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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.

Image Source: Zacks Investment Research

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.

Image Source: Zacks Investment Research

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

Image Source: Zacks Investment Research

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%.

(Free Report)

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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Key Takeaways IBKR's Daol tie-up expands Korean investors' access to global equities through Daol's platform.The partnership leverages Daol's local reach and IBKR's technology and infrastructure for global investing.IBKR's July DARTs rose 27% year over year, while client accounts increased 34% to 5.32 million. Interactive Brokers Group, Inc. (IBKR - Free Report) is expanding its global footprint. Through a strategic collaboration with Daol Investment & Securities, the company will provide eligible South Korean investors with cost-effective access to global equities.

Interactive Brokers continues to expand its international platform to capture rising cross-border investing. In May 2026, the company enabled eligible clients to trade Korea Exchange-listed equities, followed by the launch of Nextrade in June.

The Daol partnership aligns with IBKR’s technology-driven brokerage model. By working with Daol, the company will likely be able to leverage its local market presence and client relationships while providing the technology and infrastructure required for international investing. The collaboration also reinforces the company’s white-label and introducing-broker capabilities, providing a scalable avenue to expand client reach and trading activity.

Daol plans to expand access to markets, derivatives, and direct-investment services in South Korea for overseas investors, creating an opportunity for a broader two-way global investment platform. For IBKR, greater adoption of international products could drive higher trading volumes and increase utilization of its brokerage infrastructure. Its introducing-broker offering provides access to more than 170 markets, real-time risk management and monitoring, and competitive pricing without ticket charges or minimums. Interactive Brokers also carries no technology, software, platform, or reporting fees, strengthening its value proposition for institutional partners.

IBKR’s strong operating momentum further supports growth opportunity. In July 2026, daily average revenue trades increased 27% year over year to 4.43 million, while client accounts rose 34% to 5.32 million. Client equity grew 32% to $906.7 billion, and margin loan balances jumped 49% to $100.7 billion. Continued growth in accounts, client assets, and trading activity highlights strong platform engagement.

Though the Daol collaboration is not expected to impact IBKR’s near-term financial results, it could support long-term growth by expanding the company’s South Korean client reach and increasing trading activity.

Our Take on IBKRThe Daol collaboration is a positive strategic development for Interactive Brokers. It strengthens the company’s presence in South Korea while demonstrating the scalability of its technology-led model. This, combined with strong account growth and rising trading activity, will support the company’s long-term international expansion strategy.

Over the past year, shares of IBKR have gained 48.3%, significantly outperforming the industry's 22.9% increase.

One-Year Price Performance

Image Source: Zacks Investment Research

At present, Interactive Brokers sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Business Expansion Efforts by Other Financial FirmsIn August 2026, Banco Santander S.A. (SAN - Free Report) completed the acquisition of Webster Financial, creating a larger and more diversified U.S. banking franchise. The $12.3 billion deal expands SAN’s scale, strengthens its Northeast presence, and enhances its commercial banking and deposit capabilities.

The acquisition supports SAN’s strategy of expanding its U.S. franchise and is expected to generate around $800 million in annual pre-tax cost synergies and 7-8% EPS accretion by 2028.

Likewise, T. Rowe Price Group, Inc. (TROW - Free Report) agreed to acquire F/m Investments LLC, a fixed-income asset manager and exchange-traded fund (ETF) specialist with approximately $19 billion in assets under management (AUM). The deal will strengthen TROW’s fixed-income capabilities, expand its ETF and separately managed account offerings, and diversify its investment platform beyond traditional mutual funds.

The acquisition is expected to increase TROW’s fixed-income AUM by nearly 9% and more than double its fixed-income ETF AUM, supporting its strategy to capture growing demand for ETFs and customized investment solutions.

Key Takeaways IBKR shares have risen 50.1% YTD, driven by strong results, client growth and elevated trading activity.IBKR's automated platform and product innovation support revenue growth and operating leverage.IBKR's global expansion and $7.7B cash position support long-term growth and shareholder return. Interactive Brokers (IBKR - Free Report) stock has gained strongly so far in 2026, aided by robust first-half results, accelerating client growth and elevated trading activity. IBKR shares have rallied 50.1%, outperforming the industry’s 11.3% growth and the S&P 500 Index’s 11.7% rise.

Moreover, IBKR’s price performance has been better than that of its close peers, Charles Schwab (SCHW - Free Report) and Tradeweb Markets Inc. (TW - Free Report) . The Schwab stock has gained 8.1% so far this year, whereas shares of Tradeweb Markets have appreciated only 0.5%.

YTD Price Performance
Image Source: Zacks Investment Research

Does the Interactive Brokers stock have more upside left despite showing recent strength in price? Let us dig into its fundamentals and growth prospects to get a clear picture.

What’s Supporting Interactive Brokers?Technology-Driven Operating Leverage: IBKR’s position at the intersection of the long-running shift toward electronic trading and growing demand for global, multi-asset investing remains a key strength. Its highly automated platform provides access to stocks, options, futures, currencies, bonds, funds and digital assets across more than 170 market centers in 40 countries and 29 currencies, allowing the company to expand volumes and its geographic reach without a proportionate increase in operating costs.

Unlike many peers, compensation expenses were 9.8% of net revenues in the first half of 2026, reflecting the efficiency of its technology-led operating model.

The company’s continued investment in proprietary software and automation has supported strong and consistent revenue growth. Total net revenues saw a compound annual growth rate (CAGR) of 22.8% over 2020-2025, driven by higher interest income, commissions and ongoing business expansion. This momentum continued in the first half of 2026, aided by robust trading activity and sustained client engagement.

Revenue Trend
Image Source: Zacks Investment Research

Going forward, solid daily average revenue trade levels, continued account growth and a favorable trading backdrop should support revenue expansion and reinforce the scalability of the company’s technology-driven platform.

The Zacks Consensus Estimate for IBKR’s 2026 and 2027 revenues is $7.26 billion and $8.23 billion, which indicates year-over-year growth of 18% and 13.4%, respectively.

Revenue Growth Estimates
Image Source: Zacks Investment Research

Continued Product Innovation: Interactive Brokers continues to broaden its product suite and enhance platform capabilities, helping expand its addressable client base, deepen engagement and diversify fee-generating opportunities.

So far this year, the company has expanded its cryptocurrency offering by adding nine tokens through zerohash and three through Paxos, while enabling eligible clients to transfer funds to external wallets through stablecoins. It also launched a unified prediction-markets interface that allows eligible clients to compare and trade contracts across Kalshi, CME Group and ForecastEx from a single platform.

Interactive Brokers has rapidly expanded its AI capabilities. After initially integrating Anthropic’s Claude, it added ChatGPT and Grok and subsequently opened connectivity to virtually any AI application supporting the Model Context Protocol, enabling clients to use their preferred AI tools for portfolio analysis, research and trade-instruction generation. These initiatives build on stablecoin funding, expanded derivatives access and existing tools such as Ask IBKR and AI-powered research features.

The continued rollout of differentiated products should strengthen client retention, increase platform use and create incremental revenue opportunities while helping Interactive Brokers remain competitive in the rapidly evolving electronic brokerage industry.

Expanding Global Footprint: Interactive Brokers continues to broaden its international platform to capitalize on rising cross-border investing and wealth creation across emerging and developed markets. So far in 2026, the company has expanded market access by enabling eligible clients to trade Romanian equities on the Bucharest Stock Exchange, Korean equities through the Korea Exchange and Nextrade, and Brazilian futures.

It also introduced a funding solution for Latin American clients through its collaboration with Paysafe’s SafetyPay. These initiatives build on its 2025 expansion into Brazilian and UAE equities, broader access to Bursa Malaysia and continued growth efforts across Taiwan, Mexico, India and Europe.

IBKR has also widened its digital-asset footprint, extending cryptocurrency trading beyond Hong Kong to the U.K. A broader geographic and product reach should attract clients, deepen engagement among existing customers and diversify trading activity across markets, supporting sustained account and revenue growth over the long term.

Strong Balance Sheet & Shareholder Returns: Interactive Brokers maintains a solid capital position while steadily enhancing shareholder returns. In April 2026, the company raised its quarterly dividend 9.4%, following increases of 28% in 2025 and 150% in 2024, underscoring management’s confidence in its earnings and cash-generation capacity.

Its June 2025 four-for-one stock split also improved share accessibility without affecting underlying fundamentals. The company relies on minimal debt to fund operations and ended the second quarter of 2026 with $7.7 billion in cash and cash equivalents.

This strong liquidity position provides ample flexibility to meet regulatory capital requirements, fund technology and platform investments, and continue returning capital to shareholders over time.

What’s Hurting IBKR’s Growth?Elevated Expense Base: Non-interest expenses have trended higher over time as Interactive Brokers invests in product expansion, technology and distribution. While expenses declined in 2025, the metric witnessed a CAGR of 8.3% over the last five years (2020-2025). The increase has primarily been due to higher execution, clearing and distribution fees. The uptrend persisted in the first half of 2026.

Expense Trend
Image Source: Zacks Investment Research

Continued investments in franchises, the launch of products and services, higher marketing spend, and the upgrade of technology are expected to keep expenses elevated as the platform expands and regulation evolves.

Geographic & Regulatory Risks: Interactive Brokers’ extensive global presence exposes it to regulatory, political, currency and economic risks across multiple jurisdictions, with more than 35% of net revenues generated from overseas operations.

Differences in local regulations, foreign exchange volatility and uneven economic conditions can affect trading activity and profitability. Continued expansion into newer offerings such as cryptocurrencies and prediction markets may increase compliance requirements, technology investment and operational complexity.

These factors could raise costs and weigh on margins, particularly as the company continues expanding across markets with evolving regulatory frameworks.

Final Thoughts on IBKR StockInteractive Brokers remains well-positioned for growth in the current volatile operating environment. While the company’s profitability is expected to be hampered because of elevated expenses, its strong technological capabilities and diversified product offerings enhance its global reach, supporting long-term growth.

Also, rapidly evolving trends will benefit the company’s revenues and expand its market share.

Over the past 60 days, the Zacks Consensus Estimate for the company’s 2026 and 2027 earnings has moved upward. The estimates reflect year-over-year growth rates of 22.8% and 18% for 2026 and 2027, respectively.

Earnings Estimate Revision
Image Source: Zacks Investment Research

The upward earnings estimate revisions reflect that analysts are optimistic regarding IBKR’s earnings growth potential. Thus, it seems to be a wise idea to invest in the stock now.

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

It has been about a month since the last earnings report for Woodward (WWD - Free Report) . Shares have lost about 2.8% 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 Woodward due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

WWD Q3 Earnings Beat on Aerospace and Industrial Strength

Woodward reported third-quarter fiscal 2026 adjusted earnings of $2.52 per share, up 43.2% year over year. The bottom line beat the Zacks Consensus Estimate of $2.39 by 5.4%.

Net sales rose 21.2% to $1.11 billion but missed the consensus mark of $1.114 billion by 0.4%. Commercial OEM sales surged 34%, while demand remained broad across Woodward's Industrial markets.

Aerospace Sales Accelerate

Aerospace sales increased 19% to $709 million. Commercial OEM revenues reached $234 million as aircraft production rates increased, while commercial services generated $268 million on continued legacy aircraft servicing and growing LEAP and GTF activity. Management said service inputs remained steady to higher across newer engine platforms.

