Securities Group upgraded Tapestry from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 17th. Citigroup boosted their price target on Tapestry from $165.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. UBS Group upped their price target on Tapestry from $230.00 to $232.00 and gave the stock a “buy” rating in a research report on Friday, August 14th. Evercore set a $175.00 price objective on Tapestry in a research note on Friday, May 8th. Finally, Zacks Research cut Tapestry from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $175.12.

Get Our Latest Analysis on TPR

Tapestry Profile (Free Report)

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry’s operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.

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Rivian (RIVN.O) CFO Claire McDonough has decided to leave the company to join GE Vernova (GEV.N) in the same role, ​just as the electric vehicle maker ramps up rollout of its ‌more affordable SUVs amid fragile EV demand in the U.S.

McDonough will join GE Vernova later this year and take on the CFO role at the beginning of 2027, succeeding the retiring Ken Parks, ​the company said.

Parks joined the power equipment maker ahead of its 2024 spin-off from ​General Electric (GE.N) and helped build its financial infrastructure as a ⁠standalone public firm.

McDonough, a former banker with JPMorgan and Credit Suisse, joined ​Irvine, California-based Rivian early in 2021 and took the company through its initial ​public offering.

She played a key role in the launch of Rivian's flagship R1T pickups and R1S SUVs, while leading cost-cutting and fundraising efforts as the company races to build a ​new plant, develop self-driving technology and aims to turn profitable.

Her exit comes ​at a crucial time for Rivian. The company started delivering its lower-priced R2 SUVs in ‌June ⁠and raised its annual delivery forecast last month, buoyed by optimism over the vehicles that are seen as critical to the company's success.

Shares of Rivian were down more than 1% in extended trading.

McDonough will help with the transition and step ​down at the ​end of October, ⁠Rivian said, adding that the search for her replacement was underway. The company's vice president of finance, Derek Mulvey, ​is expected to take over in the interim.

At GE Vernova, she will ​be tasked ⁠with boosting profitability at a time when rapid AI data center expansion is driving strong demand for gas turbines and grid equipment. The company, however, is ⁠seeing widening ​losses in its wind energy business amid weak ​onshore demand and higher project costs.

Key Takeaways Robinhood posted record H1 revenues of $2.38B, up 24%, as EPS climbed nearly 27% to $1.00.HOOD's prediction-market revenues surged to $260M, while crypto revenues fell 43% to $234M.Robinhood trades at 11.4X tangible book, well above the 3.33X industry average, raising valuation risk. Robinhood Markets (HOOD - Free Report) has evolved well beyond its roots as a commission-free stock-trading app. Strong customer engagement, record asset inflows, growing transaction volumes and rapid expansion across prediction markets, credit cards, banking, retirement and wealth management have created multiple growth avenues. This momentum was evident in the first half of 2026, when Robinhood posted record revenues and robust earnings growth.

Much of this optimism is reflected in the stock’s valuation. At $109.76 as of Aug. 27, Robinhood trades at 11.4X trailing 12-month tangible book, well above the industry average of 3.33X.

Robinhood’s P/TB TTM
 

Image Source: Zacks Investment Research

Also, HOOD stock is expensive compared with its peers – Charles Schwab (SCHW - Free Report) and Interactive Brokers (IBKR - Free Report) . Schwab and Interactive Brokers have a trailing 12-month P/TB of 7.71X and 1.95X, respectively.

Robinhood’s faster growth, younger customer base, digital-first platform and exposure to emerging businesses warrant some premium. Nevertheless, the gap leaves little room for disappointing execution. Investors considering the stock must therefore determine whether the company’s rapidly expanding financial ecosystem can generate enough sustained earnings growth to justify such a steep price.

Strong H1 Results Underpin HOOD’s Growth StoryRobinhood entered the second half of 2026 with substantial momentum. For the first six months of 2026, net revenues increased 24% year over year to a record $2.38 billion. Earnings per share rose nearly 27% to $1.00, while adjusted EBITDA grew 25% to $1.28 billion.

Quarterly Revenue Trend
 

Image Source: Zacks Investment Research

Trading remained a major growth engine. Transaction-based revenues rose 25% to $1.4 billion. Options revenues increased 19% year over year to $602 million, while equities revenues jumped 73% to $211 million. Prediction-market event contracts emerged as a key growth driver, generating $260 million in revenues compared with just $13 million in the prior-year period. The weak spot was cryptocurrencies, where revenues declined 43% to $234 million.

Importantly, Robinhood's expansion is no longer solely a trading-volume story. As of June 30, 2026, funded customers increased 7% year over year to 28.4 million, Gold subscribers surged 39% to a record 4.8 million and average revenue per user climbed 24% to $187. Total Platform Assets advanced 32% to $369 billion, while Robinhood recorded net deposits of approximately $39.7 billion in the first six months of 2026, including $21.7 billion in the second quarter alone, highlighting sustained customer asset inflows.

Momentum continued into July. Funded customers edged up to 28.5 million, while trailing-12-month net deposits reached $74.9 billion, representing 25% growth rate relative to July 2025 Platform Assets. Such consistent organic inflows indicate that Robinhood is capturing a larger share of customers’ investable assets.

New Businesses Broaden Robinhood’s Growth RunwayAnother reason investors have assigned HOOD a premium valuation is its expanding product ecosystem.

The company now says 13 business lines have reached at least $100 million in annualized revenues. Its Gold Card has crossed 1 million customers, Robinhood Banking held more than $3 billion in deposits at the end of the quarter and Robinhood Strategies had attracted more than 300,000 funded customers and nearly $2 billion in assets. TradePMR's platform had reached $50 billion in assets under management.

Internationally, Robinhood surpassed 1 million funded customers outside the United States and completed its WonderFi acquisition in Canada during the second quarter. Robinhood Singapore received a capital markets services license on July 1, while Robinhood U.K. entered the FCA cryptoasset register on July 31 and launched crypto trading earlier this month. Robinhood Chain also moved to a public mainnet in July, and by Aug. 10, 2026, it had generated more than $18 billion in decentralized-exchange volume and exceeded $840 million in total value locked.

Stock Tokens are available to eligible users in more than 120 countries, while Robinhood Earn had attracted more than $200 million in deposits by July-end. These initiatives broaden Robinhood's geographic reach and crypto use cases. If Robinhood can successfully cross-sell these services, higher customer lifetime values and more recurring revenues could support long-term margin expansion.

Likewise, Interactive Brokers and Schwab have been expanding their product suites aggressively. Interactive Brokers is broadening its product ecosystem beyond traditional stocks and options by expanding into crypto and crypto futures, prediction markets, AI-enabled trading tools and new international markets. This diversification strengthens client engagement while positioning IBKR as a multi-asset, global trading platform.

Meanwhile, Schwab is diversifying beyond brokerage into wealth management, advisory, banking, lending, retirement and asset management. SCHW’s fee-based assets, net interest income and broader financial services reduce commission dependence, support steadier revenues and deepen client relationships.

Robinhood’s Growth Prospects Remain FavorableRobinhood’s long-term earnings picture remains compelling, although near-term growth is expected to moderate after substantial gains in recent years.

The Zacks Consensus Estimate for 2026 revenues is $5.08 billion, implying 13.7% year-over-year growth. On the other hand, earnings are projected to decline 0.5% to $2.04. However, growth is expected to accelerate next year, with revenues likely to jump 25.5% to $6.38 billion and earnings are projected to surge 31.2% to $2.69.

Earnings Estimates
 

Image Source: Zacks Investment Research

Asset growth, margin lending, prediction markets, Gold adoption, retirement assets, advisory services and international expansion offer meaningful upside to these estimates. Robinhood’s increasing scale could also generate operating leverage if revenues continue expanding faster than expenses.

Robinhood's liquidity position supports reinvestment, acquisitions and shareholder returns while management continues to manage share count. As of June 30, 2026, cash and cash equivalents were $5.4 billion, and corporate cash, investments and stablecoin totaled $5.6 billion. The company also had $4.9 billion of available lines of credit. In June, Robinhood raised $2.2 billion through 0% convertible senior notes due in October 2029. Thus, a solid liquidity position supports its capital distributions.

Though the company doesn’t pay dividends, it has been actively engaged in share repurchases. In March, the board refreshed the share buyback authorization to $1.5 billion, which management expects to complete over roughly the next three years. As of June 30, 2026, roughly $1.37 billion worth of shares remained available for buyback. Given decent liquidity and balance sheet position, the company’s share repurchases will likely be sustainable.

Robinhood: Risks That Should Not Be IgnoredRobinhood remains exposed to trading volumes, cryptocurrency prices and broader investor sentiment. Crypto transaction revenues have been declining for the last few quarters, demonstrating the volatility inherent in this business.

Costs also warrant attention. Operating expenses increased to $1.39 billion in the first half from $1.11 billion. First-half provisions for credit losses climbed to $92 million from $52 million as Robinhood expanded its credit-card operations.

Further, rapid expansion into prediction markets, cryptocurrencies, lending and international markets increases regulatory and execution risks. A slowdown in retail trading activity, weaker market conditions or regulatory restrictions on high-growth businesses could pressure revenues while simultaneously compressing Robinhood’s premium valuation.

Is Robinhood Stock Worth Betting on?Following a solid performance in 2025, Robinhood shares have struggled this year and are down 3% amid the crypto-market downturn against the industry’s growth of 10.7%. Although robust equities, options and prediction market activities have partly cushioned the impact, crypto weakness continues to weigh on investor sentiment.

Also, Robinhood shares have underperformed Schwab and Interactive Brokers over the same time frame.

YTD Price Performance
 

Image Source: Zacks Investment Research

Robinhood’s underlying growth story remains compelling. Record revenues, robust net deposits, expanding customer assets and a rapidly diversifying product suite suggest that the company has considerable room to grow. New businesses such as prediction markets, Gold, banking, credit cards and advisory services could make revenues more diversified and strengthen customer retention.

However, the stock price already reflects substantial expectations. With HOOD trading at a premium, investors are paying today for considerable future growth. The company must therefore continue delivering strong asset inflows, successful product adoption and above-average earnings expansion to justify its premium.

For growth-oriented investors willing to tolerate considerable volatility, Robinhood remains an intriguing long-term story. However, given its elevated valuation and exposure to market, regulatory and execution risks, investors may find the risk-reward equation more compelling following a meaningful pullback rather than chasing the stock at current premium levels.

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

It has been about a month since the last earnings report for Chipotle Mexican Grill (CMG - Free Report) . Shares have lost about 3.4% in that time frame, underperforming the S&P 500.

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

Chipotle Q2 Earnings & Revenues Beat EstimatesChipotle reported second-quarter 2026 results, with earnings and revenues beating the Zacks Consensus Estimate. The top line increased year over year, while adjusted earnings remained unchanged from the prior-year quarter.

The company benefited from new restaurant openings, positive comparable restaurant sales and transaction growth. Marketing initiatives, menu innovation, Chipotle Rewards engagement and hospitality investments also supported performance. However, inflation, higher ingredient usage and increased operating expenses pressured margins.

CMG’s Q2 Earnings & Revenue DiscussionFor the quarter under review, CMG reported adjusted earnings per share of 33 cents, beating the Zacks Consensus Estimate of 32 cents by 3.13%. The bottom line remained unchanged from the year-ago quarter.

Quarterly revenues of $3.35 billion surpassed the consensus mark of $3.32 billion by 0.81%. The top line increased 9.3% year over year, driven primarily by new restaurant openings and comparable restaurant sales growth.

Comparable restaurant sales increased 2.2% against a 4% decline reported in the prior-year quarter. The improvement reflected a 1% increase in transactions and a 1.2% rise in average check.

During the second quarter, digital sales contributed 38.3% to total food and beverage revenues, up from 35.5% in the year-ago period. The Rewards relaunch, Summer of Extras campaign and new in-restaurant enrollment tools supported digital engagement.

CMG’s Q2 Costs, Operating Highlights & Net IncomeFood, beverage and packaging costs, as a percentage of revenues, were 29.7%, up from 28.9% in the year-ago quarter. The increase reflected inflation in beef and freight, along with higher protein and produce usage. Menu price increases and lower avocado and dairy costs partly offset these pressures.

Labor costs as a percentage of revenues came in at 25% compared with 24.7% reported in the prior-year quarter. The rise was attributable to wage inflation, performance-based bonuses and additional restaurant labor supporting operational and hospitality initiatives. Other operating costs represented 14.9% of revenues compared with 14% a year ago. Higher marketing, insurance, maintenance and utility expenses contributed to the increase.

In the second quarter, restaurant-level operating margin came in at 25.2% compared with 27.4% reported in the prior-year quarter. We predicted the metric to be 25%. Operating margin in the quarter declined 250 basis points year over year to 15.7%. We predicted the metric to be 15.9%.