Defense OEM sales declined 6% to $141 million because of a one-time revenue recognition adjustment. Excluding that item, sales would have grown in the mid-single digits. Defense services rose 20% to $66 million. Segment earnings advanced 35% to $170 million, and margin expanded 290 basis points (bps) to 24%. A retroactive contract pricing adjustment added about 100 bps to the margin.

Industrial Growth Broadens

Industrial sales climbed 26% to $401 million. Transportation revenues increased 40% to $180 million, aided by strong marine demand and $40 million of China on-highway sales. Power generation rose 19% to $145 million on robust data-center demand for prime and backup power.

Oil and gas revenues advanced 11% to $76 million, supported by liquefied natural gas infrastructure activity and improving upstream capital spending.
Industrial earnings jumped 86% to $88 million, while margin expanded 720 bps to 22.1%. China on-highway contributed about 90 bps to the margin. Core Industrial sales, which exclude that business, grew 19% to $361 million.

Pricing and Productivity Support Profits

Adjusted EBITDA increased 50% to $249 million, while adjusted EBIT rose 58% to $217 million. Total costs and expenses were $916.2 million compared with $788.6 million a year earlier. Profitability benefited from higher volume and pricing, partly offset by inflation, unfavorable mix and a higher tax burden. The adjusted effective tax rate rose to 24.2% from 14.5%.

Companywide price realization was 10% in the quarter. Management expects full-year pricing of about 8%, with a more normal 3-5% range going forward. Lean initiatives are beginning to improve factory productivity. Automation across machining, inspection and material handling is intended to reduce the need for roughly 1,000 incremental hires by 2029.

Cash Flow Funds Capacity Expansion

Net cash provided by operating activities increased 17% to $147 million. Free cash flow declined 12% to $87 million as capital expenditures more than doubled to $60 million. Management expects spending to rise sharply in the fourth quarter, mainly to finish the Spartanburg facility and purchase equipment for the A350 spoiler program.

Woodward ended June with $475 million in cash and cash equivalents and $1.34 billion of total debt. EBITDA leverage was 1.6 times. Through nine months, operating cash flow reached $352 million and free cash flow totaled $196 million. The company returned $608 million to shareholders, including $553 million through repurchases and $55 million through dividends.

Fiscal 2026 Outlook

WWD raised its fiscal 2026 adjusted earnings guidance to $9.30-$9.50 per share from $9.15-$9.45. The company maintained its sales growth outlook of 20-23%, free cash flow forecast of $300-$350 million and capital expenditure plan of approximately $290 million. It expects to return about $700 million to shareholders for the full year.

Aerospace sales are now expected to grow 21-23%, with a segment margin of about 23.5%. Industrial sales growth is projected at 19-21%, up from 18-20%, while segment margin is expected to reach roughly 19%. The adjusted effective tax rate forecast increased to approximately 22.5%.

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

VGM ScoresAt this time, Woodward has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Charting a somewhat similar path, the stock was allocated a 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, Woodward has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Among the conditions, the Company must demonstrate compliance with the minimum bid price requirement by September 21, 2026 and the stockholders' equity requirement by October 30, 2026Tokyo, Japan--(Newsfile Corp. - August 25, 2026) - TNL Mediagene (NASDAQ: TNMG) (the "Company"), a technology and digital media company providing AI-driven advertising, marketing technology, content commerce and data analytics solutions, and operating multi-language digital media brands across Asia, today announced that on August 23, 2026, the Company received a written decision from the Nasdaq Hearings Panel (the "Panel") of The Nasdaq Stock Market LLC ("Nasdaq") granting the Company's request for continued listing on The Nasdaq Capital Market, subject to the Company's satisfaction of certain conditions. Those conditions include the following:

On or before September 21, 2026, the Company must demonstrate compliance with the Listing Rule 5550(a)(2) (the "Bid Price Rule"); and On or before October 30, 2026, the Company must demonstrate compliance with the Listing Rule 5550(b)(1) (the "Equity Rule").The Panel's decision also requires the Company to provide prompt notification of any significant events occurring during the exception period that may affect the Company's compliance with Nasdaq requirements, including any event that may call into question the Company's ability to meet the terms of the exception granted. The Panel has reserved the right to reconsider the terms of the exception based on any event, condition or circumstance that exists or develops that would, in the opinion of the Panel, make continued listing of the Company's securities on Nasdaq inadvisable or unwarranted. The foregoing summarizes certain terms of the Panel's decision and does not describe all of the terms and conditions of the decision.

The Panel's decision follows a hearing held on August 4, 2026, at which the Company presented its plan to regain compliance with the Bid Price Rule and the Equity Rule. The Company's ordinary shares will continue to be listed and traded on Nasdaq under the symbol "TNMG" during the exception period, subject to the Company's satisfaction of the conditions set forth in the Panel's decision. Any compliance submission by the Company will be subject to review by the Panel. There can be no assurance that the Company will satisfy the conditions of the Panel's decision or otherwise regain compliance with the applicable listing requirements, and a failure to do so would result in the delisting of the Company's securities from Nasdaq.

On June 22, 2026, the Company received a determination letter (the "Determination Letter") from the staff of the Listing Qualifications Department of Nasdaq notifying the Company of the staff's determination to delist the Company's securities from The Nasdaq Capital Market as a result of the Company's failure to regain compliance with the Bid Price Rule and the Company's previously notified non-compliance with the Equity Rule, as described in the Company's press release dated June 26, 2026. On June 29, 2026, the Company requested a hearing before the Panel. On July 1, 2026, Nasdaq notified the Company that the hearing request had been granted and scheduled the hearing for August 4, 2026.

About TNL Mediagene

Headquartered in Tokyo, TNL Mediagene (NASDAQ: TNMG) is a technology and digital media company providing AI-driven advertising, marketing technology, content commerce and data analytics solutions, and operating multi-language digital media brands across Asia. Formed in May 2023 through the merger of Japan's Mediagene Inc. and Taiwan's The News Lens Co., Ltd., the Company combines advertising and marketing technology platforms with a portfolio of established digital media brands to deliver integrated solutions for the evolving digital landscape.

The Company's technology offerings include AI-driven advertising, marketing and digital studio services, content commerce, and advanced data analytics capabilities. These solutions are supported by the Company's well-established multi-language digital media brands in Japanese, Chinese, and English, spanning business, technology, lifestyle, and culture, which provide audience engagement and first-party data.

Known for its appeal to younger audiences, and high-quality content, TNL Mediagene has approximately 480 employees with offices in Japan and Taiwan.

https://www.tnlmediagene.com/

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on beliefs and assumptions and on information currently available to TNL Mediagene. Forward-looking statements generally relate to future events or TNL Mediagene's future financial or operating performance. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing," "target," "aim," "seek" or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Forward-looking statements in this communication include, but are not limited to, statements regarding the Company's ability to satisfy the conditions of the Panel's decision and to regain and maintain compliance with Nasdaq's continued listing requirements, and the potential delisting of the Company's securities from Nasdaq. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including strategies or plans, are also forward-looking statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. Forward-looking statements in this communication or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for TNL Mediagene to predict these events or how they may affect TNL Mediagene. In addition, risks and uncertainties are described in TNL Mediagene's filings with the Securities and Exchange Commission, including the risks and uncertainties set forth under the heading "Risk Factors" in TNL Mediagene's FY2025 Annual Report on Form 20-F filed on April 30, 2026, as may be supplemented or amended by the TNL Mediagene's Reports of a Foreign Private Issuer on Form 6-K. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. TNL Mediagene cannot assure you that the forward-looking statements in this communication will prove to be accurate. There may be additional risks that TNL Mediagene presently does not know or that TNL Mediagene currently does not believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by TNL Mediagene, its directors, officers or employees or any other person. Except as required by applicable law, TNL Mediagene does not have any duty to, and does not intend to, update or revise the forward-looking statements in this communication or elsewhere after the date of this communication. You should, therefore, not rely on these forward-looking statements as representing the views of TNL Mediagene as of any date subsequent to the date of this communication.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/311390

Source: TNL Mediagene

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Bank of New York Mellon Corp purchased a new position in shares of OneMain Holdings, Inc. (NYSE:OMF – Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,049,364 shares of the financial services provider’s stock, valued at approximately $63,980,000. Bank of New York Mellon Corp owned approximately 0.91% of OneMain as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. CIBC Private Wealth Group LLC grew its stake in shares of OneMain by 117.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 374 shares of the financial services provider’s stock valued at $25,000 after buying an additional 202 shares in the last quarter. Core Wealth Advisors LLC acquired a new position in OneMain during the 4th quarter worth about $31,000. Atlantic Union Bankshares Corp acquired a new position in OneMain during the 4th quarter worth about $36,000. Transamerica Financial Advisors LLC boosted its holdings in OneMain by 88.2% during the 4th quarter. Transamerica Financial Advisors LLC now owns 670 shares of the financial services provider’s stock valued at $45,000 after acquiring an additional 314 shares during the period. Finally, Sunbelt Securities Inc. purchased a new position in OneMain during the 3rd quarter valued at about $46,000. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

OneMain Price Performance OMF opened at $63.25 on Thursday. OneMain Holdings, Inc. has a 12 month low of $45.78 and a 12 month high of $71.93. The stock has a market capitalization of $7.28 billion, a price-to-earnings ratio of 9.53, a PEG ratio of 0.48 and a beta of 1.21. The business has a fifty day moving average price of $61.57 and a 200 day moving average price of $57.56.

OneMain (NYSE:OMF – Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The financial services provider reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.05. The company had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.28 billion. OneMain had a return on equity of 23.49% and a net margin of 13.92%.OneMain’s revenue for the quarter was up 6.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.45 EPS. On average, research analysts anticipate that OneMain Holdings, Inc. will post 7.11 earnings per share for the current year. OneMain Dividend Announcement The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Monday, August 10th were paid a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a dividend yield of 6.6%. The ex-dividend date was Monday, August 10th. OneMain’s dividend payout ratio is presently 63.25%.

Wall Street Analysts Forecast Growth Several equities analysts have weighed in on OMF shares. TD Cowen lifted their target price on OneMain from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Citigroup reissued a “market outperform” rating on shares of OneMain in a research report on Thursday, July 30th. Citizens Jmp raised their price objective on shares of OneMain from $68.00 to $70.00 and gave the company a “market outperform” rating in a research note on Thursday, July 30th. Evercore set a $66.00 price objective on shares of OneMain in a report on Monday, July 6th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of OneMain in a research note on Friday, July 10th. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $68.40.

Get Our Latest Report on OneMain

Insider Buying and Selling In related news, SVP Michael A. Hedlund sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $64.00, for a total value of $160,000.00. Following the sale, the senior vice president owned 10,627 shares of the company’s stock, valued at $680,128. This trade represents a 19.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Micah R. Conrad sold 5,000 shares of OneMain stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $65.40, for a total transaction of $327,000.00. Following the completion of the transaction, the chief operating officer owned 91,250 shares of the company’s stock, valued at $5,967,750. This represents a 5.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 14,348 shares of company stock worth $911,576 over the last 90 days. Insiders own 0.29% of the company’s stock.

OneMain Profile (Free Report)

OneMain Financial (NYSE: OMF) is a leading consumer finance company specializing in unsecured personal loans for middle-income customers. The company offers tailored loan products designed to address a variety of needs, including debt consolidation, home improvement financing, large purchases and emergency expenses. Through a combination of branch-based service and digital channels, OneMain aims to deliver a personalized borrowing experience with flexible repayment options and transparent terms.

Tracing its roots back to the Commercial Credit Company founded in 1912, OneMain has evolved through a series of mergers and corporate transformations.

Read More Five stocks we like better than OneMain 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 OMF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for OneMain Holdings, Inc. (NYSE:OMF – Free Report).

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Q2 comparable brand revenue +6.2%
GAAP operating margin of 22.9%; non-GAAP operating margin of 17.3%
GAAP diluted EPS of $2.84; non-GAAP diluted EPS of $2.10
Raises full-year 2026 outlook

SAN FRANCISCO--(BUSINESS WIRE)--Williams-Sonoma, Inc. (NYSE: WSM) today announced operating results for the second quarter ended August 2, 2026 versus the second quarter ended August 3, 2025.

“We delivered a very strong second quarter. In Q2, our comp came in at 6.2%, with total revenue growth of 6.7%, and we drove an operating margin of 17.3% with earnings per share of $2.10. Every brand delivered again in the quarter, driven by strong execution across our brands, our channels, and our team,” said Laura Alber, President and Chief Executive Officer.

Alber concluded, “Our strategies continue to gain momentum, and our results reflect the power of our execution. We gained market share, continued to outperform the industry, and raised our annual outlook on both the top and bottom lines. We are delivering compounding results despite the housing market and other macroeconomic events, and we remain confident in our priorities and plans for the remainder of 2026 and beyond.”

SECOND QUARTER 2026 HIGHLIGHTS

Comparable brand revenue +6.2%. Gross margin of 51.6% on a GAAP basis, +450bps to LY driven by (i) IEEPA tariff refunds, net of tariff-related vendor concessions, of +610bps, (ii) occupancy leverage of +40bps, and (iii) supply chain efficiencies of +30bps, partially offset by (iv) lower merchandise margins of -230bps primarily driven by tariff costs. Occupancy costs of $208 million, +3.3% to LY. Gross margin of 45.5% on a non-GAAP basis, -160bps to LY driven by (i) lower merchandise margins of -230bps primarily driven by tariff costs, partially offset by (ii) supply chain efficiencies of +30bps, and (iii) occupancy leverage of +40bps. Occupancy costs of $208 million, +3.3% to LY. SG&A rate of 28.7% on a GAAP basis, -50bps to LY driven by (i) employment expense leverage, net of a one-time tariff-related employee recognition cost in the form of a discretionary 401(k) contribution, of -70bps, partially offset by (ii) higher general expenses of +10bps, and (iii) higher advertising expenses of +10bps. SG&A of $563 million, +5.0% to LY on a GAAP basis. SG&A rate of 28.2% on a non-GAAP basis, -100bps to LY driven by (i) employment expense leverage of -120bps, partially offset by (ii) higher general expenses of +10bps, and (iii) higher advertising expenses of +10bps. SG&A of $553 million, +3.1% to LY on a non-GAAP basis. Operating income of $449 million with an operating margin of 22.9% on a GAAP basis; or $338 million with an operating margin of 17.3% on a non-GAAP basis. +500bps to LY on a GAAP basis and -60bps to LY on a non-GAAP basis. GAAP diluted EPS of $2.84 per share, or $2.10 on a non-GAAP basis. +42.0% to LY on a GAAP basis and +5.0% to LY on a non-GAAP basis. Merchandise inventories +1.0% to the second quarter LY to $1.45 billion, net of $29.3 million of deferred tariff refund income recorded as a reduction of inventory. Maintained strong liquidity position of $1.0 billion in cash and $696 million in operating cash flow, inclusive of the collection of $200.2 million of tariff refunds and the related interest, enabling the company to deliver returns to stockholders of $90 million through dividends. TARIFF REFUND

During the second quarter of fiscal 2026, we recognized income from the refund of previously paid International Emergency Economic Powers Act (“IEEPA”) tariffs. During the quarter, we recorded (i) a reduction of cost of goods sold of $167.8 million related to refunds received for tariffs that have been previously expensed and (ii) related interest income of $6.3 million. This income was partially offset by (i) a provision of $47.5 million to reimburse certain merchandise vendors that previously provided tariff-related concessions and (ii) a one-time tariff-related employee recognition cost of $10.0 million, in the form of a discretionary 401(k) contribution to all eligible employees. As of August 2, 2026, we deferred $29.3 million of the tariff refund income as a reduction of merchandise inventories, which we anticipate recognizing as a reduction to cost of goods sold in the third quarter of fiscal 2026. Substantially all of our initial refund claim of $197.8 million has been collected as of August 2, 2026, with a remaining tariff refund receivable of $3.2 million. We have adjusted all of these tariff-related items as non-GAAP adjustments. See Exhibit 1 for our GAAP to non-GAAP reconciliation.

OUTLOOK

We are raising our fiscal 2026 guidance to reflect our year-to-date strong performance. In fiscal 2026, we now expect annual net revenues in the range of +4.7% to +7.2%, with comps in the range of +4.0% to +6.5%; and an operating margin, on a non-GAAP basis, between 17.8% to 18.2%. Our guidance assumes (i) all tariffs currently in place will remain for fiscal 2026, including the Section 232 tariffs, the existing Section 301 tariffs, the new Section 301 tariffs announced on July 23rd, and the latest tariffs between Canada and the United States, (ii) oil prices will remain elevated for the remainder of the year, and (iii) no benefit from tariff refunds or related interest. For fiscal 2026, we expect annual interest income of approximately $25 million and an effective tax rate of approximately 26%, both on a non-GAAP basis. Over the long term, we continue to expect mid-to-high single-digit annual net revenue growth with an operating margin in the mid-to-high teens. CONFERENCE CALL AND WEBCAST INFORMATION

Williams-Sonoma, Inc. will host a live conference call today, August 26, 2026, at 7:00 A.M. (PT). The call will be open to the general public via live webcast and can be accessed at http://ir.williams-sonomainc.com/events. A replay of the webcast will be available at http://ir.williams-sonomainc.com/events.

SEC REGULATION G — NON-GAAP INFORMATION

This press release and our accompanying earnings call include non-GAAP financial measures. Exhibit 1 provides reconciliations of these non-GAAP financial measures to the most comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). We have not provided a reconciliation of non-GAAP measures to the most directly comparable GAAP measures on a forward-looking basis as we cannot do so without unreasonable efforts due to the potential variability and limited visibility of excluded items; these excluded items may include exit costs, reduction-in-force initiatives, impairment, early termination charges and other non-recurring or non-operational income or expenses. For the same reasons, we are unable to address the probable significance of any such excluded items. We believe that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, can provide meaningful supplemental information for investors regarding the performance of our business and facilitate a meaningful evaluation of current period performance on a comparable basis with prior periods. Our management uses these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. In addition, certain other items may be excluded from non-GAAP financial measures when the company believes this provides greater clarity to management and investors. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for or superior to the GAAP financial measures presented in this press release and our financial statements and other publicly filed reports. Such non-GAAP measures may not be comparable to similarly titled measures used by other companies.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or are proven incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Such forward-looking statements include, among other things, statements in the quotes of our President and Chief Executive Officer, our fiscal year 2026 outlook and long-term financial targets, and statements regarding our industry trends and business strategies.

The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include: our ability to provide products that are designed and built for durability and longevity at competitive prices; changes in and the related impact of U.S. (federal, state and local) and international tax laws, trade policies and regulations; our ability to mitigate current and future tariffs; factors, including but not limited to general economic conditions, inflationary pressures, consumer disposable income, rising fuel prices, recession and fears of recession, unemployment, war and fears of war, adverse weather, availability of consumer credit, conditions in the housing market, elevated interest rates, and consumer confidence in current and future economic conditions that can affect consumer spending; the plans, strategies, initiatives and objectives of management for future operations; our ability to execute strategic priorities and growth initiatives; our beliefs about our competitive advantages and areas of potential future growth in the market; the impact of periods of decreased home purchases; our ability to anticipate consumer preferences and buying trends; factors, including but not limited to fuel costs, labor disputes, union organizing activity, geopolitical instability, and acts of terrorism and war, that can affect the global supply chain; effective inventory management; timely and effective sourcing and delivery of merchandise from our suppliers; our ability to respond to the growing use of and to adopt new technologies, including artificial intelligence; our belief in the reasonableness of the steps taken by us and our suppliers to protect the security and confidentiality of the information we collect; multi-channel and multi-brand complexities; our brands, products, retail and related initiatives, including our ability to introduce new products, product lines, brands and brand extensions, and bring in new customers; challenges associated with our global presence and expansion efforts; our ability to control employment, advertising, occupancy, and other operating costs; payment of dividends; our ability to drive long-term sustainable returns; our capital allocation strategy in fiscal 2026; our planned use of cash in fiscal 2026; projections of earnings, revenues, growth and other financial items; and other risks and uncertainties described more fully in our public announcements, reports to stockholders and other documents filed with or furnished to the SEC, including our Annual Report on Form 10-K for the fiscal year ended February 1, 2026 and all subsequent quarterly reports on Form 10-Q and current reports on Form 8-K. We have not filed our Form 10-Q for the quarter ended August 2, 2026. As a result, all financial results described here should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates that are identified prior to the time we file the Form 10-Q. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements.

ABOUT WILLIAMS-SONOMA, INC.

Williams-Sonoma, Inc. is the world’s largest digital-first, design-led and sustainable home retailer. The company’s brands — Williams Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, West Elm, Williams Sonoma Home, Rejuvenation, Mark and Graham, GreenRow, and Dormify — represent distinct merchandise strategies that are marketed through e-commerce, direct-mail catalogs, retail stores, and business-to-business. These brands collectively support The Key Rewards, our loyalty and credit card program that offers members exclusive benefits. We operate in the U.S., Puerto Rico, Canada, Australia and the United Kingdom, and have unaffiliated franchisees that operate stores in Mexico, South Korea, India and the Philippines.

WSM-IR

Condensed Consolidated Statements of Earnings (unaudited)

  For the Thirteen Weeks Ended

For the Twenty-six Weeks Ended

August 2, 2026

August 3, 2025

August 2, 2026

August 3, 2025

(In thousands, except per share amounts)

$

% of Net

revenues

$

% of Net

revenues

$

% of Net

revenues

$

% of Net

revenues

Net revenues

$

1,959,757

100.0

%

$

1,836,760

100.0

%

$

3,765,213

100.0

%

$

3,566,873

100.0

%

Cost of goods sold

947,809

48.4

972,137

52.9

1,959,839

52.1

1,936,441

54.3

Gross profit

1,011,948

51.6

864,623

47.1

1,805,374

47.9

1,630,432

45.7

Selling, general and administrative expenses

563,153

28.7

536,564

29.2

1,064,891

28.3

1,011,660

28.4

Operating income

448,795

22.9

328,059

17.9

740,483

19.7

618,772

17.3

Interest income, net

12,412

0.6

9,080

0.5

19,319

0.5

18,613

0.5

Earnings before income taxes

461,207

23.5

337,139

18.4

759,802

20.2

637,385

17.9

Income taxes

123,098

6.3

89,577

4.9

190,331

5.1

158,560

4.4

Net earnings

$

338,109

17.3

%

$

247,562

13.5

%

$

569,471

15.1

%

$

478,825

13.4

%

Earnings per share (EPS):

Basic

$

2.87

$

2.03

$

4.82

$

3.91

Diluted

$

2.84

$

2.00

$

4.77

$

3.86

Shares used in calculation of EPS:

Basic

117,765

122,121

118,075

122,614

Diluted

118,892

123,595

119,375

124,163

2nd Quarter Net Revenues and Comparable Brand Revenue Growth 1

Net revenues

Comparable brand revenue

growth

(In thousands, except percentages)

Q2 26

Q2 25

Q2 26

Q2 25

Pottery Barn

$

770,808

$

724,579

5.1

%

1.1

%

West Elm

496,251

468,550

6.4

3.3

Williams Sonoma 2

268,828

249,053

7.6

5.1

Pottery Barn Kids and Teen

297,438

286,749

3.5

5.3

Other 3

126,432

107,829

N/A

N/A

Total 4

$

1,959,757

$

1,836,760

6.2

%

3.7

%

1 See the Company’s 10-K for the definition of comparable brand revenue, which is calculated on a 13-week basis, and includes business-to-business revenues.