Adjusted net income totaled $418.9 million compared with $450.4 million in the prior-year quarter. Our estimate for the metric was $418.8 million.

Balance Sheet of ChipotleAs of June 30, 2026, Chipotle had cash and cash equivalents of $228.2 million compared with $350.5 million as of Dec. 31, 2025.

During the quarter, CMG repurchased $630.7 million of stock at an average price of $32.55 per share. The company had $1.7 billion remaining under its share repurchase authorizations at quarter-end. For the first six months of 2026, net cash provided by operating activities was $1.33 billion compared with $1.12 billion in the year-ago period.

Chipotle’s Restaurant OpeningsStrength in new restaurant openings aided the company’s performance in the second quarter. Chipotle opened 100 company-owned restaurants, of which 80 featured a Chipotlane. It also opened one international partner-operated restaurant.

As of June 30, 2026, the company operated 4,186 company-owned restaurants and 15 partner-operated locations. Average restaurant sales were $3.102 million compared with $3.142 million in the prior-year quarter.

Chipotlanes continued to support guest convenience, new restaurant sales, margins and returns. Management remains confident in the company’s ability to operate at least 7,000 restaurants across North America.

CMG’s 2026 OutlookFor 2026, management now expects comparable restaurant sales growth in the low-single-digit range.

The company continues to anticipate 350-370 new restaurant openings, including 10-15 international partner-operated restaurants. Around 80% of new company-owned restaurants are expected to feature a Chipotlane.

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

VGM ScoresAt this time, Chipotle has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with a D. Following the exact same course, the stock has a grade of D on the value side, putting it in the bottom 40% for value investors.

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

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

Key Takeaways PBF gained 19.3% in a month as refinery availability and margins improved.Martinez's restart and rising West Coast margins strengthened PBF's refining performance.PBF's five-year-high sales multiple, RFS costs and planned maintenance could test momentum. PBF Energy Inc. (PBF - Free Report) shares have gained 19.3% in the past month, extending a sharp rerating as refinery availability and margins improve. The Zacks Consensus Estimate for 2026 earnings has increased 43.9% over the past four weeks, adding fundamental support to the move.

Image Source: Zacks Investment Research

The question is how much of that improvement is already reflected in the shares. PBF’s diversified refining system, Martinez restart and cost program add support, while a five-year-high sales multiple, renewable-fuel costs and scheduled maintenance create clear tests for the run.

PBF's Refinery Footprint Supports Margin CapturePBF’s six-refinery network spans East Coast, Gulf Coast, West Coast and Mid-Continent markets, with about 1 million barrels per day of aggregate processing capacity. A weighted-average Nelson Complexity Index of 12.8 supports varied crude slates, broadening the company’s options for margin capture.

Management expects product inventories to remain unusually low, with normalization taking well into 2027. It also does not expect crude availability to constrain operations, an important advantage while global trade flows remain disrupted.

Martinez Restores PBF's West Coast CapacityMartinez returned to full operations in May 2026 and has produced its full product slate since the fire-affected units restarted. That restored a key part of PBF’s West Coast system just as regional product availability tightened.

West Coast throughput increased 32.6% year over year to 269,900 barrels per day in the second quarter. The region’s gross refining margin, excluding special items, reached $30.16 per barrel, up from $9.35 a year earlier.

PBF's Cost Program and Lower Debt Add SupportThe Refining Business Improvement program is lowering PBF’s structural cost base. Run-rate cost improvements exceeded $230 million by year-end 2025 and are expected to surpass $350 million by year-end 2026, with energy efficiency and procurement initiatives contributing.

Balance-sheet repair adds another layer of flexibility. PBF cut net debt by more than 62% in the second quarter to about $855 million, while operational liquidity exceeded $3.5 billion at June 30.

PBF's Valuation Tests What May Be Priced InPBF trades at 0.26X forward 12-month sales, well below the Zacks sub-industry’s 1.61X. Yet 0.26X is also the top of PBF’s five-year range, versus a median of 0.12X, suggesting the stock is no longer cheap relative to its own history.

Delek US Holdings, Inc. (DK - Free Report) reported second-quarter 2026 refining adjusted EBITDA of $566.2 million, up from $114.8 million a year earlier, showing the broader benefit from stronger crack spreads. Valero Energy Corporation (VLO - Free Report) likewise posted refining operating income of $4.5 billion, up from $1.3 billion a year earlier. Peer strength supports the refining backdrop but does not remove PBF’s company-specific valuation tension.

RFS Costs and Turnarounds Could Test PBF's RunRenewable Fuel Standard compliance costs more than doubled to $331.3 million in the second quarter from $165 million a year earlier. First-half costs reached $609.3 million versus $285 million, showing how environmental-credit obligations can absorb part of the margin uplift.

Maintenance remains another test. Martinez’s hydrocracker turnaround is scheduled from late in the third quarter through October, while Paulsboro’s crude-unit work remains planned for late fall. Ongoing Martinez regulatory investigations add another source of uncertainty.

Strong PBF Signals Reinforce the Momentum SetupPBF’s momentum still has fundamental support, but the next leg depends on capturing favorable refining margins while controlling compliance costs and downtime. The stock’s own five-year valuation range leaves less room for execution misses than the sub-industry discount alone suggests.

PBF currently carries a Zacks Rank #1 (Strong Buy), a Value Score of A, Growth Score of A, Momentum Score of B and VGM Score of A. The top Rank points to favorable near-term estimate-revision trends, while the Style Scores indicate a strong mix of value, growth and momentum characteristics. Those signals support the setup without eliminating refining-cycle or execution risk.

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

, /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today announced plans to launch financially-settled Wind Power futures and options in the fourth quarter, pending regulatory review. These new tools will help market participants manage risk associated with wind power generation, extending CME Group's suite of market-leading energy products.

Based on indices provided by Vaisala Xweather, the new futures will track and settle against independent datasets that model projected wind power output at designated locations. The new contracts add to CME Group's market-leading product offerings that help customers navigate the energy transition, including Henry Hub Natural Gas and Weather futures.

The regions selected have either a significant amount of installed capacity or a notable percentage of their electricity comes from wind generation. The five contracts cover four key global power regions:

Wind Power Germany ERA5 100m 2019 Index Wind Power Germany ERA5 100m 2022 B Index Wind Power UK ERA5 100m 2022 Index Wind Power Australia VIC 2024-06 Index Wind Power U.S. Texas ERCOT ERA5 100m 2022 Index "As wind power accounts for a growing share of electricity generation, hedging renewable energy markets has never been more important," said Peter Keavey, Managing Director and Global Head of Energy Products at CME Group. "Our new Wind futures and options contracts will provide  market participants with a standardized, exchange-cleared solution to manage their exposure to fluctuating wind production impacting the power stack – all on the same platform as Natural Gas, Power, and Weather."

"Our work with CME Group brings the same independent, trusted, and rigorously modeled data behind temperature contracts to wind power, giving traders, utilities, and renewable operators a standardized way to manage the financial effects of an increasingly extreme weather environment," said David Whitehead, general manager of insurance sales at Vaisala Xweather. "It's a natural extension of the datasets our settlement services team has previously provided CME Group with, and we're excited to help scale the market for exchange-listed renewable weather derivatives across the US, Europe, and Australia."

Unlike traditional commodities, electricity must be generated the moment it is consumed. To maintain the balance between supply and demand, the energy grid relies on a diversified portfolio of sources. For natural gas and power traders, wind is the key variable – it dictates the marginal cost of energy and signals precisely when gas plants will turn on and when power prices are likely to move. Wind power generation grew by approximately 8% last year, according to the International Energy Agency.

CME Group offers the world's leading benchmark futures for energy. Average daily volume for Henry Hub, the world's leading benchmark futures for natural gas, reached a record ADV of 1 million futures and options contracts in the first quarter of 2026. In addition, weather contracts ADV grew 13% to 1,000 contracts a day in the first half of the year and average open interest climbed 58% to 73,000 contracts a day.

Wind Power futures and options will be listed on and subject to the rules of NYMEX. To learn more, visit here.

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Total Revenues of $928.0M, up 18% Year Over Year
Subscription Revenues of $766.8M, up 16% Year Over Year

, /PRNewswire/ -- Veeva Systems Inc. (NYSE: VEEV), a leading provider of industry cloud solutions for the global life sciences industry, today announced results for its second quarter ended July 31, 2026.

"AI is opening up the next big chapter for Veeva and life sciences," said CEO Peter Gassner. "Vault CRM had its best quarter ever and Veeva Falcon accelerated rapidly. By bringing together deep industry applications, agents, data, and consulting, we are helping the industry drive new efficiencies from clinical to commercial and deliver better outcomes for patients."

Fiscal 2027 Second Quarter Results:

Revenues: Total revenues for the second quarter were $928.0 million, up from $789.1 million one year ago, an increase of 18% year over year. Subscription revenues for the second quarter were $766.8 million, up from $659.2 million one year ago, an increase of 16% year over year. Operating Income and Non-GAAP Operating Income:(1) Second quarter operating income was $275.0 million, compared to $195.9 million one year ago, an increase of 40% year over year. Non-GAAP operating income for the second quarter was $415.9 million, compared to $352.6 million one year ago, an increase of 18% year over year. Net Income and Non-GAAP Net Income:(1) Second quarter net income was $273.4 million, compared to $200.3 million one year ago, an increase of 37% year over year. Non-GAAP net income for the second quarter was $387.4 million, compared to $333.4 million one year ago, an increase of 16% year over year. Net Income per Share and Non-GAAP Net Income per Share:(1) For the second quarter, fully diluted net income per share was $1.66, compared to $1.19 one year ago, while non-GAAP fully diluted net income per share was $2.35, compared to $1.99 one year ago. "Second quarter results exceeded guidance on all metrics and our view for the full year improved across the board," said CFO Brian Van Wagener. "We continue to execute well across the business while also accelerating innovation and progress in new growth areas."

Recent Highlights:

Vault CRM Leadership Grows with More Top 20 Wins, Go-lives, and AI Adoption – Vault CRM leadership grew with more than 180 customers live, including five top 20 biopharmas. In August, two top 20 biopharmas and one large enterprise biopharma committed to Vault CRM, bringing total top 20 commitments to 12 globally. As the industry's fastest path to agentic CRM, a top 20 biopharma deployed Vault CRM and the Agentic Call Report across its full U.S. field team in the quarter. Major AI Milestones for Vault AI and Falcon, and Agentic MLR Launches – Veeva AI advanced rapidly across all areas. Development of Veeva Falcon, the agentic labor platform for clinical, regulatory, and safety, is moving quickly with five early adopters and on track for initial go-lives this year. The company also acquired Copli in the quarter and launched Veeva Falcon MLR to automate content reviews. August marked a major milestone for Vault AI with new standard agents, broader capabilities for existing agents, and advanced tools for custom agent development. Delivering the Connected Foundation for R&D and Quality – Development Cloud and Quality Cloud saw broad adoption, deepening relationships with new and existing customers. In clinical, a large enterprise biopharma selected Veeva EDC, building on its existing eTMF, CTMS, and Study Startup foundation. Veeva Safety surpassed 100 total customers while securing its second top 20 biopharma win for Safety Workbench. In Quality, Veeva added more than 30 new customers, driven by 20 or more wins each across QualityDocs, QMS, and Training. Financial Outlook:

Veeva is providing guidance for its fiscal third quarter ending October 31, 2026 as follows:

Total revenues between $932 and $935 million. Non-GAAP operating income between $417 and $420 million.(2) Non-GAAP fully diluted net income per share between $2.33 and $2.34.(2) Veeva is providing updated guidance for its fiscal year ending January 31, 2027 as follows:

Total revenues between $3,682 and $3,687 million. Non-GAAP operating income of about $1,640 million.(2) Non-GAAP fully diluted net income per share of approximately $9.21.(2) Conference Call Information

Prepared remarks and an investor presentation providing additional information and analysis can be found on Veeva's investor relations website at ir.veeva.com. Veeva will host a Q&A conference call at 2:00 p.m. PT today, August 26, 2026, and a replay of the call will be available on Veeva's investor relations website.

(1) This press release uses non-GAAP financial metrics that are adjusted for the impact of various GAAP items. See the section titled "Non-GAAP Financial Measures" and the tables entitled "Reconciliation of GAAP to Non-GAAP Financial Measures" below for details.

(2) Veeva is not able, at this time, to provide GAAP targets for operating income and fully diluted net income per share for the third fiscal quarter ending October 31, 2026 or the fiscal year ending January 31, 2027 because of the difficulty of estimating certain items excluded from non-GAAP operating income and non-GAAP fully diluted net income per share that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant.