2 Includes Williams Sonoma Home net revenues.

3 Primarily consists of net revenues from Rejuvenation, Mark and Graham, our international franchise operations, GreenRow and Dormify.

4 Total comparable brand revenue growth includes Rejuvenation, Mark and Graham, and GreenRow.

  Condensed Consolidated Balance Sheets (unaudited)

  As of

(In thousands, except per share amounts)

August 2,
2026

February 1,
2026

August 3,
2025

Assets

Current assets

Cash and cash equivalents

$

1,028,936

$

1,019,801

$

985,823

Accounts receivable, net

146,219

126,821

115,509

Merchandise inventories, net

1,447,423

1,462,849

1,433,605

Prepaid expenses

105,583

80,053

100,622

Other current assets

18,385

23,663

19,961

Total current assets

2,746,546

2,713,187

2,655,520

Property and equipment, net

1,121,677

1,095,158

1,029,526

Operating lease right-of-use assets

1,322,644

1,270,272

1,221,792

Deferred income taxes, net

74,433

99,161

95,797

Goodwill

77,369

77,398

77,374

Other long-term assets, net

163,637

156,736

148,359

Total assets

$

5,506,306

$

5,411,912

$

5,228,368

Liabilities and stockholders' equity

Current liabilities

Accounts payable

$

703,822

$

637,985

$

601,661

Accrued expenses

207,857

314,588

202,914

Gift card and other deferred revenue

618,926

602,940

578,192

Income taxes payable

62,098

78,943

74,329

Operating lease liabilities

217,032

221,356

222,572

Other current liabilities

88,843

98,318

86,641

Total current liabilities

1,898,578

1,954,130

1,766,309

Long-term operating lease liabilities

1,310,914

1,235,549

1,171,675

Other long-term liabilities

155,900

139,674

140,688

Total liabilities

3,365,392

3,329,353

3,078,672

Stockholders' equity

Preferred stock: $0.01 par value; 7,500 shares authorized, none issued

—

—

—

Common stock: $0.01 par value; 253,125 shares authorized; 117,779, 118,770, and 121,790 shares issued and outstanding at August 2, 2026, February 1, 2026 and August 3, 2025, respectively

1,178

1,188

1,219

Additional paid-in capital

543,931

587,433

544,244

Retained earnings

1,611,605

1,509,129

1,622,191

Accumulated other comprehensive loss

(14,142

)

(13,176

)

(15,943

)

Treasury stock, at cost

(1,658

)

(2,015

)

(2,015

)

Total stockholders' equity

2,140,914

2,082,559

2,149,696

Total liabilities and stockholders' equity

$

5,506,306

$

5,411,912

$

5,228,368

Retail Store Data
(unaudited)

Beginning of quarter
May 3, 2026

End of quarter
August 2, 2026

As of
August 3, 2025

Openings

Closings

Pottery Barn

180

2

(1

)

181

181

Williams Sonoma

153

—

—

153

154

West Elm

116

1

—

117

119

Pottery Barn Kids

43

—

—

43

44

Rejuvenation

13

—

—

13

11

GreenRow

1

—

—

1

—

Total

506

3

(1

)

508

509

  Condensed Consolidated Statements of Cash Flows (unaudited)

  For the Twenty-six Weeks Ended

(In thousands)

August 2, 2026

August 3, 2025

Cash flows from operating activities:

Net earnings

$

569,471

$

478,825

Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:

Depreciation and amortization

112,683

113,165

Loss on disposal/impairment of assets

1,108

3,599

Non-cash lease expense

127,380

121,936

Deferred income taxes

12,884

14,658

Tax benefit related to stock-based awards

11,650

11,423

Stock-based compensation expense

61,530

46,974

Other

(898

)

(1,275

)

Changes in:

Accounts receivable

(19,495

)

2,411

Merchandise inventories

15,000

(98,562

)

Prepaid expenses and other assets

(27,704

)

(37,959

)

Accounts payable

49,314

(48,962

)

Accrued expenses and other liabilities

(89,166

)

(78,142

)

Gift card and other deferred revenue

16,197

(7,069

)

Operating lease liabilities

(127,247

)

(125,977

)

Income taxes payable

(16,845

)

6,633

Net cash provided by operating activities

695,862

401,678

Cash flows from investing activities:

Purchases of property and equipment

(116,434

)

(110,293

)

Other

62

(1,195

)

Net cash used in investing activities

(116,372

)

(111,488

)

Cash flows from financing activities:

Repurchases of common stock

(287,805

)

(289,108

)

Payment of dividends

(175,444

)

(155,994

)

Tax withholdings related to stock-based awards

(99,095

)

(67,903

)

Debt issuance costs

—

(1,187

)

Other

(7,658

)

(6,941

)

Net cash used in financing activities

(570,002

)

(521,133

)

Effect of exchange rates on cash and cash equivalents

(353

)

3,789

Net increase (decrease) in cash and cash equivalents

9,135

(227,154

)

Cash and cash equivalents at beginning of period

1,019,801

1,212,977

Cash and cash equivalents at end of period

$

1,028,936

$

985,823

  Exhibit 1

2nd Quarter GAAP to Non-GAAP Reconciliation
(unaudited)

For the Thirteen Weeks Ended

For the Twenty-six Weeks Ended

August 2, 2026

August 3, 2025

August 2, 2026

August 3, 2025

(In thousands, except per share data)

$

% of Net

revenues

$

% of Net

revenues

$

% of Net revenues

$

% of Net revenues

Gross profit

$

1,011,948

51.6

%

$

864,623

47.1

%

$

1,805,374

47.9

%

$

1,630,432

45.7

%

Tariff refund income1

(167,778

)

—

(167,778

)

—

Tariff refund-related vendor concessions2

47,464

—

47,464

—

Non-GAAP gross profit

$

891,634

45.5

%

$

864,623

47.1

%

$

1,685,060

44.8

%

$

1,630,432

45.7

%

Selling, general and administrative expenses

$

563,153

28.7

%

$

536,564

29.2

%

$

1,064,891

28.3

%

$

1,011,660

28.4

%

Tariff refund-related employee recognition3

(10,000

)

—

(10,000

)

—

Non-GAAP selling, general and administrative expenses

$

553,153

28.2

%

$

536,564

29.2

%

$

1,054,891

28.0

%

$

1,011,660

28.4

%

Operating income

$

448,795

22.9

%

$

328,059

17.9

%

$

740,483

19.7

%

$

618,772

17.3

%

Tariff refund income1

(167,778

)

—

(167,778

)

—

Tariff refund-related vendor concessions2

47,464

—

47,464

—

Tariff refund-related employee recognition3

10,000

—

10,000

—

Non-GAAP operating income

$

338,481

17.3

%

$

328,059

17.9

%

$

630,169

16.7

%

$

618,772

17.3

%

Interest income, net

$

12,412

0.6

%

$

9,080

0.5

%

$

19,319

0.5

%

$

18,613

0.5

%

Interest income on tariff refund4

(6,346

)

—

(6,346

)

—

Non-GAAP interest income, net

$

6,066

0.3

%

$

9,080

0.5

%

$

12,973

0.3

%

$

18,613

0.5

%

Earnings before income taxes

$

461,207

23.5

%

$

337,139

18.4

%

$

759,802

20.2

%

$

637,385

17.9

%

Tariff refund income1

(167,778

)

—

(167,778

)

—

Tariff refund-related vendor concessions2

47,464

—

47,464

—

Tariff refund-related employee recognition3

10,000

—

10,000

—

Interest income on tariff refund4

(6,346

)

—

(6,346

)

—

Non-GAAP earnings before income taxes

$

344,547

17.6

%

$

337,139

18.4

%

$

643,142

17.1

%

$

637,385

17.9

%

$

Tax rate

$

Tax rate

$

Tax rate

$

Tax rate

Income taxes

$

123,098

26.7

%

$

89,577

26.6

%

$

190,331

25.1

%

$

158,560

24.9

%

Tariff refund income1

(41,428

)

—

(41,428

)

—

Tariff refund-related vendor concessions2

11,720

—

11,720

—

Tariff refund-related employee recognition3

2,469

—

2,469

—

Interest income on tariff refund4

(1,567

)

—

(1,567

)

—

Non-GAAP income taxes

$

94,292

27.4

%

$

89,577

26.6

%

$

161,525

25.1

%

$

158,560

24.9

%

Diluted EPS

$

2.84

$

2.00

$

4.77

$

3.86

Tariff refund income1

(1.06

)

—

(1.06

)

—

Tariff refund-related vendor concessions2

0.30

—

0.30

—

Tariff refund-related employee recognition3

0.06

—

0.06

—

Interest income on tariff refund4

(0.04

)

—

(0.04

)

—

Non-GAAP diluted EPS5

$

2.10

$

2.00

$

4.03

$

3.86

1 During Q2 2026, we recognized a reduction to cost of goods sold of $167.8 million related to a refund of IEEPA tariffs.

2 During Q2 2026, we recorded a provision of $47.5 million to reimburse certain merchandise vendors that previously provided tariff-related concessions.

3 During Q2 2026, we recorded a one-time tariff-related employee recognition cost of $10.0 million, in the form of a discretionary 401(k) contribution to all eligible employees.

4 During Q2 2026, we recognized interest income of $6.3 million related to interest received on IEEPA tariff refunds.

5 Per share amounts may not sum due to rounding to the nearest cent per diluted share.

SEC Regulation G – Non-GAAP Information

These tables include non-GAAP gross profit, gross margin, selling, general and administrative expense, operating income, operating margin, interest income, earnings before income taxes, income taxes, effective tax rate and diluted EPS. We believe that these non-GAAP financial measures provide meaningful supplemental information for investors regarding the performance of our business and facilitate a meaningful evaluation of our quarterly actual results on a comparable basis with prior periods. Our management uses these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

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A month has gone by since the last earnings report for Antero Resources (AR - Free Report) . Shares have added about 9.1% in that time frame, outperforming the S&P 500.

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

AR Q2 Earnings Beat Estimates on Record Production GainsAntero Resources Corporation reported second-quarter 2026 adjusted earnings of 76 cents per share, beating the Zacks Consensus Estimate of 75 cents. Revenues of $1.6 billion beat the consensus estimate of $1.5 billion by 4.4% and increased from $1.3 billion in the year-ago quarter.

The strong quarterly performance was supported by record production, lower cash costs and benefits from the HG Energy acquisition. Net production averaged 4.1 Bcfe/d, up 21% year over year, while adjusted EBITDAX rose 57% to $595 million.