About Veeva Systems

Veeva delivers the industry cloud for life sciences with applications, agents, data, and consulting. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,500 customers, ranging from the world's largest pharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders and the industries it serves. For more information, visit veeva.com.

Veeva uses its ir.veeva.com website as a means of disclosing material non-public information, announcing upcoming investor conferences, and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings, and public conference calls and webcasts.

Forward-looking Statements

This release contains forward-looking statements regarding Veeva's expected future performance and, in particular, includes quotes from management and guidance, provided as of August 26, 2026, about Veeva's expected future financial results. Estimating guidance accurately for future periods is difficult. It involves assumptions and internal estimates that may prove to be incorrect and is based on plans that may change. Hence, there is a significant risk that actual results could differ materially from the guidance we have provided in this release and we have no obligation to update such guidance. There are also numerous risks that have the potential to negatively impact our financial performance, including issues related to the performance, availability, security, or privacy of our products, competitive factors, customer decisions and priorities, developments that impact the life sciences industry (including regulatory, funding, or policy changes), general macroeconomic and geopolitical events (including changes in trade policy or practices, inflationary pressures, currency exchange fluctuations, changes in interest rates, and geopolitical conflicts), and issues that impact our ability to hire, retain and adequately compensate talented employees. We have summarized what we believe are the principal risks to our business in a section titled "Summary of Risk Factors" on pages 33 and 34 in our filing on Form 10-Q for the period ended April 30, 2026 which you can find here. Additional details on the risks and uncertainties that may impact our business can be found in the same filing on Form 10-Q and in our subsequent SEC filings, which you can access at sec.gov. We recommend that you familiarize yourself with these risks and uncertainties before making an investment decision.

Investor Relations Contact:

Media Contact:

Gunnar Hansen

Maria Scurry

Veeva Systems Inc.

Veeva Systems Inc.

267-460-5839

781-366-7617

[email protected]

[email protected]

VEEVA SYSTEMS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

July 31,
2026

January 31,
2026

Assets

Current assets:

Cash and cash equivalents

$    1,812,012

$    1,421,233

Short-term investments

5,430,935

5,139,581

Accounts receivable, net

496,677

1,259,737

Unbilled accounts receivable

68,970

50,609

Prepaid expenses and other current assets

137,633

126,470

Total current assets

7,946,227

7,997,630

Property and equipment, net

79,483

70,261

Deferred costs, net

27,835

29,961

Lease right-of-use assets

129,320

75,626

Goodwill

492,991

439,877

Intangible assets, net

55,647

30,314

Deferred income taxes

268,250

273,417

Other long-term assets

60,470

62,257

Total assets

$    9,060,223

$    8,979,343

Liabilities and stockholders' equity

Current liabilities:

Accounts payable

$       35,977

$       37,644

Accrued compensation and benefits

42,188

45,857

Accrued expenses and other current liabilities

49,634

45,885

Income tax payable

3,018

6,698

Deferred revenue

1,310,498

1,488,819

Lease liabilities

14,635

12,153

Total current liabilities

1,455,950

1,637,056

Deferred income taxes

2,056

558

Long-term lease liabilities

137,060

83,706

Other long-term liabilities

33,708

43,271

Total liabilities

1,628,774

1,764,591

Stockholders' equity:

Common stock

2

2

Additional paid-in capital

2,579,728

2,843,089

Accumulated other comprehensive (loss) income

(46,147)

8,160

Retained earnings

4,897,866

4,363,501

Total stockholders' equity

7,431,449

7,214,752

Total liabilities and stockholders' equity

$    9,060,223

$    8,979,343

VEEVA SYSTEMS INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, except per share data)

(Unaudited)

Three months ended July 31,

Six months ended July 31,

2026

2025

2026

2025

Revenues:

Subscription(3)

$      766,764

$      659,183

$    1,496,939

$    1,293,951

Professional services and other(4)

161,199

129,898

313,972

254,173

Total revenues

927,963

789,081

1,810,911

1,548,124

Cost of revenues(5):

Cost of subscription

105,677

93,830

204,780

172,176

Cost of professional services and other

126,335

101,423

248,156

196,901

Total cost of revenues

232,012

195,253

452,936

369,077

Gross profit

695,951

593,828

1,357,975

1,179,047

Operating expenses(5):

Research and development

222,918

192,677

431,241

376,710

Sales and marketing

126,701

109,439

237,818

208,067

General and administrative

71,314

95,804

140,786

164,630

Total operating expenses

420,933

397,920

809,845

749,407

Operating income

275,018

195,908

548,130

429,640

Other income, net

74,512

69,456

148,930

134,545

Income before income taxes

349,530

265,364

697,060

564,185

Income tax provision

76,101

65,055

162,695

135,686

Net income

$      273,429

$      200,309

$      534,365

$      428,499

Net income per share:

Basic

$          1.68

$          1.23

$          3.28

$          2.63

Diluted

$          1.66

$          1.19

$          3.22

$          2.56

Weighted-average shares used to compute net income per share:

Basic

162,344

163,496

162,836

163,129

Diluted

165,057

167,685

166,072

167,272

Other comprehensive income:

Net change in unrealized (loss) gain on available-for-sale investments

$      (26,490)

$      (11,300)

$      (53,941)

$        6,067

Net change in cumulative foreign currency translation gain (loss)

135

390

(366)

352

Comprehensive income

$      247,074

$      189,399

$      480,058

$      434,918

(3) Includes subscription revenues from the following product areas:

Veeva Commercial Solutions

$      347,389

$      307,523

$      685,255

$      612,934

Veeva R&D and Quality Solutions

419,375

351,660

811,684

681,017

Total subscription

$      766,764

$      659,183

$    1,496,939

$    1,293,951

(4) Includes professional services and other revenues from the following product areas:

Veeva Commercial Solutions

$       59,742

$       47,703

$      117,315

$       94,270

Veeva R&D and Quality Solutions

101,457

82,195

196,657

159,903

Total professional services and other

$      161,199

$      129,898

$      313,972

$      254,173

(5) Includes stock-based compensation as follows:

Cost of revenues:

Cost of subscription

$        2,224

$        1,941

$        3,985

$        3,656

Cost of professional services and other

15,939

14,804

30,090

27,573

Research and development

62,220

53,388

113,783

101,337

Sales and marketing

27,886

25,392

52,480

47,713

General and administrative

28,534

26,441

55,724

53,897

Total stock-based compensation

$      136,803

$      121,966

$      256,062

$      234,176

VEEVA SYSTEMS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Six months ended July 31,

2026

2025

Cash flows from operating activities

Net income

$     534,365

$     428,499

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

22,458

19,948

Reduction of lease right-of-use assets

7,038

6,316

Accretion of discount on short-term investments

(2,841)

(4,535)

Stock-based compensation

256,062

234,176

Amortization of deferred costs

9,805

8,205

Deferred income taxes

26,529

31,699

Other, net

(1,127)

(1,414)

Changes in operating assets and liabilities:

Accounts receivable

768,314

593,032

Unbilled accounts receivable

(18,361)

(9,587)

Deferred costs

(7,679)

(7,721)

Prepaid expenses and other current and long-term assets

(21,394)

(21,232)

Accounts payable

(652)

3,361

Accrued expenses and other current liabilities

(1,578)

23,763

Income tax payable

(3,945)

(5,362)

Deferred revenue

(200,001)

(180,888)

Lease liabilities

(4,426)

(5,300)

Other long-term liabilities

3,258

2,631

Net cash provided by operating activities

1,365,825

1,115,591

Cash flows from investing activities

Purchases of short-term investments

(1,706,632)

(1,452,857)

Maturities and sales of short-term investments

1,345,987

1,023,691

Long-term assets

(9,773)

(12,213)

Acquisitions, net of cash acquired

(81,833)

—

Net cash used in investing activities

(452,251)

(441,379)

Cash flows from financing activities

Proceeds from exercise of common stock options

17,143

182,297

Repurchases of common stock

(472,673)

—

Taxes paid related to net share settlement of equity awards

(66,304)

(46,228)

Net cash (used in) provided by financing activities

(521,834)

136,069

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

(831)

1,365

Net change in cash, cash equivalents, and restricted cash

390,909

811,646

Cash, cash equivalents, and restricted cash at beginning of period

1,423,412

1,120,963

Cash, cash equivalents, and restricted cash at end of period

$   1,814,321

$   1,932,609

Supplemental disclosures of other cash flow information:

Excess tax (deficiency) benefit from employee stock plans

$        (824)

$      15,610

Non-GAAP Financial Measures

In Veeva's public disclosures, Veeva has provided non-GAAP measures, which it defines as financial information that has not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. In addition to its GAAP measures, Veeva uses these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing its financial results. For the reasons set forth below, Veeva believes that excluding the following items provides information that is helpful in understanding its operating results, evaluating its future prospects, comparing its financial results across accounting periods, and comparing its financial results to its peers, many of which provide similar non-GAAP financial measures.

Excess tax benefit (deficiency). Excess tax benefits (deficiencies) from employee stock plans are dependent on previously agreed-upon equity grants to our employees, vesting of those grants, stock price, and exercise behavior of our employees, which can fluctuate from quarter to quarter. Because these fluctuations are not directly related to our business operations, Veeva finds it useful to exclude excess tax benefits (deficiencies) when assessing the level of cash provided by operating activities. Given the nature of the excess tax benefits (deficiencies), Veeva believes excluding it allows investors to make meaningful comparisons between our operating cash flows from quarter to quarter and those of other companies. Stock-based compensation expenses. Veeva excludes stock-based compensation expenses primarily because they are non-cash expenses that Veeva excludes from its internal management reporting processes. Veeva's management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, Veeva believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies. Amortization of purchased intangibles. Veeva incurs amortization expense for purchased intangible assets in connection with acquisitions of certain businesses and technologies. Amortization of intangible assets is a non-cash expense and is inconsistent in amount and frequency because it is significantly affected by the timing, size of acquisitions and the inherent subjective nature of purchase price allocations. Because these costs have already been incurred and cannot be recovered, and are non-cash expenses, Veeva excludes these expenses for its internal management reporting processes. Veeva's management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Investors should note that the use of intangible assets contributed to Veeva's revenues earned during the periods presented and will contribute to Veeva's future period revenues as well. Litigation settlement-related charges. We exclude certain costs related to litigation settlements, including outcome-based payments to the law firms that represented us, because they are non-recurring and outside the ordinary course of business. Because these costs are unrelated to our day-to-day business operations, we believe excluding them enables more consistent evaluation of our operating results. Income tax effects on the difference between GAAP and non-GAAP costs and expenses. The income tax effects that are excluded relate to the imputed tax impact on the difference between GAAP and non-GAAP costs and expenses due to stock-based compensation and purchased intangibles for GAAP and non-GAAP measures. There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by Veeva's management about which items are adjusted to calculate its non-GAAP financial measures. Veeva compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in its public disclosures.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Veeva encourages its investors and others to review its financial information in its entirety, not to rely on any single financial measure to evaluate its business, and to view its non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables below.

VEEVA SYSTEMS INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Dollars in thousands)

(Unaudited)

The following tables reconcile the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown below:

Reconciliation of Net Cash Provided by Operating Activities (GAAP basis to non-GAAP basis)

Three months ended July 31,

Six months ended July 31,

2026

2025

2026

2025

Net cash provided by operating activities on a GAAP basis

$    238,709

$    238,433

$  1,365,825

$  1,115,591

Excess tax (benefit) deficiency from employee stock plans

(3,268)

(13,031)

824

(15,610)

Net cash provided by operating activities on a non-GAAP basis

$    235,441

$    225,402

$  1,366,649

$  1,099,981

Net cash used in investing activities on a GAAP basis

$    (63,540)

$   (389,272)

$   (452,251)

$   (441,379)

Net cash (used in) provided by financing activities on a GAAP basis

$   (259,308)

$    115,689

$   (521,834)

$    136,069

Reconciliation of Financial Measures (GAAP basis to non-GAAP basis)

Three months ended July 31,

Six months ended July 31,

2026

2025

2026

2025

Cost of subscription revenues on a GAAP basis

$    105,677

$     93,830

$    204,780

$    172,176

Stock-based compensation expense

(2,224)

(1,941)

(3,985)

(3,656)

Amortization of purchased intangibles

(1,072)

(1,046)

(1,746)

(2,058)

Cost of subscription revenues on a non-GAAP basis

$    102,381

$     90,843

$    199,049

$    166,462

Gross margin on subscription revenues on a GAAP basis

86.2 %

85.8 %

86.3 %

86.7 %

Stock-based compensation expense

0.3

0.3

0.3

0.3

Amortization of purchased intangibles

0.1

0.1

0.1

0.1

Gross margin on subscription revenues on a non-GAAP basis

86.6 %

86.2 %

86.7 %

87.1 %

Cost of professional services and other revenues on a GAAP basis

$    126,335

$    101,423

$    248,156

$    196,901

Stock-based compensation expense

(15,939)

(14,804)

(30,090)

(27,573)

Amortization of purchased intangibles

—

(139)

—

(273)

Cost of professional services and other revenues on a non-GAAP basis

$    110,396

$     86,480

$    218,066

$    169,055

Gross margin on professional services and other revenues on a GAAP basis

21.6 %

21.9 %

21.0 %

22.5 %

Stock-based compensation expense

9.9

11.4

9.5

10.8

Amortization of purchased intangibles

—

0.1

—

0.2

Gross margin on professional services and other revenues on a non-GAAP basis

31.5 %

33.4 %

30.5 %

33.5 %

Gross profit on a GAAP basis

$    695,951

$    593,828

$  1,357,975

$  1,179,047

Stock-based compensation expense

18,163

16,745

34,075

31,229

Amortization of purchased intangibles

1,072

1,185

1,746

2,331

Gross profit on a non-GAAP basis

$    715,186

$    611,758

$  1,393,796

$  1,212,607

Gross margin on total revenues on a GAAP basis

75.0 %

75.3 %

75.0 %

76.2 %

Stock-based compensation expense

2.0

2.1

1.9

2.0

Amortization of purchased intangibles

0.1

0.1

0.1

0.1

Gross margin on total revenues on a non-GAAP basis

77.1 %

77.5 %

77.0 %

78.3 %

Research and development expense on a GAAP basis

$    222,918

$    192,677

$    431,241

$    376,710

Stock-based compensation expense

(62,220)

(53,388)

(113,783)

(101,337)

Amortization of purchased intangibles

(270)

—

(270)

—

Research and development expense on a non-GAAP basis

$    160,428

$    139,289

$    317,188

$    275,373

VEEVA SYSTEMS INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued)

(Dollars in thousands, except per share data)

(Unaudited)

Three months ended July 31,

Six months ended July 31,

2026

2025

2026

2025

Sales and marketing expense on a GAAP basis

$    126,701

$    109,439

$    237,818

$    208,067

Stock-based compensation expense

(27,886)

(25,392)

(52,480)

(47,713)

Amortization of purchased intangibles

(2,720)

(2,890)

(5,051)

(5,685)

Sales and marketing expense on a non-GAAP basis

$     96,095

$     81,157

$    180,287

$    154,669

General and administrative expense on a GAAP basis

$     71,314

$     95,804

$    140,786

$    164,630

Stock-based compensation expense

(28,534)

(26,441)

(55,724)

(53,897)

Litigation settlement-related charges

—

(30,627)

—

(30,627)

General and administrative expense on a non-GAAP basis

$     42,780

$     38,736

$     85,062

$     80,106

Operating expense on a GAAP basis

$    420,933

$    397,920

$    809,845

$    749,407

Stock-based compensation expense

(118,640)

(105,221)

(221,987)

(202,947)

Amortization of purchased intangibles

(2,990)

(2,890)

(5,321)

(5,685)

Litigation settlement-related charges

—

(30,627)

—

(30,627)

Operating expense on a non-GAAP basis

$    299,303

$    259,182

$    582,537

$    510,148

Operating income on a GAAP basis

$    275,018

$    195,908

$    548,130

$    429,640

Stock-based compensation expense

136,803

121,966

256,062

234,176

Amortization of purchased intangibles

4,062

4,075

7,067

8,016

Litigation settlement-related charges

—

30,627

—

30,627

Operating income on a non-GAAP basis

$    415,883

$    352,576

$    811,259

$    702,459

Operating margin on a GAAP basis

29.6 %

24.8 %

30.3 %

27.8 %

Stock-based compensation expense

14.7

15.5

14.1

15.1

Amortization of purchased intangibles

0.5

0.5

0.4

0.5

Litigation settlement-related charges

—

3.9

—

2.0

Operating margin on a non-GAAP basis

44.8 %

44.7 %

44.8 %

45.4 %

Net income on a GAAP basis

$    273,429

$    200,309

$    534,365

$    428,499

Stock-based compensation expense

136,803

121,966

256,062

234,176

Amortization of purchased intangibles

4,062

4,075

7,067

8,016

Litigation settlement-related charges

—

30,627

—

30,627

Income tax effect on non-GAAP adjustments(6)

(26,882)

(23,572)

(38,945)

(40,085)

Net income on a non-GAAP basis

$    387,412

$    333,406

$    758,549

$    661,234

Diluted net income per share on a GAAP basis

$        1.66

$        1.19

$        3.22

$        2.56

Stock-based compensation expense

0.83

0.73

1.54

1.40

Amortization of purchased intangibles

0.02

0.02

0.04

0.05

Litigation settlement-related charges

—

0.18

—

0.18

Income tax effect on non-GAAP adjustments(6)

(0.16)

(0.13)

(0.23)

(0.24)

Diluted net income per share on a non-GAAP basis

$        2.35

$        1.99

$        4.57

$        3.95

________________________
(6) For the three and six months ended July 31, 2026 and 2025, management used an estimated annual effective non-GAAP tax rate of 21.0%.

SOURCE Veeva Systems

American Capital Management Inc. purchased a new stake in shares of Veeva Systems Inc. (NYSE:VEEV – Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 196,848 shares of the technology company’s stock, valued at approximately $34,935,000. Veeva Systems makes up about 1.6% of American Capital Management Inc.’s investment portfolio, making the stock its 26th biggest position. American Capital Management Inc. owned about 0.12% of Veeva Systems as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Sivia Capital Partners LLC increased its stake in Veeva Systems by 225.9% in the second quarter. Sivia Capital Partners LLC now owns 3,122 shares of the technology company’s stock worth $899,000 after purchasing an additional 2,164 shares during the period. Bank of Nova Scotia grew its holdings in shares of Veeva Systems by 44.5% in the second quarter. Bank of Nova Scotia now owns 5,866 shares of the technology company’s stock worth $1,689,000 after purchasing an additional 1,806 shares during the last quarter. NewEdge Advisors LLC grew its holdings in shares of Veeva Systems by 34.6% in the second quarter. NewEdge Advisors LLC now owns 8,832 shares of the technology company’s stock worth $2,543,000 after purchasing an additional 2,272 shares during the last quarter. Treasurer of the State of North Carolina increased its stake in Veeva Systems by 2.2% in the 2nd quarter. Treasurer of the State of North Carolina now owns 68,950 shares of the technology company’s stock worth $19,856,000 after buying an additional 1,452 shares during the period. Finally, Diversify Wealth Management LLC increased its stake in Veeva Systems by 5.3% in the 2nd quarter. Diversify Wealth Management LLC now owns 11,399 shares of the technology company’s stock worth $3,140,000 after buying an additional 575 shares during the period. Institutional investors own 88.20% of the company’s stock.

Trending Headlines about Veeva Systems Here are the key news stories impacting Veeva Systems this week:

Positive Sentiment: Veeva reported second-quarter revenue of approximately $928 million, up 17.6% year over year and above the $905.4 million consensus estimate. Subscription revenue rose 16% to $766.8 million. Veeva Announces Fiscal 2027 Second Quarter Results Positive Sentiment: Adjusted earnings reached $2.35 per share, exceeding the $2.22 consensus estimate and increasing from $1.99 a year earlier. The earnings and revenue beats were approximately 5.9% and 2.6%, respectively. Veeva Systems Q2 Earnings and Revenues Beat Estimates Positive Sentiment: Management issued above-consensus fiscal 2027 guidance, including revenue of about $3.7 billion versus a $3.6 billion estimate and EPS of $9.21 versus an $8.58 estimate. Third-quarter revenue guidance of $932 million-$935 million and EPS guidance of $2.33-$2.34 also topped analyst forecasts. Positive Sentiment: Biogen and Regeneron each committed to adopting Veeva Vault CRM globally. The wins reinforce Veeva’s competitive position in life-sciences customer relationship management and may support future subscription growth. Veeva Vault CRM Selected by Regeneron Veeva Vault CRM Selected by Biogen Neutral Sentiment: Piper Sandler initiated coverage, while Needham reaffirmed its Buy rating. These actions add analyst visibility but provide limited new information without detailed price targets or estimates. Neutral Sentiment: Despite the improving outlook, Veeva trades at a relatively elevated valuation, with a reported price-to-earnings ratio above 43. Future gains may therefore depend on continued execution and strong growth. Insider Activity In other Veeva Systems news, insider Thomas D. Schwenger sold 36,000 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $250.23, for a total value of $9,008,280.00. Following the completion of the transaction, the insider directly owned 19,449 shares of the company’s stock, valued at approximately $4,866,723.27. The trade was a 64.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.60% of the stock is currently owned by company insiders. Analyst Ratings Changes A number of brokerages recently issued reports on VEEV. Evercore reiterated an “outperform” rating and issued a $185.00 price target on shares of Veeva Systems in a report on Thursday, June 4th. Wells Fargo & Company lifted their target price on Veeva Systems from $317.00 to $320.00 and gave the company an “overweight” rating in a research report on Thursday, June 4th. The Goldman Sachs Group lowered their target price on Veeva Systems from $190.00 to $165.00 and set a “sell” rating for the company in a report on Thursday, June 4th. Needham & Company LLC reissued a “buy” rating and set a $270.00 price target on shares of Veeva Systems in a research report on Monday. Finally, Citigroup raised their price target on Veeva Systems from $176.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, June 4th. Nineteen analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $258.08.

Check Out Our Latest Stock Analysis on VEEV

Veeva Systems Stock Down 0.8% VEEV opened at $244.72 on Thursday. The company has a market cap of $39.75 billion, a P/E ratio of 43.62, a price-to-earnings-growth ratio of 1.06 and a beta of 0.92. The firm’s 50-day moving average price is $203.41 and its 200-day moving average price is $183.04. Veeva Systems Inc. has a 52-week low of $148.05 and a 52-week high of $310.50.

Veeva Systems (NYSE:VEEV – Get Free Report) last announced its quarterly earnings data on Wednesday, August 26th. The technology company reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.22 by $0.13. The firm had revenue of $927.96 million for the quarter, compared to analyst estimates of $905.38 million. Veeva Systems had a net margin of 28.37% and a return on equity of 13.72%. The business’s quarterly revenue was up 17.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.99 earnings per share. Veeva Systems has set its FY 2027 guidance at 9.210-9.210 EPS and its Q3 2027 guidance at 2.330-2.340 EPS. On average, research analysts anticipate that Veeva Systems Inc. will post 6.65 EPS for the current fiscal year.

Veeva Systems Profile (Free Report)

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.

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BlackRock Inc. bought a new stake in Cenovus Energy Inc (NYSE:CVE – Free Report) (TSE:CVE) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 7,389,302 shares of the oil and gas company’s stock, valued at approximately $183,329,000. BlackRock Inc. owned approximately 0.40% of Cenovus Energy at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. J.W. Cole Advisors Inc. lifted its stake in shares of Cenovus Energy by 3.9% during the fourth quarter. J.W. Cole Advisors Inc. now owns 13,407 shares of the oil and gas company’s stock valued at $227,000 after buying an additional 500 shares during the period. Gateway Investment Advisers LLC boosted its position in Cenovus Energy by 0.6% during the fourth quarter. Gateway Investment Advisers LLC now owns 93,986 shares of the oil and gas company’s stock worth $1,590,000 after acquiring an additional 523 shares during the last quarter. International Assets Investment Management LLC grew its stake in Cenovus Energy by 0.9% in the 4th quarter. International Assets Investment Management LLC now owns 65,248 shares of the oil and gas company’s stock worth $1,104,000 after acquiring an additional 565 shares during the period. OLD National Bancorp IN grew its stake in Cenovus Energy by 5.2% in the 1st quarter. OLD National Bancorp IN now owns 12,597 shares of the oil and gas company’s stock worth $334,000 after acquiring an additional 618 shares during the period. Finally, Farther Finance Advisors LLC raised its holdings in Cenovus Energy by 24.4% in the 4th quarter. Farther Finance Advisors LLC now owns 3,307 shares of the oil and gas company’s stock valued at $56,000 after acquiring an additional 649 shares during the last quarter. 51.19% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades A number of brokerages have weighed in on CVE. Zacks Research lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Weiss Ratings raised Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, July 30th. Desjardins upgraded Cenovus Energy to a “moderate buy” rating in a research report on Thursday, July 16th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Cenovus Energy in a research report on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Cenovus Energy has an average rating of “Moderate Buy” and a consensus price target of $36.25.