AR Production Growth Supports ResultsAntero Resources delivered record production in the second quarter, with average net output reaching 4.1 Bcfe/d, including 216 MBbl/d of liquids. The figure is in line with our estimate of 4.1 Bcfe/d.

Natural gas production averaged 2,847 MMcf/d, while C3+ NGL production averaged 121,132 Bbl/d and C2 NGL production averaged 86,769 Bbl/d.

The company placed 26 Marcellus wells to sales during the quarter with an average lateral length of 13,323 feet. The 21 wells that had been online for about 60 days averaged 25 MMcfe/d per well, including 975 Bbl/d of liquids per well assuming 25% ethane recovery.

Antero Resources Benefits From HG EnergyAR saw year-over-year revenue growth from stronger production volumes and contributions from the HG Energy assets.Total revenues increased to $1.6 billion from $1.3 billion in the prior-year quarter, helped by higher natural gas liquids sales, oil sales and commodity derivative gains.

The company’s revenues included $688.5 million from natural gas sales, $587.7 million from natural gas liquids sales and $59.6 million from oil sales. The figures are slightly below our estimates of $705.6 million from natural gas sales, $653.4 million from natural gas liquids sales and $63.1 million, respectively. Commodity derivative fair value gains increased to $160.6 million from $53.4 million a year ago.

AR Improves Cost Structure & MarginsAntero Resources reported total cash operating costs of $2.38 per Mcfe in the quarter, down $0.29 per Mcfe, or 11%, from the prior-year period. Cash production expenses were $2.22 per Mcfe compared with $2.48 per Mcfe in the second quarter of 2025. The figure is marginally above our estimate of $2.21 per Mcfe

Operating expenses rose to $1.18 billion from $1.09 billion a year ago, reflecting higher gathering, compression, processing and transportation costs, as well as increased depletion, depreciation and amortization. The figure is also above our estimate of $1.14 billion.

Operating income, however, improved to $375.5 million from $204.9 million. The metric also beat our estimate of $323.3 million.

Antero Resources Expands Development PositionAR completed strategic acquisitions in July for approximately $315 million within its West Virginia development footprint. The properties add about 125 MMcfe/d of net production, 3,500 net undeveloped acres and 15 net undeveloped locations.

The company also continued investing in its resource base during the quarter. Drilling and completion capital expenditure totaled $297 million, while land investment reached $29 million, adding approximately 5,000 net acres and 20 incremental net drilling locations.

AR Updates 2026 Outlook & Cash FlowAntero Resources raised its 2026 production guidance to 4.15-4.2 Bcfe/d, citing strong year-to-date performance and the July acquisitions. Third-quarter production is expected to average 4.25-4.3 Bcfe/d, with fourth-quarter production forecast at 4.4-4.5 Bcfe/d.

The company lowered cash production expense guidance to $2.20-$2.30 per Mcfe and adjusted its expected natural gas realized price premium to NYMEX Henry Hub to 5-15 cents per Mcf. C2 NGL realized price premium guidance was increased to $2.50-$3 per barrel.

Antero Resources Strengthens Financial FlexibilityAR generated $438.8 million in net cash from operating activities during the second quarter. The adjusted free cash flow before changes in working capital was $219.8 million compared with $156.3 million in the year-ago period.

The company also continued its capital return program, repurchasing 1.1 million shares for approximately $38 million during the quarter at an average weighted price of $34.25 per share. As of the earnings release, Antero Resources had approximately $880 million of remaining capacity under its share repurchase program.

Antero Resources’ balance sheet reflected total debt of $2.6 billion as of June 30, 2026, including $1.1 billion outstanding under its term loan and $600 million of senior notes due 2030.

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

The consensus estimate has shifted 18.11% due to these changes.

VGM ScoresAt this time, Antero Resources has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Charting a somewhat similar path, the stock has a score of B on the value side, putting it in the top 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of A. 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. Interestingly, Antero Resources has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerAntero Resources is part of the Zacks Oil and Gas - Exploration and Production - United States industry. Over the past month, Range Resources (RRC - Free Report) , a stock from the same industry, has gained 5.3%. The company reported its results for the quarter ended June 2026 more than a month ago.

Range Resources reported revenues of $795.3 million in the last reported quarter, representing a year-over-year change of +8.5%. EPS of $0.79 for the same period compares with $0.66 a year ago.

Range Resources is expected to post earnings of $0.67 per share for the current quarter, representing a year-over-year change of +17.5%. Over the last 30 days, the Zacks Consensus Estimate has changed +5.6%.

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

Yext, Inc.  (NYSE:YEXT) will release its second earnings report before the opening bell on Tuesday, Sept. 1.

Analysts expect the New York-based company to report quarterly earnings of 17 cents per share, up from 12 cents per share in the year-ago period. The consensus estimate for Yext’s quarterly revenue is $111.3 million. It reported $113.09 million last year, according to Benzinga Pro.

On July 7, Yext named Cynthia Paul to its board of directors.

Yext shares gained 4% to close at $6.76 on Wednesday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

B. Riley Securities analyst Naved Khan downgraded the stock from Buy to Neutral and cut the price target from $8 to $5 on June 3, 2026. This analyst has an accuracy rate of 73%. DA Davidson analyst Tom White maintained a Neutral rating with a price target of $6 on March 11, 2026. This analyst has an accuracy rate of 51%. Roth Capital analyst Rohit Kulkarni downgraded the stock from Buy to Neutral and cut the price target from $9.5 to $6 on March 11, 2026. This analyst has an accuracy rate of 81%. Needham analyst Ryan MacDonald maintained a Buy rating and a price target of $10 on Aug. 18, 2025. This analyst has an accuracy rate of 58%. Trending

Considering buying YEXT stock? Here’s what analysts think:

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JOYY NASDAQ: YY reported second-quarter 2026 revenue growth of 16.3% from a year earlier as its social entertainment, advertising technology and Shopline commerce businesses all expanded, while non-GAAP operating profit rose faster than revenue.

Total revenue reached $591 million, up 6.3% sequentially. Non-GAAP operating income increased 28.2% year over year to $49 million, while non-GAAP EBITDA rose 18.1% to $57 million. Operating cash flow was $65 million, and the company reported $3.06 billion in net cash as of June 30.

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Chairperson and CEO Ting Li said the quarter reflected progress in JOYY's effort to develop a “multi-engine global technology company” spanning social entertainment, programmatic advertising and omnichannel commerce. She said non-live-streaming revenue exceeded 31.8% of total revenue during the quarter and that the company expects those segments to approach half of total revenue and operating profit by 2028.

Social Entertainment Returns to Growth Social entertainment revenue totaled $423 million, rising 7.4% year over year and 5.6% from the prior quarter. Live-streaming revenue increased 7.3% from a year earlier and 5.9% sequentially, supported by growth in both paying users and average revenue per paying user.

Vice President of Finance Alex Liu said core live-streaming paying users increased 3.9% year over year, while ARPPU rose 2.4%. Revenue from developed markets increased 11.8% from a year earlier. Global average mobile monthly active users reached 277 million, up 5.5%, with the company’s instant-messaging product accounting for 82% of total MAUs.

Li attributed Bigo Live’s improved momentum to changes in streamer incentives, content ecosystem development, localized operating campaigns and AI-powered improvements in content distribution and payment experiences. Average daily active streamers rose 4.4% sequentially, while newly signed streamers increased 5.4%.

The company also said AI-generated content and interactive virtual gifts represented 34.3% of total virtual-gift consumption in May. Revenue from JOYY’s new voice-product portfolio rose more than 400% from a year earlier and 39% sequentially.

For the third quarter, JOYY expects social entertainment revenue to grow at a moderate single-digit year-over-year rate. Management said it expects the segment to produce full-year revenue growth in 2026.

Advertising Business Posts Strong Gains BIGO Ads generated $134 million in second-quarter revenue, up 53.1% year over year and 7.1% sequentially. The third-party BIGO Audience Network business grew 74.1% from a year earlier and 9.3% from the preceding quarter.

Management said the growth reflected expanding traffic, a broader advertiser base, increased demand across multiple advertising verticals and improvements in algorithms. SDK traffic increased 37.7% year over year. Web-based advertising demand, primarily from lead generation and e-commerce, rose 91.7%, while management said in-app advertising spending increased 70.6%.

Li said the company is deepening partnerships with mediation platforms including MAX and LevelPlay, while investing in vertical-specific models, bidding and delivery tools, and compute scheduling. She said the third-party advertising business remains in a rapid expansion stage and will continue to require investment in research and development, sales and infrastructure, but has healthy unit economics and should remain profitable while margins improve over the medium term.

JOYY reiterated its three-year objective for BIGO Audience Network to reach $1 billion in revenue. For the full year, management expects BIGO Ads to grow at a mid-double-digit year-over-year rate.

Shopline Growth Accelerates as AI Traffic Expands Shopline revenue was $34 million, increasing 28.6% year over year and 12.5% sequentially. Li said revenue from cross-border merchants rose 73.5% from a year earlier, helping accelerate the segment’s overall growth.

The company described Shopline as an AI-native, one-stop omnichannel commerce infrastructure provider. It said merchants’ page views from AI channels increased nearly 15-fold year over year in the first half, while order volumes from those channels rose more than 35-fold.

Shopline has expanded integrations with AI agents including ChatGPT, Claude and Cursor, according to Li. The company’s Shopline Copilot, which is designed to enable merchants to manage online stores using natural-language prompts, has entered internal testing.

Management said Shopline’s subscription services provide recurring revenue, while payments and marketing services enable the company to participate more directly in merchant transaction and GMV growth. The growing contribution of value-added services has pressured gross margin because those offerings carry lower gross margins than subscription revenue, but management expects them to generate operating leverage because they require less incremental sales and research-and-development spending to scale.

JOYY expects Shopline’s third-quarter revenue growth to remain in the mid-20% range year over year and expects full-year growth to exceed 20%. Management said operating expenses have largely stabilized and reiterated its expectation that Shopline will narrow losses in 2026 and reach operating breakeven by 2028.

Outlook and Capital Returns For the third quarter, JOYY forecast total revenue of $602 million to $622 million, representing year-over-year growth of 11.4% to 15.2%. The company raised its outlook for full-year non-GAAP operating-income growth to about 20% year over year, from a previous expectation for growth in the teens.

Alex Liu said non-GAAP net income attributable to JOYY controlling interest was $63 million in the quarter, or a 10.7% margin. He said net income was affected by a $14 million foreign-exchange loss tied to a weaker U.S. dollar; excluding that impact, non-GAAP net income would have been $77 million.

JOYY returned $359 million to shareholders through Aug. 21, including $216 million in repurchased shares and $142 million in dividends. Of the repurchases, $128 million was completed under an up-to-$600 million program authorized in May. The company’s board also authorized a $1.5 billion shareholder-return program running through the end of 2028.

Management said it sees no inherent trade-off between investing for growth and returning capital, citing its cash position, operating cash flow and growth outlook across its three main businesses.

About JOYY (NASDAQ:YY)JOYY Inc NASDAQ: YY is a global technology-driven social media company specializing in video-based content creation and real-time social entertainment. The company develops and operates platforms that enable users to broadcast live video, engage with audiences and participate in interactive social communities. Its flagship global products include Bigo Live, a live-streaming application, and Likee, a short-video creation and sharing platform, which collectively support real-time interaction through virtual gifting and in-app social features.

Originally founded in Guangzhou, China in 2005 by David Xueling Li under the name YY Inc, the company pioneered real-time group communication and live streaming services in its domestic market.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Key Takeaways McKesson's North American Pharmaceutical revenues rose 5%, while operating profit jumped 19% to $894 million.Oncology and Multispecialty revenues surged 33% to $14.2 billion, with operating profit rising 41%.McKesson's technology unit posted 9% revenue growth as access solutions and AI supported operating leverage. McKesson’s (MCK - Free Report) prospects are being driven by robust growth in specialty distribution, oncology services and biopharma solutions. Earnings are also improving on the back of ongoing operational efficiency and capital discipline despite persistent margin pressures and volatility across certain segments.

Shares of this Zacks Rank #3 (Hold) company have gained 6.5% year to date compared with the industry's 5.9% growth and the S&P 500’s 11.4% rise.

MCK is one of the leading pharmaceutical distributors in North America, with a market capitalization of $100.14 billion. It forecasts 11.4% earnings growth over the next five fiscal years. The company’s earnings surpassed estimates in each of the trailing four quarters, the average beat being 4.29%.

Image Source: Zacks Investment Research

Factors Favoring MCK StockStrong North American Pharmaceutical Momentum: McKesson’s North American Pharmaceutical segment delivered strong momentum in the first quarter of fiscal 2027, with revenues increasing 5% and operating profit rising 19% to $894 million. Growth was driven by higher prescription transaction volumes, including specialty products, as well as the timing of new product launches and strong distribution to health systems and strategic accounts.

Lower branded pharmaceutical pricing following WAC decreases had little impact on operating profit. Management said the business continues to benefit from stable utilization trends, specialty growth and its generic sourcing program. McKesson expects continued GLP-1 growth, with distribution revenues from these medications reaching $15 billion in the quarter, up 24% year over year. Sustained prescription volumes and specialty demand could support earnings momentum despite pricing pressure.

Oncology and Multispecialty Platform Gains Traction: McKesson’s Oncology and Multispecialty segment continues to be one of its strongest growth engines. Revenues increased 33% to $14.2 billion, while operating profit rose 41%. Even excluding Core Ventures, revenues grew about 24% and operating profit about 15%, indicating growth beyond acquisitions. Higher specialty distribution volumes, growth in existing provider solutions and new business wins are the main drivers.

The U.S. Oncology Network has expanded to approximately 3,400 providers, while McKesson supports more than 14,000 providers across community-based specialties. Management expects further growth from physician recruitment, geographic expansion, greater throughput across existing practices and AI-enabled technologies that could help providers see more patients. This creates multiple avenues for continued growth beyond acquisitions.

Technology Solutions and AI Strengthen the Growth Profile: McKesson’s Prescription Technology Solutions business continued to demonstrate strong operating leverage, with revenues increasing 9% and operating profit rising 13% to $303 million. Growth was supported by higher prescription volumes in third-party logistics and access solutions, particularly prior authorization services. McKesson also began supporting the CMS Medicare GLP-1 Bridge program, with 95% of prior authorization requests receiving a determination within 30 minutes. Management expects fiscal 2027 revenue growth of 2.5% to 6.5% and operating profit growth of 11% to 15%, reinforcing the earnings contribution from access solutions.

Demand is broadening across GLP-1 medications and other therapeutic categories. McKesson’s technology platform is helping manufacturers, providers, pharmacies and payers navigate complex access and affordability requirements. Management highlighted that AI-enabled development allowed the company to build and deploy an external data connection in a single business day versus several weeks or months historically. Greater automation and productivity could strengthen the value of these solutions while supporting long-term growth.

Factors That May Offset the Gains for MCKBranded Drug Pricing Pressure Weighs on Revenue Growth: Lower branded pharmaceutical pricing remains a top-line headwind for McKesson. Management noted that WAC decreases following January 2026 pricing changes partially offset prescription-volume growth in North American Pharmaceutical. While these declines had little impact on operating profit because more than 95% of branded drugs are under fee-for-service arrangements, they still reduce reported revenue growth.

The company expects North American Pharmaceutical revenues to grow in fiscal 2027, meaning pricing pressure could continue to limit the pace of top-line expansion even if underlying prescription demand remains healthy.

Timing-Related Benefits Could Moderate Future Performance: Some of the first-quarter strength may not be fully repeatable. Management acknowledged that McKesson benefited earlier than expected from favorable developments in the generic business, which could come at the expense of later quarters. New product launch timing also contributed to first-quarter operating profit growth.

As a result, while management remains confident in the underlying fundamentals, quarterly performance may become less consistent as product launches, generic conversions and utilization trends shift throughout the year. This could create greater variability in earnings growth even if the broader business remains healthy.

Policy Changes Create Longer-Term Uncertainty: McKesson continues to monitor changes in the healthcare policy environment, including potential reforms to the 340B program and the Inflation Reduction Act’s Part D provisions. Management emphasized that the 340B proposal remains preliminary and that it is too early to determine its financial impact.

The IRA Part D changes are not expected to take effect until January 2028, but uncertainties remain around maximum fair prices, reimbursement changes and potential biosimilar competition. Although McKesson believes its scale, technology and provider relationships position it to navigate these changes, evolving drug-pricing policies could alter industry economics and create uncertainty around future growth.

Estimate Trends for MCKMcKesson is witnessing a positive estimate revision trend for fiscal 2027. In the past 30 days, the Zacks Consensus Estimate for its earnings per share has improved 37 cents to $44.65.

The Zacks Consensus Estimate for the company’s second-quarter fiscal 2027 revenues and earnings per share is pegged at $110.14 billion and $10.57, respectively. The estimate for revenues indicates a 6.8% improvement from the year-ago quarter’s reported number, while that for earnings implies a 7.2% gain.

Stocks to ConsiderSome better-ranked stocks from the broader medical space are Veracyte (VCYT - Free Report) , Globus Medical (GMED - Free Report) and West Pharmaceutical (WST - Free Report) .

Veracyte, currently flaunting a Zacks Rank #1 (Strong Buy), reported a second-quarter 2026 adjusted earnings per share (EPS) of 54 cents, which surpassed the Zacks Consensus Estimate by 25.6%. Revenues of $150.3 million beat the Zacks Consensus Estimate by 4.1%. You can see the complete list of today’s Zacks #1 Rank stocks here.

VCYT has an estimated earnings growth rate of 8.4% for 2026. The company’s earnings beat estimates in each of the trailing four quarters, the average surprise being 41.8%.

Globus Medical, currently carrying a Zacks Rank #2 (Buy), reported a second-quarter 2026 adjusted EPS of $1.34, which surpassed the Zacks Consensus Estimate by 19.6%. Revenues of $789.6 million beat the Zacks Consensus Estimate by 0.4%.

GMED has an estimated long-term earnings growth rate of 12.4%. The company’s earnings beat estimates in each of the trailing four quarters, the average surprise being 27.9%.

West Pharmaceutical, carrying a Zacks Rank #2 at present, reported second-quarter 2026 adjusted EPS of $2.37, which beat the Zacks Consensus Estimate by 13.9%. Revenues of $872.3 million surpassed the Zacks Consensus Estimate by 4.2%.

WST has an estimated long-term earnings growth rate of 16%. WST’s earnings surpassed estimates in the trailing four quarters, the average surprise being 17.4%.

When Capital One Financial (COF -0.46%) reported its second-quarter 2026 earnings, it posted a 30-day delinquency rate of 3.13%, down from the previous year and below the first-quarter rate. Given the high rate of inflation and concerns about stretched consumers, that's a good sign. But what should investors really take away from this data? A recent Federal Reserve report takes a deeper dive into the numbers.

Capital One isn't alone Capital One is a large bank and credit card company, with a focus on offering credit to lower-quality customers. But it generally doesn't delve into the higher-risk spaces of the industry. This is a key reason why Synchrony Financial (SYF -2.35%), which issues store cards, had a higher 30-day delinquency rate of 4.16%. Store cards tend to carry more credit risk. But, even here, the trends aren't bad. Like Capital One, Synchrony's 30-day delinquency rate was down sequentially and year over year.

Image source: Getty Images.

Bread Financial (BFH -2.12%), which, like Synchrony, offers private-label cards, had a delinquency rate of 5.25% in the second quarter. As with the other two card issuers above, that figure was lower than a year ago and than in the first quarter. Overall, based on results from these financial institutions, it looks like consumers are doing OK right now.

But inflation is running hot, with frequent media coverage of consumers being forced to tighten their belts. The Federal Reserve Bank of New York took a deeper dive into the numbers to get a read on what is going on. The big takeaway is that consumers are, in fact, doing OK. But there's still some risk to consider.

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-1.00

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Nothing to worry about, yet In a Liberty Street Economics report, researchers examined trends in 30- and 90-day delinquency rates, which are loans that are seriously delinquent and likely to be charged off. To these, the researchers added a third measure, which they called "the flow." Essentially, without getting too deep into the details, these are the loans that have moved from 30-day to 90-day delinquent in a given period.

The bad news first: "between 2022:Q3 and 2026:Q1, the percentage of credit card balances 90+ days delinquent rose from 7.6 percent to 12.8 percent, prompting concerns that Americans are falling behind on their debt payments at rates not seen since the Great Recession." That sounds really bad, but "the flow" metric changes the story in an important way.

Premium Feature

Moneyball Superscore

68/100

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According to the researchers, "the flow delinquency rate--which captures the rate of new delinquencies--has remained relatively stable for almost two years." In other words, consumers are, for the most part, managing through a difficult period. The real trouble lies among those who are truly struggling. And a key part of the story here is that the researchers believe lenders appear to be reporting on delinquent debts longer before charging them off, which has inflated the 90-day delinquency rate.

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Moneyball Superscore

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This isn't a sign that there's no risk. Summing up their results, the Fed researches noted that "when the question is 'how are households doing right now?' the flow delinquency rates...provide a more accurate view of current consumer repayment behavior. By those measures, we find that the pace of credit card delinquency is elevated but has been largely stable since 2024." Given the inflation backdrop and concerns about consumer spending, that sounds about right.

Keep a close eye on credit card delinquency rates Credit card delinquency rates are often the first place where financial strain shows up. So you should continue to monitor the 30-day delinquency rate at companies like Capital One, Synchrony, and Bread Financial. Right now, consumers appear to be holding up reasonably well, but that doesn't mean the credit situation will remain this sanguine forever. And if you are concerned, you may consider trading into companies with better credit metrics, noting that Bread Financial's delinquency rate is more than two percentage points higher than Capital One's.

Bank OZK acquired a new stake in shares of Capital One Financial Corporation (NYSE:COF – Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 4,945 shares of the financial services provider’s stock, valued at approximately $992,000.