Check Out Our Latest Analysis on Cenovus Energy Cenovus Energy Stock Performance NYSE:CVE opened at $31.71 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25. The company has a market cap of $58.65 billion, a P/E ratio of 12.20 and a beta of 0.34. Cenovus Energy Inc has a fifty-two week low of $15.63 and a fifty-two week high of $33.40. The firm’s 50 day moving average is $28.27 and its two-hundred day moving average is $26.83.

Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last released its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, hitting analysts’ consensus estimates of $1.11. The business had revenue of $14.59 billion during the quarter, compared to the consensus estimate of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The business’s revenue for the quarter was up 47.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.45 EPS. Analysts expect that Cenovus Energy Inc will post 3.2 EPS for the current year.

Cenovus Energy Dividend Announcement The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy’s payout ratio is 24.62%.

About Cenovus Energy (Free Report)

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.

Read More Five stocks we like better than Cenovus Energy Nutanix’s Rally Has a Bigger Story Than Earnings as AMD’s AI Bet Takes Shape SEC Probe Puts Wall Street Leverage Risk Back in Focus A Bearish-Dollar Options Surge Raises the Stakes for Warsh at Jackson Hole Five Below’s Turnaround Is Working—But Has the Stock Run Too Far?

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Bank of Nova Scotia acquired a new stake in shares of Jefferies Financial Group Inc. (NYSE:JEF – Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 70,203 shares of the financial services provider’s stock, valued at approximately $3,509,000.

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Jefferies Financial Group during the second quarter valued at approximately $834,947,000. Alyeska Investment Group L.P. lifted its position in Jefferies Financial Group by 422.0% in the 4th quarter. Alyeska Investment Group L.P. now owns 3,972,352 shares of the financial services provider’s stock valued at $246,167,000 after acquiring an additional 3,211,375 shares in the last quarter. Eminence Capital LP boosted its stake in Jefferies Financial Group by 13.5% during the 4th quarter. Eminence Capital LP now owns 3,812,615 shares of the financial services provider’s stock valued at $236,268,000 after purchasing an additional 454,054 shares during the last quarter. AQR Capital Management LLC boosted its stake in Jefferies Financial Group by 696.8% during the 4th quarter. AQR Capital Management LLC now owns 3,412,301 shares of the financial services provider’s stock valued at $211,460,000 after purchasing an additional 2,984,055 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Jefferies Financial Group by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 2,942,554 shares of the financial services provider’s stock worth $182,390,000 after purchasing an additional 24,171 shares in the last quarter. 60.88% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In JEF has been the subject of several research analyst reports. BMO Capital Markets lifted their price objective on Jefferies Financial Group from $42.00 to $60.00 and gave the stock a “market perform” rating in a report on Monday, June 8th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Jefferies Financial Group in a report on Friday, June 5th. Morgan Stanley lifted their price target on shares of Jefferies Financial Group from $44.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 9th. Weiss Ratings raised shares of Jefferies Financial Group from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, August 12th. Finally, Oppenheimer lowered their price objective on shares of Jefferies Financial Group from $87.00 to $83.00 and set an “outperform” rating on the stock in a research report on Thursday, June 25th. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $62.62.

Get Our Latest Stock Report on JEF Jefferies Financial Group Stock Up 1.3% NYSE JEF opened at $52.56 on Wednesday. Jefferies Financial Group Inc. has a 52 week low of $35.53 and a 52 week high of $71.04. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.99. The company has a market capitalization of $10.18 billion, a P/E ratio of 14.68 and a beta of 1.54. The stock’s 50-day moving average price is $54.95 and its 200-day moving average price is $50.84.

Jefferies Financial Group (NYSE:JEF – Get Free Report) last announced its quarterly earnings data on Wednesday, June 24th. The financial services provider reported $1.02 EPS for the quarter, missing the consensus estimate of $1.16 by ($0.14). Jefferies Financial Group had a net margin of 7.58% and a return on equity of 9.23%. The firm had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.30 billion. During the same quarter in the previous year, the business earned $0.40 earnings per share. The firm’s revenue for the quarter was up 35.0% on a year-over-year basis. On average, equities research analysts predict that Jefferies Financial Group Inc. will post 3.71 earnings per share for the current year.

Jefferies Financial Group Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Tuesday, August 18th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.0%. Jefferies Financial Group’s dividend payout ratio (DPR) is 44.69%.

Jefferies Financial Group declared that its board has approved a stock buyback program on Wednesday, June 24th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the financial services provider to buy up to 2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

(Free Report)

Jefferies Financial Group Inc is a diversified financial services company that provides a range of investment banking, capital markets and asset management services to corporations, governments and institutional investors worldwide. Through its core platform, Jefferies offers advisory services for mergers and acquisitions, debt and equity underwriting, restructuring and recapitalization. The firm also operates a global sales and trading business covering equities, fixed income and foreign exchange products, complemented by equity research and macroeconomic analysis.

In addition to its capital markets franchise, Jefferies maintains a growing asset management division that delivers customized investment solutions across public and private markets.

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Shares of Rocket Lab Corp. (NASDAQ:RKLB) are trading flat Wednesday morning, holding stable after a 10% weekly pullback as investors weigh high development costs against massive defense wins. Here’s what investors need to know.

Rocket Lab stock is showing downward pressure. Where are RKLB shares going? Upcoming Neutron Rocket Tapped for $397M Military DeploymentOn Aug. 4, Rocket Lab won a $397 million U.S. Space Force contract to build, launch and operate threat-tracking “Flatellites” for the Space-Based Airborne Moving Target Indicator (SB-AMTI) program.

Marking Rocket Lab’s largest national security award of the year, the agreement utilizes its upcoming medium-lift Neutron rocket for orbital deployment.

Strong Q2 Earnings and Record Backlog Balanced Against Neutron Development CostsThe stock’s 10% weekly pullback contrasts with Rocket Lab’s strong second-quarter financial results reported on Aug. 10. For the quarter ended June 30, the company delivered a record $234 million in revenue, up 62% year-over-year and expanded its backlog to a record $2.36 billion.

Management guided for third-quarter revenue between $250 million and $265 million, supported by more than $437 million in new launch contracts secured across its Electron, HASTE and Neutron programs.

While national security execution remains a growth driver, underpinned by a $397 million Space Force contract award and inclusion in the defense sector’s NITE-STAR architecture, investors are weighing high operating expenses and ongoing capital expenditures as hardware integration and testing continue for the medium-lift Neutron rocket ahead of its planned debut.

RKLB Shares Pause Wednesday MorningRKLB Price Action: Rocket Lab shares were trading at $66.79 at the time of publication on Wednesday, according to Benzinga Pro data.

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Investors trying to navigate the space industry have no doubt considered investing some of their money in Space Exploration Technologies (SPCX +0.45%).

And why wouldn't they? The company is one of the leading rocket launch companies, has a successful satellite internet business, a top artificial intelligence model, and just had a successful test launch of the largest rocket ever made.

But SpaceX isn't without its issues. For one, it's gone on a massive spending spree to fuel its growth. And, frankly, some investors simply aren't enthusiastic about how Elon Musk runs his companies.

For those looking for an alternative space stock, here's why Rocket Lab (RKLB -4.65%) should be at the top of your list.

Image source: Getty Images.

Rocket Lab's future is about to take off Rocket Lab already has a robust rocket launch business with its Electron rocket carrying payloads into orbit for customers. But its future will be built on its much larger Neutron rocket.

Neutron is a reusable medium-lift rocket capable of sending 28,000 lbs. into low Earth orbit, far more than Electron's 661-lb capacity. This means that Rocket Lab will soon be able to make far more money from its launches than it has previously.

I say "soon" because Neutron is still in the final stages of testing, and management recently said it plans to get Neutron to the launchpad before the end of the year. Neutron has already been delayed before, and management's focus on getting Neutron to the launchpad by the end of 2026, versus actually launching it, could mean Neutron isn't quite ready yet.

Still, Rocket Lab is making progress, and customers are already signing agreements specifically for Neutron launches. The company has at least seven Neutron-specific commercial launches in its backlog through 2029, and likely more through government defense launches.

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Moneyball Superscore

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-4.65

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One such government contract, worth $397 million, with the U.S. Space Force involves Neutron deploying new flat-panel satellite technology into orbit for the Space Force's Space-Based Airborne Moving Target Indicator (SB-AMTI) program.

What's more, Rocket Lab has 90 launch missions in its backlog for both Electron and Neutron, worth $2.36 billion. While it's not guaranteed revenue, it does show how interested Rocket Lab's customers are in its rocket technology and how successful the company could be once Neutron begins launching payloads.

Why Rocket Lab stock is better than SpaceX Rocket Lab isn't profitable, but its revenue is growing. Sales rose by 62% in the second quarter (ended June 30) to $234 million. The company's losses also narrowed to $0.08 per share, an improvement from $0.13 per share in the year-ago quarter.

SpaceX is in a similar position, albeit at a much larger scale. The company's losses narrowed to $0.09 per share in the second quarter (ended June 30), which was far better than its $0.34 loss in the year-ago quarter. Revenue jumped 92% to $7.8 billion.

Today's Change

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But the main reason Rocket Lab is a better space stock right now is that its spending is under control, while SpaceX's appears to be running wild.

Even as Rocket Lab is building and testing components of its Neutron rocket, the company's capital expenditures (capex) were just $26 million in the second quarter, down from $32 million in the year-ago quarter. That's in stark contrast to SpaceX's $18.3 billion in capex spending in the quarter, a 554% increase from the year-ago quarter.

That's a heck of a lot of spending, and most of it -- nearly $16 billion -- went toward the company's massive Colossus AI data center project. SpaceX will likely continue to spend heavily as it builds out its data centers, which could weigh on the company's earnings for years to come.

Rocket Lab has its risks, but the company is laser-focused on its rocket launch business and isn't burning through billions of dollars in capex. With Neutron on the cusp of launching, a surge in backloads of new contracts, and far less spending, I think Rocket Lab stock looks like the better buy right now.

Although it's now been more than two months since its ballyhooed initial public offering, all eyes are still on Space Exploration Technologies (SPCX +0.45%) -- also known as SpaceX -- arguably at the expense of other space stocks. But that may be a mistake. At least one of the other names in the orbital launch business is quietly making inroads against the industry's biggest player.

That other company is Rocket Lab (RKLB -4.65%), which just signed a launch contract for a rocket that has yet to make its first flight.

Bigger and better Rocket Lab helps companies design and deploy satellites and other space-based technology. Although it's technically not its biggest business, the company's highest-profile profit center at this time is its reusable Electron rocket capable of lifting up to 660 pounds into low earth orbit, or LEO.

Image source: Getty Images.

That's not the end of Rocket Lab's launch-capabilities ambitions, though. It's developing a much bigger reusable rocket called Neutron that will lift in excess of 28,000 pounds' worth of payload into LEO. Canada's space-based telecom outfit Kepler Communications even recently commissioned a dedicated launch of Rocket Lab's Neutron to deploy a handful of its satellites.

The curious part of the agreement? Neutron's never actually been flight-tested.

Unproven, yet still trusted It's not from lack of trying. By early 2025, it looked like the rocket in question would finally be ready for initial flights by the end of that year. Then that milestone was pushed back to early 2026. Then it was pushed back again to late 2026, or even early 2027, as the company continues to address performance and safety issues. And that assumes no new concerns materialize in the meantime. They could.

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Kepler clearly isn't deterred, though. Even with other options -- including SpaceX -- for putting its satellites into low Earth orbit, it chose Rocket Lab's Neutron knowing it wouldn't be handling this contracted work until 2028, at the earliest. What gives?

Take the hint at face value It's not always exactly clear why an organization chooses one company's service over another's. This instance is no exception. It would be short-sighted, however, to ignore the depth and breadth of the service that Rocket Lab brings to the table.

It's not just launch. Satellite components, engineering services, software, and propulsion are all in its wheelhouse, and more, particularly after its recent acquisitions of Iridium Communications and Optical Support. This company is a complete, vertically integrated solutions provider, whereas SpaceX isn't. Although this menu of capabilities may or may not matter to all satellite communications companies in search of launch services, clearly for some of them, the customized assurance that Rocket Lab brings to the table is making a marketable difference.

It's just something to consider if you're mulling stepping into a position in RKLB on this dip, which, by the way, may largely be fueled by the feverish but somewhat reckless bullish interest in SPCX at the expense of other worthy stocks in the industry. That dynamic won't last forever.

Key Takeaways MSI connected teams across venues with WAVE PTX and TLK radios for reliable communication.AI-enabled video analytics detected unusual activity and unauthorized access, sending automated alerts.Halo Smart Sensors detected acoustic anomalies in private spaces where video surveillance was unsuitable. Motorola Solutions, Inc. (MSI - Free Report) provided an integrated communications and security technology ecosystem for the 2026 Central American and Caribbean Games in the Dominican Republic. Its solutions supported the safety and coordination of approximately 6,000 athletes and a vast number of spectators across 46 venues.

Motorola’s WAVE PTX broadband push-to-talk service was used to connect personnel equipped with TLK radios across different venues and devices, addressing communication gaps within complex stadium environments. The platform enabled security and medical teams to communicate effectively and maintain reliable connectivity across multiple locations.

The company also used its cloud-native video security platform with artificial intelligence (AI)-enabled analytics to monitor venues and detect unusual activity and unauthorized access, providing security teams with automated alerts and greater situational awareness. Motorola’s Halo Smart Sensors further strengthened security by detecting acoustic anomalies in areas where video surveillance was unsuitable, including private spaces like bathrooms.

With these deployments, Motorola demonstrated the value of real-time communication and automated security monitoring in managing a large, multi-venue sporting event. By improving situational awareness and enabling faster coordination, the company strengthened its operational efficiency and risk management capabilities.

How Are Competitors Performing in the Security Domain?Motorola faces competition from Axon Enterprise, Inc. (AXON - Free Report) and Cloudastructure Inc. (CSAI - Free Report) . Axon has expanded its AI-powered security capabilities through Axon Vision, which helps detect incidents such as unauthorized access and physical altercations from live camera feeds. The company is expanding AI tools to help public-safety personnel access and analyze information more efficiently. Axon is expanding its 911 platform to strengthen cloud-based emergency response services.

Cloudastructure provides AI-powered video surveillance and remote guarding services for commercial and residential properties. The company was selected to deploy its AI surveillance and remote guarding platform across multifamily communities in Arizona. Cloudastructure’s platform uses AI to detect unusual activity and send real-time alerts for faster security response.

MSI’s Price Performance, Valuation & EstimatesMotorola shares have gained 3.5% over the past year compared with the industry’s 28.8% growth.

Image Source: Zacks Investment Research

From a valuation standpoint, Motorola trades at a forward price-to-sales ratio of 5.93, above the industry tally of 5.

Image Source: Zacks Investment Research

Earnings estimates for 2026 have increased 4.4% to $17.7 over the past 60 days, while the same for 2027 have increased 3% to $18.98.

Image Source: Zacks Investment Research

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

Agilent Technologies (A.N) raised its annual profit forecast on Wednesday, betting on ​improving demand for its medical tools ‌and equipment used in lab research and drug development.

Demand conditions are improving for U.S. life sciences ​and laboratory-equipment companies after a prolonged ​downturn driven by constrained biotech funding ⁠and uneven demand.

Agilent now expects an annual ​adjusted profit of $6.18 to $6.21 per share, compared ​to its previous forecast of $6 to $6.10 apiece.

"We are seeing improving end markets, stronger demand in key regions, ​and excellent customer response to our ​innovative product launches," CEO Padraig McDonnell said.

Analysts, on average, ‌were ⁠expecting revenue of $7.45 billion and an adjusted profit of $6.06 per share for the year, according to data compiled by LSEG.

The company's ​third-quarter revenue ​rose to $1.88 ⁠billion, topping analysts' estimate of $1.84 billion.

Its adjusted profit for the quarter ​ended July 31 was $1.62 per ​share, ⁠including a 6-cent benefit from tariff refunds, compared with an estimated $1.49 per share.

Revenue from its ⁠CrossLab ​unit, which offers products ​and services for laboratory management, rose 6% to $786 million ​in the quarter.

Agilent Technologies, Inc. (A) Q3 2026 Earnings Call August 26, 2026 4:30 PM EDT

Company Participants

Tejas Savant - Vice President of Investor Relations
Padraig McDonnell - CEO, President & Director
Adam Elinoff - Senior VP, CFO & Principal Financial Officer
Simon May - Senior VP and President of Life Sciences & Diagnostics Markets Group
Angelica Riemann - Senior VP & President of Agilent CrossLab Group

Conference Call Participants

Jack Meehan - Operon Research, LLC
Vijay Kumar - Evercore ISI Institutional Equities, Research Division
Tycho Peterson - Jefferies LLC, Research Division
Michael Ryskin - BofA Securities, Research Division
Dan Leonard - RBC Capital Markets, Research Division
Puneet Souda - Leerink Partners LLC, Research Division
Daniel Brennan - TD Cowen, Research Division
Kallum Titchmarsh - Morgan Stanley, Research Division
Elizabeth Koslosky - Goldman Sachs Group, Inc., Research Division
Casey Woodring - JPMorgan Chase & Co, Research Division

Presentation

Operator

Ladies and gentlemen, thank you for joining us, and welcome to the Q3 2026 Agilent Technologies, Inc. Earnings Conference Call. [Operator Instructions]

I will now hand the call over to Tejas Savant, Head of Investor Relations. You may begin.

Tejas Savant
Vice President of Investor Relations

Thank you, and welcome, everyone, to Agilent's conference call for the third quarter of fiscal year 2026. With me on the line are CEO, Padraig McDonnell; and CFO, Adam Elinoff. Joining for the Q&A will be Simon May, President of the Life Sciences and Diagnostics Markets Group; Angelica Riemann, President of the Agilent CrossLab Group; and Mike Zhang, President of the Applied Markets Group.

This presentation is being webcast live. The press release for our third quarter financial results, investor presentation and information to supplement today's discussion, along with the recording of this webcast, are available on our website at investor.agilent.com.

Today's comments will refer to non-GAAP financial measures. Non-GAAP measures are supplemental and should not be considered

A month has gone by since the last earnings report for Enphase Energy (ENPH - Free Report) . Shares have added about 9.5% in that time frame, outperforming the S&P 500.

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

Enphase Energy Q2 Earnings Match Estimates, Revenues Decline Y/Y

Enphase Energy, Inc. reported second-quarter 2026 adjusted earnings of 46 cents per share, which came in line with the Zacks Consensus Estimate. However, the bottom line declined 33.3% from 69 cents in the prior-year quarter.

Including one-time adjustments, the company posted GAAP earnings of 27 cents per share, down from 28 cents recorded in the year-ago quarter.

ENPH’s RevenuesEnphase Energy’s second-quarter revenues of $291.9 million missed the Zacks Consensus Estimate of $295 million by 1%. The top line also decreased 19.6% from the prior-year quarter’s reported figure of $363.2 million.

The year-over-year plunge was mainly due to weaker sales in the United States.

Enphase Energy’s Operational UpdateThe company’s adjusted gross margin decreased 180 basis points year over year to 46.8%.

Adjusted operating expenses rose 2.6% year over year to $79.8 million.

The adjusted operating income totaled $56.7 million, down 42.5% from the year-ago quarter.

Enphase Energy’s Shipments Gain MomentumENPH’s shipments amounted to approximately 1.59 million microinverters and 113.8 megawatt-hours (MWh) of Enphase IQ Batteries.

More than 25,000 installers worldwide were certified to install IQ Batteries at quarter-end, up from more than 24,000 in the preceding quarter.

Financial Details of ENPHEnphase Energy had $529.3 million in cash and cash equivalents as of June 30, 2026 compared with $474.3 million as of Dec. 31, 2025.

The net cash flow from operating activities was $143.2 million during the first six months of 2026 compared with $75 million in the prior-year period.

Q3 2026 Guidance by Enphase EnergyFor the third quarter of 2026, ENPH expects revenues in the range of $290-$320 million. The Zacks Consensus Estimate for third-quarter revenues is pegged at $315.9 million, which is at the higher end of the company’s guided range.

Enphase Energy expects to ship IQ batteries in the range of 130-150 MWh in the third quarter.

Adjusted operating expenses are expected between $76 million and $80 million. This excludes approximately $44 million estimated for stock-based compensation expenses, acquisition-related costs and amortization, as well as restructuring and asset impairment charges.

The adjusted gross margin is anticipated in the range of 44-47%, excluding stock-based compensation expenses and acquisition-related amortization.

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

The consensus estimate has shifted -13.14% due to these changes.

VGM ScoresAt this time, Enphase Energy has a poor Growth Score of F, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a score of D on the value side, putting it in the bottom 40% for value investors.

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

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Enphase Energy has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Key Takeaways Terreno Realty sold a Miami industrial property for $21.3 million after 14 years of ownership.The 113,000-square-foot property generated an 11.1% unleveraged internal rate of return.Terreno Realty acquired three properties for $49 million in August as it actively reshapes its portfolio. Terreno Realty Corporation (TRNO - Free Report) announced the disposition of an industrial property located in Miami, FL. The sale was carried out on Aug. 26, 2026, for approximately $21.3 million. This move highlights the company’s strategy of disposing of non-core assets and building a more robust portfolio, which will aid future growth.

The property consisted of a 113,000-square-foot industrial distribution building, spread over 3.4 acres, 100% leased to a single tenant. Terreno Realty had purchased the property on Sept. 25, 2012, for $8.9 million. The investment yielded an unleveraged internal rate of return of 11.1% to the company.

Terreno Realty has been actively restructuring its asset portfolio to enhance its financial performance. In August, the industrial REIT acquired three properties, one in Redmond, WA, the second in Brooklyn, NY, and the other in Torrance, CA, for a total value of $49 million.

Earlier this month, Terreno Realty declared a dividend of 57 cents per share for the third quarter of 2026. This marked an increase of 9.6% over the prior dividend level. In the last five years, this industrial REIT has increased its dividend six times, with a five-year annualized dividend growth rate of 10.66%. These efforts to increase the dividend reaffirm investors’ confidence in the stock. Check out the Dividend History for the company.

Over the past month, shares of this Zacks Rank #2 (Buy) company have gained 2.2% compared with the industry's growth of 2.1%.

Image Source: Zacks Investment Research

Other Stocks to ConsiderSome other top-ranked stocks from the broader REIT sector are American Tower (AMT - Free Report) and Lamar Advertising (LAMR - Free Report) , each carrying a Zacks Rank of 2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for AMT’s 2026 FFO per share has been revised upward marginally to $11.07 over the past week.

The consensus estimate for LAMR’s 2026 FFO per share has been revised up 1.4% over the past month to $8.93.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

Key Takeaways ALB and SQM stand to benefit from higher lithium demand, driven by EVs and energy storage.Albemarle is boosting capacity, cutting costs and expanding conversion projects to lift volumes.SQM delivered strong lithium volumes and strengthened its Atacama future via a Codelco partnership. Albemarle Corporation (ALB - Free Report) and Sociedad Quimica y Minera de Chile S.A. (SQM - Free Report) are prominent players in the lithium space. Both companies are well-positioned to gain from robust long-term growth in lithium demand from electric vehicles (EVs) and energy storage systems.

Falling lithium market prices have been weighing on lithium stocks lately. Lithium prices have pulled back amid slowing demand for EVs in China, an inventory glut and prospects of increased supply from mine restarts and capacity additions. EV orders have slowed in China, the world’s biggest lithium consumer, while demand in energy storage systems remains healthy.

Let’s dive deep and closely compare the fundamentals of these two major lithium stocks to determine the better investment option now amid the prevailing lithium market environment.

The Case for ALBAlbemarle is well-placed to gain from long-term growth in the battery-grade lithium market. The market for lithium batteries and energy storage remains strong, offering significant opportunities for the company to develop innovative products and expand capacity. Lithium demand is expected to grow on the back of significant global EV penetration.

ALB expects lithium demand to witness a compound annual growth rate (CAGR) of 10-20% from 2025 to 2030. Stationary storage is expected to be a significant driver for lithium demand along with EVs. Albemarle expects demand to grow roughly 15-40% this year, with growth already trending near the higher end of the range.

The company is strategically executing its projects to boost its global lithium conversion capacity. It remains focused on investing in high-return projects to drive productivity. Healthy customer demand, capacity expansion and plant productivity improvements are supporting its volumes.

The Salar yield improvement project in Chile has achieved a 50-60% operating rate, and the ramp-up continues to deliver encouraging outcomes. Albemarle, in March 2026, submitted the environmental assessment permit for a commercial direct lithium extraction (DLE) project at Salar de Atacama. The DLE pilot plant supports future growth at Salar de Atacama and has demonstrated lithium recoveries of more than 90%. The CGP3 expansion at the Greenbushes spodumene mine in Australia is underway and is expected to reach full production in first-quarter 2027.

Albemarle is taking aggressive cost-saving and productivity actions. The company delivered roughly $450 million in cost and productivity improvements for full-year 2025, having surpassed its initial target of $300-$400 million. It expects additional cost and productivity improvements of $100-$150 million in 2026, with $100 million already delivered.

Albemarle remains committed to driving shareholder value by leveraging healthy cash flows and strong liquidity. Its operating cash flow was around $1.3 billion in 2025, up roughly 86% from the prior year. At the end of the second quarter of 2026, it had liquidity of around $3.2 billion, including cash and cash equivalents of around $1.6 billion. The company generated an operating cash flow of $710 million and free cash flow of $638 million in the second quarter. Operating cash flow for the first half nearly doubled year over year to roughly $1.1 billion.