Several other institutional investors also recently bought and sold shares of COF. BlackRock Inc. grew its stake in shares of Capital One Financial by 0.5% in the second quarter. BlackRock Inc. now owns 51,054,869 shares of the financial services provider’s stock worth $10,242,628,000 after acquiring an additional 236,643 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Capital One Financial by 5.4% in the fourth quarter. Franklin Resources Inc. now owns 12,476,462 shares of the financial services provider’s stock valued at $3,023,795,000 after buying an additional 638,158 shares in the last quarter. Morgan Stanley grew its holdings in shares of Capital One Financial by 3.9% in the 4th quarter. Morgan Stanley now owns 8,677,981 shares of the financial services provider’s stock worth $2,103,196,000 after acquiring an additional 323,350 shares during the period. Norges Bank acquired a new position in shares of Capital One Financial during the 4th quarter worth approximately $2,089,803,000. Finally, Davis Selected Advisers grew its stake in Capital One Financial by 2.8% in the 4th quarter. Davis Selected Advisers now owns 8,614,766 shares of the financial services provider’s stock worth $2,087,878,000 after acquiring an additional 234,649 shares during the period. 89.84% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades Several research analysts have commented on COF shares. Wolfe Research raised their price objective on Capital One Financial from $255.00 to $275.00 and gave the company an “outperform” rating in a research report on Tuesday. Barclays reduced their price objective on shares of Capital One Financial from $242.00 to $240.00 and set an “overweight” rating for the company in a research report on Wednesday, July 22nd. Deutsche Bank Aktiengesellschaft set a $245.00 price target on shares of Capital One Financial in a report on Thursday, August 20th. Citigroup decreased their price objective on shares of Capital One Financial from $310.00 to $295.00 and set a “buy” rating for the company in a report on Tuesday, July 28th. Finally, Piper Sandler initiated coverage on Capital One Financial in a research note on Monday, June 29th. They issued an “overweight” rating and a $254.00 target price for the company. Twenty-one equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $258.91.

Read Our Latest Research Report on COF Insider Buying and Selling at Capital One Financial In other news, insider Ravi Raghu sold 9,726 shares of the firm’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $209.78, for a total value of $2,040,320.28. Following the completion of the transaction, the insider directly owned 26,328 shares of the company’s stock, valued at $5,523,087.84. This trade represents a 26.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Celia Karam sold 1,888 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $225.52, for a total transaction of $425,781.76. Following the completion of the sale, the insider directly owned 59,708 shares in the company, valued at $13,465,348.16. This represents a 3.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 26,267 shares of company stock valued at $5,617,648. Insiders own 0.78% of the company’s stock.

Capital One Financial Stock Performance Shares of COF stock opened at $216.91 on Friday. The company has a 50-day simple moving average of $210.04 and a 200 day simple moving average of $197.87. Capital One Financial Corporation has a 52 week low of $174.24 and a 52 week high of $259.64. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market capitalization of $133.07 billion, a price-to-earnings ratio of 13.42, a PEG ratio of 0.80 and a beta of 1.02.

Capital One Financial (NYSE:COF – Get Free Report) last released its earnings results on Tuesday, July 21st. The financial services provider reported $5.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.79 by $1.02. The firm had revenue of $15.83 billion for the quarter, compared to analysts’ expectations of $15.76 billion. Capital One Financial had a return on equity of 11.28% and a net margin of 13.37%.The business’s revenue for the quarter was up 26.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.48 earnings per share. On average, sell-side analysts predict that Capital One Financial Corporation will post 20.29 earnings per share for the current year.

Capital One Financial Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Monday, August 17th will be given a dividend of $0.80 per share. The ex-dividend date of this dividend is Monday, August 17th. This represents a $3.20 annualized dividend and a dividend yield of 1.5%. Capital One Financial’s dividend payout ratio (DPR) is currently 19.80%.

Capital One Financial Company Profile (Free Report)

Capital One Financial Corporation (NYSE: COF) is a diversified bank holding company headquartered in McLean, Virginia. The company’s core businesses include credit card lending, consumer and commercial banking, and auto finance. Capital One issues a wide range of credit card products for consumers and small businesses, and it operates deposit and digital banking services aimed at retail customers and small to midsize enterprises.

Products and services include credit and charge cards, checking and savings accounts (including the online-focused Capital One 360 platform), auto loans, and commercial lending solutions.

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Key Takeaways Molina Healthcare benefits from Medicaid contracts, Medicare Duals growth and recent contract wins.Molina Healthcare expects its G&A ratio to improve to 6.4% in 2026 from 6.6% in 2025.MOH faces elevated medical costs, while its forward P/E exceeds both industry and five-year median levels. Molina Healthcare, Inc. (MOH - Free Report) is well-positioned for growth, supported by contract wins, strategic acquisitions and solid cash generation capacity. The company operates in three segments: Medicaid, Medicare and Marketplace. Over the past six months, MOH stock has gained 32.9% compared with the industry’s 31.8% growth.

MOH – with a market cap of $10.6 billion — offers health insurance plans sponsored by the government for individuals and families. It focuses on delivering affordable and comprehensive coverage, especially for lower-income people.

Courtesy of solid prospects, MOH currently carries a Zacks Rank #3 (Hold) and a Value Score of B.

Where Do Estimates for MOH Stand?The Zacks Consensus Estimate for Molina Healthcare’s 2026 earnings is pegged at $5.29 per share. In the past 30 days, it has witnessed one upward estimate revision against none in the opposite direction. The consensus estimate for revenues is pegged at $44.5 billion for 2026. The 2027 revenue estimate is pegged at $48 billion, indicating a 7.9% year-over-year increase.

It beat earnings estimates in two of the past four quarters and missed twice.

MOH’s Growth DriversAn aging U.S. population is supporting long-term demand for government-sponsored healthcare coverage, particularly Medicare and dual-eligible plans. This creates a favorable backdrop for Molina Healthcare’s Medicare Duals business, which is becoming an increasingly important part of its portfolio. Medicare Duals delivered a second-quarter 2026 MCR of 90.7%, while the full-year MCR outlook was lowered to 92.2%. The business is also benefiting from $2 billion of MMP premium being converted into new products and incremental premium from recent contract wins.

Rising healthcare needs among low-income and dual-eligible populations are creating opportunities in Medicaid and integrated care. Molina Healthcare continues to expand through state Medicaid contracts and integrated duals offerings, with the renewal of its Wisconsin contract providing additional room to grow in the latter. The company also retained its $2 billion Illinois Managed Medicaid contract, reinforcing its presence in a major Medicaid market. Beyond organic growth, MOH has an active acquisition pipeline and plans to deploy capital toward accretive deals, supporting its longer-term goal.

Molina Healthcare continues to emphasize operating efficiency through its long-running restructuring and profitability initiatives. These efforts have steadily lowered its adjusted G&A ratio, which improved from 7.2% in 2023 to 6.7% in 2024 and further to 6.6% in 2025. Looking ahead, the company expects its full-year 2026 G&A ratio to improve to 6.4%.

MOH's balance sheet strength provides financial flexibility. Its cash and cash equivalents of $5 billion at the end of the second quarter of 2026 were much higher than the long-term debt of $3.8 billion. Operating cash inflow was $788 million in the first six months of 2026 against an outflow of $112 million in the prior-year period.

Risks for MOH StockThere are some factors, however, that investors should keep a careful eye on.

Molina Healthcare continues to face pressure from elevated medical costs, with its consolidated MCR rising to 91.6% in the first half of 2026 from 89.8% a year ago. Management also expects Medicaid MCR to remain elevated through 2026, which could weigh on margin recovery.

MOH trades at a premium valuation, with a forward P/E of 24.45X compared with the industry average of 16.13X and its five-year median of 14.69X. The stretched valuation may limit upside potential if earnings growth remains under pressure.

Stocks to ConsiderSome better-ranked stocks in the Medical space are BrightSpring Health Services, Inc. (BTSG - Free Report) , Globus Medical, Inc. (GMED - Free Report) and Centene Corporation (CNC - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for BrightSpring Health Services’ current-year earnings of $1.82 per share has witnessed six upward revisions in the past 30 days against no movement in the opposite direction. BTSG beat earnings estimates in three of the trailing four quarters and missed once, with the average surprise being 16.1%. The consensus estimate for current-year revenues is pegged at $15.3 billion, suggesting 18.2% year-over-year growth.

The Zacks Consensus Estimate for Globus Medical’s current-year earnings of $4.93 per share has witnessed three upward revisions in the past 30 days, against no movement in the opposite direction. GMED beat earnings estimates in each of the trailing four quarters, with the average surprise being 27.9%. The consensus estimate for current-year revenues is pegged at $3.2 billion, suggesting 8.8% year-over-year growth.

The Zacks Consensus Estimate for Centene’s current-year earnings of $4.89 per share has witnessed nine upward revisions in the past 30 days, against no movement in the opposite direction. CNC beat earnings estimates in each of the trailing four quarters, with an average surprise of 151.3%. The consensus estimate for current-year revenues is pegged at $196.3 billion, suggesting 0.8% year-over-year growth.

Ten years ago this week, on Aug. 25, 2016, Berkshire Hathaway's (BRKA +0.27%)(BRKB +0.26%) B shares closed at $148.64. Ten years later, on Aug. 25 of this year, they closed at $504.32.

Berkshire pays no dividend, so the price is the whole return. A $10,000 investment became about $33,900.

The stock roughly tripled, compounding at about 13% a year. That's a good decade by nearly any standard. But the standard that matters most is what the same money would have earned elsewhere -- and that comparison doesn't flatter Berkshire.

Image source: The Motley Fool.

Berkshire did not beat the market over this stretch. The same $10,000 in the SPDR S&P 500 ETF Trust (SPY -0.23%), with dividends reinvested, grew to about $41,300 over the identical window -- about 15% a year, using the fund's dividend-adjusted price history. The index fund finished about $7,400 ahead on a $10,000 stake.

Some of that is timing. The decade belonged, arguably, to the giant technology companies that came to dominate the index, and lately to an artificial intelligence (AI) building boom. Berkshire's operating businesses -- insurance, freight, power -- mostly sit that race out.

The comparison is worth making anyway, because of what it says about where Berkshire's return came from. Investors didn't, for the most part, decide to pay more for each dollar Berkshire earns. The company earned more dollars.

The business roughly tripled, tooI think the more interesting part of the decade is how closely the stock tracked the company underneath it.

In 2016, Berkshire reported $17.6 billion of full-year operating earnings -- the measure Warren Buffett always told investors to watch, because it leaves out swings in the value of the stock portfolio. In 2025, the company reported $44.5 billion, about two and a half times as much -- though Berkshire has tweaked how it defines the measure over the years.

Per share, the growth was faster. Berkshire has been shrinking its share count through buybacks, from about 1.64 million Class A-equivalent shares in 2016 to about 1.43 million at midyear, about 13% fewer. Spread the bigger earnings over the smaller share count, and per-share operating earnings, as Berkshire reports them, nearly tripled -- roughly in line with the stock.

The growth hasn't been a straight line. Operating earnings slipped in 2025 from $47.4 billion in 2024. But the first half of this year ran 17% ahead of last year's pace, at $24.3 billion, with the BNSF railroad earning $2.9 billion, up about 10% year over year, the energy business up 11%, and the manufacturing, service and retailing group up 15%.

Insurance float grew, too, from about $91.6 billion at the end of 2016 to about $177.5 billion at midyear. Float is the premium money Berkshire holds and invests for its own benefit before claims are paid, and it has long been the engine of the company's compounding. A doubling of float doubles the money available to invest.

Those figures leave out the stock portfolio's gains and losses, though not its dividend income. The gains sit in a separate line Berkshire tells investors not to read too much into from one quarter to the next.

So most of the tripling, arguably, wasn't a change in the market's opinion of Berkshire. It was the business getting bigger, concentrated onto fewer shares.

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Is the stock still a bargain?And the business is still getting bigger. Second-quarter operating earnings rose 16% year over year, and Berkshire repurchased about $4.5 billion of its own stock during the quarter, after $235 million in the first.

Investors have noticed. At about $504 as of this writing, shares sit about 6% below their 52-week high of $537.74, and Berkshire's market value is about $1.1 trillion. Set against the second quarter's operating earnings taken at an annual rate, that works out to about 21 times operating earnings.

To be fair, a stock screener will show a far lower price-to-earnings ratio, near 13. But that figure leans on reported net income, which includes investment gains that swing wildly from quarter to quarter -- Berkshire itself tells investors those amounts are usually meaningless over short periods. The operating measure is the honest one, and on it, the stock is no longer the bargain it arguably was earlier in the decade.

Of course, the index won this decade, and if AI spending keeps carrying the market, it can keep winning. But Berkshire's 10-year math tells a simpler story. The stock roughly tripled because the business roughly tripled. At about 21 times operating earnings, a buyer today is paying for that to continue.

Key Takeaways Lumentum began shipping 1.6T transceivers in Q4 FY26, with adoption set to accelerate.Higher-ASP 1.6T products, better yields and capacity utilization are boosting transceiver profitability.LITE expects 200G EMLs to reach at least 50% of volume by mid-2027 as AI optics demand rises. Lumentum (LITE - Free Report) is benefiting from the accelerating transition toward 1.6T transceivers and 200G-per-lane optical technology as hyperscalers deploy increasingly bandwidth-intensive artificial intelligence (AI) clusters. The company began shipping 1.6T transceivers in the fourth quarter of fiscal 2026, while the bulk of its cloud transceiver shipments remained at 800G and expects adoption to intensify from the first quarter of fiscal 2027 through calendar 2027. Lumentum believes improved design engineering has helped it reach the market ahead of larger competitors in several instances, strengthening its position against Cisco Systems (CSCO - Free Report) and NVIDIA (NVDA - Free Report) in next-generation AI connectivity.

The transition should strengthen Lumentum’s Systems business through rising demand for higher-value cloud transceivers. Tier-1 hyperscalers are rapidly shifting from 800G to 1.6T as custom AI clusters require greater bandwidth and more complex signal-integrity requirements. Higher-ASP 1.6T products, improving manufacturing yields and greater capacity utilization, are already supporting transceiver profitability. Lumentum expects continued momentum in its Systems business in the first quarter of fiscal 2027, supported by the 1.6T ramp and accelerating Optical Circuit Switching (OCS) deliveries, although management expects approximately half of sequential first-quarter revenue growth to come from the Components portfolio.

The 1.6T transition is expanding opportunities for Lumentum’s laser portfolio. The company’s 200G-per-lane Electro-absorption Modulated Laser (EML) products already accounted for more than 25% of EML revenues. Lumentum expects 200G EMLs to represent 50% or more of the volume by mid-2027. It expects the product mix to increasingly favor CW lasers as 1.6T adoption rises. LITE’s redesigned 200G CW laser is smaller and more efficient, supporting its gross-margin profile. Both CW and EML products remain accretive to corporate margins, while tighter manufacturing specifications have enabled customers to achieve better transceiver yields.

To capture rising demand, Lumentum is expanding capacity across its two indium-phosphide wafer fabs in Japan and qualifying EML and CW processes on new tools. The company expects more than 50% year-over-year EML unit growth in the December 2026 quarter and is preparing for both 200G and emerging 300G lane-speed opportunities. However, supply remains tight, with component constraints limiting shipments to a level below market demand. Capacity expansion will therefore be critical to translating strong 1.6T and 200G demand into sustained revenues and market-share gains.

LITE Faces Tough CompetitionCisco is strengthening its competitive position through Acacia optics and Silicon One-based AI networking. Acacia generated more than $1 billion in fiscal fourth-quarter orders, while optics represented roughly 40% of Cisco’s $4 billion hyperscale AI infrastructure orders. Cisco also estimates AI scale-across traffic could be roughly 14 times historical data-center interconnect traffic and has already secured P200 scale-across wins with three hyperscalers. Its combination of optics, Silicon One and multi-rail optical systems could pressure Lumentum as AI networks migrate toward higher-speed architectures.

NVIDIA’s expanding presence across hyperscale AI infrastructure positions it to influence next-generation networking architectures. A key competitive strength is its vertically integrated AI platform, combining GPUs, CPUs, NVLink, Spectrum-X, InfiniBand and software. NVIDIA’s Data Center networking revenue nearly tripled year over year to $15 billion, while Spectrum-X has emerged as a major AI-focused Ethernet platform. This growing ecosystem could create competitive pressure for Lumentum by giving NVIDIA greater influence over networking architectures and connectivity choices as AI infrastructure scales.

LITE’s Share Price Performance, Valuation & EstimatesShares of Lumentum have appreciated 125.3% year to date, outperforming the broader Zacks Computer and Technology sector’s rise of 14.4%.

LITE Stock’s YTD Price Performance
Image Source: Zacks Investment Research

LITE stock is trading at a premium, with a forward 12-month price-to-earnings ratio of 35.94X compared with the broader sector’s 20.66X. Lumentum has a Value Score of F.

LITE’s Valuation
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Lumentum’s earnings is currently pegged at $4.23 per share, up by 67 cents over the past 30 days, suggesting 284.55% year-over-year growth.

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

Bluefin Capital Management LLC purchased a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE – Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,089 shares of the technology company’s stock, valued at approximately $934,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. grew its position in shares of Lumentum by 36.8% during the 1st quarter. Advisors Asset Management Inc. now owns 945 shares of the technology company’s stock valued at $59,000 after acquiring an additional 254 shares during the period. NewEdge Advisors LLC raised its holdings in Lumentum by 109.9% in the 1st quarter. NewEdge Advisors LLC now owns 11,986 shares of the technology company’s stock worth $747,000 after purchasing an additional 6,275 shares during the period. Empowered Funds LLC boosted its position in Lumentum by 9.1% during the first quarter. Empowered Funds LLC now owns 8,139 shares of the technology company’s stock worth $507,000 after purchasing an additional 680 shares in the last quarter. Hsbc Holdings PLC purchased a new position in Lumentum during the second quarter worth approximately $298,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Lumentum in the second quarter valued at approximately $1,712,000. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Lumentum Trading Down 6.4% Shares of LITE opened at $895.00 on Friday. Lumentum Holdings Inc. has a 52-week low of $125.00 and a 52-week high of $1,085.68. The company has a quick ratio of 1.40, a current ratio of 1.68 and a debt-to-equity ratio of 0.01. The firm’s fifty day moving average is $811.83 and its two-hundred day moving average is $805.08. The stock has a market cap of $80.28 billion, a PE ratio of -10.89 and a beta of 1.50.

Lumentum (NASDAQ:LITE – Get Free Report) last issued its earnings results on Tuesday, August 11th. The technology company reported $3.23 EPS for the quarter, beating analysts’ consensus estimates of $2.97 by $0.26. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $987.70 million. Lumentum had a negative net margin of 230.15% and a positive return on equity of 26.34%. The company’s quarterly revenue was up 109.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.88 earnings per share. Lumentum has set its Q1 2027 guidance at 4.050-4.350 EPS. Research analysts forecast that Lumentum Holdings Inc. will post 19.76 earnings per share for the current fiscal year. Key Headlines Impacting Lumentum Here are the key news stories impacting Lumentum this week:

Positive Sentiment: AI infrastructure demand remains the core bullish driver. Lumentum supplies optical components used in high-speed data-center networks, and investors continue to view its 1.6T transceivers and 200G lasers as beneficiaries of accelerating AI-networking demand. Positive Sentiment: Recent operating results provide support. Lumentum’s latest quarter exceeded expectations, with $3.23 in adjusted earnings per share versus a $2.97 consensus estimate and revenue of $1.01 billion, up 109.3% year over year. Q1 fiscal 2027 EPS guidance of $4.05–$4.35 also remains encouraging. Neutral Sentiment: Management’s technology-conference appearance offered no clearly new catalyst. Lumentum presented at the Deutsche Bank 2026 Technology Conference, where investors focused on its AI-product outlook, capacity expansion and execution. The supplied transcript did not identify a specific new forecast or announcement. Lumentum Deutsche Bank Technology Conference Transcript Negative Sentiment: Sector-wide risk-off trading pressured the stock. Applied Optoelectronics and Lumentum reportedly fell about 6%, while Coherent declined about 5%, as the optics stocks that led the August rally pulled back together. A Barron’s report suggested the declines reflected peer-related sympathy selling rather than company-specific news. Optics Stocks Slide as AI Hardware Trade Cools Negative Sentiment: Several insiders sold shares. SVP Jae Kim sold 12,000 shares for approximately $10.2 million, while Vincent Retort sold 38,663 shares for about $33.0 million. CEO Michael Hurlston sold 548 shares for roughly $525,000. The transactions were conducted under pre-arranged Rule 10b5-1 plans, limiting their value as a discretionary bearish signal, but they add a modest overhang after the stock’s substantial rally. SEC CEO Insider Trading Filing Negative Sentiment: Valuation and competition heighten volatility. With LITE trading near its 52-week high, investors may be particularly sensitive to profit-taking, execution problems or competition from Cisco and NVIDIA in AI connectivity. Insiders Place Their Bets In other news, CEO Michael E. Hurlston sold 548 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $958.66, for a total transaction of $525,345.68. Following the transaction, the chief executive officer directly owned 186,951 shares in the company, valued at $179,222,445.66. The trade was a 0.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Jae Kim sold 12,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $852.58, for a total value of $10,230,960.00. Following the completion of the sale, the senior vice president directly owned 37,804 shares of the company’s stock, valued at approximately $32,230,934.32. This represents a 24.09% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 64,563 shares of company stock worth $55,448,750. 0.43% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In LITE has been the subject of a number of recent analyst reports. Needham & Company LLC restated a “buy” rating and issued a $1,040.00 price objective on shares of Lumentum in a research report on Wednesday, August 12th. Bank of America dropped their price target on shares of Lumentum from $1,100.00 to $1,000.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 12th. Rosenblatt Securities reissued a “buy” rating and issued a $1,300.00 price target on shares of Lumentum in a report on Wednesday, August 12th. Raymond James Financial restated an “outperform” rating and set a $1,036.00 price objective on shares of Lumentum in a research report on Wednesday, August 12th. Finally, Loop Capital boosted their target price on shares of Lumentum from $900.00 to $1,400.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Lumentum presently has an average rating of “Moderate Buy” and a consensus price target of $1,044.67.

View Our Latest Report on Lumentum

Lumentum Company Profile (Free Report)

Lumentum Holdings Inc, headquartered in San Jose, California, is a leading provider of photonic technologies that enable high-speed optical communication networks and advanced industrial applications. The company designs and manufactures a broad range of lasers, optical modules and subsystems tailored to the evolving requirements of telecommunications carriers, cloud data centers and enterprise networking.

Its core product portfolio includes tunable and fixed-wavelength laser transmitters, coherent optical engines, transceivers for long-haul, metro and data center interconnects, as well as test and measurement instruments.

Further Reading Five stocks we like better than Lumentum From SaaS-pocalypse to Perfect Storm: Workday’s AI Growth Story Strengthens These 3 GARP Stocks Show Why Growth and Value Do Not Have to Clash Venture Into High-Volatility Corners of the Market With These 3 ETFs 3 Retail Stocks to Watch After a Big Consumer Earnings Week Want to see what other hedge funds are holding LITE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lumentum Holdings Inc. (NASDAQ:LITE – Free Report).

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