The company remains focused on maintaining its dividend payout. It has raised its quarterly dividend for the 30th straight year. ALB offers a dividend yield of 1.2% at the current stock price.

ALB’s Energy Storage unit faces volume pressure in 2026, which may affect the segment’s sales. The company’s guidance reflects flat to 4% lower year-over-year Energy Storage sales volumes in 2026. Albemarle expects Energy Storage sales volumes of 225-235 kilotons (kt) compared with 235kt in 2025, as higher Wodgina output partly offsets a delay in the CGP3 ramp-up following the June 9, 2026 fire. Lower sales volumes are expected to result in a decline in Energy Storage sales in the third quarter.

Some impacts of the lithium price retreat are also expected to reflect on the company’s performance in the third quarter. ALB expects sequentially lower prices and volumes to result in a decline in Energy Storage sales and margins compared with the second quarter.

The Case for SQMChile-based Sociedad Quimica produces plant nutrients, iodine, lithium and industrial chemicals. SQM is gaining from the favorable trends in the lithium market. Higher demand is expected to continue to support the company’s lithium sales volumes.

SQM logged record lithium sales volumes of more than 84,000 metric tons (MT) of lithium carbonate equivalent (LCE) in the second quarter on strong market demand. SQM projects global lithium demand to surpass 2.1 million metric tons of LCE this year.

The Nova Andino Litio business recorded roughly 47% higher volumes in the second quarter compared to the prior-year quarter, driven by demand strength in battery energy storage systems. Nova Andino Litio’s average realized sales price increased nearly 160% year over year in the second quarter, and SQM expects prices to remain stable in the third quarter.

Nova Andino achieved a key milestone with the submission of the environmental and technical documentation for the Salar Futuro project. The project represents a major part of SQM’s long-term growth strategy in the Salar de Atacama. Sociedad Quimica projects total capital expenditure of roughly $3 billion for the 2026-2028 period, which includes investment in the Salar Futuro project in Chile.

SQM is operating at full capacity at the Mt. Holland mine and concentrator in Australia and continues to ramp up the Kwinana refinery. Australian operations delivered strong sales volumes during the second quarter, reaching 8.3 thousand MT. SQM, along with its partner Wesfarmers Limited, has announced the expansion of the Mt. Holland mine and concentrator, which is expected to double spodumene concentrate production capacity. First production from the expansion is expected during 2030.

Earlier this year, SQM and Codelco completed their strategic partnership to jointly develop the Atacama salt flat. The partnership was completed through the merger by absorption of Codelco’s subsidiary, Minera Tarar SpA, into SQM’s subsidiary, SQM Salar SpA.

This major milestone paves the way for the production of refined lithium in the Salar de Atacama until 2060 and contributes to making Chile a leader in lithium production. Improvements in process efficiency, the adoption of new technologies and the optimization of operations are expected to lead to incremental lithium production through 2060. The first quarter of 2026 marked SQM’s first full quarter of operation alongside Codelco through the Nova Andino Litio partnership.

Sociedad Quimica’s robust balance sheet supports its capital investment in growth projects and shareholder-friendly actions. It exited the second quarter with strong liquidity, with cash and cash equivalents being around $3.4 billion. SQM offers a dividend yield of 3.4% at the current stock price.

ALB & SQM: Price Performance, Valuation & Other ComparisonsALB stock is down 4% year to date, while SQM has gained 16.9%.

Image Source: Zacks Investment Research

ALB is currently trading at a forward price-to-sales ratio of 2.52. SQM is currently trading at a forward price-to-sales ratio of 2.70, above ALB.

Image Source: Zacks Investment Research

ALB’s long-term debt-to-capitalization is around 14.6%, lower than SQM’s 36.8%.

Image Source: Zacks Investment Research

How the Zacks Consensus Estimate Compares for ALB & SQMThe Zacks Consensus Estimate for ALB’s 2026 sales implies year-over-year growth of 18.6%. The same for EPS suggests a 1,572.2% year-over-year rise. The EPS estimates for 2026 have been trending lower over the past 60 days.

Image Source: Zacks Investment Research

The consensus estimate for SQM’s 2026 sales and EPS implies a year-over-year rise of 90.2% and 259.2%, respectively. The EPS estimates for 2026 have been trending northward over the past 60 days.

Image Source: Zacks Investment Research

ALB or SQM: Which Stock Holds the Edge?Both ALB and SQM currently carry a Zacks Rank #3 (Hold), so picking one stock is not easy. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

ALB and SQM stand to benefit from higher lithium demand, driven by EVs and energy storage. Albemarle is benefiting from project ramp-ups and actions to boost global lithium conversion capacity and productivity. SQM is delivering strong lithium volumes, expanding operations and is expected to benefit from the strategic partnership with Codelco. ALB's higher earnings growth projections suggest that it may offer better investment prospects in the current market environment. ALB’s lower leverage also suggests lower financial risks. Investors seeking exposure to the lithium space might consider Albemarle as the more favorable option at this time.

Atreides Management LP bought a new stake in DICK’S Sporting Goods, Inc. (NYSE:DKS – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 375,118 shares of the sporting goods retailer’s stock, valued at approximately $85,081,000. DICK’S Sporting Goods accounts for 0.6% of Atreides Management LP’s portfolio, making the stock its 24th biggest position. Atreides Management LP owned 0.42% of DICK’S Sporting Goods as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Harbor Investment Advisory LLC acquired a new stake in shares of DICK’S Sporting Goods in the first quarter valued at approximately $30,000. Laurel Wealth Advisors LLC acquired a new stake in DICK’S Sporting Goods during the fourth quarter worth approximately $34,000. Elyxium Wealth LLC bought a new position in DICK’S Sporting Goods during the 4th quarter worth $35,000. SHP Wealth Management bought a new position in DICK’S Sporting Goods during the 4th quarter worth $38,000. Finally, Torren Management LLC acquired a new position in DICK’S Sporting Goods in the 4th quarter valued at $41,000. 89.83% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting DICK’S Sporting Goods Here are the key news stories impacting DICK’S Sporting Goods this week:

Positive Sentiment: Analysts continue to view the selloff as an opportunity: Bank of America, DA Davidson and BTIG all maintained Buy ratings while lowering their price targets to $200, $205 and $180, respectively. These targets imply substantial potential upside from current levels. Analyst price-target updates Positive Sentiment: The core DICK’S business delivered 4.9% comparable-sales growth, supported by broad-based category gains, higher transactions and average ticket, and strong FIFA World Cup-related demand. Management retained its comparable-sales outlook for the DICK’S business. DICK’S second-quarter results Positive Sentiment: DICK’S declared a quarterly dividend of $1.25 per share, payable September 25 to shareholders of record September 11, supporting the stock’s income appeal. DICK’S dividend announcement Neutral Sentiment: Unusually high options activity and commentary that sellers may have capitulated suggest elevated trading interest and the possibility of a technical bounce, but also indicate unusually high volatility. DICK’S options activity Negative Sentiment: Second-quarter adjusted EPS of $3.53 and revenue of $5.59 billion missed consensus estimates, while EPS declined from $4.38 a year earlier. DICK’S earnings miss Negative Sentiment: Foot Locker comparable sales fell 3.6% as athletic footwear became more promotional. Higher discounts, integration costs and other expenses led management to cut operating-income expectations for both businesses and reduce fiscal 2026 EPS guidance to $11-$12, well below analyst expectations. DICK’S guidance reduction Negative Sentiment: Several law firms announced investigations into potential securities-law violations following the guidance reduction and stock collapse. These notices may add reputational and legal overhang, although no wrongdoing has been established. DICK’S investor investigation notice DICK’S Sporting Goods Trading Up 4.6% Shares of DKS stock opened at $130.02 on Thursday. The stock’s fifty day moving average price is $209.22 and its two-hundred day moving average price is $210.11. The company has a market cap of $11.64 billion, a PE ratio of 13.97, a P/E/G ratio of 1.34 and a beta of 1.21. DICK’S Sporting Goods, Inc. has a fifty-two week low of $120.40 and a fifty-two week high of $244.38. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.38 and a current ratio of 1.49. DICK’S Sporting Goods (NYSE:DKS – Get Free Report) last issued its quarterly earnings results on Tuesday, August 25th. The sporting goods retailer reported $3.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.74 by ($0.21). DICK’S Sporting Goods had a net margin of 3.97% and a return on equity of 19.21%. The business had revenue of $5.59 billion during the quarter, compared to the consensus estimate of $5.64 billion. During the same quarter in the previous year, the business posted $4.38 EPS. The company’s revenue for the quarter was up 53.2% on a year-over-year basis. DICK’S Sporting Goods has set its FY 2026 guidance at 11.000-12.000 EPS. Equities analysts predict that DICK’S Sporting Goods, Inc. will post 11.5 EPS for the current fiscal year.

DICK’S Sporting Goods Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Friday, September 11th. DICK’S Sporting Goods’s payout ratio is currently 47.53%.

Wall Street Analyst Weigh In A number of analysts have recently weighed in on the company. Jefferies Financial Group set a $171.00 target price on DICK’S Sporting Goods in a research report on Tuesday. Wells Fargo & Company dropped their price target on DICK’S Sporting Goods from $240.00 to $185.00 and set an “overweight” rating for the company in a research note on Tuesday. Barclays cut their price objective on shares of DICK’S Sporting Goods from $280.00 to $150.00 and set an “overweight” rating for the company in a research report on Wednesday. DA Davidson reduced their price objective on shares of DICK’S Sporting Goods from $260.00 to $205.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Bank of America decreased their target price on shares of DICK’S Sporting Goods from $245.00 to $200.00 and set a “buy” rating on the stock in a report on Wednesday. Twelve equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $180.06.

View Our Latest Analysis on DKS

(Free Report)

DICK’S Sporting Goods is a leading U.S.-based sporting goods retailer that sells a broad range of sports equipment, apparel, footwear and outdoor gear. The company operates an omnichannel business combining physical stores with digital sales, offering products for team sports, fitness, hunting and fishing, golf, and general active lifestyle categories. In addition to its flagship DICK’S stores, the company operates specialty formats such as Golf Galaxy and branded service offerings including team-sports sales and custom equipment solutions.

The company traces its roots to a single sporting goods outlet founded in 1948 and has since grown into a national retail chain serving customers across the United States.

Recommended Stories Five stocks we like better than DICK’S Sporting Goods Williams-Sonoma’s Quarter Gave Bulls More Than Just a Beat-and-Raise Alcoa’s Gallium Project Opens a New Door Beyond Aluminum Oura’s $16 Billion IPO Could Put a New Price on Wearable Tech Can Tesla’s Flying Roadster Distract From Its Real Risks? Want to see what other hedge funds are holding DKS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DICK’S Sporting Goods, Inc. (NYSE:DKS – Free Report).

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Boston, Massachusetts--(Newsfile Corp. - August 28, 2026) - Block & Leviton is investigating Dick's Sporting Goods (NYSE: DKS) for potential securities law violations. Investors who have lost money in their Dick's Sporting Goods investment should contact the firm to learn more about how they might recover those losses. For more details, visit https://blockleviton.com/cases/dks.

What is this all about?

Block & Leviton is investigating whether Dick's Sporting Goods and certain of its executives made misleading statements or failed to disclose material information to investors regarding its recently acquired Foot Locker business. Earlier in the year, management had characterized Foot Locker's turnaround as on track and raised the company's full-year outlook. On August 25, 2026, Dick's reported a second-quarter earnings and revenue miss and slashed its full-year non-GAAP earnings guidance, citing a sharp deterioration at Foot Locker — whose full-year operating outlook swung from a projected profit to a loss. On the news, Dick's shares fell roughly 24%. The investigation concerns whether the problems weighing on Foot Locker were already apparent to management when it made its earlier optimistic statements.

Who is eligible?

Anyone who purchased Dick's Sporting Goods common stock and has seen their shares fall may be eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.

What is Block & Leviton doing?

Block & Leviton is investigating whether the Company committed securities law violations and may file an action to attempt to recover losses on behalf of investors who have lost money.

What should you do next?

If you've lost money on your investment, you should contact Block & Leviton to learn more via our case website, by email at [email protected], or by phone at (888) 256-2510.

Whistleblower?

If you have non-public information about Dick's Sporting Goods, you should consider assisting in our investigation or working with our attorneys to file a report with the Securities Exchange Commission under their whistleblower program. Whistleblowers who provide original information to the SEC may receive rewards of up to 30% of any successful recovery. For more information, contact Block & Leviton at [email protected] or by phone at (888) 256-2510.

Why should you contact Block & Leviton?

Block & Leviton is widely regarded as one of the leading securities class action firms in the country. Our attorneys have recovered billions of dollars for defrauded investors and are dedicated to obtaining significant recoveries on behalf of our clients through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, call (888) 256-2510 or email [email protected] with any questions.

This notice may constitute attorney advertising.

CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (888) 256-2510
Email: [email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/311882

Source: Block & Leviton LLP

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Key Takeaways NOC's Q2 international sales rose to $1.54B, or 14% of total sales, from $1.40B a year ago.NOC targets $10B in annual international sales by 2031, roughly double the company's prior level.Kuwait's IBCS deal, NATO's Triton commitment and an Australia rocket motor facility support overseas growth. Northrop Grumman Corporation (NOC - Free Report) is expanding its presence in international defense markets as U.S. allies increase spending on advanced military technologies. Foreign demand is becoming an increasingly important growth driver for the company, supported by rising investments in air and missile defense, surveillance and other advanced defense capabilities.

Northrop Grumman's international sales reached $1.54 billion in the second quarter of 2026, representing 14% of total sales, compared with $1.40 billion and 13% in the year-ago quarter. Management is targeting $10 billion in annual international sales by 2031, which would roughly double the company's prior level.

The company is also witnessing growing demand for its key defense platforms worldwide. Recent developments include Kuwait's authorization for six Integrated Battle Command System (IBCS) systems, NATO's commitment involving the Triton surveillance platform and Northrop Grumman's selection to establish an in-country solid rocket motor manufacturing facility in Australia. The company's IBCS is already operational, while demand for advanced defense systems remains strong across Europe and the Middle East.

Rising international defense spending should create additional opportunities for Northrop Grumman. The company's growing overseas presence can expand its addressable market beyond U.S. procurement cycles and support a more diversified order base over the long term. With a broad portfolio spanning surveillance, air and missile defense, strategic deterrence and advanced aerospace technologies, Northrop Grumman appears well-positioned to capitalize on expanding global defense demand.

Defense Stocks to Keep on the RadarOther defense companies expanding their international presence and benefiting from rising global demand are discussed below:

RTX Corporation (RTX - Free Report) : RTX is benefiting from strong international demand for air and missile defense systems, precision weapons and advanced sensors. Raytheon secured more than $10 billion of international awards in the first half of 2026, including more than $7 billion from European customers.

Lockheed Martin Corporation (LMT - Free Report) : International customers represented 28% of Lockheed Martin’s 2025 sales. The company is expanding its global presence through co-production and regional sustainment initiatives, including an agreement with Rheinmetall to pursue ATACMS production in Europe.

The Zacks Rundown for NOCShares of NOC have lost 1% in the past month compared with the industry’s 4% decline.

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The company shares are trading at a discount on a relative basis, with its forward 12-month Price/Sales being 1.68X compared with its industry’s average of 2.47X.

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The Zacks Consensus Estimate for NOC’s 2026 and 2027 earnings has moved north over the past 60 days.

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NOC stock currently carries a Zacks Rank #3 (Hold).

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

Miso Robotics stock: Is an IPO coming soon?Gentex NASDAQ: GNTX outlined its strategy to expand vehicle content, build non-automotive revenue streams and pursue additional electronics manufacturing opportunities during an investor presentation led by President and CEO Steve Downing, CFO Kevin Nash and COO and CTO Neil Boehm.

Downing said the company believes its financial performance and product pipeline distinguish it from broader concerns surrounding the automotive sector. He cited first-half results including roughly $100 million in year-over-year sales growth, a 170-basis-point increase in gross margin, operating income of $265 million, net income of $213 million and earnings per share of $1.06, compared with $0.92 a year earlier. Gentex repurchased 5.9 million shares for about $137 million during the first half.

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Guidance and 2027 Growth Drivers Analysts Recommend These Stocks To Cushion The Automotive SlumpGentex maintained its 2026 revenue outlook of $2.65 billion to $2.75 billion, which Downing said had been raised by $50 million at both ends of the range earlier in the year. The company lowered its operating-expense, tax-rate and capital-expenditure guidance, while maintaining its depreciation and amortization outlook. Downing said lower capital spending reflects available capacity for core auto-dimming products rather than reduced investment in future growth technologies.

The company continues to target revenue of $2.8 billion to $2.9 billion in 2027. Downing said the bridge to that outlook includes approximately $50 million each from Full Display Mirror, driver-monitoring systems and other growth areas. Gentex expects some headwinds from program runoffs and lower base-mirror volumes, including business it chose not to pursue with Volkswagen because it did not see a path to profitability.

Downing said Gentex expects continued pressure in lower-cost European vehicle segments and in China, where the company sees domestic purchasing preferences limiting its opportunity. He said Gentex’s long-term planning assumes little, if any, China business, making any improvement there potential upside.

Technology Content as a Growth Strategy Management emphasized that Gentex is seeking to reduce its dependence on global light-vehicle production and base auto-dimming mirrors by increasing the technology content it sells per vehicle. Downing noted that global light-vehicle production was about 95 million units in 2017, when Gentex generated $1.8 billion in revenue, compared with an estimated 93 million vehicles in 2025 and approximately $2.5 billion in revenue.

Full Display Mirror remains a key contributor. Gentex shipped about 3.2 million units last year, launched on 17 new models in 2025 and is currently present on 22 brands and 140 nameplates, according to Downing. The company expects unit growth of 200,000 to 400,000 this year and a similar increase next year.

Driver-monitoring systems are projected to generate approximately $50 million to $60 million in 2026 revenue and $80 million to $100 million in 2027. Boehm said the technology has launched with Hyundai, Kia and BMW, and the company expects continued deployment across platforms as vehicle architectures support the feature.

Gentex also expects its first dimmable visor application to enter production at the end of 2027. Downing said a baseline visor could carry an average selling price of $100 to $150 per unit, while versions with an embedded polarized mirror could have higher pricing. The company believes the product could follow a growth profile comparable to Full Display Mirror.

For large-area dimmable devices, primarily automotive sunroofs, Gentex is working to commercialize an electrochromic film that can be integrated into plastic substrates. Downing said the company is nearing completion of the engineering and validation work needed for automotive deployment, though a customer launch has been delayed. Gentex estimates the market could support pricing of $100 to $300 per square meter of substrate.

VOXX, Consumer Products and Manufacturing Expansion Gentex acquired VOXX International in 2025 for approximately $196 million. Downing said the company’s initial objectives were to grow the business, improve profitability and ultimately generate $40 million to $50 million in annual EBIT. For the first year of ownership, Gentex reported VOXX revenue of $355 million and gross margin of 30.5%, compared with its prior target range of $325 million to $375 million in revenue and roughly 28% gross margin.

The company now expects VOXX revenue of $360 million to $380 million with gross margin of 33% to 34%. Downing said cost discipline and reductions in selling, general and administrative expenses have contributed to the improvement while Gentex has sought to preserve research and development spending.

Gentex sees strategic value in VOXX’s Premium Audio Company, which includes brands such as Klipsch, Onkyo and Integra. Management said the acquisition gives Gentex consumer distribution relationships that could support cross-selling of HomeLink smart-home products, connected fire-protection products and future technologies.

Non-automotive revenue accounted for 14% of Gentex revenue in the second quarter, its highest level to date, Boehm said. The company also highlighted aerospace, fire protection and biometric access-control businesses as areas for expansion.

In addition, Gentex plans to expand contract electronics manufacturing. The company already produces more than 40 million printed circuit boards annually and expects to announce its first new contract-manufacturing program during its third-quarter earnings call. Downing said the business could eventually generate $1 billion to $2 billion in revenue, although it would operate at lower gross margins than Gentex-designed products.

Margins, Capital Allocation and Long-Term Outlook Nash said second-quarter gross margin was 37%, including benefits from more than $38 million in refunds of previously paid IEEPA tariffs. Gentex faces continued cost pressures from tariffs, precious metals and electronics, though management said it is pursuing material reductions, alternative supply sources and customer recoveries.

The company expects quarterly gross margins to be uneven as cost increases arrive before customer reimbursements. Nash said Gentex continues to view the core business as capable of operating in a 34% to 35% gross-margin range, while future contract manufacturing would have lower margins but require less capital.

Gentex has returned more than $4.3 billion to shareholders through dividends and share repurchases over the past decade, according to Nash. The company has approximately 30 million shares remaining under its repurchase authorization and expects to use them over roughly the next two and a half years. Downing said management continues to evaluate dividend increases and possible accelerated repurchases, while preserving flexibility for strategic opportunities.

Looking further ahead, Downing said Gentex sees a potential path to $4.5 billion to $7 billion in revenue over a 10-year horizon across automotive technology, contract manufacturing, premium audio and other markets. The company’s stated goal is to reach a $10 billion enterprise value by 2032.

About Gentex (NASDAQ:GNTX)Gentex Corporation NASDAQ: GNTX is a global technology company specializing in the design and manufacture of automotive and aerospace products. The company's primary business centers on automatic-dimming rearview mirrors, advanced driver-assistance systems (ADAS), and camera-based driver monitoring technologies. In the automotive sector, Gentex supplies exterior and interior mirrors with integrated electronics, connectivity features, and safety capabilities to many of the world's leading original equipment manufacturers (OEMs).

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Bank of New York Mellon Corp purchased a new position in Wheaton Precious Metals Corp. (NYSE:WPM – Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 475,727 shares of the company’s stock, valued at approximately $53,434,000. Bank of New York Mellon Corp owned 0.10% of Wheaton Precious Metals at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of WPM. Cornerstone Planning Group LLC increased its stake in shares of Wheaton Precious Metals by 245.5% in the first quarter. Cornerstone Planning Group LLC now owns 228 shares of the company’s stock worth $29,000 after acquiring an additional 162 shares during the period. Harvest Fund Management Co. Ltd lifted its position in Wheaton Precious Metals by 100.0% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 234 shares of the company’s stock valued at $27,000 after purchasing an additional 117 shares during the period. Hollencrest Capital Management lifted its position in Wheaton Precious Metals by 73.5% during the first quarter. Hollencrest Capital Management now owns 236 shares of the company’s stock valued at $31,000 after purchasing an additional 100 shares during the period. Cary Street Partners Investment Advisory LLC purchased a new stake in Wheaton Precious Metals in the fourth quarter valued at $28,000. Finally, Navalign LLC purchased a new stake in Wheaton Precious Metals in the fourth quarter valued at $30,000. 70.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets A number of equities analysts have weighed in on WPM shares. Bank of America reduced their price objective on Wheaton Precious Metals from $163.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Weiss Ratings downgraded Wheaton Precious Metals from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, July 16th. Berenberg Bank set a $157.00 target price on Wheaton Precious Metals in a report on Tuesday, July 28th. Wall Street Zen cut Wheaton Precious Metals from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, Jefferies Financial Group decreased their price target on Wheaton Precious Metals from $182.00 to $177.00 and set a “buy” rating for the company in a report on Monday, July 6th. Twelve research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Wheaton Precious Metals has a consensus rating of “Moderate Buy” and an average target price of $165.55.

Check Out Our Latest Report on WPM Wheaton Precious Metals Price Performance Shares of Wheaton Precious Metals stock opened at $158.26 on Friday. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.20. Wheaton Precious Metals Corp. has a twelve month low of $92.57 and a twelve month high of $165.76. The business has a 50-day moving average price of $121.93 and a 200 day moving average price of $131.13. The firm has a market cap of $71.88 billion, a PE ratio of 35.09, a P/E/G ratio of 2.76 and a beta of 0.55.

Wheaton Precious Metals (NYSE:WPM – Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.04. The company had revenue of $878.00 million for the quarter, compared to the consensus estimate of $879.29 million. Wheaton Precious Metals had a return on equity of 21.97% and a net margin of 64.66%.Wheaton Precious Metals’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.63 earnings per share. Sell-side analysts predict that Wheaton Precious Metals Corp. will post 4.79 earnings per share for the current fiscal year.

Wheaton Precious Metals Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th will be given a dividend of $0.195 per share. The ex-dividend date is Thursday, August 20th. This represents a $0.78 dividend on an annualized basis and a dividend yield of 0.5%. Wheaton Precious Metals’s dividend payout ratio (DPR) is 17.29%.

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Wheaton Precious Metals Corp. is a Canada-based precious metals streaming company that acquires and manages long-term purchase agreements for metals produced by mining companies. Rather than operating mines, Wheaton provides upfront and ongoing financing to miners in exchange for the right to purchase a portion of the metals produced — typically silver and gold, and occasionally other precious metals — at predetermined prices. This streaming business model offers investors exposure to metal production with reduced operating and capital-cost risk compared with traditional mining companies.

The company’s activities center on structuring and maintaining a diversified portfolio of streaming agreements across multiple jurisdictions.

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